8-K 1 bst05005_10509.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): September 26, 2005 BEAR STEARNS ARM TRUST Mortgage-Backed Notes, Series 2005-5 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-120916-16 Pooling and Servicing Agreement) (Commission 54-6671957 (State or other File Number) IRS EIN jurisdiction of Incorporation) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On September 26, 2005 a distribution was made to holders of BEAR STEARNS ARM TRUST, Mortgage-Backed Notes, Series 2005-5 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage-Backed Notes, Series 2005-5 Trust, relating to the September 26, 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. BEAR STEARNS ARM TRUST Mortgage-Backed Notes, Series 2005-5 Trust (Registrant) By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Officer By: Beth Belfield as Officer Date: 10/4/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage-Backed Notes, Series 2005-5 Trust, relating to the September 26, 2005 distribution. EX-99.1

Bear Stearns ARM Trust Mortgage-Backed Notes Record Date: 78/2931/2005 Distribution Date: 89/2526/2005 Bear Stearns ARM Trust Mortgage-Backed Notes Series 2005-5 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 Class CUSIP Description Rate Balance Distribution A-1 07387ACJ2 SEN 4.55000% ~~665~~647,~~143~~513,~~000~~168.0078 2,~~522~~455,~~000~~154.5410 A-2 07387ACK9 SEN 4.55000% ~~690~~680,~~405~~169,~~000~~374.0056 2,~~617~~578,~~785~~975.6355 M 07387ACL7 SEN 4.~~61734~~61723% 2019,~~000~~984,~~000~~690.0094 76,~~955~~894.7097 B-1 07387ACN3 SUB 4.~~61734~~61723% 16,~~973~~960,~~000~~007.0096 65,~~308~~256.4692 B-2 07387ACP8 SUB 4.~~61734~~61723% 9,~~194~~186,~~000~~962.0042 35,~~376~~348.5462 B-3 07387ACQ6 SUB 4.~~61734~~61723% 5,~~658~~653,~~000~~669.0007 21,~~770~~753.7759 B-4 07387ACS2 SUB 4.~~61734~~61723% 2,~~122~~120,~~000~~375.0071 8,~~165~~158.0056 B-5 07387ACT0 SUB 4.~~61734~~61723% 1,~~414~~412,~~000~~917.0065 5,~~440~~436.7747 B-6 07387ACU7 SUB 4.~~61734~~61723% 3,~~538~~535,~~169~~461.8216 13,~~614~~603.1237 X 07387ACR4 SEN 0.~~06734~~06719% 0.00 7674,~~070~~338.9457 Totals 1,~~414~~386,~~447~~536,~~169~~628.8225 5,~~442~~334,~~488~~920.4772

Certificateholder Distribution Summary (continued) Current Ending Cumulative Principal Realized Certificate Total Realized Class Distribution Loss Balance Distribution Losses A-1 1723,~~629~~207,~~831~~011.2230 0.00 ~~647~~624,~~513~~306,~~168~~157.7848 2025,~~151~~662,~~831~~165.7640 0.00 A-2 109,~~235~~079,~~625~~029.4442 0.00 ~~680~~671,~~169~~090,~~374~~345.5614 1211,~~853~~658,~~411~~004.0797 0.00 M 15,~~309~~326.0633 0.00 19,~~984~~969,~~690~~364.9460 92,~~264~~221.7630 0.00 B-1 1213,~~992~~006.0469 0.00 16,~~960~~947,~~007~~001.9627 78,~~300~~263.5061 0.00 B-2 7,~~037~~045.5851 0.00 9,~~186~~179,~~962~~916.4291 42,~~414~~394.1213 0.00 B-3 4,~~330~~335.9382 0.00 5,~~653~~649,~~669~~333.0725 26,~~101~~089.7041 0.00 B-4 1,~~624~~626.2912 0.00 2,~~120~~118,~~375~~749.7158 9,~~789~~784.2968 0.00 B-5 1,~~082~~083.3557 0.00 1,~~412~~411,~~917~~834.6508 6,~~523~~520.1204 0.00 B-6 2,~~708~~711.6636 0.00 3,~~535~~532,~~461~~749.1680 16,~~322~~314.7873 0.00 X 0.00 0.00 0.00 7674,~~070~~338.9457 0.00 Totals 2732,~~910~~331,~~541~~176.5712 0.00 1,~~386~~354,~~536~~205,~~628~~452.2511 3337,~~353~~666,~~030~~096.0484 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-1 665,143,000.00 ~~665~~647,~~143~~513,~~000~~168.0078 ~~702~~685,~~473~~220.6578 1622,~~927~~521,~~357~~790.5752 0.00 0.00 A-2 690,405,000.00 ~~690~~680,~~405~~169,~~000~~374.0056 ~~335~~330,~~112~~806.1390 98,~~900~~748,~~513~~222.3152 0.00 0.00 M 20,000,000.00 2019,~~000~~984,~~000~~690.0094 15,~~309~~326.0633 0.00 0.00 0.00 B-1 16,973,000.00 16,~~973~~960,~~000~~007.0096 1213,~~992~~006.0469 0.00 0.00 0.00 B-2 9,194,000.00 9,~~194~~186,~~000~~962.0042 7,~~037~~045.5851 0.00 0.00 0.00 B-3 5,658,000.00 5,~~658~~653,~~000~~669.0007 4,~~330~~335.9382 0.00 0.00 0.00 B-4 2,122,000.00 2,~~122~~120,~~000~~375.0071 1,~~624~~626.2912 0.00 0.00 0.00 B-5 1,414,000.00 1,~~414~~412,~~000~~917.0065 1,~~082~~083.3557 0.00 0.00 0.00 B-6 3,538,169.82 3,~~538~~535,~~169~~461.8216 2,~~708~~711.6636 0.00 0.00 0.00 X 0.00 0.00 0.00 0.00 0.00 0.00 Totals 1,414,447,169.82 1,~~414~~386,~~447~~536,~~169~~628.8225 1,~~082~~061,~~670~~163.6908 2631,~~827~~270,~~870~~013.8804 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 1723,~~629~~207,~~831~~011.2230 ~~647~~624,~~513~~306,~~168~~157.7848 0.~~97349468~~93860442 1723,~~629~~207,~~831~~011.2230 A-2 109,~~235~~079,~~625~~029.4442 ~~680~~671,~~169~~090,~~374~~345.5614 0.~~98517446~~97202417 109,~~235~~079,~~625~~029.4442 M 15,~~309~~326.0633 19,~~984~~969,~~690~~364.9460 0.~~99923455~~99846823 15,~~309~~326.0633 B-1 1213,~~992~~006.0469 16,~~960~~947,~~007~~001.9627 0.~~99923455~~99846823 1213,~~992~~006.0469 B-2 7,~~037~~045.5851 9,~~186~~179,~~962~~916.4291 0.~~99923455~~99846823 7,~~037~~045.5851 B-3 4,~~330~~335.9382 5,~~653~~649,~~669~~333.0725 0.~~99923455~~99846823 4,~~330~~335.9382 B-4 1,~~624~~626.2912 2,~~120~~118,~~375~~749.7158 0.~~99923455~~99846823 1,~~624~~626.2912 B-5 1,~~082~~083.3557 1,~~412~~411,~~917~~834.6508 0.~~99923455~~99846823 1,~~082~~083.3557 B-6 2,~~708~~711.6636 3,~~535~~532,~~461~~749.1680 0.~~99923445~~99846813 2,~~708~~711.6636 X 0.00 0.00 0.00000000 0.00 Totals 2732,~~910~~331,~~541~~176.5712 1,~~386~~354,~~536~~205,~~628~~452.2511 0.~~98026753~~95740971 2732,~~910~~331,~~541~~176.5712

