8-K 1 pps05wl1_10506.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): June 27, 2005 PARK PLACE SECURITIES, INC. Asset Backed Pass-Through Certificates, Series 2005-WL1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-121784-04 54-2169492 Pooling and Servicing Agreement) (Commission 54-2169493 (State or other File Number) 54-2169494 jurisdiction 54-2169495 of Incorporation) 54-2169496 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 June 27, 2005 a distribution was made to holders of PARK PLACE SECURITIES, INC., Asset Backed Pass-Through Certificates, Series 2005-WL1 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-WL1 Trust, relating to the June 27, 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-WL1 Trust (Registrant) By: Wells Fargo Bank, N.A. as Trustee By: /s/ Beth Belfield as Officer By: Beth Belfield as Officer Date: 6/28/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Pass-Through Certificates, Series 2005-WL1 Trust, relating to the June 27, 2005 distribution. EX-99.1

Park Place Securities, Inc Asset Backed Pass-Through Certificates Record Date: 45/2931/2005 Distribution Date: 56/2527/2005 Park Place Securities, Inc Asset Backed Pass-Through Certificates Series 2005-WLL1 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 www.ctslink.com Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest ~~Principal~~ Class CUSIP Description Rate Balance Distribution ~~Distribution~~ A1-A 70069FGU5 SEN 3.~~34000~~41000% ~~593~~582,~~776~~685,~~339~~606.8249 1,~~652~~821,~~677~~378.4809 ~~11,090,733.33~~ A1-B 70069FGV3 SEN 3.~~28000~~35000% 6564,~~973~~741,~~502~~229.0612 ~~180~~198,~~327~~809.5752 ~~1,232,272.94~~ M-1 70069FGW1 MEZ 3.~~44000~~51000% 29,049,000.00 8393,~~273~~465.8016 ~~0.00~~ M-2 70069FGX9 MEZ 3.~~47000~~54000% 26,524,000.00 7686,~~698~~070.5738 ~~0.00~~ M-3 70069FGY7 MEZ 3.~~51000~~58000% 16,419,000.00 4853,~~025~~881.5769 ~~0.00~~ M-4 70069FGZ4 MEZ 3.~~66000~~73000% 14,314,000.00 4348,~~657~~941.7095 ~~0.00~~ M-5 70069FHA8 MEZ 3.~~71000~~78000% 13,472,000.00 4146,~~650~~680.9348 ~~0.00~~ M-6 70069FHB6 MEZ 3.~~76000~~83000% 13,051,000.00 4045,~~893~~819.1389 ~~0.00~~ M-7 70069FHC4 MEZ 4.~~32000~~39000% 10,946,000.00 3944,~~405~~048.6053 ~~0.00~~ M-8 70069FHD2 MEZ 4.~~42000~~49000% 10,525,000.00 3843,~~767~~319.0815 ~~0.00~~ M-9 70069FHE0 MEZ 5.~~07000~~14000% 5,894,000.00 2427,~~902~~770.1556 ~~0.00~~ M-10 70069FHF7 MEZ 5.~~52000~~59000% 6,315,000.00 2932,~~049~~359.0011 ~~0.00~~ M-11 70069FHG5 MEZ 5.~~52000~~59000% 8,420,000.00 3843,~~732~~145.0048 ~~0.00~~ CE 70069FHH3 SUB 0.00000% 19,365,978.07 1,~~606~~558,~~813~~147.3826 ~~0.00~~ P 70069FHK6 SEN 0.00000% 100.00 ~~143~~59,~~113~~165.6577 ~~0.00~~ R 70069FHL4 SEN 0.00000% 0.00 0.00 ~~0.00~~ Totals ~~834~~821,~~044~~721,~~919~~913.9568 4,~~087~~203,~~987~~003.~~61 12,323,006.27~~02

