8-K 1 efc6-1600_5886511form8k.txt -------------------------------------------------------------------------------- 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): May 25, 2006 Morgan Stanley Capital I Inc. Morgan Stanley Mortgage Loan Trust 2005-4 Mortgage-Backed Certificates, Series 2005-4 MORGAN STANLEY CAPITAL I INC. ----------------------------- (Exact name of registrant as specified in its charter) Delaware 333-125593-03 13-3291626 ---------------------------- ------------- ---------------- (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification No.) 1585 Broadway, 2nd Floor New York, New York 10036 ---------------------- ---------- (Address of Principal (Zip Code) Executive Offices) Registrant's telephone number, including area code (212) 296-7000 -------------- -------------------------------------------------------------------------------- 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 Other Events Item 8.01. Other Events. Filing of Closing Date Information Regarding the Mortgage Loans Attached hereto as Exhibit 99.1 is certain loan-level information about the Mortgage Loans in the Morgan Stanley Capital I Inc. Morgan Stanley Mortgage Loan Trust 2005-4. This information has not been updated since the Closing Date and the Depositor does not intend to update this information. Section 9 Financial Statements and Exhibits Item 9.01 Financial Statements and Exhibits. Information and Exhibits. (a) Financial statements of businesses acquired. Not applicable. (b) Pro forma financial information. Not applicable. (c) Exhibits. 99.1 mortgage loan-level information as of the closing date 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. MORGAN STANLEY CAPITAL I INC. By: /s/ Valerie Kay -------------------------------- Name: Valerie Kay Title: Executive Director Dated: May 25, 2006 Exhibit Index Exhibit Description Page ------- ----------- ---- 99.1 mortgage loan-level information 6

Certificateholder Distribution Summary Class CUSIP Certificate Beginning Interest Pass-Through Certificate Distribution Rate Balance 1-A 61748HJV4 5.00000% 70,297,536.90 292,906.40 1-A-X 61748HJW2 5.00000% 0.00 19,810.87 1-A-P 61748HJX0 0.00000% 505,593.49 0.00 2-A-1 61748HJY8 6.21211% 50,940,838.11 263,708.31 2-A-2 61748HJZ5 6.21211% 2,712,848.58 14,043.76 3-A-1 61748HKA8 5.59752% 115,458,850.45 538,569.58 3-A-2 61748HKB6 5.59752% 6,142,530.49 28,652.46 4-A 61748HKC4 6.17064% 43,274,289.36 222,524.90 5-A-1 61748HKD2 5.50000% 36,175,000.00 165,802.08 5-A-2 61748HKE0 5.50000% 15,000,000.00 68,750.00 5-A-3 61748HKF7 5.50000% 195,295,209.13 895,103.04 5-A-4 61748HKG5 5.50000% 22,958,000.00 105,224.17 5-A-5 61748HKH3 5.50000% 9,704,693.69 44,479.85 5-A-6 61748HKJ9 5.50000% 16,295,306.31 74,686.82 5-A-P 61748HKK6 0.00000% 933,246.02 0.00 6-A-1 61748HKL4 4.49375% 29,674,660.96 111,125.42 6-A-2 61748HKM2 3.00625% 0.00 74,341.21 A-R 61748HKR1 5.00000% 0.00 53.51 B-1 61748HKN0 5.67065% 19,735,104.37 93,259.11 B-2 61748HKP5 5.67065% 5,352,145.96 25,291.80 B-3 61748HKQ3 5.67065% 2,675,574.92 12,643.55 B-4 61748HKS9 5.67065% 2,675,574.92 12,643.55 B-5 61748HKT7 5.67065% 2,007,179.25 9,485.01 B-6 61748HKU4 5.67065% 1,338,489.86 6,325.09 P 61748HKV2 0.00000% 100.00 28,717.29 Totals 649,152,772.77 3,108,147.78

Certificateholder Distribution Summary (continued) Class Principal Current Ending Total Cummulative Distribution Realized Certificate Distribution Realized Loss Balance Losses 1-A 304,818.62 0.00 69,992,718.28 597,725.02 0.00 1-A-X 0.00 0.00 0.00 19,810.87 0.00 1-A-P 1,957.82 0.00 503,635.67 1,957.82 0.00 2-A-1 478,902.75 0.00 50,461,935.37 742,611.06 0.00 2-A-2 25,503.91 0.00 2,687,344.67 39,547.67 0.00 3-A-1 142,679.05 0.00 115,316,171.40 681,248.63 0.00 3-A-2 7,590.67 0.00 6,134,939.82 36,243.13 0.00 4-A 1,125,379.99 0.00 42,148,909.36 1,347,904.89 0.00 5-A-1 0.00 0.00 36,175,000.00 165,802.08 0.00 5-A-2 0.00 0.00 15,000,000.00 68,750.00 0.00 5-A-3 2,860,035.27 0.00 192,435,173.86 3,755,138.31 0.00 5-A-4 0.00 0.00 22,958,000.00 105,224.17 0.00 5-A-5 74,686.82 0.00 9,630,006.87 119,166.67 0.00 5-A-6 (74,686.82) 0.00 16,369,993.13 0.00 0.00 5-A-P 1,131.67 0.00 932,114.35 1,131.67 0.00 6-A-1 430,410.57 0.00 29,244,250.38 541,535.99 0.00 6-A-2 0.00 0.00 0.00 74,341.21 0.00 A-R 0.00 0.00 0.00 53.51 0.00 B-1 19,749.06 0.00 19,715,355.31 113,008.17 0.00 B-2 5,355.93 0.00 5,346,790.03 30,647.73 0.00 B-3 2,677.47 0.00 2,672,897.45 15,321.02 0.00 B-4 2,677.47 0.00 2,672,897.45 15,321.02 0.00 B-5 2,008.60 0.00 2,005,170.65 11,493.61 0.00 B-6 1,339.44 0.00 1,337,150.42 7,664.53 0.00 P 0.00 0.00 100.00 28,717.29 0.00 Totals 5,412,218.29 0.00 643,740,554.47 8,520,366.07 0.00

Principal Distribution Statement Class Original Beginning Scheduled UnScheduled Accretion Realized Face Certificate Principal Principal Loss Amount Balance Distribution Distribution 1-A 73,421,000.00 70,297,536.90 283,579.12 21,239.50 0.00 0.00 1-A-X 0.00 0.00 0.00 0.00 0.00 0.00 1-A-P 539,746.00 505,593.49 1,957.82 0.00 0.00 0.00 2-A-1 52,690,000.00 50,940,838.11 31,439.42 447,463.32 0.00 0.00 2-A-2 2,806,000.00 2,712,848.58 1,674.30 23,829.61 0.00 0.00 3-A-1 118,118,000.00 115,458,850.45 61,032.29 81,646.76 0.00 0.00 3-A-2 6,284,000.00 6,142,530.49 3,246.98 4,343.69 0.00 0.00 4-A 45,752,000.00 43,274,289.36 28,590.04 1,096,789.95 0.00 0.00 5-A-1 36,175,000.00 36,175,000.00 0.00 0.00 0.00 0.00 5-A-2 15,000,000.00 15,000,000.00 0.00 0.00 0.00 0.00 5-A-3 205,500,000.00 195,295,209.13 186,001.43 2,674,033.84 0.00 0.00 5-A-4 22,958,000.00 22,958,000.00 0.00 0.00 0.00 0.00 5-A-5 10,000,000.00 9,704,693.69 4,857.23 69,829.59 0.00 0.00 5-A-6 16,000,000.00 16,295,306.31 0.00 0.00 (74,686.82) 0.00 5-A-P 937,590.00 933,246.02 939.76 191.91 0.00 0.00 6-A-1 31,483,000.00 29,674,660.96 18,346.90 412,063.68 0.00 0.00 6-A-2 0.00 0.00 0.00 0.00 0.00 0.00 A-R 100.00 0.00 0.00 0.00 0.00 0.00 B-1 19,812,000.00 19,735,104.37 19,749.06 0.00 0.00 0.00 B-2 5,373,000.00 5,352,145.96 5,355.93 0.00 0.00 0.00 B-3 2,686,000.00 2,675,574.92 2,677.47 0.00 0.00 0.00 B-4 2,686,000.00 2,675,574.92 2,677.47 0.00 0.00 0.00 B-5 2,015,000.00 2,007,179.25 2,008.60 0.00 0.00 0.00 B-6 1,343,683.49 1,338,489.86 1,339.44 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 Totals 671,580,219.49 649,152,772.77 655,473.26 4,831,431.85 (74,686.82) 0.00

