8-K 1 pps05wc1_10505.txt 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): May 25, 2005 PARK PLACE SECURITIES, INC. Asset Backed Pass-Through Certificates, Series 2005-WC1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-121784-01 54-2168030 Pooling and Servicing Agreement) (Commission 54-2168031 (State or other File Number) 54-2168032 jurisdiction 54-2168033 of Incorporation) 54-2168034 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 May 25, 2005 a distribution was made to holders of PARK PLACE SECURITIES, INC., Asset Backed Pass-Through Certificates, Series 2005-WC1 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 2005-WC1 Trust, relating to the May 25, 2005 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 2005-WC1 Trust (Registrant) By: Wells Fargo Bank, N.A. as Trustee By: /s/ Beth Belfield as Officer By: Beth Belfield as Officer Date: 6/2/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Pass-Through Certificates, Series 2005-WC1 Trust, relating to the May 25, 2005 distribution. EX-99.1

Park Place Securities, Inc Asset Backed Pass-Through Certificates Record Date: 34/3129/2005 Distribution Date: 45/25/2005 Park Place Securities, Inc Asset Backed Pass-Through Certificates Series 2005-WCH1 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 A1A 70069FFS1 SEN 3.~~15000~~32000% ~~588~~574,~~901~~907,~~134~~338.4286 1,~~597~~590,~~394~~576.3397 1316,~~993~~371,~~795~~338.5612 A1B 70069FFB8 SEN 3.~~15000~~32000% ~~147~~143,~~225~~726,~~283~~834.6172 ~~399~~397,~~348~~644.5824 34,~~498~~092,~~448~~834.8953 A2A 70069FFT9 SEN 3.~~13000~~30000% ~~312~~305,~~596~~768,~~150~~261.7628 ~~842~~840,~~533~~862.4672 67,~~827~~231,~~889~~947.4855 A2B 70069FFC6 SEN 3.~~15000~~32000% 7876,~~149~~442,~~037~~065.6932 211,~~979~~489.2671 1,~~706~~807,~~972~~986.3789 A3A 70069FFD4 SEN 23.~~97000~~14000% ~~137~~126,~~141~~364,~~563~~843.5954 ~~350~~330,~~739~~654.5567 1013,~~776~~366,~~720~~784.0597 A3B 70069FFE2 SEN 3.~~07000~~24000% 157,000,000.00 ~~415~~423,~~046~~900.9400 0.00 A3C 70069FFF9 SEN 3.~~21000~~38000% 29,580,000.00 8183,~~764~~317.0500 0.00 A3D 70069FFG7 SEN 3.~~19000~~36000% 3534,~~969~~771,~~062~~649.6228 9897,~~805~~360.0262 1,~~197~~485,~~413~~198.3433 M1 70069FFH5 MEZ 3.~~32000~~49000% 21,850,000.00 6263,~~466~~547.7208 0.00 M2 70069FFJ1 MEZ 3.~~37000~~54000% 88,350,000.00 ~~256~~260,~~386~~632.7950 0.00 M3 70069FFK8 MEZ 3.~~41000~~58000% 32,300,000.00 9496,~~845~~361.3667 0.00 M4 70069FFL6 MEZ 3.~~68000~~85000% 42,750,000.00 ~~135~~137,~~470~~156.0025 0.00 M5 70069FFM4 MEZ 3.~~73000~~90000% 31,350,000.00 ~~100~~101,~~694~~887.4650 0.00 M6 70069FFN2 MEZ 34.~~83000~~00000% 23,750,000.00 7879,~~328~~166.8267 0.00 M7 70069FFP7 MEZ 4.~~30000~~47000% 25,650,000.00 9495,~~976~~546.25 0.00 M8 70069FFQ5 MEZ 4.~~40000~~57000% 18,050,000.00 68,~~389~~740.4442 0.00 M9 70069FFR3 MEZ 5.~~35000~~52000% 19,950,000.00 91,~~908~~770.5400 0.00 M10 70069FFU6 MEZ 5.~~35000~~52000% 30,400,000.00 ~~140~~139,~~051~~840.1100 0.00 CE PPS5WC1CE SUB 0.00000% 57,000,003.13 4,~~694~~607,~~079~~010.3674 0.00 P PPS05WC1P SEN 0.00000% 100.00 ~~436~~577,~~492~~096.4759 0.00 R1 PPS5WC1R1 SUB 0.00000% 0.00 0.00 0.00 Totals 1,~~877~~839,~~962~~961,~~335~~096.8213 10,~~251~~294,~~700~~561.5160 3844,~~001~~356,~~239~~090.6939

