POPULAR ABS INC MORTGAGE PASS- THROUGH CERTIFICATES SERIES

Transcription

1 POPULAR ABS INC MORTGAGE PASS- THROUGH CERTIFICATES SERIES FORM 10-K (Annual Report) Filed 03/24/05 for the Period Ending 12/31/04 Address 103 SPRINGER BLDG 3411 SILVERSIDE ROAD WILMINGTON, DE, Telephone CIK SIC Code Asset-Backed Securities Fiscal Year 12/31 Copyright 2018, EDGAR Online, a division of Donnelley Financial Solutions. All Rights Reserved. Distribution and use of this document restricted under EDGAR Online, a division of Donnelley Financial Solutions, Terms of Use.

2 POPULAR ABS INC MORTGAGE PASS-THROUGH CERTIFICATES SERIES 20 FORM 10-K (Annual Report) Filed 3/24/2005 For Period Ending 12/31/2004 Address 103 SPRINGER BLDG 3411 SILVERSIDE ROAD WILMINGTON, Delaware Telephone CIK Fiscal Year 12/31

3 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C FORM 10-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended DECEMBER 31, 2004 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to. Commission file number POPULAR ABS, INC. (AS DEPOSITOR UNDER A CERTAIN POOLING AND SERVICING AGREEMENT DATED AS OF AUGUST 31, 2004, PROVIDING FOR THE ISSUANCE OF MORTGAGE PASS-THROUGH CERTIFICATES, SERIES ) (Exact name of registrant as specified in its charter) DELAWARE (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 103 SPRINGER BUILDING, 3411 SILVERSIDE ROAD, WILMINGTON, DELAWARE (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (302) Securities registered pursuant to Section 12(b) of the Act: NONE Securities registered pursuant to Section 12(g) of the Act: NONE Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]* * THE CLOSING DATE FOR THE TRANSACTION WAS SEPTEMBER 29, Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (Sec of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ ] NOT APPLICABLE Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes [ ] No [X]

4 State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter. NOT APPLICABLE Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date. NOT APPLICABLE

5 This Annual Report on Form 10-K is filed by Popular ABS, Inc. (the "Reporting Person") on behalf of Popular ABS, Inc. Mortgage Pass- Through Certificates, Series Trust (the "Trust") established pursuant to that certain Pooling and Servicing Agreement (the "Pooling and Servicing Agreement") dated as of August 31, 2004 by and among the Reporting Person, as depositor, Equity One, Inc., as servicer and a seller (the "Servicer"), JPMorgan Chase Bank, as trustee (the "Trustee"), and the various other sellers signatory thereto, for the issuance of the Popular ABS, Inc. Mortgage Pass-Through Certificates, Series (the "Certificates"). ITEM 1. BUSINESS PART I Omitted pursuant to First Union Residential Securitization Transactions, Inc., SEC No-Action Letter (April 1, 1997) (the "No-Action Letter"). ITEM 2. PROPERTIES Pursuant to the No-Action Letter, the following represents relevant information regarding real estate owned by the Trust: As of December 31, 2004, the Trust owned no real estate. ITEM 3. LEGAL PROCEEDINGS The Reporting Person knows of no material pending legal proceedings involving the Trust or the Trustee, the Servicer or the registrant with respect to the Trust, other than routine litigation incidental to the duties of the respective parties under the Pooling and Servicing Agreement. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None.

6 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS (a) No established public trading market for the Certificates exists. (b) As of December 31, 2004, the number of holders of record of the publicly offered Certificates was 71. (c) Omitted pursuant to the No-Action Letter. ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA Omitted pursuant to the No-Action Letter. ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Omitted pursuant to the No-Action Letter. ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK Not applicable. ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Omitted pursuant to the No-Action Letter. ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. None. ITEM 9A. CONTROLS AND PROCEDURES Not applicable. ITEM 9B. OTHER INFORMATION None.

