
                                     UNITED STATES
                           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):  May 25, 2005
                           (Date of earliest event reported)

               Financial Asset Securities Corp. (as Depositor under the
               Pooling and Servicing Agreement, dated as January 1, 2005,
               providing for the issuance of Meritage Mortgage Loan Trust
              2005-1, Asset-Backed Pass-Through Certificates, Series 2005-1)
                 (Exact name of registrant as specified in charter)


                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-121661-02                          06-1442101
          (Commission File Number)        (I.R.S. Employer Identification No.)


               600 Steamboat Road
               Greenwich, Connecticut                    06830
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (203) 625-2700


       (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):

[  ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act
(17 CFR 240.14a-12(b))

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))


     Item 8.01  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 9.01 Financial Statements and Exhibits

     (c) Exhibits:

     Exhibit No. Description

     99.1 Monthly Remittance Statement to the Certificateholders dated as of
     May 25, 2005.

                                    Signatures

               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,
                                  in its capacity as Trustee under the
                                  Pooling and Servicing Agreement on
                                  behalf of Financial Asset Securities
                                  Corp., Registrant


          Date:  Jun 02, 2005               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President


                                   EXHIBIT INDEX

          DOCUMENT

          99.1 Monthly Remittance Statement to the Certificateholders
          dated as of May 25, 2005.



Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

				External Parties						Table of Contents

													Page
				Seller									Page
				Seller						1. Certificate Payment Report					2
				Greenwich Capital Financial Products, In						1. Certificate Payment Report					2
				Greenwich Capital Financial Products, In						2. Collection Account Report					6
										2. Collection Account Report					6
										3. Credit Enhancement Report					8
										4. Collateral Report					9
				Certificate Insurer(s)						5. Delinquency Report					12
				Certificate Insurer(s)						5. Delinquency Report					12
										6. REO Report					15

										7. Foreclosure Report					16
										8. Prepayment Report					17
										9. Prepayment Detail Report					20
										9. Prepayment Detail Report					20
										10. Realized Loss Report					22
										11. Realized Loss Detail Report					25
				Servicer(s)						11. Realized Loss Detail Report					25
				Servicer(s)						12. Triggers and Adj. Cert. Report					26
				Saxon Mortgage Services, Inc.						12. Triggers and Adj. Cert. Report					26
				Saxon Mortgage Services, Inc.						13. Additional Certificate Report					27
										13. Additional Certificate Report					27


				Underwriter(s)
				Greenwich Capital Markets


										Total Number of Pages					27
										Total Number of Pages

				Dates						Contacts

				Cut-Off Date:			January 01, 2005			Eiko Akiyama
				Close Date:			January 28, 2005			Administrator
				First Distribution Date:			February 25, 2005			(714) 247-6328

										Address:
										1761 East St. Andrew Place, Santa Ana, CA 92514
				Distribution Date:			May 25, 2005
										Factor Information:			(800) 735-7777
				Record Date:			April 29, 2005			Factor Information:			(800) 735-7777
										Main Phone Number:			(714) 247-6000

							May 24, 2005
							May 24, 2005

										https://www.tss.db.com/invr






Page 1 of 27
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Certificate Payment Report
Current Period Distribution - REMIC III
					Prior												Current
	Class		Original		Principal						Total		Realized		Deferred		Principal
	Class		Original		Principal						Total		Realized		Deferred		Principal
Class	Type	Cur	Face Value		Balance		Interest		Principal		Distribution		Loss		Interest		Balance


					(1)		(2)		(3)		(4)=(2)+(3)		(5)		(6)		(7)=(1)-(3)-(5)+(6)

I-A1	FLT/STEP	$	240,000,000.00		236,258,677.57		641,836.07		3,439,509.05		4,081,345.12		0.00		0.00		232,819,168.52
I-A1	FLT/STEP	$	240,000,000.00		236,258,677.57		641,836.07		3,439,509.05		4,081,345.12		0.00		0.00		232,819,168.52
I-A2	FLT/STEP	$	60,000,000.00		59,064,669.40		163,904.46		859,877.26		1,023,781.72		0.00		0.00		58,204,792.14
II-A1	FLT/STEP	$	79,700,000.00		73,884,198.40		193,946.02		9,207,513.53		9,401,459.55		0.00		0.00		64,676,684.87
II-A2	FLT/STEP	$	120,000,000.00		120,000,000.00		329,000.00		0.00		329,000.00		0.00		0.00		120,000,000.00
II-A3	FLT/STEP	$	18,880,000.00		18,880,000.00		53,493.33		0.00		53,493.33		0.00		0.00		18,880,000.00
M-1	FLT/STEP	$	23,785,000.00		23,785,000.00		69,174.71		0.00		69,174.71		0.00		0.00		23,785,000.00
M-2	FLT/STEP	$	21,775,000.00		21,775,000.00		63,873.33		0.00		63,873.33		0.00		0.00		21,775,000.00
M-3	FLT/STEP	$	13,065,000.00		13,065,000.00		38,650.63		0.00		38,650.63		0.00		0.00		13,065,000.00
M-4	FLT/STEP	$	11,725,000.00		11,725,000.00		36,836.04		0.00		36,836.04		0.00		0.00		11,725,000.00
M-5	FLT/STEP	$	11,725,000.00		11,725,000.00		37,129.17		0.00		37,129.17		0.00		0.00		11,725,000.00
M-6	FLT/STEP	$	11,390,000.00		11,390,000.00		36,448.00		0.00		36,448.00		0.00		0.00		11,390,000.00
M-7	FLT/STEP	$	10,720,000.00		10,720,000.00		38,145.33		0.00		38,145.33		0.00		0.00		10,720,000.00
M-8	FLT/STEP	$	8,040,000.00		8,040,000.00		29,614.00		0.00		29,614.00		0.00		0.00		8,040,000.00
M-9	FLT/STEP	$	8,375,000.00		8,375,000.00		36,780.21		0.00		36,780.21		0.00		0.00		8,375,000.00
M-10	FLT/STEP	$	6,700,000.00		6,700,000.00		33,611.67		0.00		33,611.67		0.00		0.00		6,700,000.00
M-11	FLT/STEP	$	7,370,000.00		7,370,000.00		36,972.83		0.00		36,972.83		0.00		0.00		7,370,000.00
B-1	FLT/STEP	$	7,035,000.00		7,035,000.00		36,757.88		0.00		36,757.88		0.00		0.00		7,035,000.00
B-2	FLT/STEP	$	5,025,000.00		5,025,000.00		26,255.63		0.00		26,255.63		0.00		0.00		5,025,000.00
C	EXE	$	4,689,900.00		4,690,000.00		2,090,342.10		0.00		2,090,342.10		0.00		0.00		4,690,000.00
P	EXE/FIX	$	100.00		100.00		134,191.15		0.00		134,191.15		0.00		0.00		100.00
R	EXE	$	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
R-X	EXE	$	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00