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 665,143,000.00 ~~1000~~973.~~00000000~~49467525 1.~~05612425~~03018566 2533.~~44920050~~86007298 0.00000000 A-2 690,405,000.00 ~~1000~~985.~~00000000~~17446218 0.~~48538485~~47914905 1412.~~34015297~~67114595 0.00000000 M 20,000,000.00 ~~1000~~999.~~00000000~~23454700 0.~~76545300~~76631650 0.00000000 0.00000000 B-1 16,973,000.00 ~~1000~~999.~~00000000~~23454663 0.~~76545337~~76631650 0.00000000 0.00000000 B-2 9,194,000.00 ~~1000~~999.~~00000000~~23454644 0.~~76545356~~76631608 0.00000000 0.00000000 B-3 5,658,000.00 ~~1000~~999.~~00000000~~23454754 0.~~76545246~~76631672 0.00000000 0.00000000 B-4 2,122,000.00 ~~1000~~999.~~00000000~~23454760 0.~~76545240~~76631480 0.00000000 0.00000000 B-5 1,414,000.00 ~~1000~~999.~~00000000~~23454738 0.~~76545262~~76631542 0.00000000 0.00000000 B-6 3,538,169.82 ~~1000~~999.~~00000000~~23444602 0.~~76555398~~76631709 0.00000000 0.00000000 X 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 A-1 0.00000000 2634.~~50532475~~89025864 ~~973~~938.~~49467525~~60441661 0.~~97349468~~93860442 2634.~~50532475~~89025864 A-2 0.00000000 1413.~~82553782~~15029500 ~~985~~972.~~17446218~~02416718 0.~~98517446~~97202417 1413.~~82553782~~15029500 M 0.00000000 0.~~76545300~~76631650 ~~999~~998.~~23454700~~46823000 0.~~99923455~~99846823 0.~~76545300~~76631650 B-1 0.00000000 0.~~76545337~~76631650 ~~999~~998.~~23454663~~46823013 0.~~99923455~~99846823 0.~~76545337~~76631650 B-2 0.00000000 0.~~76545356~~76631608 ~~999~~998.~~23454644~~46823037 0.~~99923455~~99846823 0.~~76545356~~76631608 B-3 0.00000000 0.~~76545246~~76631672 ~~999~~998.~~23454754~~46823082 0.~~99923455~~99846823 0.~~76545246~~76631672 B-4 0.00000000 0.~~76545240~~76631480 ~~999~~998.~~23454760~~46822809 0.~~99923455~~99846823 0.~~76545240~~76631480 B-5 0.00000000 0.~~76545262~~76631542 ~~999~~998.~~23454738~~46823197 0.~~99923455~~99846823 0.~~76545262~~76631542 B-6 0.00000000 0.~~76555398~~76631709 ~~999~~998.~~23444602~~46812893 0.~~99923445~~99846813 0.~~76555398~~76631709 X 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-1 665,143,000.00 4.55000% ~~665~~647,~~143~~513,~~000~~168.0078 2,~~522~~455,~~000~~154.5410 0.00 0.00 A-2 690,405,000.00 4.55000% ~~690~~680,~~405~~169,~~000~~374.0056 2,~~617~~578,~~785~~975.6355 0.00 0.00 M 20,000,000.00 4.~~61734~~61723% 2019,~~000~~984,~~000~~690.0094 76,~~955~~894.7097 0.00 0.00 B-1 16,973,000.00 4.~~61734~~61723% 16,~~973~~960,~~000~~007.0096 65,~~308~~256.4692 0.00 0.00 B-2 9,194,000.00 4.~~61734~~61723% 9,~~194~~186,~~000~~962.0042 35,~~376~~348.5462 0.00 0.00 B-3 5,658,000.00 4.~~61734~~61723% 5,~~658~~653,~~000~~669.0007 21,~~770~~753.7759 0.00 0.00 B-4 2,122,000.00 4.~~61734~~61723% 2,~~122~~120,~~000~~375.0071 8,~~165~~158.0056 0.00 0.00 B-5 1,414,000.00 4.~~61734~~61723% 1,~~414~~412,~~000~~917.0065 5,~~440~~436.7747 0.00 0.00 B-6 3,538,169.82 4.~~61734~~61723% 3,~~538~~535,~~169~~461.8216 13,~~614~~603.1237 0.00 0.00 X 0.00 0.~~06734~~06719% 1,~~355~~327,~~548~~682,~~000~~543.0034 7674,~~070~~338.9457 0.00 0.00 Totals 1,414,447,169.82 5,~~442~~334,~~488~~920.4772 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 2,~~522~~455,~~000~~154.5410 0.00 ~~647~~624,~~513~~306,~~168~~157.7848 A-2 0.00 0.00 2,~~617~~578,~~785~~975.6355 0.00 ~~680~~671,~~169~~090,~~374~~345.5614 M 0.00 0.00 76,~~955~~894.7097 0.00 19,~~984~~969,~~690~~364.9460 B-1 0.00 0.00 65,~~308~~256.4692 0.00 16,~~960~~947,~~007~~001.9627 B-2 0.00 0.00 35,~~376~~348.5462 0.00 9,~~186~~179,~~962~~916.4291 B-3 0.00 0.00 21,~~770~~753.7759 0.00 5,~~653~~649,~~669~~333.0725 B-4 0.00 0.00 8,~~165~~158.0056 0.00 2,~~120~~118,~~375~~749.7158 B-5 0.00 0.00 5,~~440~~436.7747 0.00 1,~~412~~411,~~917~~834.6508 B-6 0.00 0.00 13,~~614~~603.1237 0.00 3,~~535~~532,~~461~~749.1680 X 0.00 0.00 7674,~~070~~338.9457 0.00 1,~~327~~295,~~682~~396,~~543~~502.3462 Totals 0.00 0.00 5,~~442~~334,~~488~~920.4772 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-1 665,143,000.00 4.55000% ~~1000~~973.~~00000000~~49467525 3.~~79166666~~69116731 0.00000000 0.00000000 A-2 690,405,000.00 4.55000% ~~1000~~985.~~00000000~~17446218 3.~~79166667~~73545318 0.00000000 0.00000000 M 20,000,000.00 4.~~61734~~61723% ~~1000~~999.~~00000000~~23454700 3.~~84778500~~84474850 0.00000000 0.00000000 B-1 16,973,000.00 4.~~61734~~61723% ~~1000~~999.~~00000000~~23454663 3.~~84778531~~84474872 0.00000000 0.00000000 B-2 9,194,000.00 4.~~61734~~61723% ~~1000~~999.~~00000000~~23454644 3.~~84778551~~84474875 0.00000000 0.00000000 B-3 5,658,000.00 4.~~61734~~61723% ~~1000~~999.~~00000000~~23454754 3.~~84778544~~84474903 0.00000000 0.00000000 B-4 2,122,000.00 4.~~61734~~61723% ~~1000~~999.~~00000000~~23454760 3.~~84778511~~84475024 0.00000000 0.00000000 B-5 1,414,000.00 4.~~61734~~61723% ~~1000~~999.~~00000000~~23454738 3.~~84778642~~84474540 0.00000000 0.00000000 B-6 3,538,169.82 4.~~61734~~61723% ~~1000~~999.~~00000000~~23444602 3.~~84778592~~84474762 0.00000000 0.00000000 X 0.00 0.~~06734~~06719% ~~1000~~979.~~00000000~~44340100 0.~~05611822~~05484023 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 A-1 0.00000000 0.00000000 3.~~79166666~~69116731 0.00000000 ~~973~~938.~~49467525~~60441661 A-2 0.00000000 0.00000000 3.~~79166667~~73545318 0.00000000 ~~985~~972.~~17446218~~02416718 M 0.00000000 0.00000000 3.~~84778500~~84474850 0.00000000 ~~999~~998.~~23454700~~46823000 B-1 0.00000000 0.00000000 3.~~84778531~~84474872 0.00000000 ~~999~~998.~~23454663~~46823013 B-2 0.00000000 0.00000000 3.~~84778551~~84474875 0.00000000 ~~999~~998.~~23454644~~46823037 B-3 0.00000000 0.00000000 3.~~84778544~~84474903 0.00000000 ~~999~~998.~~23454754~~46823082 B-4 0.00000000 0.00000000 3.~~84778511~~84475024 0.00000000 ~~999~~998.~~23454760~~46822809 B-5 0.00000000 0.00000000 3.~~84778642~~84474540 0.00000000 ~~999~~998.~~23454738~~46823197 B-6 0.00000000 0.00000000 3.~~84778592~~84474762 0.00000000 ~~999~~998.~~23444602~~46812893 X 0.00000000 0.00000000 0.~~05611822~~05484023 0.00000000 ~~979~~955.~~44340100~~62569722 (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 3337,~~604~~982,~~121~~879.2265 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 4315,~~584~~663.9594 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 3337,~~647~~998,~~706~~543.1759 Withdrawals Reimbursement for Servicer Advances 043,584.0095 Payment of Service Fee ~~294~~288,~~676~~861.4980 Payment of Interest and Principal 3337,~~353~~666,~~029~~096.6884 Total Withdrawals (Pool Distribution Amount) 3337,~~647~~998,~~706~~543.1759 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~294~~288,~~676~~861.4980 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~294~~288,~~676~~861.4980

