8-K 1 efc4-1884_form8k.txt FORM 8K ------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest Event Reported) September 29, 2004 CWABS, INC. (as depositor under the Sale and Servicing Agreement, dated as of September 29, 2004, relating to the Revolving Home Equity Loan Asset Backed Notes, Series 2004-M). CWABS, INC. (Exact name of registrant as specified in its charter) Delaware 333-109272 95-4596514 ------------------------------- ------------ ----------- (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification No.) 4500 Park Granada Calabasas, California 91302 ------------------------ -------- (Address of Principal (Zip Code) Executive Offices) Registrant's telephone number, including area code (818) 225-3240 ------------------------------------------------------------------------------- Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Section 8. Item 8.01. Other Events. Description of the Notes and the Mortgage Pool* On September 29, 2004, CWABS, Inc. (the "Company") entered into a Sale and Servicing Agreement dated as of September 29, 2004 (the "Sale and Servicing Agreement"), by and among the Company, as depositor, Countrywide Home Loans, Inc., as sponsor and as master servicer, CWABS Revolving Home Equity Loan Trust Series 2004-M, as trust and JPMorgan Chase Bank, as indenture trustee, providing for the issuance of the Company's Revolving Home Equity Loan Asset Backed Notes, Series 2004-M. The Sale and Servicing Agreement is annexed hereto as Exhibit 99.1. The Company and CHL entered into a Purchase Agreement, dated as of September 29, 2004 (the "Mortgage Loan Purchase Agreement"), providing for the purchase and sale of the Mortgage Loans to be delivered pursuant to the Sale and Servicing Agreement. The Mortgage Loan Purchase Agreement is annexed hereto as Exhibit 99.2. The Trust and the Indenture Trustee entered into an Indenture, dated as of September 29, 2004 (the "Indenture"), providing for the issuance of the Notes. The Indenture is annexed hereto as Exhibit 99.3. In addition to the above agreements, Ambac Assurance Corporation issued a Surety Bond, dated September 29, 2004 (the "Surety Bond"), providing for the guarantee of certain payments with respect to the Notes upon certain conditions. The Surety Bond is annexed hereto as Exhibit 99.4. Wilmington Trust Company, as owner trustee (the "Owner Trustee") and the Company entered into a Trust Agreement, dated as of September 24, 2004 (the "Trust Agreement"), providing for the creation of the Trust. The Trust Agreement is annexed hereto as Exhibit 99.5. -------- * Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Prospectus dated September 14, 2004 and the Prospectus Supplement dated September 27, 2004, of CWABS, Inc., relating to its Revolving Home Equity Loan Asset Backed Notes, Series 2004-M (the "Prospectus"). Section 9. Item 9.01. Financial Statements, Pro Forma Financial Information And Exhibits. (a) Not applicable. (b) Not applicable. (c) Exhibits: 99.1 The Sale and Servicing Agreement, dated as of September 29, 2004, by and among the Company, CHL, the Trust and the Indenture Trustee. 99.2 The Purchase Agreement, dated as of September 29, 2004, by and between the Company and CHL. 99.3 The Indenture, dated as of September 29, 2004, by and between the Trust and the Indenture Trustee. 99.4 The Note Guaranty Surety Bond, dated as of September 29, 2004, issued by Ambac Assurance Corporation. 99.5 The Trust Agreement, dated as of September 24, 2004, by and among Wilmington Trust Company, as owner trustee (the "Owner Trustee") and the Company. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CWABS, INC. By: /s/ Celia Coulter ----------------- Celia Coulter Vice President Dated: October 15, 2004 3 EXHIBIT INDEX Exhibit Description 99.1 The Sale and Servicing Agreement, dated as of September 29, 2004, by and among the Company, CHL, the Trust and the Indenture Trustee. 99.2 The Purchase Agreement, dated as of September 29, 2004, by and between the Company and CHL. 99.3 The Indenture, dated as of September 29, 2004, by and between the Trust and the Indenture Trustee. 99.4 The Note Guaranty Surety Bond, dated as of September 29, 2004, issued by Ambac Assurance Corporation. 99.5 The Trust Agreement, dated as of September 24, 2004, by and among Wilmington Trust Company, as owner trustee (the "Owner Trustee") and the Company. 4

Loan Group 1 Principal Balances for the Group 1 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Range of Principal Balances Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- ($) Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio --------------------------- ----------- ------- ----------- --------- -------- --------- ----------- ----------- 0.01 - 10,000.00.... $ 2,891,216 464 0.58% $ 6,231 6.278% 296.66 716 80.8% 10,000.01 - 20,000.00.... 53,510,760 3,364 10.76 15,907 6.965 296.28 703 87.9 20,000.01 - 30,000.00.... 110,142,000 4,317 22.14 25,514 6.984 296.71 704 90.6 30,000.01 - 40,000.00.... 98,690,547 2,826 19.84 34,922 6.975 297.15 706 90.7 40,000.01 - 50,000.00.... 84,784,291 1,868 17.04 45,388 7.010 296.86 706 90.6 50,000.01 - 60,000.00.... 51,489,872 939 10.35 54,835 7.052 296.86 704 91.6 60,000.01 - 70,000.00.... 33,814,538 525 6.80 64,409 6.941 296.81 698 90.1 70,000.01 - 80,000.00.... 18,845,931 250 3.79 75,384 6.508 297.99 691 84.9 80,000.01 - 90,000.00.... 12,669,735 149 2.55 85,032 6.240 297.83 703 81.9 90,000.01 - 100,000.00.... 15,900,203 164 3.20 96,952 6.471 296.95 691 80.0 100,000.01 - 125,000.00.... 6,955,877 62 1.40 112,192 6.040 297.18 704 80.0 125,000.01 - 150,000.00.... 7,603,197 54 1.53 140,800 5.954 296.02 707 80.5 150,000.01 - 175,000.00.... 155,000 1 0.03 155,000 4.500 298.00 721 69.4 ------------ ------- ----------- Total $497,453,167 14,983 100.00% ============ ======= ===========