Principal Distribution Statement (continued) Class Total Ending Ending Total Principal Certificate Certificate Principal Reduction Balance Percentage Distribution 1-A 304,818.62 69,992,718.28 0.953307 304,818.62 1-A-X 0.00 0.00 0.000000 0.00 1-A-P 1,957.82 503,635.67 0.933098 1,957.82 2-A-1 478,902.75 50,461,935.37 0.957714 478,902.75 2-A-2 25,503.91 2,687,344.67 0.957714 25,503.91 3-A-1 142,679.05 115,316,171.40 0.976279 142,679.05 3-A-2 7,590.67 6,134,939.82 0.976279 7,590.67 4-A 1,125,379.99 42,148,909.36 0.921247 1,125,379.99 5-A-1 0.00 36,175,000.00 1.000000 0.00 5-A-2 0.00 15,000,000.00 1.000000 0.00 5-A-3 2,860,035.27 192,435,173.86 0.936424 2,860,035.27 5-A-4 0.00 22,958,000.00 1.000000 0.00 5-A-5 74,686.82 9,630,006.87 0.963001 74,686.82 5-A-6 (74,686.82) 16,369,993.13 1.023125 (74,686.82) 5-A-P 1,131.67 932,114.35 0.994160 1,131.67 6-A-1 430,410.57 29,244,250.38 0.928890 430,410.57 6-A-2 0.00 0.00 0.000000 0.00 A-R 0.00 0.00 0.000000 0.00 B-1 19,749.06 19,715,355.31 0.995122 19,749.06 B-2 5,355.93 5,346,790.03 0.995122 5,355.93 B-3 2,677.47 2,672,897.45 0.995122 2,677.47 B-4 2,677.47 2,672,897.45 0.995122 2,677.47 B-5 2,008.60 2,005,170.65 0.995122 2,008.60 B-6 1,339.44 1,337,150.42 0.995138 1,339.44 P 0.00 100.00 1.000000 0.00 Totals 5,412,218.29 643,740,554.47 0.958546 5,412,218.29

Principal Distribution Factors Statement Class Original Beginning Scheduled UnScheduled Accretion Face Certificate Principal Principal Amount Balance Distribution Distribution 1-A 73,421,000.00 957.458178 3.862371 0.289284 0.000000 1-A-X 0.00 0.000000 0.000000 0.000000 0.000000 1-A-P 539,746.00 936.724848 3.627299 0.000000 0.000000 2-A-1 52,690,000.00 966.802773 0.596687 8.492377 0.000000 2-A-2 2,806,000.00 966.802773 0.596686 8.492377 0.000000 3-A-1 118,118,000.00 977.487347 0.516706 0.691230 0.000000 3-A-2 6,284,000.00 977.487347 0.516706 0.691230 0.000000 4-A 45,752,000.00 945.844758 0.624892 23.972503 0.000000 5-A-1 36,175,000.00 1000.000000 0.000000 0.000000 0.000000 5-A-2 15,000,000.00 1000.000000 0.000000 0.000000 0.000000 5-A-3 205,500,000.00 950.341650 0.905116 13.012330 0.000000 5-A-4 22,958,000.00 1000.000000 0.000000 0.000000 0.000000 5-A-5 10,000,000.00 970.469369 0.485723 6.982959 0.000000 5-A-6 16,000,000.00 1018.456644 0.000000 0.000000 (4.667926) 5-A-P 937,590.00 995.366866 1.002314 0.204684 0.000000 6-A-1 31,483,000.00 942.561413 0.582756 13.088450 0.000000 6-A-2 0.00 0.000000 0.000000 0.000000 0.000000 A-R 100.00 0.000000 0.000000 0.000000 0.000000 B-1 19,812,000.00 996.118735 0.996823 0.000000 0.000000 B-2 5,373,000.00 996.118734 0.996823 0.000000 0.000000 B-3 2,686,000.00 996.118734 0.996824 0.000000 0.000000 B-4 2,686,000.00 996.118734 0.996824 0.000000 0.000000 B-5 2,015,000.00 996.118734 0.996824 0.000000 0.000000 B-6 1,343,683.49 996.134782 0.996842 0.000000 0.000000 P 100.00 1000.000000 0.000000 0.000000 0.000000

Principal Distribution Factors Statement (continued) Class Realized Total Ending Ending Total Loss Principal Certificate Certificate Principal Reduction Balance Percentage Distribution 1-A 0.000000 4.151654 953.306524 0.953307 4.151654 1-A-X 0.000000 0.000000 0.000000 0.000000 0.000000 1-A-P 0.000000 3.627299 933.097550 0.933098 3.627299 2-A-1 0.000000 9.089063 957.713710 0.957714 9.089063 2-A-2 0.000000 9.089063 957.713710 0.957714 9.089063 3-A-1 0.000000 1.207937 976.279410 0.976279 1.207937 3-A-2 0.000000 1.207936 976.279411 0.976279 1.207936 4-A 0.000000 24.597394 921.247363 0.921247 24.597394 5-A-1 0.000000 0.000000 1,000.000000 1.000000 0.000000 5-A-2 0.000000 0.000000 1,000.000000 1.000000 0.000000 5-A-3 0.000000 13.917447 936.424204 0.936424 13.917447 5-A-4 0.000000 0.000000 1,000.000000 1.000000 0.000000 5-A-5 0.000000 7.468682 963.000687 0.963001 7.468682 5-A-6 0.000000 (4.667926) 1,023.124571 1.023125 (4.667926) 5-A-P 0.000000 1.206999 994.159867 0.994160 1.206999 6-A-1 0.000000 13.671206 928.890207 0.928890 13.671206 6-A-2 0.000000 0.000000 0.000000 0.000000 0.000000 A-R 0.000000 0.000000 0.000000 0.000000 0.000000 B-1 0.000000 0.996823 995.121911 0.995122 0.996823 B-2 0.000000 0.996823 995.121911 0.995122 0.996823 B-3 0.000000 0.996824 995.121910 0.995122 0.996824 B-4 0.000000 0.996824 995.121910 0.995122 0.996824 B-5 0.000000 0.996824 995.121911 0.995122 0.996824 B-6 0.000000 0.996842 995.137940 0.995138 0.996842 P 0.000000 0.000000 1,000.000000 1.000000 0.000000

