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): ~~March~~April 2526, 2004 GS Mortgage Securities Corp., (as depositor, Chase Manhattan Mortgage Corporation, as Servicer, NC Capital Corporation, as Servicer and Responsible Party, and Deutsche Bank National Trust Company, as Trustee). GS MORTGAGE SECURITIES CORP GSAA TRUST 2004-NC1 (Exact name of Registrant as specified in its Charter) DELAWARE (State or Other Jurisdiction of Incorporation) 333-100818-24 13-6357101 (Commission File Number) (I.R.S. Employer Identification No.) 85 Broad Street New York, New York 1004 (Address of principal executive offices) (Zip Code) Registrant's Telephone Number, Including Area Code: (203) 625-2700 Item 5. Other Events Attached hereto is a copy of the Monthly Remittance Statements to the Certificateholders which was derived from the monthly information submitted by the Master Servicer of the Trust to the Trustee. Item 7. Financial Statement and Exhibits Exhibits: (as noted in Item 5 above) Monthly Remittance Statement to the Certificateholders dated as of ~~March~~April 2526, 2004. SIGNATURE 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. Deutsche Bank National Trust Company, not in its individual capacity, but solely as a duly authorized agent of the Registrant pursuant to the Pooling and Servicing Agreement, dated as of February 1,2003. Date: Apr 1326, 2004 By: /s/ Katherine M. Wannenmacher Katherine M. Wannenmacher Vice President EXHIBIT INDEX DOCUMENT Monthly Remittance Statement to the Certificateholders dated as of ~~March~~April 2526, 2004.

	GSAA Trust 2004-NC1
	Mortgage Pass-Through Certificates
	March 25, 2004 Distribution
	April 26, 2004 Distribution
	Contents
			TABLE OF CONTENTS
								Page
			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				4
			4.	Credit Enhancement Report				7
			5.	Collateral Report				8
			6.	Delinquency Report				11
			7.	REO Report				14
			8.	Prepayment Report				15
			9.	Prepayment Detail Report				18
			10.	Realized Loss Report				19
			11.	Realized Loss Detail Report				22
			12.	Triggers, Adj. Rate Cert. and Miscellaneous Report				23
			13.	Other Related Information				24
				Total Number of Pages				24
			CONTACTS
				Administrator: Valerie Delgado
				Direct Phone Number: (714)247-6273
				Address: Deutsche Bank
				1761 E. St. Andrew Place, Santa Ana, CA 92705
				Web Site: https://www.corporatetrust.db.com/invr
				Factor Information: (800) 735-7777
				Main Phone Number: (714) 247-6000
ISSUANCE INFORMATION
	Seller:		Goldman, Sachs & Co.					Cut-Off Date: February 1, 2004
	Certificate Insurer(s):							Closing Date: February 26, 2004
								First Payment Date: March 25, 2004
	Servicer(s):		Chase Manhattan Mortgage Master Servicer
			Impac Funding Corp. Sub-Servicer
			Countrywide Funding Corporation
								Distribution Date: March 25, 2004
								Distribution Date: April 26, 2004
	Underwriter(s):		Goldman, Sachs & Co. Underwriter					Record Date: ~~March~~April 2423, 2004
			Goldman, Sachs & Co.
						Page 1 of 24					© COPYRIGHT 2004 Deutsche Bank
	GSAA Trust 2004-NC1
	Mortgage Pass-Through Certificates
	Series 2004-NC1
	Certificate Payment Report for March 25, 2004 Distribution
	Certificate Payment Report for April 26, 2004 Distribution
	Distribution in Dollars - Current Period
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value			Balance	Interest	Principal	Distribution	Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)
AV-1	FLT, STEP,	48,506,000.00			4847,~~506~~786,~~000~~726.0097	4753,~~535~~521.8813	~~719~~1,~~273~~800,375.0377	~~766~~1,~~808~~853,896.9190	-	-	4745,~~786~~986,~~726~~351.9720
AF-2	FLT, STEP,	17,874,000.00			17,874,000.00	42,703.97	-	42,703.97	-	-	17,874,000.00
AF-3	FLT, STEP,	34,264,000.00			34,264,000.00	100,479.18	-	100,479.18	-	-	34,264,000.00
AF-4	FLT, STEP,	20,851,000.00			20,851,000.00	84,116.41	-	84,116.41	-	-	20,851,000.00
AF-5	FLT, STEP,	23,009,000.00			23,009,000.00	109,101.01	-	109,101.01	-	-	23,009,000.00
AF-6	FLT, STEP,	16,056,000.00			16,056,000.00	63,715.56	-	63,715.56	-	-	16,056,000.00
AV-2A	FLT, STEP,	71,370,000.00			7170,~~370~~655,~~000~~109.0091	7181,~~607~~017.9086	~~714~~1,~~890~~163,732.0966	~~786~~1,~~497~~244,750.9952	-	-	7069,~~655~~491,~~109~~377.9125
AV-2B	FLT, STEP,	17,835,000.00			17,835,000.00	2124,~~362~~414.3713	-	2124,~~362~~414.3713	-	-	17,835,000.00
1-M-1	MEZ, STEP,	11,584,000.00			11,584,000.00	50,120.11	-	50,120.11	-	-	11,584,000.00
1-M-2	MEZ, STEP,	10,860,000.00			10,860,000.00	49,648.30	-	49,648.30	-	-	10,860,000.00
B-1	SUB, STEP,	7,963,000.00			7,963,000.00	40,345.87	-	40,345.87	-	-	7,963,000.00