Certificateholder Distribution Summary (continued) Current Ending Cumulative Principal Realized Certificate Total Realized Class Distribution Loss Balance Distribution Losses A1-A 5,909,845.85 0.00 ~~582~~576,~~685~~775,~~606~~760.4964 127,~~743~~731,~~410~~223.8194 0.00 A1-B 656,633.15 0.00 64,~~741~~084,~~229~~595.1297 1855,~~412,600~~442.5167 0.00 M-1 0.00 0.00 29,049,000.00 8393,~~273~~465.8016 0.00 M-2 0.00 0.00 26,524,000.00 7686,~~698~~070.5738 0.00 M-3 0.00 0.00 16,419,000.00 4853,~~025~~881.5769 0.00 M-4 0.00 0.00 14,314,000.00 4348,~~657~~941.7095 0.00 M-5 0.00 0.00 13,472,000.00 4146,~~650~~680.9348 0.00 M-6 0.00 0.00 13,051,000.00 4045,~~893~~819.1389 0.00 M-7 0.00 0.00 10,946,000.00 3944,~~405~~048.6053 0.00 M-8 0.00 0.00 10,525,000.00 3843,~~767~~319.0815 0.00 M-9 0.00 0.00 5,894,000.00 2427,~~902~~770.1556 0.00 M-10 0.00 0.00 6,315,000.00 2932,~~049~~359.0011 0.00 M-11 0.00 0.00 8,420,000.00 3843,~~732~~145.0048 0.00 CE 0.00 0.00 19,365,978.07 1,~~606~~558,~~813~~147.3826 0.00 P 0.00 0.00 100.00 ~~143~~59,~~113~~165.6577 0.00 R 0.00 0.00 0.00 0.00 0.00 Totals 6,566,479.00 0.00 ~~821~~815,~~721~~155,~~913~~434.68 1610,~~410~~769,~~993~~482.8802 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A1-A 600,936,000.00 ~~593~~582,~~776~~685,~~339~~606.8249 0.00 115,~~090~~909,~~733~~845.3385 0.00 0.00 A1-B 66,769,000.00 6564,~~973~~741,~~502~~229.0612 0.00 1656,~~232,272~~633.9415 0.00 0.00 M-1 29,049,000.00 29,049,000.00 0.00 0.00 0.00 0.00 M-2 26,524,000.00 26,524,000.00 0.00 0.00 0.00 0.00 M-3 16,419,000.00 16,419,000.00 0.00 0.00 0.00 0.00 M-4 14,314,000.00 14,314,000.00 0.00 0.00 0.00 0.00 M-5 13,472,000.00 13,472,000.00 0.00 0.00 0.00 0.00 M-6 13,051,000.00 13,051,000.00 0.00 0.00 0.00 0.00 M-7 10,946,000.00 10,946,000.00 0.00 0.00 0.00 0.00 M-8 10,525,000.00 10,525,000.00 0.00 0.00 0.00 0.00 M-9 5,894,000.00 5,894,000.00 0.00 0.00 0.00 0.00 M-10 6,315,000.00 6,315,000.00 0.00 0.00 0.00 0.00 M-11 8,420,000.00 8,420,000.00 0.00 0.00 0.00 0.00 CE 19,365,046.51 19,365,978.07 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 841,999,146.51 ~~834~~821,~~044~~721,~~919~~913.9568 0.00 126,~~323~~566,~~006~~479.2700 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A1-A 115,~~090~~909,~~733~~845.3385 ~~582~~576,~~685~~775,~~606~~760.4964 0.~~96963005~~95979565 115,~~090~~909,~~733~~845.3385 A1-B 1656,~~232,272~~633.9415 64,~~741~~084,~~229~~595.1297 0.~~96963005~~95979565 1656,~~232,272~~633.9415 M-1 0.00 29,049,000.00 1.00000000 0.00 M-2 0.00 26,524,000.00 1.00000000 0.00 M-3 0.00 16,419,000.00 1.00000000 0.00 M-4 0.00 14,314,000.00 1.00000000 0.00 M-5 0.00 13,472,000.00 1.00000000 0.00 M-6 0.00 13,051,000.00 1.00000000 0.00 M-7 0.00 10,946,000.00 1.00000000 0.00 M-8 0.00 10,525,000.00 1.00000000 0.00 M-9 0.00 5,894,000.00 1.00000000 0.00 M-10 0.00 6,315,000.00 1.00000000 0.00 M-11 0.00 8,420,000.00 1.00000000 0.00 CE 0.00 19,365,978.07 1.00004811 0.00 P 0.00 100.00 1.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 126,~~323~~566,~~006~~479.2700 ~~821~~815,~~721~~155,~~913~~434.68 0.~~97591775~~96811907 126,~~323~~566,~~006~~479.2700