Interest Distribution Statement Class Accrual Accrual Current Beginning Current Payment of Dates Days Certificate Certificate/ Accrued Unpaid Interest Rate Notional Balance Interest Shortfall 1-A 11/01/05 - 11/30/05 30 5.00000% 70,297,536.90 292,906.40 0.00 1-A-X 11/01/05 - 11/30/05 30 5.00000% 4,754,609.53 19,810.87 0.00 1-A-P N/A N/A 0.00000% 505,593.49 0.00 0.00 2-A-1 11/01/05 - 11/30/05 30 6.21211% 50,940,838.11 263,708.31 0.00 2-A-2 11/01/05 - 11/30/05 30 6.21211% 2,712,848.58 14,043.76 0.00 3-A-1 11/01/05 - 11/30/05 30 5.59752% 115,458,850.45 538,569.58 0.00 3-A-2 11/01/05 - 11/30/05 30 5.59752% 6,142,530.49 28,652.46 0.00 4-A 11/01/05 - 11/30/05 30 6.17064% 43,274,289.36 222,524.90 0.00 5-A-1 11/01/05 - 11/30/05 30 5.50000% 36,175,000.00 165,802.08 0.00 5-A-2 11/01/05 - 11/30/05 30 5.50000% 15,000,000.00 68,750.00 0.00 5-A-3 11/01/05 - 11/30/05 30 5.50000% 195,295,209.13 895,103.04 0.00 5-A-4 11/01/05 - 11/30/05 30 5.50000% 22,958,000.00 105,224.17 0.00 5-A-5 11/01/05 - 11/30/05 30 5.50000% 9,704,693.69 44,479.85 0.00 5-A-6 11/01/05 - 11/30/05 30 5.50000% 16,295,306.31 74,686.82 0.00 5-A-P N/A N/A 0.00000% 933,246.02 0.00 0.00 6-A-1 11/25/05 - 12/24/05 30 4.49375% 29,674,660.96 111,125.42 0.00 6-A-2 11/01/05 - 11/30/05 30 3.00625% 29,674,660.96 74,341.21 0.00 A-R N/A N/A 5.00000% 0.00 0.00 0.00 B-1 11/01/05 - 11/30/05 30 5.67065% 19,735,104.37 93,259.11 0.00 B-2 11/01/05 - 11/30/05 30 5.67065% 5,352,145.96 25,291.80 0.00 B-3 11/01/05 - 11/30/05 30 5.67065% 2,675,574.92 12,643.55 0.00 B-4 11/01/05 - 11/30/05 30 5.67065% 2,675,574.92 12,643.55 0.00 B-5 11/01/05 - 11/30/05 30 5.67065% 2,007,179.25 9,485.01 0.00 B-6 11/01/05 - 11/30/05 30 5.67065% 1,338,489.86 6,325.09 0.00 P N/A N/A 0.00000% 100.00 0.00 0.00 Totals 3,079,376.98 0.00

Interest Distribution Statement (continued) Class Current Non-Supported Total Remaining Ending Interest Interest Interest Unpaid Interest Certificate/Notional Shortfall(1) Shortfall Distribution Shortfall(2) Balance 1-A 0.00 0.00 292,906.40 0.00 69,992,718.28 1-A-X 0.00 0.00 19,810.87 0.00 4,732,370.84 1-A-P 0.00 0.00 0.00 0.00 503,635.67 2-A-1 0.00 0.00 263,708.31 0.00 50,461,935.37 2-A-2 0.00 0.00 14,043.76 0.00 2,687,344.67 3-A-1 0.00 0.00 538,569.58 0.00 115,316,171.40 3-A-2 0.00 0.00 28,652.46 0.00 6,134,939.82 4-A 0.00 0.00 222,524.90 0.00 42,148,909.36 5-A-1 0.00 0.00 165,802.08 0.00 36,175,000.00 5-A-2 0.00 0.00 68,750.00 0.00 15,000,000.00 5-A-3 0.00 0.00 895,103.04 0.00 192,435,173.86 5-A-4 0.00 0.00 105,224.17 0.00 22,958,000.00 5-A-5 0.00 0.00 44,479.85 0.00 9,630,006.87 5-A-6 0.00 0.00 74,686.82 0.00 16,369,993.13 5-A-P 0.00 0.00 0.00 0.00 932,114.35 6-A-1 0.00 0.00 111,125.42 0.00 29,244,250.38 6-A-2 0.00 0.00 74,341.21 0.00 29,244,250.38 A-R 0.00 0.00 53.51 0.00 0.00 B-1 0.00 0.00 93,259.11 0.00 19,715,355.31 B-2 0.00 0.00 25,291.80 0.00 5,346,790.03 B-3 0.00 0.00 12,643.55 0.00 2,672,897.45 B-4 0.00 0.00 12,643.55 0.00 2,672,897.45 B-5 0.00 0.00 9,485.01 0.00 2,005,170.65 B-6 0.00 0.00 6,325.09 0.00 1,337,150.42 P 0.00 0.00 28,717.29 0.00 100.00 Totals 0.00 0.00 3,108,147.78 0.00 (1,2) Amount also includes coupon cap or basis risk shortfalls,if applicable

Interest Distribution Factors Statement Class Accrual Original Current Beginning Current Payment of Dates Face Certificate Certificate/Notional Accrued Unpaid Interest Amount Rate Balance Interest Shortfall 1-A 11/01/05 - 11/30/05 73,421,000.00 5.00000% 957.458178 3.989409 0.000000 1-A-X 11/01/05 - 11/30/05 0.00 5.00000% 92.951050 0.387296 0.000000 1-A-P N/A 539,746.00 0.00000% 936.724848 0.000000 0.000000 2-A-1 11/01/05 - 11/30/05 52,690,000.00 6.21211% 966.802773 5.004902 0.000000 2-A-2 11/01/05 - 11/30/05 2,806,000.00 6.21211% 966.802773 5.004904 0.000000 3-A-1 11/01/05 - 11/30/05 118,118,000.00 5.59752% 977.487347 4.559589 0.000000 3-A-2 11/01/05 - 11/30/05 6,284,000.00 5.59752% 977.487347 4.559589 0.000000 4-A 11/01/05 - 11/30/05 45,752,000.00 6.17064% 945.844758 4.863720 0.000000 5-A-1 11/01/05 - 11/30/05 36,175,000.00 5.50000% 1000.000000 4.583333 0.000000 5-A-2 11/01/05 - 11/30/05 15,000,000.00 5.50000% 1000.000000 4.583333 0.000000 5-A-3 11/01/05 - 11/30/05 205,500,000.00 5.50000% 950.341650 4.355733 0.000000 5-A-4 11/01/05 - 11/30/05 22,958,000.00 5.50000% 1000.000000 4.583333 0.000000 5-A-5 11/01/05 - 11/30/05 10,000,000.00 5.50000% 970.469369 4.447985 0.000000 5-A-6 11/01/05 - 11/30/05 16,000,000.00 5.50000% 1018.456644 4.667926 0.000000 5-A-P N/A 937,590.00 0.00000% 995.366866 0.000000 0.000000 6-A-1 11/25/05 - 12/24/05 31,483,000.00 4.49375% 942.561413 3.529696 0.000000 6-A-2 11/01/05 - 11/30/05 0.00 3.00625% 942.561413 2.361313 0.000000 A-R N/A 100.00 5.00000% 0.000000 0.000000 0.000000 B-1 11/01/05 - 11/30/05 19,812,000.00 5.67065% 996.118735 4.707203 0.000000 B-2 11/01/05 - 11/30/05 5,373,000.00 5.67065% 996.118734 4.707203 0.000000 B-3 11/01/05 - 11/30/05 2,686,000.00 5.67065% 996.118734 4.707204 0.000000 B-4 11/01/05 - 11/30/05 2,686,000.00 5.67065% 996.118734 4.707204 0.000000 B-5 11/01/05 - 11/30/05 2,015,000.00 5.67065% 996.118734 4.707201 0.000000 B-6 11/01/05 - 11/30/05 1,343,683.49 5.67065% 996.134782 4.707277 0.000000 P N/A 100.00 0.00000% 1000.000000 0.000000 0.000000