Loan Programs for the Group 1 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Description of Loan Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- Programs Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio --------------------------- ------------ -------- ----------- --------- -------- --------- ----------- ----------- 10 Year Draw, 20 Year Repay... $ 8,168,727 218 1.64% $37,471 5.244% 350.83 720 99.8% 10 Year Draw, 0 Year Repay.... 1,016,010 25 0.20 40,640 5.728 108.82 726 100.0 5 Year Draw, 5 Year Repay..... 501,925 23 0.10 21,823 6.855 115.65 715 93.7 10 Year Draw, 15 Year Repay... 487,634,725 14,713 98.03 33,143 6.932 296.58 703 89.0 15 Year Draw, 0 Year Repay.... 94,847 2 0.02 47,423 5.528 178.00 705 93.4 15 Year Draw, 10 Year Repay... 36,933 2 0.01 18,466 3.070 297.94 660 93.5 ------------ -------- ----------- Total $497,453,167 14,983 100.00% ============ ======== =========== 3 Loan Rates for the Group 1 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- Range of Loan Rates (%) Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio --------------------------- ----------- ------- ----------- --------- -------- --------- ----------- ----------- Less than or equal to 3.000 $11,257,744 319 2.26% $35,291 3.000% 297.84 698 91.3% 3.001 - 3.500............... 1,329,213 36 0.27 36,923 3.250 297.83 710 92.4 3.501 - 4.000............... 412,325 12 0.08 34,360 3.994 296.69 698 81.4 4.001 - 4.500............... 23,424,086 641 4.71 36,543 4.478 296.88 745 69.0 4.501 - 5.000............... 35,273,528 983 7.09 35,884 4.904 298.90 713 75.4 5.001 - 5.500............... 19,565,200 443 3.93 44,165 5.360 302.17 709 78.6 5.501 - 6.000............... 32,196,736 912 6.47 35,303 5.760 300.04 666 76.1 6.001 - 6.500............... 42,145,370 1,499 8.47 28,116 6.349 295.32 722 87.0 6.501 - 7.000............... 136,742,771 4,311 27.49 31,720 6.928 296.08 728 94.8 7.001 - 7.500............... 49,668,124 1,537 9.98 32,315 7.401 296.45 669 90.2 7.501 - 8.000............... 87,630,838 2,523 17.62 34,733 7.978 296.43 701 98.0 8.001 - 8.500............... 15,145,405 486 3.04 31,163 8.281 296.71 706 96.2 8.501 - 9.000............... 14,352,216 445 2.89 32,252 8.833 296.79 674 94.9 9.001 - 9.500............... 6,161,367 203 1.24 30,352 9.239 296.67 677 96.2 9.501 - 10.000.............. 2,535,445 81 0.51 31,302 9.848 296.29 684 96.1 10.001 - 10.500.............. 1,118,443 28 0.22 39,944 10.199 296.47 669 86.2 10.501 - 11.000.............. 18,228,058 518 3.66 35,189 10.698 294.38 611 80.3 11.001 - 11.500.............. 111,444 3 0.02 37,148 11.250 293.39 606 78.4 11.501 - 12.000.............. 115,269 2 0.02 57,634 11.625 295.09 599 83.1 12.001 - 12.500.............. 39,587 1 0.01 39,587 12.250 294.00 669 88.4 ------------ ------- ---------- Total $497,453,167 14,983 100.00% ============ ======= ==========

Months Remaining to Scheduled Maturity for the Group 1 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Range of Months Remaining Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- to Scheduled Maturity Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio --------------------------- ----------- -------- ----------- --------- -------- --------- ----------- ----------- 97 - 108.................. $ 178,932 4 0.04% $44,733 5.624% 108.00 747 100.0% 109 - 120.................. 1,339,004 44 0.27 30,432 6.164 111.49 719 97.6 169 - 180.................. 94,847 2 0.02 47,423 5.528 178.00 705 93.4 217 - 228.................. 47,705 2 0.01 23,853 7.545 223.54 687 96.4 253 - 264.................. 27,269 1 0.01 27,269 10.875 262.00 590 100.0 277 - 288.................. 1,826,761 63 0.37 28,996 9.463 286.82 627 80.4 289 - 300.................. 485,769,923 14,649 97.65 33,161 6.922 296.62 704 89.1 349 - 360.................. 8,168,727 218 1.64 37,471 5.244 350.83 720 99.8 ----------- -------- ----------- Total $497,453,167 14,983 100.00%

Combined Loan-to-Value Ratios for the Group 1 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Range of Combined Loan-to- Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- Value Ratio (%) Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio --------------------------- ----------- -------- ----------- --------- -------- --------- ----------- ----------- 0.01 - 10.00.............. $ 50,000 1 0.01% $50,000 5.625% 298.00 620 6.8% 10.01 - 20.00.............. 36,774 2 0.01 18,387 6.045 297.00 727 17.8 20.01 - 30.00.............. 1,360,974 34 0.27 40,029 5.208 296.58 705 26.0 30.01 - 40.00.............. 2,451,293 73 0.49 33,579 5.041 297.02 718 35.9 40.01 - 50.00.............. 6,435,962 167 1.29 38,539 5.423 296.74 699 45.5 50.01 - 60.00.............. 12,135,780 334 2.44 36,335 5.658 296.61 699 55.5 60.01 - 70.00.............. 33,409,393 894 6.72 37,371 5.520 296.70 694 67.1 70.01 - 80.00.............. 52,351,970 1,483 10.52 35,301 5.846 296.32 684 77.6 80.01 - 90.00.............. 125,127,706 4,394 25.15 28,477 7.246 296.42 685 88.7 90.01 - 100.00............. 264,093,316 7,601 53.09 34,745 7.242 297.24 718 98.1 ------------ -------- ----------- Total $497,453,167 14,983 100.00% ============ ======== ===========

Geographic Distribution for the Group 1 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- State Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio --------------------------- ----------- -------- ----------- --------- -------- --------- ----------- ----------- Alabama.................... $ 7,688,022 287 1.55% $26,788 6.881% 296.26 719 94.4% Alaska..................... 924,832 26 0.19 35,570 7.126 296.69 688 91.2 Arizona.................... 18,037,337 619 3.63 29,139 6.842 297.14 706 92.8 California................. 99,349,492 2,367 19.97 41,973 6.803 296.09 694 82.8 Colorado................... 25,010,541 700 5.03 35,729 6.826 296.97 717 93.6 Connecticut................ 5,844,953 166 1.17 35,211 6.418 298.25 708 88.3 Delaware................... 1,943,948 58 0.39 33,516 6.832 296.61 694 85.7 District of Columbia....... 660,025 17 0.13 38,825 6.249 297.09 679 80.0 Florida.................... 37,591,496 1,222 7.56 30,762 6.886 296.87 710 90.9 Georgia.................... 13,385,269 421 2.69 31,794 7.011 298.74 705 94.1 Hawaii..................... 2,988,538 84 0.60 35,578 6.573 297.24 712 85.7 Idaho...................... 4,685,170 174 0.94 26,926 7.087 296.85 711 93.2 Illinois................... 19,877,130 593 4.00 33,520 6.978 296.66 709 91.7 Indiana.................... 6,680,568 265 1.34 25,210 7.158 296.89 704 94.4 Iowa....................... 2,396,612 92 0.48 26,050 6.831 300.99 708 91.0 Kansas..................... 3,031,714 113 0.61 26,829 6.941 296.66 707 94.7 Kentucky................... 4,143,213 160 0.83 25,895 7.143 296.56 707 94.3 Louisiana.................. 3,741,374 143 0.75 26,163 7.268 296.85 695 90.7 Maine...................... 1,650,940 50 0.33 33,019 6.629 296.26 690 85.6 Maryland................... 11,448,533 310 2.30 36,931 6.907 296.65 695 88.8 Massachusetts.............. 12,683,103 334 2.55 37,973 6.705 297.05 702 86.7 Michigan................... 15,906,284 522 3.20 30,472 6.847 303.46 707 93.4 Minnesota.................. 8,599,675 253 1.73 33,991 6.855 296.78 709 90.9 Mississippi................ 2,227,388 82 0.45 27,163 7.086 298.24 705 91.6 Missouri................... 5,382,325 219 1.08 24,577 6.928 297.33 701 93.5 Montana.................... 1,009,600 39 0.20 25,887 6.810 298.91 719 90.3 Nebraska................... 718,223 25 0.14 28,729 6.903 296.65 713 94.4 Nevada..................... 21,470,190 570 4.32 37,667 7.284 296.76 704 89.1 New Hampshire.............. 2,805,666 84 0.56 33,401 6.924 297.89 697 90.7 New Jersey................. 22,158,130 611 4.45 36,265 6.883 296.02 697 85.7 New Mexico................. 2,390,648 88 0.48 27,166 7.016 294.46 700 92.2 New York................... 18,677,692 530 3.75 35,241 6.274 297.35 705 80.4 North Carolina............. 10,384,038 381 2.09 27,255 6.986 297.08 710 95.3 North Dakota............... 261,299 12 0.05 21,775 6.788 295.88 699 90.0 Ohio....................... 13,553,163 486 2.72 27,887 7.197 296.36 701 92.8 Oklahoma................... 2,759,834 107 0.55 25,793 6.752 298.09 716 92.2 Oregon..................... 6,797,434 223 1.37 30,482 7.087 297.30 703 91.4 Pennsylvania............... 15,896,042 554 3.20 28,693 6.859 297.31 707 90.8 Rhode Island............... 2,806,543 79 0.56 35,526 7.333 297.83 685 86.2 South Carolina............. 3,906,706 147 0.79 26,576 7.190 296.88 711 93.4 South Dakota............... 482,246 15 0.10 32,150 6.607 308.33 706 94.4 Tennessee.................. 7,800,579 277 1.57 28,161 7.040 296.52 708 95.0 Texas...................... 1,833,698 67 0.37 27,369 7.237 296.85 729 96.7 Utah....................... 5,497,776 199 1.11 27,627 7.071 296.82 710 93.2 Vermont.................... 523,734 19 0.11 27,565 6.622 299.81 705 88.3 Virginia................... 15,439,001 434 3.10 35,574 7.108 297.47 700 90.7 Washington................. 16,719,224 479 3.36 34,904 7.126 297.26 707 92.0 West Virginia.............. 1,087,249 49 0.22 22,189 6.919 213.32 707 93.5 Wisconsin.................. 5,895,662 207 1.19 28,481 7.015 297.94 702 91.7 Wyoming.................... 700,308 24 0.14 29,180 6.460 297.00 715 86.2 ------------ -------- ----------- Total $497,453,167 14,983 100.00% ============ ======== ===========