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A1A 0.00 ~~574~~558,~~907~~536,~~338~~000.8674 1517,~~591~~961,~~189~~915.8909 0.00 A1B 0.00 ~~143~~139,~~726~~634,~~834~~000.7219 34,~~897~~490,~~797~~478.4777 0.00 A2A 0.00 ~~305~~298,~~768~~536,~~261~~313.2873 78,~~670~~072,~~422~~810.9427 0.00 A2B 0.00 7674,~~442~~634,~~065~~078.3243 12,~~918~~019,~~951~~476.6360 0.00 A3A 0.00 ~~126~~112,~~364~~998,~~843~~058.5457 1113,~~127~~697,~~459~~439.6064 0.00 A3B 0.00 157,000,000.00 ~~415~~423,~~046~~900.9400 0.00 A3C 0.00 29,580,000.00 8183,~~764~~317.0500 0.00 A3D 0.00 3433,~~771~~286,~~649~~450.2895 1,~~296~~582,~~218~~558.3695 0.00 M1 0.00 21,850,000.00 6263,~~466~~547.7208 0.00 M2 0.00 88,350,000.00 ~~256~~260,~~386~~632.7950 0.00 M3 0.00 32,300,000.00 9496,~~845~~361.3667 0.00 M4 0.00 42,750,000.00 ~~135~~137,~~470~~156.0025 0.00 M5 0.00 31,350,000.00 ~~100~~101,~~694~~887.4650 0.00 M6 0.00 23,750,000.00 7879,~~328~~166.8267 0.00 M7 0.00 25,650,000.00 9495,~~976~~546.25 0.00 M8 0.00 18,050,000.00 68,~~389~~740.4442 0.00 M9 0.00 19,950,000.00 91,~~908~~770.5400 0.00 M10 0.00 30,400,000.00 ~~140~~139,~~051~~840.1100 0.00 CE 0.00 57,000,003.13 4,~~694~~607,~~079~~010.3674 0.00 P 0.00 100.00 ~~436~~577,~~492~~096.4759 0.00 R1 0.00 0.00 0.00 0.00 Totals 0.00 1,~~839~~795,~~961~~605,~~096~~005.1374 4854,~~252~~650,~~940~~651.2099 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) A1A 596,720,000.00 ~~588~~574,~~901~~907,~~134~~338.4286 ~~609~~605,~~066~~742.9074 1315,~~384~~765,~~728~~595.6638 0.00 0.00 A1B 149,180,000.00 ~~147~~143,~~225~~726,~~283~~834.6172 ~~152~~151,~~266~~435.7269 3,~~346~~941,~~182~~398.1784 0.00 0.00 A2A 315,600,000.00 ~~312~~305,~~596~~768,~~150~~261.7628 ~~326~~324,~~849~~201.3761 6,~~501~~907,~~040~~745.1194 0.00 0.00 A2B 78,900,000.00 7876,~~149~~442,~~037~~065.6932 81,~~712~~050.3440 1,~~625~~726,~~260~~936.0349 0.00 0.00 A3A 144,800,000.00 ~~137~~126,~~141~~364,~~563~~843.5954 ~~334~~328,~~165~~686.5559 1013,~~442~~038,~~554~~098.5038 0.00 0.00 A3B 157,000,000.00 157,000,000.00 0.00 0.00 0.00 0.00 A3C 29,580,000.00 29,580,000.00 0.00 0.00 0.00 0.00 A3D 36,820,000.00 3534,~~969~~771,~~062~~649.6228 3736,~~129~~520.5173 1,~~160~~448,~~283~~677.8360 0.00 0.00 M1 21,850,000.00 21,850,000.00 0.00 0.00 0.00 0.00 M2 88,350,000.00 88,350,000.00 0.00 0.00 0.00 0.00 M3 32,300,000.00 32,300,000.00 0.00 0.00 0.00 0.00 M4 42,750,000.00 42,750,000.00 0.00 0.00 0.00 0.00 M5 31,350,000.00 31,350,000.00 0.00 0.00 0.00 0.00 M6 23,750,000.00 23,750,000.00 0.00 0.00 0.00 0.00 M7 25,650,000.00 25,650,000.00 0.00 0.00 0.00 0.00 M8 18,050,000.00 18,050,000.00 0.00 0.00 0.00 0.00 M9 19,950,000.00 19,950,000.00 0.00 0.00 0.00 0.00 M10 30,400,000.00 30,400,000.00 0.00 0.00 0.00 0.00 CE 57,000,052.74 57,000,003.13 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 R1 0.00 0.00 0.00 0.00 0.00 0.00 Totals 1,900,000,152.74 1,~~877~~839,~~962~~961,~~335~~096.8213 1,~~541~~527,~~190~~637.3976 3642,~~460~~828,~~049~~452.3063 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 A1A 1316,~~993~~371,~~795~~338.5612 ~~574~~558,~~907~~536,~~338~~000.8674 0.~~96344573~~93601019 1316,~~993~~371,~~795~~338.5612 A1B 34,~~498~~092,~~448~~834.8953 ~~143~~139,~~726~~634,~~834~~000.7219 0.~~96344573~~93601019 34,~~498~~092,~~448~~834.8953 A2A 67,~~827~~231,~~889~~947.4855 ~~305~~298,~~768~~536,~~261~~313.2873 0.~~96884747~~94593255 67,~~827~~231,~~889~~947.4855 A2B 1,~~706~~807,~~972~~986.3789 7674,~~442~~634,~~065~~078.3243 0.~~96884747~~94593255 1,~~706~~807,~~972~~986.3789 A3A 1013,~~776~~366,~~720~~784.0597 ~~126~~112,~~364~~998,~~843~~058.5457 0.