Interest Distribution Factors Statement (continued) Class Current Non-Supported Total Remaining Unpaid Ending Interest Interest Interest Interest Certificate/ Shortfall(1) Shortfall Distribution Shortfall(2) Notional Balance 1-A 0.000000 0.000000 3.989409 0.000000 953.306524 1-A-X 0.000000 0.000000 0.387296 0.000000 92.516291 1-A-P 0.000000 0.000000 0.000000 0.000000 933.097550 2-A-1 0.000000 0.000000 5.004902 0.000000 957.713710 2-A-2 0.000000 0.000000 5.004904 0.000000 957.713710 3-A-1 0.000000 0.000000 4.559589 0.000000 976.279410 3-A-2 0.000000 0.000000 4.559589 0.000000 976.279411 4-A 0.000000 0.000000 4.863720 0.000000 921.247363 5-A-1 0.000000 0.000000 4.583333 0.000000 1000.000000 5-A-2 0.000000 0.000000 4.583333 0.000000 1000.000000 5-A-3 0.000000 0.000000 4.355733 0.000000 936.424204 5-A-4 0.000000 0.000000 4.583333 0.000000 1000.000000 5-A-5 0.000000 0.000000 4.447985 0.000000 963.000687 5-A-6 0.000000 0.000000 4.667926 0.000000 1023.124571 5-A-P 0.000000 0.000000 0.000000 0.000000 994.159867 6-A-1 0.000000 0.000000 3.529696 0.000000 928.890207 6-A-2 0.000000 0.000000 2.361313 0.000000 928.890207 A-R 0.000000 0.000000 535.100000 0.000000 0.000000 B-1 0.000000 0.000000 4.707203 0.000000 995.121911 B-2 0.000000 0.000000 4.707203 0.000000 995.121911 B-3 0.000000 0.000000 4.707204 0.000000 995.121910 B-4 0.000000 0.000000 4.707204 0.000000 995.121910 B-5 0.000000 0.000000 4.707201 0.000000 995.121911 B-6 0.000000 0.000000 4.707277 0.000000 995.137940 P 0.000000 0.000000 287172.900000 0.000000 1000.000000 (1,2) Amount also includes coupon cap or basis risk shortfalls,if applicable. Per $1 denomination.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 8,593,644.09 Reserve Funds and Credit Enhancements 0.00 Proceeds from Repurchased Loans 0.00 Servicer Advances 34,547.12 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 28,717.29 Swap/Cap Payments 0.00 Total Deposits 8,656,908.50 Withdrawals Swap Payments 0.00 Reserve Funds and Credit Enhancements 0.00 Reimbursement for Servicer Advances 0.00 Total Administration Fees 136,542.43 Payment of Interest and Principal 8,520,366.07 Total Withdrawals (Pool Distribution Amount) 8,656,908.50 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00

ADMINISTRATION FEES Gross Servicing Fee* 135,240.13 LPMI Fee 1,302.30 Supported Prepayment/Curtailment Interest Shortfall 0.00 Total Administration Fees 136,542.43 *Servicer Payees include: CHEVY CHASE FSB; GMAC MTG CORP; MORGAN STANLEY DEAN WITTER; PHH US MTG CORP; SUN TRUST MTG INC; THE HEMISPHERE NATIONAL BANK; WACHOVIA MORTGAGE CORPORATION; WELLS FARGO BANK, N.A.

Reserve Accounts Account Name Beginning Current Withdrawals Current Deposits Ending Balance Balance Reserve Fund 100.00 0.00 0.00 100.00

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 5.944930% Weighted Average Net Coupon 5.694930% Weighted Average Pass-Through Rate 5.692523% Weighted Average Remaining Term 331 Beginning Scheduled Collateral Loan Count 1,976 Number Of Loans Paid In Full 16 Ending Scheduled Collateral Loan Count 1,960 Beginning Scheduled Collateral Balance 649,152,651.17 Ending Scheduled Collateral Balance 643,740,432.88 Ending Actual Collateral Balance at 30-Nov-2005 644,224,798.43 Monthly P&I Constant 3,866,757.73 Special Servicing Fee 0.00 Prepayment Penalty Waived Amount 0.00 Prepayment Penalty Waived Count 0 Prepayment Penalty Paid Amount 28,717.29 Prepayment Penalty Paid Count Not Available Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal 650,784.97 Unscheduled Principal 4,761,433.32

Group Level Collateral Statement Group 1 2 3 Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 5.534497 6.462108 5.847521 Weighted Average Net Rate 5.284497 6.212108 5.597521 Weighted Average Remaining Term 169 353 353 Beginning Loan Count 269 375 395 Loans Paid In Full 0 4 1 Ending Loan Count 269 371 394 Beginning Scheduled Balance 74,675,920.21 56,598,575.48 128,204,247.88 Ending Scheduled Balance 74,353,521.00 56,092,351.31 128,050,487.84 Record Date 11/30/2005 11/30/2005 11/30/2005 Principal And Interest Constant 645,740.01 339,719.68 692,500.48 Scheduled Principal 301,328.65 34,931.24 67,769.59 Unscheduled Principal 21,070.56 471,292.93 85,990.45 Scheduled Interest 344,411.36 304,788.44 624,730.89 Servicing Fee 15,557.48 11,791.37 26,709.22 Master Servicing Fee 0.00 0.00 0.00 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 0.00 0.00 0.00 Pool Insurance Fee 0.00 0.00 0.00 Spread 1 0.00 0.00 0.00 Spread 2 0.00 0.00 0.00 Spread 3 0.00 0.00 0.00 Net Interest 328,853.88 292,997.07 598,021.67 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalty Waived Amount 0.00 0.00 0.00 Prepayment Penalty Waived Count 0 0 0 Prepayment Penalty Paid Amount Not Available Not Available Not Available Prepayment Penalty Paid Count Not Available Not Available Not Available Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 5.284497 6.212108 5.597521

Group Level Collateral Statement Group 4 5 Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 6.454831 5.917494 5.944930 Weighted Average Net Rate 6.204831 5.667494 5.694930 Weighted Average Remaining Term 351 352 331 Beginning Loan Count 304 633 1,976 Loans Paid In Full 6 5 16 Ending Loan Count 298 628 1,960 Beginning Scheduled Balance 45,701,923.15 343,971,984.45 649,152,651.17 Ending scheduled Balance 44,574,939.29 340,669,133.44 643,740,432.88 Record Date 11/30/2005 11/30/2005 11/30/2005 Principal And Interest Constant 276,025.74 1,912,771.82 3,866,757.73 Scheduled Principal 30,193.91 216,561.58 650,784.97 Unscheduled Principal 1,096,789.95 3,086,289.43 4,761,433.32 Scheduled Interest 245,831.83 1,696,210.24 3,215,972.76 Servicing Fee 9,521.23 71,660.83 135,240.13 Master Servicing Fee 0.00 0.00 0.00 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 1,302.30 0.00 1,302.30 Pool Insurance Fee 0.00 0.00 0.00 Spread 1 0.00 0.00 0.00 Spread 2 0.00 0.00 0.00 Spread 3 0.00 0.00 0.00 Net Interest 235,008.30 1,624,549.41 3,079,430.33 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalty Waived Amount 0.00 0.00 0.00 Prepayment Penalty Waived Count 0 0 0 Prepayment Penalty Paid Amount Not Available Not Available 28717.29 Prepayment Penalty Paid Count Not Available Not Available Not Available Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.170636 5.667494 5.692523

Additional Reporting - Deal Level Miscellaneous Reporting Subordinate Percentage 5.327448% Senior Prepayment Percentage 100.000000% Senior Percentage 94.672552% Subordinate Prepayment Percentage 0.00000%

Additional Reporting - Group Level Miscellaneous Reporting 1 Subordinate Percentage 5.221480% Senior Prepayment Percentage 100.000000% Senior Percentage 94.778520% Subordinate Prepayment Percentage 0.00000% 2 Subordinate Percentage 5.203115% Senior Prepayment Percentage 100.000000% Senior Percentage 94.796885% Subordinate Prepayment Percentage 0.00000% 3 Subordinate Percentage 5.150272% Senior Prepayment Percentage 100.000000% Senior Percentage 94.849728% Subordinate Prepayment Percentage 0.00000% 4 Subordinate Percentage 5.311885% Senior Prepayment Percentage 100.000000% Senior Percentage 94.688115% Subordinate Prepayment Percentage 0.00000% 5 Subordinate Percentage 5.218578% Senior Prepayment Percentage 100.000000% Senior Percentage 94.781422% Subordinate Prepayment Percentage 0.00000%

