8-K 1 pps04mh1_dec.txt DECEMBER 8K 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-MHQ1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-118640-03 54-2162640 Pooling and Servicing Agreement) (Commission 54-2162641 (State or other File Number) 54-2162642 jurisdiction 54-2162643 of Incorporation) 54-2162644 IRS EIN 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-MHQ1 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-MHQ1 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-MHQ1 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-MHQ1 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-~~MH1~~MHQ1 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 70069FDE4 SEN 2.~~24000~~51000% 1,~~600~~588,~~000~~250,~~000~~392.0046 3,~~683~~432,~~555~~826.5675 1123,~~749~~955,~~607~~609.5475 A-2 70069FCS4 SEN 2.~~09000~~36000% ~~241~~237,~~000~~115,~~000~~672.0075 ~~517~~481,~~681~~871.3974 38,~~884~~117,~~327~~142.2562 A-3 70069FCT2 SEN 2.~~27000~~54000% 295,900,000.00 ~~690~~647,~~351~~199.1406 0.00 A-4 70069FCU9 SEN 2.~~49000~~76000% 61,100,000.00 ~~156~~145,~~365~~214.0833 0.00 M-1 70069FCV7 MEZ 2.~~61000~~88000% 110,600,000.00 ~~296~~274,~~684~~288.5000 0.00 M-2 70069FCW5 MEZ 2.~~66000~~93000% 99,400,000.00 ~~271~~250,~~748~~791.5672 0.00 M-3 70069FCX3 MEZ 23.~~76000~~03000% 56,000,000.00 ~~158~~146,~~853~~113.33 0.00 M-4 70069FCY1 MEZ 3.~~11000~~38000% 49,000,000.00 ~~156~~142,~~623~~617.0622 0.00 M-5 70069FCZ8 MEZ 3.~~16000~~43000% 42,000,000.00 ~~136~~124,~~406~~051.67 0.00 M-6 70069FDA2 MEZ 3.~~31000~~58000% 35,000,000.00 ~~119~~107,~~068~~897.0622 0.00 M-7 70069FDB0 MEZ 34.~~81000~~08000% 35,000,000.00 ~~137~~122,~~054~~966.1767 0.00 M-8 70069FDC8 MEZ 4.~~01000~~28000% 28,000,000.00 ~~115~~103,~~398~~195.8956 0.00 M-9 70069FDD6 MEZ 5.~~41000~~68000% 33,600,000.00 ~~186~~164,~~825~~341.33 0.00 M-10 70069FDF1 MEZ 4.~~41000~~68000% 28,000,000.00 ~~126~~112,~~910~~840.00 0.00 P PPS04WH1P SEN 0.00000% 100.00 ~~202~~348,~~958~~117.8592 0.00 CE PP04WH1CE SUB 0.00000% 85,~~399~~400,~~900~~000.00 67,~~132~~996,~~568~~922.3868 0.00 R PPS04WH1R RES 0.00000% 0.00 0.00 0.00 Totals 2,~~800~~784,~~000~~366,~~000~~165.0021 1314,~~089~~601,~~052~~255.9720 1532,~~633~~072,~~934~~752.7937

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 1,~~588~~564,~~250~~294,~~392~~782.4671 1527,~~433~~388,~~163~~436.1050 0.00 A-2 0.00 ~~237~~228,~~115~~998,~~672~~530.7513 48,~~402~~599,~~008~~014.6436 0.00 A-3 0.00 295,900,000.00 ~~690~~647,~~351~~199.1406 0.00 A-4 0.00 61,100,000.00 ~~156~~145,~~365~~214.0833 0.00 M-1 0.00 110,600,000.00 ~~296~~274,~~684~~288.5000 0.00 M-2 0.00 99,400,000.00 ~~271~~250,~~748~~791.5672 0.00 M-3 0.00 56,000,000.00 ~~158~~146,~~853~~113.33 0.00 M-4 0.00 49,000,000.00 ~~156~~142,~~623~~617.0622 0.00 M-5 0.00 42,000,000.00 ~~136~~124,~~406~~051.67 0.00 M-6 0.00 35,000,000.00 ~~119~~107,~~068~~897.0622 0.00 M-7 0.00 35,000,000.00 ~~137~~122,~~054~~966.1767 0.00 M-8 0.00 28,000,000.00 ~~115~~103,~~398~~195.8956 0.00 M-9 0.00 33,600,000.00 ~~186~~164,~~825~~341.33 0.00 M-10 0.00 