~~87268538~~78037333 1013,~~776~~366,~~720~~784.0597 A3B 0.00 157,000,000.00 1.00000000 0.00 A3C 0.00 29,580,000.00 1.00000000 0.00 A3D 1,~~197~~485,~~413~~198.3433 3433,~~771~~286,~~649~~450.2895 0.~~94436853~~90403180 1,~~197~~485,~~413~~198.3433 M1 0.00 21,850,000.00 1.00000000 0.00 M2 0.00 88,350,000.00 1.00000000 0.00 M3 0.00 32,300,000.00 1.00000000 0.00 M4 0.00 42,750,000.00 1.00000000 0.00 M5 0.00 31,350,000.00 1.00000000 0.00 M6 0.00 23,750,000.00 1.00000000 0.00 M7 0.00 25,650,000.00 1.00000000 0.00 M8 0.00 18,050,000.00 1.00000000 0.00 M9 0.00 19,950,000.00 1.00000000 0.00 M10 0.00 30,400,000.00 1.00000000 0.00 CE 0.00 57,000,003.13 0.99999913 0.00 P 0.00 100.00 1.00000000 0.00 R1 0.00 0.00 0.00000000 0.00 Totals 3844,~~001~~356,~~239~~090.6939 1,~~839~~795,~~961~~605,~~096~~005.1374 0.~~96840050~~94505519 3844,~~001~~356,~~239~~090.6939

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A1A 596,720,000.00 ~~986~~963.~~89692724~~44573478 1.~~02069128~~01512056 2226.~~43050117~~42042395 0.00000000 A1B 149,180,000.00 ~~986~~963.~~89692727~~44573482 1.~~02069125~~01512059 2226.~~43050121~~42042392 0.00000000 A2A 315,600,000.00 ~~990~~968.~~48210000~~84746920 1.~~03564439~~02725478 2021.~~59898641~~88766141 0.00000000 A2B 78,900,000.00 ~~990~~968.~~48210000~~84746920 1.~~03564436~~02725475 2021.~~59898644~~88766147 0.00000000 A3A 144,800,000.00 ~~947~~872.~~11024579~~68538356 2.~~30777314~~26993501 7290.~~11708909~~04211588 0.00000000 A3B 157,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A3C 29,580,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A3D 36,820,000.00 ~~976~~944.~~88926181~~36853015 10.~~00840603~~99187208 3139.~~51232564~~34485606 0.00000000 M1 21,850,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 88,350,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 32,300,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 42,750,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 31,350,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M6 23,750,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M7 25,650,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M8 18,050,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M9 19,950,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M10 30,400,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 57,000,052.74 999.99912965 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 R1 0.00 0.00000000 0.00000000 0.00000000 0.00000000

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A1A 0.00000000 2327.~~45119245~~43554451 ~~963~~936.~~44573478~~01019027 0.~~96344573~~93601019 2327.~~45119245~~43554451 A1B 0.00000000 2327.~~45119245~~43554451 ~~963~~936.~~44573482~~01019031 0.~~96344573~~93601019 2327.~~45119245~~43554451 A2A 0.00000000 2122.~~63463080~~91491619 ~~968~~945.~~84746920~~93255301 0.~~96884747~~94593255 2122.~~63463080~~91491619 A2B 0.00000000 2122.~~63463080~~91491622 ~~968~~945.~~84746920~~93255298 0.~~96884747~~94593255 2122.~~63463080~~91491622 A3A 0.00000000 7492.~~42486222~~31205090 ~~872~~780.~~68538356~~37333267 0.~~87268538~~78037333 7492.~~42486222~~31205090 A3B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A3C 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A3D 0.00000000 3240.~~52073167~~33672814 ~~944~~904.~~36853015~~03180201 0.~~94436853~~90403180 3240.~~52073167~~33672814 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 M10 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 0.00000000 999.99912965 0.99999913 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R1 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 A1A 596,720,000.00 3.