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A1-A 600,936,000.00 ~~988~~969.~~08581916~~63005460 0.00000000 189.~~45576456~~83440142 0.00000000 A1-B 66,769,000.00 ~~988~~969.~~08581917~~63005467 0.00000000 189.~~45576450~~83440144 0.00000000 M-1 29,049,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 26,524,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 16,419,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 14,314,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5 13,472,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-6 13,051,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-7 10,946,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-8 10,525,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-9 5,894,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-10 6,315,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-11 8,420,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 19,365,046.51 1000.04810523 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denominations.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A1-A 0.00000000 189.~~45576456~~83440142 ~~969~~959.~~63005460~~79565318 0.~~96963005~~95979565 189.~~45576456~~83440142 A1-B 0.00000000 189.~~45576450~~83440144 ~~969~~959.~~63005467~~79565322 0.~~96963005~~95979565 189.~~45576450~~83440144 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 M-11 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 0.00000000 1,000.04810523 1.00004811 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A1-A 600,936,000.00 3.~~34000~~41000% ~~593~~582,~~776~~685,~~339~~606.8249 1,~~652~~821,~~677~~378.4809 0.00 0.00 A1-B 66,769,000.00 3.~~28000~~35000% 6564,~~973~~741,~~502~~229.0612 ~~180~~198,~~327~~809.5752 0.00 0.00 M-1 29,049,000.00 3.~~44000~~51000% 29,049,000.00 8393,~~273~~465.8016 0.00 0.00 M-2 26,524,000.00 3.~~47000~~54000% 26,524,000.00 7686,~~698~~070.5738 0.00 0.00 M-3 16,419,000.00 3.~~51000~~58000% 16,419,000.00 4853,~~025~~881.5769 0.00 0.00 M-4 14,314,000.00 3.~~66000~~73000% 14,314,000.00 4348,~~657~~941.7095 0.00 0.00 M-5 13,472,000.00 3.~~71000~~78000% 13,472,000.00 4146,~~650~~680.9348 0.00 0.00 M-6 13,051,000.00 3.~~76000~~83000% 13,051,000.00 4045,~~893~~819.1389 0.00 0.00 M-7 10,946,000.00 4.~~32000~~39000% 10,946,000.00 3944,~~405~~048.6053 0.00 0.00 M-8 10,525,000.00 4.~~42000~~49000% 10,525,000.00 3843,~~767~~319.0815 0.00 0.00 M-9 5,894,000.00 5.~~07000~~14000% 5,894,000.00 2427,~~902~~770.1556 0.00 0.00 M-10 6,315,000.00 5.~~52000~~59000% 6,315,000.00 2932,~~049~~359.0011 0.00 0.00 M-11 8,420,000.00 5.~~52000~~59000% 8,420,000.00 3843,~~732~~145.0048 0.00 0.00 CE 19,365,046.51 0.00000% 19,365,978.07 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 841,999,146.51 2,~~338~~585,~~060~~689.5899 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A1-A 0.00 0.00 1,~~652~~821,~~677~~378.4809 0.00 ~~582~~576,~~685~~775,~~606~~760.4964 A1-B 0.00 0.00 ~~180~~198,~~327~~809.5752 0.00 64,~~741~~084,~~229~~595.1297 M-1 0.00 0.00 8393,~~273~~465.8016 0.00 29,049,000.00 M-2 0.00 0.00 7686,~~698~~070.5738 0.00 26,524,000.00 M-3 0.00 0.00 4853,~~025~~881.5769 0.00 16,419,000.00 M-4 0.00 0.00 4348,~~657~~941.7095 0.00 14,314,000.00 M-5 0.00 0.00 4146,~~650~~680.9348 0.00 13,472,000.00 M-6 0.00 0.00 4045,~~893~~819.1389 0.00 13,051,000.00 M-7 0.00 0.00 3944,~~405~~048.6053 0.00 10,946,000.00 M-8 0.00 0.00 3843,~~767~~319.0815 0.00 10,525,000.00 M-9 0.00 0.00 2427,~~902~~770.1556 0.00 5,894,000.00 M-10 0.00 0.00 2932,~~049~~359.0011 0.00 6,315,000.00 M-11 0.00 0.00 3843,~~732~~145.0048 0.00 8,420,000.00 CE 0.00 0.00 1,~~606~~558,~~813~~147.3826 0.00 19,365,978.07 P 0.00 0.00 ~~143~~59,~~113~~165.6577 0.00 100.00 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 4,~~087~~203,~~987~~003.6102 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A1-A 600,936,000.00 3.~~34000~~41000% ~~988~~969.~~08581916~~63005460 23.~~75017220~~03090194 0.00000000 0.00000000 A1-B 66,769,000.00 3.~~28000~~35000% ~~988~~969.~~08581917~~63005467 2.~~70076787~~97757223 0.00000000 0.00000000 M-1 29,049,000.00 3.~~44000~~51000% 1000.00000000 23.~~86666667~~21750009 0.00000000 0.00000000 M-2 26,524,000.00 3.~~47000~~54000% 1000.00000000 23.~~89166679~~24500000 0.00000000 0.00000000 M-3 16,419,000.00 3.~~51000~~58000% 1000.00000000 23.~~92499970~~28166697 0.00000000 0.00000000 M-4 14,314,000.00 3.~~66000~~73000% 1000.00000000 3.~~05000000~~41916655 0.00000000 0.00000000 M-5 13,472,000.00 3.~~71000~~78000% 1000.00000000 3.~~09166642~~46500000 0.00000000 0.00000000 M-6 13,051,000.00 3.~~76000~~83000% 1000.00000000 3.~~13333308~~51083365 0.00000000 0.00000000 M-7 10,946,000.00 4.~~32000~~39000% 1000.00000000 34.~~60000000~~02416682 0.00000000 0.00000000 M-8 10,525,000.00 4.~~42000~~49000% 1000.00000000 34.~~68333302~~11583373 0.00000000 0.00000000 M-9 5,894,000.00 5.~~07000~~14000% 1000.00000000 4.~~22500000~~71166610 0.00000000 0.00000000 M-10 6,315,000.00 5.~~52000~~59000% 1000.00000000 45.~~60000000~~12416627 0.00000000 0.00000000 M-11 8,420,000.00 5.~~52000~~59000% 1000.00000000 45.~~60000000~~12416627 0.00000000 0.00000000 CE 19,365,046.51 0.00000% 1000.04810523 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) 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 A1-A 0.00000000 0.00000000 23.~~75017220~~03090194 0.00000000 ~~969~~959.~~63005460~~79565318 A1-B 0.00000000 0.00000000 2.~~70076787~~97757223 0.00000000 ~~969~~959.~~63005467~~79565322 M-1 0.00000000 0.00000000 23.~~86666667~~21750009 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 23.~~89166679~~24500000 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 23.~~92499970~~28166697 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 3.~~05000000~~41916655 0.00000000 1000.00000000 M-5 0.00000000 0.00000000 3.~~09166642~~46500000 0.00000000 1000.00000000 M-6 0.00000000 0.00000000 3.~~13333308~~51083365 0.00000000 1000.00000000 M-7 0.00000000 0.00000000 34.~~60000000~~02416682 0.00000000 1000.00000000 M-8 0.00000000 0.00000000 34.~~68333302~~11583373 0.00000000 1000.00000000 M-9 0.00000000 0.00000000 4.~~22500000~~71166610 0.00000000 1000.00000000 M-10 0.00000000 0.00000000 45.~~60000000~~12416627 0.00000000 1000.00000000 M-11 0.00000000 0.00000000 45.~~60000000~~12416627 0.00000000 1000.00000000 CE 0.00000000 0.00000000 8280.~~97493007~~46183928 0.00000000 1000.04810523 P 0.00000000 0.00000000 ~~1431136~~591657.~~50000000~~70000000 0.00000000 1000.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 1611,~~616~~054,~~852~~512.3558 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 ~~143~~59,~~113~~165.6577 Total Deposits 1611,~~759~~113,~~966~~678.0035 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~348~~344,~~972~~196.1233 Payment of Interest and Principal 1610,~~410~~769,~~993~~482.8802 Total Withdrawals (Pool Distribution Amount) 1611,~~759~~113,~~966~~678.0035 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~347~~342,~~518~~384.7213 File Access Custody Fee ~~411~~783.00 Monthly Custody Fee 1,~~042~~029.4020 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~348~~344,~~972~~196.1233

