8-K 1 eight-k.txt EIGHT-K.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 -August 25, 2005 --------------------------------- (Date of Earliest Event Reported) POPULAR ABS, INC. ------------------------------------------------------------------------- (as depositor under a certain Pooling and Servicing Agreement dated as of March 1, 2005, providing for the issuance of Mortgage Pass-Through Certificates, Series 2005-2) (Exact Name of Registrant as specified in its charter)

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-1A, AV-1B, AV-2, M-1, M-2, M-3, M-4, M-5 and M-6 Certificateholders with respect to the August 25, 2005 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: August 25, 2005 3 Page 1 of 10 POPULAR ABS MORTGAGE PASS-THROUGH TRUST 2005-2 STATEMENT TO CERTIFICATEHOLDERS AUGUST 25, 2005

[GRAPHIC OMITTED] COPYRIGHT 2005 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED. Page 3 of 10 POPULAR ABS MORTGAGE PASS-THROUGH TRUST 2005-2 AUGUST 25, 2005 Sec. 4.03(a)(i) Funds Allocable to Certificate Principal Group I Scheduled Principal 340,317.50 Group I Curtailments 23,585.50 Group I Prepayments 5,325,140.43 Group I Repurchases 0.00 Group I Liquidation Proceeds 0.00 Group II-A Scheduled Principal 112,457.84 Group II-A Curtailments 10,676.56 Group II-A Prepayments 2,418,926.15 Group II-A Repurchases 0.00 Group II-A Liquidation Proceeds 0.00 Group II-B Scheduled Principal 35,299.31 Group II-B Curtailments 1,724.23 Group II-B Prepayments 197,790.47 Group II-B Repurchases 0.00 Group II-B Liquidation Proceeds 0.00 Extra Principal Distribution Amount 845,439.81 Sec. 4.03 (a)(ii) Interest Distribution Amounts Interest Distribution - AF-1 325,900.82 Unpaid Interest - AF-1 0.00 Remaining Unpaid Interest - AF-1 0.00 Interest Distribution - AF-2 84,610.26 Unpaid Interest - AF-2 0.00 Remaining Unpaid Interest - AF-2 0.00 Interest Distribution - AF-3 157,830.28 Unpaid Interest - AF-3 0.00 Remaining Unpaid Interest - AF-3 0.00 Interest Distribution - AF-4 130,671.17 Unpaid Interest - AF-4 0.00 Remaining Unpaid Interest - AF-4 0.00 Interest Distribution - AF-5 51,982.78 Unpaid Interest - AF-5 0.00 Remaining Unpaid Interest - AF-5 0.00 Interest Distribution - AF-6 54,159.90 Unpaid Interest - AF-6 0.00

[GRAPHIC OMITTED] COPYRIGHT 2005 J.P.MORGAN CHASE & CO. ALL RIGHTS RESERVED. Page 4 of 10 POPULAR ABS MORTGAGE PASS-THROUGH TRUST 2005-2 AUGUST 25, 2005 Remaining Unpaid Interest - AF-6 0.00 Interest Distribution - AV-1A 317,708.31 Unpaid Interest - AV-1A 0.00 Remaining Unpaid Interest - AV-1A 0.00 Interest Distribution - AV-1B 81,173.47 Unpaid Interest - AV-1B 0.00 Remaining Unpaid Interest - AV-1B 0.00 Interest Distribution - AV-2 123,096.69 Unpaid Interest - AV-2 0.00 Remaining Unpaid Interest - AV-2 0.00 Interest Distribution - M-1 167,540.41 Unpaid Interest - M-1 0.00 Remaining Unpaid Interest - M-1 0.00 Interest Distribution - M-2 131,350.72 Unpaid Interest - M-2 0.00 Remaining Unpaid Interest - M-2 0.00 Interest Distribution - M-3 23,320.24 Unpaid Interest - M-3 0.00 Remaining Unpaid Interest - M-3 0.00 Interest Distribution - M-4 37,505.07 Unpaid Interest - M-4 0.00 Remaining Unpaid Interest - M-4 0.00 Interest Distribution - M-5 21,914.26 Unpaid Interest - M-5 0.00 Remaining Unpaid Interest - M-5 0.00 Interest Distribution - M-6 31,502.39 Unpaid Interest - M-6 0.00 Remaining Unpaid Interest - M-6 0.00 Interest Distribution - B-1 35,391.71 Unpaid Interest - B-1 0.00 Remaining Unpaid Interest - B-1 0.00 Interest Distribution - B-2 32,149.00 Unpaid Interest - B-2 0.00 Remaining Unpaid Interest - B-2 0.00 Interest Distribution - B-3 41,587.90 Unpaid Interest - B-3 0.00