Credit Scores for the Mortgage Loans for the Group 1 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- Range of Credit Scores Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio --------------------------- ----------- -------- ----------- --------- -------- --------- ----------- ----------- 841 - 850.................. $ 18,025 1 (1) $18,025 6.375% 298.00 842 90.0% 821 - 840.................. 580,522 21 0.12% 27,644 5.894 296.91 829 77.9 801 - 820.................. 6,700,182 217 1.35 30,876 6.301 296.49 808 86.2 781 - 800.................. 20,688,615 678 4.16 30,514 6.340 295.61 789 88.8 761 - 780.................. 38,400,749 1,241 7.72 30,943 6.496 297.28 769 90.2 741 - 760.................. 54,967,068 1,686 11.05 32,602 6.587 297.59 750 91.2 721 - 740.................. 67,151,821 2,035 13.50 32,998 6.686 297.06 730 92.3 701 - 720.................. 80,474,721 2,355 16.18 34,172 6.683 296.66 710 91.8 681 - 700.................. 63,413,495 1,846 12.75 34,352 6.920 297.04 690 90.1 661 - 680.................. 62,017,462 1,811 12.47 34,245 7.115 297.38 670 90.3 641 - 660.................. 48,082,591 1,474 9.67 32,620 7.062 296.78 651 85.3 621 - 640.................. 38,198,283 1,124 7.68 33,984 7.135 296.33 631 81.5 601 - 620.................. 9,765,415 289 1.96 33,790 9.366 295.08 613 81.8 581 - 600.................. 5,044,869 151 1.01 33,410 10.696 294.26 590 77.0 561 - 580.................. 1,021,039 29 0.21 35,208 10.527 294.41 575 80.6 560 or less................ 928,313 25 0.19 37,133 10.413 294.41 544 79.5 ------------ -------- ---------- Total $497,453,167 14,983 100.00%

Property Type for the Group 1 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- Property Type Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio --------------------------- ------------ -------- ----------- --------- -------- --------- ----------- ----------- Single Family................... $359,469,295 10,956 72.26% $32,810 6.893% 297.03 700 88.4% Planned Unit Development (PUD).. 81,428,037 2,317 16.37 35,144 6.981 295.98 710 91.7 Low-rise Condominium............ 46,530,045 1,416 9.35 32,860 6.805 297.37 723 92.4 2-4 Units....................... 7,083,091 187 1.42 37,877 7.105 296.66 700 84.5 High-rise Condominium........... 1,973,638 70 0.40 28,195 7.606 295.71 720 91.8 Manufactured Housing (1)........ 969,062 37 0.19 26,191 5.112 297.02 705 73.2 ------------ -------- ----------- Total $497,453,167 14,983 100.00% ============ ======== =========== ------------------- (1) Treated as real property 7 Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- Range of Gross Margins (%) Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio ----------------------------- ----------- -------- ----------- --------- -------- --------- ----------- ----------- Less than or equal to 0.000.. $26,231,183 723 5.27% $36,281 4.566% 301.83 742 71.6% 0.001 - 0.250................ 7,065,179 201 1.42 35,150 4.712 296.90 690 66.3 0.251 - 0.500................ 27,812,159 771 5.59 36,073 4.898 297.15 719 76.5 0.501 - 0.750................ 7,053,911 161 1.42 43,813 5.139 302.68 700 72.3 0.751 - 1.000................ 13,349,110 304 2.68 43,912 5.267 300.72 714 82.1 1.001 - 1.250................ 23,714,831 652 4.77 36,372 5.662 297.17 652 72.2 1.251 - 1.500................ 8,838,385 259 1.78 34,125 5.501 300.32 705 85.2 1.501 - 1.750................ 10,677,148 273 2.15 39,110 6.077 295.91 697 80.0 1.751 - 2.000................ 32,889,195 1,266 6.61 25,979 6.296 295.47 730 89.6 2.001 - 2.250................ 26,304,437 849 5.29 30,983 6.641 296.30 700 89.1 2.251 - 2.500................ 111,388,226 3,492 22.39 31,898 6.947 296.10 735 96.2 2.501 - 2.750................ 16,928,020 483 3.40 35,048 7.116 296.50 699 91.1 2.751 - 3.000................ 34,350,517 1,100 6.91 31,228 7.358 296.49 656 89.9 3.001 - 3.250................ 6,892,822 217 1.39 31,764 7.054 296.67 688 93.8 3.251 - 3.500................ 82,792,372 2,363 16.64 35,037 7.948 296.43 702 98.3 3.501 - 3.750................ 10,363,400 353 2.08 29,358 7.858 296.75 706 95.9 3.751 - 4.000................ 5,792,282 162 1.16 35,755 8.157 296.85 701 96.5 4.001 - 4.250................ 7,993,110 271 1.61 29,495 8.371 296.79 673 93.6 4.251 - 4.500................ 7,536,809 212 1.52 35,551 8.414 296.93 674 96.4 4.501 - 4.750................ 4,558,316 150 0.92 30,389 9.063 296.72 680 96.5 4.751 - 5.000................ 2,101,288 67 0.42 31,363 8.215 296.86 667 95.8 5.001 - 5.250................ 1,453,817 42 0.29 34,615 9.160 296.28 700 95.6 5.251 - 5.500................ 1,738,851 59 0.35 29,472 7.878 296.88 661 96.9 5.501 - 5.750................ 1,076,931 27 0.22 39,886 10.187 296.41 671 85.7 5.751 - 6.000................ 41,512 1 0.01 41,512 10.500 298.00 594 100.0 6.001 - 6.250................ 13,070,854 371 2.63 35,231 10.627 294.50 620 81.9 6.251 - 6.500................ 5,157,204 147 1.04 35,083 10.877 294.08 588 76.3 6.501 - 6.750................ 126,444 4 0.03 31,611 10.449 294.06 607 79.4 7.001 - 7.250................ 115,269 2 0.02 57,634 11.625 295.09 599 83.1 7.501 - 7.750................ 39,587 1 0.01 39,587 12.250 294.00 669 88.4 ------------ -------- ----------- Total $497,453,167 14,983 100.00% ============ ======== ===========

