8-K 1 eight-k.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 - December 27, 2004 ---------------------------------- (Date of Earliest Event Reported) POPULAR ABS, INC. -------------------------------------------------------------------------------- (as depositor under a certain Pooling and Servicing Agreement dated as of June 30, 2004, providing for the issuance of Mortgage Pass-Through Certificates, Series 2004-3) (Exact Name of Registrant as specified in its charter) Delaware 333-104580-05 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 December 27, 2004 Distribution Date. 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: January 5, 2005

Page 1 ofEquity 8One ~~------------------------------------------------------------------------------------------------------------------------------------~~Mortgage ~~EQUITY ONE MORTGAGE PASS~~Pass-~~THROUGH~~Through ~~CERTIFICATES~~Certificates ~~SERIES~~Series 2004-3 ~~STATEMENT~~Statement TOto ~~CERTIFICATEHOLDERS~~Certificateholders ~~SEPTEMBER~~December 27, 2004 ~~------------------------------------------------------------------------------------------------------------------------------------~~==================================================================================================================================== ~~------------------------------------------------------------------------------------------------------------------------------------~~ DISTRIBUTION IN DOLLARS ------------------------------------------------------------------------------------------------------------------------------------ ORIGINAL BEGINNING ENDING FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE ------------------------------------------------------------------------------------------------------------------------------------ AF1 149,220,000.00 ~~144~~132,~~898~~262,~~936~~602.4970 37,~~361~~738,~~506~~427.1041 ~~257~~266,~~014~~550.4981 38,~~618~~004,~~520~~978.5922 0.00 0.00 ~~141~~124,~~537~~524,~~430~~175.3929 AF2 37,640,000.00 37,640,000.00 0.00 119,~~193~~179.3387 119,~~193~~179.3387 0.00 0.00 37,640,000.00 AF3 45,490,000.00 45,490,000.00 0.00 161,~~679~~660.0479 161,~~679~~660.0479 0.00 0.00 45,490,000.00 AF4 43,000,000.00 43,000,000.00 0.00 182,~~750~~708.0074 182,~~750~~708.0074 0.00 0.00 43,000,000.00 AF5 17,629,000.00 17,629,000.00 0.00 83,~~737~~728.7530 83,~~737~~728.7530 0.00 0.00 17,629,000.00 AF6 20,700,000.00 20,700,000.00 0.00 87,~~285~~275.0015 87,~~285~~275.0015 0.00 0.00 20,700,000.00 AV1 179,385,000.00 ~~175~~161,~~766~~995,~~635~~697.7671 4,~~368~~072,~~855~~861.0930 ~~337~~348,~~545~~789.1824 4,~~706~~421,~~400~~650.2754 0.00 0.00 ~~171~~157,~~397~~922,~~780~~836.6741 AV2 34,668,000.00 3330,~~169~~315,~~829~~340.2788 ~~867~~1,~~863~~723,458.7417 6465,~~308~~793.0131 ~~932~~1,~~171~~789,251.7548 0.00 0.00 3228,~~301~~591,~~965~~882.5371 M1 41,040,000.00 41,040,000.00 0.00 194,~~940~~917.0099 194,~~940~~917.0099 0.00 0.00 41,040,000.00 M2 34,580,000.00 34,580,000.00 0.00 164,~~255~~236.0046 164,~~255~~236.0046 0.00 0.00 34,580,000.00 M3 10,340,000.00 10,340,000.00 0.00 49,~~115~~109.0046 49,~~115~~109.0046 0.00 0.00 10,340,000.00 M4 8,730,000.00 8,730,000.00 0.00 41,~~467~~462.5082 41,~~467~~462.5082 0.00 0.00 8,730,000.00 B1 8,080,000.00 8,080,000.00 0.00 2627,~~108~~345.5036 2627,~~108~~345.5036 0.00 0.00 8,080,000.00 B2 6,790,000.00 6,790,000.00 0.00 2627,~~608~~364.3129 2627,~~608~~364.3129 0.00 0.00 6,790,000.00 B3 7,110,000.00 7,110,000.00 0.00 34,~~379~~775.8173 34,~~379~~775.8173 0.00 0.00 7,110,000.00 R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ------------------------------------------------------------------------------------------------------------------------------------ TOTALS 644,402,000.00 ~~634~~605,~~964~~702,~~401~~641.5229 813,~~598~~534,~~224~~746.9388 1,~~830~~854,~~386~~898.9232 1015,~~428~~389,~~611~~645.8520 0.00 0.00 ~~626~~592,~~366~~167,~~176~~894.5941 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ X 646,347,251.19 ~~638~~613,~~529~~742,~~196~~603.0314 0.00 842,052.9525 842,052.9525 0.00 0.00 ~~631~~601,~~405~~530,~~218~~106.1166 ==================================================================================================================================== ==================================================================================================================================== | FACTOR INFORMATION PER $1000 OF ORIGINAL FACE | PASS-THROUGH RATES -----------------------------------------------------------------------------------------------------------|---------|------------- | | CURRENT BEGINNING ENDING | | PASS THRU CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL | CLASS | RATE -----------------------------------------------------------------------------------------------------------|---------|----------- AF1 294751ER9 886.35975539 51.85918382 1.78629413 53.64547795 834.50057157 | AF1 | 2.340630% AF2 294751ES7 1,000.00000000 0.00000000 3.16630898 3.16630898 1,000.00000000 | AF2 | 3.800000% AF3 264751ET5 1,000.00000000 0.00000000 3.55376544 3.55376544 1,000.00000000 | AF3 | 4.265000% AF4 294751EU2 1,000.00000000 0.00000000 4.24904047 