8-K 1 pps04wc1_dec.txt DECEMBER 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): December 27, 2004 PARK PLACE SECURITIES, INC. Asset Backed Pass-Through Certificates, Series 2004-WCW1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-115827-01 54-6636576 Pooling and Servicing Agreement) (Commission 54-6636577 (State or other File Number) 54-6636578 jurisdiction IRS EIN 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 December 27, 2004 a distribution was made to holders of PARK PLACE SECURITIES, INC., Asset Backed Pass-Through Certificates, Series 2004-WCW1 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Pass-Through Certificates, Series 2004-WCW1 Trust, relating to the December 27, 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. PARK PLACE SECURITIES, INC. Asset Backed Pass-Through Certificates, Series 2004-WCW1 Trust (Registrant) By: Wells Fargo Bank, N.A. as Trustee By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 12/29/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Pass-Through Certificates, Series 2004-WCW1 Trust, relating to the December 27, 2004 distribution. EX-99.1

Park Place Securities, Inc ~~Mortgage~~Asset Backed Pass-Through Certificates Record Date: 1011/3130/2004 Distribution Date: 1112/2627/2004 ~~PPS~~Park Place Securities, Inc Asset Backed Pass-Through Certificates Series: 2004-~~WC1~~WCW1 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 A1 70069FAM9 SEN 2.~~30250~~55063% ~~579~~553,~~898~~820,~~339~~324.9446 1,~~186~~216,~~858~~397.6058 2623,~~078~~709,~~015~~939.4867 A2 70069FAA5 SEN 2.~~31250~~56063% ~~576~~549,~~931~~465,~~326~~677.2175 1,~~185~~211,~~914~~564.3965 27,~~465~~333,~~648~~847.4693 M1 70069FAB3 MEZ 2.~~56250~~81063% 103,308,000.00 ~~235~~250,~~312~~032.6771 0.00 M2 70069FAD9 MEZ 2.~~61250~~86063% 40,697,000.00 94100,~~507~~249.4875 0.00 M3 70069FAE7 MEZ 3.~~18250~~43063% 78,264,000.00 ~~221~~231,~~400~~203.1688 0.00 M4 70069FAF4 MEZ 3.~~38250~~63063% 17,218,000.00 5153,~~768~~829.7994 0.00 M5 70069FAG3 MEZ 34.~~83250~~08063% 18,783,000.00 6366,~~987~~001.4213 0.00 M6 70069FAH0 MEZ 34.~~98250~~23063% 17,218,000.00 6062,~~951~~725.7291 0.00 M7 70069FAJ6 MEZ 4.~~43250~~68063% 17,218,000.00 6769,~~838~~397.9288 0.00 M8 70069FAK3 MEZ 5.~~43250~~68063% 17,218,000.00 8384,~~143~~224.8149 0.00 M9 70069FAL1 MEZ 5.~~43250~~68063% 15,653,000.00 7576,~~586~~569.6005 0.00 CE PPS04WC1C SUB 0.00000% 50,873,198.86 43,~~068~~926,~~933~~123.4830 0.00 P PPS04WC1P SEN 0.00000% 100.00 ~~492~~716,~~031~~535.3492 0.00 R 70069FKF7 SEN 0.00000% 0.00 0.00 0.00 Totals 1,~~533~~479,~~279~~736,~~965~~301.0107 78,~~888~~064,~~235~~856.3819 5351,~~543~~043,~~663~~787.9460

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A1 0.00 ~~553~~530,~~820~~110,~~324~~384.4678 2724,~~264~~926,~~874~~337.0825 0.00 A2 0.00 ~~549~~522,~~465~~131,~~677~~829.7582 28,~~651~~545,~~562~~412.8558 0.00 M1 0.00 103,308,000.00 ~~235~~250,~~312~~032.6771 0.00 M2 0.00 40,697,000.00 94100,~~507~~249.4875 0.00 M3 0.00 78,264,000.00 ~~221~~231,~~400~~203.1688 0.00 M4 0.00 17,218,000.00 5153,~~768~~829.7994 0.00 M5 0.00 18,783,000.00 6366,~~987~~001.4213 0.00 M6 0.00 17,218,000.00 6062,~~951~~725.7291 0.00 M7 0.00 17,218,000.00 6769,~~838~~397.9288 0.00 