10-K 1 msi05he5_10k-2005.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark one) /X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2005 OR / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 333-121914-11 Morgan Stanley ABS Capital I Inc. (as Depositor under the Pooling and Servicing Agreement dated as of October 1, 2005, providing for the issuance of Morgan Stanley ABS Capital I Inc. Trust 2005-HE5 Mortgage Pass-Through Certificates, Series 2005-HE5) (Exact name of registrant as specified in its charter) Delaware 13-3939229 (State or other jurisdiction of (I.R.S Employer incorporation or organization) Identification No.) 1585 Broadway New York, NY 10036 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (212) 761-4000 Securities registered pursuant to Section 12(b) of the Act: NONE. Securities registered pursuant to Section 12(g) of the Act: NONE. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ___ No X Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ___ No X Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ___ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K ( 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Not applicable. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See Definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check One): Large Accelerated Filer ___ Accelerated Filer ___ Non-Accelerated Filer X Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ___ No X State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter. Not applicable. Documents Incorporated by Reference List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g. Part I, Part II, etc.) into which the document is incorporated: (1)Any annual report to security holders; (2) Any proxy or information statement; and (3)Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g. annual report to security holders for fiscal year ended December 24, 1980). Not applicable. PART I Item 1. Business. Not applicable. Item 1A. Risk Factors. Not applicable. Item 1B. Unresolved Staff Comments. Not applicable. Item 2. Properties. Not applicable. Item 3. Legal Proceedings. The registrant knows of no material pending legal proceedings involving the trust created under the Pooling and Servicing Agreement (the Trust), the Trustee, the Servicers or the registrant with respect to the Trust other than routine litigation incidental to the duties of the respective parties. Item 4. Submission of Matters to a Vote of Security Holders. None. PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. No established public trading market for the Certificates exists. Records provided to the Trust by the Depository Trust Company and the Trustee indicate that as of December 31, 2005, the total number of holders of record for the Series of Certificates is 34. Item 6. Selected Financial Data. Not applicable. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation. Not applicable. Item 7A. Quantitative and Qualitative Disclosures about Market Risk. Not applicable. Item 8. Financial Statements and Supplementary Data. Not applicable. Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. None. Item 9A. Controls and Procedures. Not applicable. Item 9B. Other Information. None. PART III Item 10. Directors and Executive Officers of the Registrant. Not applicable. Item 11. Executive Compensation. Not applicable. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. Not applicable. Item 13. Certain Relationships and Related Transactions. Not applicable. Item 14. Principal Accounting Fees and Services. Not applicable. PART IV Item 15. Exhibits, Financial Statement Schedules. (a) The following is a list of documents filed as part of this Annual Report on Form 10-K: (31.1) Rule 13a-14(a)/15d-14(a) Certification (99.1) Annual Independent Accountants' Servicing Reports concerning servicing activities. a) JP Morgan Chase Bank, National Association, as a Servicer b) Countrywide Home Loans Servicing LP, as a Servicer c) HomEq Servicing Corporation, as a Servicer
(99.2) Report of Management as to Compliance with Minimum Servicing Standards. a) JP Morgan Chase Bank, National Association, as a Servicer b) Countrywide Home Loans Servicing LP, as a Servicer c) HomEq Servicing Corporation, as a Servicer
(99.3) Annual Statements of Compliance under the Pooling and Servicing Agreements. a) JP Morgan Chase Bank, National Association, as a Servicer b) Countrywide Home Loans Servicing LP, as a Servicer c) HomEq Servicing Corporation, as a Servicer