28,000,000.00 ~~126~~112,~~910~~840.00 0.00 P 0.00 100.00 ~~202~~348,~~958~~117.8592 0.00 CE 0.00 85,400,~~000~~001.0035 67,~~132~~996,~~568~~922.3868 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 2,~~784~~752,~~366~~293,~~165~~414.2119 2846,~~722~~674,~~987~~007.7657 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 1,600,000,000.00 1,~~600~~588,~~000~~250,~~000~~392.0046 0.00 1123,~~749~~955,~~607~~609.5475 0.00 0.00 A-2 241,000,000.00 ~~241~~237,~~000~~115,~~000~~672.0075 0.00 38,~~884~~117,~~327~~142.2562 0.00 0.00 A-3 295,900,000.00 295,900,000.00 0.00 0.00 0.00 0.00 A-4 61,100,000.00 61,100,000.00 0.00 0.00 0.00 0.00 M-1 110,600,000.00 110,600,000.00 0.00 0.00 0.00 0.00 M-2 99,400,000.00 99,400,000.00 0.00 0.00 0.00 0.00 M-3 56,000,000.00 56,000,000.00 0.00 0.00 0.00 0.00 M-4 49,000,000.00 49,000,000.00 0.00 0.00 0.00 0.00 M-5 42,000,000.00 42,000,000.00 0.00 0.00 0.00 0.00 M-6 35,000,000.00 35,000,000.00 0.00 0.00 0.00 0.00 M-7 35,000,000.00 35,000,000.00 0.00 0.00 0.00 0.00 M-8 28,000,000.00 28,000,000.00 0.00 0.00 0.00 0.00 M-9 33,600,000.00 33,600,000.00 0.00 0.00 0.00 0.00 M-10 28,000,000.00 28,000,000.00 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 CE 85,399,900.00 85,~~399~~400,~~900~~000.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 2,800,000,000.00 2,~~800~~784,~~000~~366,~~000~~165.0021 0.00 1532,~~633~~072,~~934~~752.7937 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 1123,~~749~~955,~~607~~609.5475 1,~~588~~564,~~250~~294,~~392~~782.4671 0.~~99265650~~97768424 1123,~~749~~955,~~607~~609.5475 A-2 38,~~884~~117,~~327~~142.2562 ~~237~~228,~~115~~998,~~672~~530.7513 0.~~98388246~~95020137 38,~~884~~117,~~327~~142.2562 A-3 0.00 295,900,000.00 1.00000000 0.00 A-4 0.00 61,100,000.00 1.00000000 0.00 M-1 0.00 110,600,000.00 1.00000000 0.00 M-2 0.00 99,400,000.00 1.00000000 0.00 M-3 0.00 56,000,000.00 1.00000000 0.00 M-4 0.00 49,000,000.00 1.00000000 0.00 M-5 0.00 42,000,000.00 1.00000000 0.00 M-6 0.00 35,000,000.00 1.00000000 0.00 M-7 0.00 35,000,000.00 1.00000000 0.00 M-8 0.00 28,000,000.00 1.00000000 0.00 M-9 0.00 33,600,000.00 1.00000000 0.00 M-10 0.00 28,000,000.00 1.00000000 0.00 P 0.00 100.00 1.00000000 0.00 CE 0.00 85,400,~~000~~001.0035 1.~~00000117~~00000119 0.00 R 0.00 0.00 0.00000000 0.00 Totals 1532,~~633~~072,~~934~~752.7937 2,~~784~~752,~~366~~293,~~165~~414.2119 0.~~99441649~~98296193 1532,~~633~~072,~~934~~752.7937

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 1,600,000,000.00 ~~1000~~992.~~00000000~~65649529 0.00000000 714.~~34350471~~97225609 0.00000000 A-2 241,000,000.00 ~~1000~~983.~~00000000~~88245954 0.00000000 1633.~~11754046~~68108971 0.00000000 A-3 295,900,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-4 61,100,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 110,600,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 99,400,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 56,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 49,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5 42,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-6 35,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-7 35,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-8 28,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-9 33,600,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-10 28,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 85,399,900.00 1000.