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 0.00 ~~529~~850,~~700~~219.1596 ~~529~~850,~~700~~219.1596 0.00 Reserve Fund 0.00 0.00 0.00 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 50 0 0 50 ~~599,630~~0.9700 0.00 0.00 ~~599,630~~0.9700 30 Days 3795 0 0 0 3795 514,~~853~~120,~~693~~100.2263 0.00 0.00 0.00 514,~~853~~120,~~693~~100.2263 60 Days 134 0 0 0 134 ~~130~~5,~~000~~895,212.6222 0.00 0.00 0.00 ~~130~~5,~~000~~895,212.6222 90 Days 01 0 0 0 01 0130,000.0062 0.00 0.00 0.00 0130,000.0062 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 38130 50 0 0 43130 520,~~983~~145,~~693~~313.8447 ~~599,630~~0.9700 0.00 0.00 620,~~583~~145,~~324~~313.8147 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.~~097163~~000000% 0.000000% 0.000000% 0.~~097163~~000000% 0.~~072926~~000000% 0.000000% 0.000000% 0.~~072926~~000000% 30 Days 01.~~719005~~859100% 0.000000% 0.000000% 0.000000% 01.~~719005~~859100% 01.~~711915~~730730% 0.000000% 0.000000% 0.000000% 01.~~711915~~730730% 60 Days 0.~~019433~~665362% 0.000000% 0.000000% 0.000000% 0.~~019433~~665362% 0.~~015810~~722588% 0.000000% 0.000000% 0.000000% 0.~~015810~~722588% 90 Days 0.~~000000~~019569% 0.000000% 0.000000% 0.000000% 0.~~000000~~019569% 0.~~000000~~015934% 0.000000% 0.000000% 0.000000% 0.~~000000~~015934% 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.~~738438~~544031% 0.~~097163~~000000% 0.000000% 0.000000% 02.~~835600~~544031% 02.~~727725~~469253% 0.~~072926~~000000% 0.000000% 0.000000% 02.~~800651~~469253%