B-2	SUB, STEP,	2,896,000.00			2,896,000.00	14,673.07	-	14,673.07	-	-	2,896,000.00
X	OC	6,516,472.06			6,~~516~~515,~~472~~650.0662	~~782~~754,~~194~~892.8302	~~821.42~~-	~~783~~754,~~016~~892.2502	-	-	6,515,650.6462
P	MEZ, STEP,	-			-	2037,~~410~~666.5961	-	2037,~~410~~666.5961	-	-	-
R	R	-			-	-	-	-	-	-	-
Total		289,584,472.06			~~289~~288,~~584~~149,~~472~~487.0650	1,~~498~~506,~~015~~415.0523	12,~~434~~964,~~984~~108.5343	24,~~932~~470,~~999~~523.5866	-	-	~~288~~285,~~149~~185,~~487~~379.5207
	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)
AV-1	0203/2625/04	0304/2425/04		A-Act/360	36228FB62	48,506,000.00	~~1,000~~985.~~000000~~171463	01.~~980000~~103392	1437.~~828537~~116558	1538.~~808537~~219950	~~985~~948.~~171463~~054905
AF-2				F-30/360	36228FB70	17,874,000.00	1,000.000000	2.389167	-	2.389167	1,000.000000
AF-3				F-30/360	36228FB88	34,264,000.00	1,000.000000	2.932500	-	2.932500	1,000.000000
AF-4				F-30/360	36228FB96	20,851,000.00	1,000.000000	4.034167	-	4.034167	1,000.000000
AF-5				F-30/360	36228FC20	23,009,000.00	1,000.000000	4.741667	-	4.741667	1,000.000000
AF-6				F-30/360	36228FC38	16,056,000.00	1,000.000000	3.968333	-	3.968333	1,000.000000
AV-2A	0203/2625/04	0304/2425/04		F-30/360	36228FC46	71,370,000.00	~~1,000~~989.~~000000~~983325	1.~~003333~~135181	1016.~~016675~~305628	1117.~~020008~~440809	~~989~~973.~~983325~~677697
AV-2B	0203/2625/04	0304/2425/04		A-Act/360	36228FC95	17,835,000.00	1,000.000000	1.~~197778~~368889	-	1.~~197778~~368889	1,000.000000
1-M-1				A-Act/360	36228FC53	11,584,000.00	1,000.000000	4.326667	-	4.326667	1,000.000000
1-M-2				F-30/360	36228FC61	10,860,000.00	1,000.000000	4.571667	-	4.571667	1,000.000000
B-1				F-30/360	36228FC79	7,963,000.00	1,000.000000	5.066667	-	5.066667	1,000.000000
B-2				F-30/360	36228FC87	2,896,000.00	1,000.000000	5.066668	-	5.066668	1,000.000000
X				F-30/360	36228FK96	296,100,944.12	22995.~~007603~~150958	2.~~641649~~549441	~~0.002774~~-	2.~~644423~~549441	22985.~~004829~~140492
P				F-30/360	36228FL20	-	-	-	-	-	-
R				F-30/360	36228FL38	-	-	-	-	-	-
							Page 2 of 24				© COPYRIGHT 2004 Deutsche Bank
	GSAA Trust 2004-NC1
	Mortgage Pass-Through Certificates
	Series 2004-NC1
	Certificate Payment Report for March 25, 2004 Distribution
	Certificate Payment Report for April 26, 2004 Distribution
	Distribution in Dollars - to Date
											Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	Face Value		Interest		Principal	Principal	Principal	Distribution	Losses	Interest	Balance
	(1)		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)
AV-1	48,506,000.00		47101,~~535~~057.8801		~~586~~2,~~409~~226,191.5536	~~132~~293,~~863~~457.4744	~~719~~2,~~273~~519,648.0380	~~766~~2,~~808~~620,705.9181	-	-	4745,~~786~~986,~~726~~351.9720
AF-2	17,874,000.00		4285,~~703~~407.9794		-	-	-	4285,~~703~~407.9794	-	-	17,874,000.00
AF-3	34,264,000.00		~~100~~200,~~479~~958.1836		-	-	-	~~100~~200,~~479~~958.1836	-	-	34,264,000.00
AF-4	20,851,000.00		84168,~~116~~232.4182		-	-	-	84168,~~116~~232.4182	-	-	20,851,000.00
AF-5	23,009,000.00		~~109~~218,~~101~~202.0102		-	-	-	~~109~~218,~~101~~202.0102	-	-	23,009,000.00
AF-6	16,056,000.00		63127,~~715~~431.5612		-	-	-	63127,~~715~~431.5612	-	-	16,056,000.00
AV-2A	71,370,000.00		71152,~~607~~625.9076		~~582~~1,~~836~~642,763.2364	~~132~~235,~~053~~859.8610	~~714~~1,~~890~~878,622.0974	~~786~~2,~~497~~031,248.9950	-	-	7069,~~655~~491,~~109~~377.9125
AV-2B	17,835,000.00		2145,~~362~~776.3750		-	-	-	2145,~~362~~776.3750	-	-	17,835,000.00
1-M-1	11,584,000.00		50100,~~120~~240.1122		-(264,399.21)	-264,399.21	-	50100,~~120~~240.1122	-	-	11,584,000.00
1-M-2	10,860,000.00		4999,~~648~~296.3060		-	-	-	4999,~~648~~296.3060	-	-	10,860,000.00
B-1	7,963,000.00		4080,~~345~~691.8774		-	-	-	4080,~~345~~691.8774	-	-	7,963,000.00
B-2	2,896,000.00		1429,~~673~~346.0714		-	-	-	1429,~~673~~346.0714	-	-	2,896,000.00
X	6,516,472.06		~~782~~1,~~194~~537,086.8385		821.42	-	821.42	~~783~~1,~~016~~537,908.2527	-	-	6,515,650.6462
P	-		2058,~~410~~077.5920		-	-	-	2058,~~410~~077.5920	-	-	-
R	-		-		-	-	-	-	-	-	-
Total	289,584,472.06		13,~~498~~004,~~015~~430.0528		13,~~170~~605,~~067~~377.2021	~~264~~793,~~917~~715.3375	14,~~434~~399,~~984~~092.5396	27,~~932~~403,~~999~~523.5824	-	-	~~288~~285,~~149~~185,~~487~~379.5207
	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)
AV-1	1.26000%	4847,~~506~~786,~~000~~726.0097			4753,~~535~~521.8813	-	-	-	4753,~~535~~521.8813	4753,~~535~~521.8813	-
AF-2	2.86700%	17,874,000.00			42,703.97	-	~~714,890.09~~-	-	42,703.97	42,703.97	-
AF-3	3.51900%	34,264,000.00			100,479.18	-	-	-	100,479.18	100,479.18	-