7 PART III ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT Omitted pursuant to the No-Action Letter. ITEM 11. EXECUTIVE COMPENSATION Omitted pursuant to the No-Action Letter. ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCK HOLDER MATTERS Item 201(d) of Regulation S-K None. Item 403 of Regulation S-K (a) Not applicable. (b) Not applicable. (c) Not applicable. ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS (a) Not applicable. (b) Not applicable. (c) None. (d) None. ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES. Not applicable.

8 PART IV ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K (a) Exhibits 31.1 Certification pursuant to Securities Exchange Act Rules 13a-14 and 15d-14 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of Annual Independent Accountants' Servicing Report concerning servicing activities under the Pooling and Servicing Agreement for the Servicer's fiscal year ended November 30, 2004, in accordance with the No-Action Letter Annual Statement of Compliance under the Pooling and Servicing Agreement for the Servicer's fiscal year ended November 30, 2004, in accordance with the No-Action Letter Aggregate Statement of Principal and Interest Distributions to Certificateholders. (b) See Item 15(a) above. (c) Omitted pursuant to the No-Action Letter.

9 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Reporting Person has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. POPULAR ABS, INC., on behalf of the Trust Date: March 10, 2005 By: /s/ James H. Jenkins James H. Jenkins, Executive Vice President and CFO SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT (a)(1) No annual report is provided to the Certificateholders other than with respect to aggregate principal and interest distributions. (a)(2) No proxy statement, form of proxy or other proxy soliciting material has been sent to any Certificateholder with respect to any annual or other meeting of Certificateholders.

10 INDEX TO EXHIBITS Exhibit Number Description Certification pursuant to Securities Exchange Act Rules 13a-14 and 15d-14 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of Annual Independent Accountants' Servicing Report concerning servicing activities under the Pooling and Servicing Agreement for the Servicer's fiscal year ended November 30, 2004, in accordance with the No-Action Letter Annual Statement of Compliance under the Pooling and Servicing Agreement for the Servicer's fiscal year ended November 30, 2004, in accordance with the No-Action Letter Aggregate Statement of Principal and Interest Distributions to Certificateholders.

11 EXHIBIT 31.1

12 CERTIFICATION I, James H. Jenkins, certify that: 1. I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by this annual report, of Popular ABS, Inc.; 2. Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report; 3. Based on my knowledge, the distribution or servicing information required to be provided to the trustee by the servicer under the pooling and servicing, or similar, agreement, for inclusion in these reports is included in these reports; 4. Based on my knowledge and upon the annual compliance statement included in the report and required to be delivered to the trustee in accordance with the terms of the pooling and servicing, or similar, agreement, and except as disclosed in the reports, the servicer has fulfilled its obligations under the servicing agreement; and 5. The reports disclose all significant deficiencies relating to the servicer's compliance with the minimum servicing standards based upon the report provided by an independent public accountant, after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedure, as set forth in the pooling and servicing, or similar, agreement, that is included in these reports. In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: JPMorgan Chase Bank, N.A., as trustee. Date: March 10, 2005 /s/ James H. Jenkins James H. Jenkins, Executive Vice President and CFO Popular ABS, Inc.

13 EXHIBIT 99.1

14 PRICEWATERHOUSECOOPERS LLP PricewaterhouseCoopers Center 300 Madison Avenue New York NY Telephone (646) Facsimile (813) REPORT OF INDEPENDENT ACCOUNTANTS To the Board of Directors and Shareholders of Equity One, Inc.: We have examined management's assertion about Equity One, Inc. and its subsidiaries's (the "Company") compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers ("USAP") as of and for the year ended November 30, 2004 included in the accompanying management assertion (see Exhibit I). Management is responsible for the Company's compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the Company's compliance based on our examination. Our examination was made in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the minimum servicing standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with the minimum servicing standards. In our opinion, management's assertion that the Company complied with the aforementioned minimum servicing standards as of and for the year ended November 30, 2004 is fairly stated, in all material respects. /s/ PricewaterhouseCoopers LLP February 14, 2005

