
                                     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):  July 25, 2005
                           (Date of earliest event reported)

           Financial Asset Securities Corporation (as Depositor under the
               Pooling and Servicing Agreement, dated as June 1, 2005,
               providing for the issuance of Meritage Mortgage Loan Trust
              2005-2 Asset-Backed Pass-Through Certificates, Series 2005-2)
                 (Exact name of registrant as specified in charter)


                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-121661-21                          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
     July 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
                                  Corporation, Registrant


          Date:  Jul 27, 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 July 25, 2005.



Meritage Mortgage Loan Trust 2005-2

Asset Backed Certificates
Asset Backed Certificates
2005-2

July 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					13
				Certificate Insurer(s)						5. Delinquency Report					13
										6. REO Report					16

										7. Foreclosure Report					17
										8. Prepayment Report					18
										9. Prepayment Detail Report					21
										9. Prepayment Detail Report					21
										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.


				Underwriter(s)
				Greenwich Capital Markets


										Total Number of Pages					26
										Total Number of Pages

				Dates						Contacts

				Cut-Off Date:			June 01, 2005			Eiko Akiyama
				Close Date:			June 22, 2005			Administrator
				First Distribution Date:			July 25, 2005			(714) 247-6328

										Address:
										1761 East St. Andrew Place, Santa Ana, CA 92514
				Distribution Date:			July 25, 2005
										Factor Information:			(800) 735-7777
				Record Date:			June 30, 2005			Factor Information:			(800) 735-7777
										Main Phone Number:			(714) 247-6000

							July 22, 2005
							July 22, 2005

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






Page 1 of 26
Meritage Mortgage Loan Trust 2005-2

Asset Backed Certificates
Asset Backed Certificates
2005-2

July 25, 2005 Distribution
Certificate Payment Report
Current Period Distribution - 1
					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/AF	$	284,127,000.00		284,127,000.00		916,783.12		1,170,793.64		2,087,576.76		0.00		0.00		282,956,206.36
I-A1	FLT/STEP/AF	$	284,127,000.00		284,127,000.00		916,783.12		1,170,793.64		2,087,576.76		0.00		0.00		282,956,206.36
II-A1	FLT/STEP/AF	$	91,078,000.00		91,078,000.00		283,859.77		1,070,582.80		1,354,442.57		0.00		0.00		90,007,417.20
II-A2	FLT/STEP/AF	$	97,138,000.00		97,138,000.00		314,322.38		0.00		314,322.38		0.00		0.00		97,138,000.00
II-A3	FLT/STEP/AF	$	19,382,000.00		19,382,000.00		65,204.28		0.00		65,204.28		0.00		0.00		19,382,000.00
M-1	FLT/STEP/AF	$	26,000,000.00		26,000,000.00		89,136.67		0.00		89,136.67		0.00		0.00		26,000,000.00
M-2	FLT/STEP/AF	$	23,075,000.00		23,075,000.00		79,954.88		0.00		79,954.88		0.00		0.00		23,075,000.00
M-3	FLT/STEP/AF	$	14,300,000.00		14,300,000.00		49,942.75		0.00		49,942.75		0.00		0.00		14,300,000.00
M-4	FLT/STEP/AF	$	13,650,000.00		13,650,000.00		49,174.13		0.00		49,174.13		0.00		0.00		13,650,000.00
M-5	FLT/STEP/AF	$	11,050,000.00		11,050,000.00		40,212.79		0.00		40,212.79		0.00		0.00		11,050,000.00
M-6	FLT/STEP/AF	$	11,050,000.00		11,050,000.00		40,415.38		0.00		40,415.38		0.00		0.00		11,050,000.00
M-7	FLT/STEP/AF	$	10,725,000.00		10,725,000.00		44,338.94		0.00		44,338.94		0.00		0.00		10,725,000.00
M-8	FLT/STEP/AF	$	7,150,000.00		7,150,000.00		30,345.79		0.00		30,345.79		0.00		0.00		7,150,000.00
M-9	FLT/STEP/AF	$	8,775,000.00		8,775,000.00		40,460.06		0.00		40,460.06		0.00		0.00		8,775,000.00
M-10	FLT/STEP/AF	$	5,525,000.00		5,525,000.00		31,805.58		0.00		31,805.58		0.00		0.00		5,525,000.00
M-11	FLT/STEP/AF	$	8,125,000.00		8,125,000.00		46,772.92		0.00		46,772.92		0.00		0.00		8,125,000.00
B-1	FLT/STEP/AF	$	7,800,000.00		7,800,000.00		44,902.00		0.00		44,902.00		0.00		0.00		7,800,000.00
B-2	FLT/STEP/AF	$	7,800,000.00		7,800,000.00		44,902.00		0.00		44,902.00		0.00		0.00		7,800,000.00
C	EXE	$	3,249,900.00		3,249,900.00		120,248.48		0.00		120,248.48		0.00		100.00		3,250,000.00
P	EXE	$	100.00		100.00		6,040.27		0.00		6,040.27		0.00		0.00		100.00
R	NPR/EXE	$	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00