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT 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 1 0 0 1 ~~487~~486,~~217~~550.6794 0.00 0.00 ~~487~~486,~~217~~550.6794 30 Days 198 0 0 0 19 8 3,~~851~~345,~~942~~580.6942 0.00 0.00 0.00 83,~~851~~345,~~942~~580.6942 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 198 1 0 0 209 83,~~851~~345,~~942~~580.6942 ~~487~~486,~~217~~550.6794 0.00 0.00 93,~~339~~832,~~160~~131.36 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.~~035984~~036860% 0.000000% 0.000000% 0.~~035984~~036860% 0.~~035118~~035908% 0.000000% 0.000000% 0.~~035118~~035908% 30 Days 0.~~683699~~294877% 0.000000% 0.000000% 0.000000% 0.~~683699~~294877% 0.~~638035~~246908% 0.000000% 0.000000% 0.000000% 0.~~638035~~246908% 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.~~683699~~294877% 0.~~035984~~036860% 0.000000% 0.000000% 0.~~719683~~331736% 0.~~638035~~246908% 0.~~035118~~035908% 0.000000% 0.000000% 0.~~673153~~282816%

Delinquency Status By Groups

DELINQUENT BANKRUPTCY FORECLOSURE REO Total 1 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 1 0 0 1 ~~487~~486,~~217~~550.6794 0.00 0.00 ~~487~~486,~~217~~550.6794 30 Days 83 0 0 0 8 3 1,~~673~~011,~~529~~123.7156 0.00 0.00 0.00 31,~~673~~011,~~529~~123.7156 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 83 1 0 0 94 31,~~673~~011,~~529~~123.7156 ~~487~~486,~~217~~550.6794 0.00 0.00 41,~~160~~497,~~747~~674.3850 0-29 Days 0.~~070077~~072516% 0.000000% 0.000000% 0.~~070077~~072516% 0.~~071971~~074432% 0.000000% 0.000000% 0.~~071971~~074432% 30 Days 0.~~560617~~217549% 0.000000% 0.000000% 0.000000% 0.~~560617~~217549% 0.~~542645~~154680% 0.000000% 0.000000% 0.000000% 0.~~542645~~154680% 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.~~560617~~217549% 0.~~070077~~072516% 0.000000% 0.000000% 0.~~630694~~290065% 0.~~542645~~154680% 0.~~071971~~074432% 0.000000% 0.000000% 0.~~614615~~229111% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 2 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 115 0 0 0 11 5 2,~~178~~334,~~412~~456.9886 0.00 0.00 0.00 52,~~178~~334,~~412~~456.9886 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 115 0 0 0 11 5 2,~~178~~334,~~412~~456.9886 0.00 0.00 0.00 52,~~178~~334,~~412~~456.9886 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~813609~~374813% 0.000000% 0.000000% 0.000000% 0.~~813609~~374813% 0.~~728936~~332876% 0.000000% 0.000000% 0.000000% 0.~~728936~~332876% 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.~~813609~~374813% 0.000000% 0.000000% 0.000000% 0.~~813609~~374813% 0.~~728936~~332876% 0.000000% 0.000000% 0.000000% 0.~~728936~~332876%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 4315,~~584~~663.9594

