8-K 1 fld04002_aug.txt AUGUST 8-K 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): August 25, 2004 FIELDSTONE MORTGAGE INVESTMENT CORP Mortgage Pass-Through Certificates, Series 2004-2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-109307-06 N/A Pooling and Servicing Agreement) (Commission IRS EIN (State or other File Number) jurisdiction of Incorporation) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (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 under the Exchange Act (17 CFR 240.14a-12) [ ] 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 On August 25, 2004 a distribution was made to holders of FIELDSTONE MORTGAGE INVESTMENT CORP, Mortgage Pass-Through Certificates, Series 2004-2 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2004-2 Trust, relating to the August 25, 2004 distribution. 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. FIELDSTONE MORTGAGE INVESTMENT CORP Mortgage Pass-Through Certificates, Series 2004-2 Trust (Registrant) By: Wells Fargo Bank, N.A. as Trust Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 9/3/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2004-2 Trust, relating to the August 25, 2004 distribution. EX-99.1

Fieldstone Mortgage Company Mortgage ~~Backed~~Pass-Through ~~Notes~~Certificates Record Date: 67/3031/2004 Distribution Date: 78/2625/2004 FLD Series: 2004-2 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution 1-A 31659TAW5 SEN 1.~~54000~~69000% ~~349~~341,~~378~~763,~~322~~907.5800 ~~463~~481,~~314~~317.4850 7,~~614~~715,~~415~~271.5809 2-A 31659TAX3 SEN 1.~~56000~~71000% ~~242~~235,~~023~~847,~~708~~070.0920 ~~325~~336,~~118~~082.5208 6,~~176~~604,~~637~~141.8991 2-A1 31659TBF1 SEN 1.~~46000~~61000% 8482,~~805~~176,~~290~~513.1608 ~~106~~110,~~619~~253.1049 2,~~628~~810,~~777~~722.0879 2-A2 31659TBG9 SEN 1.~~72000~~87000% 18,200,000.00 2628,~~956~~361.2267 0.00 A-IO 31659TAY1 SEN 4.00000% 0.00 867,753.34 0.00 M1 31659TAZ8 MEZ 12.~~85000~~00000% 54,120,000.00 8690,~~216~~200.1700 0.00 M2 31659TBA2 MEZ 2.~~45000~~60000% 41,800,000.00 8890,~~186~~566.3967 0.00 M3 31659TBB0 MEZ 2.~~70000~~85000% 13,200,000.00 3031,~~690~~350.00 0.00 M4 31659TBC8 MEZ 3.~~30000~~45000% 11,000,000.00 31,~~258~~625.3300 0.00 M5 31659TBD6 MEZ 3.~~45000~~60000% 11,000,000.00 3233,~~679~~000.1700 0.00 M6 31659TBE4 MEZ 4.~~55000~~70000% 13,200,000.00 51,~~718~~700.3300 0.00 Owner Cert ~~IELDS042OTC~~FIELDS042OTC SEN 0.00000% 0.01 2,~~812~~154,~~003~~155.6559 0.00 Totals ~~838~~822,~~727~~307,~~320~~490.8429 4,~~922~~306,~~513~~365.7034 1617,~~419~~130,~~830~~135.5579