Total			650,000,000.00		650,000,000.00		2,338,822.19		2,241,376.44		4,580,198.63		0.00		100.00		647,758,723.56
Total





Page 2 of 26
Meritage Mortgage Loan Trust 2005-2

Asset Backed Certificates
Asset Backed Certificates
2005-2

July 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	06/22/05		07/24/05		A-Act/360		59001FCL3		284,127,000.00		1,000.000000		3.226667		4.120670		7.347337	995.879330
II-A1	06/22/05		07/24/05		A-Act/360		59001FCM1		91,078,000.00		1,000.000000		3.116667		11.754571		14.871238	988.245429
II-A2	06/22/05		07/24/05		A-Act/360		59001FCN9		97,138,000.00		1,000.000000		3.235833		0.000000		3.235833	1,000.000000
II-A3	06/22/05		07/24/05		A-Act/360		59001FCP4		19,382,000.00		1,000.000000		3.364167		0.000000		3.364167	1,000.000000
M-1	06/22/05		07/24/05		A-Act/360		59001FCR0		26,000,000.00		1,000.000000		3.428333		0.000000		3.428333	1,000.000000
M-2	06/22/05		07/24/05		A-Act/360		59001FCS8		23,075,000.00		1,000.000000		3.465000		0.000000		3.465000	1,000.000000
M-3	06/22/05		07/24/05		A-Act/360		59001FCT6		14,300,000.00		1,000.000000		3.492500		0.000000		3.492500	1,000.000000
M-4	06/22/05		07/24/05		A-Act/360		59001FCU3		13,650,000.00		1,000.000000		3.602500		0.000000		3.602500	1,000.000000
M-5	06/22/05		07/24/05		A-Act/360		59001FCV1		11,050,000.00		1,000.000000		3.639167		0.000000		3.639167	1,000.000000
M-6	06/22/05		07/24/05		A-Act/360		59001FCW9		11,050,000.00		1,000.000000		3.657500		0.000000		3.657500	1,000.000000
M-7	06/22/05		07/24/05		A-Act/360		59001FCX7		10,725,000.00		1,000.000000		4.134167		0.000000		4.134167	1,000.000000
M-8	06/22/05		07/24/05		A-Act/360		59001FCY5		7,150,000.00		1,000.000000		4.244166		0.000000		4.244166	1,000.000000
M-9	06/22/05		07/24/05		A-Act/360		59001FCZ2		8,775,000.00		1,000.000000		4.610833		0.000000		4.610833	1,000.000000
M-10	06/22/05		07/24/05		A-Act/360		59001FDA6		5,525,000.00		1,000.000000		5.756666		0.000000		5.756666	1,000.000000
M-11	06/22/05		07/24/05		A-Act/360		59001FDB4		8,125,000.00		1,000.000000		5.756667		0.000000		5.756667	1,000.000000
B-1	06/22/05		07/24/05		A-Act/360		59001FDC2		7,800,000.00		1,000.000000		5.756667		0.000000		5.756667	1,000.000000
B-2	06/22/05		07/24/05		A-Act/360		59001FDD0		7,800,000.00		1,000.000000		5.756667		0.000000		5.756667	1,000.000000
C	06/01/05		06/30/05		F-30/360		GC05M2101		3,249,900.00		1,000.000000		37.000671		0.000000		37.000671	1,000.030770
P	06/01/05		06/30/05		F-30/360		GC05M2102		100.00		1,000.000000		60,402.700000		0.000000		60,402.700000	1,000.000000
R	06/01/05		06/30/05		F-30/360		59001FDE8		0.00		0.000000		0.000000		0.000000		0.000000	0.000000




