8-K 1 ace04he2_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 ACE SECURITIES CORP. HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2004-HE2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-110039-12 54-2161159 Pooling and Servicing Agreement) (Commission 54-2161160 (State or other File Number) IRS EIN 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 December 27, 2004 a distribution was made to holders of ACE SECURITIES CORP. HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series 2004-HE2 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-HE2 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. ACE SECURITIES CORP. HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2004-HE2 Trust (Registrant) By: Wells Fargo Bank, N.A. as Securities Administrator 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-HE2 Trust, relating to the December 27, 2004 distribution. EX-99.1

ACE Securities Corporation Asset Backed Pass-Through Certificates Record Date: 1011/3130/2004 Distribution Date: 1112/2627/2004 ACE Securities Corporation Asset Backed Pass-Through Certificates Series: 2004-HE2 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 A-1 004421GR8 SEN 2.~~25250~~50000% ~~272~~263,~~497~~405,~~543~~399.6509 ~~545~~567,~~600~~053.6429 9,~~092~~028,~~144~~890.5613 A-2A 004421GS6 SEN 2.~~31250~~56000% 9491,~~114~~520,~~625~~393.2705 ~~193~~201,~~457~~751.8462 2,~~594~~057,~~232~~597.2266 A-2B 004421HB2 SEN 2.~~14250~~39000% 2221,~~533~~471,~~665~~500.7759 4244,~~914~~189.1154 1842,~~062,165~~449.1809 A-2C 004421HC0 SEN 2.~~48250~~73000% 16,000,000.00 3537,~~306~~613.6733 0.00 M-1 004421GT4 MEZ 2.~~62250~~87000% 37,260,000.00 8692,~~857~~083.2095 0.00 M-2 004421GU1 MEZ 3.~~13250~~38000% 29,700,000.00 8286,~~698~~443.0050 0.00 M-3 004421GV9 MEZ 3.~~33250~~58000% 8,100,000.00 2324,~~994~~970.0050 0.00 M-4 004421GW7 MEZ 34.~~78250~~03000% 8,100,000.00 2728,~~234~~109.0025 0.00 M-5 004421GX5 MEZ 34.~~88250~~13000% 6,750,000.00 2324,~~295~~005.0063 0.00 M-6 004421GY3 MEZ 5.~~33250~~58000% 5,400,000.00 25,~~596~~947.00 0.00 B-1 004421GZ0 SUB 5.~~43250~~68000% 9,450,000.00 4546,~~633~~221.00 0.00 B-2 004421HA4 SUB 5.~~43250~~68000% 8,100,000.00 39,~~114~~618.00 0.00 CE 111297289 SUB 0.00000% 7,290,001.57 1,~~602~~486,~~827~~066.3009 0.00 P 111297297 SEN 0.00000% 100.00 ~~224~~240,~~895~~866.1590 0.00 Totals ~~525~~512,~~295~~547,~~936~~394.2630 2,~~999~~944,~~422~~939.9160 1211,~~748~~928,~~541~~936.9688

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~263~~254,~~405~~376,~~399~~508.0996 9,~~637~~595,~~745~~943.2042 0.00 A-2A 0.00 9189,~~520~~462,~~393~~795.0539 2,~~787~~259,~~690~~349.0628 0.00 A-2B 0.00 2120,~~471~~629,~~500~~051.5950 1886,~~105,079~~638.2963 0.00 A-2C 0.00 16,000,000.00 3537,~~306~~613.6733 0.00 M-1 0.00 37,260,000.00 8692,~~857~~083.2095 0.00 M-2 0.00 29,700,000.00 8286,~~698~~443.0050 0.00 M-3 0.00 8,100,000.00 2324,~~994~~970.0050 0.00 M-4 0.00 8,100,000.00 2728,~~234~~109.0025 0.00 M-5 0.00 6,750,000.00 2324,~~295~~005.0063 0.00 M-6 0.00 5,400,000.00 25,~~596~~947.00 0.00 B-1 0.00 9,450,000.00 4546,~~633~~221.00 0.00 B-2 0.00 8,100,000.00 39,~~114~~618.00 0.00 CE 0.00 7,290,001.57 1,~~602~~486,~~827~~066.3009 0.00 P 0.00 100.00 ~~224~~240,~~895~~866.1590 0.00 Totals 0.00 ~~512~~500,~~547~~618,~~394~~457.3042 1514,~~747~~873,~~964~~876.8748 