Total			670,000,000.00		659,507,645.37		4,126,962.56		13,506,899.84		17,633,862.40		0.00		0.00		646,000,745.53
Total





Page 2 of 27
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

Interest Accrual Detail Current Period Factor Information per $1,000 of Original Face-
									Orig. Principal		Prior							Current
									Orig. Principal		Prior							Current
	Period		Period						(with Notional)		Principal						Total	Principal
	Period		Period
Class	Starting		Ending		Method		Cusip		Balance		Balance		Interest		Principal		Distribution	Balance

									(1)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
I-A1	04/25/05		05/24/05		A-Act/360		59001FBS9		240,000,000.00		984.411157		2.674317		14.331288		17.005605	970.079869
I-A2	04/25/05		05/24/05		A-Act/360		59001FBT7		60,000,000.00		984.411157		2.731741		14.331288		17.063029	970.079869
II-A1	04/25/05		05/24/05		A-Act/360		59001FBU4		79,700,000.00		927.028838		2.433451		115.527146		117.960597	811.501692
II-A2	04/25/05		05/24/05		A-Act/360		59001FBV2		120,000,000.00		1,000.000000		2.741667		0.000000		2.741667	1,000.000000
II-A3	04/25/05		05/24/05		A-Act/360		59001FBW0		18,880,000.00		1,000.000000		2.833333		0.000000		2.833333	1,000.000000
M-1	04/25/05		05/24/05		A-Act/360		59001FBX8		23,785,000.00		1,000.000000		2.908333		0.000000		2.908333	1,000.000000
M-2	04/25/05		05/24/05		A-Act/360		59001FBY6		21,775,000.00		1,000.000000		2.933333		0.000000		2.933333	1,000.000000
M-3	04/25/05		05/24/05		A-Act/360		59001FBZ3		13,065,000.00		1,000.000000		2.958334		0.000000		2.958334	1,000.000000
M-4	04/25/05		05/24/05		A-Act/360		59001FCA7		11,725,000.00		1,000.000000		3.141667		0.000000		3.141667	1,000.000000
M-5	04/25/05		05/24/05		A-Act/360		59001FCB5		11,725,000.00		1,000.000000		3.166667		0.000000		3.166667	1,000.000000
M-6	04/25/05		05/24/05		A-Act/360		59001FCC3		11,390,000.00		1,000.000000		3.200000		0.000000		3.200000	1,000.000000
M-7	04/25/05		05/24/05		A-Act/360		59001FCD1		10,720,000.00		1,000.000000		3.558333		0.000000		3.558333	1,000.000000
M-8	04/25/05		05/24/05		A-Act/360		59001FCE9		8,040,000.00		1,000.000000		3.683333		0.000000		3.683333	1,000.000000
M-9	04/25/05		05/24/05		A-Act/360		59001FCF6		8,375,000.00		1,000.000000		4.391667		0.000000		4.391667	1,000.000000
M-10	04/25/05		05/24/05		A-Act/360		59001FCG4		6,700,000.00		1,000.000000		5.016667		0.000000		5.016667	1,000.000000
M-11	04/25/05		05/24/05		A-Act/360		59001FCH2		7,370,000.00		1,000.000000		5.016666		0.000000		5.016666	1,000.000000
B-1	04/25/05		05/24/05		A-Act/360		59001FCJ8		7,035,000.00		1,000.000000		5.225001		0.000000		5.225001	1,000.000000
B-2	04/25/05		05/24/05		A-Act/360		59001FCK5		5,025,000.00		1,000.000000		5.225001		0.000000		5.225001	1,000.000000
C	04/25/05		05/24/05		A-30/360				4,689,900.00		1,000.021322		445.711444		0.000000		445.711444	1,000.021322
P	04/25/05		05/24/05		A-30/360				100.00		1,000.000000		1,341,911.500000		0.000000		1,341,911.500000	1,000.000000
R	04/25/05		05/24/05		A-30/360				0.00		0.000000		0.000000		0.000000		0.000000	0.000000
R-X	04/25/05		05/24/05		A-30/360				0.00		0.000000		0.000000		0.000000		0.000000	0.000000




Page 3 of 27
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

Distribution to Date - REMIC III
																	Current


	Original				Unscheduled		Scheduled		Total		Total		Realized		Deferred		Principal

Class	Face Value		Interest		Principal		Principal		Principal		Distribution		Loss		Interest		Balance
	(1)		(2)		(3)		(4)		(5)=(3)+(4)		(6)=(2)+(5)		(7)		(8)		(9)=(1)-(5)-(7)+(8)
I-A1	240,000,000.00		2,337,919.07		6,911,420.77		269,410.71		7,180,831.48		9,518,750.56		0.00		0.00		232,819,168.52
I-A2	60,000,000.00		598,050.03		1,727,855.18		67,352.68		1,795,207.86		2,393,257.89		0.00		0.00		58,204,792.14
II-A1	79,700,000.00		729,005.13		14,508,388.95		514,926.18		15,023,315.13		15,752,320.27		0.00		0.00		64,676,684.87
II-A2	120,000,000.00		1,187,950.00		0.00		0.00		0.00		1,187,950.00		0.00		0.00		120,000,000.00
II-A3	18,880,000.00		193,653.73		0.00		0.00		0.00		193,653.73		0.00		0.00		18,880,000.00
M-1	23,785,000.00		250,921.84		0.00		0.00		0.00		250,921.84		0.00		0.00		23,785,000.00
M-2	21,775,000.00		231,840.24		0.00		0.00		0.00		231,840.24		0.00		0.00		21,775,000.00
M-3	13,065,000.00		140,377.99		0.00		0.00		0.00		140,377.99		0.00		0.00		13,065,000.00
M-4	11,725,000.00		134,363.61		0.00		0.00		0.00		134,363.61		0.00		0.00		11,725,000.00
M-5	11,725,000.00		135,506.81		0.00		0.00		0.00		135,506.81		0.00		0.00		11,725,000.00
M-6	11,390,000.00		133,115.87		0.00		0.00		0.00		133,115.87		0.00		0.00		11,390,000.00
M-7	10,720,000.00		140,266.73		0.00		0.00		0.00		140,266.73		0.00		0.00		10,720,000.00
M-8	8,040,000.00		109,119.55		0.00		0.00		0.00		109,119.55		0.00		0.00		8,040,000.00
M-9	8,375,000.00		136,802.14		0.00		0.00		0.00		136,802.14		0.00		0.00		8,375,000.00
M-10	6,700,000.00		125,772.96		0.00		0.00		0.00		125,772.96		0.00		0.00		6,700,000.00
M-11	7,370,000.00		138,350.26		0.00		0.00		0.00		138,350.26		0.00		0.00		7,370,000.00
B-1	7,035,000.00		137,777.54		0.00		0.00		0.00		137,777.54		0.00		0.00		7,035,000.00
B-2	5,025,000.00		98,412.54		0.00		0.00		0.00		98,412.54		0.00		0.00		5,025,000.00
C	4,689,900.00		6,089,462.83		-73.71		-26.29		0.00		6,089,462.83		0.00		-4,996.72		4,690,000.00
P	100.00		272,350.73		0.00		0.00		0.00		272,350.73		0.00		0.00		100.00
R	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
R-X	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00