(99.4) Aggregate Statement of Principal and Interest Distributions to Certificate Holders. (b) Not applicable. (c) Omitted. Filed herewith. SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized: Morgan Stanley ABS Capital I Inc. as Depositor (Registrant) By: /s/ Gail McDonnell Gail McDonnell, President Dated: March 30, 2006 SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT. (a)(1) No annual report is provided to the Certificateholders other than with respect to aggregate principal and interest distributions. (a)(2) No proxy statement, form of proxy or other proxy soliciting material has been sent to any Certificateholder with respect to any annual or other meeting of Certificateholders. Exhibit Index (31.1) Rule 13a-14(a)/15d-14(a) Certification (99.1) Annual Independent Accountants' Servicing Reports concerning servicing activities. a) JP Morgan Chase Bank, National Association, as a Servicer b) Countrywide Home Loans Servicing LP, as a Servicer c) HomEq Servicing Corporation, as a Servicer
(99.2) Report of Management as to Compliance with Minimum Servicing Standards. a) JP Morgan Chase Bank, National Association, as a Servicer b) Countrywide Home Loans Servicing LP, as a Servicer c) HomEq Servicing Corporation, as a Servicer
(99.3) Annual Statements of Compliance under the Pooling and Servicing Agreements. a) JP Morgan Chase Bank, National Association, as a Servicer b) Countrywide Home Loans Servicing LP, as a Servicer c) HomEq Servicing Corporation, as a Servicer
(99.4) Aggregate Statement of Principal and Interest Distributions to Certificate Holders. Exhibit No. Ex-31.1 Rule 13a-14(a)/15d-14(a) Certification RE: Morgan Stanley ABS Capital I Inc. Trust 2005-HE5 (the "Trust"), Mortgage Pass-Through Certificates, Series 2005-HE5, issued pursuant to the Pooling and Servicing Agreement, dated as of October 1, 2005, among Morgan Stanley ABS Capital I Inc., as Depositor, WMC Mortgage Corp., as a Responsible Party, JPMorgan Chase Bank, National Association, as a Servicer, Countrywide Home Loans Servicing LP, as a Servicer, HomEq Servicing Corporation, as a Servicer, Decision One Mortgage Company, LLC, as a Responsible Party, NC Capital Corporation, as a Responsible Party, LaSalle Bank National Association, as a Custodian, Wells Fargo Bank, National Association, as Trustee and a Custodian, and Deutsche Bank National Trust Company, as a Custodian, Morgan Stanley ABS Capital I Inc. Trust, Series 2005-HE5 I, Gail McDonnell, certify that: 1. I have reviewed this annual report on Form 10-K (the "Annual Report"), and all reports on Form 8-K containing distribution reports (collectively with this Annual Report, the "Reports") filed in respect of periods included in the year covered by this Annual Report, of the Trust; 2. Based on my knowledge, the information in the Reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this Annual Report; 3. Based on my knowledge, the distribution or servicing information required to be provided to the Trustee by each Servicer under the Pooling and Servicing Agreement, for inclusion in the Reports is included in the Reports; 4. Based on my knowledge and upon the annual compliance statement included in this Annual Report and required to be delivered to the Trustee in accordance with the terms of the Pooling and Servicing Agreement, and except as disclosed in the Reports, the Servicer has fulfilled its obligations under the Pooling and Servicing Agreement; and 5. The Reports disclose all significant deficiencies relating to the Servicer's compliance with the minimum servicing standards based upon the report provided by an independent public accountant, after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedure, as set forth in the Pooling and Servicing Agreement, that is included in the Reports. In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: Wells Fargo Bank, N.A., as Trustee, JP Morgan Chase Bank National Association, as a Servicer, Countrywide Home Loans Servicing LP, as a Servicer, and HomEq Servicing Corporation, as a Servicer. Date: March 30, 2006 /s/ Gail McDonnell Signature President Title EX-99.1 (a) (logo) PRICEWATERHOUSECOOPERS PricewaterhouseCoopers LLP PricewaterhouseCoopers Center 300 Madison Avenue New York NY 10017 Telephone (646) 471 3000 Facsimile (813) 286 6000 Report of Independent Auditors To the Board of Directors and Stockholder of JPMorgan Chase Bank, National Association: We have examined management's assertion about JPMorgan Chase Bank, National Association's (the "Company") compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers ("USAP") solely as they relate to standard VII, Insurance Policies (the "Applicable Standard"), as of and for the year ended December 31, 2005 included in the accompanying management assertion. Management is