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses 1-A 0.00 ~~341~~334,~~763~~048,~~907~~635.0091 8,~~077~~196,~~730~~588.0659 0.00 2-A 0.00 ~~235~~229,~~847~~242,~~070~~928.2030 6,~~501~~940,~~756~~223.4199 0.00 2-A1 0.00 8279,~~176~~365,~~513~~790.0829 2,~~735~~920,~~396~~976.1828 0.00 2-A2 0.00 18,200,000.00 2628,~~956~~361.2267 0.00 A-IO 0.00 0.00 867,753.34 0.00 M1 0.00 54,120,000.00 8690,~~216~~200.1700 0.00 M2 0.00 41,800,000.00 8890,~~186~~566.3967 0.00 M3 0.00 13,200,000.00 3031,~~690~~350.00 0.00 M4 0.00 11,000,000.00 31,~~258~~625.3300 0.00 M5 0.00 11,000,000.00 3233,~~679~~000.1700 0.00 M6 0.00 13,200,000.00 51,~~718~~700.3300 0.00 Owner Cert 0.00 0.01 2,~~812~~154,~~003~~155.6559 0.00 Totals 0.00 ~~822~~805,~~307~~177,~~490~~354.2951 21,~~342~~436,~~344~~501.2513 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) 1-A 356,400,000.00 ~~349~~341,~~378~~763,~~322~~907.5800 0.00 7,~~614~~715,~~415~~271.5809 0.00 0.00 2-A 250,000,000.00 ~~242~~235,~~023~~847,~~708~~070.0920 0.00 6,~~176~~604,~~637~~141.8991 0.00 0.00 2-A1 88,200,000.00 8482,~~805~~176,~~290~~513.1608 0.00 2,~~628~~810,~~777~~722.0879 0.00 0.00 2-A2 18,200,000.00 18,200,000.00 0.00 0.00 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M1 54,120,000.00 54,120,000.00 0.00 0.00 0.00 0.00 M2 41,800,000.00 41,800,000.00 0.00 0.00 0.00 0.00 M3 13,200,000.00 13,200,000.00 0.00 0.00 0.00 0.00 M4 11,000,000.00 11,000,000.00 0.00 0.00 0.00 0.00 M5 11,000,000.00 11,000,000.00 0.00 0.00 0.00 0.00 M6 13,200,000.00 13,200,000.00 0.00 0.00 0.00 0.00 Owner Cert 0.01 0.01 0.00 0.00 0.00 0.00 Totals 857,120,000.01 ~~838~~822,~~727~~307,~~320~~490.8429 0.00 1617,~~419~~130,~~830~~135.5579 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution 1-A 7,~~614~~715,~~415~~271.5809 ~~341~~334,~~763~~048,~~907~~635.0091 0.~~95893352~~93728573 7,~~614~~715,~~415~~271.5809 2-A 6,~~176~~604,~~637~~141.8991 ~~235~~229,~~847~~242,~~070~~928.2030 0.~~94338828~~91697171 6,~~176~~604,~~637~~141.8991 2-A1 2,~~628~~810,~~777~~722.0879 8279,~~176~~365,~~513~~790.0829 0.~~93170650~~89983889 2,~~628~~810,~~777~~722.0879 2-A2 0.00 18,200,000.00 1.00000000 0.00 A-IO 0.00 0.00 0.00000000 0.00 M1 0.00 54,120,000.00 1.00000000 0.00 M2 0.00 41,800,000.00 1.00000000 0.00 M3 0.00 13,200,000.00 1.00000000 0.00 M4 0.00 11,000,000.00 1.00000000 0.00 M5 0.00 11,000,000.00 1.00000000 0.00 M6 0.00 13,200,000.00 1.00000000 0.00 Owner Cert 0.00 0.01 1.00000000 0.00 Totals 1617,~~419~~130,~~830~~135.5579 ~~822~~805,~~307~~177,~~490~~354.2951 0.~~95938432~~93939863 1617,~~419~~130,~~830~~135.5579