Total	670,000,000.00		13,321,019.60		23,147,591.19		851,663.28		23,999,354.47		37,320,374.09		0.00		-4,996.72		646,000,745.53



Page 4 of 27
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

Interest Detail - REMIC III
	Pass		Prior Principal				Non-		Prior		Unscheduled				Paid or		Current
	Pass		Prior Principal				Non-		Prior		Unscheduled				Paid or

	Through		(with Notional)		Accrued		Supported		Unpaid		Interest		Optimal		Deferred		Unpaid

Class	Rate		Balance		Interest		Interest SF		Interest		Adjustment		Interest		Interest		Interest
					(1)		(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
I-A1	3.26000%		236,258,677.57		641,836.07		0.00		0.00		0.00		641,836.07		641,836.07		0.00
I-A2	3.33000%		59,064,669.40		163,904.46		0.00		0.00		0.00		163,904.46		163,904.46		0.00
II-A1	3.15000%		73,884,198.40		193,946.02		0.00		0.00		0.00		193,946.02		193,946.02		0.00
II-A2	3.29000%		120,000,000.00		329,000.00		0.00		0.00		0.00		329,000.00		329,000.00		0.00
II-A3	3.40000%		18,880,000.00		53,493.33		0.00		0.00		0.00		53,493.33		53,493.33		0.00
M-1	3.49000%		23,785,000.00		69,174.71		0.00		0.00		0.00		69,174.71		69,174.71		0.00
M-2	3.52000%		21,775,000.00		63,873.33		0.00		0.00		0.00		63,873.33		63,873.33		0.00
M-3	3.55000%		13,065,000.00		38,650.63		0.00		0.00		0.00		38,650.63		38,650.63		0.00
M-4	3.77000%		11,725,000.00		36,836.04		0.00		0.00		0.00		36,836.04		36,836.04		0.00
M-5	3.80000%		11,725,000.00		37,129.17		0.00		0.00		0.00		37,129.17		37,129.17		0.00
M-6	3.84000%		11,390,000.00		36,448.00		0.00		0.00		0.00		36,448.00		36,448.00		0.00
M-7	4.27000%		10,720,000.00		38,145.33		0.00		0.00		0.00		38,145.33		38,145.33		0.00
M-8	4.42000%		8,040,000.00		29,614.00		0.00		0.00		0.00		29,614.00		29,614.00		0.00
M-9	5.27000%		8,375,000.00		36,780.21		0.00		0.00		0.00		36,780.21		36,780.21		0.00
M-10	6.02000%		6,700,000.00		33,611.67		0.00		0.00		0.00		33,611.67		33,611.67		0.00
M-11	6.02000%		7,370,000.00		36,972.83		0.00		0.00		0.00		36,972.83		36,972.83		0.00
B-1	6.27000%		7,035,000.00		36,757.88		0.00		0.00		0.00		36,757.88		36,757.88		0.00
B-2	6.27000%		5,025,000.00		26,255.63		0.00		0.00		0.00		26,255.63		26,255.63		0.00
C	534.84233%		4,690,000.00		2,091,091.25		749.15		0.00		0.00		2,090,342.10		2,090,342.10		0.00
P	0.00000%		100.00		0.00		0.00		0.00		0.00		0.00		134,191.15		0.00
R	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
R-X	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00


Total			659,507,645.37		3,993,520.56		749.15		0.00		0.00		3,992,771.41		4,126,962.56		0.00



Page 5 of 27
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Collection Account Report
SUMMARY
SUMMARY
										Group 2		Group 1		Total
Principal Collections										9,202,862.20		4,260,340.84		13,463,203.04
Principal Withrawals										0.00		0.00		0.00
Principal Other Accounts										1,176.95		37,423.13		38,600.08
TOTAL NET PRINCIPAL										9,204,039.15		4,297,763.97		13,501,803.12
Interest Collections										1,746,617.20		2,341,675.61		4,088,292.81
Interest Withdrawals										-0.00		-0.00		-0.00
Interest Other Accounts										0.00		0.00		134,191.15
Interest Fees										-37,588.78		-52,835.90		-90,424.68
TOTAL NET INTEREST										1,709,028.42		2,288,839.71		4,132,059.28
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION										10,913,067.57		6,586,603.68		17,633,862.40



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
											Group 2		Group 1		Total
Scheduled Principal Received											90,021.86		173,815.26		263,837.12
Curtailments											22,046.19		18,892.60		40,938.79
Prepayments In Full											8,923,815.22		4,067,632.98		12,991,448.20
Repurchased/Substitutions											0.00		0.00		0.00
Liquidations											172,075.59		0.00		172,075.59
Other Additional Principal											0.00		0.00		0.00
Delinquent Principal											-65,177.13		-118,013.13		-183,190.26
Realized Losses											-5,096.66		-0.00		-5,096.66
Advanced Principal											65,177.13		118,013.13		183,190.26
TOTAL PRINCIPAL COLLECTED											9,202,862.20		4,260,340.84		13,463,203.04


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



PRINCIPAL - OTHER ACCOUNTS
PRINCIPAL - OTHER ACCOUNTS
										Group 2		Group 1		Total
TOTAL PRINCIPAL OTHER ACCOUNTS										1,176.95		37,423.13		38,600.08





Page 6 of 27
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
										Group 2		Group 1		Total
Scheduled Interest										1,823,604.28		2,450,520.33		4,274,124.61
Repurchased/Substitution Interest										0.00		0.00		0.00
Liquidation Interest										1,469.67		0.00		1,469.67
Other Additional Interest										0.00		0.00		0.00
Prepayment Interest Shortfalls										-3,820.14		-2,644.35		-6,464.49
Delinquent Interest										-1,258,609.56		-1,677,830.47		-2,936,440.03
Compensating Interest										3,820.14		2,644.35		6,464.49
Civil Relief Act Shortfalls										-0.00		-749.15		-749.15
Interest Advanced										1,180,152.81		1,569,734.90		2,749,887.71
TOTAL INTEREST COLLECTED										1,746,617.20		2,341,675.61		4,088,292.81


INTEREST - WITHDRAWALS
INTEREST - WITHDRAWALS
										Group 2		Group 1		Total
TOTAL INTEREST WITHDRAWALS										0.00		0.00		0.00



INTEREST - OTHER ACCOUNTS
INTEREST - OTHER ACCOUNTS
										Group 2		Group 1		Total
Prepayment Charges														134,191.15
TOTAL INTEREST OTHER ACCOUNTS										0.00		0.00		134,191.15



INTEREST - FEES
INTEREST - FEES
										Group 2		Group 1		Total
Current Servicing Fees										36,667.78		51,558.67		88,226.45
Trustee Fees										921.00		1,277.23		2,198.23
TOTAL INTEREST FEES										37,588.78		52,835.90		90,424.68