AF-4	4.84100%	20,851,000.00			84,116.41	-	-	-	84,116.41	84,116.41	-
AF-5	5.69000%	23,009,000.00			109,101.01	-	-	-	109,101.01	109,101.01	-
AF-6	4.76200%	16,056,000.00			63,715.56	-	-	-	63,715.56	63,715.56	-
AV-2A	1.29000%	7170,~~370~~655,~~000~~109.0091			7181,~~607~~017.9086	-	-	-	7181,~~607~~017.9086	7181,~~607~~017.9086	-
AV-2B	1.54000%	17,835,000.00			2124,~~362~~414.3713	-	-	-	2124,~~362~~414.3713	2124,~~362~~414.3713	-
1-M-1	5.19200%	11,584,000.00			50,120.11	-	-	-	50,120.11	50,120.11	-
1-M-2	5.48600%	10,860,000.00			49,648.30	-	-	-	49,648.30	49,648.30	-
B-1	6.08000%	7,963,000.00			40,345.87	-	-	-	40,345.87	40,345.87	-
B-2	6.08000%	2,896,000.00			14,673.07	-	-	-	14,673.07	14,673.07	-
X	3.~~24131~~14375%	6294,~~516~~665,~~472~~138.0613			~~782~~754,~~194~~892.8303	-	-	-	~~782~~754,~~194~~892.8304	~~782~~754,~~194~~892.8302	-0.01
P		-			-37,666.61	-	-	-	-	2037,~~410~~666.5961	-
R		-			-	-	-	-	-	-	-
Total		~~289~~576,~~584~~298,~~472~~975.0601			1,~~477~~506,~~604~~415.4624	-	~~714,890.09~~-	-	1,~~477~~468,~~604~~748.4664	1,~~498~~506,~~015~~415.0523	-0.01
							Page 3 of 24				© COPYRIGHT 2004 Deutsche Bank
	GSAA Trust 2004-NC1
	Mortgage Pass-Through Certificates
	Series 2004-NC1
	Collection Account Report for March 25, 2004 Distribution
	Collection Account Report for April 26, 2004 Distribution
	Collection Account Report
SUMMARY						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
	Principal Collections					~~715~~1,~~299~~163,732.5566	~~719~~1,~~685~~800,375.0078	12,~~434~~964,~~984~~108.5544
	Principal Withdrawls					0.00	0.00	0.00
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					~~715~~1,~~299~~163,732.5566	~~719~~1,~~685~~800,375.0078	12,~~434~~964,~~984~~108.5544
	Interest Collections					~~527~~526,~~294~~926.1202	~~969~~971,~~173~~560.5671	1,~~496~~498,~~467~~486.6873
	Interest Withdrawals					0.00	0.00	0.00
	Interest Fees					(69,~~058~~547.8755)	(1220,~~804~~190.3757)	(1829,~~863~~738.2412)
	Interest Other Accounts					~~13,050~~0.4600	737,~~360~~666.1361	2037,~~410~~666.5961
	TOTAL NET INTEREST					~~534~~517,~~285~~378.7147	~~963~~989,~~729~~036.3275	1,~~498~~506,~~015~~415.0322
	TOTAL AVAILABLE FUNDS FOR DISTRIBUTION					1,~~249~~681,~~585~~111.2613	12,~~683~~789,~~414~~412.3253	24,~~932~~470,~~999~~523.5866
PRINCIPAL - COLLECTIONS						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
	Scheduled Principal Received					55,~~833~~287.5906	209,~~083~~112.7415	264,~~917~~399.3321
	Curtailments					411,~~445~~837.8333	726,~~591~~825.2935	1238,~~037~~662.1268
	Prepayments in Full					~~655~~1,~~020~~096,608.1327	~~503~~1,~~009~~564,438.9728	12,~~158~~661,~~030~~046.1055
	Repurchased Principal Amounts					0.00	0.00	0.00
	Liquidations					0.00	0.00	0.00
	Insurance Principal					0.00	0.00	0.00
	Other Principal					0.00	0.00	0.00
	Current Realized Loss of Principal					0.00	0.00	0.00
	Supplemental Realized Loss\Gain of Principal					0.00	0.00	0.00
	Subtitution Shortfall Principal					0.00	0.00	0.00
	Loan Adjustment Principal					0.00	0.00	0.00
	Delinquent Principal					(5246,~~077~~549.2681)	(~~177~~156,~~862~~071.5295)	(~~229~~202,~~939~~621.7876)
	Advanced Principal					5246,~~077~~549.2681	~~177~~156,~~862~~071.5295	~~229~~202,~~939~~621.7876
	TOTAL PRINCIPAL COLLECTED					~~715~~1,~~299~~163,732.5566	~~719~~1,~~685~~800,375.0078	12,~~434~~964,~~984~~108.5544
				Page 4 of 24				© COPYRIGHT 2004 Deutsche Bank
	GSAA Trust 2004-NC1
	Mortgage Pass-Through Certificates
	Series 2004-NC1
	Collection Account Report for March 25, 2004 Distribution
	Collection Account Report for April 26, 2004 Distribution
	Collection Account Report
PRINCIPAL - WITHDRAWALS						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - COLLECTIONS						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
	Scheduled Interest					~~565~~560,~~105~~945.5234	1,~~035~~030,~~330~~026.9969	1,~~600~~590,~~436~~972.5103
	Repurchased Interest					0.00	0.00	0.00
	Liquidation Interest					0.00	0.00	0.00
	Insurance Interest					0.00	0.00	0.00
	Other Interest					0.00	0.00	0.00
	Prepayment Interest Shortfalls					(1,~~660~~033.7736)	(21,~~755~~952.2958)	(42,~~416~~985.0694)
	Realized Losses of Interest					0.00	0.00	0.00
	Compensating Interest					1,~~660~~033.7736	21,~~755~~952.2958	42,~~416~~985.0694
	Relief Act Interest Shortfalls					0.00	0.00	0.00
	Substitution Shortfall Interest					0.00	0.00	0.00
	Loan Adjustment Interest					0.00	0.00	0.00
	Delinquent Interest					(~~504~~453,~~254~~265.7659)	(~~895~~791,~~617~~261.6909)	(1,~~399~~244,~~872~~526.4568)