Page 3 of 26
Meritage Mortgage Loan Trust 2005-2

Asset Backed Certificates
Asset Backed Certificates
2005-2

July 25, 2005 Distribution

Distribution to Date - 1
																	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	284,127,000.00		916,783.12		1,095,915.74		74,877.90		1,170,793.64		2,087,576.76		0.00		0.00		282,956,206.36
II-A1	91,078,000.00		283,859.77		1,002,113.87		68,468.93		1,070,582.80		1,354,442.57		0.00		0.00		90,007,417.20
II-A2	97,138,000.00		314,322.38		0.00		0.00		0.00		314,322.38		0.00		0.00		97,138,000.00
II-A3	19,382,000.00		65,204.28		0.00		0.00		0.00		65,204.28		0.00		0.00		19,382,000.00
M-1	26,000,000.00		89,136.67		0.00		0.00		0.00		89,136.67		0.00		0.00		26,000,000.00
M-2	23,075,000.00		79,954.88		0.00		0.00		0.00		79,954.88		0.00		0.00		23,075,000.00
M-3	14,300,000.00		49,942.75		0.00		0.00		0.00		49,942.75		0.00		0.00		14,300,000.00
M-4	13,650,000.00		49,174.13		0.00		0.00		0.00		49,174.13		0.00		0.00		13,650,000.00
M-5	11,050,000.00		40,212.79		0.00		0.00		0.00		40,212.79		0.00		0.00		11,050,000.00
M-6	11,050,000.00		40,415.38		0.00		0.00		0.00		40,415.38		0.00		0.00		11,050,000.00
M-7	10,725,000.00		44,338.94		0.00		0.00		0.00		44,338.94		0.00		0.00		10,725,000.00
M-8	7,150,000.00		30,345.79		0.00		0.00		0.00		30,345.79		0.00		0.00		7,150,000.00
M-9	8,775,000.00		40,460.06		0.00		0.00		0.00		40,460.06		0.00		0.00		8,775,000.00
M-10	5,525,000.00		31,805.58		0.00		0.00		0.00		31,805.58		0.00		0.00		5,525,000.00
M-11	8,125,000.00		46,772.92		0.00		0.00		0.00		46,772.92		0.00		0.00		8,125,000.00
B-1	7,800,000.00		44,902.00		0.00		0.00		0.00		44,902.00		0.00		0.00		7,800,000.00
B-2	7,800,000.00		44,902.00		0.00		0.00		0.00		44,902.00		0.00		0.00		7,800,000.00
C	3,249,900.00		120,248.48		-93.60		-6.40		0.00		120,248.48		0.00		100.00		3,250,000.00
P	100.00		6,040.27		0.00		0.00		0.00		6,040.27		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


Total	650,000,000.00		2,338,822.19		2,097,936.01		143,340.43		2,241,376.44		4,580,198.63		0.00		100.00		647,758,723.56



Page 4 of 26
Meritage Mortgage Loan Trust 2005-2

Asset Backed Certificates
Asset Backed Certificates
2005-2

July 25, 2005 Distribution

Interest Detail - 1
	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	3.52000%		284,127,000.00		916,783.12		0.00		0.00		0.00		916,783.12		916,783.12		0.00
II-A1	3.40000%		91,078,000.00		283,859.77		0.00		0.00		0.00		283,859.77		283,859.77		0.00
II-A2	3.53000%		97,138,000.00		314,322.38		0.00		0.00		0.00		314,322.38		314,322.38		0.00
II-A3	3.67000%		19,382,000.00		65,204.28		0.00		0.00		0.00		65,204.28		65,204.28		0.00
M-1	3.74000%		26,000,000.00		89,136.67		0.00		0.00		0.00		89,136.67		89,136.67		0.00
M-2	3.78000%		23,075,000.00		79,954.88		0.00		0.00		0.00		79,954.88		79,954.88		0.00
M-3	3.81000%		14,300,000.00		49,942.75		0.00		0.00		0.00		49,942.75		49,942.75		0.00
M-4	3.93000%		13,650,000.00		49,174.13		0.00		0.00		0.00		49,174.13		49,174.13		0.00
M-5	3.97000%		11,050,000.00		40,212.79		0.00		0.00		0.00		40,212.79		40,212.79		0.00
M-6	3.99000%		11,050,000.00		40,415.38		0.00		0.00		0.00		40,415.38		40,415.38		0.00
M-7	4.51000%		10,725,000.00		44,338.94		0.00		0.00		0.00		44,338.94		44,338.94		0.00
M-8	4.63000%		7,150,000.00		30,345.79		0.00		0.00		0.00		30,345.79		30,345.79		0.00
M-9	5.03000%		8,775,000.00		40,460.06		0.00		0.00		0.00		40,460.06		40,460.06		0.00
M-10	6.28000%		5,525,000.00		31,805.58		0.00		0.00		0.00		31,805.58		31,805.58		0.00
M-11	6.28000%		8,125,000.00		46,772.92		0.00		0.00		0.00		46,772.92		46,772.92		0.00
B-1	6.28000%		7,800,000.00		44,902.00		0.00		0.00		0.00		44,902.00		44,902.00		0.00
B-2	6.28000%		7,800,000.00		44,902.00		0.00		0.00		0.00		44,902.00		44,902.00		0.00
C	44.43773%		3,249,900.00		0.00		-2,212,533.42		0.00		0.00		2,212,533.42		120,348.48		2,092,184.94
P	0.00000%		100.00		0.00		0.00		0.00		0.00		0.00		6,040.27		0.00
R	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00