M8 0.00 17,218,000.00 8384,~~143~~224.8149 0.00 M9 0.00 15,653,000.00 7576,~~586~~569.6005 0.00 CE 0.00 50,873,198.86 43,~~068~~926,~~933~~123.4830 0.00 P 0.00 100.00 ~~492~~716,~~031~~535.3492 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 1,~~479~~428,~~736~~692,~~301~~513.0746 6159,~~431~~108,~~899~~643.3279 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) A1 594,414,000.00 ~~579~~553,~~898~~820,~~339~~324.9446 ~~640~~621,~~789~~679.4312 2523,~~437~~088,~~226~~260.0555 0.00 0.00 A2 594,413,000.00 ~~576~~549,~~931~~465,~~326~~677.2175 ~~645~~624,~~933~~259.9720 26,~~819~~709,~~714~~588.4973 0.00 0.00 M1 103,308,000.00 103,308,000.00 0.00 0.00 0.00 0.00 M2 40,697,000.00 40,697,000.00 0.00 0.00 0.00 0.00 M3 78,264,000.00 78,264,000.00 0.00 0.00 0.00 0.00 M4 17,218,000.00 17,218,000.00 0.00 0.00 0.00 0.00 M5 18,783,000.00 18,783,000.00 0.00 0.00 0.00 0.00 M6 17,218,000.00 17,218,000.00 0.00 0.00 0.00 0.00 M7 17,218,000.00 17,218,000.00 0.00 0.00 0.00 0.00 M8 17,218,000.00 17,218,000.00 0.00 0.00 0.00 0.00 M9 15,653,000.00 15,653,000.00 0.00 0.00 0.00 0.00 CE 50,925,095.82 50,873,198.86 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 1,565,329,195.82 1,~~533~~479,~~279~~736,~~965~~301.0107 1,~~286~~245,~~723~~938.4032 5249,~~256~~797,~~940~~849.5428 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 A1 2623,~~078~~709,~~015~~939.4867 ~~553~~530,~~820~~110,~~324~~384.4678 0.~~93170808~~89182015 2623,~~078~~709,~~015~~939.4867 A2 27,~~465~~333,~~648~~847.4693 ~~549~~522,~~465~~131,~~677~~829.7582 0.~~92438368~~87839908 27,~~465~~333,~~648~~847.4693 M1 0.00 103,308,000.00 1.00000000 0.00 M2 0.00 40,697,000.00 1.00000000 0.00 M3 0.00 78,264,000.00 1.00000000 0.00 M4 0.00 17,218,000.00 1.00000000 0.00 M5 0.00 18,783,000.00 1.00000000 0.00 M6 0.00 17,218,000.00 1.00000000 0.00 M7 0.00 17,218,000.00 1.00000000 0.00 M8 0.00 17,218,000.00 1.00000000 0.00 M9 0.00 15,653,000.00 1.00000000 0.00 CE 0.00 50,873,198.86 0.99898092 0.00 P 0.00 100.00 1.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 5351,~~543~~043,~~663~~787.9460 1,~~479~~428,~~736~~692,~~301~~513.0746 0.~~94531956~~91271058 5351,~~543~~043,~~663~~787.9460

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A1 594,414,000.00 ~~975~~931.~~57988193~~70807629 1.~~07801874~~04586891 4238.~~79378691~~84205377 0.00000000 A2 594,413,000.00 ~~970~~924.~~59002110~~38368231 1.~~08667538~~05021122 4544.~~11966342~~93439533 0.00000000 M1 103,308,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 40,697,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 78,264,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 17,218,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 18,783,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M6 17,218,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M7 17,218,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M8 17,218,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M9 15,653,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 50,925,095.82 998.98091581 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denominations.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A1 0.00000000 4339.~~87180564~~88792268 ~~931~~891.~~70807629~~82015360 0.