8-K 1 eightk.txt 8-K 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 - September 27, 2004 ----------------------------------- (Date of Earliest Event Reported) POPULAR ABS, INC. -------------------------------------------------------------------------------- (as depositor under a certain Pooling and Servicing Agreement dated as of December 31, 2003, providing for the issuance of Mortgage Pass-Through Certificates, Series 2004-1) (Exact Name of Registrant as specified in its charter) Delaware 333-104580-03 52-2029487 ------------------------ --------------------- ----------------------- (State of Incorporation) (Commission File No.) (IRS Employer I.D. No.) 103 Springer Building, 3411 Silverside Road, Wilmington, Delaware 19803 ----------------------------------------------------------------------- (Address of principal executive offices) Registrant's telephone number, including area code: (302) 478-6160 Item 8.01. Other Events. ------------------------------- Attached hereto as Annex A is a copy of the Statement to Certificateholders sent to Class AF-1, AF-2, AF-3, AF-4, AF-5, AF-6, AV-1, AV-2, M-1, M-2, M-3, M-4, B-1 and B-2 Certificateholders with respect to the September 27, 2004 Distribution Date. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. POPULAR ABS, INC. By: /s/ James H. Jenkins ----------------------------------- James H. Jenkins, Executive Vice President and CFO Dated: October 1, 2004 3 Page 1 of 8

Page 2 of 8 -------------------------------------------------------------------------------- EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-1 SEPTEMBER 27, 2004 -------------------------------------------------------------------------------- Sec. 4.03(a)(i) Funds Allocable to Certificate Principal Group I Scheduled Principal 621,780.79 Group I Curtailments 45,623.83 Group I Prepayments 12,370,103.90 Group I Repurchases 0.00 Group I Liquidation Proceeds 0.00 Group II-A Scheduled Principal 92,160.37 Group II-A Curtailments 5,537.87 Group II-A Prepayments 4,913,904.35 Group II-A Repurchases 0.00 Group II-A Liquidation Proceeds 0.00 Group II-B Scheduled Principal 92,415.60 Group II-B Curtailments 3,880.30 Group II-B Prepayments 3,777,423.46 Group II-B Repurchases 0.00 Group II-B Liquidation Proceeds 0.00 Extra Principal Distribution Amount 2,571,540.14 Sec. 4.03 (a)(ii) Interest Distribution Amounts Interest Distribution - AF-1 221,316.73 Unpaid Interest - AF-1 0.00 Remaining Unpaid Interest - AF-1 0.00 Interest Distribution - AF-2 188,070.73 Unpaid Interest - AF-2 0.00 Remaining Unpaid Interest - AF-2 0.00 Interest Distribution - AF-3 208,610.40 Unpaid Interest - AF-3 0.00 Remaining Unpaid Interest - AF-3 0.00 Interest Distribution - AF-4 191,560.03 Unpaid Interest - AF-4 0.00 Remaining Unpaid Interest - AF-4 0.00 Interest Distribution - AF-5 129,191.12 Unpaid Interest - AF-5 0.00 Remaining Unpaid Interest - AF-5 0.00 Interest Distribution - AF-6 105,084.90 Unpaid Interest - AF-6 0.00 Remaining Unpaid Interest - AF-6 0.00 [Graphic Appears Here] JPMorgan COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED. -------------------------------------------------------------------------------- Page 3 of 8 -------------------------------------------------------------------------------- EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-1 SEPTEMBER 27, 2004 -------------------------------------------------------------------------------- Interest Distribution - AV-1 187,485.86 Unpaid Interest - AV-1 0.00 Remaining Unpaid Interest - AV-1 0.00 Interest Distribution - AV-2 181,833.39 Unpaid Interest - AV-2 0.00 Remaining Unpaid Interest - AV-2 0.00 Interest Distribution - M-1 230,012.23 Unpaid Interest - M-1 0.00 Remaining Unpaid Interest - M-1 0.00 Interest Distribution - M-2 210,913.27 Unpaid Interest - M-2 0.00 Remaining Unpaid Interest - M-2 0.00 Interest Distribution - M-3 59,152.43 Unpaid Interest - M-3 0.00 Remaining Unpaid Interest - M-3 0.00 Interest Distribution - M-4 60,839.28 Unpaid Interest - M-4 0.00 Remaining Unpaid Interest - M-4 0.00 Interest Distribution - B-1 32,626.61 Unpaid Interest - B-1 0.00 Remaining Unpaid Interest - B-1 0.00 Interest Distribution - B-2 39,842.61 Unpaid Interest - B-2 0.00 Remaining Unpaid Interest - B-2 0.00 Interest Reductions Net Prepayment Interest Shortfalls 0.00 Relief Act Reductions 854.07 Class AF-1 Interest Reduction 84.45 Class AF-2 Interest Reduction 71.77 Class AF-3 Interest Reduction 79.60 Class AF-5 Interest Reduction 49.30 Class AF-4 Interest Reduction 146.22 Class AF-6 Interest Reduction 40.10 Class AV-1 Interest Reduction 71.54 Class AV-2 Interest Reduction 69.39 Class M-1 Interest Reduction 87.77 Class M-2 Interest Reduction 80.48 Class M-3 Interest Reduction 22.57 Class M-4 Interest Reduction 23.22 Class B-1 Interest Reduction 12.45 Class B-2 Interest Reduction 15.20 [Graphic Appears Here] JPMorgan COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED. -------------------------------------------------------------------------------- Page 4 of 8