~~15000~~32000% ~~588~~574,~~901~~907,~~134~~338.4286 1,~~597~~590,~~394~~576.3397 0.00 0.00 A1B 149,180,000.00 3.~~15000~~32000% ~~147~~143,~~225~~726,~~283~~834.6172 ~~399~~397,~~348~~644.5824 0.00 0.00 A2A 315,600,000.00 3.~~13000~~30000% ~~312~~305,~~596~~768,~~150~~261.7628 ~~842~~840,~~533~~862.4672 0.00 0.00 A2B 78,900,000.00 3.~~15000~~32000% 7876,~~149~~442,~~037~~065.6932 211,~~979~~489.2671 0.00 0.00 A3A 144,800,000.00 23.~~97000~~14000% ~~137~~126,~~141~~364,~~563~~843.5954 ~~350~~330,~~739~~654.5567 0.00 0.00 A3B 157,000,000.00 3.~~07000~~24000% 157,000,000.00 ~~415~~423,~~046~~900.9400 0.00 0.00 A3C 29,580,000.00 3.~~21000~~38000% 29,580,000.00 8183,~~764~~317.0500 0.00 0.00 A3D 36,820,000.00 3.~~19000~~36000% 3534,~~969~~771,~~062~~649.6228 9897,~~805~~360.0262 0.00 0.00 M1 21,850,000.00 3.~~32000~~49000% 21,850,000.00 6263,~~466~~547.7208 0.00 0.00 M2 88,350,000.00 3.~~37000~~54000% 88,350,000.00 ~~256~~260,~~386~~632.7950 0.00 0.00 M3 32,300,000.00 3.~~41000~~58000% 32,300,000.00 9496,~~845~~361.3667 0.00 0.00 M4 42,750,000.00 3.~~68000~~85000% 42,750,000.00 ~~135~~137,~~470~~156.0025 0.00 0.00 M5 31,350,000.00 3.~~73000~~90000% 31,350,000.00 ~~100~~101,~~694~~887.4650 0.00 0.00 M6 23,750,000.00 34.~~83000~~00000% 23,750,000.00 7879,~~328~~166.8267 0.00 0.00 M7 25,650,000.00 4.~~30000~~47000% 25,650,000.00 9495,~~976~~546.25 0.00 0.00 M8 18,050,000.00 4.~~40000~~57000% 18,050,000.00 68,~~389~~740.4442 0.00 0.00 M9 19,950,000.00 5.~~35000~~52000% 19,950,000.00 91,~~908~~770.5400 0.00 0.00 M10 30,400,000.00 5.~~35000~~52000% 30,400,000.00 ~~140~~139,~~051~~840.1100 0.00 0.00 CE 57,000,052.74 0.00000% 57,000,003.13 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 R1 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 1,900,000,152.74 5,~~121~~110,~~128~~454.6827 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 A1A 0.00 0.00 1,~~597~~590,~~394~~576.3397 0.00 ~~574~~558,~~907~~536,~~338~~000.8674 A1B 0.00 0.00 ~~399~~397,~~348~~644.5824 0.00 ~~143~~139,~~726~~634,~~834~~000.7219 A2A 0.00 0.00 ~~842~~840,~~533~~862.4672 0.00 ~~305~~298,~~768~~536,~~261~~313.2873 A2B 0.00 0.00 211,~~979~~489.2671 0.00 7674,~~442~~634,~~065~~078.3243 A3A 0.00 0.00 ~~350~~330,~~739~~654.5567 0.00 ~~126~~112,~~364~~998,~~843~~058.5457 A3B 0.00 0.00 ~~415~~423,~~046~~900.9400 0.00 157,000,000.00 A3C 0.00 0.00 8183,~~764~~317.0500 0.00 29,580,000.00 A3D 0.00 0.00 9897,~~805~~360.0262 0.00 3433,~~771~~286,~~649~~450.2895 M1 0.00 0.00 6263,~~466~~547.7208 0.00 21,850,000.00 M2 0.00 0.00 ~~256~~260,~~386~~632.7950 0.00 88,350,000.00 M3 0.00 0.00 9496,~~845~~361.3667 0.00 32,300,000.00 M4 0.00 0.00 ~~135~~137,~~470~~156.0025 0.00 42,750,000.00 M5 0.00 0.00 ~~100~~101,~~694~~887.4650 0.00 31,350,000.00 M6 0.00 0.00 7879,~~328~~166.8267 0.00 23,750,000.00 M7 0.00 0.00 9495,~~976~~546.25 0.00 25,650,000.00 M8 0.00 0.00 68,~~389~~740.4442 0.00 18,050,000.00 M9 0.00 0.00 91,~~908~~770.5400 0.00 19,950,000.00 M10 0.00 0.00 ~~140~~139,~~051~~840.1100 0.00 30,400,000.00 CE 0.00 0.00 4,~~694~~607,~~079~~010.3674 0.00 57,000,003.13 P 0.00 0.00 ~~436~~577,~~492~~096.4759 0.00 100.00 R1 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 10,~~251~~294,~~700~~561.5160 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 A1A 596,720,000.00 3.~~15000~~32000% ~~986~~963.~~89692724~~44573478 2.~~67695792~~66553320 0.00000000 0.00000000 A1B 149,180,000.00 3.~~15000~~32000% ~~986~~963.