~~93170808~~89182015 4339.~~87180564~~88792268 A2 0.00000000 4645.~~20633879~~98460654 ~~924~~878.~~38368231~~39907576 0.~~92438368~~87839908 4645.~~20633879~~98460654 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 M7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M9 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 0.00000000 998.98091581 0.99898092 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 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 A1 594,414,000.00 2.~~30250~~55063% ~~579~~553,~~898~~820,~~339~~324.9446 1,~~186~~216,~~858~~397.6058 0.00 0.00 A2 594,413,000.00 2.~~31250~~56063% ~~576~~549,~~931~~465,~~326~~677.2175 1,~~185~~211,~~914~~564.3965 0.00 0.00 M1 103,308,000.00 2.~~56250~~81063% 103,308,000.00 ~~235~~250,~~312~~032.6771 0.00 0.00 M2 40,697,000.00 2.~~61250~~86063% 40,697,000.00 94100,~~507~~249.4875 0.00 0.00 M3 78,264,000.00 3.~~18250~~43063% 78,264,000.00 ~~221~~231,~~400~~203.1688 0.00 0.00 M4 17,218,000.00 3.~~38250~~63063% 17,218,000.00 5153,~~768~~829.7994 0.00 0.00 M5 18,783,000.00 34.~~83250~~08063% 18,783,000.00 6366,~~987~~001.4213 0.00 0.00 M6 17,218,000.00 34.~~98250~~23063% 17,218,000.00 6062,~~951~~725.7291 0.00 0.00 M7 17,218,000.00 4.~~43250~~68063% 17,218,000.00 6769,~~838~~397.9288 0.00 0.00 M8 17,218,000.00 5.~~43250~~68063% 17,218,000.00 8384,~~143~~224.8149 0.00 0.00 M9 15,653,000.00 5.~~43250~~68063% 15,653,000.00 7576,~~586~~569.6005 0.00 0.00 CE 50,925,095.82 0.00000% 50,873,198.86 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 1,565,329,195.82 3,~~327~~422,~~270~~196.5697 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 A1 0.00 0.00 1,~~186~~216,~~858~~397.6058 0.00 ~~553~~530,~~820~~110,~~324~~384.4678 A2 0.00 0.00 1,~~185~~211,~~914~~564.3965 0.00 ~~549~~522,~~465~~131,~~677~~829.7582 M1 0.00 0.00 ~~235~~250,~~312~~032.6771 0.00 103,308,000.00 M2 0.00 0.00 94100,~~507~~249.4875 0.00 40,697,000.00 M3 0.00 0.00 ~~221~~231,~~400~~203.1688 0.00 78,264,000.00 M4 0.00 0.00 5153,~~768~~829.7994 0.00 17,218,000.00 M5 0.00 0.00 6366,~~987~~001.4213 0.00 18,783,000.00 M6 0.00 0.00 6062,~~951~~725.7291 0.00 17,218,000.00 M7 0.00 0.00 6769,~~838~~397.9288 0.00 17,218,000.00 M8 0.00 0.00 8384,~~143~~224.8149 0.00 17,218,000.00 M9 0.00 0.00 7576,~~586~~569.6005 0.00 15,653,000.00 CE 0.00 0.00 43,~~068~~926,~~933~~123.4830 0.00 50,873,198.86 P 0.00 0.00 ~~492~~716,~~031~~535.3492 0.00 100.00 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 78,~~888~~064,~~235~~856.3819 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 A1 594,414,000.00 2.~~30250~~55063% ~~975~~931.~~57988193~~70807629 12.~~99668682~~04638111 0.00000000 0.00000000 A2 594,413,000.00 2.~~31250~~56063% ~~970~~924.~~59002110~~38368231 12.~~99510171~~03825396 0.00000000 0.00000000 M1 103,308,000.00 2.~~56250~~81063% 1000.00000000 2.~~27777781~~42026474 0.00000000 0.00000000 M2 40,697,000.00 2.~~61250~~86063% 1000.00000000 2.~~32222228~~46332039 0.00000000 0.00000000 M3 78,264,000.00 3.~~18250~~43063% 1000.00000000 2.~~82888889~~95415363 0.00000000 0.00000000 M4 17,218,000.00 3.~~38250~~63063% 1000.00000000 3.~~00666686~~12637589 0.00000000 0.00000000 M5 18,783,000.00 34.~~83250~~08063% 1000.00000000 3.~~40666667~~51387585 0.00000000 0.00000000 M6 17,218,000.00 34.