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENT BANKRUPTCY FORECLOSURE REO TOTAL No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 1 0 0 1 69,460.28 0.00 0.00 69,460.28 30 Days 23 0 0 0 23 4,200,887.21 0.00 0.00 0.00 4,200,887.21 60 Days 5 0 0 0 5 621,951.19 0.00 0.00 0.00 621,951.19 90 Days 5 0 0 0 5 652,964.45 0.00 0.00 0.00 652,964.45 120 Days 1 0 0 0 1 77,600.00 0.00 0.00 0.00 77,600.00 150 Days 0 0 1 0 1 0.00 0.00 87,019.33 0.00 87,019.33 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 34 1 1 0 36 5,553,402.85 69,460.28 87,019.33 0.00 5,709,882.46 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.051020% 0.000000% 0.000000% 0.051020% 0.010782% 0.000000% 0.000000% 0.010782% 30 Days 1.173469% 0.000000% 0.000000% 0.000000% 1.173469% 0.652084% 0.000000% 0.000000% 0.000000% 0.652084% 60 Days 0.255102% 0.000000% 0.000000% 0.000000% 0.255102% 0.096543% 0.000000% 0.000000% 0.000000% 0.096543% 90 Days 0.255102% 0.000000% 0.000000% 0.000000% 0.255102% 0.101357% 0.000000% 0.000000% 0.000000% 0.101357% 120 Days 0.051020% 0.000000% 0.000000% 0.000000% 0.051020% 0.012045% 0.000000% 0.000000% 0.000000% 0.012045% 150 Days 0.000000% 0.000000% 0.051020% 0.000000% 0.051020% 0.000000% 0.000000% 0.013508% 0.000000% 0.013508% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.734694% 0.051020% 0.051020% 0.000000% 1.836735% 0.862029% 0.010782% 0.013508% 0.000000% 0.886318%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 34,547.12

Delinquency Status By Group DELINQUENT BANKRUPTCY FORECLOSURE REO TOTAL 1 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 1 0 0 1 69,460.28 0.00 0.00 69,460.28 30 Days 3 0 0 0 3 296,352.63 0.00 0.00 0.00 296,352.63 60 Days 1 0 0 0 1 53,472.30 0.00 0.00 0.00 53,472.30 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 4 1 0 0 5 349,824.93 69,460.28 0.00 0.00 419,285.21 0-29 Days 0.371747% 0.000000% 0.000000% 0.371747% 0.093140% 0.000000% 0.000000% 0.093140% 30 Days 1.115242% 0.000000% 0.000000% 0.000000% 1.115242% 0.397384% 0.000000% 0.000000% 0.000000% 0.397384% 60 Days 0.371747% 0.000000% 0.000000% 0.000000% 0.371747% 0.071702% 0.000000% 0.000000% 0.000000% 0.071702% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.486989% 0.371747% 0.000000% 0.000000% 1.858736% 0.469086% 0.093140% 0.000000% 0.000000% 0.562226% DELINQUENT BANKRUPTCY FORECLOSURE REO TOTAL 2 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 7 0 0 0 7 669,232.66 0.00 0.00 0.00 669,232.66 60 Days 3 0 0 0 3 402,278.89 0.00 0.00 0.00 402,278.89 90 Days 3 0 0 0 3 415,857.69 0.00 0.00 0.00 415,857.69 120 Days 1 0 0 0 1 77,600.00 0.00 0.00 0.00 77,600.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 14 0 0 0 14 1,564,969.24 0.00 0.00 0.00 1,564,969.24 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.886792% 0.000000% 0.000000% 0.000000% 1.886792% 1.192520% 0.000000% 0.000000% 0.000000% 1.192520% 60 Days 0.808625% 0.000000% 0.000000% 0.000000% 0.808625% 0.716829% 0.000000% 0.000000% 0.000000% 0.716829% 90 Days 0.808625% 0.000000% 0.000000% 0.000000% 0.808625% 0.741025% 0.000000% 0.000000% 0.000000% 0.741025% 120 Days 0.269542% 0.000000% 0.000000% 0.000000% 0.269542% 0.138277% 0.000000% 0.000000% 0.000000% 0.138277% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 3.773585% 0.000000% 0.000000% 0.000000% 3.773585% 2.788651% 0.000000% 0.000000% 0.000000% 2.788651% DELINQUENT BANKRUPTCY FORECLOSURE REO TOTAL 3 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 5 0 0 0 5 1,726,169.70 0.00 0.00 0.00 1,726,169.70 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 5 0 0 0 5 1,726,169.70 0.00 0.00 0.00 1,726,169.70 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.269036% 0.000000% 0.000000% 0.000000% 1.269036% 1.347514% 0.000000% 0.000000% 0.000000% 1.347514% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.269036% 0.000000% 0.000000% 0.000000% 1.269036% 1.347514% 0.000000% 0.000000% 0.000000% 1.347514% DELINQUENT BANKRUPTCY FORECLOSURE REO TOTAL 4 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 7 0 0 0 7 1,079,662.18 0.00 0.00 0.00 1,079,662.18 60 Days 1 0 0 0 1 166,200.00 0.00 0.00 0.00 166,200.00 90 Days 2 0 0 0 2 237,106.76 0.00 0.00 0.00 237,106.76 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 1 0 1 0.00 0.00 87,019.33 0.00 87,019.33 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 10 0 1 0 11 1,482,968.94 0.00 87,019.33 0.00 1,569,988.27 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 2.348993% 0.000000% 0.000000% 0.000000% 2.348993% 2.420945% 0.000000% 0.000000% 0.000000% 2.420945% 60 Days 0.335570% 0.000000% 0.000000% 0.000000% 0.335570% 0.372673% 0.000000% 0.000000% 0.000000% 0.372673% 90 Days 0.671141% 0.000000% 0.000000% 0.000000% 0.671141% 0.531669% 0.000000% 0.000000% 0.000000% 0.531669% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.335570% 0.000000% 0.335570% 0.000000% 0.000000% 0.195125% 0.000000% 0.195125% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 3.355705% 0.000000% 0.335570% 0.000000% 3.691275% 3.325287% 0.000000% 0.195125% 0.000000% 3.520412% DELINQUENT BANKRUPTCY FORECLOSURE REO TOTAL 5 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 1 0 0 0 1 429,470.04 0.00 0.00 0.00 429,470.04 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 1 0 0 0 1 429,470.04 0.00 0.00 0.00 429,470.04 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.159236% 0.000000% 0.000000% 0.000000% 0.159236% 0.126006% 0.000000% 0.000000% 0.000000% 0.126006% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.159236% 0.000000% 0.000000% 0.000000% 0.159236% 0.126006% 0.000000% 0.000000% 0.000000% 0.126006%

CREDIT ENHANCEMENT Original $ Original % Current $ Current % Bankruptcy 151,619.00 0.02257645% 151,619.00 0.02355282% Fraud 20,147,404.00 2.99999962% 20,147,404.00 3.12974034% Special Hazard 6,715,801.00 0.99999982% 6,437,404.33 1.00000000% Limit of Subordinate's Exposure to Certain Types of Losses

Summary 12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% Current REO Total May-05 0.000% Loans in REO 0 Jun-05 0.000% Original Principal Balance 0.00 Jul-05 0.000% Current Principal Balance 0.00 Aug-05 0.000% Sep-05 0.000% Oct-05 0.000% Nov-05 0.000% Dec-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com. 1 12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% Current REO Total May-05 0.000% Loans in REO 0 Jun-05 0.000% Original Principal Balance 0.00 Jul-05 0.000% Current Principal Balance 0.00 Aug-05 0.000% Sep-05 0.000% Oct-05 0.000% Nov-05 0.000% Dec-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com. 2 12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% Current REO Total May-05 0.000% Loans in REO 0 Jun-05 0.000% Original Principal Balance 0.00 Jul-05 0.000% Current Principal Balance 0.00 Aug-05 0.000% Sep-05 0.000% Oct-05 0.000% Nov-05 0.000% Dec-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com. 3 12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% Current REO Total May-05 0.000% Loans in REO 0 Jun-05 0.000% Original Principal Balance 0.00 Jul-05 0.000% Current Principal Balance 0.00 Aug-05 0.000% Sep-05 0.000% Oct-05 0.000% Nov-05 0.000% Dec-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com. 4 12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% Current REO Total May-05 0.000% Loans in REO 0 Jun-05 0.000% Original Principal Balance 0.00 Jul-05 0.000% Current Principal Balance 0.00 Aug-05 0.000% Sep-05 0.000% Oct-05 0.000% Nov-05 0.000% Dec-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com. 5 12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% Current REO Total May-05 0.000% Loans in REO 0 Jun-05 0.000% Original Principal Balance 0.00 Jul-05 0.000% Current Principal Balance 0.00 Aug-05 0.000% Sep-05 0.000% Oct-05 0.000% Nov-05 0.000% Dec-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com.