REO Detail - All Mortgage Loans in REO during Current Period

Summary 12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 ~~Sep~~Oct-04 0.000% Original Principal Balance 0.00 ~~Oct~~Nov-04 0.000% Current Principal Balance 0.00 ~~Nov~~Dec-04 0.000% ~~Dec~~Jan-0405 0.000% Current REO Total ~~Jan~~Feb-05 0.000% Loans in REO 0 ~~Feb~~Mar-05 0.000% Original Principal Balance 0.00 ~~Mar~~Apr-05 0.000% Current Principal Balance 0.00 ~~Apr~~May-05 0.000% ~~May~~Jun-05 0.000% ~~Jun~~Jul-05 0.000% ~~Jul~~Aug-05 0.000% ~~Aug~~Sep-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. 1 12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 ~~Sep~~Oct-04 0.000% Original Principal Balance 0.00 ~~Oct~~Nov-04 0.000% Current Principal Balance 0.00 ~~Nov~~Dec-04 0.000% ~~Dec~~Jan-0405 0.000% Current REO Total ~~Jan~~Feb-05 0.000% Loans in REO 0 ~~Feb~~Mar-05 0.000% Original Principal Balance 0.00 ~~Mar~~Apr-05 0.000% Current Principal Balance 0.00 ~~Apr~~May-05 0.000% ~~May~~Jun-05 0.000% ~~Jun~~Jul-05 0.000% ~~Jul~~Aug-05 0.000% ~~Aug~~Sep-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. 2 12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 ~~Sep~~Oct-04 0.000% Original Principal Balance 0.00 ~~Oct~~Nov-04 0.000% Current Principal Balance 0.00 ~~Nov~~Dec-04 0.000% ~~Dec~~Jan-0405 0.000% Current REO Total ~~Jan~~Feb-05 0.000% Loans in REO 0 ~~Feb~~Mar-05 0.000% Original Principal Balance 0.00 ~~Mar~~Apr-05 0.000% Current Principal Balance 0.00 ~~Apr~~May-05 0.000% ~~May~~Jun-05 0.000% ~~Jun~~Jul-05 0.000% ~~Jul~~Aug-05 0.000% ~~Aug~~Sep-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.

Foreclosure Detail - All Mortgage Loans in Foreclosure during Current Period

Summary 12 Month Foreclosure History* New Foreclosure Loans Month Foreclosure Percentage Loans in Foreclosure 0 ~~Sep~~Oct-04 0.000% Original Principal Balance 0.00 ~~Oct~~Nov-04 0.000% Current Principal Balance 0.00 ~~Nov~~Dec-04 0.000% ~~Dec~~Jan-0405 0.000% Current Foreclosure Total ~~Jan~~Feb-05 0.000% Loans in Foreclosure 0 ~~Feb~~Mar-05 0.000% Original Principal Balance 0.00 ~~Mar~~Apr-05 0.000% Current Principal Balance 0.00 ~~Apr~~May-05 0.000% ~~May~~Jun-05 0.000% ~~Jun~~Jul-05 0.000% ~~Jul~~Aug-05 0.000% ~~Aug~~Sep-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. 1 12 Month Foreclosure History* New Foreclosure Loans Month Foreclosure Percentage Loans in Foreclosure 0 ~~Sep~~Oct-04 0.000% Original Principal Balance 0.00 ~~Oct~~Nov-04 0.000% Current Principal Balance 0.00 ~~Nov~~Dec-04 0.000% ~~Dec~~Jan-0405 0.000% Current Foreclosure Total ~~Jan~~Feb-05 0.000% Loans in Foreclosure 0 ~~Feb~~Mar-05 0.000% Original Principal Balance 0.00 ~~Mar~~Apr-05 0.000% Current Principal Balance 0.00 ~~Apr~~May-05 0.000% ~~May~~Jun-05 0.000% ~~Jun~~Jul-05 0.000% ~~Jul~~Aug-05 0.000% ~~Aug~~Sep-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. 2 12 Month Foreclosure History* New Foreclosure Loans Month Foreclosure Percentage Loans in Foreclosure 0 ~~Sep~~Oct-04 0.000% Original Principal Balance 0.00 ~~Oct~~Nov-04 0.000% Current Principal Balance 0.00 ~~Nov~~Dec-04 0.000% ~~Dec~~Jan-0405 0.000% Current Foreclosure Total ~~Jan~~Feb-05 0.000% Loans in Foreclosure 0 ~~Feb~~Mar-05 0.000% Original Principal Balance 0.00 ~~Mar~~Apr-05 0.000% Current Principal Balance 0.00 ~~Apr~~May-05 0.000% ~~May~~Jun-05 0.000% ~~Jun~~Jul-05 0.000% ~~Jul~~Aug-05 0.000% ~~Aug~~Sep-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.

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 4.~~867342~~867191% Weighted Average Net Coupon 4.~~617342~~617191% Weighted Average Pass-Through Rate 4.~~617342~~617191% Weighted Average Maturity(Stepdown Calculation) ~~343~~342 Beginning Scheduled Collateral Loan Count 2,~~835~~779 Number Of Loans Paid In Full 5666 Ending Scheduled Collateral Loan Count 2,~~779~~713 Beginning Scheduled Collateral Balance 1,~~414~~386,~~447~~536,~~169~~628.8224 Ending Scheduled Collateral Balance 1,~~386~~354,~~536~~205,~~628~~452.2411 Ending Actual Collateral Balance at 2931-~~Jul~~Aug-2005 1,~~387~~354,~~374~~988,~~963~~818.3638 Monthly P&I Constant 6,~~819~~684,~~835~~945.3667 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal 1,~~082~~061,~~670~~163.3409 Unscheduled Principal 2631,~~827~~270,~~870~~013.8804

Miscellaneous Reporting Senior Percentage Group I 95.847300% Senior Percentage Group II 95.847800% Senior Prep. Percentage Group I 100.000000% Senior Prep. Percentage Group II 100.000000% Subordinate Percentage Group I 4.162700% Subordinate Percentage Group II 4.162200% Subordinate Prep. Percentage Group I 0.000000% Subordinate Prep. Percentage Group II 0.000000%