[GRAPHIC OMITTED] COPYRIGHT 2005 J.P.MORGAN CHASE & CO. ALL RIGHTS RESERVED. Page 5 of 10 POPULAR ABS MORTGAGE PASS-THROUGH TRUST 2005-2 AUGUST 25, 2005 Remaining Unpaid Interest - B-3 0.00 Interest Reductions Net Prepayment Interest Shortfalls 0.00 Relief Act Reductions 230.58 Class AF-1 Interest Reduction 40.73 Class AF-2 Interest Reduction 10.57 Class AF-3 Interest Reduction 19.72 Class AF-4 Interest Reduction 16.33 Class AF-5 Interest Reduction 6.50 Class AV-1B Interest Reduction 10.14 Class AV-1A Interest Reduction 39.70 Class AF-6 Interest Reduction 6.77 Class AV-2 Interest Reduction 15.38 Class M-1 Interest Reduction 20.94 Class M-2 Interest Reduction 16.41 Class M-3 Interest Reduction 2.91 Class M-4 Interest Reduction 4.69 Class M-5 Interest Reduction 2.74 Class M-6 Interest Reduction 3.94 Class B-1 Interest Reduction 4.25 Class B-2 Interest Reduction 3.86 Class B-3 Interest Reduction 4.99 Sec. 4.03(a)(iii) Available Funds Shortfall Class AF-1 Available Funds Shortfall 0.00 Class AF-2 Available Funds Shortfall 0.00 Class AF-3 Available Funds Shortfall 0.00 Class AF-4 Available Funds Shortfall 0.00 Class AF-5 Available Funds Shortfall 0.00 Class AF-6 Available Funds Shortfall 0.00 Class AV-1A Available Funds Shortfall 0.00 Class AV-1B Available Funds Shortfall 0.00 Class AV-2 Available Funds Shortfall 0.00 Class M-1 Available Funds Shortfall 0.00 Class M-2 Available Funds Shortfall 0.00 Class M-3 Available Funds Shortfall 0.00 Class M-4 Available Funds Shortfall 0.00 Class M-5 Available Funds Shortfall 0.00 Class M-6 Available Funds Shortfall 0.00 Class B-1 Available Funds Shortfall 0.00 Class B-2 Available Funds Shortfall 0.00 Class B-3 Available Funds Shortfall 0.00 Sec. 4.03(a)(v) Pool Principal Balances

[GRAPHIC OMITTED] COPYRIGHT 2005 J.P.MORGAN CHASE & CO. ALL RIGHTS RESERVED. Page 6 of 10 POPULAR ABS MORTGAGE PASS-THROUGH TRUST 2005-2 AUGUST 25, 2005 Group I Beginning Pool Balance 334,889,267.04 Group I Ending Pool Balance 329,200,223.61 Group II-A Beginning Pool Balance 128,106,275.22 Group II-A Ending Pool Balance 125,564,214.67 Group II-B Beginning Pool Balance 39,601,265.83 Group II-B Ending Pool Balance 39,366,451.82 Total Beginning Pool Balance 502,596,808.09 Total Ending Pool Balance 494,130,890.10 Sec. 4.03(a)(vi) Servicing Fee Group I Servicing Fee 139,537.19 Group II-A Servicing Fee 53,377.61 Group II-B Servicing Fee 16,500.53 Sec. 4.03(a)(viii) Delinquency Advances Group I Delinquency Advances Included in Current Distribution 0.00 Group I Recouped Advances Included in Current Distribution 31,683.99 Group I Recouped Advances From Liquidations 0.00 Group I Aggregate Amount of Advances Outstanding 1,692,634.64 Group II-A Delinquency Advances Included in Current Distribution 0.00 Group II-A Recouped Advances Included in Current 15,157.77 Distribution Group II-A Recouped Advances From Liquidations 0.00 Group II-A Aggregate Amount of Advances Outstanding 872,245.26 Group II-B Delinquency Advances Included in Current Distribution 5,233.86 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 233,709.41 Section 4.03(a)(ix) A Group I,Group II-A, and Group II-B Loans Delinquent