	Interest Advanced					~~466~~419,~~443~~246.3627	~~829~~732,~~460~~795.2611	1,~~295~~152,~~903~~041.6238
	TOTAL INTEREST COLLECTED					~~527~~526,~~294~~926.1202	~~969~~971,~~173~~560.5671	1,~~496~~498,~~467~~486.6873
				Page 5 of 24				© COPYRIGHT 2004 Deutsche Bank
	GSAA Trust 2004-NC1
	Mortgage Pass-Through Certificates
	Series 2004-NC1
	Collection Account Report for March 25, 2004 Distribution
	Collection Account Report for April 26, 2004 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
	Trust Fund Expenses					0.00	0.00	0.00
	Non Recoverable Advances					0.00	0.00	0.00
	Reimbursements to Master Servicer					0.00	0.00	0.00
	TOTAL INTEREST WITHDRAWALS					0.00	0.00	0.00
INTEREST - OTHER ACCOUNTS						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
	Prepayment Charges					~~13,050~~0.4600	737,~~360~~666.1361	2037,~~410~~666.5961
	Interest Cap Payments					0.00	0.00	0.00
	TOTAL INTEREST OTHER ACCOUNTS					~~13,050~~0.4600	737,~~360~~666.1361	2037,~~410~~666.5961
INTEREST - FEES						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
	Current Servicing Fees					58,~~283~~777.1721	1118,~~408~~799.1979	1627,~~691~~577.3600
	Trustee Fee					~~775~~770.7034	1,~~396~~390.1878	2,~~171~~161.8812
	TOTAL INTEREST OTHER FEES					69,~~058~~547.8755	1220,~~804~~190.3757	1829,~~863~~738.2412
				Page 6 of 24				© COPYRIGHT 2004 Deutsche Bank
	GSAA Trust 2004-NC1
	Mortgage Pass-Through Certificates
	Series 2004-NC1
	Credit Enhancement Report for March 25, 2004 Distribution
	Credit Enhancement Report for April 26, 2004 Distribution
	Credit Enhancement Report
ACCOUNTS						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
	Beginning Excess Reserve Fund Account Balance							0.00
	Basis Risk Carryover Deposit							0.00
	Interest Cap Payment Deposit							0.00
	Basis Risk Carryover Amount Paid							0.00
	Interest Cap Pmt Amount Released to Class X Interest							0.00
	Ending Excess Reserve Fund Account Balance							0.00
INSURANCE						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
	Overcollateralized Amount							6,515,650.6362
	Specified Overcollateralized Amount							6,515,650.62
				Page 7 of 24				© COPYRIGHT 2004 Deutsche Bank
	GSAA Trust 2004-NC1
	Mortgage Pass-Through Certificates
	Series 2004-NC1
	Collateral Report for March 25, 2004 Distribution
	Collateral Report for April 26, 2004 Distribution
	Collateral Report
COLLATERAL						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
	Loan Count:
	Original					433	1075	1508
	Prior					-430	-1,071	-1,501
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(34)	(49)	(713)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					~~430~~426	1,~~071~~062	1,~~501~~488
	Principal Balance:
	Original					103,426,961.50	186,157,510.56	289,584,472.06
	Prior					-102,711,661.95	-185,437,825.56	-288,149,487.51
	Prefunding					-	-	-
	Scheduled Principal					(55,~~833~~287.5906)	(209,~~083~~112.7415)	(264,~~917~~399.3321)
	Partial and Full Voluntary Prepayments					(~~659~~1,~~465~~108,445.9660)	(~~510~~1,~~601~~591,263.2663)	(12,~~170~~699,~~067~~709.2223)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					~~102~~101,~~711~~547,~~661~~929.9529	~~185~~183,~~437~~637,~~825~~449.5678	~~288~~285,~~149~~185,~~487~~379.5107
PREFUNDING						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
SPACE INTENTIONALLY LEFT BLANK
	Group 1 - Adj
	Group 2 - Adj
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)
				Page 8 of 24				© COPYRIGHT 2004 Deutsche Bank
	GSAA Trust 2004-NC1
	Mortgage Pass-Through Certificates
	Series 2004-NC1
	Collateral Report for March 25, 2004 Distribution
	Collateral Report for April 26, 2004 Distribution
	Collateral Report
CHARACTERISTICS						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
	Weighted Average Coupon Original					6.556575%	6.673903%	6.631999%
	Weighted Average Coupon Prior					6.556575%	6.673903%	6.631999%
	Weighted Average Coupon Current					6.~~556575~~553632%	6.~~673903~~665480%	6.~~631999~~625611%
	Weighted Average Months to Maturity Original					337	337	337
	Weighted Average Months to Maturity Prior					-337	-337	-337
	Weighted Average Months to Maturity Current					~~337~~336	~~337~~336	~~337~~336
	Weighted Avg Remaining Amortization Term Original					336	336	336
	Weighted Avg Remaining Amortization Term Prior					-336	-336	-336
	Weighted Avg Remaining Amortization Term Current					~~336~~335	~~336~~335	~~336~~335
	Weighted Average Seasoning Original					5.11	5.15	5.14
	Weighted Average Seasoning Prior					-5.11	-5.15	-5.14
	Weighted Average Seasoning Current					56.11	56.15	56.14
Note: Original information refers to deal issue.