~~00000000~~00117096 0.00000000 0.00000000 0.00000000 R 0.00 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 A-1 0.00000000 714.~~34350471~~97225609 ~~992~~977.~~65649529~~68423919 0.~~99265650~~97768424 714.~~34350471~~97225609 A-2 0.00000000 1633.~~11754046~~68108971 ~~983~~950.~~88245954~~20136983 0.~~98388246~~95020137 1633.~~11754046~~68108971 A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-4 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 M-7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-9 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-10 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 0.00000000 1,000.~~00117096~~00118677 1.~~00000117~~00000119 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 A-1 1,600,000,000.00 2.~~24000~~51000% 1,~~600~~588,~~000~~250,~~000~~392.0046 3,~~683~~432,~~555~~826.5675 0.00 0.00 A-2 241,000,000.00 2.~~09000~~36000% ~~241~~237,~~000~~115,~~000~~672.0075 ~~517~~481,~~681~~871.3974 0.00 0.00 A-3 295,900,000.00 2.~~27000~~54000% 295,900,000.00 ~~690~~647,~~351~~199.1406 0.00 0.00 A-4 61,100,000.00 2.~~49000~~76000% 61,100,000.00 ~~156~~145,~~365~~214.0833 0.00 0.00 M-1 110,600,000.00 2.~~61000~~88000% 110,600,000.00 ~~296~~274,~~684~~288.5000 0.00 0.00 M-2 99,400,000.00 2.~~66000~~93000% 99,400,000.00 ~~271~~250,~~748~~791.5672 0.00 0.00 M-3 56,000,000.00 23.~~76000~~03000% 56,000,000.00 ~~158~~146,~~853~~113.33 0.00 0.00 M-4 49,000,000.00 3.~~11000~~38000% 49,000,000.00 ~~156~~142,~~623~~617.0622 0.00 0.00 M-5 42,000,000.00 3.~~16000~~43000% 42,000,000.00 ~~136~~124,~~406~~051.67 0.00 0.00 M-6 35,000,000.00 3.~~31000~~58000% 35,000,000.00 ~~119~~107,~~068~~897.0622 0.00 0.00 M-7 35,000,000.00 34.~~81000~~08000% 35,000,000.00 ~~137~~122,~~054~~966.1767 0.00 0.00 M-8 28,000,000.00 4.~~01000~~28000% 28,000,000.00 ~~115~~103,~~398~~195.8956 0.00 0.00 M-9 33,600,000.00 5.~~41000~~68000% 33,600,000.00 ~~186~~164,~~825~~341.33 0.00 0.00 M-10 28,000,000.00 4.~~41000~~68000% 28,000,000.00 ~~126~~112,~~910~~840.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 CE 85,399,900.00 0.00000% 85,~~399~~400,~~900~~000.00 0.00 0.00 0.00 R 0.00 0.00000% 2,~~800~~784,~~000~~366,~~000~~166.0355 0.00 0.00 0.00 Totals 2,800,000,000.00 6,~~753~~256,~~525~~214.7460 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 3,~~683~~432,~~555~~826.5675 0.00 1,~~588~~564,~~250~~294,~~392~~782.4671 A-2 0.00 0.00 ~~517~~481,~~681~~871.3974 0.00 ~~237~~228,~~115~~998,~~672~~530.7513 A-3 0.00 0.00 ~~690~~647,~~351~~199.1406 0.00 295,900,000.00 A-4 0.00 0.00 ~~156~~145,~~365~~214.0833 0.00 61,100,000.00 M-1 0.00 0.00 ~~296~~274,~~684~~288.5000 0.00 110,600,000.00 M-2 0.00 0.00 ~~271~~250,~~748~~791.5672 0.00 