~~98250~~23063% 1000.00000000 3.~~54000000~~64304275 0.00000000 0.00000000 M7 17,218,000.00 4.~~43250~~68063% 1000.00000000 34.~~94000000~~03054246 0.00000000 0.00000000 M8 17,218,000.00 5.~~43250~~68063% 1000.00000000 4.~~82888895~~89165350 0.00000000 0.00000000 M9 15,653,000.00 5.~~43250~~68063% 1000.00000000 4.~~82888903~~89165336 0.00000000 0.00000000 CE 50,925,095.82 0.00000% 998.98091581 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) Per $1 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 A1 0.00000000 0.00000000 12.~~99668682~~04638111 0.00000000 ~~931~~891.~~70807629~~82015360 A2 0.00000000 0.00000000 12.~~99510171~~03825396 0.00000000 ~~924~~878.~~38368231~~39907576 M1 0.00000000 0.00000000 2.~~27777781~~42026474 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~32222228~~46332039 0.00000000 1000.00000000 M3 0.00000000 0.00000000 2.~~82888889~~95415363 0.00000000 1000.00000000 M4 0.00000000 0.00000000 3.~~00666686~~12637589 0.00000000 1000.00000000 M5 0.00000000 0.00000000 3.~~40666667~~51387585 0.00000000 1000.00000000 M6 0.00000000 0.00000000 3.~~54000000~~64304275 0.00000000 1000.00000000 M7 0.00000000 0.00000000 34.~~94000000~~03054246 0.00000000 1000.00000000 M8 0.00000000 0.00000000 4.~~82888895~~89165350 0.00000000 1000.00000000 M9 0.00000000 0.00000000 4.~~82888903~~89165336 0.00000000 1000.00000000 CE 0.00000000 0.00000000 7977.~~90035982~~09604149 0.00000000 998.98091581 P 0.00000000 0.00000000 ~~4920313~~7165359.~~40000000~~20000000 0.00000000 1000.00000000 R 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 6159,~~580~~011,~~755~~236.4386 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties ~~492~~716,~~031~~535.3492 Total Deposits 6259,~~072~~727,~~786~~772.7778 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~640~~619,~~887~~128.4599 Payment of Interest and Principal 6159,~~431~~108,~~899~~643.3279 Total Withdrawals (Pool Distribution Amount) 6259,~~072~~727,~~786~~772.7778 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~638~~616,~~866~~556.6579 Custodian Fee 2,~~020~~002.8020 Miscellaneous Custodian Expense 570.00 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~640~~619,~~887~~128.4599

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Financial Guaranty 0.00 0.00 0.00 0.00 Reserve Fund 0.00 0.00 0.00 0.00 NET WAC 1,000.00 0.00 0.00 1,000.00 SWAP ACCOUNT 0.00 1,~~359~~088,~~521~~820.0571 1,~~359~~088,~~521~~820.0571 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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days ~~562~~568 0 0 0 ~~562~~568 7677,~~895~~489,~~090~~103.3098 0.00 0.00 0.00 7677,~~895~~489,~~090~~103.3098 60 Days ~~248~~208 0 0 0 ~~248~~208 3526,~~689~~685,~~124~~754.3658 0.00 0.00 0.00 3526,~~689~~685,~~124~~754.3658 90 Days 94147 0 0 0 94147 1322,~~428~~532,~~868~~972.3374 0.00 0.00 0.00 1322,~~428~~532,~~868~~972.3374 120 Days 1574 0 0 0 1574 210,~~133~~204,~~667~~459.5587 0.00 0.00 0.00 210,~~133~~204,~~667~~459.5587 150 Days 014 0 0 0 014 02,073,667.0055 0.00 0.00 0.00 02,073,667.0055 180+ Days 1 0 0 0 1 157,350.55 0.00 0.00 0.00 157,350.55 Totals ~~920~~1,012 0 0 0 ~~920~~1,012 ~~128~~139,~~304~~143,~~101~~309.0927 0.00 0.00 0.00 ~~128~~139,~~304~~143,~~101~~309.0927 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% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 5.