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) A-1 282,154,000.00 ~~272~~263,~~497~~405,~~543~~399.6509 0.00 9,~~092~~028,~~144~~890.5613 0.00 0.00 A-2A 97,696,000.00 9491,~~114~~520,~~625~~393.2705 0.00 2,~~594~~057,~~232~~597.2266 0.00 0.00 A-2B 24,000,000.00 2221,~~533~~471,~~665~~500.7759 0.00 1842,~~062,165~~449.1809 0.00 0.00 A-2C 16,000,000.00 16,000,000.00 0.00 0.00 0.00 0.00 M-1 37,260,000.00 37,260,000.00 0.00 0.00 0.00 0.00 M-2 29,700,000.00 29,700,000.00 0.00 0.00 0.00 0.00 M-3 8,100,000.00 8,100,000.00 0.00 0.00 0.00 0.00 M-4 8,100,000.00 8,100,000.00 0.00 0.00 0.00 0.00 M-5 6,750,000.00 6,750,000.00 0.00 0.00 0.00 0.00 M-6 5,400,000.00 5,400,000.00 0.00 0.00 0.00 0.00 B-1 9,450,000.00 9,450,000.00 0.00 0.00 0.00 0.00 B-2 8,100,000.00 8,100,000.00 0.00 0.00 0.00 0.00 CE 7,290,016.54 7,290,001.57 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 Totals 540,000,116.54 ~~525~~512,~~295~~547,~~936~~394.2630 0.00 1211,~~748~~928,~~541~~936.9688 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 A-1 9,~~092~~028,~~144~~890.5613 ~~263~~254,~~405~~376,~~399~~508.0996 0.~~93355189~~90155202 9,~~092~~028,~~144~~890.5613 A-2A 2,~~594~~057,~~232~~597.2266 9189,~~520~~462,~~393~~795.0539 0.~~93678751~~91572629 2,~~594~~057,~~232~~597.2266 A-2B 1842,~~062,165~~449.1809 2120,~~471~~629,~~500~~051.5950 0.~~89464586~~85954381 1842,~~062,165~~449.1809 A-2C 0.00 16,000,000.00 1.00000000 0.00 M-1 0.00 37,260,000.00 1.00000000 0.00 M-2 0.00 29,700,000.00 1.00000000 0.00 M-3 0.00 8,100,000.00 1.00000000 0.00 M-4 0.00 8,100,000.00 1.00000000 0.00 M-5 0.00 6,750,000.00 1.00000000 0.00 M-6 0.00 5,400,000.00 1.00000000 0.00 B-1 0.00 9,450,000.00 1.00000000 0.00 B-2 0.00 8,100,000.00 1.00000000 0.00 CE 0.00 7,290,001.57 0.99999795 0.00 P 0.00 100.00 1.00000000 0.00 Totals 1211,~~748~~928,~~541~~936.9688 ~~512~~500,~~547~~618,~~394~~457.3042 0.~~94916164~~92707102 1211,~~748~~928,~~541~~936.9688

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 282,154,000.00 ~~965~~933.~~77593672~~55188688 0.00000000 3231.~~22404985~~99986578 0.00000000 A-2A 97,696,000.00 ~~963~~936.~~34164418~~78751484 0.00000000 2621.~~55412934~~06122728 0.00000000 A-2B 24,000,000.00 ~~938~~894.~~90274042~~64585792 0.00000000 4435.~~25688250~~10204542 0.00000000 A-2C 16,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 37,260,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 29,700,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 8,100,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 8,100,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5 6,750,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-6 5,400,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-1 9,450,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-2 8,100,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 7,290,016.54 999.99794651 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 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 A-1 0.00000000 3231.~~22404985~~99986578 ~~933~~901.~~55188688~~55202109 0.~~93355189~~90155202 3231.~~22404985~~99986578 A-2A 0.00000000 2621.~~55412934~~06122728 ~~936~~915.~~78751484~~72628757 0.~~93678751~~91572629 2621.~~55412934~~06122728 A-2B 0.00000000 4435.~~25688250~~10204542 ~~894~~859.~~64585792~~54381250 0.~~89464586~~85954381 4435.