Credit Limit Utilization Rates for the Group 1 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Range of Credit Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- Limit Utilization Rates (%) Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio ---------------------------- ----------- -------- ----------- --------- -------- --------- ----------- ----------- 0.01 - 10.00............... $ 295,075 102 0.06% $ 2,893 5.707% 297.90 735 75.7% 10.01 - 20.00............... 1,050,294 132 0.21 7,957 5.672 296.70 730 73.9 20.01 - 30.00............... 2,238,299 159 0.45 14,077 5.822 296.95 719 76.2 30.01 - 40.00............... 3,767,816 213 0.76 17,689 5.735 296.97 720 77.5 40.01 - 50.00............... 6,554,303 282 1.32 23,242 5.858 297.51 707 76.4 50.01 - 60.00............... 8,676,011 345 1.74 25,148 5.896 298.72 712 77.2 60.01 - 70.00............... 13,246,631 464 2.66 28,549 6.001 298.00 704 78.6 70.01 - 80.00............... 17,312,019 550 3.48 31,476 6.064 298.71 703 79.6 80.01 - 90.00............... 22,984,189 681 4.62 33,751 6.278 297.40 700 81.3 90.01 - 100.00.............. 421,328,530 12,055 84.70 34,951 7.055 296.69 703 91.1 ------------ -------- ---------- Total $497,453,167 14,983 100.00% ============ ======== ==========

Maximum Loan Rates for the Group 1 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- Maximum Loan Rates (%) Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio ---------------------------- ----------- -------- ----------- --------- -------- --------- ----------- ----------- 12.000...................... $ 50,256 2 0.01% $25,128 5.483% 350.69 742 100.0% 15.000...................... 40,535 1 0.01 40,535 5.000 350.00 740 100.0 16.000...................... 10,718,304 386 2.15 27,768 7.027 298.24 710 95.0 17.000...................... 38,875,002 1,273 7.81 30,538 6.926 296.68 711 91.1 18.000...................... 429,418,554 12,801 86.32 33,546 6.735 296.96 707 89.3 21.000...................... 18,350,516 520 3.69 35,289 10.681 294.38 610 79.9 ----------- -------- ----------- Total 497,453,167 14,983 100.00% =========== ======== ===========

Credit Limits for the Group 1 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- Range of Credit Limits (%) Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio ---------------------------- ----------- -------- ----------- --------- -------- --------- ----------- ----------- 0.01 - 10,000.00...... $ 485,711 63 0.10% $ 7,710 7.174% 296.75 691 86.6% 10,000.01 - 20,000.00...... 43,180,689 2,829 8.68 15,264 7.123 296.20 702 89.3 20,000.01 - 30,000.00...... 104,463,542 4,333 21.00 24,109 7.063 296.56 705 91.4 30,000.01 - 40,000.00...... 95,127,674 2,902 19.12 32,780 7.035 296.93 707 91.4 40,000.01 - 50,000.00...... 89,128,827 2,158 17.92 41,302 6.931 296.86 707 89.7 50,000.01 - 60,000.00...... 53,907,252 1,063 10.84 50,712 7.069 297.24 703 91.9 60,000.01 - 70,000.00...... 33,903,567 587 6.82 57,757 7.021 296.87 698 90.8 70,000.01 - 80,000.00...... 20,051,680 323 4.03 62,080 6.488 296.69 689 83.7 80,000.01 - 90,000.00...... 13,134,189 189 2.64 69,493 6.214 298.28 700 83.0 90,000.01 - 100,000.00..... 24,581,724 333 4.94 73,819 6.183 297.96 699 77.9 100,000.01 - 125,000.00..... 7,840,657 89 1.58 88,097 6.065 297.75 701 81.6 125,000.01 - 150,000.00..... 11,187,200 110 2.25 101,702 5.806 296.15 713 77.9 150,000.01 - 175,000.00..... 460,457 4 0.09 115,114 4.500 296.67 747 58.7 ------------ -------- ----------- Total $497,453,167 14,983 100.00% ============ ======== ===========