Page 7 of 27
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Credit Enhancement Report

ACCOUNTS


Net WAC Rate Carryover Reserve Account

Amount Deposited in the Account						0.00
Begining Balance						0.00
Amount Withdrawn						0.00
Ending Balance						0.00




INSURANCE

SPACE INTENTIONALLY LEFT BLANK



STRUCTURAL FEATURES
STRUCTURAL FEATURES
										Group 2		Group 1		Total
Overcollateralization Amount														4,684,903.28
Overcollateralization Target Amount														4,690,000.00
Overcollateralization Deficiency Amount														5,096.72
Overcollateralization Release Amount														0.00



Page 8 of 27
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Collateral Report


COLLATERAL



											Group 2		Group 1		Total



Loan Count:


Original										1,269		2,062		3,331
Prior										1,959		3,355		5,314
Prefunding										0		0		0
Scheduled Paid Offs										-0		-0		-0
Full Voluntary Prepayments										-48		-26		-74
Repurchases										-0		-0		-0
Liquidations										-1		-0		-1
Current										1,910		3,329		5,239
Principal Balance:


Original										174,077,689.56		239,341,392.38		413,419,081.94
Prior										276,298,877.88		383,170,167.35		659,469,045.23
Prefunding										108,038,103.00		148,542,815.06		256,580,918.06
Scheduled Principal										-90,021.86		-173,815.26		-263,837.12
Partial Prepayments										-22,046.19		-18,892.60		-40,938.79
Full Voluntary Prepayments										-8,923,815.22		-4,067,632.98		-12,991,448.20
Repurchases										-0.00		-0.00		-0.00
Liquidations										-172,075.59		-0.00		-172,075.59
Current										267,090,919.02		378,909,826.51		646,000,745.53





PREFUNDING
PREFUNDING
										Group 2		Group 1		Total
Prefunding Account Original Balance										108,038,103.00		148,542,815.06		256,580,918.06
Prefunding Account Beginning Balance										1,176.95		37,423.13		38,600.08
Subsequent Loans Added to the Pool										0.00		0.00		0.00
Prefund Release to Certificate Holders										1,176.95		37,423.13		38,600.08
Prefunding Account Ending Balance										0.00		0.00		0.00





Page 9 of 27
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

CHARACTERISTICS
CHARACTERISTICS
										Group 2		Group 1		Total
Weighted Average Coupon Original										7.88870%		7.73510%		7.79978%
Weighted Average Coupon Prior										7.93104%		7.67636%		7.78325%
Weighted Average Coupon Current										7.92652%		7.67455%		7.78012%
Weighted Average Months to Maturity Original										336		339		338
Weighted Average Months to Maturity Prior										337		337		337
Weighted Average Months to Maturity Current										335		336		336
Weighted Avg Remaining Amortization Term Original										336		339		338
Weighted Avg Remaining Amortization Term Prior										337		337		337
Weighted Avg Remaining Amortization Term Current										335		336		336
Weighted Average Seasoning Original										3.51		2.95		3.19
Weighted Average Seasoning Prior										4.47		4.05		4.23
Weighted Average Seasoning Current										5.47		5.04		5.22









Page 10 of 27
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

ARM CHARACTERISTICS
ARM CHARACTERISTICS
										Group 2		Group 1		Total
Weighted Average Margin Original										6.14661%		5.94341%		6.02861%
Weighted Average Margin Prior										6.37912%		5.95426%		6.13399%
Weighted Average Margin Current										6.37601%		5.95183%		6.13105%
Weighted Average Max Rate Original										14.46358%		14.37908%		14.41451%
Weighted Average Max Rate Prior										14.57260%		14.29016%		14.40965%
Weighted Average Max Rate Current										14.57016%		14.28696%		14.40661%
Weighted Average Min Rate Original										7.46358%		7.37769%		7.41370%
Weighted Average Min Rate Prior										7.57371%		7.29202%		7.41119%
Weighted Average Min Rate Current										7.57127%		7.28883%		7.40817%
Weighted Average Cap Up Original										1.50000%		1.50000%		1.50000%
Weighted Average Cap Up Prior										1.50000%		1.50000%		1.50000%
Weighted Average Cap Up Current										1.50000%		1.50000%		1.50000%
Weighted Average Cap Down Original										1.50000%		1.50000%		1.50000%
Weighted Average Cap Down Prior										1.50000%		1.50000%		1.50000%
Weighted Average Cap Down Current										1.50000%		1.50000%		1.50000%




SERVICING FEES & ADVANCES

											Group 2		Group 1		Total




Current Servicing Fees										36,667.78		51,558.67		88,226.45
Delinquent Servicing Fees										78,456.76		108,095.57		186,552.33
TOTAL SERVICING FEES										115,124.53		159,654.25		274,778.78


Total Servicing Fees										115,124.53		159,654.25		274,778.78
Compensating Interest										-3,820.14		-2,644.35		-6,464.49
Delinquent Servicing Fees										-78,456.76		-108,095.57		-186,552.33
COLLECTED SERVICING FEES										32,847.64		48,914.33		81,761.97


Total Advaced Interest										1,180,152.81		1,569,734.90		2,749,887.71
Total Advaced Principal										65,177.13		118,013.13		183,190.26
Aggregate Advances with respect to this Distribution										204,206.70		283,022.60		487,229.30





ADDITIONAL COLLATERAL INFORMATION
										Group 2		Group 1		Total
Prepayment Interest Shortfall (PPIS)										3,820.14		2,644.35		6,464.49
Compensating Interest										-3,820.14		-2,644.35		-6,464.49
Net Prepayment Interest Shortfall (PPIS)										0.00		0.00		0.00

Weighted Average Net Mortgage Rate														7.520247%

Libor For Current Period														3.0200%

Libor For Next Period														3.0900%



Page 11 of 27
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				34,160,426.46		5,136,398.52		3,809,522.26		43,106,347.24
			% Balance				5.29%		0.80%		0.59%		6.67%
			# Loans				278		42		41		361
			% # Loans				5.31%		0.80%		0.78%		6.89%
	FORECLOSURE		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		0.00		0.00		221,387.26		33,972.37		255,359.63
			% Balance		0.00%		0.00%		0.03%		0.01%		0.04%
			# Loans		0		0		2		1		3
			% # Loans		0.00%		0.00%		0.04%		0.02%		0.06%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		0.00		34,160,426.46		5,357,785.78		3,843,494.63		43,361,706.87
			% Balance		0.00%		5.29%		0.83%		0.59%		6.71%
			# Loans		0		278		44		42		364
			% # Loans		0.00%		5.31%		0.84%		0.80%		6.95%