~~713124~~930257% 0.000000% 0.000000% 0.000000% 5.~~713124~~930257% 5.~~194657~~421711% 0.000000% 0.000000% 0.000000% 5.~~194657~~421711% 60 Days 2.~~521094~~171643% 0.000000% 0.000000% 0.000000% 2.~~521094~~171643% 21.~~410983~~867133% 0.000000% 0.000000% 0.000000% 21.~~410983~~867133% 90 Days 01.~~955576~~534767% 0.000000% 0.000000% 0.000000% 01.~~955576~~534767% 01.~~907189~~576574% 0.000000% 0.000000% 0.000000% 01.~~907189~~576574% 120 Days 0.~~152486~~772604% 0.000000% 0.000000% 0.000000% 0.~~152486~~772604% 0.~~144140~~713980% 0.000000% 0.000000% 0.000000% 0.~~144140~~713980% 150 Days 0.~~000000~~146168% 0.000000% 0.000000% 0.000000% 0.~~000000~~146168% 0.~~000000~~145089% 0.000000% 0.000000% 0.000000% 0.~~000000~~145089% 180+ Days 0.~~010166~~010441% 0.000000% 0.000000% 0.000000% 0.~~010166~~010441% 0.~~010630~~011009% 0.000000% 0.000000% 0.000000% 0.~~010630~~011009% Totals 910.~~352445~~565880% 0.000000% 0.000000% 0.000000% 910.~~352445~~565880% 89.~~667599~~735496% 0.000000% 0.000000% 0.000000% 89.~~667599~~735496%

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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 6756 0 0 0 6756 76,~~227~~002,~~509~~464.0931 0.00 0.00 0.00 76,~~227~~002,~~509~~464.0931 60 Days 25 0 0 0 25 2,~~164~~856,~~797~~987.9390 0.00 0.00 0.00 2,~~164~~856,~~797~~987.9390 90 Days 814 0 0 0 814 ~~963~~1,~~746~~336,066.7042 0.00 0.00 0.00 ~~963~~1,~~746~~336,066.7042 120 Days 04 0 0 0 04 0318,072.0017 0.00 0.00 0.00 0318,072.0017 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 1 0 0 0 1 157,350.55 0.00 0.00 0.00 157,350.55 Totals ~~101~~100 0 0 0 ~~101~~100 10,~~513~~670,~~404~~941.2735 0.00 0.00 0.00 10,~~513~~670,~~404~~941.2735 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 43.~~314231~~655352% 0.000000% 0.000000% 0.000000% 43.~~314231~~655352% 3.~~786833~~201700% 0.000000% 0.000000% 0.000000% 3.~~786833~~201700% 60 Days 1.~~609788~~631854% 0.000000% 0.000000% 0.000000% 1.~~609788~~631854% 1.~~134240~~523911% 0.000000% 0.000000% 0.000000% 1.~~134240~~523911% 90 Days 0.~~515132~~913838% 0.000000% 0.000000% 0.000000% 0.~~515132~~913838% 0.~~504952~~712655% 0.000000% 0.000000% 0.000000% 0.~~504952~~712655% 120 Days 0.~~000000~~261097% 0.000000% 0.000000% 0.000000% 0.~~000000~~261097% 0.~~000000~~169659% 0.000000% 0.000000% 0.000000% 0.~~000000~~169659% 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.~~064392~~065274% 0.000000% 0.000000% 0.000000% 0.~~064392~~065274% 0.~~082443~~083930% 0.000000% 0.000000% 0.000000% 0.~~082443~~083930% Totals 6.~~503542~~527415% 0.000000% 0.000000% 0.000000% 6.~~503542~~527415% 5.~~508469~~691855% 0.000000% 0.000000% 0.000000% 5.~~508469~~691855% 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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days ~~261~~252 0 0 0 ~~261~~252 3433,~~430~~271,~~165~~834.6344 0.00 0.00 0.00 3433,~~430~~271,~~165~~834.6344 60 Days ~~106~~100 0 0 0 ~~106~~100 1412,~~666~~600,~~833~~780.9109 0.00 0.00 0.00 1412,~~666~~600,~~833~~780.9109 90 Days 4760 0 0 0 4760 58,~~729~~484,~~930~~464.7424 0.00 0.00 0.00 58,~~729~~484,~~930~~464.7424 120 Days 940 0 0 0 940 15,~~263~~228,~~747~~412.6846 0.00 0.00 0.00 15,~~263~~228,~~747~~412.6846 150 Days 08 0 0 0 08 01,182,800.0094 0.00 0.00 0.00 01,182,800.0094 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals ~~423~~460 0 0 0 ~~423~~460 5660,~~090~~768,~~677~~292.9617 0.00 0.00 0.00 5660,~~090~~768,~~677~~292.9617 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 6.