	Group 1 - Adj
	Group 2 - Adj
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
Note: Dates correspond to distribution dates.
				Page 9 of 24				© COPYRIGHT 2004 Deutsche Bank
	GSAA Trust 2004-NC1
	Mortgage Pass-Through Certificates
	Series 2004-NC1
	Collateral Report for March 25, 2004 Distribution
	Collateral Report for April 26, 2004 Distribution
	Collateral Report
ARM CHARACTERISTICS						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
	Weighted Average Margin Original					5.038%
	Weighted Average Margin Prior					5.038%
	Weighted Average Margin Current					5.~~038~~034%
	Weighted Average Max Rate Original					15.110%
	Weighted Average Max Rate Prior					15.110%
	Weighted Average Max Rate Current					15.~~110~~113%
	Weighted Average Min Rate Original					6.556%
	Weighted Average Min Rate Prior					6.556%
	Weighted Average Min Rate Current					6.~~556~~549%
	Weighted Average Cap Up Original					1.966%
	Weighted Average Cap Up Prior					1.966%
	Weighted Average Cap Up Current					1.~~966~~969%
	Weighted Average Cap Down Original					1.966%
	Weighted Average Cap Down Prior					1.966%
	Weighted Average Cap Down Current					1.~~966~~969%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
	Current Servicing Fees					58,~~283~~777.1721	1118,~~408~~799.1979	1627,~~691~~577.3600
	Delinquent Servicing Fees					3734,~~811~~019.4032	6658,~~157~~465.4497	~~103~~92,~~968~~485.8429
	TOTAL SERVICING FEES					4342,~~094~~796.5753	77,~~565~~265.6376	120,~~660~~062.2029
	Prepayment Interest Shortfall					1,~~660~~033.7736	21,~~755~~952.2958	42,~~416~~985.0694
	Compensating Interest					(1,~~660~~033.7736)	(21,~~755~~952.2958)	(42,~~416~~985.0694)
	Delinquent Servicing Fees					(3734,~~811~~019.4032)	(6658,~~157~~465.4497)	(~~103~~92,~~968~~485.8429)
	COLLECTED SERVICING FEES					58,~~283~~777.1721	1118,~~408~~799.1979	1627,~~691~~577.3600
	Aggregate Advances with respect to this Distribution					~~518~~465,~~520~~796.6208	1888,~~007,322~~867.7806	1,~~525~~354,~~843~~663.4014
	Aggregate Outstanding Advances as reported by Servicer							0.00
ADDITIONAL COLLATERAL INFORMATION						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
	Prepayment Interest Shortfall							42,~~416~~985.0694
	Compensating Interest							(42,~~416~~985.0694)
	NET PREPAYMENT INTEREST SHORTFALL							0.00
	Net Monthly Excess Cash Flow							~~782~~754,~~194~~892.8101
	Net Monthly Excess Cash Flow alloc to Realized Losses							0.00
	Net Monthly Excess Cash Flow alloc to Unpaid Interest							0.00
	Current LIBOR							1.090000%
	Next LIBOR							1.~~090000~~100000%
	TR1MLB
				Page 10 of 24				© COPYRIGHT 2004 Deutsche Bank
	GSAA Trust 2004-NC1
	Mortgage Pass-Through Certificates
	Series 2004-NC1
	Delinquency Report for March 25, 2004 Distribution
	Delinquency Report for April 26, 2004 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			21,~~353~~028,~~723~~344.9204	~~306~~1,~~965~~252,523.5886	-202,225.02	2,~~660~~483,~~689~~092.5092
		% Balance			0.8236%	0.1144%	0.0007%	0.9287%
		# Loans			128	58	-4	1720
		% # Loans			0.8054%	0.3354%	0.0027%	1.1334%
FORECLOSURE		Balance		-	-	-	~~38,154.40~~-	~~38,154.40~~-
		% Balance		0.00%	0.00%	0.00%	0.0100%	0.0100%
		# Loans		-	-	-	1-	1-
		% # Loans		0.00%	0.00%	0.00%	0.0700%	0.0700%
BANKRUPTCY		Balance		~~459~~213,~~502~~348.8379	-94,090.89	-	-	~~459~~307,~~502~~439.8368
		% Balance		0.1607%	0.0003%	0.00%	0.00%	0.1611%
		# Loans		52	-1	-	-	53
		% # Loans		0.3313%	0.0007%	0.00%	0.00%	0.3320%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
TOTAL		Balance		~~459~~213,~~502~~348.8379	21,~~353~~122,~~723~~434.9293	~~306~~1,~~965~~252,523.5886	38202,~~154~~225.4002	32,~~158~~790,~~346~~532.7360
		% Balance		0.1607%	0.8239%	0.1144%	0.0107%	10.1098%
		# Loans		52	129	58	14	23
		% # Loans		0.3313%	0.8060%	0.3354%	0.0727%	1.5355%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 11 of 24				© COPYRIGHT 2004 Deutsche Bank
	GSAA Trust 2004-NC1
	Mortgage Pass-Through Certificates
	Series 2004-NC1
	Delinquency Report for March 25, 2004 Distribution
	Delinquency Report for April 26, 2004 Distribution
	Delinquency Report - Group 1 - Adj Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			1971,~~067,356~~381.8111	~~235~~433,~~155~~833.1355	-130,453.36	1,~~302~~535,~~511~~668.9402
		% Balance			0.5853%	0.1324%	0.0007%	0.7084%
		# Loans			87	45	-3	1215
		% # Loans			0.7566%	0.3747%	0.0028%	1.1241%
FORECLOSURE		Balance		-	-	-	~~38,154.40~~-	~~38,154.40~~-
		% Balance		0.00%	0.00%	0.00%	0.0200%	0.0200%
		# Loans		-	-	-	1-	1-
		% # Loans		0.00%	0.00%	0.00%	0.0900%	0.0900%
BANKRUPTCY		Balance		~~204~~137,~~960~~165.7515	-	-	-	~~204~~137,~~960~~165.7515
		% Balance		0.1107%	0.00%	0.00%	0.00%	0.1107%
		# Loans		21	-	-	-	21
		% # Loans		0.1909%	0.00%	0.00%	0.00%	0.1909%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
TOTAL		Balance		~~204~~137,~~960~~165.7515	1971,~~067,356~~381.8111	~~235~~433,~~155~~833.1355	38130,~~154~~453.4036	1,~~545~~672,~~627~~833.0917