99,400,000.00 M-3 0.00 0.00 ~~158~~146,~~853~~113.33 0.00 56,000,000.00 M-4 0.00 0.00 ~~156~~142,~~623~~617.0622 0.00 49,000,000.00 M-5 0.00 0.00 ~~136~~124,~~406~~051.67 0.00 42,000,000.00 M-6 0.00 0.00 ~~119~~107,~~068~~897.0622 0.00 35,000,000.00 M-7 0.00 0.00 ~~137~~122,~~054~~966.1767 0.00 35,000,000.00 M-8 0.00 0.00 ~~115~~103,~~398~~195.8956 0.00 28,000,000.00 M-9 0.00 0.00 ~~186~~164,~~825~~341.33 0.00 33,600,000.00 M-10 0.00 0.00 ~~126~~112,~~910~~840.00 0.00 28,000,000.00 P 0.00 0.00 ~~202~~348,~~958~~117.8592 0.00 100.00 CE 0.00 0.00 67,~~132~~996,~~568~~922.3868 0.00 85,400,~~000~~001.0035 R 0.00 0.00 0.00 0.00 2,~~784~~752,~~366~~293,~~166~~414.5619 Totals 0.00 0.00 1314,~~089~~601,~~052~~255.9720 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 1,600,000,000.00 2.~~24000~~51000% ~~1000~~992.~~00000000~~65649529 2.~~30222222~~14551672 0.00000000 0.00000000 A-2 241,000,000.00 2.~~09000~~36000% ~~1000~~983.~~00000000~~88245954 21.~~14805556~~99946780 0.00000000 0.00000000 A-3 295,900,000.00 2.~~27000~~54000% 1000.00000000 2.~~33305556~~18722224 0.00000000 0.00000000 A-4 61,100,000.00 2.~~49000~~76000% 1000.00000000 2.~~55916661~~37666661 0.00000000 0.00000000 M-1 110,600,000.00 2.~~61000~~88000% 1000.00000000 2.~~68250000~~48000000 0.00000000 0.00000000 M-2 99,400,000.00 2.~~66000~~93000% 1000.00000000 2.~~73388893~~52305553 0.00000000 0.00000000 M-3 56,000,000.00 23.~~76000~~03000% 1000.00000000 2.~~83666661~~60916661 0.00000000 0.00000000 M-4 49,000,000.00 3.~~11000~~38000% 1000.00000000 32.~~19638898~~91055551 0.00000000 0.00000000 M-5 42,000,000.00 3.~~16000~~43000% 1000.00000000 32.~~24777786~~95361119 0.00000000 0.00000000 M-6 35,000,000.00 3.~~31000~~58000% 1000.00000000 3.~~40194457~~08277771 0.00000000 0.00000000 M-7 35,000,000.00 34.~~81000~~08000% 1000.00000000 3.~~91583343~~51333343 0.00000000 0.00000000 M-8 28,000,000.00 4.~~01000~~28000% 1000.00000000 43.~~12138893~~68555571 0.00000000 0.00000000 M-9 33,600,000.00 5.~~41000~~68000% 1000.00000000 54.~~56027768~~89111101 0.00000000 0.00000000 M-10 28,000,000.00 4.~~41000~~68000% 1000.00000000 4.~~53250000~~03000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 CE 85,399,900.00 0.00000% 1000.~~00000000~~00117096 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% ~~999~~994.~~99998416~~41647230 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 2.~~30222222~~14551672 0.00000000 ~~992~~977.~~65649529~~68423919 A-2 0.00000000 0.00000000 21.~~14805556~~99946780 0.00000000 ~~983~~950.~~88245954~~20136983 A-3 0.00000000 0.00000000 2.~~33305556~~18722224 0.00000000 1000.00000000 A-4 0.00000000 0.00000000 2.~~55916661~~37666661 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 2.~~68250000~~48000000 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~73388893~~52305553 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 2.~~83666661~~60916661 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 32.~~19638898~~91055551 0.00000000 1000.00000000 M-5 0.00000000 0.00000000 32.~~24777786~~95361119 0.00000000 1000.00000000 M-6 0.00000000 0.00000000 3.