Delinquency Status By Groups

~~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 20 0 0 20 ~~188,824~~0.5600 0.00 0.00 ~~188,824~~0.5600 30 Days 413 0 0 0 413 ~~493~~1,~~119~~502,035.3222 0.00 0.00 0.00 ~~493~~1,~~119~~502,035.3222 60 Days 02 0 0 0 02 0229,049.0040 0.00 0.00 0.00 0229,049.0040 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 415 20 0 0 615 ~~493~~1,~~119~~731,084.3262 ~~188,824~~0.5600 0.00 0.00 ~~681~~1,~~943~~731,084.8862 0-29 Days 0.~~162075~~000000% 0.000000% 0.000000% 0.~~162075~~000000% 0.~~111180~~000000% 0.000000% 0.000000% 0.~~111180~~000000% 30 Days 01.~~324149~~058632% 0.000000% 0.000000% 0.000000% 01.~~324149~~058632% 0.~~290348~~888427% 0.000000% 0.000000% 0.000000% 0.~~290348~~888427% 60 Days 0.~~000000~~162866% 0.000000% 0.000000% 0.000000% 0.~~000000~~162866% 0.~~000000~~135479% 0.000000% 0.000000% 0.000000% 0.~~000000~~135479% 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.~~324149~~221498% 0.~~162075~~000000% 0.000000% 0.000000% 01.~~486224~~221498% 01.~~290348~~023906% 0.~~111180~~000000% 0.000000% 0.000000% 01.~~401527~~023906% 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 30 0 0 30 ~~410,806~~0.4100 0.00 0.00 ~~410,806~~0.4100 30 Days 3382 0 0 0 3382 512,~~360~~618,~~573~~065.9041 0.00 0.00 0.00 512,~~360~~618,~~573~~065.9041 60 Days 132 0 0 0 132 ~~130~~5,~~000~~666,162.6282 0.00 0.00 0.00 ~~130~~5,~~000~~666,162.6282 90 Days 01 0 0 0 01 0130,000.0062 0.00 0.00 0.00 0130,000.0062 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 34115 30 0 0 37115 518,~~490~~414,~~574~~228.5285 ~~410,806~~0.4100 0.00 0.00 518,~~901~~414,~~380~~228.9385 0-29 Days 0.~~076687~~000000% 0.000000% 0.000000% 0.~~076687~~000000% 0.~~062968~~000000% 0.000000% 0.000000% 0.~~062968~~000000% 30 Days 02.~~843558~~112313% 0.000000% 0.000000% 0.000000% 02.~~843558~~112313% 01.~~821659~~950906% 0.000000% 0.000000% 0.000000% 01.~~821659~~950906% 60 Days 0.~~025562~~824317% 0.000000% 0.000000% 0.000000% 0.~~025562~~824317% 0.~~019926~~876057% 0.000000% 0.000000% 0.000000% 0.~~019926~~876057% 90 Days 0.~~000000~~025760% 0.000000% 0.000000% 0.000000% 0.~~000000~~025760% 0.~~000000~~020100% 0.000000% 0.000000% 0.000000% 0.~~000000~~020100% 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.~~869121~~962391% 0.~~076687~~000000% 0.000000% 0.000000% 02.~~945808~~962391% 02.~~841585~~847063% 0.~~062968~~000000% 0.000000% 0.000000% 02.~~904553~~847063%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 41141,~~879~~694.8487

SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Original $ Original % Current $ Current % Class% Prepayment% Class R 174,294,146.51 20.70003838% 174,295,078.07 21.~~21095655~~38182126% 0.000000% 0.000000% Class M-1 145,245,146.51 17.25003489% 145,246,078.07 17.~~67581899~~81820643% 3.~~535138~~563615% 0.000000% Class M-2 118,721,146.51 14.09991293% 118,722,078.07 14.~~44796300~~56434847% 3.~~227856~~253858% 0.000000% Class M-3 102,302,146.51 12.14991095% 102,303,078.07 12.~~44984177~~55013139% 12.~~998121~~014217% 0.000000% Class M-4 87,988,146.51 10.44990923% 87,989,078.07 10.~~70788993~~79414727% 1.~~741952~~755984% 0.000000% Class CE 100.00 0.00001188% 100.00 0.~~00001217~~00001227% 2.~~356756~~375741% 0.000000% Class P 0.00 0.00000000% 0.00 0.00000000% 0.000012% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

REO Detail - All Mortgage Loans in REO during Current Period

~~COLLATERAL~~Summary ~~STATEMENT~~12 ~~Collateral~~Month ~~Description~~REO ~~Mixed~~History* ~~Fixed~~New &REO ~~Arm~~Loans ~~Weighted~~Month ~~Average~~REO ~~Gross~~Percentage ~~Coupon~~Loans 7in REO 0 Jul-04 0.~~371734~~000% ~~Weighted~~Original ~~Average~~Principal ~~Net~~Balance ~~Coupon~~0.00 6Aug-04 0.~~871734~~000% ~~Weighted~~Current ~~Average~~Principal ~~Pass~~Balance 0.00 Sep-~~Through~~04 ~~Rate~~0.000% 6Oct-04 0.~~871734~~000% ~~Weighted~~Current ~~Average~~REO ~~Maturity(Stepdown~~Total ~~Calculation~~Nov-04 )0.000% ~~354~~Loans ~~Beginning~~in ~~Scheduled~~REO ~~Collateral~~0 ~~Loan~~Dec-04 ~~Count~~0.000% ~~5,212~~Original ~~Number~~Principal OfBalance 0.00 Jan-05 0.000% Current Principal Balance 0.00 Feb-05 0.000% Mar-05 0.000% Apr-05 0.000% May-05 0.000% Jun-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com. Group 1 12 Month REO History* New REO Loans ~~Paid~~Month InREO ~~Full~~Percentage 66Loans ~~Ending~~in ~~Scheduled~~REO ~~Collateral~~0 ~~Loan~~Jul-04 ~~Count~~0.000% ~~5,146~~Original ~~Beginning~~Principal ~~Scheduled~~Balance ~~Collateral~~0.00 Aug-04 0.000% Current Principal Balance ~~834,044,919~~0.9500 ~~Ending~~Sep-04 ~~Scheduled~~0.000% ~~Collateral~~Oct-04 0.000% Current REO Total Nov-04 0.000% Loans in REO 0 Dec-04 0.000% Original Principal Balance ~~821,721,913~~0.6800 ~~Ending~~Jan-05 ~~Actual~~0.000% ~~Collateral~~Current Principal Balance at0.00 29Feb-05 0.000% Mar-05 0.000% Apr-~~2005~~05 ~~822,246,359~~0.45000% ~~Monthly~~May-05 P0.000% &IJun-05 ~~Constant~~0.000% ~~5,808,997~~*The text reported in the above table is presented graphically on the monthly bond remittance report.98 ~~Special~~The ~~Servicing~~monthly ~~Fee~~bond 0remittance report can be viewed online at www.00ctslink.com. ~~Prepayment~~Group ~~Penalties~~2 ~~143,113~~12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 Jul-04 0.65000% ~~Realized~~Original ~~Loss~~Principal ~~Amount~~Balance 0.00 ~~Cumulative~~Aug-04 ~~Realized~~0.000% ~~Loss~~Current Principal Balance 0.00 ~~Scheduled~~Sep-04 0.000% Oct-04 0.000% Current REO Total Nov-04 0.000% Loans in REO 0 Dec-04 0.000% Original Principal ~~685,366~~Balance 0.6700 ~~Unscheduled~~Jan-05 0.000% Current Principal ~~11,637,639~~Balance 0.6000 Feb-05 0.000% Mar-05 0.000% Apr-05 0.000% May-05 0.000% Jun-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com.