REO Loan Detail - All Mortgage Loans in REO during Current Period Month Loan First Original Loan Entered Payment LTV at Principal Group Number REO Date State Origination Balance No REO loans this period.

REO Loan Detail - All Mortgage Loans in REO during Current Period (continued) Current Paid Current Approximate Loan Principal To Months Loan Delinquent Group Number Balance Date Delinquent Rate Interest No REO loans this period.

Summary 12 Month Foreclosure History* New Foreclosure Loans Month Foreclosure Percentage Loans in Foreclosure 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% Current Foreclosure Total May-05 0.000% Loans in Foreclosure 1 Jun-05 0.000% Original Principal Balance 87,100.00 Jul-05 0.000% Current Principal Balance 87,019.33 Aug-05 0.000% Sep-05 0.000% Oct-05 0.013% Nov-05 0.013% Dec-05 0.014% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com. 1 12 Month Foreclosure History* New Foreclosure Loans Month Foreclosure Percentage Loans in Foreclosure 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% Current Foreclosure Total May-05 0.000% Loans in Foreclosure 0 Jun-05 0.000% Original Principal Balance 0.00 Jul-05 0.000% Current Principal Balance 0.00 Aug-05 0.000% Sep-05 0.000% Oct-05 0.000% Nov-05 0.000% Dec-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com. 2 12 Month Foreclosure History* New Foreclosure Loans Month Foreclosure Percentage Loans in Foreclosure 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% Current Foreclosure Total May-05 0.000% Loans in Foreclosure 0 Jun-05 0.000% Original Principal Balance 0.00 Jul-05 0.000% Current Principal Balance 0.00 Aug-05 0.000% Sep-05 0.000% Oct-05 0.000% Nov-05 0.000% Dec-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com. 3 12 Month Foreclosure History* New Foreclosure Loans Month Foreclosure Percentage Loans in Foreclosure 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% Current Foreclosure Total May-05 0.000% Loans in Foreclosure 0 Jun-05 0.000% Original Principal Balance 0.00 Jul-05 0.000% Current Principal Balance 0.00 Aug-05 0.000% Sep-05 0.000% Oct-05 0.000% Nov-05 0.000% Dec-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com. 4 12 Month Foreclosure History* New Foreclosure Loans Month Foreclosure Percentage Loans in Foreclosure 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% Current Foreclosure Total May-05 0.000% Loans in Foreclosure 1 Jun-05 0.000% Original Principal Balance 87,100.00 Jul-05 0.000% Current Principal Balance 87,019.33 Aug-05 0.000% Sep-05 0.000% Oct-05 0.185% Nov-05 0.190% Dec-05 0.195% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com. 5 12 Month Foreclosure History* New Foreclosure Loans Month Foreclosure Percentage Loans in Foreclosure 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% Current Foreclosure Total May-05 0.000% Loans in Foreclosure 0 Jun-05 0.000% Original Principal Balance 0.00 Jul-05 0.000% Current Principal Balance 0.00 Aug-05 0.000% Sep-05 0.000% Oct-05 0.000% Nov-05 0.000% Dec-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com.

Foreclosure Loan Detail - All Mortgage Loans in Foreclosure during Current Period Month Loan First Original Loan Entered Payment LTV at Principal Group Number FC Date State Origination Balance 4 0001131001 Oct-2005 01-Jun-2005 NV 79.98 87,100.00

Foreclosure Loan Detail - All Mortgage Loans in Foreclosure during Current Period (continued) Current Paid Current Approximate Loan Principal To Months Loan Delinquent Group Number Balance Date Delinquent Rate Interest 4 0001131001 87,019.33 01-Jun-2005 5 6.375% 2,214.55

Summary 12 Month Bankruptcy History* New Bankruptcy Loans Month Bankruptcy Percentage Loans in Bankruptcy 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% Current Bankruptcy Total May-05 0.000% Loans in Bankruptcy 1 Jun-05 0.000% Original Principal Balance 71,200.00 Jul-05 0.000% Current Principal Balance 69,460.28 Aug-05 0.000% Sep-05 0.011% Oct-05 0.011% Nov-05 0.011% Dec-05 0.011% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com. 1 12 Month Bankruptcy History* New Bankruptcy Loans Month Bankruptcy Percentage Loans in Bankruptcy 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% Current Bankruptcy Total May-05 0.000% Loans in Bankruptcy 1 Jun-05 0.000% Original Principal Balance 71,200.00 Jul-05 0.000% Current Principal Balance 69,460.28 Aug-05 0.000% Sep-05 0.093% Oct-05 0.093% Nov-05 0.093% Dec-05 0.093% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com. 2 12 Month Bankruptcy History* New Bankruptcy Loans Month Bankruptcy Percentage Loans in Bankruptcy 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% Current Bankruptcy Total May-05 0.000% Loans in Bankruptcy 0 Jun-05 0.000% Original Principal Balance 0.00 Jul-05 0.000% Current Principal Balance 0.00 Aug-05 0.000% Sep-05 0.000% Oct-05 0.000% Nov-05 0.000% Dec-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com. 3 12 Month Bankruptcy History* New Bankruptcy Loans Month Bankruptcy Percentage Loans in Bankruptcy 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% Current Bankruptcy Total May-05 0.000% Loans in Bankruptcy 0 Jun-05 0.000% Original Principal Balance 0.00 Jul-05 0.000% Current Principal Balance 0.00 Aug-05 0.000% Sep-05 0.000% Oct-05 0.000% Nov-05 0.000% Dec-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com. 4 12 Month Bankruptcy History* New Bankruptcy Loans Month Bankruptcy Percentage Loans in Bankruptcy 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% Current Bankruptcy Total May-05 0.000% Loans in Bankruptcy 0 Jun-05 0.000% Original Principal Balance 0.00 Jul-05 0.000% Current Principal Balance 0.00 Aug-05 0.000% Sep-05 0.000% Oct-05 0.000% Nov-05 0.000% Dec-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com. 5 12 Month Bankruptcy History* New Bankruptcy Loans Month Bankruptcy Percentage Loans in Bankruptcy 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% Current Bankruptcy Total May-05 0.000% Loans in Bankruptcy 0 Jun-05 0.000% Original Principal Balance 0.00 Jul-05 0.000% Current Principal Balance 0.00 Aug-05 0.000% Sep-05 0.000% Oct-05 0.000% Nov-05 0.000% Dec-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com.

Bankruptcy Detail - All Mortgage Loans in Bankruptcy during Current Period Group Loan Month Loan First State LTV at Original Number Entered Payment Origination Principal Bankruptcy Date Balance 1 0086428778 Sep-2005 01-May-2005 ID 79.11 71,200.00

Bankruptcy Detail - All Mortgage Loans in Bankruptcy during Current Period (continued) Group Loan Current Paid To Months Current Approximate Number Principal Date Delinquent Loan Rate Delinquent Balance Interest 1 0086428778 69,460.28 01-Nov-2005 0 6.000% 666.87

Realized Loss Detail Report - Loans with Losses during Current Period Summary # Loans Prior Realized Current with Principal Loss/(Gain) Loss Group Losses Balance Amount Percentage 1 0 0.00 0.00 0.000% 2 0 0.00 0.00 0.000% 3 0 0.00 0.00 0.000% 4 0 0.00 0.00 0.000% 5 0 0.00 0.00 0.000% Total 0 0.00 0.00 0.000%

Realized Loss Loan Detail Report - Loans With Losses during Current Period Original Current Loan Principal Note LTV at Original Group Number Balance Rate State Origination Term No losses this period.