Page 12 of 27
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution


	GROUP 1
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				21,231,647.57		2,826,276.55		1,444,790.93		25,502,715.05
			% Balance				5.60%		0.75%		0.38%		6.73%
			# Loans				186		25		16		227
			% # Loans				5.59%		0.75%		0.48%		6.82%
	FORECLOSURE		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		0.00		0.00		221,387.26		33,972.37		255,359.63
			% Balance		0.00%		0.00%		0.06%		0.01%		0.07%
			# Loans		0		0		2		1		3
			% # Loans		0.00%		0.00%		0.06%		0.03%		0.09%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		0.00		21,231,647.57		3,047,663.81		1,478,763.30		25,758,074.68
			% Balance		0.00%		5.60%		0.80%		0.39%		6.80%
			# Loans		0		186		27		17		230
			% # Loans		0.00%		5.59%		0.81%		0.51%		6.91%










Page 13 of 27
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

	GROUP 2
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				12,928,778.89		2,310,121.97		2,364,731.33		17,603,632.19
			% Balance				4.84%		0.86%		0.89%		6.59%
			# Loans				92		17		25		134
			% # Loans				4.82%		0.89%		1.31%		7.02%
	FORECLOSURE		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		0.00		12,928,778.89		2,310,121.97		2,364,731.33		17,603,632.19
			% Balance		0.00%		4.84%		0.86%		0.89%		6.59%
			# Loans		0		92		17		25		134
			% # Loans		0.00%		4.82%		0.89%		1.31%		7.02%









Page 14 of 27
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
REO Report
Loan Number			Original		Stated				Current		State &

														First
&			Principal		Principal		Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance		Date		Rate		Origination		Term		Date




TOTAL



Page 15 of 27
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Foreclosure Report
Loan Number			Original		Stated				Current		State &

														First
&			Principal		Principal		Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance		Date		Rate		Origination		Term		Date




TOTAL



Page 16 of 27
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

											Group 2		Group 1		Total




Current


Number of Paid in Full Loans										48		26		74
Number of Repurchased Loans										0		0		0
Total Number of Loans Prepaid in Full										48		26		74
Curtailments Amount										22,046.19		18,892.60		40,938.79
Paid in Full Balance										8,923,815.22		4,067,632.98		12,991,448.20
Repurchased Loans Balance										0.00		0.00		0.00
Total Prepayment Amount										8,945,861.41		4,086,525.58		13,032,386.99

Cumulative


Number of Paid in Full Loans										87		56		143
Number of Repurchased Loans										0		0		0
Total Number of Loans Prepaid in Full										87		56		143
Paid in Full Balance										14,445,731.22		8,191,514.23		22,637,245.45
Repurchased Loans Balance										0.00		0.00		0.00
Curtailments Amount										112,455.84		187,214.17		299,670.01
Total Prepayment Amount										14,558,187.06		8,378,728.40		22,936,915.46










Page 17 of 27
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

											Group 2		Group 1		Total



SMM										3.30%		1.07%		2.00%
3 Months Avg SMM										1.92%		0.80%		1.27%
12 Months Avg SMM										1.49%		0.61%		0.98%
Avg SMM Since Cut-off										1.49%		0.61%		0.98%


CPR										33.16%		12.08%		21.56%
3 Months Avg CPR										20.72%		9.17%		14.19%
12 Months Avg CPR										16.48%		7.10%		11.14%
Avg CPR Since Cut-off										16.48%		7.10%		11.14%


PSA										3,033.33%		1,198.37%		2,066.68%
3 Months Avg PSA Approximation										2,150.79%		1,055.58%		1,561.45%
12 Months Avg PSA Approximation										1,835.00%		888.44%		1,324.98%
Avg PSA Since Cut-off Approximation										1,835.00%		888.44%		1,324.97%










Page 18 of 27
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution






PREPAYMENT CALCULATION METHODOLOGY

Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases + Liquidations )/(Beg Principal Balance - Sched Principal) Conditional Prepayment Rate (CPR): 1-((1-SMM)^12) PSA Standard Prepayment Model: CPR/(0.002min(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) Conditional Prepayment Rate (CPR): 1-((1-SMM)^12) Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.002*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) Dates correspond to distribution dates. Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments, liquidations, and repurchases.













Page 19 of 27
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Prepayment Detail Report
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First
Loan Number			Original							Current		State &		Type Prepayment

&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

1000156199 1			70,150.00		69,695.58				9.250%		MO - 79.99%		Paid Off - 360		01-Apr-2004
			70,150.00