~~Miscellaneous~~REO ~~Reporting~~Loan ~~Excess~~Detail ~~Interest~~- ~~2,136,513.53~~All ~~Extra~~Mortgage ~~Principal~~Loans ~~0.00~~in ~~Overcollateralization~~REO ~~Amount~~during ~~19,365,978.07~~Current ~~Overcollateralization~~Period ~~Deficiency~~Month ~~Amount~~Loan ~~0.00~~First ~~Overcollateralization~~Original ~~Release~~Loan ~~Amt~~Entered ~~0.00~~Payment ~~Specified~~LTV ~~Overcollateralization~~at ~~Amount~~Principal ~~19,365,978.07~~Group ~~Step~~Number ~~Down~~REO ~~FALSE~~Date ~~Swap~~State ~~payment~~Origination InBalance ~~2,093,526.22~~No ~~Swap~~REO ~~payment~~loans ~~Out~~this ~~2,923,311~~period.~~29 Trigger Event FALSE~~

~~Group~~REO ~~Level~~Loan ~~Collateral~~Detail ~~Statement~~- ~~Group~~All ~~Group~~Mortgage 1Loans ~~Group~~in 2REO ~~Total~~during ~~Collateral~~Current ~~Description~~Period ~~Mixed~~(continued) ~~Fixed~~Current ~~Mixed~~Paid ~~ARM~~Current ~~Mixed~~Approximate ~~Fixed & Arm Weighted Average Coupon Rate 7.168935 7.424416 7.371734 Weighted Average Net Rate 6.668935 6.924416 6.871734 Weighted Average Maturity 354 354 354 Beginning~~ Loan ~~Count~~Principal ~~1,245~~To ~~3,967~~Months ~~5,212 Loans Paid In Full 11 55 66 Ending~~ Loan ~~Count~~Delinquent ~~1,234~~Group ~~3,912~~Number ~~5,146 Beginning Scheduled~~ Balance ~~171,985,670.03 662,059,249.92 834,044,919.95 Ending scheduled Balance 169,724,760.70 651,997,152.98 821,721,913.68 Record~~ Date ~~04/29/2005~~Delinquent ~~04/29/2005~~Rate ~~04/29/2005 Principal And~~ Interest ~~Constant~~No ~~1,189,952.50~~REO ~~4,619,045.48~~loans ~~5,808,997.98~~this ~~Scheduled Principal 162,490~~period.70 ~~522,875.97~~This ~~685,366.67~~report ~~Unscheduled~~has ~~Principal~~been ~~2,098,418.63~~complied ~~9,539,220.97~~from ~~11,637,639.60~~data ~~Scheduled~~provided ~~Interest~~to ~~1,027,461.80~~Wells ~~4,096,169.51~~Fargo ~~5,123,631.31~~by ~~Servicing~~third ~~Fees 71,660~~parties.70 ~~275,858.02~~Wells ~~347,518.72~~Fargo ~~Master~~has ~~Servicing~~not ~~Fees~~confirmed ~~0.00~~the ~~0.00~~accuracy ~~0.00~~of ~~Trustee~~this ~~Fee~~data ~~0.00~~and ~~0.00~~assumes ~~0.00~~no ~~FRY~~duty ~~Amount~~to ~~0.00~~do 0so.00 ~~0.00~~Wells ~~Special~~Fargo ~~Hazard~~disclaims ~~Fee~~any ~~0.00~~responsibility ~~0.00~~for ~~0.00~~the ~~Other~~accuracy 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 955,801.10 3,820,311.49 4,776,112.59 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of ~~Cumulative~~the ~~Losses 0~~data.~~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 6.668935 6.924416 6.871734~~

Foreclosure Detail - All Mortgage Loans in Foreclosure during Current Period

Prepayment - Voluntary Prepayments

Realized Loss Report - Collateral Summary

Filing Compare · Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WLL1