~~25688250~~10204542 A-2C 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 0.00000000 999.99794651 0.99999795 0.00000000 P 0.00000000 0.00000000 1,000.00000000 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 A-1 282,154,000.00 2.~~25250~~50000% ~~272~~263,~~497~~405,~~543~~399.6509 ~~545~~567,~~600~~053.6429 0.00 0.00 A-2A 97,696,000.00 2.~~31250~~56000% 9491,~~114~~520,~~625~~393.2705 ~~193~~201,~~457~~751.8462 0.00 0.00 A-2B 24,000,000.00 2.~~14250~~39000% 2221,~~533~~471,~~665~~500.7759 4244,~~914~~189.1154 0.00 0.00 A-2C 16,000,000.00 2.~~48250~~73000% 16,000,000.00 3537,~~306~~613.6733 0.00 0.00 M-1 37,260,000.00 2.~~62250~~87000% 37,260,000.00 8692,~~857~~083.2095 0.00 0.00 M-2 29,700,000.00 3.~~13250~~38000% 29,700,000.00 8286,~~698~~443.0050 0.00 0.00 M-3 8,100,000.00 3.~~33250~~58000% 8,100,000.00 2324,~~994~~970.0050 0.00 0.00 M-4 8,100,000.00 34.~~78250~~03000% 8,100,000.00 2728,~~234~~109.0025 0.00 0.00 M-5 6,750,000.00 34.~~88250~~13000% 6,750,000.00 2324,~~295~~005.0063 0.00 0.00 M-6 5,400,000.00 5.~~33250~~58000% 5,400,000.00 25,~~596~~947.00 0.00 0.00 B-1 9,450,000.00 5.~~43250~~68000% 9,450,000.00 4546,~~633~~221.00 0.00 0.00 B-2 8,100,000.00 5.~~43250~~68000% 8,100,000.00 39,~~114~~618.00 0.00 0.00 CE 7,290,016.54 0.00000% 7,290,001.57 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 540,000,116.54 1,~~171~~218,~~700~~006.4661 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 A-1 0.00 0.00 ~~545~~567,~~600~~053.6429 0.00 ~~263~~254,~~405~~376,~~399~~508.0996 A-2A 0.00 0.00 ~~193~~201,~~457~~751.8462 0.00 9189,~~520~~462,~~393~~795.0539 A-2B 0.00 0.00 4244,~~914~~189.1154 0.00 2120,~~471~~629,~~500~~051.5950 A-2C 0.00 0.00 3537,~~306~~613.6733 0.00 16,000,000.00 M-1 0.00 0.00 8692,~~857~~083.2095 0.00 37,260,000.00 M-2 0.00 0.00 8286,~~698~~443.0050 0.00 29,700,000.00 M-3 0.00 0.00 2324,~~994~~970.0050 0.00 8,100,000.00 M-4 0.00 0.00 2728,~~234~~109.0025 0.00 8,100,000.00 M-5 0.00 0.00 2324,~~295~~005.0063 0.00 6,750,000.00 M-6 0.00 0.00 25,~~596~~947.00 0.00 5,400,000.00 B-1 0.00 0.00 4546,~~633~~221.00 0.00 9,450,000.00 B-2 0.00 0.00 39,~~114~~618.00 0.00 8,100,000.00 CE 0.00 0.00 1,~~602~~486,~~827~~066.3009 0.00 7,290,001.57 P 0.00 0.00 ~~224~~240,~~895~~866.1590 0.00 100.00 Totals 0.00 0.00 2,~~999~~944,~~422~~939.9160 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 A-1 282,154,000.00 2.~~25250~~50000% ~~965~~933.~~77593672~~55188688 12.~~93369805~~00972976 0.00000000 0.00000000 A-2A 97,696,000.00 2.~~31250~~56000% ~~963~~936.~~34164418~~78751484 12.~~98020226~~06509601 0.00000000 0.00000000 A-2B 24,000,000.00 2.~~14250~~39000% ~~938~~894.~~90274042~~64585792 1.~~78808792~~84123083 0.00000000 0.00000000 A-2C 16,000,000.00 2.~~48250~~73000% 1000.00000000 2.~~20666687~~35083313 0.00000000 0.00000000 M-1 37,260,000.00 2.~~62250~~87000% 1000.00000000 2.~~33111111~~47138889 0.00000000 0.00000000 M-2 29,700,000.00 3.~~13250~~38000% 1000.00000000 2.~~78444444~~91055556 0.00000000 0.00000000 M-3 8,100,000.00 3.~~33250~~58000% 1000.00000000 23.~~96222222~~08277778 0.00000000 0.00000000 M-4 8,100,000.00 34.~~78250~~03000% 1000.00000000 3.~~36222222~~47027778 0.00000000 0.00000000 M-5 6,750,000.00 34.~~88250~~13000% 1000.00000000 3.~~45111111~~55638963 0.00000000 0.00000000 M-6 5,400,000.00 5.~~33250~~58000% 1000.00000000 4.~~74000000~~80500000 0.00000000 0.00000000 B-1 9,450,000.00 5.~~43250~~68000% 1000.00000000 4.~~82888889~~89111111 0.00000000 0.00000000 B-2 8,100,000.00 5.