~~89692727~~44573482 2.~~67695790~~66553318 0.00000000 0.00000000 A2A 315,600,000.00 3.~~13000~~30000% ~~990~~968.~~48210000~~84746920 2.~~66962440~~66433054 0.00000000 0.00000000 A2B 78,900,000.00 3.~~15000~~32000% ~~990~~968.~~48210000~~84746920 2.~~68668264~~68047795 0.00000000 0.00000000 A3A 144,800,000.00 23.~~97000~~14000% ~~947~~872.~~11024579~~68538356 2.~~42223446~~28352673 0.00000000 0.00000000 A3B 157,000,000.00 3.~~07000~~24000% 1000.00000000 2.~~64361108~~70000000 0.00000000 0.00000000 A3C 29,580,000.00 3.~~21000~~38000% 1000.00000000 2.~~76416667~~81666667 0.00000000 0.00000000 A3D 36,820,000.00 3.~~19000~~36000% ~~976~~944.~~88926181~~36853015 2.~~68346062~~64423194 0.00000000 0.00000000 M1 21,850,000.00 3.~~32000~~49000% 1000.00000000 2.~~85888879~~90833318 0.00000000 0.00000000 M2 88,350,000.00 3.~~37000~~54000% 1000.00000000 2.~~90194443~~95000000 0.00000000 0.00000000 M3 32,300,000.00 3.~~41000~~58000% 1000.00000000 2.~~93638885~~98333344 0.00000000 0.00000000 M4 42,750,000.00 3.~~68000~~85000% 1000.00000000 3.~~16888889~~20833333 0.00000000 0.00000000 M5 31,350,000.00 3.~~73000~~90000% 1000.00000000 3.~~21194450~~25000000 0.00000000 0.00000000 M6 23,750,000.00 34.~~83000~~00000% 1000.00000000 3.~~29805558~~33333347 0.00000000 0.00000000 M7 25,650,000.00 4.~~30000~~47000% 1000.00000000 3.~~70277778~~72500000 0.00000000 0.00000000 M8 18,050,000.00 4.~~40000~~57000% 1000.00000000 3.~~78888864~~80833352 0.00000000 0.00000000 M9 19,950,000.00 5.~~35000~~52000% 1000.00000000 4.~~60694436~~60000000 0.00000000 0.00000000 M10 30,400,000.00 5.~~35000~~52000% 1000.00000000 4.~~60694441~~60000000 0.00000000 0.00000000 CE 57,000,052.74 0.00000% 999.99912965 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R1 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 A1A 0.00000000 0.00000000 2.~~67695792~~66553320 0.00000000 ~~963~~936.~~44573478~~01019027 A1B 0.00000000 0.00000000 2.~~67695790~~66553318 0.00000000 ~~963~~936.~~44573482~~01019031 A2A 0.00000000 0.00000000 2.~~66962440~~66433054 0.00000000 ~~968~~945.~~84746920~~93255301 A2B 0.00000000 0.00000000 2.~~68668264~~68047795 0.00000000 ~~968~~945.~~84746920~~93255298 A3A 0.00000000 0.00000000 2.~~42223446~~28352673 0.00000000 ~~872~~780.~~68538356~~37333267 A3B 0.00000000 0.00000000 2.~~64361108~~70000000 0.00000000 1000.00000000 A3C 0.00000000 0.00000000 2.~~76416667~~81666667 0.00000000 1000.00000000 A3D 0.00000000 0.00000000 2.~~68346062~~64423194 0.00000000 ~~944~~904.~~36853015~~03180201 M1 0.00000000 0.00000000 2.~~85888879~~90833318 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~90194443~~95000000 0.00000000 1000.00000000 M3 0.00000000 0.00000000 2.~~93638885~~98333344 0.00000000 1000.00000000 M4 0.00000000 0.00000000 3.~~16888889~~20833333 0.00000000 1000.00000000 M5 0.00000000 0.00000000 3.~~21194450~~25000000 0.00000000 1000.00000000 M6 0.00000000 0.00000000 3.~~29805558~~33333347 0.00000000 1000.00000000 M7 0.00000000 0.00000000 3.~~70277778~~72500000 0.00000000 1000.00000000 M8 0.00000000 0.00000000 3.~~78888864~~80833352 0.00000000 1000.00000000 M9 0.00000000 0.00000000 4.~~60694436~~60000000 0.00000000 1000.00000000 M10 0.00000000 0.00000000 4.~~60694441~~60000000 0.00000000 1000.00000000 CE 0.00000000 0.00000000 8280.~~35219328~~82467504 0.00000000 999.99912965 P 0.00000000 0.00000000 ~~4364924~~5770965.