4.24904047 1,000.00000000 | AF4 | 5.100000% AF5 294751EV0 1,000.00000000 0.00000000 4.74946395 4.74946395 1,000.00000000 | AF5 | 5.700000% AF6 294751EW8 1,000.00000000 0.00000000 4.21619082 4.21619082 1,000.00000000 | AF6 | 5.060000% AV1 294751EX6 903.06155871 22.70458121 1.94436123 24.64894244 880.35697751 | AV1 | 2.500630% AV2 264751EY4 874.44735433 49.71322747 1.89781095 51.61103842 824.73412686 | AV2 | 2.520630% M1 294751EZ1 1,000.00000000 0.00000000 4.74946369 4.74946369 1,000.00000000 | M1 | 5.700000% M2 294751FA5 1,000.00000000 0.00000000 4.74946385 4.74946385 1,000.00000000 | M2 | 5.700000% M3 294751FB3 1,000.00000000 0.00000000 4.74946422 4.74946422 1,000.00000000 | M3 | 5.700000% M4 294751FC1 1,000.00000000 0.00000000 4.74946392 4.74946392 1,000.00000000 | M4 | 5.700000% B1 294751FD9 1,000.00000000 0.00000000 3.38432673 3.38432673 1,000.00000000 | B1 | 3.930630% B2 294751FE7 1,000.00000000 0.00000000 4.03008689 4.03008689 1,000.00000000 | B2 | 4.680630% B3 294751FF4 1,000.00000000 0.00000000 4.89110127 4.89110127 1,000.00000000 | B3 | 5.680630% -----------------------------------------------------------------------------------------------------------|---------|------------- TOTALS 939.94531564 21.00357677 2.87848008 23.88205685 918.94173887 | | -----------------------------------------------------------------------------------------------------------|---------|------------- | | -----------------------------------------------------------------------------------------------------------|---------|------------- X N/A 949.55552454 0.00000000 0.06506139 0.06506139 930.66088786 | X | 0.082221% ================================================================================================================================= ------------------------------------------------------------------------------------------------------------------------------------ IF THERE, ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: RYAN VAUGHN JPMorgan Chase Bank, N.A. - Structured Finance Services NY 4 NEW YORK PLAZA FLR 6, New York, New York 10004 Tel: (212) 623-4484 Fax: (212) 623-5930 Email: Ryan.M.Vaughn@JPMorgan.com ------------------------------------------------------------------------------------------------------------------------------------ [GRAPHIC OMITTED] JPMORGAN Copyright (C) 2001 J.P. Morgan Chase & Co. All rights reserved.

~~-------------------------------------------------------------------------------------------------------------~~Page ~~--------------------~~2 ~~FACTOR~~===================================================================================================================== ~~INFORMATION~~Equity ~~PER~~One ~~$1000~~Mortgage OFPass-Through ~~ORIGINAL~~Certificates ~~FACE~~Series ~~PASS~~2004-~~THROUGH~~3 ~~RATES~~December ~~-------------------------------------------------------------------------------------------------------------~~27, ~~--------------------~~2004 ~~CURRENT~~===================================================================================================================== ~~BEGINNING~~Sec. ~~ENDING~~4.03(a)(i) ~~PASS-THRU~~Funds ~~CLASS~~Allocable ~~CUSIP~~to ~~PRINCIPAL~~Certificate ~~PRINCIPAL~~Principal ~~INTEREST~~Group ~~TOTAL~~I ~~PRINCIPAL~~Scheduled ~~CLASS~~Principal ~~RATE~~458,666.58 ~~-------------------------------------------------------------------------------------------------------------~~Group ~~-------------------~~I ~~AF1~~Curtailments ~~294751ER9 971~~23,019.~~04233005~~27 ~~22.52718201~~Group ~~1.72238634~~I ~~24.24956836~~Prepayments ~~948~~6,500,751.~~51514804~~16 ~~AF1~~Group 1I Repurchases 0.~~935000%~~00 ~~AF2~~Group ~~294751ES7~~I ~~1,000.00000000~~Liquidation Proceeds 0.~~00000000~~00 ~~3.16666658~~Group ~~3.16666658~~II-A ~~1,000.00000000~~Scheduled ~~AF2~~Principal 3149,509.~~800000%~~84 ~~AF3~~Group ~~264751ET5~~II-A 1Curtailments 13,~~000~~593.~~00000000~~19 ~~0.00000000~~Group ~~3.55416663~~II-A ~~3.55416663~~Prepayments 13,~~000~~511,868.~~00000000~~12 ~~AF3~~Group 4II-A Repurchases 0.~~265000%~~00 ~~AF4~~Group ~~294751EU2~~II-A ~~1,000.00000000~~Liquidation Proceeds 0.~~00000000~~00 ~~4.25000000~~Group ~~4.25000000~~II-B 1Scheduled Principal 28,~~000~~661.~~00000000~~81 ~~AF4~~Group 5II-B Curtailments 616.~~100000%~~10 ~~AF5~~Group ~~294751EV0~~II-B Prepayments 1,~~000~~525,810.~~00000000~~41 Group II-B Repurchases 0.~~00000000~~00 ~~4.75000000~~Group ~~4.75000000~~II-B ~~1,000.00000000~~Liquidation ~~AF5~~Proceeds 50.~~700000%~~00 ~~AF6~~Extra ~~294751EW8~~Principal Distribution Amount 1,~~000~~322,250.~~00000000~~40 0Sec.~~00000000~~ 4.~~21666667~~03 ~~4.21666667~~(a)(ii) ~~1,000.00000000~~Interest ~~AF6~~Distribution ~~5.060000%~~Amounts ~~AV1~~Interest ~~294751EX6~~Distribution ~~979.82905906~~- ~~24.35462882~~ AF-1~~.88168007~~ 26266,550.~~23630889~~81 ~~955.47443025~~Unpaid ~~AV1~~Interest 2- AF-1 0.~~095000%~~00 ~~AV2~~Remaining ~~264751EY4~~Unpaid ~~956.78519874~~Interest ~~25.03356813~~- AF-1~~.85496741~~ 260.~~88853554~~00 ~~931.75163061~~Interest ~~AV2~~Distribution - AF-2 119,179.~~115000%~~87 M1Unpaid ~~294751EZ1~~Interest ~~1,000.00000000~~- AF-2 0.~~00000000~~00 ~~4.75000000~~Remaining ~~4.75000000~~Unpaid ~~1,000.00000000~~Interest M1- 5AF-2 0.