~~43250~~68000% 1000.00000000 4.~~82888889~~89111111 0.00000000 0.00000000 CE 7,290,016.54 0.00000% 999.99794651 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes are per $1,000 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 A-1 0.00000000 0.00000000 12.~~93369805~~00972976 0.00000000 ~~933~~901.~~55188688~~55202109 A-2A 0.00000000 0.00000000 12.~~98020226~~06509601 0.00000000 ~~936~~915.~~78751484~~72628757 A-2B 0.00000000 0.00000000 1.~~78808792~~84123083 0.00000000 ~~894~~859.~~64585792~~54381250 A-2C 0.00000000 0.00000000 2.~~20666687~~35083313 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 2.~~33111111~~47138889 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~78444444~~91055556 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 23.~~96222222~~08277778 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 3.~~36222222~~47027778 0.00000000 1000.00000000 M-5 0.00000000 0.00000000 3.~~45111111~~55638963 0.00000000 1000.00000000 M-6 0.00000000 0.00000000 4.~~74000000~~80500000 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 4.~~82888889~~89111111 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 4.~~82888889~~89111111 0.00000000 1000.00000000 CE 0.00000000 0.00000000 ~~219~~203.~~86607180~~84948125 0.00000000 999.99794651 P 0.00000000 0.00000000 ~~2248951~~2408669.~~50000000~~00000000 0.00000000 1000.00000000 (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 1514,~~770~~874,~~936~~194.4438 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 ~~224~~240,~~895~~866.1590 Total Deposits 15,~~995~~115,~~831~~061.5928 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~247~~241,~~866~~184.7280 Payment of Interest and Principal 1514,~~747~~873,~~964~~876.8748 Total Withdrawals (Pool Distribution Amount) 15,~~995~~115,~~831~~061.5928 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~218~~213,~~873~~561.3042 Credit Risk Manager Fee: The Murrayhill Company 6,~~566~~406.1985 Master Servicing Fee: Wells Fargo 5,~~471~~339.8304 XL Capital Assurance Inc., Class A-1 1615,~~955~~877.4049 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~247~~241,~~866~~184.7280

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 2038 0 0 0 2038 24,~~823~~963,~~711~~878.0980 0.00 0.00 0.00 24,~~823~~963,~~711~~878.0980 60 Days 54 0 40 0 94 ~~742~~808,~~039~~683.4682 0.00 ~~639,870~~0.4000 0.00 1808,~~381,909~~683.8682 90 Days 02 01 4 0 47 060,227.0077 0329,891.0048 ~~750~~592,~~824~~203.2146 0.00 ~~750~~982,~~824~~322.2171 120 Days 0 0 13 0 1 4 0.00 0.00 65358,~~600~~051.2513 0392,773.0008 65750,~~600~~824.2521 150 Days 0 0 01 0 01 0.00 0.00 065,600.0025 0.00 065,600.0025 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 2544 01 98 01 3454 35,~~565~~832,~~750~~790.5539 0329,891.0048 1,~~456~~015,~~294~~854.8684 0392,773.0008 57,~~022~~571,~~045~~309.4179 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 01.~~622859~~212895% 0.000000% 0.000000% 0.000000% 01.~~622859~~212895% 0.~~550837~~991369% 0.000000% 0.000000% 0.000000% 0.~~550837~~991369% 60 Days 0.~~155715~~127673% 0.000000% 0.~~124572~~000000% 0.000000% 0.~~280287~~127673% 0.~~144754~~161508% 0.000000% 0.~~124823~~000000% 0.000000% 0.~~269577~~161508% 90 Days 0.~~000000~~063837% 0.~~000000~~031918% 0.~~124572~~127673% 0.000000% 0.~~124572~~223428% 0.~~000000~~012028% 0.~~000000~~065885% 0.