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 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 December 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: January 5, 2005 3

Page 2 of 8 -------------------------------------------------------------------------------- EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-1 DECEMBER 27, 2004 -------------------------------------------------------------------------------- Sec. 4.03(a)(i) Funds Allocable to Certificate Principal Group I Scheduled Principal 595,584.73 Group I Curtailments 42,437.61 Group I Prepayments 20,428,021.16 Group I Repurchases 0.00 Group I Liquidation Proceeds 0.00 Group II-A Scheduled Principal 81,541.43 Group II-A Curtailments 6,187.40 Group II-A Prepayments 5,678,060.69 Group II-A Repurchases 0.00 Group II-A Liquidation Proceeds 0.00 Group II-B Scheduled Principal 82,061.44 Group II-B Curtailments 4,711.76 Group II-B Prepayments 3,380,002.13 Group II-B Repurchases 0.00 Group II-B Liquidation Proceeds 0.00 Extra Principal Distribution Amount 2,178,839.75 Sec. 4.03(a)(ii) Interest Distribution Amounts Interest Distribution - AF-1 178,063.67 Unpaid Interest - AF-1 0.00 Remaining Unpaid Interest - AF-1 0.00 Interest Distribution - AF-2 188,064.20 Unpaid Interest - AF-2 0.00 Remaining Unpaid Interest - AF-2 0.00 Interest Distribution - AF-3 208,603.14 Unpaid Interest - AF-3 0.00 Remaining Unpaid Interest - AF-3 0.00 Interest Distribution - AF-4 191,546.71 Unpaid Interest - AF-4 0.00 Remaining Unpaid Interest - AF-4 0.00 Interest Distribution - AF-5 129,186.63 Unpaid Interest - AF-5 0.00 Remaining Unpaid Interest - AF-5 0.00 Interest Distribution - AF-6 105,081.25 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 DECEMBER 27, 2004 -------------------------------------------------------------------------------- Interest Distribution - AV-1 193,368.79 Unpaid Interest - AV-1 0.00 Remaining Unpaid Interest - AV-1 0.00 Interest Distribution - AV-2 188,169.29 Unpaid Interest - AV-2 0.00 Remaining Unpaid Interest - AV-2 0.00 Interest Distribution - M-1 230,004.23 Unpaid Interest - M-1 0.00 Remaining Unpaid Interest - M-1 0.00 Interest Distribution - M-2 210,905.94 Unpaid Interest - M-2 0.00 Remaining Unpaid Interest - M-2 0.00 Interest Distribution - M-3 59,150.37 Unpaid Interest - M-3 0.00 Remaining Unpaid Interest - M-3 0.00 Interest Distribution - M-4 60,837.17 Unpaid Interest - M-4 0.00 Remaining Unpaid Interest - M-4 0.00 Interest Distribution - B-1 36,125.44 Unpaid Interest - B-1 0.00 Remaining Unpaid Interest - B-1 0.00 Interest Distribution - B-2 42,903.87 Unpaid Interest - B-2 0.00 Remaining Unpaid Interest - B-2 0.00 Interest Reductions Net Prepayment Interest Shortfalls 0.00 Relief Act Reductions 921.69 Class AF-1 Interest Reduction 74.14 Class AF-2 Interest Reduction 78.30 Class AF-3 Interest Reduction 86.86 Class AF-5 Interest Reduction 53.79 Class AF-4 Interest Reduction 159.54 Class AF-6 Interest Reduction 43.75 Class AV-1 Interest Reduction 80.51 Class AV-2 Interest Reduction 78.35 Class M-1 Interest Reduction 95.77 Class M-2 Interest Reduction 87.81 Class M-3 Interest Reduction 24.63 Class M-4 Interest Reduction 25.33 Class B-1 Interest Reduction 15.04 Class B-2 Interest Reduction 17.86 [Graphic Appears Here] JPMorgan COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED. --------------------------------------------------------------------------------

Page 5 of 8 -------------------------------------------------------------------------------- EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-1 DECEMBER 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 412 52,088,206.12 9.81% 31-60 days 70 9,775,971.32 1.84% 61-90 days 16 1,885,434.53 0.35% 91+days 22 2,292,575.82 0.43% Total 520 66,042,187.79 12.43% ------------------------------------------------------- Group 2 ------------------------------------------------------- Period Number Principal Balance Percentage ------------------------------------------------------- 0-30 days 58 7,396,735.12 8.26% 31-60 days 13 1,492,419.15 1.67% 61-90 days 9 961,982.42 1.07% 91+days 8 1,105,952.34 1.23% Total 88 10,957,089.03 12.23% ------------------------------------------------------- Group 3 ------------------------------------------------------- Period Number Principal Balance Percentage ------------------------------------------------------- 0-30 days 46 5,711,258.86 6.34% 31-60 days 11 987,946.83 1.10% 61-90 days 4 452,255.07 0.50% 91+days 3 348,264.63 0.39% Total 64 7,499,725.39 8.33% Sec. 4.03(a)(ix)B Group I,Group II-A, and Group II-B Loans in Foreclosure --------------------------------------------------- Group 1 --------------------------------------------------- Number Principal Balance Percentage --------------------------------------------------- 40 4,733,385.48 0.89% --------------------------------------------------- --------------------------------------------------- Group 2 --------------------------------------------------- Number Principal Balance Percentage --------------------------------------------------- 9 1,016,122.28 1.13% --------------------------------------------------- --------------------------------------------------- Group 3 --------------------------------------------------- Number Principal Balance Percentage --------------------------------------------------- 13 1,478,674.24 1.64% --------------------------------------------------- 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. --------------------------------------------------------------------------------

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