Total			650,000,000.00		2,212,533.44		-2,212,533.42		0.00		0.00		4,425,066.86		2,338,922.19		2,092,184.94



Page 5 of 26
Meritage Mortgage Loan Trust 2005-2

Asset Backed Certificates
Asset Backed Certificates
2005-2

July 25, 2005 Distribution
Collection Account Report
SUMMARY
SUMMARY
										Group 2		Group 1		Total
Principal Collections										1,070,535.04		1,170,741.40		2,241,276.44
Principal Withrawals										0.00		0.00		0.00
Principal Other Accounts										0.00		0.00		0.00
TOTAL NET PRINCIPAL										1,070,535.04		1,170,741.40		2,241,276.44
Interest Collections										975,011.05		1,482,507.12		2,457,518.17
Interest Withdrawals										-0.00		-0.00		-0.00
Interest Other Accounts										0.00				6,040.27
Interest Fees										-54,624.42		-70,011.83		-124,636.25
TOTAL NET INTEREST										920,386.63		1,418,535.56		2,338,922.19
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION										1,990,921.67		2,589,276.96		4,580,198.63



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
											Group 2		Group 1		Total
Scheduled Principal Received											41,248.22		102,092.22		143,340.44
Curtailments											9,685.20		19,775.14		29,460.34
Prepayments In Full											1,019,601.62		1,048,874.04		2,068,475.66
Repurchased/Substitutions											0.00		0.00		0.00
Liquidations											0.00		0.00		0.00
Other Additional Principal											0.00		0.00		0.00
Delinquent Principal											-10,203.32		-24,350.00		-34,553.32
Realized Losses											-0.00		-0.00		-0.00
Advanced Principal											10,203.32		24,350.00		34,553.32
TOTAL PRINCIPAL COLLECTED											1,070,535.04		1,170,741.40		2,241,276.44


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



PRINCIPAL - OTHER ACCOUNTS
PRINCIPAL - OTHER ACCOUNTS
										Group 2		Group 1		Total
TOTAL PRINCIPAL OTHER ACCOUNTS										0.00		0.00		0.00





Page 6 of 26
Meritage Mortgage Loan Trust 2005-2

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Asset Backed Certificates
2005-2

July 25, 2005 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
										Group 2		Group 1		Total
Scheduled Interest										987,832.04		1,504,803.61		2,492,635.65
Repurchased/Substitution Interest										0.00		0.00		0.00
Liquidation Interest										0.00		0.00		0.00
Other Additional Interest										0.00		0.00		0.00
Prepayment Interest Shortfalls										-0.00		-0.00		-0.00
Delinquent Interest										-195,240.45		-379,036.85		-574,277.30
Compensating Interest										0.00		0.00		0.00
Civil Relief Act Shortfalls										-0.00		-0.00		-0.00
Interest Advanced										182,419.46		356,740.37		539,159.83
TOTAL INTEREST COLLECTED										975,011.05		1,482,507.12		2,457,518.17


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														6,040.27
Cap Contract Payment										0.00		0.00		0.00
TOTAL INTEREST OTHER ACCOUNTS										0.00				6,040.27



INTEREST - FEES
INTEREST - FEES
										Group 2		Group 1		Total
Current Servicing Fees										54,624.42		70,011.83		124,636.26
Trustee Fees										0.00		0.00		0.00
TOTAL INTEREST FEES										54,624.42		70,011.83		124,636.25




Page 7 of 26
Meritage Mortgage Loan Trust 2005-2

Asset Backed Certificates
Asset Backed Certificates
2005-2

July 25, 2005 Distribution
Credit Enhancement Report

ACCOUNTS


Net WAC Rate Carryover Reserve Account

Beginning Net WAC Carryover Reserve Account						0.00
Net WAC Carryover Reserve Account Deposit						0.00
Ending Net WAC Carryover Reserve Account						0.00