~~146468~~118273% 0.000000% 0.~~146468~~196186% 120 Days 0.000000% 0.000000% 0.~~031143~~095755% 0.~~000000~~031918% 0.~~031143~~127673% 0.000000% 0.000000% 0.~~012797~~071509% 0.~~000000~~078443% 0.~~012797~~149952% 150 Days 0.000000% 0.000000% 0.~~000000~~031918% 0.000000% 0.~~000000~~031918% 0.000000% 0.000000% 0.~~000000~~013101% 0.000000% 0.~~000000~~013101% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 01.~~778574~~404405% 0.~~000000~~031918% 0.~~280287~~255346% 0.~~000000~~031918% 1.~~058860~~723588% 01.~~695591~~164905% 0.~~000000~~065885% 0.~~284088~~202883% 0.~~000000~~078443% 01.~~979679~~512116%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 1 Sub Grp 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 25 0 0 0 25 64158,~~440~~564.9608 0.00 0.00 0.00 64158,~~440~~564.9608 60 Days 20 0 0 0 20 ~~60,227~~0.7700 0.00 0.00 0.00 ~~60,227~~0.7700 90 Days 02 0 0 0 02 060,227.0077 0.00 0.00 0.00 060,227.0077 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 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 47 0 0 0 47 ~~124~~218,~~668~~791.7385 0.00 0.00 0.00 ~~124~~218,~~668~~791.7385 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~232288~~600240% 0.000000% 0.000000% 0.000000% 0.~~232288~~600240% 0.~~093696~~238074% 0.000000% 0.000000% 0.000000% 0.~~093696~~238074% 60 Days 0.~~232288~~000000% 0.000000% 0.000000% 0.000000% 0.~~232288~~000000% 0.~~087571~~000000% 0.000000% 0.000000% 0.000000% 0.~~087571~~000000% 90 Days 0.~~000000~~240096% 0.000000% 0.000000% 0.000000% 0.~~000000~~240096% 0.~~000000~~090428% 0.000000% 0.000000% 0.000000% 0.~~000000~~090428% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.~~464576~~840336% 0.000000% 0.000000% 0.000000% 0.~~464576~~840336% 0.~~181267~~328502% 0.000000% 0.000000% 0.000000% 0.~~181267~~328502% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 1 Sub Grp 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 1526 0 0 0 1526 23,~~129~~351,~~634~~281.8726 0.00 0.00 0.00 23,~~129~~351,~~634~~281.8726 60 Days 3 0 40 0 73 ~~681~~647,~~811~~115.6918 0.00 ~~639,870~~0.4000 0.00 1647,~~321,682~~115.0918 90 Days 0 01 34 0 35 0.00 0329,891.0048 ~~358~~592,~~051~~203.1346 0.00 ~~358~~922,~~051~~094.1394 120 Days 0 0 13 0 13 0.00 0.00 65358,~~600~~051.2513 0.00 65358,~~600~~051.2513 150 Days 0 0 01 0 01 0.00 0.00 065,600.0025 0.00 065,600.0025 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 1829 01 8 0 2638 23,~~811~~998,~~446~~396.5644 0329,891.0048 1,~~063~~015,~~521~~854.7884 0.00 35,~~874~~344,~~968~~142.3476 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 01.~~952986~~693811% 0.000000% 0.000000% 0.000000% 01.~~952986~~693811% 01.~~773219~~247786% 0.000000% 0.000000% 0.000000% 01.~~773219~~247786% 60 Days 0.~~190597~~195440% 0.000000% 0.~~254130~~000000% 0.000000% 0.~~444727~~195440% 0.~~247549~~240941% 0.000000% 0.~~232322~~000000% 0.000000% 0.~~479871~~240941% 90 Days 0.000000% 0.~~000000~~065147% 0.~~190597~~260586% 0.000000% 0.~~190597~~325733% 0.000000% 0.~~000000~~122829% 0.~~130000~~220496% 0.000000% 0.~~130000~~343324% 120 Days 0.000000% 0.000000% 0.~~063532~~195440% 0.000000% 0.~~063532~~195440% 0.000000% 0.000000% 0.~~023818~~133314% 0.000000% 0.~~023818~~133314% 150 Days 0.000000% 0.000000% 0.~~000000~~065147% 0.000000% 0.~~000000~~065147% 0.000000% 0.000000% 0.~~000000~~024425% 0.000000% 0.