Group Level Collateral Statement Group 1 2 Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 4.~~874903~~874901 4.~~860057~~859849 4.~~867342~~867191 Weighted Average Net Rate 24.~~312858~~624901 4.~~726325~~609849 4.~~617342~~617191 Weighted Average Maturity ~~337~~336 ~~343~~342 ~~343~~342 Beginning Loan Count ~~244~~1,427 21,~~591~~352 2,~~835~~779 Loans Paid In Full ~~(1,183)~~48 ~~1,239~~18 5666 Ending Loan Count 1,~~427~~379 1,~~352~~334 2,~~779~~713 Beginning Scheduled Balance 67676,~~723~~385,~~775~~145.5437 1710,~~346~~151,~~723,393~~482.9287 1,~~414~~386,~~447~~536,~~169~~628.4624 Ending Scheduled Balance ~~676~~653,~~385~~147,~~145~~580.3775 ~~710~~701,~~151~~057,~~482~~871.8736 1,~~386~~354,~~536~~205,~~628~~452.2411 Record Date 0708/2931/2005 0708/2931/2005 0708/2931/2005 Principal And Interest Constant 3,~~552~~463,~~502~~532.1877 3,~~267~~221,~~333~~412.1890 6,~~819~~684,~~835~~945.3667 Scheduled Principal ~~732~~715,~~998~~774.2810 ~~349~~345,~~672~~388.0699 1,~~082~~061,~~670~~163.3409 Unscheduled Principal 1622,~~927~~521,~~357~~790.5752 98,~~900~~748,~~513~~222.3152 2631,~~827~~270,~~870~~013.8804 Scheduled Interest 2,~~819~~747,~~503~~758.9067 2,~~917~~876,~~661~~023.1291 5,~~737~~623,~~165~~782.0258 Servicing Fees ~~144~~140,~~592~~913.8157 ~~150~~147,~~083~~948.6823 ~~294~~288,~~676~~861.4980 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 1 0.00 0.00 0.00 Spread 2 0.00 0.00 0.00 Spread 3 0.00 0.00 0.00 Net Interest 2,~~674~~606,~~911~~845.0910 2,~~767~~728,~~577~~075.4468 5,~~442~~334,~~488~~920.5378 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 4.~~624903~~624901 4.~~610057~~609849 4.~~617342~~617191

Prepayment Detail - Prepayments during Current Period Summary Loans Paid In Full Repurchased Loans Original Current Original Current Principal Principal Principal Principal Group Count Balance Balance Count Balance Balance 1 3748 1722,~~299~~666,~~959~~297.00 1622,~~179~~026,~~613~~795.5219 0 0.00 0.00 2 1918 98,~~721~~397,~~092~~400.00 98,~~646~~281,~~828~~325.6831 0 0.00 0.00 Total 5666 2731,~~021~~063,~~051~~697.00 2530,~~826~~308,~~442~~120.2050 0 0.00 0.00

Prepayment Detail - Prepayments during Current Period (continued) Summary Substitution Loans Liquidated Loans Curtailments Original Current Original Current Principal Principal Principal Principal Curtailment Group Count Balance Balance Count Balance Balance Amount 1 0 0.00 0.00 0 0.00 0.00 ~~769~~519,~~349~~358.5572 2 0 0.00 0.00 0 0.00 0.00 ~~258~~473,~~041~~966.5951 Total 0 0.00 0.00 0 0.00 0.00 1993,~~027,391~~325.1423