INSURANCE

SPACE INTENTIONALLY LEFT BLANK



STRUCTURAL FEATURES
STRUCTURAL FEATURES
										Group 2		Group 1		Total
Overcollateralization Target Amount														3,250,000.00
Overcollateralization Amount (Beginning)														3,249,900.00
Overcollateralization Deficiency Amount														100.00
Overcollateralization Release Amount														0.00
Overcollateralization Amount (Ending)														3,250,000.00
Overcollateralization Deficiency (Ending)														0.00
Excess Overcollateralization (Ending)														0.00



Page 8 of 26
Meritage Mortgage Loan Trust 2005-2

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Asset Backed Certificates
2005-2

July 25, 2005 Distribution
Collateral Report


COLLATERAL



											Group 2		Group 1		Total



Loan Count:


Original										659		2,648		3,307
Prior										659		2,648		3,307
Prefunding										0		0		0
Scheduled Paid Offs										-0		-0		-0
Full Voluntary Prepayments										-5		-10		-15
Repurchases										-0		-0		-0
Liquidations										-0		-0		-0
Current										654		2,638		3,292
Principal Balance:


Original										161,868,979.78		221,539,975.49		383,408,955.27
Prior										161,868,979.78		221,539,975.49		383,408,955.27
Prefunding										112,550,371.71		154,040,673.02		266,591,044.73
Scheduled Principal										-41,248.22		-102,092.22		-143,340.44
Partial Prepayments										-9,685.20		-19,775.14		-29,460.34
Full Voluntary Prepayments										-1,019,601.62		-1,048,874.04		-2,068,475.66
Repurchases										-0.00		-0.00		-0.00
Liquidations										-0.00		-0.00		-0.00
Current										273,348,816.45		374,409,907.11		647,758,723.56





PREFUNDING
PREFUNDING
										Group 2		Group 1		Total
Prefunding Account Original Balance										112,550,371.71		154,040,673.02		266,591,044.73
Prefunding Account Beginning Balance										112,550,371.71		154,040,673.02		266,591,044.73
Subsequent Loans Added to the Pool										0.00		0.00		0.00
Prefund Release to Certificate Holders										0.00		0.00		0.00
Prefunding Account Ending Balance										112,550,371.71		154,040,673.02		266,591,044.73
Interest Coverage Account Balance										0.00		0.00		0.00




Page 9 of 26
Meritage Mortgage Loan Trust 2005-2

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Asset Backed Certificates
2005-2

July 25, 2005 Distribution


CHARACTERISTICS
CHARACTERISTICS
										Group 2		Group 1		Total
Weighted Average Coupon Original										7.32320%		8.15096%		7.80149%
Weighted Average Coupon Prior										7.32320%		8.15096%		7.80149%
Weighted Average Coupon Current										7.32320%		8.15096%		7.80149%
Weighted Average Months to Maturity Original										341		328		333
Weighted Average Months to Maturity Prior										341		328		333
Weighted Average Months to Maturity Current										341		328		333
Weighted Avg Remaining Amortization Term Original										341		328		333
Weighted Avg Remaining Amortization Term Prior										341		328		333
Weighted Avg Remaining Amortization Term Current										341		328		333
Weighted Average Seasoning Original										2.40		2.40		2.40
Weighted Average Seasoning Prior										2.40		2.40		2.40
Weighted Average Seasoning Current										2.40		2.40		2.40






Page 10 of 26
Meritage Mortgage Loan Trust 2005-2

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Asset Backed Certificates
2005-2

July 25, 2005 Distribution



ARM CHARACTERISTICS
ARM CHARACTERISTICS
										Group 2		Group 1		Total
Weighted Average Margin Original										6.18926%		6.77152%		6.51154%
Weighted Average Margin Prior										6.18926%		6.77152%		6.51154%
Weighted Average Margin Current										6.18926%		6.77152%		6.51154%
Weighted Average Max Rate Original										14.19286%		14.77328%		14.51412%
Weighted Average Max Rate Prior										14.19286%		14.77328%		14.51412%
Weighted Average Max Rate Current										14.19286%		14.77328%		14.51412%
Weighted Average Min Rate Original										7.19286%		7.77687%		7.51611%
Weighted Average Min Rate Prior										7.19286%		7.77687%		7.51611%
Weighted Average Min Rate Current										7.19286%		7.77687%		7.51611%
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%





Page 11 of 26
Meritage Mortgage Loan Trust 2005-2

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Asset Backed Certificates
2005-2

July 25, 2005 Distribution

SERVICING FEES & ADVANCES

											Group 2		Group 1		Total




Current Servicing Fees										54,624.42		70,011.83		124,636.26
Delinquent Servicing Fees										12,820.99		22,296.49		35,117.48
TOTAL SERVICING FEES										67,445.41		92,308.33		159,753.74