		% Balance		0.1107%	0.5853%	0.1324%	0.0207%	0.8391%
		# Loans		21	87	45	13	1516
		% # Loans		0.1909%	0.7566%	0.3747%	0.0928%	1.4051%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 12 of 24				© COPYRIGHT 2004 Deutsche Bank
	GSAA Trust 2004-NC1
	Mortgage Pass-Through Certificates
	Series 2004-NC1
	Delinquency Report for March 25, 2004 Distribution
	Delinquency Report for April 26, 2004 Distribution
	Delinquency Report - Group 2 - Adj Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			156,~~286,367~~962.1193	71818,~~810~~690.4531	-71,771.66	1947,~~358,177~~424.5690
		% Balance			10.2506%	0.0781%	0.0007%	10.3293%
		# Loans			41	13	-1	5
		% # Loans			0.9323%	0.2370%	0.0023%	1.1617%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		~~254~~76,~~542~~183.0864	-94,090.89	-	-	~~254~~170,~~542~~274.0853
		% Balance		0.2508%	0.0009%	0.00%	0.00%	0.2517%
		# Loans		31	-1	-	-	32
		% # Loans		0.7023%	0.0023%	0.00%	0.00%	0.7047%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
TOTAL		Balance		~~254~~76,~~542~~183.0864	1151,~~286,367~~053.1182	71818,~~810~~690.4531	-71,771.66	1,~~612~~117,~~719~~699.6443
		% Balance		0.2508%	10.2515%	0.0781%	0.0007%	1.5710%
		# Loans		31	42	13	-1	87
		% # Loans		0.7023%	0.9347%	0.2370%	0.0023%	1.8664%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 13 of 24				© COPYRIGHT 2004 Deutsche Bank
	GSAA Trust 2004-NC1
	Mortgage Pass-Through Certificates
	Series 2004-NC1
	REO Report for March 25, 2004 Distribution
	REO Report for April 26, 2004 Distribution
	REO Report - Mortgage Loans that Become REO During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 0				Loan Group 1 = Group 1 - Adj; REO Book Value = 000.00
Total Original Principal Balance = 000.00				Loan Group 2 = Group 2 - Adj; REO Book Value = 000.00
Total Current Balance = 000.00
REO Book Value = 000.00
REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK
				Page 14 of 24				© COPYRIGHT 2004 Deutsche Bank
	GSAA Trust 2004-NC1
	Mortgage Pass-Through Certificates
	Series 2004-NC1
	Prepayment Report for March 25, 2004 Distribution
	Prepayment Report for April 26, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
	Current
	Number of Paid in Full Loans					34	49	713
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					34	49	713
	Paid in Full Balance					~~655~~1,~~020~~096,608.1327	~~503~~1,~~009~~564,438.9728	12,~~158~~661,~~030~~046.1055
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					411,~~445~~837.8333	726,~~591~~825.2935	1238,~~037~~662.1268
	Total Prepayment Amount					~~659~~1,~~465~~108,445.9660	~~510~~1,~~601~~591,263.2663	12,~~170~~699,~~067~~709.2223
	Cumulative
	Number of Paid in Full Loans					37	413	720
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					37	413	720
	Paid in Full Balance					~~655~~1,~~020~~751,628.1340	~~503~~2,~~009~~067,448.9725	13,~~158~~819,~~030~~076.1065
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					416,~~445~~283.8316	734,~~591~~416.2964	1250,~~037~~699.1280
	Total Prepayment Amount					~~659~~1,~~465~~767,911.9656	~~510~~2,~~601~~101,864.2689	13,~~170~~869,~~067~~776.2245
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 15 of 24				© COPYRIGHT 2004 Deutsche Bank
	GSAA Trust 2004-NC1
	Mortgage Pass-Through Certificates
	Series 2004-NC1
	Prepayment Report for March 25, 2004 Distribution
	Prepayment Report for April 26, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
	SMM					01.6408%	0.2786%	0.4094%
	3 Months Avg SMM
	12 Months Avg SMM
	Avg SMM Since Cut-off					0.6486%	0.2757%	0.4067%
	CPR					712.3921%	39.2584%	410.7569%
	3 Months Avg CPR
	12 Months Avg CPR
	Avg CPR Since Cut-off					79.3984%	36.2560%	47.7577%
	PSA					~~723~~999.2776%	~~315~~799.0532%	~~462~~871.0201%
	3 Months Avg PSA Approximation
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					~~723~~876.2769%	~~315~~583.0577%	~~462~~688.0291%
	Group 1 - Adj
	Group 2 - Adj
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 16 of 24				© COPYRIGHT 2004 Deutsche Bank
	GSAA Trust 2004-NC1
	Mortgage Pass-Through Certificates
	Series 2004-NC1
	Prepayment Report for March 25, 2004 Distribution
	Prepayment Report for April 26, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
	Group 1 - Adj
	Group 2 - Adj
CPR Avg since Cut-Off by Groups					Total CPR Avg since Cut-Off
PSA Avg since Cut-Off by Groups					Total PSA Avg since Cut-Off
PREPAYMENT CALCULATION METHODOLOGY
Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases)/(Beg Principal Balance - Sched Principal)
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))
Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn) * (1-SMMn+1) .......(1-SMMm)]^(1/months in period n,m)
Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)
Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.02*Avg WASn,m))
Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number of months in the period n,m)
Weighted Average Seasoning (WAS)
Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments and repurchases.