1000160825 2			101,600.00		100,940.41				9.250%		AZ - 80.00%		Paid Off - 360		01-May-2004
1000160825 2					100,940.41				9.250%		AZ - 80.00%		Paid Off - 360		01-May-2004
1000165109 2			123,250.00		122,269.47				8.500%		OH - 85.00%		Paid Off - 360		01-Jun-2004
1000165109 2					122,269.47				8.500%		OH - 85.00%		Paid Off - 360		01-Jun-2004
1000173437 1			164,000.00		164,000.00			10-May-2005		6.874%		NV - 80.00%		Paid Off - 360		01-Oct-2004
1000173437 1					164,000.00			10-May-2005		6.874%		NV - 80.00%		Paid Off - 360		01-Oct-2004
1000180242 1			220,500.00		219,711.75			21-Apr-2005		7.750%		MA - 70.00%		Paid Off - 360		01-Dec-2004
1000180242 1					219,711.75			21-Apr-2005		7.750%		MA - 70.00%		Paid Off - 360		01-Dec-2004
1000183273 2			216,000.00		216,000.00			20-Apr-2005		5.750%		CA - 80.00%		Paid Off - 360		01-Oct-2004
1000183273 2					216,000.00			20-Apr-2005		5.750%		CA - 80.00%		Paid Off - 360		01-Oct-2004
1000183282 2			54,000.00		54,000.00			22-Apr-2005		8.375%		CA - 100.00%		Paid Off - 180		01-Oct-2004
1000183282 2					54,000.00			22-Apr-2005		8.375%		CA - 100.00%		Paid Off - 180		01-Oct-2004
1000183498 2			18,900.00		18,776.15				14.750%		IN - 100.00%		Paid Off - 240		01-Oct-2004
1000183498 2					18,776.15				14.750%		IN - 100.00%		Paid Off - 240		01-Oct-2004
1000183511 2			236,300.00		236,211.29				7.000%		RI - 79.99%		Paid Off - 360		01-Oct-2004
1000183511 2					236,211.29				7.000%		RI - 79.99%		Paid Off - 360		01-Oct-2004
1000183794 2			82,800.00		82,581.44			06-May-2005		10.125%		KS - 90.00%		Paid Off - 360		01-Nov-2004
1000183794 2					82,581.44			06-May-2005		10.125%		KS - 90.00%		Paid Off - 360		01-Nov-2004
1000184347 2			225,000.00		223,849.47			20-Apr-2005		6.875%		CA - 92.21%		Paid Off - 360		01-Nov-2004
1000184347 2					223,849.47			20-Apr-2005		6.875%		CA - 92.21%		Paid Off - 360		01-Nov-2004
1000185601 2			58,400.00		58,214.82			28-Apr-2005		9.250%		CA - 100.00%		Paid Off - 180		01-Nov-2004
1000185601 2					58,214.82			28-Apr-2005		9.250%		CA - 100.00%		Paid Off - 180		01-Nov-2004
1000186046 2			72,000.00		71,799.66				9.875%		MI - 90.00%		Paid Off - 360		01-Nov-2004
1000186046 2					71,799.66				9.875%		MI - 90.00%		Paid Off - 360		01-Nov-2004
1000186209 2			93,230.00		93,230.00				9.875%		MD - 80.00%		Paid Off - 360		01-Oct-2004
1000186209 2					93,230.00				9.875%		MD - 80.00%		Paid Off - 360		01-Oct-2004
1000186304 2			323,800.00		323,800.00			03-May-2005		7.375%		CA - 79.95%		Paid Off - 360		01-Nov-2004
1000186304 2					323,800.00			03-May-2005		7.375%		CA - 79.95%		Paid Off - 360		01-Nov-2004
1000186321 2			63,600.00		63,468.60			11-May-2005		12.490%		MD - 99.87%		Paid Off - 180		01-Nov-2004
1000186321 2					63,468.60			11-May-2005		12.490%		MD - 99.87%		Paid Off - 180		01-Nov-2004
1000186920 2			165,000.00		164,271.83			03-May-2005		7.624%		KS - 100.00%		Paid Off - 360		01-Nov-2004
1000186920 2					164,271.83			03-May-2005		7.624%		KS - 100.00%		Paid Off - 360		01-Nov-2004
1000187104 2			145,000.00		144,715.23			19-Apr-2005		11.500%		MD - 100.00%		Paid Off - 360		01-Nov-2004
1000187104 2					144,715.23			19-Apr-2005		11.500%		MD - 100.00%		Paid Off - 360		01-Nov-2004
1000187147 2			261,600.00		260,314.70			29-Apr-2005		7.875%		MA - 80.00%		Paid Off - 360		01-Oct-2004
1000187147 2					260,314.70			29-Apr-2005		7.875%		MA - 80.00%		Paid Off - 360		01-Oct-2004
1000187153 2			85,600.00		85,109.05			06-May-2005		7.875%		AZ - 80.00%		Paid Off - 360		01-Oct-2004
1000187153 2					85,109.05			06-May-2005		7.875%		AZ - 80.00%		Paid Off - 360		01-Oct-2004
1000187644 1			178,400.00		157,380.30			09-May-2005		7.875%		MI - 80.00%		Paid Off - 360		01-Nov-2004
1000187644 1					157,380.30			09-May-2005		7.875%		MI - 80.00%		Paid Off - 360		01-Nov-2004
1000188321 2			249,730.00		249,121.25			20-Apr-2005		10.499%		NE - 100.00%		Paid Off - 360		01-Nov-2004
1000188321 2					249,121.25			20-Apr-2005		10.499%		NE - 100.00%		Paid Off - 360		01-Nov-2004
1000188446 2			127,920.00		127,396.26			29-Apr-2005		7.999%		NM - 80.00%		Paid Off - 360		01-Nov-2004
1000188446 2					127,396.26			29-Apr-2005		7.999%		NM - 80.00%		Paid Off - 360		01-Nov-2004
1000188590 2			180,000.00		179,485.78			02-May-2005		9.750%		MD - 90.00%		Paid Off - 360		01-Nov-2004
1000188590 2					179,485.78			02-May-2005		9.750%		MD - 90.00%		Paid Off - 360		01-Nov-2004
1000189292 2			109,650.00		109,451.64			13-May-2005		11.875%		NM - 85.00%		Paid Off - 360		01-Nov-2004
1000189292 2					109,451.64			13-May-2005		11.875%		NM - 85.00%		Paid Off - 360		01-Nov-2004
1000189520 1			137,100.00		136,774.64			26-Apr-2005		9.750%		VA - 100.00%		Paid Off - 360		01-Dec-2004
1000189520 1					136,774.64			26-Apr-2005		9.750%		VA - 100.00%		Paid Off - 360		01-Dec-2004
1000189662 2			540,000.00		540,000.00			22-Apr-2005		6.500%		CA - 80.00%		Paid Off - 360		01-Nov-2004
1000189662 2					540,000.00			22-Apr-2005		6.500%		CA - 80.00%		Paid Off - 360		01-Nov-2004
1000190232 2			214,400.00		214,287.72			19-Apr-2005		5.125%		CA - 80.00%		Paid Off - 360		01-Nov-2004
1000190232 2					214,287.72			19-Apr-2005		5.125%		CA - 80.00%		Paid Off - 360		01-Nov-2004
1000190517 2			211,600.00		210,789.56			02-May-2005		8.875%		FL - 80.00%		Paid Off - 360		01-Nov-2004
1000190517 2					210,789.56			02-May-2005		8.875%		FL - 80.00%		Paid Off - 360		01-Nov-2004
1000190759 2			73,100.00		72,931.16			21-Apr-2005		10.750%		OH - 85.00%		Paid Off - 360		01-Nov-2004
1000190759 2					72,931.16			21-Apr-2005		10.750%		OH - 85.00%		Paid Off - 360		01-Nov-2004
1000191017 2			72,000.00		71,854.70			11-May-2005		11.375%		MO - 80.00%		Paid Off - 360		01-Nov-2004
1000191017 2					71,854.70			11-May-2005		11.375%		MO - 80.00%		Paid Off - 360		01-Nov-2004
1000191142 1			145,600.00		144,918.54			21-Apr-2005		6.375%		MA - 80.00%		Paid Off - 360		01-Dec-2004
1000191142 1					144,918.54			21-Apr-2005		6.375%		MA - 80.00%		Paid Off - 360		01-Dec-2004
1000191143 1			36,400.00		36,287.93			21-Apr-2005		8.490%		MA - 100.00%		Paid Off - 180		01-Dec-2004
1000191143 1					36,287.93			21-Apr-2005		8.490%		MA - 100.00%		Paid Off - 180		01-Dec-2004
1000191199 1			131,000.00		130,907.84			22-Apr-2005		6.125%		CA - 72.78%		Paid Off - 360		01-Dec-2004
1000191199 1					130,907.84			22-Apr-2005		6.125%		CA - 72.78%		Paid Off - 360		01-Dec-2004
1000192755 1			196,000.00		195,206.93			18-Apr-2005		7.125%		MA - 80.00%		Paid Off - 360		01-Dec-2004
1000192755 1					195,206.93			18-Apr-2005		7.125%		MA - 80.00%		Paid Off - 360		01-Dec-2004
1000192771 1			49,000.00		48,906.08			18-Apr-2005		10.750%		MA - 100.00%		Paid Off - 180		01-Dec-2004
1000192771 1					48,906.08			18-Apr-2005		10.750%		MA - 100.00%		Paid Off - 180		01-Dec-2004
1000193325 1			342,000.00		341,852.89			25-Apr-2005		5.625%		FL - 95.00%		Paid Off - 360		01-Dec-2004
1000193325 1					341,852.89					5.625%		FL - 95.00%		Paid Off - 360