responsible for the Company's compliance with the Applicable Standard. Our responsibility is to express an opinion on management's assertion about the Company's compliance, solely as it relates to the Applicable Standard based on our examination. The Company uses subservicing organizations to perform the servicing obligations subject to minimum servicing standards I-VI of USAP. We did not examine the Company's compliance with standards I-VI of USAP and, accordingly, do not express an opinion thereon. Our examination was made in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the Applicable Standard and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with the Applicable Standard. In our opinion, management's assertion that the Company complied with the Applicable Standard solely as it relates to standard VII, Insurance Policies, as of and for the year ended December 31, 2005 is fairly stated, in all material respects. /s/ PricewaterhouseCoopers L.L.P. March 13, 2006 (page) (logo) PRICEWATERHOUSECOOPERS PricewaterhouseCoopers LLP PricewaterhouseCoopers Center 300 Madison Avenue New York NY 10017 Telephone (646) 471 3000 Facsimile (813) 286 6000 Report of Independent Auditors To the Board of Directors and Stockholder of Chase Home Finance LLC: We have examined management's assertion about Chase Home Finance LLC's (the "Company") compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers ("USAP") as of and for the year ended December 31, 2005 included in the accompanying management assertion (see Exhibit I). Management is responsible for the Company's compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the Company's compliance based on our examination. Our examination was made in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the minimum servicing standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with the minimum servicing standards. In our opinion, management's assertion that the Company complied with the aforementioned minimum servicing standards as of and for the year ended December 31, 2005 is fairly stated, in all material respects. /s/ PricewaterhouseCoopers L.L.P. March 13, 2006 EX-99.1 (b) (logo)KPMG KPMG LLP Suite 2000 355 South Grand Avenue Los Angeles, CA 90071-1568 Telephone 213 972 4000 Fax 213 622 1217 Internet www.us.kpmg.com Independent Accountants' Report The Board of Directors Countrywide Financial Corporation: We have examined management's assertion, included in the accompanying Management Assertion, that Countrywide Financial Corporation and subsidiaries, including its wholly-owned subsidiary, Countrywide Home Loans, Inc. ("CHL"), and Countrywide Home Loans Servicing, L.P., a wholly-owned subsidiary of CHL, (collectively, the "Company") complied with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP) as of and for the year ended December 31, 2005. Management is responsible for the Company's compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the Company's compliance based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the minimum servicing standards specified above and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with the minimum servicing standards. In our opinion, management's assertion that Countrywide Financial Corporation and subsidiaries, including its wholly-owned subsidiary, Countrywide Home Loans, Inc. ("CHL"), and Countrywide Home Loans Servicing, L.P., a wholly-owned subsidiary of CHL, complied with the aforementioned minimum servicing standards as of and for the year ended December 31, 2005 is fairly stated, in all material respects. /s/ KPMG LLP March 3, 2006 KPMG LLP, a U.S. limited liability partnership, is the U.S. member firm of KPMG International, a Swiss cooperative. EX-99.1 (c) (logo) KPMG KPMG LLP Suite 2300 Three Wachovia Center 401 South Tryon Street Charlotte, NC 28202-1911 Independent Accountants' Report The Board of Directors HomEq Servicing Corporation We have examined management's assertion, included in the accompanying Management's Assertion, that HomEq Servicing Corporation (the Company) complied with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers, as of and for the year ended December 31, 2005. Management is responsible for the Company's compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the Company's compliance based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the minimum servicing standards specified above and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with the minimum servicing standards. In our opinion, management's assertion that the Company complied with the aforementioned minimum servicing standards as of and for the year ended