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion 1-A 356,400,000.00 ~~980~~958.~~29832374~~93352132 0.00000000 21.~~36480241~~64778645 0.00000000 2-A 250,000,000.00 ~~968~~943.~~09483236~~38828080 0.00000000 2426.~~70655156~~41656764 0.00000000 2-A1 88,200,000.00 ~~961~~931.~~51122630~~70649751 0.00000000 2931.~~80472880~~86760533 0.00000000 2-A2 18,200,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M1 54,120,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 41,800,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 13,200,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 11,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 11,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M6 13,200,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 Owner Cert 0.01 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution 1-A 0.00000000 21.~~36480241~~64778645 ~~958~~937.~~93352132~~28573488 0.~~95893352~~93728573 21.~~36480241~~64778645 2-A 0.00000000 2426.~~70655156~~41656764 ~~943~~916.~~38828080~~97171320 0.~~94338828~~91697171 2426.~~70655156~~41656764 2-A1 0.00000000 2931.~~80472880~~86760533 ~~931~~899.~~70649751~~83889218 0.~~93170650~~89983889 2931.~~80472880~~86760533 2-A2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 Owner Cert 0.00000000 0.00000000 0.00000000 1.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall 1-A 356,400,000.00 1.~~54000~~69000% ~~349~~341,~~378~~763,~~322~~907.5800 ~~463~~481,~~314~~317.4850 0.00 0.00 2-A 250,000,000.00 1.~~56000~~71000% ~~242~~235,~~023~~847,~~708~~070.0920 ~~325~~336,~~118~~082.5108 0.00 0.00 2-A1 88,200,000.00 1.~~46000~~61000% 8482,~~805~~176,~~290~~513.1608 ~~106~~110,~~619~~253.1049 0.00 0.00 2-A2 18,200,000.00 1.~~72000~~87000% 18,200,000.00 2628,~~956~~361.2267 0.00 0.00 A-IO 0.00 4.00000% 260,326,000.00 867,753.33 0.00 0.00 M1 54,120,000.00 12.~~85000~~00000% 54,120,000.00 8690,~~216~~200.1700 0.00 0.00 M2 41,800,000.00 2.~~45000~~60000% 41,800,000.00 8890,~~186~~566.3967 0.00 0.00 M3 13,200,000.00 2.~~70000~~85000% 13,200,000.00 3031,~~690~~350.00 0.00 0.00 M4 11,000,000.00 3.~~30000~~45000% 11,000,000.00 31,~~258~~625.3300 0.00 0.00 M5 11,000,000.00 3.~~45000~~60000% 11,000,000.00 3233,~~679~~000.1700 0.00 0.00 M6 13,200,000.00 4.~~55000~~70000% 13,200,000.00 51,~~718~~700.3300 0.00 0.00 Owner Cert 0.01 0.00000% 0.01 0.00 0.00 0.00 Totals 857,120,000.01 2,~~110~~152,~~510~~209.0374 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance 1-A 0.00 0.00 ~~463~~481,~~314~~317.4850 0.00 ~~341~~334,~~763~~048,~~907~~635.0091 2-A 0.00 0.00 ~~325~~336,~~118~~082.5208 0.00 ~~235~~229,~~847~~242,~~070~~928.2030 2-A1 0.00 0.00 ~~106~~110,~~619~~253.1049 0.00 8279,~~176~~365,~~513~~790.0829 2-A2 0.00 0.00 2628,~~956~~361.2267 0.00 18,200,000.00 A-IO 0.00 0.00 867,753.34 0.00 260,326,000.00 M1 0.00 0.00 8690,~~216~~200.1700 0.00 54,120,000.00 M2 0.00 0.00 8890,~~186~~566.3967 0.00 41,800,000.00 M3 0.00 0.00 3031,~~690~~350.00 0.00 13,200,000.00 M4 0.00 0.00 31,~~258~~625.3300 0.00 11,000,000.00 M5 0.00 0.00 3233,~~679~~000.1700 0.00 11,000,000.00 M6 0.00 0.00 51,~~718~~700.3300 0.00 13,200,000.00 Owner Cert 0.00 0.00 2,~~812~~154,~~003~~155.6559 0.00 0.01 Totals 0.00 0.00 4,~~922~~306,~~513~~365.7034 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall 1-A 356,400,000.00 1.~~54000~~69000% ~~980~~958.~~29832374~~93352132 1.~~29998451~~35049804 0.00000000 0.00000000 2-A 250,000,000.00 1.~~56000~~71000% ~~968~~943.~~09483236~~38828080 1.~~30047404~~34432832 0.00000000 0.00000000 2-A1 88,200,000.00 1.~~46000~~61000% ~~961~~931.~~51122630~~70649751 1.~~20883333~~25003957 0.00000000 0.00000000 2-A2 18,200,000.00 1.~~72000~~87000% 1000.00000000 1.~~48111099~~55833352 0.00000000 0.00000000 A-IO 0.00 4.00000% 1000.00000000 3.33333332 0.00000000 0.00000000 M1 54,120,000.00 12.~~85000~~00000% 1000.00000000 1.~~59305562~~66666667 0.00000000 0.00000000 M2 41,800,000.00 2.~~45000~~60000% 1000.00000000 2.~~10972225~~16666675 0.00000000 0.00000000 M3 13,200,000.00 2.~~70000~~85000% 1000.00000000 2.~~32500000~~37500000 0.00000000 0.00000000 M4 11,000,000.00 3.~~30000~~45000% 1000.00000000 2.~~84166636~~87500000 0.00000000 0.00000000 M5 11,000,000.00 3.~~45000~~60000% 1000.00000000 23.~~97083364~~00000000 0.00000000 0.00000000 M6 13,200,000.00 4.~~55000~~70000% 1000.00000000 3.~~91805530~~91666667 0.00000000 0.00000000 Owner Cert 0.01 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes per $1000.00 denomination