Page 20 of 27
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First
Loan Number			Original							Current		State &		Type Prepayment

&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

1000193342 1			54,890.00		54,809.73			25-Apr-2005		11.990%		CA - 100.00%		Paid Off - 180		01-Dec-2004
			54,890.00

1000193357 1			137,200.00		136,572.95			01-May-2005		6.499%		NV - 80.00%		Paid Off - 360		01-Dec-2004
1000193357 1					136,572.95			01-May-2005		6.499%		NV - 80.00%		Paid Off - 360		01-Dec-2004
1000193537 1			115,200.00		114,733.89				7.125%		GA - 80.00%		Paid Off - 360		01-Dec-2004
1000193537 1					114,733.89				7.125%		GA - 80.00%		Paid Off - 360		01-Dec-2004
1000193616 2			204,490.00		204,488.16				7.499%		OR - 100.00%		Paid Off - 360		01-Jan-2005
1000193616 2					204,488.16				7.499%		OR - 100.00%		Paid Off - 360		01-Jan-2005
1000193783 1			128,350.00		128,043.62			18-Apr-2005		8.625%		NM - 80.00%		Paid Off - 360		01-Jan-2005
1000193783 1					128,043.62			18-Apr-2005		8.625%		NM - 80.00%		Paid Off - 360		01-Jan-2005
1000194003 1			303,990.00		302,425.07			11-May-2005		5.875%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1000194003 1					302,425.07			11-May-2005		5.875%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1000194008 2			76,000.00		75,865.69			11-May-2005		11.125%		CA - 100.00%		Paid Off - 180		01-Dec-2004
1000194008 2					75,865.69			11-May-2005		11.125%		CA - 100.00%		Paid Off - 180		01-Dec-2004
1000194208 2			189,600.00		189,493.36				6.750%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1000194208 2					189,493.36				6.750%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1000194622 2			535,000.00		533,989.35			09-May-2005		9.750%		OH - 100.00%		Paid Off - 360		01-Jan-2005
1000194622 2					533,989.35			09-May-2005		9.750%		OH - 100.00%		Paid Off - 360		01-Jan-2005
1000194790 2			42,400.00		42,324.03			23-Apr-2005		10.000%		OH - 80.00%		Paid Off - 360		01-Jan-2005
1000194790 2					42,324.03			23-Apr-2005		10.000%		OH - 80.00%		Paid Off - 360		01-Jan-2005
1000194824 1			350,000.00		349,520.54			30-Apr-2005		11.249%		MA - 100.00%		Paid Off - 360		01-Jan-2005
1000194824 1					349,520.54			30-Apr-2005		11.249%		MA - 100.00%		Paid Off - 360		01-Jan-2005
1000195052 1			127,500.00		127,493.64				6.999%		UT - 100.00%		Paid Off - 360		01-Jan-2005
1000195052 1					127,493.64				6.999%		UT - 100.00%		Paid Off - 360		01-Jan-2005
1000195690 2			100,000.00		99,862.58				9.875%		CA - 100.00%		Paid Off - 180		01-Feb-2005
1000195690 2					99,862.58				9.875%		CA - 100.00%		Paid Off - 180		01-Feb-2005
1000195889 1			161,000.00		160,689.89				8.250%		CA - 64.40%		Paid Off - 360		01-Feb-2005
1000195889 1					160,689.89				8.250%		CA - 64.40%		Paid Off - 360		01-Feb-2005
1000196017 2			103,950.00		103,941.11				7.500%		UT - 90.00%		Paid Off - 360		01-Jan-2005
1000196017 2					103,941.11				7.500%		UT - 90.00%		Paid Off - 360		01-Jan-2005
1000196367 2			325,110.00		323,273.68				5.875%		OH - 80.00%		Paid Off - 360		01-Jan-2005
1000196367 2					323,273.68				5.875%		OH - 80.00%		Paid Off - 360		01-Jan-2005
1000196380 2			263,500.00		263,487.87			04-May-2005		11.124%		MD - 85.00%		Paid Off - 360		01-Jan-2005
1000196380 2					263,487.87			04-May-2005		11.124%		MD - 85.00%		Paid Off - 360		01-Jan-2005
1000197773 2			164,900.00		164,896.83				6.625%		FL - 100.00%		Paid Off - 360		01-Jan-2005
1000197773 2					164,896.83				6.625%		FL - 100.00%		Paid Off - 360		01-Jan-2005
1000198580 1			109,000.00		108,968.48				7.750%		VA - 100.00%		Paid Off - 360		01-Jan-2005
1000198580 1					108,968.48				7.750%		VA - 100.00%		Paid Off - 360		01-Jan-2005
1000198657 1			162,000.00		161,876.09			02-May-2005		6.875%		AZ - 90.00%		Paid Off - 360		01-Jan-2005
1000198657 1					161,876.09			02-May-2005		6.875%		AZ - 90.00%		Paid Off - 360		01-Jan-2005
1000198725 2			167,000.00		167,000.00				6.750%		FL - 100.00%		Paid Off - 360		01-Jan-2005
1000198725 2					167,000.00				6.750%		FL - 100.00%		Paid Off - 360		01-Jan-2005
1000199211 2			150,000.00		149,764.92				9.250%		MO - 98.68%		Paid Off - 360		01-Feb-2005
1000199211 2					149,764.92				9.250%		MO - 98.68%		Paid Off - 360		01-Feb-2005
1000200009 2			105,500.00		105,500.00				8.500%		CA - 100.00%		Paid Off - 180		01-Feb-2005
1000200009 2					105,500.00				8.500%		CA - 100.00%		Paid Off - 180		01-Feb-2005
1000200306 1			135,000.00		134,639.45				7.249%		NJ - 100.00%		Paid Off - 360		01-Feb-2005
1000200306 1					134,639.45				7.249%		NJ - 100.00%		Paid Off - 360		01-Feb-2005
1000200546 2			123,250.00		122,966.91				7.375%		MO - 85.00%		Paid Off - 360		01-Feb-2005
1000200546 2					122,966.91				7.375%		MO - 85.00%		Paid Off - 360		01-Feb-2005
1000200735 2			157,420.00		157,420.00				10.499%		AZ - 100.00%		Paid Off - 360		01-Feb-2005
1000200735 2					157,420.00				10.499%		AZ - 100.00%		Paid Off - 360		01-Feb-2005
1000200736 1			252,000.00		252,000.00				7.250%		AZ - 80.00%		Paid Off - 360		01-Feb-2005
1000200736 1					252,000.00				7.250%		AZ - 80.00%		Paid Off - 360		01-Feb-2005
1000201500 1			293,250.00		293,250.00				6.999%		CA - 85.00%		Paid Off - 360		01-Feb-2005
1000201500 1					293,250.00				6.999%		CA - 85.00%		Paid Off - 360		01-Feb-2005
1000201689 2			81,750.00		81,664.91				9.250%		FL - 75.00%		Paid Off - 360		01-Mar-2005
1000201689 2					81,664.91				9.250%		FL - 75.00%		Paid Off - 360		01-Mar-2005
1000202814 2			281,000.00		281,000.00				9.249%		VA - 100.00%		Paid Off - 360		01-Feb-2005
1000202814 2					281,000.00				9.249%		VA - 100.00%		Paid Off - 360		01-Feb-2005
1000203359 1			36,000.00		35,967.15				9.875%		AZ - 100.00%		Paid Off - 180		01-Mar-2005
1000203359 1					35,967.15				9.875%		AZ - 100.00%		Paid Off - 180		01-Mar-2005
1000203575 2			650,000.00		650,000.00				8.750%		OH - 100.00%		Paid Off - 360		01-Mar-2005
1000203575 2					650,000.00				8.750%		OH - 100.00%		Paid Off - 360		01-Mar-2005
1000203675 2			235,500.00		235,500.00				9.250%		KS - 95.00%		Paid Off - 360		01-Mar-2005
1000203675 2					235,500.00				9.250%		KS - 95.00%		Paid Off - 360		01-Mar-2005
1000204060 2			650,000.00		650,000.00				8.749%		OH - 100.00%		Paid Off - 360		01-Mar-2005
1000204060 2					650,000.00				8.749%		OH - 100.00%		Paid Off - 360		01-Mar-2005
1000205134 2			93,920.00		93,856.28				11.250%		GA - 85.00%		Paid Off - 360		01-Mar-2005
1000205134 2					93,856.28				11.250%		GA - 85.00%		Paid Off - 360		01-Mar-2005
1000205868 1			61,000.00		61,000.00				11.500%		CA - 100.00%		Paid Off - 180		01-Mar-2005
1000205868 1					61,000.00				11.500%		CA - 100.00%		Paid Off - 180		01-Mar-2005
1500010642 2			133,020.00		132,649.35			09-May-2005		10.625%		CO - 85.00%		Paid Off - 360		01-Oct-2004
1500010642 2					132,649.35			09-May-2005		10.625%		CO - 85.00%		Paid Off - 360		01-Oct-2004