Prepayment Loan Detail - Prepayments during Current Period First Original Loan LTV at Payment Principal Prepayment Group Number State Origination Date Balance Amount 1 ~~0000353852~~0000286017 VANJ 8089.0051 01-Nov-2002 ~~598~~519,~~050~~200.00 ~~571~~487,~~297~~969.1750 1 ~~0021190442~~0008396509 CAMS 9057.27 01-Oct-2002 355,100.00 338,130.84 1 0016084428 MN 69.26 01-~~May~~Jan-2003 ~~383~~320,~~726~~000.00 ~~361~~306,~~802~~134.2296 1 ~~0025963653~~0020214631 VANV 8076.0083 01-~~Jul~~Jun-2003 ~~401~~388,~~600~~000.00 ~~388~~373,~~087~~882.5768 1 ~~0027022615~~0021085477 CA 8079.0098 01-Aug-2003 ~~471~~467,~~200~~000.00 ~~471~~451,~~200~~287.0013 1 ~~0032853244~~0023484579 MNCA 78.9598 01-~~Nov~~Jun-2003 ~~349~~428,000.00 ~~339~~428,~~050~~000.00 1 0024621583 IL 56.59 01-Jul-2003 212,245.00 204,803.56 1 0033399783 NJ 75.00 01-Dec-2003 427,500.00 415,428.75 1 0035957307 MD 80.00 01-Feb-2004 284,000.00 276,739.77 1 ~~0034159871~~0036221935 FLDC 6280.5000 01-Jan-2004 388,000.00 377,563.65 1 0036545135 MI 77.72 01-Jan-2004 357,500.00 346,887.11 1 0036682524 OH 40.00 01-Feb-2004 1,000,000.00 ~~999~~1,~~785~~000,000.8500 1 ~~0035068634~~0123793101 CA 7952.5577 01-~~Nov~~Dec-~~2003~~2002 ~~350~~343,000.00 ~~340~~307,~~117~~114.1878 1 ~~0036323715~~0123963274 MNTX 7980.6600 01-Dec-~~2003~~2002 ~~470~~414,~~000~~400.00 ~~470~~395,~~000~~743.0047 1 ~~0122478548~~0123977068 COIL 4478.8323 01-~~Oct~~Dec-2002 ~~448~~461,~~300~~545.00 ~~427~~440,~~613~~898.3526 1 ~~0123266975~~0124282682 CATX 9580.00 01-Dec-2002 ~~338~~754,~~200~~400.00 ~~322~~720,~~936~~415.5936 1 ~~0124318882~~0124671876 NJ 69.8429 01-~~May~~Mar-2003 ~~454~~589,000.00 ~~437~~565,~~481~~125.2255 1 ~~0125334417~~0125965004 MOTX 80.00 01-~~Feb~~May-2003 ~~330~~532,~~000~~297.00 ~~316~~531,~~516~~389.9383 1 ~~0127217743~~0126336429 CAMD 6578.9779 01-~~Apr~~Jul-2003 ~~600~~650,000.00 ~~577~~627,~~204~~241.1847 1 ~~0127490803~~0127365898 CA 7279.1958 01-May-2003 ~~639~~390,000.00 ~~615~~372,~~562~~542.0161 1 ~~0127503803~~0127550812 CA 5078.6384 01-May-2003 ~~399~~378,~~990~~500.00 ~~385~~364,~~436~~207.5318 1 ~~0127623593~~0127560324 CAVA 4677.0855 01-~~Jun~~May-2003 ~~500~~597,~~000~~200.00 ~~482~~597,~~493~~200.5800 1 ~~0127773406~~0127696169 CATX 5469.16 01-Oct-2003 810,600.00 810,600.00 1 0127729119 NJ 79.77 01-~~May~~Jun-2003 ~~400~~355,000.00 ~~385~~340,~~446~~181.2376 1 ~~0128216751~~0127855963 VACA 80.00 01-~~Jul~~May-2003 ~~348~~402,~~000~~711.00 ~~336~~387,~~291~~503.1179 1 ~~0128223187~~0127888907 CA 6558.0084 01-~~Jun~~May-2003 ~~496~~559,~~600~~000.00 ~~479~~537,~~073~~890.4981 1 ~~0128290459~~0128301504 CA 8065.00 01-~~Jun~~Jul-2003 ~~366~~650,~~400~~000.00 ~~366~~627,~~123~~241.3547 1 ~~0128334158~~0128471851 NJWA 8071.0076 01-~~Jun~~Aug-2003 ~~379~~484,~~920~~383.00 ~~366~~468,~~510~~085.1602 1 ~~0128648524~~0128642279 CA 4667.7970 01-Jul-2003 ~~496~~650,000.00 42627,~~089~~160.4776 1 ~~0129051769~~0128736337 CA 6670.4100 01-~~Oct~~Jul-2003 ~~631~~395,~~000~~500.00 ~~631~~395,~~000~~489.0068 1 ~~0129340295~~0128831229 CA 7825.8760 01-~~Aug~~Jul-2003 ~~351~~448,000.00 ~~339~~432,~~667~~314.4105 1 ~~0131033623~~0128955861 CA 6880.5200 01-~~Oct~~Jul-2003 ~~490~~432,000.00 ~~490~~416,~~000~~874.43 1 0129314514 NY 59.27 01-Aug-2003 468,341.00 442,475.81 1 ~~0131271181~~0129631198 CA 6476.5856 01-~~Oct~~Aug-2003 ~~355~~536,~~250~~000.00 ~~344~~517,~~741~~965.4531 1 ~~0131332447~~0131164964 CA 3580.2200 01-~~Nov~~Sep-2003 ~~376~~415,~~988~~200.00 ~~251~~401,~~994~~794.9873 1 ~~0131516056~~0131328288 CA 5950.3800 01-Oct-2003 ~~490~~600,000.00 ~~475~~581,~~499~~441.9059 1 ~~0132052192~~0131461907 SCCA 7792.0430 01-Nov-2003 ~~500~~360,000.00 ~~482~~359,~~991~~901.3513 1 ~~0132657198~~0131840555 COCA 3470.6800 01-~~Dec~~Nov-2003 ~~425~~350,000.00 ~~413~~337,~~568~~626.5522 1 ~~0133063446~~0131999963 MDCA 7680.5000 01-~~Dec~~Nov-2003 ~~394~~364,~~000~~600.00 ~~380~~353,~~004~~814.5992 1 ~~0133380014~~0132456518 CA 8089.0009 01-Jan-2004 ~~436~~400,~~000~~950.00 ~~424~~389,~~853~~635.9569 1 ~~0133751289~~0132692989 CA 6380.6300 01-~~Jan~~Dec-~~2004~~2003 ~~525~~412,000.00 ~~403~~400,~~858~~366.6249 1 ~~0222488231~~0132783697 CA 3668.9525 01-~~Nov~~Dec-2003 ~~343~~546,~~735~~000.00 ~~334~~530,~~028~~582.9879 1 ~~0223777483~~0132977166 CA 7261.3363 01-~~Jul~~Dec-2003 ~~463~~400,000.00 ~~443~~388,~~105~~705.1546 1 ~~0224844308~~0133004481 CA 7376.1981 01-~~Oct~~Dec-2003 ~~650~~507,000.00 ~~630~~491,~~772~~690.3038 1 ~~0225203181~~0133020107 AZCA 2070.9400 01-~~Oct~~Jan-~~2003~~2004 ~~649~~365,~~000~~400.00 ~~629~~365,~~801~~325.8378 21 ~~0036761153~~0133155838 MDCA 80.00 01-~~Mar~~Jan-2004 ~~232~~472,000.00 ~~226~~471,~~684~~901.1336 21 ~~0037536877~~0133511303 CA 7760.1347 01-~~Mar~~Jan-2004 ~~432~~650,000.00 ~~427~~632,~~511~~010.3258 1 0134011857 NJ 77.59 01-Feb-2004 374,725.00 365,145.33 2 ~~0038801874~~0037167517 CAMN 8075.00 01-~~Apr~~Mar-2004 ~~440~~628,~~000~~500.00 ~~439~~613,~~948~~267.1462 2 ~~0038829388~~0037742129 CAMD 7177.6268 01-~~May~~Mar-2004 ~~379~~435,~~592~~000.00 ~~379~~435,~~552~~000.1500 2 ~~0050055797~~0037762317 WACA 80.00 01-~~Feb~~Mar-~~2005~~2004 ~~504~~496,000.00 ~~504~~496,000.00 2 ~~0051385094~~0045294717 FLMD 80.00 01-~~May~~Sep-~~2005~~2004 ~~460~~452,000.00 ~~460~~438,~~000~~431.39 2 0133710236 NY 20.29 01-Mar-2004 659,500.00 659,500.00 2 ~~0134101013~~0134280064 MDCA 7680.4700 01-Mar-2004 ~~650~~364,000.00 ~~649~~354,~~045~~469.5265 2 ~~0134769413~~0134820489 CA 7251.8749 01-Mar-2004 ~~645~~381,000.00 ~~644~~371,~~698~~765.6289 2 ~~0135051811~~0134916287 CA 7674.4550 01-Apr-2004 ~~604~~447,000.00 ~~590~~436,~~955~~757.8246 2 ~~0135083608~~0134938794 CA 6774.7744 01-~~May~~Apr-2004 ~~610~~362,~~000~~500.00 ~~603~~354,~~998~~193.7384 2 ~~0135184885~~0135042596 CA 6367.2744 01-~~Mar~~Apr-2004 ~~348~~408,000.00 ~~340~~398,~~026~~651.1626 2 ~~0135485902~~0135082568 CA 6080.2700 01-~~May~~Apr-2004 ~~425~~460,000.00 ~~425~~449,~~000~~459.0072 2 ~~0135567451~~0135167518 CA 7946.4031 01-~~May~~Apr-2004 ~~460~~407,~~500~~600.00 ~~450~~397,~~970~~798.7597 2 ~~0136228624~~0135490019 CA 7057.0063 01-Jun-2004 ~~693~~547,~~000~~500.00 ~~679~~536,~~848~~394.4429 2 ~~0137073029~~0135557874 CA 7080.00 01-~~Jun~~May-2004 ~~448~~456,~~000~~800.00 ~~447~~456,~~908~~800.2600 2 ~~0137966735~~0135657666 CA 4861.7725 01-~~Jul~~Jun-2004 1392,000~~,000~~.00 ~~982~~391,~~323~~904.6869 2 ~~0138447719~~0138003504 VTCA 8077.0056 01-~~Apr~~Sep-~~2005~~2004 ~~568~~415,000.00 ~~568~~408,~~000~~202.0019 2 ~~0141724302~~0139057012 CA 8070.00 01-~~Feb~~Sep-~~2005~~2004 ~~380~~497,000.00 ~~380~~488,~~000~~859.0004 2 ~~0141970525~~0140180753 CA 4980.1100 01-~~Mar~~Feb-2005 ~~442~~588,000.00 ~~442~~586,~~000~~800.00