December 31, 2005 is fairly stated, in all material respects. /s/ KPMG LLP February 24, 2006 KPMG LLP, a U.S. limited liability partnership, is the U.S. member firm of KPMG International, a Swiss cooperative. EX-99.2 (a) (logo) CHASE Management's Assertion Concerning Compliance with USAP Minimum Servicing Standards March 13, 2006 As of and for the year ended December 31, 2005, JPMorgan Chase Bank, National Assocation (the "Company") has complied in all material respects with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers ("USAP") solely as they relate to standard VII, Insurance Policies (the "Applicable Standard"). The Company uses subservicing organizations to perform the servicing obligations subject to minimum servicing standards I-VI of USAP. As of and for this same period, the Company had in effect fidelity bond and errors and omissions policies in the amounts of $250,000,000 and $25,000,000 respectively. Attached to this Management Assertion are the independent auditors' reports on the subservicing organizations' compliance with the minimum servicing standards related to the servicing obligations performed. /s/ Kim Greaves Kim Greaves Vice President JPMorgan Chase Bank, N.A. /s/ Jim Miller Jim Miller Vice President JPMorgan Chase Bank, N.A. /s/ Scott Powell Scott Powell Senior Vice President JPMorgan Chase Bank, N.A. (page) (logo) CHASE Exhibit I Management's Assertion Concerning Compliance with USAP Minimum Servicing Standards March 13, 2006 As of and for the year ended December 31, 2005, Chase Home Finance LLC (the "Company") has complied in all material respects with the minimum servicing standards (the "Standards") set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers ("USAP"). These Standards are applicable only to the Company's prime and subprime mortgage portfolios. As of and for this same period, the Company had in effect fidelity bond and errors and omissions policies in the amounts of $250,000,000 and $25,000,000 respectively. /s/ Kim Greaves Kim Greaves Senior Vice President Chase Home Finance LLC /s/ Jim Miller Jim Miller Senior Vice President Chase HOme Finance LLC /s/ Scott Powell Scott Powell CEO Chase Home Finance LLC EX-99.2 (b) (logo) Countrywide HOME LOANS 2900 MADERA ROAD SIMI VALLEY, CALIFORNIA 93065-6298 (805) 955-1000 Management Assertion March 3, 2005 As of and for the year ended December 31, 2005, Countrywide Financial Corporation and subsidiaries, including its wholly-owned subsidiary, Countrywide Home Loans, Inc. ("CHL"), and Countrywide Home Loans Servicing, L.P., a wholly-owned subsidiary of CHL, (collectively, the "Company") have complied in all material respects with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation for Mortgage Bankers. As of and for this same period, the Company had in effect a mortgage bankers' (fidelity) bond in the amount of $200 million and an errors and omissions policy in the amount of $100 million and $130 million for the period January 1, 2005 to August 1, 2005 and for the period from August 1, 2005 to December 31, 2005, respectively. /s/ Steve Bailey Steve Bailey Senior Managing Director and Chief Executive Officer, Loan Administration /s/ Kevin Meyers Kevin Meyers Managing Director and Chief Financial Officer, Loan Administration EX-99.2 (c) (logo) HOMEQ SERVICING MANAGEMENT'S ASSERTION As of and for the year ended December 31, 2005, HomEq Servicing Corporation (the "Company") complied in all material respects with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers. As of and for this same period, the Company had in effect a fidelity bond and errors and omissions policy both in the amount of $20 million. HomEq Servicing Corporation /s/ Arthur Q. Lyon Arthur Q. Lyon President February 24, 2006 Date /s/ Keith G. Becher Keith G. Becher Chief Operating Officer February 24, 2006 Date EX-99.3 (a) (logo) CHASE ANNUAL STATEMENT OF COMPLIANCE Pursuant to the servicing agreement, the undersigned Officer, to the best of his/her knowledge, hereby certifies to the following: I have reviewed the activities and performance of the Servicer and, during the preceding fiscal year under the terms of the Servicing Agreement, Trust Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide and to the best of the Officer's knowledge, the Servicer has fulfilled all its duties, responsibilities or obligations under these Agreements throughout such year. a) All property inspections have been completed. b) Compliance relative to Adjustable Rate Mortgages has been met. c) Compliance with IRS Foreclosure reporting regulations enacted as IRS Section 6060J by the Deficit Reduction Act, regarding