Realized Loss Loan Detail Report - Loans With Losses during Current Period (continued) Prior Cumulative Loan Principal Realized Realized Group Number Balance Loss/(Gain) Loss/(Gain) No losses this period.

Realized Loss Report - Collateral Summary MDR SDA Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% MDR: Current vs 12mo Average* SDA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 0.000% N/A Aug-2005 0.000% N/A Sep-2005 0.000% N/A Sep-2005 0.000% N/A Oct-2005 0.000% N/A Oct-2005 0.000% N/A Nov-2005 0.000% N/A Nov-2005 0.000% N/A Dec-2005 0.000% N/A Dec-2005 0.000% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www. monthly bond remittance report can be viewed online at ctslink.com. www.ctslink.com. CDR Loss Severity Approximation Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CDR: Current vs 12mo Average* Loss Severity: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 0.000% N/A Aug-2005 0.000% N/A Sep-2005 0.000% N/A Sep-2005 0.000% N/A Oct-2005 0.000% N/A Oct-2005 0.000% N/A Nov-2005 0.000% N/A Nov-2005 0.000% N/A Dec-2005 0.000% N/A Dec-2005 0.000% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www. monthly bond remittance report can be viewed online at ctslink.com. www.ctslink.com. 1 MDR SDA Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% MDR: Current vs 12mo Average* SDA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 0.000% N/A Aug-2005 0.000% N/A Sep-2005 0.000% N/A Sep-2005 0.000% N/A Oct-2005 0.000% N/A Oct-2005 0.000% N/A Nov-2005 0.000% N/A Nov-2005 0.000% N/A Dec-2005 0.000% N/A Dec-2005 0.000% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www. monthly bond remittance report can be viewed online at ctslink.com. www.ctslink.com. CDR Loss Severity Approximation Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CDR: Current vs 12mo Average* Loss Severity: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 0.000% N/A Aug-2005 0.000% N/A Sep-2005 0.000% N/A Sep-2005 0.000% N/A Oct-2005 0.000% N/A Oct-2005 0.000% N/A Nov-2005 0.000% N/A Nov-2005 0.000% N/A Dec-2005 0.000% N/A Dec-2005 0.000% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www. monthly bond remittance report can be viewed online at ctslink.com. www.ctslink.com. 2 MDR SDA Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% MDR: Current vs 12mo Average* SDA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 0.000% N/A Aug-2005 0.000% N/A Sep-2005 0.000% N/A Sep-2005 0.000% N/A Oct-2005 0.000% N/A Oct-2005 0.000% N/A Nov-2005 0.000% N/A Nov-2005 0.000% N/A Dec-2005 0.000% N/A Dec-2005 0.000% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www. monthly bond remittance report can be viewed online at ctslink.com. www.ctslink.com. CDR Loss Severity Approximation Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CDR: Current vs 12mo Average* Loss Severity: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 0.000% N/A Aug-2005 0.000% N/A Sep-2005 0.000% N/A Sep-2005 0.000% N/A Oct-2005 0.000% N/A Oct-2005 0.000% N/A Nov-2005 0.000% N/A Nov-2005 0.000% N/A Dec-2005 0.000% N/A Dec-2005 0.000% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www. monthly bond remittance report can be viewed online at ctslink.com. www.ctslink.com. 3 MDR SDA Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% MDR: Current vs 12mo Average* SDA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 0.000% N/A Aug-2005 0.000% N/A Sep-2005 0.000% N/A Sep-2005 0.000% N/A Oct-2005 0.000% N/A Oct-2005 0.000% N/A Nov-2005 0.000% N/A Nov-2005 0.000% N/A Dec-2005 0.000% N/A Dec-2005 0.000% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www. monthly bond remittance report can be viewed online at ctslink.com. www.ctslink.com. CDR Loss Severity Approximation Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CDR: Current vs 12mo Average* Loss Severity: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 0.000% N/A Aug-2005 0.000% N/A Sep-2005 0.000% N/A Sep-2005 0.000% N/A Oct-2005 0.000% N/A Oct-2005 0.000% N/A Nov-2005 0.000% N/A Nov-2005 0.000% N/A Dec-2005 0.000% N/A Dec-2005 0.000% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www. monthly bond remittance report can be viewed online at ctslink.com. www.ctslink.com. 4 MDR SDA Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% MDR: Current vs 12mo Average* SDA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 0.000% N/A Aug-2005 0.000% N/A Sep-2005 0.000% N/A Sep-2005 0.000% N/A Oct-2005 0.000% N/A Oct-2005 0.000% N/A Nov-2005 0.000% N/A Nov-2005 0.000% N/A Dec-2005 0.000% N/A Dec-2005 0.000% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www. monthly bond remittance report can be viewed online at ctslink.com. www.ctslink.com. CDR Loss Severity Approximation Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CDR: Current vs 12mo Average* Loss Severity: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 0.000% N/A Aug-2005 0.000% N/A Sep-2005 0.000% N/A Sep-2005 0.000% N/A Oct-2005 0.000% N/A Oct-2005 0.000% N/A Nov-2005 0.000% N/A Nov-2005 0.000% N/A Dec-2005 0.000% N/A Dec-2005 0.000% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www. monthly bond remittance report can be viewed online at ctslink.com. www.ctslink.com. 5 MDR SDA Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% MDR: Current vs 12mo Average* SDA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 0.000% N/A Aug-2005 0.000% N/A Sep-2005 0.000% N/A Sep-2005 0.000% N/A Oct-2005 0.000% N/A Oct-2005 0.000% N/A Nov-2005 0.000% N/A Nov-2005 0.000% N/A Dec-2005 0.000% N/A Dec-2005 0.000% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www. monthly bond remittance report can be viewed online at ctslink.com. www.ctslink.com. CDR Loss Severity Approximation Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CDR: Current vs 12mo Average* Loss Severity: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 0.000% N/A Aug-2005 0.000% N/A Sep-2005 0.000% N/A Sep-2005 0.000% N/A Oct-2005 0.000% N/A Oct-2005 0.000% N/A Nov-2005 0.000% N/A Nov-2005 0.000% N/A Dec-2005 0.000% N/A Dec-2005 0.000% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www. monthly bond remittance report can be viewed online at ctslink.com. www.ctslink.com. Calculation Methodology: Monthly Default Rate (MDR): sum(Beg Principal Balance of Liquidated Loans)/ sum(Beg Principal Balance). Conditional Default Rate (CDR): 1-((1-MDR)^12) SDA Standard Default Assumption: If WAS is less than or equal to 30 then CDR/(WAS*0.02) else if WAS is greater than 30 and less than or equal to 60 then CDR/0.6 else if WAS is greater than 60 and less than or equal to 120 then CDR/(0.6 - ((WAS-60)*0.0095)) else if WAS is greater than 120 then CDR/0.03 Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)

Prepayment Detail - Prepayments during Current Period Summary Loans Paid In Full Repurchased Loans Original Current Original Current Principal Principal Principal Principal Group Count Balance Balance Count Balance Balance 1 0 0.00 0.00 0 0.00 0.00 2 4 420,550.00 420,225.97 0 0.00 0.00 3 1 65,000.00 64,199.00 0 0.00 0.00 4 6 1,094,800.00 1,090,033.60 0 0.00 0.00 5 5 2,717,500.00 2,705,417.15 0 0.00 0.00 Total 16 4,297,850.00 4,279,875.72 0 0.00 0.00