Prepayment Loan Detail - Prepayments during Current Period (continued) Current Loan PIF Months Loan Original Group Number Type Delinquent Rate Term Seasoning 1 ~~0000353852~~0000286017 Loan Paid in Full 0 4.875% 360 3334 1 ~~0021190442~~0008396509 Loan Paid in Full 0 4.875% 360 35 1 0016084428 Loan Paid in Full 0 4.875% 360 32 1 0020214631 Loan Paid in Full 0 4.875% 360 27 1 ~~0025963653~~0021085477 Loan Paid in Full 0 4.875% 360 25 1 ~~0027022615~~0023484579 Loan Paid in Full 0 4.875% 360 2427 1 ~~0032853244~~0024621583 Loan Paid in Full 0 4.875% 360 26 1 0033399783 Loan Paid in Full 0 4.875% 360 21 1 ~~0034159871~~0035957307 Loan Paid in Full 0 4.875% 360 19 1 ~~0035068634~~0036221935 Loan Paid in Full 0 4.875% 360 2120 1 ~~0036323715~~0036545135 Loan Paid in Full 0 4.875% 360 20 1 ~~0122478548~~0036682524 Loan Paid in Full 0 4.875% 360 3419 1 ~~0123266975~~0123793101 Loan Paid in Full 0 4.875% 360 3233 1 ~~0124318882~~0123963274 Loan Paid in Full 0 4.875% 360 2733 1 ~~0125334417~~0123977068 Loan Paid in Full 0 4.875% 360 33 1 0124282682 Loan Paid in Full (2) 4.875% 360 33 1 0124671876 Loan Paid in Full 0 4.875% 360 30 1 ~~0127217743~~0125965004 Loan Paid in Full 0 4.875% 360 28 1 ~~0127490803~~0126336429 Loan Paid in Full 0 4.875% 360 2726 1 ~~0127503803~~0127365898 Loan Paid in Full 0 4.875% 360 2728 1 ~~0127623593~~0127550812 Loan Paid in Full 0 4.875% 360 2628 1 ~~0127773406~~0127560324 Loan Paid in Full 0 4.875% 360 28 1 0127696169 Loan Paid in Full 0 4.875% 360 23 1 0127729119 Loan Paid in Full 0 4.875% 360 27 1 ~~0128216751~~0127855963 Loan Paid in Full 0 4.875% 360 2528 1 ~~0128223187~~0127888907 Loan Paid in Full 0 4.875% 360 2628 1 ~~0128290459~~0128301504 Loan Paid in Full 0 4.875% 360 26 1 ~~0128334158~~0128471851 Loan Paid in Full 0 4.875% 360 25 1 0128642279 Loan Paid in Full 0 4.875% 360 26 1 ~~0128648524~~0128736337 Loan Paid in Full 0 4.875% 360 2526 1 ~~0129051769~~0128831229 Loan Paid in Full 0 4.875% 360 2226 1 ~~0129340295~~0128955861 Loan Paid in Full 0 4.875% 360 2426 1 ~~0131033623~~0129314514 Loan Paid in Full 0 4.875% 360 2225 1 ~~0131271181~~0129631198 Loan Paid in Full 0 4.875% 360 2225 1 ~~0131332447~~0131164964 Loan Paid in Full (1) 4.875% 360 24 1 0131328288 Loan Paid in Full 0 4.875% 360 2123 1 ~~0131516056~~0131461907 Loan Paid in Full 0 4.875% 360 22 1 ~~0132052192~~0131840555 Loan Paid in Full 0 4.875% 360 2122 1 ~~0132657198~~0131999963 Loan Paid in Full 0 4.875% 360 2022 1 ~~0133063446~~0132456518 Loan Paid in Full 01 4.875% 360 20 1 ~~0133380014~~0132692989 Loan Paid in Full 0 4.875% 360 1921 1 ~~0133751289~~0132783697 Loan Paid in Full 0 4.875% 360 1921 1 ~~0222488231~~0132977166 Loan Paid in Full (1) 4.875% 360 21 1 0133004481 Loan Paid in Full 0 4.875% 360 21 1 ~~0223777483~~0133020107 Loan Paid in Full 0 4.875% 360 2520 1 ~~0224844308~~0133155838 Loan Paid in Full 0 4.875% 360 2220 1 ~~0225203181~~0133511303 Loan Paid in Full 0 4.875% 360 2220 21 ~~0036761153~~0134011857 Loan Paid in Full 0 4.875% 360 1719 2 ~~0037536877~~0037167517 Loan Paid in Full 0 4.875% 360 1718 2 ~~0038801874~~0037742129 Loan Paid in Full 0 4.875% 360 1618 2 ~~0038829388~~0037762317 Loan Paid in Full 0 4.875% 360 1518 2 ~~0050055797~~0045294717 Loan Paid in Full 0 4.875% 360 612 2 ~~0051385094~~0133710236 Loan Paid in Full 0 4.875% 360 318 2 ~~0134101013~~0134280064 Loan Paid in Full 0 4.875% 360 1718 2 ~~0134769413~~0134820489 Loan Paid in Full 0 4.875% 360 1718 2 ~~0135051811~~0134916287 Loan Paid in Full 0 4.875% 360 1617 2 ~~0135083608~~0134938794 Loan Paid in Full 0 4.875% 360 1517 2 ~~0135184885~~0135042596 Loan Paid in Full 0 4.875% 360 17 2 ~~0135485902~~0135082568 Loan Paid in Full 0 4.875% 360 1517 2 ~~0135567451~~0135167518 Loan Paid in Full 0 4.875% 360 1517 2 ~~0136228624~~0135490019 Loan Paid in Full 0 4.875% 360 1415 2 ~~0137073029~~0135557874 Loan Paid in Full 0 4.875% 360 1416 2 ~~0137966735~~0135657666 Loan Paid in Full 0 4.875% 360 1315 2 ~~0138447719~~0138003504 Loan Paid in Full 0 4.875% 360 412 2 ~~0141724302~~0139057012 Loan Paid in Full 0 4.875% 360 612 2 ~~0141970525~~0140180753 Loan Paid in Full 0 4.875% 360 57