~~700000%~~00 M2Interest ~~294751FA5~~Distribution 1- AF-3 161,~~000~~660.~~00000000~~79 ~~0.00000000~~Unpaid ~~4.75000000~~Interest ~~4.75000000~~- ~~1,000~~AF-3 0.~~00000000~~00 M2Remaining ~~5.700000%~~Unpaid M3Interest ~~294751FB3~~- ~~1,000.00000000~~AF-3 0.~~00000000~~00 ~~4.75000000~~Interest Distribution - AF-4~~.75000000~~ 1182,~~000~~708.~~00000000~~74 M3Unpaid ~~5.700000%~~Interest M4- ~~294751FC1~~AF-4 ~~1,000.00000000~~ 0.~~00000000~~00 ~~4.75000000~~Remaining Unpaid Interest - AF-4~~.75000000~~ ~~1,000~~0.~~00000000~~00 M4Interest ~~5.700000%~~Distribution B1- ~~294751FD9~~AF-5 183,~~000~~728.~~00000000~~30 ~~0.00000000~~Unpaid ~~3.23125000~~Interest ~~3.23125000~~- ~~1,000~~AF-5 0.~~00000000~~00 B1Remaining ~~3.525000%~~Unpaid B2Interest ~~294751FE7~~- ~~1,000.00000000~~AF-5 0.~~00000000~~00 ~~3.91874963~~Interest ~~3.91874963~~Distribution 1- AF-6 87,~~000~~275.~~00000000~~15 B2Unpaid ~~4.275000%~~Interest B3- ~~294751FF4~~AF-6 ~~1,000~~0.~~00000000~~00 Remaining Unpaid Interest - AF-6 0.~~00000000~~00 ~~4.83541632~~Interest ~~4.83541632~~Distribution - AV-1 348,~~000~~789.~~00000000~~24 B3Unpaid ~~5.275000%~~Interest -~~------------------------------------------------------------------------------------------------------------~~ AV-~~-------------------~~1 ~~TOTALS 985~~0.~~35448605~~00 ~~13.34295196~~Remaining ~~2.84044264~~Unpaid ~~16.18339460~~Interest ~~972.01153409~~ -~~------------------------------------------------------------------------------------------------------------~~ AV-~~-------------------~~1 ~~-------------------------------------------------------------------------------------------------------------~~0.00 ~~--------------------~~[GRAPHIC XOMITTED] ~~N/A~~JPMORGAN ~~987.90424939~~Copyright ~~0.00000000~~(C) ~~0.00001385~~2001 0J.~~00001385 976~~P.~~88234451~~ XMorgan 0Chase & Co.~~000017%~~ ~~-------------------------------------------------------------------------------------------------------------~~All ~~--------------------~~rights reserved. =====================================================================================================================

Page 23 of===================================================================================================================== 8Equity ~~------------------------------------------------------------------------------------------------------------------------------~~One ~~EQUITY~~Mortgage ~~ONE MORTGAGE PASS~~Pass-~~THROUGH~~Through ~~CERTIFICATES~~Certificates ~~SERIES~~Series 2004-3 ~~SEPTEMBER~~December 27, 2004 ~~------------------------------------------------------------------------------------------------------------------------------~~===================================================================================================================== ~~Sec.~~Interest ~~4.03(a)(i)~~Distribution ~~Funds~~- ~~Allocable~~AV-2 to65,793.31 ~~Certificate~~Unpaid ~~Principal~~Interest ~~Group~~- IAV-2 ~~Scheduled~~0.00 ~~Principal~~Remaining ~~460,542.48~~Unpaid ~~Group~~Interest I- ~~Curtailments~~AV-2 ~~20,032~~0.9500 ~~Group~~Interest IDistribution ~~Prepayments~~- 2M-1 194,~~304,568~~917.6599 ~~Group~~Unpaid IInterest ~~Repurchases~~- M-1 0.00 ~~Group~~Remaining IUnpaid ~~Liquidation~~Interest ~~Proceeds~~- M-1 0.00 ~~Group~~Interest IIDistribution -A ~~Scheduled Principal 157,118.13 Group II~~M-A2 ~~Curtailments 11~~164,~~564~~236.6746 ~~Group~~Unpaid IIInterest -A ~~Prepayments 3,451,090.75 Group II~~M-A2 ~~Repurchases~~ 0.00 ~~Group~~Remaining ~~II-A~~Unpaid ~~Liquidation~~Interest ~~Proceeds~~- M-2 0.00 ~~Group~~Interest ~~II-B~~Distribution ~~Scheduled Principal 30,579.36 Group II~~-B ~~Curtailments~~ M-3 49,~~496~~109.9346 ~~Group~~Unpaid IIInterest -B ~~Prepayments 691,977.86 Group II~~M-B3 ~~Repurchases~~ 0.00 ~~Group~~Remaining ~~II-B~~Unpaid ~~Liquidation~~Interest ~~Proceeds~~- M-3 0.00 ~~Extra~~Interest ~~Principal~~ Distribution ~~Amount~~- 1M-4 41,~~474,247~~462.0182 ~~Sec.~~Unpaid Interest - M-4 0.0300 ~~(a)(ii)~~Remaining Unpaid Interest ~~Distribution~~- ~~Amounts~~M-4 0.00 Interest Distribution - AFB-1 ~~257~~27,~~014~~345.4936 Unpaid Interest - AFB-1 0.00 Remaining Unpaid Interest - AFB-1 0.00 Interest Distribution - AFB-2 ~~119~~27,~~193~~364.3329 Unpaid Interest - AFB-2 0.00 Remaining Unpaid Interest - AFB-2 0.00 Interest Distribution - AFB-3 ~~161~~34,~~679~~775.0473 Unpaid Interest - AFB-3 0.00 Remaining Unpaid Interest - AFB-3 0.00 Interest ~~Distribution~~Reductions -Net ~~AF-4~~Prepayment ~~182,750~~Interest Shortfalls 0.00 ~~Unpaid~~Relief ~~Interest~~Act -Reductions 230.06 Class AF-41 0Interest Reduction 30.0009 ~~Remaining~~Class ~~Unpaid~~AF-2 Interest -Reduction 13.46 Class AF-43 ~~0.00~~ Interest ~~Distribution~~Reduction -18.25 Class AF-5 ~~83,737~~Interest Reduction 9.7545 ~~Unpaid~~Class AF-4 Interest -Reduction 41.26 Class AF-56 0Interest Reduction 9.0085 ~~Remaining~~Class ~~Unpaid~~AV-1 Interest -Reduction AF39.38 Class AV-52 0Interest Reduction 7.0043 Class M-1 Interest ~~Distribution~~Reduction -22.01 AFClass M-62 ~~87,285~~Interest Reduction 18.0054 ~~Unpaid~~Class M-3 Interest -Reduction AF5.54 Class M-64 0Interest Reduction 4.0068 ~~Remaining~~Class ~~Unpaid~~B-1 Interest -Reduction AF3.09 Class B-62 0Interest Reduction 3.0009 Class B-3 Interest ~~Distribution~~Reduction -3.93 ~~AV-1~~[GRAPHIC ~~337,545~~OMITTED] JPMORGAN Copyright (C) 2001 J.18P. Morgan Chase & Co. All rights reserved. =====================================================================================================================