Prepayment Detail - Prepayments during Current Period (continued) Summary Substitution Loans Liquidated Loans Curtailments Original Current Original Current Principal Principal Principal Principal Curtailment Group Count Balance Balance Count Balance Balance Amount 1 0 0.00 0.00 0 0.00 0.00 21,070.56 2 0 0.00 0.00 0 0.00 0.00 51,108.39 3 0 0.00 0.00 0 0.00 0.00 21,791.45 4 0 0.00 0.00 0 0.00 0.00 7,436.40 5 0 0.00 0.00 0 0.00 0.00 382,404.54 Total 0 0.00 0.00 0 0.00 0.00 483,811.34

Prepayment Loan Detail - Prepayments during Current Period First Original Loan LTV at Payment Principal Prepayment Group Number State Origination Date Balance Amount 2 0001121124 AZ 80.00 01-May-2005 164,000.00 164,000.00 2 0040278070 CA 69.94 01-May-2005 108,750.00 108,750.00 2 0085975191 CT 60.00 01-Apr-2005 47,100.00 46,735.54 2 3252009641 FL 79.98 01-Apr-2005 100,700.00 100,699.00 3 0001120174 AZ 65.00 01-May-2005 65,000.00 64,199.00 4 0000068029 AZ 79.97 01-Jul-2005 123,800.00 123,119.34 4 0001113956 FL 65.00 01-May-2005 335,400.00 335,400.00 4 1161010500 AZ 94.98 01-Apr-2005 146,500.00 145,366.59 4 1740300341 AZ 80.00 01-May-2005 138,400.00 137,215.98 4 3274024157 NY 80.00 01-May-2005 212,000.00 210,506.39 4 3274025243 MD 95.00 01-Apr-2005 138,700.00 137,745.25 5 0040241648 CA 79.90 01-Mar-2005 391,500.00 387,419.38 5 0040279713 TX 80.00 01-May-2005 500,000.00 495,148.13 5 0040284145 CA 70.00 01-May-2005 591,500.00 586,817.75 5 3274024844 MA 80.00 01-May-2005 640,000.00 639,999.63 5 3298002227 CA 78.74 01-Apr-2005 594,500.00 594,500.00

Prepayment Loan Detail - Prepayments during Current Period (continued) Current Loan PIF Months Loan Original Group Number Type Delinquent Rate Term Seasoning 2 0001121124 Loan Paid in Full (1) 6.000% 360 7 2 0040278070 Loan Paid in Full 0 6.000% 360 7 2 0085975191 Loan Paid in Full 0 6.875% 360 8 2 3252009641 Loan Paid in Full 0 6.500% 360 8 3 0001120174 Loan Paid in Full 0 6.000% 360 7 4 0000068029 Loan Paid in Full 0 6.500% 360 5 4 0001113956 Loan Paid in Full 0 6.375% 360 7 4 1161010500 Loan Paid in Full 0 6.875% 360 8 4 1740300341 Loan Paid in Full 0 6.000% 360 7 4 3274024157 Loan Paid in Full 1 6.750% 360 7 4 3274025243 Loan Paid in Full 1 7.750% 360 8 5 0040241648 Loan Paid in Full 1 5.875% 360 9 5 0040279713 Loan Paid in Full 0 6.000% 360 7 5 0040284145 Loan Paid in Full 0 6.125% 360 7 5 3274024844 Loan Paid in Full 0 6.250% 360 7 5 3298002227 Loan Paid in Full 1 5.750% 360 8

Summary SMM CPR PSA Current Month 0.734% Current Month 8.463% Current Month 561.431% 3 Month Average 0.756% 3 Month Average 8.706% 3 Month Average 677.022% 12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CPR: Current vs 12mo Average* PSA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 10.877% N/A Aug-2005 1,528.514% N/A Sep-2005 5.911% N/A Sep-2005 650.499% N/A Oct-2005 8.699% N/A Oct-2005 784.734% N/A Nov-2005 8.955% N/A Nov-2005 684.900% N/A Dec-2005 8.463% N/A Dec-2005 561.431% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. 1 SMM CPR PSA Current Month 0.028% Current Month 0.339% Current Month 15.954% 3 Month Average 0.318% 3 Month Average 3.698% 3 Month Average 207.038% 12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CPR: Current vs 12mo Average* PSA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 10.422% N/A Aug-2005 782.493% N/A Sep-2005 9.241% N/A Sep-2005 606.110% N/A Oct-2005 7.955% N/A Oct-2005 460.131% N/A Nov-2005 2.798% N/A Nov-2005 145.030% N/A Dec-2005 0.339% N/A Dec-2005 15.954% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. 2 SMM CPR PSA Current Month 0.833% Current Month 9.553% Current Month 657.449% 3 Month Average 0.836% 3 Month Average 9.561% 3 Month Average 788.263% 12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CPR: Current vs 12mo Average* PSA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 5.329% N/A Aug-2005 812.368% N/A Sep-2005 9.532% N/A Sep-2005 1,112.746% N/A Oct-2005 12.012% N/A Oct-2005 1,139.131% N/A Nov-2005 7.119% N/A Nov-2005 568.208% N/A Dec-2005 9.553% N/A Dec-2005 657.449% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. 3 SMM CPR PSA Current Month 0.067% Current Month 0.802% Current Month 60.432% 3 Month Average 0.173% 3 Month Average 2.038% 3 Month Average 178.251% 12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CPR: Current vs 12mo Average* PSA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 11.393% N/A Aug-2005 2,160.449% N/A Sep-2005 5.850% N/A Sep-2005 804.021% N/A Oct-2005 0.176% N/A Oct-2005 19.001% N/A Nov-2005 5.135% N/A Nov-2005 455.322% N/A Dec-2005 0.802% N/A Dec-2005 60.432% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. 4 SMM CPR PSA Current Month 2.401% Current Month 25.300% Current Month 1,836.365% 3 Month Average 1.979% 3 Month Average 20.852% 3 Month Average 1,711.664% 12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CPR: Current vs 12mo Average* PSA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 6.061% N/A Aug-2005 1,039.066% N/A Sep-2005 10.671% N/A Sep-2005 1,367.609% N/A Oct-2005 7.980% N/A Oct-2005 814.170% N/A Nov-2005 29.276% N/A Nov-2005 2,484.456% N/A Dec-2005 25.300% N/A Dec-2005 1,836.365% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. 5 SMM CPR PSA Current Month 0.898% Current Month 10.257% Current Month 699.853% 3 Month Average 0.889% 3 Month Average 10.160% 3 Month Average 821.416% 12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CPR: Current vs 12mo Average* PSA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 12.296% N/A Aug-2005 1,833.737% N/A Sep-2005 3.904% N/A Sep-2005 449.961% N/A Oct-2005 11.374% N/A Oct-2005 1,065.250% N/A Nov-2005 8.848% N/A Nov-2005 699.146% N/A Dec-2005 10.257% N/A Dec-2005 699.853% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. Calculation Methodology: Single Month Mortality (SMM): (Partial and full prepayments + Repurchases) / (Beginning Scheduled Balance - Scheduled Principal) Conditional PrePayment Rate (CPR): 1 - ((1 - SMM)^12) PSA Standard Prepayment Model: 100 * CPR / (0.2 * MIN(30,WAS)) Weighted Average Seasoning (WAS): sum((Original Term - Remaining Term)*(Current Scheduled Balance/Deal Scheduled Principal Balance))

Modifications Loan Beginning Current Prior Modified Prior Modified Number Balance Balance Rate Rate Payment Payment No Modifications this Period

Substitutions Loans Repurchased Loans Substituted Loan Current Current Current Loan Current Current Current Number Balance Rate Payment Number Balance Rate Payment No Substitutions this Period

Repurchases Loan Current Current Current Number Balance Rate Payment No Repurchases this Period

Filing Compare · Morgan Stanley Mortgage Loan Trust 2005-4