~~647988~~615910% 0.000000% 0.000000% 0.000000% 6.~~647988~~615910% 6.~~243484~~264257% 0.000000% 0.000000% 0.000000% 6.~~243484~~264257% 60 Days 2.~~699949~~625361% 0.000000% 0.000000% 0.000000% 2.~~699949~~625361% 2.~~659649~~372413% 0.000000% 0.000000% 0.000000% 2.~~659649~~372413% 90 Days 1.~~197147~~575217% 0.000000% 0.000000% 0.000000% 1.~~197147~~575217% 1.~~039052~~597413% 0.000000% 0.000000% 0.000000% 1.~~039052~~597413% 120 Days 01.~~229241~~050144% 0.000000% 0.000000% 0.000000% 01.~~229241~~050144% 0.~~229165~~984380% 0.000000% 0.000000% 0.000000% 0.~~229165~~984380% 150 Days 0.~~000000~~210029% 0.000000% 0.000000% 0.000000% 0.~~000000~~210029% 0.~~000000~~222692% 0.000000% 0.000000% 0.000000% 0.~~000000~~222692% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1012.~~774325~~076661% 0.000000% 0.000000% 0.000000% 1012.~~774325~~076661% 1011.~~171349~~441154% 0.000000% 0.000000% 0.000000% 1011.~~171349~~441154% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 3 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 0 0 0 0.00 0.00 0.00 0.00 30 Days 5256 0 0 0 5256 57,~~749~~416,~~233~~825.4460 0.00 0.00 0.00 57,~~749~~416,~~233~~825.4460 60 Days 2817 0 0 0 2817 32,~~266~~273,~~409~~308.6452 0.00 0.00 0.00 32,~~266~~273,~~409~~308.6452 90 Days 720 0 0 0 720 ~~653~~2,~~251~~205,063.1344 0.00 0.00 0.00 ~~653~~2,~~251~~205,063.1344 120 Days 06 0 0 0 06 0525,731.0071 0.00 0.00 0.00 0525,731.0071 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 8799 0 0 0 8799 912,~~668~~420,~~894~~929.2127 0.00 0.00 0.00 912,~~668~~420,~~894~~929.2127 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 3.~~307888~~619910% 0.000000% 0.000000% 0.000000% 3.~~307888~~619910% 23.~~410786~~179463% 0.000000% 0.000000% 0.000000% 23.~~410786~~179463% 60 Days 1.~~781170~~098901% 0.000000% 0.000000% 0.000000% 1.~~781170~~098901% 10.~~369681~~974527% 0.000000% 0.000000% 0.000000% 10.~~369681~~974527% 90 Days 01.~~445293~~292825% 0.000000% 0.000000% 0.000000% 01.~~445293~~292825% 0.~~273923~~945272% 0.000000% 0.000000% 0.000000% 0.~~273923~~945272% 120 Days 0.~~000000~~387847% 0.000000% 0.000000% 0.000000% 0.~~000000~~387847% 0.~~000000~~225372% 0.000000% 0.000000% 0.000000% 0.~~000000~~225372% 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 56.~~534351~~399483% 0.000000% 0.000000% 0.000000% 56.~~534351~~399483% 45.~~054391~~324634% 0.000000% 0.000000% 0.000000% 45.~~054391~~324634% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 4 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 0 0 0 0.00 0.00 0.00 0.00 30 Days ~~182~~204 0 0 0 ~~182~~204 2930,~~488~~797,~~182~~979.1463 0.00 0.00 0.00 2930,~~488~~797,~~182~~979.1463 60 Days 8966 0 0 0 8966 158,~~591~~954,~~082~~678.8807 0.00 0.00 0.00 158,~~591~~954,~~082~~678.8807 90 Days 3253 0 0 0 3253 610,~~081~~507,~~939~~378.7664 0.00 0.00 0.00 610,~~081~~507,~~939~~378.7664 120 Days 624 0 0 0 624 ~~869~~4,~~919~~132,243.8753 0.00 0.00 0.00 ~~869~~4,~~919~~132,243.8753 150 Days 06 0 0 0 06 0890,866.0061 0.00 0.00 0.00 0890,866.0061 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals ~~309~~353 0 0 0 ~~309~~353 5255,~~031~~283,~~124~~146.6548 0.00 0.00 0.00 5255,~~031~~283,~~124~~146.6548 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 67.