Total Servicing Fees										67,445.41		92,308.33		159,753.74
Compensating Interest										-0.00		-0.00		-0.00
Delinquent Servicing Fees										-12,820.99		-22,296.49		-35,117.48
COLLECTED SERVICING FEES										54,624.42		70,011.84		124,636.26


Total Advaced Interest										182,419.46		356,740.37		539,159.83
Total Advaced Principal										10,203.32		24,350.00		34,553.32
Aggregate Advances with respect to this Distribution										192,622.79		381,090.36		573,713.15





ADDITIONAL COLLATERAL INFORMATION
										Group 2		Group 1		Total
Prepayment Interest Shortfall (PPIS)										0.00		0.00		0.00
Compensating Interest										-0.00		-0.00		-0.00
Net Prepayment Interest Shortfall (PPIS)										0.00		0.00		0.00

Weighted Average Net Mortgage Rate										6.823197%		7.683682%		7.320399%

Libor For Current Period														3.2800%

Libor For Next Period														3.4600%



Page 12 of 26
Meritage Mortgage Loan Trust 2005-2

Asset Backed Certificates
Asset Backed Certificates
2005-2

July 25, 2005 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				0.00		0.00		0.00		0.00
			% Balance				0.00%		0.00%		0.00%		0.00%
			# Loans				0		0		0		0
			% # Loans				0.00%		0.00%		0.00%		0.00%
	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		291,366.65		0.00		0.00		0.00		291,366.65
			% Balance		0.08%		0.00%		0.00%		0.00%		0.08%
			# Loans		2		0		0		0		2
			% # Loans		0.06%		0.00%		0.00%		0.00%		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		291,366.65		0.00		0.00		0.00		291,366.65
			% Balance		0.08%		0.00%		0.00%		0.00%		0.08%
			# Loans		2		0		0		0		2
			% # Loans		0.06%		0.00%		0.00%		0.00%		0.06%









Page 13 of 26
Meritage Mortgage Loan Trust 2005-2

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Asset Backed Certificates
2005-2

July 25, 2005 Distribution


	GROUP 1
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				0.00		0.00		0.00		0.00
			% Balance				0.00%		0.00%		0.00%		0.00%
			# Loans				0		0		0		0
			% # Loans				0.00%		0.00%		0.00%		0.00%
	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		19,935.99		0.00		0.00		0.00		19,935.99
			% Balance		0.01%		0.00%		0.00%		0.00%		0.01%
			# Loans		1		0		0		0		1
			% # Loans		0.04%		0.00%		0.00%		0.00%		0.04%
	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		19,935.99		0.00		0.00		0.00		19,935.99
			% Balance		0.01%		0.00%		0.00%		0.00%		0.01%
			# Loans		1		0		0		0		1
			% # Loans		0.04%		0.00%		0.00%		0.00%		0.04%










Page 14 of 26
Meritage Mortgage Loan Trust 2005-2

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Asset Backed Certificates
2005-2

July 25, 2005 Distribution

	GROUP 2
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				0.00		0.00		0.00		0.00
			% Balance				0.00%		0.00%		0.00%		0.00%
			# Loans				0		0		0		0
			% # Loans				0.00%		0.00%		0.00%		0.00%
	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		271,430.66		0.00		0.00		0.00		271,430.66
			% Balance		0.17%		0.00%		0.00%		0.00%		0.17%
			# Loans		1		0		0		0		1
			% # Loans		0.15%		0.00%		0.00%		0.00%		0.15%
	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		271,430.66		0.00		0.00		0.00		271,430.66
			% Balance		0.17%		0.00%		0.00%		0.00%		0.17%
			# Loans		1		0		0		0		1
			% # Loans		0.15%		0.00%		0.00%		0.00%		0.15%









Page 15 of 26
Meritage Mortgage Loan Trust 2005-2

Asset Backed Certificates
Asset Backed Certificates
2005-2

July 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 16 of 26
Meritage Mortgage Loan Trust 2005-2

Asset Backed Certificates
Asset Backed Certificates
2005-2

July 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 17 of 26
Meritage Mortgage Loan Trust 2005-2

Asset Backed Certificates
Asset Backed Certificates
2005-2

July 25, 2005 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

											Group 2		Group 1		Total




Current


Number of Paid in Full Loans										5		10		15
Number of Repurchased Loans										0		0		0
Total Number of Loans Prepaid in Full										5		10		15
Curtailments Amount										9,685.20		19,775.14		29,460.34
Paid in Full Balance										1,019,601.62		1,048,874.04		2,068,475.66
Repurchased Loans Balance										0.00		0.00		0.00
Total Prepayment Amount										1,029,286.82		1,068,649.18		2,097,936.00