Page 34 of===================================================================================================================== 8Equity ~~------------------------------------------------------------------------------------------------------------------------------~~One ~~EQUITY~~Mortgage ~~ONE MORTGAGE PASS~~Pass-~~THROUGH~~Through ~~CERTIFICATES~~Certificates ~~SERIES~~Series 2004-3 ~~SEPTEMBER~~December 27, 2004 ~~------------------------------------------------------------------------------------------------------------------------------~~===================================================================================================================== ~~Unpaid~~Sec. ~~Interest~~4.03(a)(iii) -Available AVFunds Shortfall Class AF-1 Available Funds Shortfall 0.00 ~~Remaining~~Class ~~Unpaid~~AF-2 ~~Interest~~Available -Funds ~~AV-1~~Shortfall 0.00 ~~Interest~~Class ~~Distribution~~ AF-3 ~~AV-2~~Available ~~64,308.01~~Funds ~~Unpaid~~Shortfall ~~Interest~~0.00 -Class AVAF-24 Available Funds Shortfall 0.00 ~~Remaining~~Class ~~Unpaid~~AF-5 ~~Interest~~Available -Funds ~~AV-2~~Shortfall 0.00 ~~Interest~~Class ~~Distribution~~ AF-6 ~~M-1~~Available ~~194,940~~Funds Shortfall 0.00 ~~Unpaid~~Class ~~Interest~~ AV- M-1 Available Funds Shortfall 0.00 ~~Remaining~~Class ~~Unpaid~~AV-2 ~~Interest~~Available -Funds Shortfall 0.00 Class M-1 Available Funds Shortfall 0.00 ~~Interest~~Class ~~Distribution -~~ M-2 ~~164,255.00~~Available ~~Unpaid~~Funds ~~Interest~~Shortfall -0.00 Class M-23 Available Funds Shortfall 0.00 ~~Remaining~~Class ~~Unpaid~~M-4 ~~Interest~~Available -Funds ~~M-2~~Shortfall 0.00 ~~Interest~~Class ~~Distribution~~ B-1 ~~M-3~~Available ~~49,115~~Funds Shortfall 0.00 ~~Unpaid~~Class ~~Interest~~ B-2 ~~M-3~~Available Funds Shortfall 0.00 ~~Remaining~~Class ~~Unpaid~~B-3 ~~Interest~~Available -Funds ~~M-3~~Shortfall 0.00 ~~Interest~~Sec. ~~Distribution~~4.03(a)(v) -Pool ~~M-4~~Principal 41Balances Group I Beginning Pool Balance 418,~~467~~040,652.5056 ~~Unpaid~~Group ~~Interest~~I -Ending ~~M-4~~Pool 0Balance 411,058,215.0055 ~~Remaining~~Group ~~Unpaid~~II-A ~~Interest~~Beginning -Pool ~~M-4~~Balance 0164,656,563.0054 ~~Interest~~Group ~~Distribution~~ II-A ~~B-1~~Ending 26Pool Balance 160,~~108~~981,592.5039 ~~Unpaid~~Group ~~Interest~~ II- B-1 ~~0.00~~Beginning ~~Remaining~~Pool ~~Unpaid~~Balance ~~Interest~~31,045,387.04 -Group BII-1B 0Ending Pool Balance 29,490,298.0072 ~~Interest~~Total ~~Distribution~~Beginning -Pool ~~B-2~~Balance 26613,~~608~~742,603.3114 ~~Unpaid~~Total ~~Interest~~Ending -Pool ~~B-2~~Balance 0601,530,106.0066 ~~Remaining~~Sec. ~~Unpaid~~4.03(a)(vi) ~~Interest~~Servicing -Fee ~~B-2~~Group ~~0.00~~I ~~Interest~~Servicing ~~Distribution~~Fee -174,183.61 BGroup II-3A 34Servicing Fee 68,~~379~~606.8190 ~~Unpaid~~Group ~~Interest~~ II- B-3 0Servicing Fee 12,935.0058 ~~Remaining~~Sec. ~~Unpaid~~4.03(a)(viii) ~~Interest~~Delinquency -Advances ~~B-3~~Group I Delinquency Advances Included in Current Distribution 0.00 ~~Interest~~Group ~~Reductions~~I ~~Net~~Recouped ~~Prepayment~~Advances ~~Interest~~Included ~~Shortfalls~~in Current Distribution 0.00 ~~Relief~~Group ~~Act~~I ~~Reductions~~Recouped Advances From Liquidations 0.00 ~~Class~~Group ~~AF-1~~I ~~Interest~~Aggregate ~~Reduction~~Amount of Advances Outstanding 0.00 ~~Class~~Group AFII-2A ~~Interest~~Delinquency ~~Reduction~~Advances 0Included in Current Distribution 14,408.0019 ~~Class~~Group AFII-3A ~~Interest~~Recouped ~~Reduction~~Advances Included in Current Distribution 0.00 ~~Class~~Group AFII-5A ~~Interest~~Recouped ~~Reduction~~Advances From Liquidations 0.00 ~~Class~~Group AFII-4A ~~Interest~~Aggregate ~~Reduction~~Amount 0of Advances Outstanding 191,418.0079 ~~Class~~Group AFII-6B ~~Interest~~Delinquency ~~Reduction~~Advances Included in Current Distribution 0.00 ~~Class~~Group AVII-1B ~~Interest~~Recouped ~~Reduction~~Advances Included in Current Distribution 0.00 ~~Class~~Group AVII-2B ~~Interest~~Recouped ~~Reduction~~Advances From Liquidations 0.00 ~~Class~~Group MII-1B ~~Interest~~Aggregate ~~Reduction~~Amount of Advances Outstanding 0.00 ~~Class~~[GRAPHIC ~~M-2~~OMITTED] ~~Interest~~JPMORGAN ~~Reduction~~Copyright 0(C) 2001 J.00P. ~~Class~~Morgan ~~M-3~~Chase ~~Interest~~& ~~Reduction~~Co. 0All rights reserved.00 =====================================================================================================================