Dates correspond to distribution dates.
				Page 17 of 24				© COPYRIGHT 2004 Deutsche Bank
	GSAA Trust 2004-NC1
	Mortgage Pass-Through Certificates
	Series 2004-NC1
	Prepayment Detail Report for March 25, 2004 Distribution
	Prepayment Detail Report for April 26, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 7						Loan Group 1 = Group 1 - Adj
Total Loan Count = 13						Loan Group 1 = Group 1 - Adj
Total Original Principal Balance = 1,161,500.00						Loan Group 2 = Group 2 - Adj
Total Original Principal Balance = 2,671,375.00						Loan Group 2 = Group 2 - Adj
Total Prepayment Amount = 1,158,030.10
Total Prepayment Amount = 2,661,046.55
Loan Number			Original			Current	State &	Type Prepayment
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	&	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Original Term	Date
1079974 1			159,000.00	158,514.00	Feb-10-04	7.400%	CA - 55.59%	Paid Off - 360	Sep-30-03
1029564 1			237,600.00	236,612.81	Mar-31-04	6.990%	VA - 90.00%	Paid Off - 360	Sep-25-03
1108686 1			232,500.00	231,912.87	Feb-02-04	8.350%	CA - 75.00%	Paid Off - 360	Sep-25-03
1045958 1			238,000.00	236,859.04	Mar-16-04	6.250%	IL - 57.34%	Paid Off - 360	Sep-02-03
1110996 1			61,200.00	61,072.39	Feb-12-04	9.300%	OH - 85.00%	Paid Off - 360	Sep-23-03
1063693 1			120,000.00	119,615.98	Mar-31-04	8.300%	CA - 88.88%	Paid Off - 360	Sep-19-03
1113887 1			51,800.00	51,510.71	Feb-17-04	10.550%	NV - 20.00%	Paid Off - 240	Sep-23-03
1067762 1			75,075.00	74,849.93	Mar-31-04	8.990%	CA - 55.00%	Paid Off - 360	Sep-09-03
1005370 2			244,000.00	243,131.73	Feb-18-04	6.625%	NV - 100.00%	Paid Off - 360	Sep-05-03
1086463 1			100,000.00	99,251.29	Mar-16-04	9.650%	VA - 19.96%	Paid Off - 240	Sep-25-03
1073194 2			237,000.00	236,213.95	Feb-19-04	6.990%	CA - 100.00%	Paid Off - 360	Sep-10-03
1088600 1			146,200.00	144,012.22	Mar-31-04	7.750%	CA - 85.00%	Paid Off - 180	Sep-11-03
1102875 2			176,000.00	175,674.45	Feb-20-04	9.850%	IL - 80.00%	Paid Off - 360	Sep-25-03
1095666 1			293,000.00	291,865.86	Mar-25-04	7.350%	NH - 84.92%	Paid Off - 360	Sep-25-03
1103583 1			224,500.00	223,817.24	Mar-29-04	8.550%	CA - 63.23%	Paid Off - 360	Sep-24-03
1119323 1			138,000.00	137,553.91	Mar-16-04	8.250%	CA - 75.00%	Paid Off - 360	Sep-23-03
985679 2			180,000.00	179,345.26	Mar-31-04	7.850%	NJ - 90.00%	Paid Off - 360	Sep-30-03
1027845 2			291,000.00	289,966.40	Mar-31-04	8.700%	IL - 100.00%	Paid Off - 360	Aug-25-03
1101874 2			412,000.00	411,994.85	Mar-26-04	5.125%	CA - 84.94%	Paid Off - 300	Sep-19-03
1104475 2			216,000.00	215,301.76	Mar-16-04	8.250%	IL - 90.00%	Paid Off - 360	Sep-23-03
					Page 18 of 24				© COPYRIGHT 2004 Deutsche Bank
	GSAA Trust 2004-NC1
	Mortgage Pass-Through Certificates
	Series 2004-NC1
	Realized Loss Report for March 25, 2004 Distribution
	Realized Loss Report for April 26, 2004 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
	Current
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	-	-
	Net Liquidation Proceeds					-	-	-
	Cumulative
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	-	-
	Net Liquidation Proceeds					-	-	-
	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.