TOTAL			13,034,320.00		12,991,448.20
TOTAL


Page 21 of 27
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES



											Group 2		Group 1		Total


Current
Current



Number of Loans Liquidated										1		0		1
Collateral Principal Realized Loss/(Gain) Amount										5,096.66		0.00		5,096.66
Collateral Interest Realized Loss/(Gain) Amount										0.00		0.00		0.00
Net Liquidation Proceeds										166,978.93		0.00		166,978.93

Cumulative
Cumulative



Number of Loans Liquidated										1		0		1
Collateral Realized Loss/(Gain) Amount										5,096.66		0.00		5,096.66
Net Liquidation Proceeds										166,978.93		0.00		166,978.93










Page 22 of 27
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution


DEFAULT SPEEDS



											Group 2		Group 1		Total



MDR										0.06%		0.00%		0.03%
3 Months Avg MDR										0.02%		0.00%		0.01%
12 Months Avg MDR										0.02%		0.00%		0.01%
Avg MDR Since Cut-off										0.02%		0.00%		0.01%


CDR										0.74%		0.00%		0.31%
3 Months Avg CDR										0.25%		0.00%		0.10%
12 Months Avg CDR										0.19%		0.00%		0.08%
Avg CDR Since Cut-off										0.19%		0.00%		0.08%


SDA										6.81%		0.00%		3.00%
3 Months Avg SDA Approximation										2.58%		0.00%		1.15%
12 Months Avg SDA Approximation										2.08%		0.00%		0.93%
Avg SDA Since Cut-off Approximation										2.08%		0.00%		0.93%


Loss Severity Approximation for Current Period										2.96%		0.00%		2.96%
3 Months Avg Loss Severity Approximation										0.99%		0.00%		0.99%
12 Months Avg Loss Severity Approximation										0.74%		0.00%		0.74%
Avg Loss Severity Approximation Since Cut-off										0.74%		0.00%		0.74%












Page 23 of 27
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution





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 24 of 27
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Realized Loss Detail Report
Loan Number			Current		State &				Prior		Realized				Cumulative
															Cumulative
&		Loan	Note		LTV at		Original		Principal		Loss/(Gain)		Realized		Realized

Loan Group		Status	Rate		Origination		Term		Balance		Revision		Loss/(Gain)		Loss/(Gain)
Loan Group		Status	Rate		Origination		Term		Balance		Revision		Loss/(Gain)		Loss/(Gain)
1000188658 2
1000188658 2			10.249%		AZ - 100.00%		360		172,075.59				5,096.66		0.00



TOTAL									172,075.59			5,096.66		0.00



Page 25 of 27
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS
TRIGGER EVENTS
										Group 2		Group 1		Total
						Has Stepdown Condition occurred (0 = No, 1=Yes)								0

						Does a Trigger Event Exist-Either a) or b) Yes?								0
						a) Does a Delinquency Trigger Event Exists								0
						b) Does a Loss Trigger Event Exists (0=No,1=Yes)								0

						60+ days Delinqueny Balance								9,201,280.41
						Ending Collateral Balance								646,000,745.53
						Delinquency Percentage								1.0200%

						Senior Enhancement Percentage								22.960896%

						Cumulative Loss Percentage								0.00123281%


ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION

SPACE INTENTIONALLY LEFT BLANK




Page 26 of 27
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Additional Certificate Report

ADDITIONAL CERTIFICATE REPORT

													NET WAC Shortfall CarryOver		NET WAC Shortfall Paid
CLASS

			I-A1										$0.00		$0.00
													$0.00		$0.00
			I-A2										$0.00		$0.00
													$0.00		$0.00
			II-A1										$0.00		$0.00
													$0.00		$0.00
			II-A2										$0.00		$0.00
													$0.00		$0.00
			II-A3										$0.00		$0.00
													$0.00		$0.00
			M-1										$0.00		$0.00
													$0.00		$0.00
			M-2										$0.00		$0.00
													$0.00		$0.00
			M-3										$0.00		$0.00
													$0.00		$0.00
			M-4										$0.00		$0.00
													$0.00		$0.00
			M-5										$0.00		$0.00
													$0.00		$0.00
			M-6										$0.00		$0.00
													$0.00		$0.00
			M-7										$0.00		$0.00
													$0.00		$0.00
			M-8										$0.00		$0.00
													$0.00		$0.00
			M-9										$0.00		$0.00
													$0.00		$0.00
			M-10										$0.00		$0.00
													$0.00		$0.00
			M-11										$0.00		$0.00
													$0.00		$0.00
			B-1										$0.01		$0.00
													$0.01		$0.00
			B-2										$0.00		$0.00
													$0.00		$0.00






Page 27 of 27

Meritage Mortgage Loan Trust 2005-1 Asset-Backed Certificates, Series 2005-1 8-K