Page 5 ===================================================================================================================== Equity One Mortgage Pass-Through Certificates Series 2004-3 December 27, 2004 ===================================================================================================================== Section 4.03(a)(ix) ofA 8Group I,Group II-A, and Group II-B Loans Delinquent ==================================================================================== Group 1 ------------------------------------------------------------------------------------ Principal Period Number Balance Percentage ---------------------------------------- ~~EQUITY ONE MORTGAGE PASS~~-~~THROUGH CERTIFICATES SERIES 2004~~-~~3 SEPTEMBER 27, 2004~~ ------------------------------------------ 0-30 days 175 23,654,206.68 5.75% ------------------------------------------------------------------------------------ ~~Class M~~31-460 ~~Interest~~days ~~Reduction~~27 03,317,038.0014 ~~Class B-1 Interest Reduction~~ 0.0081% ~~Class~~------------------------------------------------------------------------------------ B61-290 ~~Interest~~days ~~Reduction~~8 01,195,132.0017 ~~Class B-3 Interest Reduction~~ 0.0029% ~~Sec.~~------------------------------------------------------------------------------------ ~~4.03(a)(iii)~~91+days ~~Available Funds Shortfall Class AF-~~1 ~~Available~~77,488.78 ~~Funds Shortfall~~ 0.0002% ~~Class AF~~-2----------------------------------------------------------------------------------- ~~Available~~Total ~~Funds~~211 ~~Shortfall~~28,243,865.77 06.0087% ~~Class AF~~-3----------------------------------------------------------------------------------- ~~Available~~==================================================================================== ~~Funds~~Group ~~Shortfall~~2 ~~0.00 Class AF~~-4----------------------------------------------------------------------------------- ~~Available~~Principal ~~Funds~~Period ~~Shortfall~~Number ~~0.00~~Balance ~~Class~~Percentage AF-5----------------------------------------------------------------------------------- ~~Available Funds Shortfall~~ 0~~.00 Class AF~~-630 ~~Available~~days ~~Funds~~91 ~~Shortfall~~13,333,087.09 08.0028% ~~Class AV~~-1----------------------------------------------------------------------------------- ~~Available Funds Shortfall 0.00 Class AV~~31-260 ~~Available~~days ~~Funds~~11 ~~Shortfall 0~~1,692,852.0084 ~~Class M-~~1 ~~Available Funds Shortfall 0~~.0005% ~~Class M~~-2----------------------------------------------------------------------------------- ~~Available Funds Shortfall 0.00 Class M~~61-390 ~~Available~~days ~~Funds~~5 ~~Shortfall 0~~623,809.0009 ~~Class M-4 Available Funds Shortfall~~ 0.0039% ~~Class B~~-1----------------------------------------------------------------------------------- ~~Available~~91+days ~~Funds~~2 ~~Shortfall 0~~231,319.0008 ~~Class B-2 Available Funds Shortfall~~ 0.0014% ~~Class B~~-3----------------------------------------------------------------------------------- ~~Available~~Total ~~Funds~~109 ~~Shortfall 0~~15,881,068.0010 ~~Sec~~9.86% ~~4.03(a)(v)~~------------------------------------------------------------------------------------ ~~Pool~~==================================================================================== ~~Principal Balances~~ Group I3 ~~Beginning~~------------------------------------------------------------------------------------ ~~Pool~~Principal ~~Balance~~Period ~~428,713,021.89~~Number ~~Group I Ending Pool~~ Balance ~~425,927,877.81~~Percentage ~~Group~~------------------------------------------------------------------------------------ II0-A30 ~~Beginning~~days ~~Pool~~9 ~~Balance 176~~1,~~388~~003,~~329~~548.7517 ~~Group~~3.40% II-A----------------------------------------------------------------------------------- ~~Ending~~31-60 ~~Pool~~days ~~Balance~~1 ~~172~~334,~~768,556~~908.2025 ~~Group~~1.14% II-B----------------------------------------------------------------------------------- ~~Beginning~~61-90 ~~Pool~~days ~~Balance~~1 33103,~~427,844~~680.3949 ~~Group~~0.35% II-B----------------------------------------------------------------------------------- ~~Ending~~91+days ~~Pool~~0 ~~Balance~~0.00 ~~32,708,784~~0.1000% ------------------------------------------------------------------------------------ Total ~~Beginning~~11 ~~Pool Balance 638~~1,~~529~~442,~~196~~136.0391 ~~Total Ending Pool Balance 631,405,218~~4.1189% ------------------------------------------------------------------------------------ Sec. 4.03 (a)(viix) ~~Servicing~~B ~~Fee~~ Group I ~~Servicing Fee 178~~,~~630.43~~ Group II-A ~~Servicing Fee 73~~,~~495.14~~ and Group II-B ~~Servicing~~Loans ~~Fee~~in ~~13,928.27~~Foreclosure ~~Sec.~~=========================================================== ~~4.03(a)(viii)~~Group ~~Delinquency~~1 ~~Advances~~----------------------------------------------------------- ~~Group~~Principal INumber ~~Delinquency~~Balance ~~Advances~~Percentage ~~Included~~----------------------------------------------------------- in6 ~~Current~~671,823.59 ~~Distribution~~ 0.0016% ~~Group~~----------------------------------------------------------- I=========================================================== ~~Recouped~~Group ~~Advances~~2 ~~Included~~----------------------------------------------------------- inPrincipal ~~Current~~Number ~~Distribution~~Balance ~~0.00~~Percentage ~~Group~~----------------------------------------------------------- I6 ~~Recouped~~1,214,680.21 ~~Advances From