~~000000~~024425% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.~~143583~~889251% 0.~~000000~~065147% 0.~~508259~~521173% 0.000000% 12.~~651842~~475570% 1.~~020769~~488727% 0.~~000000~~122829% 0.~~386139~~378234% 0.000000% 1.~~406908~~989790% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 2 Sub Grp 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 24 0 0 0 24 ~~261~~208,~~295~~939.9614 0.00 0.00 0.00 ~~261~~208,~~295~~939.9614 60 Days 01 0 0 0 01 0161,568.0064 0.00 0.00 0.00 0161,568.0064 90 Days 0 0 10 0 10 0.00 0.00 ~~392,773~~0.0800 0.00 ~~392,773~~0.0800 120 Days 0 0 0 01 01 0.00 0.00 0.00 0392,773.0008 0392,773.0008 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 25 0 1 0 31 ~~261~~6 370,~~295~~507.9678 0.00 0.00 392,773.08 ~~0.00 654~~763,~~069~~280.0486 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~464037~~936768% 0.000000% 0.000000% 0.000000% 0.~~464037~~936768% 0.~~592813~~477913% 0.000000% 0.000000% 0.000000% 0.~~592813~~477913% 60 Days 0.~~000000~~234192% 0.000000% 0.000000% 0.000000% 0.~~000000~~234192% 0.~~000000~~369561% 0.000000% 0.000000% 0.000000% 0.~~000000~~369561% 90 Days 0.000000% 0.000000% 0.~~232019~~000000% 0.000000% 0.~~232019~~000000% 0.000000% 0.000000% 0.~~891100~~000000% 0.000000% 0.~~891100~~000000% 120 Days 0.000000% 0.000000% 0.000000% 0.~~000000~~234192% 0.~~000000~~234192% 0.000000% 0.000000% 0.000000% 0.~~000000~~898402% 0.~~000000~~898402% 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.~~464037~~170960% 0.000000% 0.~~232019~~000000% 0.~~000000~~234192% 01.~~696056~~405152% 0.~~592813~~847473% 0.000000% 0.~~891100~~000000% 0.~~000000~~898402% 1.~~483913~~745875% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 2 Sub Grp 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 13 0 0 0 13 ~~368~~1,~~339~~245,094.3032 0.00 0.00 0.00 ~~368~~1,~~339~~245,094.3032 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 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 13 0 0 0 13 ~~368~~1,~~339~~245,094.3032 0.00 0.00 0.00 ~~368~~1,~~339~~245,094.3032 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~289855~~887574% 0.000000% 0.000000% 0.000000% 0.~~289855~~887574% 01.~~296227~~022168% 0.000000% 0.000000% 0.000000% 01.~~296227~~022168% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.~~289855~~887574% 0.000000% 0.000000% 0.000000% 0.~~289855~~887574% 01.~~296227~~022168% 0.000000% 0.000000% 0.000000% 01.~~296227~~022168%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 3149,~~513~~090.3710

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 6.~~905091~~896170% Weighted Average Net Coupon 6.~~405091~~396170% Weighted Average Pass-Through Rate 6.~~377591~~368670% Weighted Average Maturity(Stepdown Calculation ) ~~341~~340 Beginning Scheduled Collateral Loan Count 3,~~283~~211 Number Of Loans Paid In Full 7278 Ending Scheduled Collateral Loan Count 3,~~211~~133 Beginning Scheduled Collateral Balance ~~525~~512,~~295~~547,~~936~~394.2630 Ending Scheduled Collateral Balance ~~512~~500,~~547~~618,~~394~~457.3042 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2004 ~~512~~500,~~621~~709,~~695~~436.4375 Monthly P &I Constant 3,~~330~~246,~~148~~592.4217 Special Servicing Fee 0.00 Prepayment Penalties ~~224~~240,~~895~~866.1590 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal ~~307~~301,~~468~~080.3346 Unscheduled Principal 1211,~~441~~627,~~073~~856.6342 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 7,290,001.57 Overcollateralized Amount 7,290,001.57 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 0.00