~~532663~~583643% 0.000000% 0.000000% 0.000000% 67.~~532663~~583643% 56.~~903817~~451881% 0.000000% 0.000000% 0.000000% 56.~~903817~~451881% 60 Days 32.~~194544~~453532% 0.000000% 0.000000% 0.000000% 32.~~194544~~453532% 31.~~121484~~875919% 0.000000% 0.000000% 0.000000% 31.~~121484~~875919% 90 Days 1.~~148600~~970260% 0.000000% 0.000000% 0.000000% 1.~~148600~~970260% 12.~~217663~~201195% 0.000000% 0.000000% 0.000000% 12.~~217663~~201195% 120 Days 0.~~215363~~892193% 0.000000% 0.000000% 0.000000% 0.~~215363~~892193% 0.~~174166~~865665% 0.000000% 0.000000% 0.000000% 0.~~174166~~865665% 150 Days 0.~~000000~~223048% 0.000000% 0.000000% 0.000000% 0.~~000000~~223048% 0.~~000000~~186628% 0.000000% 0.000000% 0.000000% 0.~~000000~~186628% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1113.~~091170~~122677% 0.000000% 0.000000% 0.000000% 1113.~~091170~~122677% 1011.~~417131~~581288% 0.000000% 0.000000% 0.000000% 1011.~~417131~~581288%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~887~~973,~~811~~304.2923 Class M-1 273,194,195.82 17.45282501% 273,142,298.86 1819.~~45884964~~11834046% 67.~~981514~~230947% 0.000000% Class M-2 232,497,195.82 14.85292490% 232,445,298.86 1516.~~70856231~~26979190% 2.~~750287~~848549% 0.000000% Class M-3 154,233,195.82 9.85308260% 154,181,298.86 10.~~41951182~~79177622% 5.~~289050~~478016% 0.000000% Class M-4 137,015,195.82 8.75312241% 136,963,298.86 9.~~25592612~~58661836% 1.~~163586~~205158% 0.000000% Class CE 100.00 0.00000639% 100.00 0.~~00000676~~00000700% 3.~~437991~~560822% 0.000000% Class P 0.00 0.00000000% 0.00 0.00000000% 0.000007% 0.000000% Class R-I 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.~~354126~~344230% Weighted Average Net Coupon 6.~~854126~~844230% Weighted Average Pass-Through Rate 6.~~854126~~844230% Weighted Average Maturity(Stepdown Calculation ) ~~352~~351 Beginning Scheduled Collateral Loan Count 109,~~104~~837 Number Of Loans Paid In Full ~~267~~259 Ending Scheduled Collateral Loan Count 9,~~837~~578 Beginning Scheduled Collateral Balance 1,~~533~~479,~~279~~736,~~965~~301.0107 Ending Scheduled Collateral Balance 1,~~479~~428,~~736~~692,~~301~~513.0747 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2004 1,~~480~~429,~~272~~236,~~633~~999.2317 Monthly P &I Constant 10,~~683~~302,~~335~~208.7248 Special Servicing Fee 0.00 Prepayment Penalties ~~492~~716,~~031~~535.3492 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal 1,~~286~~245,~~723~~938.4032 Unscheduled Principal 5249,~~256~~797,~~940~~849.5428

Miscellaneous Reporting Excess Interest 43,~~068~~926,~~933~~123.4330 Extra Principal 0.00 Overcollateralization Amt 50,873,198.86 Overcollateralization Deficiency Amt 0.00 Overcollateralization Release Amt 0.00 Specified Overcollateralization Amt 50,873,198.86 Step Down NO Trigger Event NO Fixed Swap Payment 3,~~866~~736,~~910~~625.9181 Floating Swap Payment 2,~~507~~647,~~389~~805.8610 Swap Termination Fee 0.00