Liquidations~~ 0.0075% ~~Group~~----------------------------------------------------------- I=========================================================== ~~Aggregate~~Group ~~Amount~~3 of----------------------------------------------------------- ~~Advances~~Principal ~~Outstanding~~Number ~~0.00~~Balance ~~Group~~Percentage II-A---------------------------------------------------------- ~~Delinquency~~1 ~~Advances Included in Current Distribution 112~~59,~~792~~374.5493 ~~Group~~0.20% II-A---------------------------------------------------------- ~~Recouped~~[GRAPHIC ~~Advances~~OMITTED] ~~Included~~JPMORG inCopyright ~~Current~~(C) ~~Distribution~~2001 0J.00P. ~~Group~~Morgan ~~II-A~~Chase ~~Recouped~~& ~~Advances~~Co. ~~From~~All ~~Liquidations~~rights 0reserved.00 ============================================================================================

Page 56 of===================================================================================================================== 8Equity ~~------------------------------------------------------------------------------------------------------------------------------~~One ~~EQUITY~~Mortgage ~~ONE MORTGAGE PASS~~Pass-~~THROUGH~~Through ~~CERTIFICATES~~Certificates ~~SERIES~~Series 2004-3 ~~SEPTEMBER~~December 27, 2004 ~~------------------------------------------------------------------------------------------------------------------------------~~===================================================================================================================== ~~Group II-A Aggregate Amount of Advances Outstanding 112,792~~Sec.54 Group II-B Delinquency Advances Included in Current Distribution 0.00 Group II-B Recouped Advances Included in Current Distribution 0.00 Group II-B Recouped Advances From Liquidations 0.00 Group II-B Aggregate Amount of Advances Outstanding 0.00 Section 4.03(a)(ixx),(xi) A Group I, Group II-A, and Group II-B Loans ~~Delinquent~~in ~~-----------------------------------------------------------------------~~REO =========================================================== Group 1 -----------------------------------------------------------~~------------~~ ~~Period~~Principal Number ~~Principal~~ Balance Percentage -----------------------------------------------------------~~------------~~ 0~~-30~~ ~~days 153 21,350,923~~0.9300 50.0100% -----------------------------------------------------------~~------------~~ ~~31-60~~=========================================================== ~~days~~Group 19 2~~,449,720.13~~ ~~0.58%~~ -----------------------------------------------------------~~------------~~ ~~61-90~~Principal ~~days~~Number 5Balance ~~452,058.84~~Percentage ~~0.11%~~ -----------------------------------------------------------~~------------~~ ~~91+days~~ 0 0.00 0.00% -----------------------------------------------------------~~------------~~ ~~Total~~=========================================================== ~~177 24,252,702.90 5.70% ----------------------------------------------------------------------- -----------------------------------------------------------------------~~ Group 23 -----------------------------------------------------------~~------------~~ ~~Period~~Principal Number ~~Principal~~ Balance Percentage -----------------------------------------------------------~~------------~~ 0~~-30~~ ~~days 72 10,826,337~~0.7800 60.2700% -----------------------------------------------------------~~------------~~ ~~31-60~~Market ~~days~~Value 3of ~~313,297.06~~Group I REO Loans 0.~~18%~~00 ~~-----------------------------------------------------------------------~~Market ~~61-90~~Value ~~days~~of 2Group ~~194,141.66~~II-A REO Loans 0.~~11%~~00 Market Value of Group II-~~----------------------------------------------------------------------~~B ~~91+days~~REO 0Loans 0.00 0Sec.~~00%~~ ~~-----------------------------------------------------------------------~~4.03(a)(xii) ~~Total~~Aggregate 77Stated ~~11,333,776.50~~Principal ~~6.56%~~Balance ~~-----------------------------------------------------------------------~~of ~~-----------------------------------------------------------------------~~the ~~Group~~Three 3Largest ~~-----------------------------------------------------------------------~~Loans ~~Period~~Group ~~Number~~I ~~Principal~~Three ~~Balance~~Largest ~~Percentage~~Loans ~~-----------------------------------------------------------------------~~1,933,864.13 0Group II-30A ~~days~~Three 13Largest 2Loans 1,~~513~~145,~~867~~370.9552 ~~7.69%~~Group II-~~----------------------------------------------------------------------~~B ~~31-60~~Three ~~days~~Largest 2Loans ~~467~~1,~~496~~864,160.9869 1Sec.~~43%~~ ~~-----------------------------------------------------------------------~~4.03(a)(xiii) 61Net WAC Cap Carryover Class AV-901 ~~days~~Net 0WAC ~~0.00~~Cap Carryover Amounts Due 0.00% Class AV-~~----------------------------------------------------------------------~~1 ~~91+days~~Net 0WAC Cap Carryover Amounts Paid 0.00 Class AV-1 Net WAC Cap Carryover Remaining Amounts Due 0.00% Class AV-~~----------------------------------------------------------------------~~2 ~~Total~~Net 15WAC ~~2,981,364.93~~Cap 9Carryover Amounts Due 0.