~~70000000~~90000000 0.00000000 1000.00000000 R1 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 4854,~~602~~842,~~110~~558.0426 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 ~~436~~577,~~492~~096.4759 Total Deposits 4955,~~038~~419,~~602~~654.5185 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~785~~769,~~662~~002.3186 Payment of Interest and Principal 4854,~~252~~650,~~940~~651.2099 Total Withdrawals (Pool Distribution Amount) 4955,~~038~~419,~~602~~654.5185 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~782~~766,~~484~~650.3146 Bond Insurer Fee 0.00 Custodian Fee 32,~~178~~352.0040 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~785~~769,~~662~~002.3186

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 0.00 ~~224~~209,~~571~~301.4665 ~~224~~209,~~571~~301.4665 0.00 Reserve Fund 0.00 0.00 0.00 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 1928 0 0 1928 24,~~669~~053,~~585~~049.8116 0.00 0.00 24,~~669~~053,~~585~~049.8116 30 Days ~~204~~203 32 0 0 ~~207~~205 3234,~~486~~016,~~061~~233.9882 ~~253~~251,~~607~~253.1603 0.00 0.00 3234,~~739~~267,~~669~~486.1485 60 Days 4993 14 02 0 5099 912,~~164~~480,~~903~~631.0188 ~~396~~397,~~000~~794.0022 0336,997.0072 0.00 913,~~560~~215,~~903~~423.0182 90 Days 010 01 038 0 049 01,590,303.0003 0128,000.00 07,358,574.0020 0.00 09,076,877.0023 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 ~~253~~306 2335 040 0 ~~276~~381 4148,~~650~~087,~~964~~168.9973 34,~~319~~830,~~192~~096.9741 07,695,571.0092 0.00 4460,~~970~~612,~~157~~837.9606 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.~~173247~~259885% 0.000000% 0.000000% 0.~~173247~~259885% 0.~~145012~~225600% 0.000000% 0.000000% 0.~~145012~~225600% 30 Days 1.~~860126~~884166% 0.~~027355~~018563% 0.000000% 0.000000% 1.~~887481~~902729% 1.~~764640~~893407% 0.~~013776~~013985% 0.000000% 0.000000% 1.~~778416~~907392% 60 Days 0.~~446795~~863189% 0.~~009118~~037126% 0.~~000000~~018563% 0.000000% 0.~~455913~~918879% 0.~~497837~~694695% 0.~~021511~~022142% 0.~~000000~~018758% 0.000000% 0.~~519347~~735595% 90 Days 0.~~000000~~092816% 0.~~000000~~009282% 0.~~000000~~352701% 0.000000% 0.~~000000~~454799% 0.~~000000~~088519% 0.~~000000~~007125% 0.~~000000~~409592% 0.000000% 0.~~000000~~505236% 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 2.~~306921~~840171% 0.~~209720~~324856% 0.~~000000~~371264% 0.000000% 23.~~516641~~536291% 2.~~262476~~676621% 0.~~180298~~268852% 0.~~000000~~428350% 0.000000% 23.~~442775~~373823%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~307~~375,~~106~~132.06 Class M-1 369,550,152.74 19.45000697% 369,550,103.13 20.08466939% 1.187525% 0.000000% Class M-2 281,200,152.74 14.80000723% 281,200,103.13 15.28293743% 4.801732% 0.000000% Class M-3 248,900,152.74 13.10000732% 248,900,103.13 13.52746553% 1.755472% 0.000000% Class M-4 206,150,152.74 10.85000744% 206,150,103.13 11.20404684% 2.323419% 0.000000% Class CE 100.00 0.00000526% 100.00 0.00000543% 3.097892% 0.000000% Class P 0.00 0.00000000% 0.00 0.00000000% 0.000005% 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 Exposure12

~~COLLATERAL~~Class ~~STATEMENT~~M-1 ~~Collateral~~369,550,152.74 ~~Description~~19.45000697% ~~Mixed~~369,550,103.13 ~~Fixed~~20.58081270% &1.216860% ~~Arm~~0.000000% ~~Weighted~~Class ~~Average~~M-2 ~~Gross~~281,200,152.74 ~~Coupon 7~~14.~~378851~~80000723% ~~Weighted~~281,200,103.13 ~~Average~~15.66046554% ~~Net~~4.920347% ~~Coupon 6~~0.~~878851~~000000% ~~Weighted~~Class ~~Average Pass~~M-~~Through~~3 ~~Rate~~248,900,152.74 613.