~~40194457~~08277771 0.00000000 1000.00000000 M-7 0.00000000 0.00000000 3.~~91583343~~51333343 0.00000000 1000.00000000 M-8 0.00000000 0.00000000 43.~~12138893~~68555571 0.00000000 1000.00000000 M-9 0.00000000 0.00000000 54.~~56027768~~89111101 0.00000000 1000.00000000 M-10 0.00000000 0.00000000 4.~~53250000~~03000000 0.00000000 1000.00000000 P 0.00000000 0.00000000 ~~2029588~~3481179.~~50000000~~20000000 0.00000000 1000.00000000 CE 0.00000000 0.00000000 7193.~~81001828~~64089045 0.00000000 1000.~~00117096~~00118677 R 0.00000000 0.00000000 0.00000000 0.00000000 ~~994~~982.~~41647230~~96191806 (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 2945,~~505~~843,~~285~~097.2277 Liquidations, Insurance Proceeds, Reserve Funds 01,448,837.0065 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties ~~202~~348,~~958~~117.8592 Total Deposits 2947,~~708~~640,~~244~~053.0734 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~985~~966,~~256~~045.3177 Payment of Interest and Principal 2846,~~722~~674,~~987~~007.7657 Total Withdrawals (Pool Distribution Amount) 2947,~~708~~640,~~244~~053.0734 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~916~~910,~~666~~152.7369 AGC Premium 6552,~~777~~941.7868 Custodian Fee 2,~~811~~804.8040 Miscellaneous Custodian Expenses 147.00 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~985~~966,~~256~~045.3177

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 ~~32,184~~0.6600 ~~32,184~~0.6600 0.00 Reserve Fund 0.00 ~~202~~348,~~958~~117.8592 ~~202~~348,~~958~~117.8592 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 10217 0 0 0 10217 131,~~140~~532,~~844~~703.0198 0.00 0.00 0.00 131,~~140~~532,~~844~~703.0198 60 Days 28 0 0 0 28 ~~269~~917,~~849~~215.2857 0.00 0.00 0.00 ~~269~~917,~~849~~215.2857 90 Days 01 0 0 0 01 082,000.00 0.00 0.00 0.00 082,000.00 120 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 01 0 0 0 01 0182,283.0095 0.00 0.00 0.00 0182,283.0095 Totals 12227 0 0 0 12227 132,~~410~~714,~~693~~203.2950 0.00 0.00 0.00 132,~~410~~714,~~693~~203.2950 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.~~071510~~569393% 0.000000% 0.000000% 0.000000% 01.~~071510~~569393% 01.~~052205~~463869% 0.000000% 0.000000% 0.000000% 01.~~052205~~463869% 60 Days 0.~~014302~~057858% 0.000000% 0.000000% 0.000000% 0.~~014302~~057858% 0.~~012348~~042581% 0.000000% 0.000000% 0.000000% 0.~~012348~~042581% 90 Days 0.~~000000~~007232% 0.000000% 0.000000% 0.000000% 0.~~000000~~007232% 0.~~000000~~003807% 0.000000% 0.000000% 0.000000% 0.~~000000~~003807% 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~~007232% 0.000000% 0.000000% 0.000000% 0.~~000000~~007232% 0.~~000000~~008462% 0.000000% 0.000000% 0.000000% 0.~~000000~~008462% Totals 01.~~085812~~641715% 0.000000% 0.000000% 0.000000% 01.~~085812~~641715% 01.~~064553~~518719% 0.000000% 0.000000% 0.000000% 01.