15 301 Lippincott Drive Telephone (856) Marlton, NJ Fax (856) February 25, 2005 MANAGEMENT'S ASSERTION CONCERNING COMPLIANCE WITH USAP MINIMUM SERVICING STANDARDS As of and for the year ended November 30, 2004, Equity One, Inc. and its subsidiaries (the "Company"), a wholly-owned subsidiary of Popular Financial Holdings, Inc., have complied in all material respects with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers ("USAP") solely for the purpose of servicing the residential mortgage loans underlying the Loan Asset Backed Certificate Series , , , , , , , , , , , , , , , , , , , , (the "Agreement"). As of and for this same period, the Company had in effect fidelity bond and errors and omissions policies in the amounts of $50,000,000 and $25,000,000, respectively. /s/ James H. Jenkins James H. Jenkins Executive Vice President, Chief Financial Officer /s/ John N. Martella John N. Martella Group Executive Vice President of Loan Servicing

16 EXHIBIT 99.2

17 EQUITY ONE, INC. Officer's Certificate Annual Statement of Servicer Popular ABS, Inc. Mortgage Pass-Through Certificates, Series Pursuant to the provisions of the Pooling and Servicing Agreement for the above captioned series (the "Agreement"), the undersigned hereby certifies that he is an officer of Equity One, Inc. (the "Servicer"), and does hereby further certify that: 1. A review of the activities of the Servicer during the fiscal year ended November 30, 2004 and of its performance under the Agreement has been made under his supervision; and 2. To the best of his knowledge, based on such review, the Servicer has fulfilled all of its obligations under the Agreement throughout such fiscal year. IN WITNESS WHEREOF, the undersigned has executed this Officer's Certificate on behalf of the Servicer as of this 17th day of February, EQUITY ONE, INC. By: /s/ Dennis J. Lauria Dennis J. Lauria, Senior Vice President

18 EXHIBIT 99.3

19 Page 1 of 3 Client Distribution History Report Date Range - From: 01/01/2003 to: 12/31/2004 Payable Date October 25, 2004 Client Equity One Mortgage Pass-Through Certificates Series Pool Number Beginning Interest Series Cusip No. Prin Bal Principal Paid Interest Paid Total Distrib Adjustment af PAA af PAB af PAC af PAD af PAE af PAF av PAG b PAM b PAN b PAP b PAQ m PAH m PAJ m PAK m PAL r N/A x N/A PAYABLE TOTALS 13,868, ,774, ,642, GRAND TOTALS 13,868, ,774, ,642, Pool Number Net Interest Series Distribution Other Ending Prin Bal Rate Servicer Fee af af af af af af av b b b b m m m m r x ,774, ,428,571, ,774, ,428,571,

20 Page 2 of 3 Client Distribution History Report Date Range - From: 01/01/2003 to: 12/31/2004 Payable Date November 26, 2004 Client Equity One Mortgage Pass-Through Certificates Series Pool Number Beginning Interest Series Cusip No. Prin Bal Principal Paid Interest Paid Total Distrib Adjustment af PAA af PAB af PAC af PAD af PAE af PAF av PAG b PAM b PAN b PAP b PAQ m PAH m PAJ m PAK m PAL r N/A x N/A PAYABLE TOTALS 16,755, ,982, ,738, GRAND TOTALS 16,755, ,982, ,738, Pool Number Net Interest Series Distribution Other Ending Prin Bal Rate Servicer Fee af af af af af af av b b b b m m m m r x ,982, ,411,815, ,982, ,411,815,

21 Page 1 of 3 Client Distribution History Report Date Range - From: 01/01/2003 to: 12/31/2004 Payable Date December 27, 2004 Client Equity One Mortgage Pass-Through Certificates Series Pool Number Beginning Interest Series Cusip No. Prin Bal Principal Paid Interest Paid Total Distrib Adjustment af PAA af PAB af PAC af PAD af PAE af PAF av PAG b PAM b PAN b PAP b PAQ m PAH m PAJ m PAK m PAL r N/A x N/A PAYABLE TOTALS 20,130, ,033, ,164, GRAND TOTALS 20,130, ,033, ,164, Pool Number Net Interest Series Distribution Other Ending Prin Bal Rate Servicer Fee af af af af af af av b b b b m m m m r x ,033, ,391,685, ,033, ,391,685, End of Filing 2005 EDGAR Online, Inc.