	Supplemental Realized Losses (Recoveries)					0.00	0.00	0.00
	Cumulative Loss Percentage							0.000000%
	Applied Realized Loss Amount Current							0.00
	Applied Realized Loss Amount Aggregate							0.00
	Group 1 - Adj						3 Months Moving Average
	Group 2 - Adj
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 19 of 24				© COPYRIGHT 2004 Deutsche Bank
	GSAA Trust 2004-NC1
	Mortgage Pass-Through Certificates
	Series 2004-NC1
	Realized Loss Report for March 25, 2004 Distribution
	Realized Loss Report for April 26, 2004 Distribution
	Realized Loss Report - Collateral
DEFAULT SPEEDS						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
	MDR					0.00%	0.00%	0.00%
	3 Months Avg MDR
	12 Months Avg MDR
	Avg MDR Since Cut-off					0.00%	0.00%	0.00%
	CDR					0.00%	0.00%	0.00%
	3 Months Avg CDR
	12 Months Avg CDR
	Avg CDR Since Cut-off					0.00%	0.00%	0.00%
	SDA					0.00%	0.00%	0.00%
	3 Months Avg SDA Approximation
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation					0.00%	0.00%	0.00%
	Loss Severity Approximation for Current Period
	3 Months Avg Loss Severity Approximation
	12 Months Avg Loss Severity Approximation
	Avg Loss Severity Approximation Since Cut-off
	Group 1 - Adj
	Group 2 - Adj
CDR by Groups					Total CDR
SDA by Groups					Total SDA
				Page 20 of 24				© COPYRIGHT 2004 Deutsche Bank
	GSAA Trust 2004-NC1
	Mortgage Pass-Through Certificates
	Series 2004-NC1
	Realized Loss Report for March 25, 2004 Distribution
	Realized Loss Report for April 26, 2004 Distribution
	Realized Loss Report - Collateral
	Group 1 - Adj
	Group 2 - Adj
CDR Avg since Cut-Off by Groups					Total CDR Avg since Cut-Off
SDA Avg since Cut-Off by Groups					Total SDA Avg since Cut-Off
COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)0.02,MAX(0.03,MIN(30,WAS)0.02-0.0095*(WAS-60)))
Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn) * (1-MDRn+1) .......(1-MDRm)]^(1/months in period n,m)
Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)
Average SDA Approximation over period between the nth month and mth month:
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)0.02,MAX(0.03,MIN(30,Avg WASn,m)0.02-0.0095*(Avg WASn,m-60)))
Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the period n,m)
Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)
Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
Dates correspond to distribution dates.
				Page 21 of 24				© COPYRIGHT 2004 Deutsche Bank
	GSAA Trust 2004-NC1
	Mortgage Pass-Through Certificates
	Series 2004-NC1
	Realized Loss Detail Report for March 25, 2004 Distribution
	Realized Loss Detail Report for April 26, 2004 Distribution
	Realized Loss Detail Report - Loans Liquidated During Current Distribution
SUMMARY							LOAN GROUP
Total Loan Count Current Losses = 0
Total Loan Count Revisions = 0						Loan Group 1 = Group 1 - Adj
Total Prior Principal Balance = 0.00						Loan Group 2 = Group 2 - Adj
Total Current Realized Loss Amount = 0.00
Total Revisions Amount = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.
Loan Number			Current	State &		Prior	Realized		Cumulative
&		Loan	Note	LTV at	Original	Principal	Loss/(Gain)	Realized	Realized
Loan Group		Status	Rate	Origination	Term	Balance	Revisions	Loss/(Gain)	Loss/(Gain)
SPACE INTENTIONALLY LEFT BLANK
					Page 22 of 24				© COPYRIGHT 2004 Deutsche Bank
	GSAA Trust 2004-NC1
	Mortgage Pass-Through Certificates
	Series 2004-NC1
	Triggers, Adj. Rate Cert. and Miscellaneous Report for March 25, 2004 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report for April 26, 2004 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
	Has the Optional Termination Date been reached							No
	Has a Stepdown Date occurred?							No
	Does Trigger Event exist?							No
	A Trigger Event exists if either (i) or (ii) are true
	(i) the quotient of (1) divided by (2) > 45% of Sr. Enhance %
	(1) 60+ Day Rolling Delq loans							~~766~~1,~~468~~236,360.4124
	(2) Stated Principal Balance							~~288~~285,~~149~~185,~~487~~379.5107
	60+ Day Delq % ( quotient of (1) over (2) )							0.~~265997~~433529%
	Senior Enhancement Percentage							13.~~819033~~962374%
	46.5% of Sr Enhancement Percentage							6.~~412031~~478542%
	(ii) the quotient of (x) divided by (y) > the applicable loss %
	(x) aggregate Realized Losses since Cutoff Date							0.00
	(y) Cutoff Date Pool Principal Balance							289,584,472.06
	Trigger Event Loss % (quotient of (x) over (y) )							0.000000%
	Applicable Loss Percentage							100.000000%
ADJUSTABLE RATE CERTIFICATE INFORMATION						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
	Scheduled Principal
	1 Month Prior							264,~~917~~399.3321
	2 Months Prior							0264,917.0033
	3 Months Prior							0.00
	4 Months Prior							0.00
	5 Months Prior							0.00
	6 Months Prior							0.00
	7 Months Prior							0.00
	8 Months Prior							0.00
	9 Months Prior							0.00
	10 Months Prior							0.00
	11 Months Prior							0.00
	12 Months Prior							0.00
				Page 23 of 24				© COPYRIGHT 2004 Deutsche Bank
	GSAA Trust 2004-NC1
	Mortgage Pass-Through Certificates
	Series 2004-NC1
	Other Related Information for March 25, 2004 Distribution
	Other Related Information for April 26, 2004 Distribution
	Other Related Information
ADDITIONAL INFORMATION						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
	Scheduled Principal on 60+ Day Delinquent Loans
	1 Month Prior							0.00
	2 Months Prior							0.00
	3 Months Prior							0.00
	4 Months Prior							0.00
	5 Months Prior							0.00
	6 Months Prior							0.00
	7 Months Prior							0.00
	8 Months Prior							0.00
	9 Months Prior							0.00
	10 Months Prior							0.00
	11 Months Prior							0.00
	12 Months Prior							0.00
				Page 24 of 24				© COPYRIGHT 2004 Deutsche Bank

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