Lien Priority for the Group 1 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- Lien Property Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio ---------------------------- ------------ -------- ----------- --------- -------- --------- ----------- ----------- Second Liens................ $497,453,167 14,983 100.00% $33,201 6.902% 296.88 704 89.2% ------------ -------- ----------- Total $497,453,167 14,983 100.00% ============ ======== =========== Delinquency Status for the Group 1 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- Delinquency Status Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio ---------------------------- ------------ -------- ----------- --------- -------- --------- ----------- ----------- Current..................... $492,955,609 14,849 99.10% $33,198 6.897% 296.89 704 89.3% 30 - 59 Days................ 4,497,558 134 0.90 33,564 7.457 295.36 680 86.9 ------------ -------- ----------- Total $497,453,167 14,983 100.00% ============ ======== =========== Origination Year for the Group 1 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- Origination Year Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio ---------------------------- ----------- -------- ----------- --------- -------- --------- ----------- ----------- 1998........................ $ 47,705 2 0.01% $23,853 7.545% 223.54 687 96.4% 2001........................ 27,269 1 0.01 27,269 10.875 262.00 590 100.0 2003........................ 16,542,473 445 3.33 37,174 6.778 300.53 690 93.9 2004........................ 480,835,720 14,535 96.66 33,081 6.906 296.76 704 89.1 ------------ -------- ----------- Total $497,453,167 14,983 100.00% ============ ======== =========== 11 Loan Group 2 Principal Balances for the Group 2 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Range of Principal Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- Balances ($) Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio ---------------------------- ----------- -------- ----------- --------- -------- --------- ----------- ----------- 0.01 - 10,000.00..... $ 715,081 117 0.14% $ 6,112 6.338% 295.83 723 79.7% 10,000.01 - 20,000.00..... 5,363,323 331 1.07 16,203 6.697 297.46 696 81.5 20,000.01 - 30,000.00..... 9,950,012 388 1.98 25,644 6.913 297.68 692 83.8 30,000.01 - 40,000.00..... 16,829,090 461 3.35 36,506 6.699 297.36 699 84.7 40,000.01 - 50,000.00..... 28,212,632 612 5.61 46,099 6.633 297.03 700 85.7 50,000.01 - 60,000.00..... 35,792,835 642 7.12 55,752 6.803 296.41 711 88.9 60,000.01 - 70,000.00..... 41,145,446 626 8.19 65,728 7.036 297.02 709 90.6 70,000.01 - 80,000.00..... 44,712,718 597 8.90 74,896 7.113 296.77 711 92.3 80,000.01 - 90,000.00..... 33,636,918 394 6.69 85,373 6.992 296.28 711 92.1 90,000.01 - 100,000.00..... 48,278,100 499 9.61 96,750 6.815 296.00 707 89.8 100,000.01 - 125,000.00..... 44,362,613 395 8.83 112,310 6.691 296.93 711 89.2 125,000.01 - 150,000.00..... 49,255,781 350 9.80 140,731 6.295 297.28 708 84.9 150,000.01 - 175,000.00..... 16,947,743 104 3.37 162,959 6.424 296.66 713 87.6 175,000.01 - 200,000.00..... 19,595,152 104 3.90 188,415 6.153 296.77 713 82.7 200,000.01 - 225,000.00..... 8,302,575 39 1.65 212,887 6.141 296.80 716 84.8 225,000.01 - 250,000.00..... 14,332,185 60 2.85 238,870 5.813 293.79 717 81.1 250,000.01 - 275,000.00..... 7,904,799 30 1.57 263,493 6.519 296.87 714 85.8 275,000.01 - 300,000.00..... 10,189,855 35 2.03 291,139 5.880 296.66 715 78.3 300,000.01 - 325,000.00..... 6,301,016 20 1.25 315,051 6.513 287.36 723 86.6 325,000.01 - 350,000.00..... 5,145,871 15 1.02 343,058 6.224 297.41 719 78.8 350,000.01 - 375,000.00..... 3,700,456 10 0.74 370,046 6.918 296.70 695 81.8 375,000.01 - 400,000.00..... 2,745,772 7 0.55 392,253 4.834 296.71 737 75.3 400,000.01 - 425,000.00..... 2,078,450 5 0.41 415,690 5.818 295.99 699 87.2 425,000.01 - 450,000.00..... 2,189,544 5 0.44 437,909 7.359 297.59 736 87.6 450,000.01 - 475,000.00..... 2,757,123 6 0.55 459,520 6.446 296.34 744 81.7 475,000.01 - 500,000.00..... 8,922,134 18 1.78 495,674 5.533 297.61 726 81.9 500,000.01 - 525,000.00..... 1,527,771 3 0.30 509,257 5.489 295.68 691 78.2 525,000.01 - 550,000.00..... 541,873 1 0.11 541,873 6.750 298.00 785 90.0 550,000.01 - 575,000.00..... 1,107,238 2 0.22 553,619 4.500 297.00 791 85.0 575,000.01 - 600,000.00..... 600,000 1 0.12 600,000 9.250 296.00 725 100.0 600,000.01 - 625,000.00..... 1,834,874 3 0.37 611,625 5.117 295.33 718 86.6 625,000.01 - 650,000.00..... 1,297,705 2 0.26 648,853 5.689 298.00 682 56.9 650,000.01 - 675,000.00..... 1,347,500 2 0.27 673,750 4.999 296.50 696 82.5 675,000.01 - 700,000.00..... 1,395,000 2 0.28 697,500 6.694 296.00 710 85.0 700,000.01 - 725,000.00..... 1,432,000 2 0.28 716,000 5.306 296.50 712 75.0 725,000.01 - 750,000.00..... 2,983,177 4 0.59 745,794 6.059 297.50 711 73.4 775,000.01 - 800,000.00..... 797,000 1 0.16 797,000 6.375 297.00 731 78.5 875,000.01 - 900,000.00..... 2,656,250 3 0.53 885,417 7.130 294.67 697 89.8 900,000.01 - 925,000.00..... 1,826,535 2 0.36 913,267 6.248 297.00 700 85.0 925,000.01 - 950,000.00..... 933,750 1 0.19 933,750 8.375 295.00 704 95.0 975,000.01 - 1,000,000.00... 6,999,998 7 1.39 1,000,000 5.232 297.00 722 71.9 Greater than 1,000,000.00... 5,898,693 4 1.17 1,474,673 5.144 296.83 708 57.7 ------------ -------- --------- Total $502,546,588 5,910 100.00%

Loan Programs for the Group 2 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Range of Loan Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- Rates (%) Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio ------------------------------ ------------ -------- ------------ --------- -------- --------- ----------- ----------- 10 Year Draw, 20 Year Repay... $ 3,751,893 62 0.75% $60,514 4.932% 350.61 722 100.0% 10 Year Draw, 0 Year Repay... 1,418,664 18 0.28 78,815 5.403 108.88 727 100.0 5 Year Draw, 5 Year Repay..... 437,959 4 0.09 109,490 6.846 114.36 708 98.2 5 Year Draw, 10 Year Repay.... 28,788 1 0.01 28,788 7.875 178.00 732 100.0 10 Year Draw, 15 Year Repay... 496,779,614 5,822 98.85 85,328 6.592 296.89 710 86.4 15 Year Draw, 0 Year Repay.... 50,447 1 0.01 50,447 4.500 178.00 732 80.0 15 Year Draw, 10 Year Repay... 79,224 2 0.02 39,612 5.629 296.22 693 93.9 ------------ -------- ------------ Total $502,546,588 5,910 100.00% ============ ======== ============ Loan Rates for the Group 2 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Description of Loan Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- Programs Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio ----------------------------- ------------ -------- ------------ --------- -------- --------- ----------- ----------- Less than or equal to 3.000.. $ 8,620,685 114 1.72% $75,620 2.996% 297.77 716 89.7% 3.001 - 3.500............... 1,148,702 14 0.23 82,050 3.250 298.04 745 86.8 3.501 - 4.000............... 1,844,415 16 0.37 115,276 3.869 297.16 727 78.5 4.001 - 4.500............... 38,601,010 379 7.68 101,850 4.481 294.63 735 77.6 4.501 - 5.000............... 55,502,734 563 11.04 98,584 4.896 297.72 721 73.2 5.001 - 5.500............... 42,173,344 416 8.39 101,378 5.362 298.14 713 79.7 5.501 - 6.000............... 34,868,049 336 6.94 103,774 5.807 296.69 689 79.1 6.001 - 6.500............... 42,295,005 575 8.42 73,557 6.351 295.94 715 83.3 6.501 - 7.000............... 97,236,235 1,186 19.35 81,987 6.861 295.62 723 92.0 7.001 - 7.500............... 61,108,432 808 12.16 75,629 7.323 296.87 695 91.1 7.501 - 8.000............... 71,321,257 819 14.19 87,083 7.961 296.77 714 97.4 8.001 - 8.500............... 15,559,077 159 3.10 97,856 8.334 296.59 704 96.2 8.501 - 9.000............... 12,507,678 148 2.49 84,511 8.843 297.01 690 95.3 9.001 - 9.500............... 3,534,401 41 0.70 86,205 9.315 296.96 679 94.1 9.501 - 10.000.............. 1,367,990 17 0.27 80,470 9.820 297.73 674 90.2 10.001 - 10.500.............. 4,650,890 109 0.93 42,669 10.258 298.25 628 81.1 10.501 - 11.000.............. 9,773,131 200 1.94 48,866 10.690 296.68 606 79.6 11.001 - 11.500.............. 210,452 6 0.04 35,075 11.274 297.88 610 82.8 11.501 - 12.000.............. 120,000 2 0.02 60,000 11.859 298.63 603 86.2 12.501 - 13.000.............. 53,100 1 0.01 53,100 13.000 299.00 591 65.1 Greater than 13.000.......... 50,000 1 0.01 50,000 13.250 299.00 649 100.0 ------------ -------- ------------ Total $502,546,588 5,910 100.00% ============ ======== ============