~~064553~~518719%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 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 016 0 0 0 016 01,799,084.0059 0.00 0.00 0.00 01,799,084.0059 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 016 0 0 0 016 01,799,084.0059 0.00 0.00 0.00 01,799,084.0059 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~000000~~751174% 0.000000% 0.000000% 0.000000% 0.~~000000~~751174% 0.~~000000~~570996% 0.000000% 0.000000% 0.000000% 0.~~000000~~570996% 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.~~000000~~751174% 0.000000% 0.000000% 0.000000% 0.~~000000~~751174% 0.~~000000~~570996% 0.000000% 0.000000% 0.000000% 0.~~000000~~570996% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 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 7135 0 0 0 7135 ~~988~~18,~~794~~986,710.7308 0.00 0.00 0.00 ~~988~~18,~~794~~986,710.7308 60 Days 26 0 0 0 26 ~~269~~816,~~849~~465.2857 0.00 0.00 0.00 ~~269~~816,~~849~~465.2857 90 Days 01 0 0 0 01 082,000.00 0.00 0.00 0.00 082,000.00 120 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 01 0 0 0 01 0182,283.0095 0.00 0.00 0.00 0182,283.0095 Totals 9143 0 0 0 9143 120,~~258~~067,~~644~~459.0160 0.00 0.00 0.00 120,~~258~~067,~~644~~459.0160 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 01.~~083492~~633591% 0.000000% 0.000000% 0.000000% 01.~~083492~~633591% 01.~~077768~~519917% 0.000000% 0.000000% 0.000000% 01.~~077768~~519917% 60 Days 0.~~023855~~072604% 0.000000% 0.000000% 0.000000% 0.~~023855~~072604% 0.~~021223~~065359% 0.000000% 0.000000% 0.000000% 0.~~021223~~065359% 90 Days 0.~~000000~~012101% 0.000000% 0.000000% 0.000000% 0.~~000000~~012101% 0.~~000000~~006564% 0.000000% 0.000000% 0.000000% 0.~~000000~~006564% 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~~012101% 0.000000% 0.000000% 0.000000% 0.~~000000~~012101% 0.~~000000~~014592% 0.000000% 0.000000% 0.000000% 0.~~000000~~014592% Totals 01.~~107347~~730397% 0.000000% 0.000000% 0.000000% 01.~~107347~~730397% 01.~~098991~~606432% 0.000000% 0.000000% 0.000000% 01.~~098991~~606432% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 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 221 0 0 0 221 ~~101~~1,~~649~~463,987.2898 0.00 0.00 0.00 ~~101~~1,~~649~~463,987.2898 60 Days 01 0 0 0 01 050,350.00 0.00 0.00 0.00 050,350.00 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 222 0 0 0 222 ~~101~~1,~~649~~514,337.2898 0.00 0.00 0.00 ~~101~~1,~~649~~514,337.2898 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 01.~~117647~~244076% 0.000000% 0.000000% 0.000000% 01.~~117647~~244076% 0.~~052241~~761120% 0.000000% 0.000000% 0.000000% 0.~~052241~~761120% 60 Days 0.~~000000~~059242% 0.000000% 0.000000% 0.000000% 0.~~000000~~059242% 0.~~000000~~026177% 0.000000% 0.000000% 0.000000% 0.~~000000~~026177% 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 01.~~117647~~303318% 0.000000% 0.000000% 0.000000% 01.~~117647~~303318% 0.~~052241~~787297% 0.000000% 0.000000% 0.000000% 0.~~052241~~787297% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 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 145 0 0 0 145 509,~~400~~282,921.0033 0.00 0.00 0.00 509,~~400~~282,921.0033 60 Days 01 0 0 0 01 050,400.00 0.00 0.00 0.00 050,400.00 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 146 0 0 0 146 509,~~400~~333,321.0033 0.00 0.00 0.00 509,~~400~~333,321.0033 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 02.