Group Level Collateral Statement Group 1 2 3 Collateral Description Mixed Fixed Mixed ARM Mixed Fixed Weighted Average Coupon Rate 7.~~172216~~170591 7.~~460629~~448474 7.~~213922~~209148 Weighted Average Net Rate 6.~~672216~~670591 6.~~960629~~948474 6.~~713922~~709148 Weighted Average Maturity ~~352~~351 ~~352~~351 ~~352~~351 Beginning Loan Count 1,~~570~~553 43,~~054~~926 1,~~597~~572 Loans Paid In Full 1721 ~~128~~117 25 Ending Loan Count 1,~~553~~532 3,~~926~~809 1,~~572~~547 Beginning Scheduled Balance ~~193~~190,~~667~~803,~~962~~019.0328 ~~574~~551,~~455~~242,~~930~~857.5279 ~~243~~238,~~051~~424,~~412~~237.9432 Ending scheduled Balance ~~190~~187,~~803~~418,~~019~~956.2802 ~~551~~530,~~242~~916,~~857~~981.7938 ~~238~~233,~~424~~213,~~237~~562.3284 Record Date 1011/3130/2004 1011/3130/2004 1011/3130/2004 Principal And Interest Constant 1,~~346~~327,~~776~~318.9111 43,~~023~~856,~~038~~101.2730 1,~~692~~659,~~415~~895.6662 Scheduled Principal ~~189~~187,~~253~~176.1314 ~~451~~434,~~536~~502.3098 ~~231~~227,~~287~~532.4561 Unscheduled Principal 23,~~675~~196,~~689~~887.6212 2219,~~761~~891,~~536~~373.43 4,~~395~~983,~~888~~141.1787 Scheduled Interest 1,~~157~~140,~~523~~141.7897 3,~~571~~421,~~501~~598.9732 1,~~461~~432,~~128~~363.2101 Servicing Fees 8079,~~694~~501.9826 ~~239~~229,~~356~~684.6452 ~~101~~99,~~271~~343.4243 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 1,~~076~~060,~~828~~640.8074 3,~~332~~191,~~145~~913.3352 1,~~359~~333,~~856~~019.7951 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.~~672216~~670591 6.~~960629~~948474 6.~~713922~~709148

Group Level Collateral Statement Group 4 Total Collateral Description Mixed ARM Mixed Fixed & Arm Weighted Average Coupon Rate 7.~~369691~~360002 7.~~354126~~344230 Weighted Average Net Rate 6.~~869691~~860002 6.~~854126~~844230 Weighted Average Maturity ~~352~~351 ~~352~~351 Beginning Loan Count 2,~~883~~786 109,~~104~~837 Loans Paid In Full 9796 ~~267~~259 Ending Loan Count 2,~~786~~690 9,~~837~~578 Beginning Scheduled Balance ~~522~~499,~~104~~266,~~659~~186.5268 1,~~533~~479,~~279~~736,~~965~~301.0107 Ending scheduled Balance ~~499~~477,~~266~~143,~~186~~013.6823 1,~~479~~428,~~736~~692,~~301~~513.0747 Record Date 1011/3130/2004 1011/3130/2004 Principal And Interest Constant 3,~~621~~458,~~104~~893.8845 10,~~683~~302,~~335~~208.7248 Scheduled Principal ~~414~~396,~~646~~726.5259 1,~~286~~245,~~723~~938.4032 Unscheduled Principal 2221,~~423~~726,~~826~~446.3286 5249,~~256~~797,~~940~~849.5428 Scheduled Interest 3,~~206~~062,~~458~~166.3686 9,~~396~~056,~~612~~270.3216 Servicing Fees ~~217~~208,~~543~~027.6158 ~~638~~616,~~866~~556.6579 Master Servicing Fees 0.00 0.00 Trustee Fee 0.00 0.00 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 0.00 0.00 Pool Insurance Fee 0.00 0.00 Spread Fee 1 0.00 0.00 Spread Fee 2 0.00 0.00 Spread Fee 3 0.00 0.00 Net Interest 2,~~988~~854,~~914~~139.7540 8,~~757~~439,~~745~~713.6717 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 6.~~869691~~860002 6.~~854126~~844230

Filing Compare · PARK PLACE SECURITIES INC ASSET-BACKED PASS-THROUGH CERTIFICATES, SERIES 2004-WCW1