Cumulative


Number of Paid in Full Loans										5		10		15
Number of Repurchased Loans										0		0		0
Total Number of Loans Prepaid in Full										5		10		15
Paid in Full Balance										1,019,601.62		1,048,874.04		2,068,475.66
Repurchased Loans Balance										0.00		0.00		0.00
Curtailments Amount										9,685.20		19,775.14		29,460.34
Total Prepayment Amount										1,029,286.82		1,068,649.18		2,097,936.00










Page 18 of 26
Meritage Mortgage Loan Trust 2005-2

Asset Backed Certificates
Asset Backed Certificates
2005-2

July 25, 2005 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

											Group 2		Group 1		Total



SMM										0.64%		0.48%		0.55%
3 Months Avg SMM										0.64%		0.48%		0.55%
12 Months Avg SMM										0.64%		0.48%		0.55%
Avg SMM Since Cut-off										0.64%		0.48%		0.55%


CPR										7.37%		5.64%		6.37%
3 Months Avg CPR										7.37%		5.64%		6.37%
12 Months Avg CPR										7.37%		5.64%		6.37%
Avg CPR Since Cut-off										7.37%		5.64%		6.37%


PSA										1,535.63%		1,175.52%		1,328.36%
3 Months Avg PSA Approximation										1,535.63%		1,175.53%		1,328.35%
12 Months Avg PSA Approximation										1,535.63%		1,175.53%		1,328.35%
Avg PSA Since Cut-off Approximation										1,535.63%		1,175.53%		1,328.35%










Page 19 of 26
Meritage Mortgage Loan Trust 2005-2

Asset Backed Certificates
Asset Backed Certificates
2005-2

July 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 20 of 26
Meritage Mortgage Loan Trust 2005-2

Asset Backed Certificates
Asset Backed Certificates
2005-2

July 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

1000210116 1			13,780.00		13,768.09			01-Jan-1900		10.125%		MI - 100.00%		Paid Off - 180		01-May-2005
			13,780.00

1000210212 2			342,000.00		342,000.00			01-Jan-1900		8.500%		CA - 95.00%		Paid Off - 360		01-May-2005
1000210212 2					342,000.00			01-Jan-1900		8.500%		CA - 95.00%		Paid Off - 360		01-May-2005
1000210514 1			35,390.00		35,371.17			01-Jan-1900		9.125%		AZ - 100.00%		Paid Off - 180		01-Jun-2005
1000210514 1					35,371.17			01-Jan-1900		9.125%		AZ - 100.00%		Paid Off - 180		01-Jun-2005
1000211881 2			109,000.00		108,870.83			01-Jan-1900		8.625%		CA - 100.00%		Paid Off - 180		01-May-2005
1000211881 2					108,870.83			01-Jan-1900		8.625%		CA - 100.00%		Paid Off - 180		01-May-2005
1000214463 1			172,000.00		172,000.00			01-Jan-1900		6.250%		AZ - 80.00%		Paid Off - 360		01-Jun-2005
1000214463 1					172,000.00			01-Jan-1900		6.250%		AZ - 80.00%		Paid Off - 360		01-Jun-2005
1000214466 1			43,000.00		42,981.48			01-Jan-1900		10.125%		AZ - 100.00%		Paid Off - 180		01-Jun-2005
1000214466 1					42,981.48			01-Jan-1900		10.125%		AZ - 100.00%		Paid Off - 180		01-Jun-2005
1000214991 1			30,500.00		30,482.46			01-Jan-1900		8.750%		OK - 100.00%		Paid Off - 360		01-Jun-2005
1000214991 1					30,482.46			01-Jan-1900		8.750%		OK - 100.00%		Paid Off - 360		01-Jun-2005
1000215639 2			240,000.00		240,000.00			01-Jan-1900		5.950%		OR - 80.00%		Paid Off - 360		01-Jun-2005
1000215639 2					240,000.00			01-Jan-1900		5.950%		OR - 80.00%		Paid Off - 360		01-Jun-2005
1000215651 1			60,000.00		59,962.71			01-Jan-1900		8.375%		OR - 100.00%		Paid Off - 180		01-Jun-2005
1000215651 1					59,962.71			01-Jan-1900		8.375%		OR - 100.00%		Paid Off - 180		01-Jun-2005
1000216146 1			292,000.00		292,000.00			01-Jan-1900		6.750%		CA - 80.00%		Paid Off - 360		01-Jun-2005
1000216146 1					292,000.00			01-Jan-1900		6.750%		CA - 80.00%		Paid Off - 360		01-Jun-2005
1000216153 2			73,000.00		72,970.20			01-Jan-1900		10.375%		CA - 100.00%		Paid Off - 180		01-Jun-2005
1000216153 2					72,970.20			01-Jan-1900		10.375%		CA - 100.00%		Paid Off - 180		01-Jun-2005
1000216658 1			117,000.00		117,000.00			01-Jan-1900		7.525%		MD - 90.00%		Paid Off - 360		01-Jun-2005
1000216658 1					117,000.00			01-Jan-1900		7.525%		MD - 90.00%		Paid Off - 360		01-Jun-2005
1000216873 2			256,000.00		255,760.59			01-Jan-1900		6.325%		MD - 80.00%		Paid Off - 360		01-Jun-2005
1000216873 2					255,760.59			01-Jan-1900		6.325%		MD - 80.00%		Paid Off - 360		01-Jun-2005
1000216878 1			64,000.00		63,958.13			01-Jan-1900		8.125%		MD - 100.00%		Paid Off - 180		01-Jun-2005
1000216878 1					63,958.13			01-Jan-1900		8.125%		MD - 100.00%		Paid Off - 180		01-Jun-2005
1000217488 1			221,350.00		221,350.00			01-Jan-1900		7.550%		OR - 89.86%		Paid Off - 360		01-Jun-2005
1000217488 1					221,350.00			01-Jan-1900		7.550%		OR - 89.86%		Paid Off - 360		01-Jun-2005