Delinquency by Group Group 1

Delinquency by Group Group 3

Sec. 4.03 (a)(ix) B Group I,Group II-A, and Group II-B Loans in Foreclosure

Sec. 4.03(a)(x),(xi) Group I,Group II-A, and Group II-B Loans in REO

Market Value of Group I REO Loans 0.00 Market Value of Group II-A REO Loans 0.00 Market Value of Group II-B REO Loans 0.00

[GRAPHIC OMITTED] COPYRIGHT 2005 J.P.MORGAN CHASE & CO. ALL RIGHTS RESERVED. Page 8 of 10 POPULAR ABS MORTGAGE PASS-THROUGH TRUST 2005-2 AUGUST 25, 2005 Sec. 4.03(a)(xii) Aggregate Stated Principal Balance of the Three Largest Loans Group I Three Largest Loans 2,056,284.11 Group II-A Three Largest Loans 1,205,085.52 Group II-B Three Largest Loans 2,231,778.92 Sec. 4.03(a)(xiii) Net WAC Cap Carryover Class AF-1 Net WAC Cap Carryover Amounts Due 0.00 Class AF-1 Net WAC Cap Carryover Amounts Paid 0.00 Class AF-1 Net WAC Cap Carryover Remaining Amounts Due 0.00 Class AV-1A Net WAC Cap Carryover Amounts Due 0.00 Class AV-1A Net WAC Cap Carryover Amounts Paid 0.00 Class AV-1A Net WAC Cap Carryover Remaining Amounts Due 0.00 Class AV-1B Net WAC Cap Carryover Amounts Due 0.00 Class AV-1B Net WAC Cap Carryover Amounts Paid 0.00 Class AV-1B Net WAC Cap Carryover Remaining Amounts Due 0.00 Class AV-2 Net WAC Cap Carryover Amounts Due 0.00 Class AV-2 Net WAC Cap Carryover Amounts Paid 0.00 Class AV-2 Net WAC Cap Carryover Remaining Amounts Due 0.00 Class B-1 Net WAC Cap Carryover Amounts Due 1,383.31 Class B-1 Net WAC Cap Carryover Amounts Paid 1,383.31 Class B-1 Net WAC Cap Carryover Remaining Amounts Due 0.00 Class B-2 Net WAC Cap Carryover Amounts Due 1,256.57 Class B-2 Net WAC Cap Carryover Amounts Paid 1,256.57 Class B-2 Net WAC Cap Carryover Remaining Amounts Due 0.00 Class B-3 Net WAC Cap Carryover Amounts Due 1,625.49 Class B-3 Net WAC Cap Carryover Amounts Paid 1,625.49 Class B-3 Net WAC Cap Carryover Remaining Amounts Due 0.00 Sec. 4.03(a)(xiv) 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 Aggregate Principal Balance of Balloon Loans 0.00 Group II-B Aggregate Principal Balance of Balloon Loans 0.00 Sec. 4.03 (a)(xv), Realized Losses (xxii) 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

[GRAPHIC OMITTED] COPYRIGHT 2005 J.P.MORGAN CHASE & CO. ALL RIGHTS RESERVED. Page 9 of 10 POPULAR ABS MORTGAGE PASS-THROUGH TRUST 2005-2 AUGUST 25, 2005 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

[GRAPHIC OMITTED] COPYRIGHT 2005 J.P.MORGAN CHASE & CO. ALL RIGHTS RESERVED. Page 10 of 10 POPULAR ABS MORTGAGE PASS-THROUGH TRUST 2005-2 AUGUST 25, 2005 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 6.93% Group II-A Weighted Average Mortgage Rate 7.00% Group II-B Weighted Average Mortgage Rate 6.85% Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans Group I Weighted Average Remaining Term 333 Group II-A Weighted Average Remaining Term 352 Group II-B Weighted Average Remaining Term 353 Sec. 4.03 (a)(xxi), Overcollateralization Amounts (xxii),(xxiii) Overcollateralization Amount 5,000,915.18 Overcollateralization Target Amount 7,954,132.86 Overcollateralization Release Amount 0.00 Overcollateralization Deficiency Amount 2,953,217.68 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 22.46% Senior Specified Enhancement Percentage 43.30% Sec. 4.03 (a)(xxv) 60+ Day Delinquent Loans 60+ Day Delinquent Loans as a percentage of the current Pool Balance 0.64% Sec. 4.03 (a)(xxvi) Amount of Funds Collected by Trustee under Yield Maintenance Agreement 0.00

POPULAR ABS MORTGAGE PASS-THROUGH TRUST 2005-2 8-K