~~878851~~10000732% ~~Weighted Average Maturity (Stepdown Calculation) 354 Beginning Scheduled Collateral Loan Count 11~~248,~~135~~900,103.13 ~~Number~~13.86162894% of1.798837% ~~Loans~~0.000000% ~~Paid~~Class InM-4 ~~Full 168 Ending Scheduled Collateral Loan Count 10~~206,~~967 Beginning Scheduled Collateral Balance 1~~150,~~877,962,335~~152.8274 ~~Ending~~10.85000744% ~~Scheduled Collateral Balance 1~~206,~~839~~150,~~961,096~~103.13 ~~Ending~~11.48081580% ~~Actual~~2.380813% ~~Collateral~~0.000000% ~~Balance~~Class atCE ~~31-Mar-2005~~100.00 ~~1,840,945,790~~0.2200000526% ~~Monthly~~100.00 ~~P&I~~0.00000557% ~~Constant~~3.174418% ~~13,088,860~~0.47000000% ~~Special~~Class ~~Servicing~~P ~~Fee~~ 0.00 ~~Prepayment~~0.00000000% ~~Penalties~~0.00 ~~436,492~~0.4700000000% ~~Realized~~0.000006% ~~Loss~~0.000000% ~~Amount~~Class R-I 0.00 ~~Cumulative~~0.00000000% ~~Realized Loss~~ 0.00 ~~Scheduled~~0.00000000% ~~Principal~~0.000000% ~~1,541,190~~0.39000000% ~~Unscheduled~~Please ~~Principal~~Refer ~~36,460,049.30~~to the Prospectus Supplement for a Full Description of Loss Exposure

~~Other~~COLLATERAL ~~Income~~STATEMENT 48Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.43372546% Weighted Average Net Coupon 6.872546% Weighted Average Pass-Through Rate 6.872546% Weighted Average Maturity(Stepdown Calculation ) 353 Beginning Scheduled Collateral Loan Count 10,967 Number Of Loans Paid In Full 193 Ending Scheduled Collateral Loan Count 10,774 Beginning Scheduled Collateral Balance 1,839,961,096.13 Ending Scheduled Collateral Balance 1,795,605,005.74 Ending Actual Collateral Balance at 29-Apr-2005 1,796,562,430.80 Monthly P &I Constant 12,831,970.03 Special Servicing Fee 0.00 Prepayment Penalties 577,096.59 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal 1,527,637.76 Unscheduled Principal 42,828,452.63

~~Miscellaneous~~Other ~~Reporting~~Income ~~Excess Interest 4,918,650~~332.82 Extra Principal 0.00 Overcollateralization Amt 57,000,003.13 Overcollateralization Deficiency Amt 0.00 Overcollateralization Increase 0.00 Overcollateralization Release Amt 0.00 Specified Overcollateralization Amount 57,000,003.13 Step Down NO SWAP Payment Out 5,510,624.36 SWAP Payment In 4,563,776.36 Trigger Event NO07

~~Group~~Miscellaneous ~~Level~~Reporting ~~Collateral~~Excess Statement Group Group1 Group 2 Group 3 Collateral Description Mixed Fixed Mixed ARM Mixed Fixed Weighted Average Coupon Rate 7.191900 7.415067 6.794205 Weighted Average Net Rate 6.691900 6.915067 6.294205 Weighted Average Maturity 354 354 353 Beginning Loan Count 1,388 4,299 783 Loans Paid In Full 7 75 7 Ending Loan Count 1,381 4,224 776 Beginning Scheduled Balance 179,427,592.86 750,255,569.74 96,889,524.67 Ending scheduled Balance 178,117,025.57 734,073,892.58 95,718,601.15 Record Date 03/31/2005 03/31/2005 03/31/2005 Principal And Interest ~~Constant 1,245,537.66 5,227,146.79 649,810.12 Scheduled Principal 170,183.23 591,150.39 101,237.35 Unscheduled Principal 1,140,384.06 15,590,526.77 1,069,686.17 Scheduled Interest 1,075,354.43~~ 4,~~635~~816,~~996.40 548,572.77 Servicing Fees 74,761.50~~ 312~~,606~~.4938 ~~40,370.64~~Extra ~~Master~~Principal ~~Servicing Fees~~ 0.00 ~~0.00~~Overcollateralization ~~0.00~~Amt ~~Trustee Fee 0~~57,000,003.0013 ~~0.00~~Overcollateralization ~~0.00~~Deficiency ~~FRY~~Amt ~~Amount~~ 0.00 ~~0.00~~Overcollateralization ~~0.00~~Increase ~~Special Hazard Fee~~ 0.00 ~~0.00~~Overcollateralization ~~0.00~~Release ~~Other~~Amt ~~Fee~~ 0.00 ~~0.00~~Specified ~~0.00~~Overcollateralization ~~Pool~~Amount ~~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~~57,000,~~592~~003.~~93 4,323,389.91 508,202.~~13 ~~Realized~~Step ~~Loss~~Down ~~Amount~~NO ~~0.00~~SWAP ~~0.00~~Payment ~~0.00~~Out ~~Cumulative Realized Loss 0~~5,428,180.0075 ~~0.00~~SWAP ~~0.00~~Payment ~~Percentage~~In ~~of Cumulative Losses 0~~4,609,984.~~0000~~78 ~~0.0000~~Trigger ~~0.0000~~Event ~~Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.691900 6.915067 6.294205~~NO