Months Remaining to Scheduled Maturity for the Group 2 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Range of Months Remaining Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- Value Ratio (%) Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio ----------------------------- ------------ -------- ------------ --------- -------- --------- ----------- ----------- 97 - 108.................... $ 165,890 3 0.03% $55,297 6.322% 108.00 728 100.0% 109 - 120.................... 1,690,733 19 0.34 88,986 5.686 110.39 722 99.5 169 - 180.................... 79,235 2 0.02 39,618 5.726 178.00 732 87.3 277 - 288.................... 201,146 8 0.04 25,143 7.878 286.55 684 81.9 289 - 300 ................... 496,657,692 5,816 98.83 85,395 6.592 296.89 710 86.4 337 - 348 ................... 49,579 1 0.01 49,579 5.000 347.00 741 100.0 349 - 360 ................... 3,702,314 61 0.74 60,694 4.931 350.66 722 100.0 ------------ -------- ------------ Total $502,546,588 5,910 100.00% ============ ======== ============

Combined Loan-to-Value Ratios for the Group 2 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Range of Combined Loan-to- Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- to Scheduled Maturity Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio ----------------------------- ----------- --------- ----------- --------- -------- --------- ----------- ----------- 10.01 - 20.00................ $ 12,000 1 (1) $12,000 5.625% 298.00 766 13.6% 20.01 - 30.00................ 832,769 8 0.17% 104,096 6.093 297.51 674 27.3 30.01 - 40.00................ 3,518,703 20 0.70 175,935 5.026 297.16 698 36.7 40.01 - 50.00................ 4,488,949 48 0.89 93,520 5.176 297.08 706 46.9 50.01 - 60.00................ 12,272,811 127 2.44 96,636 5.410 297.22 717 55.8 60.01 - 70.00................ 46,796,076 460 9.31 101,731 5.402 296.84 698 67.0 70.01 - 80.00................ 85,944,318 856 17.10 100,402 5.565 296.90 709 77.9 80.01 - 90.00................ 161,656,552 2,129 32.17 75,931 6.850 296.95 702 88.6 90.01 - 100.00............... 187,024,411 2,261 37.22 82,718 7.240 295.98 721 97.9 ------------ --------- ----------- Total $502,546,588 5,910 100.00% ============ ========= =========== --------------------- (1) Less than 0.01%.

The geographic location used for the following table is determined by the address of the mortgaged property securing the related mortgage loan. Geographic Distribution for the Group 2 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- State Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio ----------------------------- ----------- --------- ----------- --------- -------- --------- ----------- ----------- Alabama...................... $ 1,192,816 24 0.24% $ 49,701 6.872% 298.83 725 91.7% Alaska....................... 63,744 1 0.01 63,744 8.000 296.00 738 95.0 Arizona...................... 7,653,322 93 1.52 82,294 6.172 295.46 703 87.9 California................... 281,867,629 3,041 56.09 92,689 6.570 296.44 711 86.4 Colorado..................... 12,118,474 158 2.41 76,699 6.270 296.39 717 87.7 Connecticut.................. 6,300,176 67 1.25 94,032 5.998 294.72 709 82.4 Delaware..................... 340,034 6 0.07 56,672 6.934 297.78 662 88.7 District of Columbia......... 773,239 8 0.15 96,655 6.561 296.89 714 92.1 Florida...................... 24,187,773 263 4.81 91,969 6.623 296.38 721 88.7 Georgia...................... 4,578,234 66 0.91 69,367 6.726 299.06 713 93.7 Hawaii....................... 5,096,656 79 1.01 64,515 6.681 298.53 715 85.3 Idaho........................ 801,218 14 0.16 57,230 7.504 296.96 690 90.1 Illinois..................... 13,625,046 162 2.71 84,105 6.243 297.49 716 87.8 Indiana...................... 896,637 15 0.18 59,776 7.064 297.62 679 89.9 Iowa......................... 311,877 5 0.06 62,375 7.308 297.30 728 99.1 Kansas....................... 672,393 9 0.13 74,710 4.682 297.49 727 88.4 Kentucky..................... 607,756 9 0.12 67,528 7.845 296.78 706 95.4 Louisiana.................... 507,132 14 0.10 36,224 7.023 297.80 709 91.5 Maine........................ 1,041,335 10 0.21 104,133 6.301 297.07 734 83.1 Maryland..................... 8,890,350 123 1.77 72,279 6.998 296.32 693 87.6 Massachusetts................ 20,850,176 223 4.15 93,499 6.597 296.64 707 87.0 Michigan..................... 3,585,550 63 0.71 56,913 6.513 302.16 711 91.8 Minnesota.................... 3,022,480 44 0.60 68,693 6.774 296.60 722 87.9 Mississippi.................. 336,355 5 0.07 67,271 4.983 296.84 672 88.2 Missouri..................... 1,268,647 24 0.25 52,860 6.779 297.39 691 91.7 Montana...................... 106,467 4 0.02 26,617 6.230 309.29 677 91.8 Nebraska..................... 16,000 1 (1) 16,000 10.625 298.00 665 89.6 Nevada....................... 20,524,181 230 4.08 89,236 6.739 297.25 708 83.6 New Hampshire................ 1,372,733 18 0.27 76,263 6.439 297.01 722 84.2 New Jersey................... 19,475,708 285 3.88 68,336 6.632 297.41 704 86.7 New Mexico................... 758,098 11 0.15 68,918 6.282 296.52 732 87.0 New York..................... 18,962,063 233 3.77 81,382 6.452 296.85 713 82.3 North Carolina............... 2,642,194 41 0.53 64,444 6.353 297.53 701 84.0 Ohio......................... 1,624,409 33 0.32 49,225 7.658 296.26 683 89.5 Oklahoma..................... 821,374 9 0.16 91,264 6.591 296.72 727 85.6 Oregon....................... 2,664,565 35 0.53 76,130 6.731 296.90 691 82.2 Pennsylvania................. 4,547,826 75 0.90 60,638 6.709 297.30 701 88.7 Rhode Island................. 903,406 13 0.18 69,493 7.724 296.92 678 86.7 South Carolina............... 1,462,969 23 0.29 63,607 6.424 304.18 707 91.2 South Dakota................. 27,650 1 0.01 27,650 4.875 298.00 788 75.1 Tennessee.................... 1,581,383 31 0.31 51,012 6.967 297.01 706 92.5 Texas........................ 614,323 11 0.12 55,848 6.883 296.63 756 92.3 Utah......................... 704,246 13 0.14 54,173 7.046 297.61 688 87.4 Vermont...................... 1,036,082 6 0.21 172,680 5.657 297.81 687 70.9 Virginia..................... 10,391,681 149 2.07 69,743 7.192 297.31 703 91.4 Washington................... 10,136,842 133 2.02 76,217 6.324 297.83 713 85.7 West Virginia................ 500,672 5 0.10 100,134 6.928 137.24 701 97.0 Wisconsin.................... 1,082,669 24 0.22 45,111 6.533 303.05 709 87.5 ------------ --------- ----------- Total $502,546,588 5,910 100.00% ============ ========= =========== ------------------- (1) Less than 0.01%. 15 Credit Scores for the Mortgage Loans for the Group 2 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- Range of Credit Scores Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio ----------------------------- ----------- --------- ----------- --------- -------- --------- ----------- ----------- 821 - 840.................... $ 454,805 6 0.09% $75,801 5.285% 296.13 826 79.7% 801 - 820.................... 2,902,748 42 0.58 69,113 6.192 296.77 808 90.1 781 - 800.................... 23,121,650 267 4.60 86,598 5.973 297.54 789 84.5 761 - 780.................... 47,676,753 562 9.49 84,834 6.260 297.28 770 87.1 741 - 760.................... 66,760,508 757 13.28 88,191 6.332 296.47 751 88.1 721 - 740.................... 74,037,761 840 14.73 88,140 6.438 295.71 730 89.9 701 - 720.................... 88,434,645 975 17.60 90,702 6.399 296.42 710 87.2 681 - 700.................... 67,105,496 733 13.35 91,549 6.592 295.83 691 86.6 661 - 680.................... 54,494,080 637 10.84 85,548 6.721 297.10 671 85.7 641 - 660.................... 38,639,819 470 7.69 82,212 6.801 297.42 651 83.9 621 - 640.................... 25,998,538 348 5.17 74,708 7.172 296.91 631 81.4 601 - 620.................... 6,747,223 142 1.34 47,516 9.228 297.64 611 80.5 581 - 600.................... 4,094,547 89 0.81 46,006 10.079 297.07 591 76.7 561 - 580.................... 1,306,086 24 0.26 54,420 10.216 297.76 571 75.4 560 or less.................. 771,928 18 0.15 42,885 10.401 296.41 547 82.4 ------------ --------- ----------- Total $502,546,588 5,910 100.00% ============ ======== ===========