TOTAL			2,069,020.00		2,068,475.66
TOTAL


Page 21 of 26
Meritage Mortgage Loan Trust 2005-2

Asset Backed Certificates
Asset Backed Certificates
2005-2

July 25, 2005 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES



											Group 2		Group 1		Total


Current
Current



Number of Loans Liquidated										0		0		0
Collateral Principal Realized Loss/(Gain) Amount										0.00		0.00		0.00
Collateral Interest Realized Loss/(Gain) Amount										0.00		0.00		0.00
Net Liquidation Proceeds										0.00		0.00		0.00

Cumulative
Cumulative



Number of Loans Liquidated										0		0		0
Collateral Realized Loss/(Gain) Amount										0.00		0.00		0.00
Net Liquidation Proceeds										0.00		0.00		0.00










Page 22 of 26
Meritage Mortgage Loan Trust 2005-2

Asset Backed Certificates
Asset Backed Certificates
2005-2

July 25, 2005 Distribution


DEFAULT SPEEDS



											Group 2		Group 1		Total



MDR										0.00%		0.00%		0.00%
3 Months Avg MDR										0.00%		0.00%		0.00%
12 Months Avg MDR										0.00%		0.00%		0.00%
Avg MDR Since Cut-off										0.00%		0.00%		0.00%


CDR										0.00%		0.00%		0.00%
3 Months Avg CDR										0.00%		0.00%		0.00%
12 Months Avg CDR										0.00%		0.00%		0.00%
Avg CDR Since Cut-off										0.00%		0.00%		0.00%


SDA										0.00%		0.00%		0.00%
3 Months Avg SDA Approximation										0.00%		0.00%		0.00%
12 Months Avg SDA Approximation										0.00%		0.00%		0.00%
Avg SDA Since Cut-off Approximation										0.00%		0.00%		0.00%


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












Page 23 of 26
Meritage Mortgage Loan Trust 2005-2

Asset Backed Certificates
Asset Backed Certificates
2005-2

July 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 26
Meritage Mortgage Loan Trust 2005-2

Asset Backed Certificates
Asset Backed Certificates
2005-2

July 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)




TOTAL



Page 25 of 26
Meritage Mortgage Loan Trust 2005-2

Asset Backed Certificates
Asset Backed Certificates
2005-2

July 25, 2005 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS
TRIGGER EVENTS
										Group 2		Group 1		Total
						Trigger Event in effect (0=No , 1=Yes)								0
						Stepdown Date has occurred (0 = No, 1=Yes)								0
						Delinquency Percentage								0.000000%
						Ending Balance								381,167,678.83
						Credit Enhancement Percentage (For Trigger)								24.3500%
						Credit Enhancement Percentage (For Step Down)								24.4342%



ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION

SPACE INTENTIONALLY LEFT BLANK






Page 26 of 26

Meritage Mortgage Loan Trust 2005-2 8-K