Acquired and/or Abandonment property have been completed. d) All loans serviced in states that have statutes requiring payment of interest on escrow/impound accounts have been completed. e) That such Officer has confirmed that the Fidelity Bond, the Errors and Omissions Insurance Policy and any other bonds required under the terms of the Servicing Agreement are in full force and effect. f) Enclosed is a copy of our most recent independent audit statement. CERTIFIED BY: /s/ Kim Greaves Kim Greaves Senior Vice President Date: 3/13/06 CERTIFIED BY: /s/ Jim Miller Jim Miller Senior Vice President Date: 3/13/06 (page) Investor# Agreement Name Agreement Date G68 GSR 2005-1F 1/1/05 G74 GSR 2005-2F L10 GSR 2005-5F 5/1/05 L22 GSR 2005-6F 6/1/05 570 GSAMP Trust 2005-HE1 1/26/05 581 GSAMP TRUST 2005-HE2 3/28/05 594 GSAMP TRUST 2005-HE3 6/28/05 603 GSAMP TRUST 2005-HE4 8/24/05 614 GSAA 2005-MTR1 10/31/05 573 MSHEL 2005-1 1/26/05 589 MSHEL 2005-2 5/25/05 605 MSHEL 2005-3 9/1/05 615 MSAC 2005-HE5 10/27/05 620 MSAC 2005-HE6 12/5/05 623 MSHEL 2005-4 12/5/05 627 MSAC 2005-HE7 EX-99.3 (b) (logo) Countrywide HOME LOANS 400 Countrywide Way Simi Valley, California 93065-6298 March 10, 2006 OFFICER'S CERTIFICATE I, Joseph Candelario, hereby certify that I am the First Vice President, Loan Administration of Countrywide Home Loans, Inc., fka Countrywide Funding Corporation and that I am authorized to provide this certification on behalf of Countrywide Home Loans Servicing L.P. I further certify, with respect to the Pooling and Servicing Agreements for Countrywide Home Loans Servicing L.P. ("Servicer"), the following: I have reviewed the activities and performance of the Servicer during the fiscal year ended December 31, 2005 under the Pooling and Servicing Agreements referred to on Exhibit A, attached hereto and made a part hereof and, to the best of my knowledge, based on my review, the Servicer has fulfilled all of its duties, responsibilities or obligations under the Pooling and Servicing Agreements throughout the fiscal year. /s/ Joseph Candelario Joseph Candelario First Vice President Compliance Officer Loan Administration March 10, 2006 Date (page) Exhibit A MSAC 2005-HE1 MSAC 2005-HE2 MSAC 2005-HE3 MSAC 2005-HE4 MSAC 2005-HE5 MSAC 2005-HE6 MSAC 2005-HE7 MSHEL 2005-2 MSAC 2005-WMC1 MSAC 2005-WMC2 MSAC 2005-WMC3 MSAC 2005-WMC4 MSAC 2005-WMC5 MSAC 2005-WMC6 MSAC 2005-NC2 IXIS 2005-HE1 IXIS 2005-HE2 IXIS 2005-HE3 EX-99.3 (c) Wells Fargo Bank Minnesota, N.A. 9062 Old Annapolis Road Columbia, MD 21045 Attention: Servicer Oversight Group RE: Officer's Certificate Dear Master Servicer: The undersigned Officer certifies the following for the 2005 fiscal year: A review of the activities of the Servicer during the 2005 calendar year and the Servicer's performance under the Servicing Agreement has been made under my supervision, the Servicer has complied with the Servicing Agreement in all material respects and, to the best of my knowledge, based on such review, the Servicer has materially fulfilled all of its obligations under the Servicing Agreement throughout such calendar year. Certified By /s/ Arthur Q. Lyon Arthur Q. Lyon President Date March 15, 2006 (page) Wells Fargo as Trustee Park Place Securities, 2004-MHQ1 Park Place Securities, 2004-WHQ1 Park Place Securities, 2004-WHQ2 Park Place Securities, 2005-WHQ1 Park Place Securities, 2005-WHQ2 Park Place Securities, 2005-WHQ3 Park Place Securities, 2005-WHQ4 ABFC Series 2005-WMC1 CSFB Securitized, ABSC 2004-HE2 GSAMPS 2004-FM1 GSAMPS 2004-FM2 First Franklin, 2004-FFH1 Merrill Lynch, MLMI 2003-WMCl Merrill Lynch, MLMI 2003-WMC3 Merrill Lynch, MLMI 2004-WMC1 Merrill Lynch, MLMI 2004-WMC2 Merrill Lynch, MLMI 2004-WMC3 Merrill Lynch, MLMI 2004-WMC4 Merrill Lynch, MLMI 2004-WMC5 Merrill Lynch, FFML 2004-FF1 Morgan Stanley, Series 2005-HE4 Morgan Stanley, Series 2005-HE5 Ex-99.4 Schedule of Year-To-Date Principal and Interest Distributions to Certificateholders Class Interest Principal Losses Ending Balance A-1 3,194,700.77 25,397,749.30 0.00 416,072,250.70 A-2A 3,240,568.58 29,843,372.32 0.00 432,434,627.68 A-2B 1,059,627.78 0.00 0.00 145,000,000.00 A-2C 857,644.44 0.00 0.00 115,000,000.00 B-1 181,651.65 0.00 0.00 20,821,000.00 B-2 175,114.02 0.00 0.00 19,333,000.00 B-3 153,158.26 0.00 0.00 15,616,000.00 M-1 406,428.09 0.00 0.00 53,540,000.00 M-2 379,034.70 0.00 0.00 49,822,000.00 M-3 238,647.18 0.00 0.00 31,232,000.00 M-4 210,352.71 0.00 0.00 26,770,000.00 M-5 194,457.94 0.00 0.00 24,539,000.00 M-6 184,595.29 0.00 0.00 23,052,000.00 CLASS P 582,901.31 0.00 0.00 0.00 CLASS R 0.00 0.00 0.00 0.00 CLASS X 5,178,443.21 0.00 0.00 1,431,958,500.10