Property Type for the Group 2 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- Property Type Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio ----------------------------- ------------ --------- ----------- --------- -------- --------- ----------- ----------- Single Family................ $339,306,688 3,987 67.52% $85,103 6.573% 296.50 707 85.9% Planned Unit Development (PUD) 103,131,583 1,185 20.52 87,031 6.449 296.73 714 87.0 Low-rise Condominium......... 35,091,773 466 6.98 75,304 6.678 297.08 726 91.0 2-4 Units.................... 20,585,710 217 4.10 94,865 7.066 296.41 707 88.5 High-rise Condominium........ 4,383,717 54 0.87 81,180 6.782 296.27 737 86.2 Manufactured Housing (1)..... 47,118 1 0.01 47,118 4.875 297.00 730 79.2 ------------ --------- ----------- Total $502,546,588 5,910 100.00% ============ ========= =========== ------------------- (1) Treated as real property 16 Gross Margins for the Group 2 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- Range of Gross Margins (%) Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio ----------------------------- ----------- --------- ----------- --------- -------- --------- ----------- ----------- Less than or equal to 0.000.. $40,484,842 387 8.06% $104,612 4.476% 295.81 738 78.4% 0.001 - 0.250................ 11,588,937 115 2.31 100,773 4.687 297.21 702 64.3 0.251 - 0.500................ 44,547,341 446 8.86 99,882 4.888 296.80 727 75.2 0.501 - 0.750................ 14,625,045 153 2.91 95,589 5.101 298.87 710 76.0 0.751 - 1.000................ 28,532,717 275 5.68 103,755 5.399 297.49 714 81.5 1.001 - 1.250................ 21,806,901 214 4.34 101,901 5.643 297.11 680 77.1 1.251 - 1.500................ 14,491,941 139 2.88 104,259 5.733 295.71 707 83.2 1.501 - 1.750................ 11,840,950 146 2.36 81,102 6.046 295.95 685 76.0 1.751 - 2.000................ 31,573,069 447 6.28 70,633 6.327 296.43 726 86.3 2.001 - 2.250................ 33,395,692 406 6.65 82,255 6.646 296.69 709 89.2 2.251 - 2.500................ 64,890,591 791 12.91 82,036 6.902 295.15 731 93.5 2.501 - 2.750................ 37,565,221 493 7.47 76,197 7.145 296.86 710 91.7 2.751 - 3.000................ 24,803,682 334 4.94 74,263 7.394 296.92 673 90.3 3.001 - 3.250................ 9,253,079 86 1.84 107,594 7.378 296.30 688 92.4 3.251 - 3.500................ 63,151,092 750 12.57 84,201 7.969 296.85 718 98.1 3.501 - 3.750................ 7,250,885 88 1.44 82,396 8.114 296.79 714 95.6 3.751 - 4.000................ 8,391,617 73 1.67 114,954 8.471 296.44 694 96.6 4.001 - 4.250................ 6,168,526 78 1.23 79,084 8.459 297.06 695 93.9 4.251 - 4.500................ 6,818,774 78 1.36 87,420 8.789 296.99 683 96.6 4.501 - 4.750................ 2,355,813 25 0.47 94,233 8.996 297.06 684 94.5 4.751 - 5.000................ 1,389,024 19 0.28 73,107 8.900 297.03 667 93.8 5.001 - 5.250................ 761,588 10 0.15 76,159 9.741 297.52 690 94.2 5.251 - 5.500................ 406,392 5 0.08 81,278 9.683 297.22 668 92.4 5.501 - 5.750................ 1,545,075 20 0.31 77,254 10.163 296.75 656 84.7 5.751 - 6.000................ 98,418 2 0.02 49,209 10.241 298.38 628 82.0 6.001 - 6.250................ 10,781,876 243 2.15 44,370 9.828 297.66 615 79.9 6.251 - 6.500................ 3,555,947 76 0.71 46,789 10.477 296.80 588 76.8 6.501 - 6.750................ 208,452 6 0.04 34,742 11.204 297.86 608 83.9 7.001 - 7.250................ 85,000 2 0.02 42,500 11.507 298.94 590 82.0 7.251 - 7.500................ 75,000 1 0.01 75,000 12.000 299.00 610 89.6 8.251 - 8.500................ 53,100 1 0.01 53,100 13.000 299.00 591 65.1 8.501 - 8.750................ 50,000 1 0.01 50,000 13.250 299.00 649 100.0 ------------ --------- ----------- Total $502,546,588 5,910 100.00% ============ ========= ===========

Credit Limit Utilization Rates for the Group 2 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Range of Credit Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- Limit Utilization Rates (%) Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio ----------------------------- ----------- --------- ----------- --------- -------- --------- ----------- ----------- 0.01 - 10.00.............. $ 737,813 90 0.15% $ 8,198 5.398% 295.83 744 79.8% 10.01 - 20.00............... 2,760,851 112 0.55 24,650 5.649 296.86 728 76.3 20.01 - 30.00............... 3,569,985 110 0.71 32,454 5.670 297.10 729 76.2 30.01 - 40.00............... 6,601,926 143 1.31 46,167 5.576 297.72 725 77.7 40.01 - 50.00............... 8,509,637 150 1.69 56,731 5.516 297.17 721 77.9 50.01 - 60.00............... 11,013,346 167 2.19 65,948 5.659 296.78 720 76.4 60.01 - 70.00............... 14,648,423 183 2.91 80,046 5.649 297.14 712 79.0 70.01 - 80.00............... 14,825,729 195 2.95 76,029 6.006 296.83 705 80.4 80.01 - 90.00............... 20,171,992 229 4.01 88,087 5.976 297.73 708 82.2 90.01 - 100.00............... 19,706,885 4,531 83.52 92,630 6.735 296.45 709 88.0 ------------ --------- ----------- Total $502,546,588 5,910 100.00% ============ ======== ===========