Group Level Collateral Statement Group Group 1 Sub Grp 1 Group 1 Sub Grp 2 Group 2 Sub Grp 1 Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM Weighted Average Coupon Rate 7.~~920617~~915261 6.~~677102~~670495 8.~~115202~~110446 Weighted Average Net Rate 7.~~420617~~415261 6.~~177102~~170495 7.~~615202~~610446 Weighted Average Maturity ~~296~~295 ~~355~~354 ~~280~~279 Beginning Loan Count ~~880~~861 1,~~611~~574 ~~442~~431 Loans Paid In Full 1928 3739 114 Ending Loan Count ~~861~~833 1,~~574~~535 ~~431~~427 Beginning Scheduled Balance 7068,~~709~~767,~~935~~660.6753 ~~282~~275,~~533~~383,~~134~~265.4907 4544,~~571~~067,~~084~~768.4519 Ending scheduled Balance 6866,~~767~~589,~~660~~585.5375 ~~275~~268,~~383~~532,~~265~~449.0772 4443,~~067~~706,~~768~~648.1912 Record Date 1011/3130/2004 1011/3130/2004 1011/3130/2004 Principal And Interest Constant ~~526~~512,~~263~~423.8927 1,~~728~~683,~~905~~551.3629 ~~344~~333,~~784~~705.5625 Scheduled Principal 5958,~~541~~828.9528 ~~156~~152,~~819~~765.8861 3635,~~602~~864.4321 Unscheduled Principal 12,~~882~~119,~~733~~246.1950 6,~~993~~698,049.5474 1325,~~466,713~~255.8386 Scheduled Interest ~~466~~453,~~721~~594.9499 1,~~572~~530,~~085~~785.4868 ~~308~~297,~~182~~841.1304 Servicing Fees 2928,~~462~~653.4719 ~~117~~114,~~722~~743.1403 18,~~987~~361.9557 Master Servicing Fees ~~736~~716.5633 2,~~943~~868.0558 ~~474~~459.7004 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 ~~883~~859.8760 3,~~531~~442.6629 ~~569~~550.6485 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 ~~435~~423,~~639~~365.0487 1,~~447~~409,~~888~~731.6378 ~~288~~278,~~149~~469.8458 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 7.~~393117~~387761 6.~~149602~~142995 7.~~587702~~582946

Group Level Collateral Statement Group Group 2 Sub Grp 2 Total Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm Weighted Average Coupon Rate 6.~~410636~~401965 6.~~905091~~896170 Weighted Average Net Rate 5.~~910636~~901965 6.~~405091~~396170 Weighted Average Maturity ~~355~~354 ~~341~~340 Beginning Loan Count ~~350~~345 3,~~283~~211 Loans Paid In Full 57 7278 Ending Loan Count ~~345~~338 3,~~211~~133 Beginning Scheduled Balance ~~126~~124,~~481~~328,~~781~~700.6551 ~~525~~512,~~295~~547,~~936~~394.2630 Ending scheduled Balance ~~124~~121,~~328~~789,~~700~~773.5183 ~~512~~500,~~547~~618,~~394~~457.3042 Record Date 1011/3130/2004 1011/3130/2004 Principal And Interest Constant ~~730~~716,~~194~~912.6136 3,~~330~~246,~~148~~592.4217 Scheduled Principal 5453,~~504~~622.0736 ~~307~~301,~~468~~080.3346 Unscheduled Principal 2,~~098~~485,~~577~~304.0732 1211,~~441~~627,~~073~~856.6342 Scheduled Interest ~~675~~663,~~690~~290.5400 32,~~022~~945,~~680~~511.0971 Servicing Fees 5251,~~700~~803.7463 ~~218~~213,~~873~~561.3042 Master Servicing Fees 1,~~317~~295.5209 5,~~471~~339.8304 Trustee Fee 0.00 0.00 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 1,~~581~~554.0211 6,~~566~~406.1985 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 ~~620~~608,~~091~~637.2617 2,~~791~~720,~~768~~204.7740 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 5.~~883136~~874465 6.~~377591~~368670

Filing Compare · Ace Securities Corp Series HE2