~~056689~~578797% 0.000000% 0.000000% 0.000000% 02.~~056689~~578797% 02.~~012503~~335640% 0.000000% 0.000000% 0.000000% 02.~~012503~~335640% 60 Days 0.~~000000~~057307% 0.000000% 0.000000% 0.000000% 0.~~000000~~057307% 0.~~000000~~012681% 0.000000% 0.000000% 0.000000% 0.~~000000~~012681% 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 02.~~056689~~636103% 0.000000% 0.000000% 0.000000% 02.~~056689~~636103% 02.~~012503~~348321% 0.000000% 0.000000% 0.000000% 02.~~012503~~348321%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 9234,~~836~~278.0549 Class R 602,000,000.00 21.49999966% 602,000,~~100~~101.0035 27.~~55948386~~97016604% 0.000000% 0.000000% Class M-1 491,400,000.00 17.54999972% 491,400,~~100~~101.0035 22.~~49623069~~83146198% 5.~~063253~~138704% 0.000000% Class M-2 392,000,000.00 13.99999978% 392,000,~~100~~101.0035 1718.~~94571202~~21313302% 4.~~550519~~618329% 0.000000% Class M-3 336,000,000.00 11.99999981% 336,000,~~100~~101.0035 15.~~38203953~~61125754% 2.~~563672~~601875% 0.000000% Class M-4 287,000,000.00 10.24999984% 287,000,~~100~~101.0035 13.~~13882610~~33461651% 2.~~243213~~276641% 0.000000% Class P 85,399,900.00 3.04999638% 85,400,~~000~~001.0035 3.~~90960055~~96786016% 0.000005% 0.000000% Class CE 0.00 0.00000000% 0.00 0.00000000% 3.~~909601~~967860% 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.~~566851~~565532% Weighted Average Net Coupon 7.~~173994~~065532% Weighted Average Pass-Through Rate 7.~~066851~~065532% Weighted Average Maturity(Stepdown Calculation ) ~~355~~354 Beginning Scheduled Collateral Loan Count 013,984 Number Of Loans Paid In Full 75157 Ending Scheduled Collateral Loan Count 13,~~984~~827 Beginning Scheduled Collateral Balance 2,~~800~~184,~~000~~366,~~044~~380.3717 Ending Scheduled Collateral Balance 2,~~184~~152,~~366~~293,~~380~~627.1781 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2004 2,~~185~~154,~~311~~065,~~798~~426.6244 Monthly P &I Constant 15,~~661~~511,~~459~~098.3958 Special Servicing Fee 0.00 Prepayment Penalties ~~202~~348,~~958~~117.8592 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 2,~~184~~152,~~366~~293,~~380~~627.1781 Scheduled Principal 1,~~788~~739,~~897~~519.0263 Unscheduled Principal 1330,~~844~~333,~~936~~232.5173

Group 1 Prefunding Account Beginning ~~Balanc~~Balance 436,012,283.34 Group 1 Prefunding Account Subsequent ~~Trans~~Transfer Amount 0.00 Group 1 Prefunding Account Ending Balance 436,012,283.34 Group 2 Prefunding Account Beginning ~~Balanc~~Balance 163,987,503.29 Group 2 Prefunding Account Subsequent ~~Trans~~Transfer Amount 0.00 Group 2 Prefunding Account Ending Balance 163,987,503.29 Other Income (1,~~111~~233.2154)

Miscellaneous Reporting Excess Cash 67,~~132~~996,~~668~~922.3892 Overcollateralization Deficiency Amt ~~100~~0.00 Extra Principal ~~100~~0.00 Overcollateralization Release Amt 0.00 Overcollateralization Amt 85,400,~~000~~001.0035 Specified Overcollateralization Amt 85,400,~~000~~001.0035 Stepdown NO Trigger Event NO