Prepayment - Voluntary Prepayments

Summary SMM CPR PSA Current Month 12.~~898~~257% Current Month 2023.~~544~~962% Current Month ~~632~~700.~~926~~333% 3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CPR: Current vs 12mo Average* PSA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. ~~Sep-2004 N/A N/A Sep-2004 N/A N/A~~ Oct-2004 N/A N/A Oct-2004 N/A N/A Nov-2004 N/A N/A Nov-2004 N/A N/A Dec-2004 N/A N/A Dec-2004 N/A N/A Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 20.544% N/A Aug-2005 632.926% N/A Sep-2005 23.962% N/A Sep-2005 700.333% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. 1 SMM CPR PSA Current Month 23.~~442~~333% Current Month 2533.~~667~~423% Current Month ~~540~~676.~~979~~404% 3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CPR: Current vs 12mo Average* PSA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. ~~Sep-2004 N/A N/A Sep-2004 N/A N/A~~ Oct-2004 N/A N/A Oct-2004 N/A N/A Nov-2004 N/A N/A Nov-2004 N/A N/A Dec-2004 N/A N/A Dec-2004 N/A N/A Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 25.667% N/A Aug-2005 540.979% N/A Sep-2005 33.423% N/A Sep-2005 676.404% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. 2 SMM CPR PSA Current Month 1.~~375~~232% Current Month 1513.~~307~~827% Current Month ~~841~~689.~~773~~391% 3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CPR: Current vs 12mo Average* PSA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. ~~Sep-2004 N/A N/A Sep-2004 N/A N/A~~ Oct-2004 N/A N/A Oct-2004 N/A N/A Nov-2004 N/A N/A Nov-2004 N/A N/A Dec-2004 N/A N/A Dec-2004 N/A N/A Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 15.307% N/A Aug-2005 841.773% N/A Sep-2005 13.827% N/A Sep-2005 689.391% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. Calculation Methodology: Single Month Mortality (SMM): (Partial and full prepayments + Repurchases) / (Beginning Scheduled Balance - Scheduled Principal) Conditional PrePayment Rate (CPR): 1 - ((1 - SMM)^12) PSA Standard Prepayment Model: 100 * CPR / (0.2 * MIN(30,WAS)) Weighted Average Seasoning (WAS): sum((Original Term - Remaining Term)*(Current Scheduled Balance/Deal Scheduled Principal Balance))

Realized Loss Report - Collateral Summary

MDR SDA Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% MDR: Current vs 12mo Average* SDA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. ~~Sep-2004 N/A N/A Sep-2004 N/A N/A~~ Oct-2004 N/A N/A Oct-2004 N/A N/A Nov-2004 N/A N/A Nov-2004 N/A N/A Dec-2004 N/A N/A Dec-2004 N/A N/A Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 0.000% N/A Aug-2005 0.000% N/A Sep-2005 0.000% N/A Sep-2005 0.000% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. CDR Loss Severity Approximation Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CDR: Current vs 12mo Average* Loss Severity: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. ~~Sep-2004 N/A N/A Sep-2004 N/A N/A~~ Oct-2004 N/A N/A Oct-2004 N/A N/A Nov-2004 N/A N/A Nov-2004 N/A N/A Dec-2004 N/A N/A Dec-2004 N/A N/A Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 0.000% N/A Aug-2005 0.000% N/A Sep-2005 0.000% N/A Sep-2005 0.000% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. 1 MDR SDA Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% MDR: Current vs 12mo Average* SDA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. ~~Sep-2004 N/A N/A Sep-2004 N/A N/A~~ Oct-2004 N/A N/A Oct-2004 N/A N/A Nov-2004 N/A N/A Nov-2004 N/A N/A Dec-2004 N/A N/A Dec-2004 N/A N/A Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 0.000% N/A Aug-2005 0.000% N/A Sep-2005 0.000% N/A Sep-2005 0.000% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. CDR Loss Severity Approximation Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CDR: Current vs 12mo Average* Loss Severity: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. ~~Sep-2004 N/A N/A Sep-2004 N/A N/A~~ Oct-2004 N/A N/A Oct-2004 N/A N/A Nov-2004 N/A N/A Nov-2004 N/A N/A Dec-2004 N/A N/A Dec-2004 N/A N/A Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 0.000% N/A Aug-2005 0.000% N/A Sep-2005 0.000% N/A Sep-2005 0.000% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. 2 MDR SDA Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% MDR: Current vs 12mo Average* SDA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. ~~Sep-2004 N/A N/A Sep-2004 N/A N/A~~ Oct-2004 N/A N/A Oct-2004 N/A N/A Nov-2004 N/A N/A Nov-2004 N/A N/A Dec-2004 N/A N/A Dec-2004 N/A N/A Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 0.000% N/A Aug-2005 0.000% N/A Sep-2005 0.000% N/A Sep-2005 0.000% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. CDR Loss Severity Approximation Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CDR: Current vs 12mo Average* Loss Severity: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. ~~Sep-2004 N/A N/A Sep-2004 N/A N/A~~ Oct-2004 N/A N/A Oct-2004 N/A N/A Nov-2004 N/A N/A Nov-2004 N/A N/A Dec-2004 N/A N/A Dec-2004 N/A N/A Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 0.000% N/A Aug-2005 0.000% N/A Sep-2005 0.000% N/A Sep-2005 0.000% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. Calculation Methodology: Monthly Default Rate (MDR): sum(Beg Principal Balance of Liquidated Loans)/ sum(Beg Principal Balance). Conditional Default Rate (CDR): 1-((1-MDR)^12) SDA Standard Default Assumption: If WAS is less than or equal to 30 then CDR/(WAS*0.02) else if WAS is greater than 30 and less than or equal to 60 then CDR/0.6 else if WAS is greater than 60 and less than or equal to 120 then CDR/(0.6 - ((WAS-60)*0.0095)) else if WAS is greater than 120 then CDR/0.03 Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)

Filing Compare · BEAR STEARNS ARM TRUST, MORTGAGE-BACKED NOTES, SERIES 2005-5