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance 1-A 0.00000000 0.00000000 1.~~29998451~~35049804 0.00000000 ~~958~~937.~~93352132~~28573488 2-A 0.00000000 0.00000000 1.~~30047408~~34432832 0.00000000 ~~943~~916.~~38828080~~97171320 2-A1 0.00000000 0.00000000 1.~~20883333~~25003957 0.00000000 ~~931~~899.~~70649751~~83889218 2-A2 0.00000000 0.00000000 1.~~48111099~~55833352 0.00000000 1000.00000000 A-IO 0.00000000 0.00000000 3.33333336 0.00000000 1000.00000000 M1 0.00000000 0.00000000 1.~~59305562~~66666667 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~10972225~~16666675 0.00000000 1000.00000000 M3 0.00000000 0.00000000 2.~~32500000~~37500000 0.00000000 1000.00000000 M4 0.00000000 0.00000000 2.~~84166636~~87500000 0.00000000 1000.00000000 M5 0.00000000 0.00000000 23.~~97083364~~00000000 0.00000000 1000.00000000 M6 0.00000000 0.00000000 3.~~91805530~~91666667 0.00000000 1000.00000000 Owner Cert 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 21,~~487~~788,~~767~~662.4158 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans ~~213,579~~0.8900 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 21,~~701~~788,~~347~~662.3058 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~359~~352,~~003~~161.0545 Payment of Interest and Principal 21,~~342~~436,~~344~~501.2513 Total Withdrawals (Pool Distribution Amount) 21,~~701~~788,~~347~~662.3058 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~359~~352,~~003~~161.0545 Indenture Trustee Fee - HSBC Bank USA 0.00 Owner Trustee Fee - US Bank Trust NA 0.00 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~359~~352,~~003~~161.0545

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 0.00 0.00 0.00 0.00 SWAP Counterparty Account 0.00 0.00 ~~493~~407,~~742~~203.6093 0.00