Group Level Collateral Statement Group ~~Group~~Group1 4 Group 52 Group 63 Collateral Description Mixed ~~ARM~~Fixed Mixed ~~Fixed~~ARM Mixed ~~ARM~~Fixed Weighted Average Coupon Rate 7.~~557527~~194589 7.~~222765~~408286 76.~~402110~~795538 Weighted Average Net Rate 76.~~057527~~694589 6.~~722766~~908286 6.~~902110~~295538 Weighted Average Maturity 353 ~~355~~353 ~~355~~352 Beginning Loan Count 31,~~006~~381 ~~560 1~~4,~~099~~224 776 Loans Paid In Full 4411 889 272 Ending Loan Count 21,~~962~~370 ~~552 1~~4,~~072~~135 774 Beginning Scheduled Balance ~~396~~178,~~239~~117,~~239~~025.3057 ~~102~~734,~~407~~073,~~646~~892.8458 ~~352~~95,~~742~~718,~~762~~601.4115 Ending scheduled Balance ~~388~~176,~~875~~381,~~300~~544.9704 ~~101~~715,~~117~~345,~~091~~201.3146 ~~342~~95,~~059~~390,~~184~~138.5578 Record Date 0304/3129/2005 0304/3129/2005 0304/3129/2005 Principal And Interest Constant 21,~~802~~238,~~814~~112.9733 ~~708~~5,~~031~~118,823.8505 2642,~~455,519~~822.0898 Scheduled Principal ~~307~~170,~~324~~213.3629 91586,~~643~~965.1714 ~~279~~100,~~651~~773.8951 Unscheduled Principal 71,~~056~~565,~~613~~268.9724 118,~~198~~141,~~912~~725.3698 10227,~~403,925~~688.9786 Scheduled Interest 21,~~495~~067,~~490~~899.6104 ~~616~~4,~~388~~531,857.6891 2542,~~175,867~~049.1947 Servicing Fees ~~165~~74,~~099~~215.6843 42305,~~669~~864.8512 ~~146~~39,~~976~~882.1575 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 2993,~~330,390~~683.9361 ~~573~~4,~~718~~225,993.8379 2502,~~028,891~~166.0472 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 76.~~057527~~694589 6.~~722765~~908286 6.~~902110~~295538

Group Level Collateral Statement Group ~~Total~~Group 4 Group 5 Group 6 Collateral Description Mixed ARM Mixed Fixed &Mixed ~~Arm~~ARM Weighted Average Coupon Rate 7.~~378851~~547783 7.207500 7.399547 Weighted Average Net Rate 7.047783 6.~~878851~~707500 6.899547 Weighted Average Maturity 352 354 ~~Record~~354 ~~Date 03/31/2005 Principal And Interest Constant 13,088,860.47~~ Beginning Loan Count 112,~~135~~962 552 1,072 Loans Paid In Full ~~168~~49 2 40 Ending Loan Count 102,~~967~~913 550 1,032 Beginning Scheduled Balance 1388,~~877~~875,~~962~~300.97 101,~~335~~117,091.8231 342,059,184.55 Ending ~~Scheduled~~scheduled Balance 1380,~~839~~163,~~961~~828.90 100,~~096~~741,925.1365 327,582,366.91 Record Date 04/29/2005 04/29/2005 04/29/2005 Principal And Interest Constant 2,750,433.84 698,710.41 2,383,067.42 Scheduled Principal 1304,~~541~~478.50 91,~~190~~375.3984 273,831.48 Unscheduled Principal 368,~~460~~406,~~049~~993.3057 283,789.82 14,202,986.16 Scheduled Interest 112,~~547~~445,~~670~~955.0834 607,334.57 2,109,235.94 Servicing ~~Fee~~Fees ~~782~~162,~~484~~031.3138 42,132.12 142,524.66 Master Servicing ~~Fee~~Fees 0.00 0.00 0.00 Trustee Fee 0.00 ~~Fry~~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 102,~~765~~283,~~185~~923.7796 565,202.45 1,966,711.28 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 7.047783 6.~~878851~~707500 6.899547

Filing Compare · Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WCH1