~~12%~~00 Class AV-~~----------------------------------------------------------------------~~2 ~~Sec.~~Net ~~4.03~~WAC ~~(a)(ix)~~Cap BCarryover ~~Group~~Amounts I,Paid ~~Group~~0.00 IIClass AV-A,2 ~~and~~Net ~~Group~~WAC ~~II-B~~Cap ~~Loans~~Carryover inRemaining ~~Foreclosure~~Amounts ~~-------------------------------------------------~~Due ~~Group~~0.00 1Class B-~~------------------------------------------------~~1 ~~Number~~Net ~~Principal~~WAC ~~Balance~~Cap ~~Percentage~~Carryover ~~-------------------------------------------------~~Amounts 0Due 0.00 Class B-1 Net WAC Cap Carryover Amounts Paid 0.00% ~~-------------------------------------------------~~Class B-~~------------------------------------------------~~1 ~~Group~~Net 2WAC ~~-------------------------------------------------~~Cap ~~Number~~Carryover ~~Principal~~Remaining ~~Balance~~Amounts ~~Percentage~~Due 0.00 Class B-~~------------------------------------------------~~2 0Net WAC Cap Carryover Amounts Due 0.00 Class B-2 Net WAC Cap Carryover Amounts Paid 0.00% ~~-------------------------------------------------~~Class B-~~------------------------------------------------~~2 ~~Group~~Net 3WAC ~~-------------------------------------------------~~Cap ~~Number~~Carryover ~~Principal~~Remaining ~~Balance~~Amounts ~~Percentage~~Due 0.00 Class B-~~------------------------------------------------~~3 0Net WAC Cap Carryover Amounts Due 0.00 Class B-3 Net WAC Cap Carryover Amounts Paid 0.00% Class B-~~------------------------------------------------~~3 Net WAC Cap Carryover Remaining Amounts Due 0.00 Sec. 4.03(a)(xxiv)~~,(xi)~~ Aggregate Principal Balance of Balloon Loans with Original Terms <= 36 Months and 60+ Contractually Past Due Group I, Aggregate Principal Balance of Balloon Loans 0.00 Group II-A, ~~and~~Aggregate Principal Balance of Balloon Loans 0.00 Group II-B Aggregate Principal Balance of Balloon Loans in0.00 ~~REO~~[GRAPHIC OMITTED] JPMORGAN Copyright (C) 2001 J.P. Morgan Chase & Co. All rights reserved. =====================================================================================================================

Page 67 of================================================================================================================================= 8Equity ~~------------------------------------------------------------------------------------------------------------------------------~~One ~~EQUITY~~Mortgage ~~ONE MORTGAGE PASS~~Pass-~~THROUGH~~Through ~~CERTIFICATES~~Certificates ~~SERIES~~Series 2004-3 ~~SEPTEMBER~~December 27, 2004 ~~------------------------------------------------------------------------------------------------------------------------------~~================================================================================================================================= ~~-------------------------------------------------~~Sec. ~~Group~~4.03 1(a)(xv),(xxii) ~~-------------------------------------------------~~Realized ~~Number~~Losses ~~Principal~~Group ~~Balance~~I ~~Percentage~~Current ~~-------------------------------------------------~~Period 0Realized ~~0.00~~Losses 0.00% ~~------------------------------------------------- -------------------------------------------------~~ Group 2I ~~-------------------------------------------------~~Cumulative ~~Number~~Realized ~~Principal~~Losses ~~Balance~~6,557.48 ~~Percentage~~Group II-~~------------------------------------------------~~A 0Current Period Realized Losses 0.00 Group II-A Cumulative Realized Losses 0.00% ~~-------------------------------------------------~~Group II-~~------------------------------------------------~~B ~~Group~~Current 3Period ~~-------------------------------------------------~~Realized ~~Number~~Losses ~~Principal~~0.00 ~~Balance~~Group ~~Percentage~~ II-~~------------------------------------------------~~B 0Cumulative Realized Losses 0.00 0Sec.~~00%~~ ~~-------------------------------------------------~~4.03 ~~Market~~(a)(xvi) ~~Value~~Reserve ofFund ~~Group~~Beginning IBalance ~~REO~~of ~~Loans~~Reserve Fund 0.00 ~~Market~~Funds ~~Value~~Withdrawn ofFrom ~~Group~~Reserve ~~II-A~~Fund ~~REO~~For ~~Loans~~Distribution 0.00 ~~Market~~Funds ~~Value~~Deposited ofto ~~Group~~Reserve ~~II-B~~Fund ~~REO~~42,039.69 ~~Loans~~Ending Balance of Reserve Fund 0.00 Yield Maintenance Payment for Class AV1 35,231.57 Yield Maintenance Payment for Class AV2 6,808.11 Sec. 4.03 (a)(~~xii~~xvii) ~~Aggregate~~Number ~~Stated Principal Balance~~ of ~~the Three Largest~~ Loans Repurchased Group I ~~Three~~Number ~~Largest~~of Loans ~~1,940,375~~Repurchased 0.6900 Group II-A ~~Three~~Number ~~Largest~~of Loans ~~1,148,174~~Repurchased 0.8800 Group II-B ~~Three~~Number ~~Largest~~of Loans ~~1,884,398~~Repurchased 0.9700 Sec. 4.03 (a)(~~xiii~~xviii) ~~Net~~Weighted ~~WAC~~Average ~~Cap~~Mortgage ~~Carryover~~Rate ~~Class~~of ~~AV-1~~Outstanding ~~Net~~Loans ~~WAC~~(as ~~Cap~~of ~~Carryover~~first ~~Amounts~~day ~~Due~~of ~~0.00~~related ~~Class~~Due ~~AV-1~~Period) ~~Net~~Group ~~WAC~~I ~~Cap~~Weighted ~~Carryover~~Average ~~Amounts~~Mortgage ~~Paid~~Rate 06.0070 ~~Class~~% AVGroup II-1A ~~Net~~Weighted ~~WAC~~Average ~~Cap~~Mortgage ~~Carryover~~Rate ~~Remaining Amounts Due 0~~6.0080 ~~Class~~% AVGroup II-2B ~~Net~~Weighted ~~WAC~~Average ~~Cap~~Mortgage ~~Carryover~~Rate ~~Amounts~~6.78 ~~Due~~% 0Sec.00 ~~Class~~4.03 ~~AV-2~~(a)(xix) ~~Net~~Weighted ~~WAC~~Average ~~Cap~~Remaining ~~Carryover~~Term ~~Amounts~~of ~~Paid~~Outstanding ~~0.00~~Loans ~~Class~~Group ~~AV-2~~I ~~Net~~Weighted ~~WAC~~Average ~~Cap Carryover~~ Remaining ~~Amounts~~Term ~~Due 0~~336.00 ~~Class~~Group BII-1A ~~Net~~Weighted ~~WAC~~Average ~~Cap~~Remaining ~~Carryover~~Term ~~Amounts Due 0~~353.00 ~~Class~~Group BII-1B ~~Net~~Weighted ~~WAC~~Average ~~Cap~~Remaining ~~Carryover~~Term ~~Amounts Paid 0~~353.00 ~~Class~~Sec. ~~B-1~~4.03 ~~Net~~(a)(xxi), ~~WAC~~(xxii),(xxiii) ~~Cap~~Overcollateralization ~~Carryover Remaining~~ Amounts ~~Due~~Overcollateralization 0Amount 9,362,212.0025 ~~Class~~Overcollateralization ~~B-2~~Target ~~Net~~Amount ~~WAC~~20,359,938.41 ~~Cap~~Overcollateralization ~~Carryover~~Release ~~Amounts~~Amount ~~Due~~ 0.00 ~~Class~~Overcollateralization ~~B-2~~Deficiency ~~Net~~Amount ~~WAC~~10,997,726.16 ~~Cap~~Sec. ~~Carryover Amounts Paid 0~~4.0003 ~~Class~~(a)(xxiv) ~~B-2~~Trigger ~~Net~~Events ~~WAC~~Has ~~Cap~~a ~~Carryover~~Trigger ~~Remaining~~Event ~~Amounts~~Occurred ~~Due~~and ~~0.00~~is ~~Class~~continuing? ~~B-3~~NO ~~Net~~Cumulative ~~WAC~~Realized ~~Cap~~Losses ~~Carryover~~as ~~Amounts~~a ~~Due~~percentage ~~0.00~~of ~~Class~~the ~~B-3~~Original ~~Net~~Pool ~~WAC~~Balance ~~Cap Carryover Amounts Paid~~ 0.00% ~~Class~~Senior ~~B-3~~Enhancement ~~Net~~Percentage ~~WAC~~20.73% ~~Cap~~Senior ~~Carryover~~Specified ~~Remaining~~Enhancement ~~Amounts~~Percentage ~~Due 0~~42.0040% Sec. 4.03 (a)(~~xiv~~xxv) ~~Aggregate~~60+ ~~Principal~~Day ~~Balance~~Delinquent ~~of Balloon~~ Loans ~~with Original Terms <= 36 Months and~~ 60+ ~~Contractually~~Day ~~Past~~Delinquent ~~Due~~Loans ~~Group~~as Ia ~~Aggregate~~percentage ~~Principal~~of ~~Balance~~the ofcurrent ~~Balloon~~Pool ~~Loans~~Balance 0.0069% ~~Group~~Sec. ~~II-A~~4.03 ~~Aggregate~~(a)(xxvi) ~~Principal~~Amount ~~Balance~~ of ~~Balloon~~Funds ~~Loans~~Collected ~~0.00~~by ~~Group~~Trustee ~~II-B~~under ~~Aggregate~~Yield ~~Principal~~Maintenance ~~Balance~~Agreement ~~of Balloon Loans 0~~42,039.0069 Sec. 4.03 (a)(xvxxvii), Pre-Funded Amount 0.00 [GRAPHIC OMITTED] JPMORGAN Copyright (~~xxii~~C) ~~Realized~~2001 ~~Losses~~J.P. Morgan Chase & Co. All rights reserved. =================================================================================================================================

Page 7 of 8 ------------------------------------------------------------------------------------------------------------------------------ EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2004-3 SEPTEMBER 27, 2004 ------------------------------------------------------------------------------------------------------------------------------ Group I Current Period Realized Losses 0.00 Group I Cumulative Realized Losses 0.00 Group II-A Current Period Realized Losses 0.00 Group II-A Cumulative Realized Losses 0.00 Group II-B Current Period Realized Losses 0.00 Group II-B Cumulative Realized Losses 0.00 Sec. 4.03 (a)(xvi) Reserve Fund Beginning Balance of Reserve Fund 0.00 Funds Withdrawn From Reserve Fund For Distribution 0.00 Funds Deposited to Reserve Fund 0.00 Ending Balance of Reserve Fund 0.00 Sec. 4.03 (a)(xvii) Number of Loans Repurchased Group I Number of Loans Repurchased 0.00 Group II-A Number of Loans Repurchased 0.00 Group II-B Number of Loans Repurchased 0.00 Sec. 4.03 (a)(xviii) Weighted Average Mortgage Rate of Outstanding Loans (as of first day of related Due Period) Group I Weighted Average Mortgage Rate 6.71% Group II-A Weighted Average Mortgage Rate 6.79% Group II-B Weighted Average Mortgage Rate 6.71% Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans Group I Weighted Average Remaining Term 339.00 Group II-A Weighted Average Remaining Term 356.00 Group II-B Weighted Average Remaining Term 356.00 Sec. 4.03 (a)(xxi), (xxii), (xxiii) Overcollateralization Amounts Overcollateralization Amount 5,039,041.52 Overcollateralization Target Amount 20,359,938.41 Overcollateralization Release Amount 0.00 Overcollateralization Deficiency Amount 15,320,896.89 Sec. 4.03 (a)(xxiv) Trigger Events Has a Trigger Event Occurred and is continuing? NO Cumulative Realized Losses as a percentage of the Original Pool Balance 0.00% Senior Enhancement Percentage 18.48% Senior Specified Enhancement Percentage 42.40% Sec. 4.03 (a)(xxv) 60+ Day Delinquent Loans 60+ Day Delinquent Loans as a percentage of the current Pool Balance 0.10% Sec. 4.03 (a)(xxvi) Amount of Funds Collected by Trustee under Yield Maintenance Agreement 0.00

Page 8 of 8 ------------------------------------------------------------------------------------------------------------------------------ EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2004-3 SEPTEMBER 27, 2004 ------------------------------------------------------------------------------------------------------------------------------ Sec. 4.03 (a)(xxvii) Pre-Funded Amount 0.00

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