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 07 0 0 07 0921,249.0022 0.00 0.00 0921,249.0022 30 Days 2535 01 01 0 2537 45,~~042~~704,~~522~~798.6382 068,254.0093 0204,800.00 0.00 45,~~042~~977,~~522~~853.6375 60 Days 915 0 23 0 1118 12,~~532~~651,~~967~~122.2299 0.00 ~~200~~771,500.00 0.00 13,~~733~~422,~~467~~622.2299 90 Days 03 0 29 0 212 0375,102.0051 0.00 ~~315~~1,~~900~~255,838.0099 0.00 ~~315~~1,~~900~~630,941.0050 120 Days 0 0 01 01 02 0.00 0.00 085,500.00 0230,400.00 0315,900.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 3453 08 414 01 3876 58,~~575~~731,~~489~~024.8532 0989,504.0015 ~~516~~2,~~400~~317,638.0099 0230,400.00 612,~~091~~268,~~889~~567.8546 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.~~000000~~156111% 0.000000% 0.000000% 0.~~000000~~156111% 0.~~000000~~111235% 0.000000% 0.000000% 0.~~000000~~111235% 30 Days 0.~~547405~~780553% 0.~~000000~~022302% 0.~~000000~~022302% 0.000000% 0.~~547405~~825156% 0.~~478243~~688821% 0.~~000000~~008241% 0.~~000000~~024728% 0.000000% 0.~~478243~~721791% 60 Days 0.~~197066~~334523% 0.000000% 0.~~043792~~066905% 0.000000% 0.~~240858~~401427% 0.~~181355~~320108% 0.000000% 0.~~023720~~093154% 0.000000% 0.~~205074~~413262% 90 Days 0.~~000000~~066905% 0.000000% 0.~~043792~~200714% 0.000000% 0.~~043792~~267618% 0.~~000000~~045291% 0.000000% 0.~~037372~~151635% 0.000000% 0.~~037372~~196927% 120 Days 0.000000% 0.000000% 0.~~000000~~022302% 0.~~000000~~022302% 0.~~000000~~044603% 0.000000% 0.000000% 0.~~000000~~010324% 0.~~000000~~027819% 0.~~000000~~038143% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 01.~~744471~~181980% 0.~~000000~~178412% 0.~~087585~~312221% 0.~~000000~~022302% 01.~~832056~~694915% 01.~~659598~~054220% 0.~~000000~~119477% 0.~~061092~~279841% 0.~~000000~~027819% 01.~~720689~~481358%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total 1 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 05 0 0 05 0730,011.0062 0.00 0.00 0730,011.0062 30 Days 1219 01 01 0 1221 12,~~267~~353,~~562~~322.1622 068,254.0093 0204,800.00 0.00 12,~~267~~626,~~562~~377.1615 60 Days 74 0 1 0 85 1304,~~069,603~~900.9122 0.00 ~~128~~105,~~250~~000.00 0.00 1409,~~197,853~~900.9122 90 Days 02 0 16 0 18 0287,857.0061 0.00 ~~230~~720,~~400~~225.0068 0.00 ~~230~~1,~~400~~008,083.0029 120 Days 0 0 0 01 01 0.00 0.00 0.00 0230,400.00 0230,400.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 1925 06 28 01 2140 2,~~337~~946,~~166~~080.0705 0798,266.0055 ~~358~~1,~~650~~030,025.0068 0230,400.00 25,~~695~~004,~~816~~772.0728 0-29 Days 0.~~000000~~200803% 0.000000% 0.000000% 0.~~000000~~200803% 0.~~000000~~174765% 0.000000% 0.000000% 0.~~000000~~174765% 30 Days 0.~~472813~~763052% 0.~~000000~~040161% 0.~~000000~~040161% 0.000000% 0.~~472813~~843373% 0.~~297967~~563387% 0.~~000000~~016340% 0.~~000000~~049029% 0.000000% 0.~~297967~~628757% 60 Days 0.~~275808~~160643% 0.000000% 0.~~039401~~040161% 0.000000% 0.~~315209~~200803% 0.~~251433~~072993% 0.000000% 0.~~030148~~025137% 0.000000% 0.~~281581~~098130% 90 Days 0.~~000000~~080321% 0.000000% 0.~~039401~~240964% 0.000000% 0.~~039401~~321285% 0.~~000000~~068913% 0.000000% 0.~~054160~~172423% 0.000000% 0.~~054160~~241336% 120 Days 0.000000% 0.000000% 0.000000% 0.~~000000~~040161% 0.~~000000~~040161% 0.000000% 0.000000% 0.000000% 0.~~000000~~055158% 0.~~000000~~055158% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 01.~~748621~~004016% 0.~~000000~~240964% 0.~~078802~~321285% 0.~~000000~~040161% 01.~~827423~~606426% 0.~~549400~~705294% 0.~~000000~~191106% 0.~~084308~~246589% 0.~~000000~~055158% 01.~~633709~~198147% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 2 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 02 0 0 02 0191,237.0060 0.00 0.00 0191,237.0060 30 Days 1316 0 0 0 1316 23,~~774~~351,~~960~~476.4760 0.00 0.00 0.00 23,~~774~~351,~~960~~476.4760 60 Days 211 0 12 0 313 ~~463~~2,~~363~~346,222.3177 0.00 72666,~~250~~500.00 0.00 ~~535~~3,~~613~~012,722.3177 90 Days 01 0 13 0 14 087,244.0090 0.00 85535,~~500~~613.0031 0.00 85622,~~500~~858.0021 120 Days 0 0 01 0 01 0.00 0.00 085,500.00 0.00 085,500.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 1528 0 2 6 0 1736 35,~~238~~784,~~323~~944.7827 0191,237.0060 ~~157~~1,~~750~~287,613.0031 0.00 37,~~396~~263,~~073~~795.7818 0-29 Days 0.~~000000~~100301% 0.000000% 0.000000% 0.~~000000~~100301% 0.~~000000~~046588% 0.000000% 0.000000% 0.~~000000~~046588% 30 Days 0.~~640710~~802407% 0.000000% 0.000000% 0.000000% 0.~~640710~~802407% 0.~~660888~~816462% 0.000000% 0.000000% 0.000000% 0.~~660888~~816462% 60 Days 0.~~098571~~551655% 0.000000% 0.~~049285~~100301% 0.000000% 0.~~147856~~651956% 0.~~110355~~571569% 0.000000% 0.~~017207~~162368% 0.000000% 0.~~127562~~733937% 90 Days 0.~~000000~~050150% 0.000000% 0.~~049285~~150451% 0.000000% 0.~~049285~~200602% 0.~~000000~~021254% 0.000000% 0.~~020363~~130482% 0.000000% 0.~~020363~~151736% 120 Days 0.000000% 0.000000% 0.~~000000~~050150% 0.000000% 0.~~000000~~050150% 0.000000% 0.000000% 0.~~000000~~020829% 0.000000% 0.~~000000~~020829% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 01.~~739280~~404213% 0.~~000000~~100301% 0.~~098571~~300903% 0.000000% 01.~~837851~~805416% 01.~~771243~~409285% 0.~~000000~~046588% 0.~~037570~~313679% 0.000000% 01.~~808813~~769551%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~38,773~~0.9300