Group Level Collateral Statement Group Group 1 Group 2 Group 3 Collateral Description Mixed Fixed Mixed ARM Mixed Fixed Weighted Average Coupon Rate 7.~~101860~~104137 7.~~678376~~676711 7.~~900680~~895684 Weighted Average Net Rate 6.~~601860~~604137 7.~~178376~~176711 7.~~400680~~395684 Weighted Average Maturity ~~355~~354 ~~355~~ 354 353 Beginning Loan Count 2,~~145~~136 8,~~432~~384 1,~~707~~700 Loans Paid In Full 96 48120 712 Ending Loan Count 2,~~136~~130 8,~~384~~264 1,~~700~~688 Beginning Scheduled Balance ~~318~~316,~~062~~025,~~633~~620.9723 1,~~280~~270,~~649~~936,~~229~~711.0640 ~~195~~194,~~258~~503,~~775~~716.0916 Ending scheduled Balance ~~316~~314,~~025~~797,~~620~~972.2327 1,~~270~~248,~~936~~208,~~711~~749.4062 ~~194~~192,~~503~~189,~~716~~966.1608 Record Date 1011/3130/2004 1011/3130/2004 1011/3130/2004 Principal And Interest Constant 2,~~194~~172,~~613~~708.5557 9,~~174~~083,~~406~~397.1326 1,~~461~~447,~~394~~180.7819 Scheduled Principal ~~312~~301,~~249~~800.8574 ~~979~~952,~~984~~885.3632 ~~175~~167,~~830~~396.5791 Unscheduled Principal 1925,~~724,763~~847.8922 821,~~732~~775,~~533~~076.3446 ~~579~~2,~~228~~146,353.3617 Scheduled Interest 1,~~882~~870,~~363~~907.7083 8,~~194~~130,~~421~~511.7794 1,~~285~~279,~~564~~783.2128 Servicing Fees ~~132~~131,~~526~~677.1035 ~~533~~529,~~603~~556.8496 81,~~357~~043.8323 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,~~749~~739,~~837~~230.6048 7,~~660~~600,~~817~~954.9398 1,~~204~~198,~~206~~740.3805 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.~~601860~~604137 7.~~178376~~176711 7.~~400680~~395684

Group Level Collateral Statement Group Group 4 Total Collateral Description Mixed ARM Mixed Fixed & Arm Weighted Average Coupon Rate 7.~~418807~~417346 7.~~566851~~565532 Weighted Average Net Rate 6.~~918808~~917346 7.~~173994~~065532 Weighted Average Maturity 353 354 ~~355~~ Beginning Loan Count 1,~~775~~764 1413,~~059~~984 Loans Paid In Full 1119 75157 Ending Loan Count 1,~~764~~745 13,~~984~~827 Beginning Scheduled Balance ~~406~~402,~~029~~900,~~575~~332.5438 2,~~200~~184,~~000~~366,~~213~~380.6617 Ending scheduled Balance ~~402~~397,~~900~~096,~~332~~939.3884 2,~~184~~152,~~366~~293,~~380~~627.1781 Record Date 1011/3130/2004 1011/3130/2004 Principal And Interest Constant 2,~~831~~807,~~044~~812.9356 15,~~661~~511,~~459~~098.3958 Scheduled Principal ~~320~~317,~~832~~436.2466 1,~~788~~739,~~897~~519.0263 Unscheduled Principal 25,~~808~~485,~~410~~955.9288 1330,~~844~~333,~~936~~232.5173 Scheduled Interest 2,~~510~~490,~~212~~375.6990 13,~~872~~771,~~562~~578.3795 Servicing Fees ~~169~~167,~~178~~875.9615 ~~916~~910,~~666~~152.7369 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,~~341~~322,~~033~~500.7375 12,~~955~~861,~~895~~426.6426 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.~~918807~~917346 7.~~066851~~065532

Filing Compare · Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-MHQ1