Page 5 of 8 -------------------------------------------------------------------------------- EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-1 SEPTEMBER 27, 2004 -------------------------------------------------------------------------------- Section 4.03(a)(ix) A Group I, Group II-A, and Group II-B Loans Delinquent ----------------------------------------------------- Group 1 ----------------------------------------------------- Period Number Principal Balance Percentage ----------------------------------------------------- 0-30 days 402 51,395,567.66 8.82% ----------------------------------------------------- 31-60 days 64 5,097,046.11 0.87% ----------------------------------------------------- 61-90 days 21 2,327,988.37 0.40% ----------------------------------------------------- 91+days 9 835,138.97 0.14% ----------------------------------------------------- Total 496 59,655,741.11 10.23% ----------------------------------------------------- ----------------------------------------------------- Group 2 ----------------------------------------------------- Period Number Principal Balance Percentage ----------------------------------------------------- 0-30 days 68 9,328,782.70 8.87% ----------------------------------------------------- 31-60 days 10 1,228,147.32 1.17% ----------------------------------------------------- 61-90 days 4 682,696.16 0.65% ----------------------------------------------------- 91+days 5 482,007.90 0.46% ----------------------------------------------------- Total 87 11,721,634.08 11.15% ----------------------------------------------------- ----------------------------------------------------- Group 3 ----------------------------------------------------- Period Number Principal Balance Percentage ----------------------------------------------------- 0-30 days 62 8,357,501.00 8.05% ----------------------------------------------------- 31-60 days 9 1,017,140.33 0.98% ----------------------------------------------------- 61-90 days 9 361,097.23 0.35% ----------------------------------------------------- 91+days 4 307,388.70 0.30% ----------------------------------------------------- Total 84 10,043,127.26 9.68% ----------------------------------------------------- Sec. 4.03 (a)(ix) B Group I, Group II-A, and Group II-B Loans in Foreclosure ------------------------------------------- Group 1 ------------------------------------------- Number Principal Balance Percentage ------------------------------------------- 20 3,003,583.48 0.52% ------------------------------------------- ------------------------------------------- Group 2 ------------------------------------------- Number Principal Balance Percentage ------------------------------------------- 10 1,018,800.26 0.97% ------------------------------------------- ------------------------------------------- Group 3 ------------------------------------------- Number Principal Balance Percentage ------------------------------------------- 4 568,790.67 0.55% ------------------------------------------- Sec. 4.03(a)(x),(xi) Group I, Group II-A, and Group II-B Loans in REO [Graphic Appears Here] JPMorgan COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED. -------------------------------------------------------------------------------- Page 6 of 8

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EQUITY ONE MORTGAGE PASS-THROUGH TRUST 2004-1 8-K