COLLATERAL STATEMENT Collateral Description ~~Fixed &~~ Mixed ARM Weighted Average Gross Coupon 6.~~834089~~831647% Weighted Average Net Coupon 6.~~334089~~331647% Weighted Average Pass-Through Rate 6.~~334480~~331647% Weighted Average Maturity(Stepdown Calculation ) 1 Beginning Scheduled Collateral Loan Count 4,~~648~~567 Number Of Loans Paid In Full 8183 Ending Scheduled Collateral Loan Count 4,~~567~~484 Beginning Scheduled Collateral Balance ~~861~~845,~~607~~187,~~320~~490.8328 Ending Scheduled Collateral Balance ~~845~~828,~~187~~057,~~490~~354.2849 Ending Actual Collateral Balance at 3031-~~Jun~~Jul-2004 ~~845~~828,~~286~~197,~~651~~393.9713 Monthly P &I Constant 5,~~249~~146,~~351~~493.3228 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~845~~828,~~187~~057,~~490~~354.2849 Scheduled Principal ~~338~~334,~~592~~807.0165 Unscheduled Principal 16,~~755~~795,~~769~~328.6614

Miscellaneous Reporting LIBOR Rate 1.450000% Overcollateralization Amount 22,880,000.00 Overcollateralization Deficiency 0.00 Prepayment Premiums ~~$189~~254,~~968~~045.9008 ~~Libor~~Stepdown ~~Rate~~Date 1NO Required Overcollateralization Amount 22,880,000.~~30%~~00 Trigger Event NO Net Swap Payment 407,203.93 Net Swap Receipt 0.00

~~Miscellaneous~~Group ~~Reporting~~Level ~~Overcollateralization~~Collateral ~~Deficiency~~Statement Group 1 2 Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 6.851135 6.811903 6.831647 Weighted Average Net Rate 6.351135 6.311903 6.331647 Weighted Average Maturity 354 354 1 Beginning Loan Count 2,538 2,029 4,567 Loans Paid In Full 48 35 83 Ending Loan Count 2,490 1,994 4,484 Beginning Scheduled Balance 425,352,815.69 419,834,674.59 845,187,490.28 Ending scheduled Balance 417,637,544.60 410,419,809.89 828,057,354.49 Record Date 07/31/2004 07/31/2004 07/31/2004 Principal And Interest Constant 2,614,986.44 2,531,506.84 5,146,493.28 Scheduled Principal 186,528.50 148,279.15 334,807.65 Unscheduled Principal 7,528,742.59 9,266,585.55 16,795,328.14 Scheduled Interest 2,428,457.94 2,383,227.69 4,811,685.63 Servicing Fees 177,230.35 174,931.10 352,161.45 Master Servicing Fees 0.00 ~~Required~~0.00 ~~Overcollateralization~~0.00 22Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 0.00 0.00 0.00 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest 2,~~880~~251,~~000~~227.59 2,208,296.59 4,459,524.18 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.351135 6.311903 6.331647

Group Level Collateral Statement Group 1 2 Total Collateral Description Mixed Fixed Mixed ARM Fixed & Mixed ARM Weighted Average Coupon Rate 6.849773 6.818252 6.834089 Weighted Average Net Rate 6.349773 6.318252 6.334089 Weighted Average Maturity 355 355 1 Beginning Loan Count 2,576 2,072 4,648 Loans Paid In Full 38 43 81 Ending Loan Count 2,538 2,029 4,567 Beginning Scheduled Balance 432,898,856.39 428,708,464.44 861,607,320.83 Ending scheduled Balance 425,352,815.69 419,834,674.59 845,187,490.28 Record Date 06/30/2004 06/30/2004 06/30/2004 Principal And Interest Constant 2,661,311.53 2,588,039.79 5,249,351.32 Scheduled Principal 188,305.99 150,286.02 338,592.01 Unscheduled Principal 7,700,475.82 9,055,293.84 16,755,769.66 Scheduled Interest 2,473,005.54 2,437,753.77 4,910,759.31 Servicing Fees 180,374.51 178,628.54 359,003.05 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 0.00 0.00 0.00 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest 2,292,631.03 2,259,125.23 4,551,756.26 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.350169 6.318639 6.334480

Filing Compare · ASSET BACKED SEC CORP FIELDSTONE MORT INV TR SER 2004-2