Maximum Loan Rates for the Group 2 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- Maximum Loan Rates (%) Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio --------------------------- ----------- --------- ----------- --------- -------- --------- ----------- ----------- 6.000..................... $ 83,000 1 0.02% $83,000 6.000% 296.00 741 100.0% 11.949..................... 148,380 1 0.03 148,380 4.250 297.00 733 80.0 12.000..................... 143,270 2 0.03 71,635 4.758 351.30 700 100.0 15.000..................... 24,801 1 0.00 24,801 4.200 351.00 706 100.0 16.000..................... 3,327,128 48 0.66 69,315 6.401 297.46 704 81.2 17.000..................... 24,605,184 271 4.90 90,794 6.646 296.75 722 88.8 18.000..................... 459,256,678 5,259 91.39 87,328 6.464 296.52 713 86.8 21.000..................... 14,958,147 327 2.98 45,744 9.996 297.40 609 79.2 ------------ --------- ----------- Total $502,546,588 5,910 100.00% ============ ========= ===========

Credit Limits for the Group 2 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- Range of Credit Limits ($) Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio --------------------------- ----------- --------- ----------- --------- -------- --------- ----------- ----------- 0.01 - 10,000.00..... $ 56,114 6 0.01% $ 9,352 6.038% 296.87 762 75.4% 10,000.01 - 20,000.00..... 2,450,470 153 0.49 16,016 7.384 297.84 673 83.4 20,000.01 - 30,000.00..... 6,229,041 262 1.24 23,775 7.412 297.82 684 85.8 30,000.01 - 40,000.00..... 12,344,432 364 2.46 33,913 6.989 296.98 694 86.4 40,000.01 - 50,000.00..... 25,675,355 627 5.11 40,950 6.749 296.69 697 85.4 50,000.01 - 60,000.00..... 31,776,756 601 6.32 52,873 6.903 296.71 711 90.2 60,000.01 - 70,000.00..... 37,048,466 594 7.37 62,371 7.147 296.77 710 92.0 70,000.01 - 80,000.00..... 44,207,729 647 8.80 68,327 7.143 296.79 710 92.5 80,000.01 - 90,000.00..... 33,116,083 434 6.59 76,304 7.037 296.05 714 93.0 90,000.01 - 100,000.00.... 55,370,014 673 11.02 82,273 6.753 296.31 703 88.3 100,000.01 - 125,000.00.... 40,086,965 392 7.98 102,263 6.819 297.31 710 90.8 125,000.01 - 150,000.00.... 55,374,439 471 11.02 117,568 6.318 297.09 708 84.6 150,000.01 - 175,000.00.... 15,168,281 103 3.02 147,265 6.628 296.70 711 88.9 175,000.01 - 200,000.00.... 23,400,458 163 4.66 143,561 6.007 296.64 716 81.7 200,000.01 - 225,000.00.... 9,805,967 63 1.95 155,650 5.842 297.56 718 82.4 225,000.01 - 250,000.00.... 14,539,170 79 2.89 184,040 5.849 293.82 719 80.9 250,000.01 - 275,000.00.... 8,604,324 38 1.71 226,430 6.428 296.87 717 88.5 275,000.01 - 300,000.00.... 12,174,597 53 2.42 229,709 5.853 296.86 704 78.5 300,000.01 - 325,000.00.... 6,912,062 25 1.38 276,482 6.339 288.09 724 86.1 325,000.01 - 350,000.00.... 5,739,971 22 1.14 260,908 6.031 297.46 721 77.9 350,000.01 - 375,000.00.... 3,069,139 12 0.61 255,762 6.781 297.29 699 82.8 375,000.01 - 400,000.00.... 3,844,343 15 0.76 256,290 5.479 296.44 726 79.5 400,000.01 - 425,000.00.... 2,695,616 10 0.54 269,562 5.644 296.08 702 85.7 425,000.01 - 450,000.00.... 2,240,873 6 0.45 373,479 7.294 297.60 737 87.2 450,000.01 - 475,000.00.... 2,074,505 7 0.41 296,358 6.960 297.55 725 88.9 475,000.01 - 500,000.00.... 11,156,866 33 2.22 338,087 5.436 297.39 733 76.8 500,000.01 - 525,000.00.... 1,013,159 3 0.20 337,720 6.740 295.50 667 82.3 525,000.01 - 550,000.00.... 235,814 1 0.05 235,814 4.000 297.00 755 90.0 550,000.01 - 575,000.00.... 1,049,434 2 0.21 524,717 4.971 297.00 769 90.1 575,000.01 - 600,000.00.... 800,000 2 0.16 400,000 8.063 296.50 723 92.4 600,000.01 - 625,000.00.... 1,609,333 3 0.32 536,444 5.404 296.34 735 81.7 625,000.01 - 650,000.00.... 1,928,867 4 0.38 482,217 5.595 297.15 694 70.2 650,000.01 - 675,000.00.... 1,889,373 3 0.38 629,791 5.501 296.93 722 84.6 675,000.01 - 700,000.00.... 1,673,404 4 0.33 418,351 6.651 296.02 720 84.1 700,000.01 - 725,000.00.... 1,320,074 2 0.26 660,037 5.258 296.08 709 80.0 725,000.01 - 750,000.00.... 3,505,177 5 0.70 701,035 5.827 297.43 711 70.7 775,000.01 - 800,000.00.... 1,520,646 4 0.30 380,162 5.924 296.74 746 78.2 825,000.01 - 850,000.00.... 94,324 1 0.02 94,324 4.500 297.00 754 59.7 875,000.01 - 900,000.00.... 1,776,250 2 0.35 888,125 6.822 296.99 724 84.8 900,000.01 - 925,000.00.... 2,105,072 3 0.42 701,691 5.918 296.60 709 83.0 925,000.01 - 950,000.00.... 1,813,750 2 0.36 906,875 8.072 292.57 675 97.4 950,000.01 - 975,000.00.... 345,035 1 0.07 345,035 6.125 297.00 714 74.3 975,000.01 - 1,000,000.00.. 8,084,149 10 1.61 808,415 5.155 296.56 731 72.4 Greater than 1,000,000.00.. 6,620,693 5 1.32 1,324,139 5.074 296.74 709 59.1 ------------ --------- ----------- Total $502,546,588 5,910 100.00% ============ ========= ===========

Lien Priority for the Group 2 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- Lien Property Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio --------------------------- ------------ --------- ----------- --------- -------- --------- ----------- ----------- Second Liens............... $502,546,588 5,910 100.00% $85,033 6.577% 296.58 710 86.6% ------------ --------- ----------- Total $502,546,588 5,910 100.00% ============ ========= =========== Delinquency Status for the Group 2 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- Delinquency Status Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio --------------------------- ------------ --------- ----------- --------- -------- --------- ----------- ----------- Current.................... $495,512,260 5,836 98.60% $84,906 6.575% 296.57 710 86.6% 30 - 59 Days............... 7,034,329 74 1.40 95,058 6.704 297.09 705 86.4 ------------ --------- ----------- Total $502,546,588 5,910 100.00% ============ ========= =========== Origination Year for the Group 2 Mortgage Loans Percent of Weighted Weighted Weighted Weighted Aggregate Number Aggregate Average Average Average Average Average Principal of Principal Current Gross Remaining Credit Combined Balance Mortgage Balance Principal Mortgage Term Bureau Risk Loan-to- Origination Year Outstanding Loans Outstanding Balance Rate (months) Score Value Ratio --------------------------- ----------- --------- ----------- --------- -------- --------- ----------- ----------- 2003....................... $ 9,974,283 126 1.98% $79,161 6.006% 282.91 704 95.6% 2004....................... 492,572,305 5,784 98.02 85,161 6.588 296.86 710 86.4 ------------ --------- ----------- Total $502,546,588 5,910 100.00% ============ ========= ===========

Filing Compare · CWABS Revolving Home Equity Loan Trust, Series 2004-M