pooling and servicing agreement

Pooling and Servicing Agreement

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HOME EQUITY MORTGAGE LOAN ASSET BACKED TRUST SERIES 2005-A

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Title: pooling and servicing agreement
Date: 4/27/2005

pooling and servicing agreement, Parties: home equity mortgage loan asset backed trust series 2005-a

EXHIBIT 99.2

The depositor purchased mortgage loans from IndyMac Bank, F.S.B.

("INDYMAC BANK") pursuant to a pooling and servicing agreement, dated as of

March 1, 2005, among IndyMac Bank, as seller and master servicer, the depositor

and the trustee, and assigned to the trustee for the benefit of holders of the

certificates the statistical calculation mortgage loans (other than those

removed prior to the closing date) and other similar mortgage loans (together,

the "CLOSING DATE MORTGAGE LOANS"). Pursuant to each subsequent transfer

instrument the trust acquired subsequent mortgage loans. The Closing Date

Mortgage Loans and subsequent mortgage loans included in the trust are referred

to as the "MORTGAGE LOANS". The Closing Date Mortgage Loans have an aggregate

principal balance as of the cut-off date of approximately $999,491,933. The

Closing Date Mortgage Loans to be included in loan group I have an aggregate

principal balance equal to approximately $713,377,245, and the Closing Date

Mortgage Loans to be included in loan group II have an aggregate principal

balance equal to approximately $286,114,588.

As of the cut-off date, the aggregate Stated Principal Balance of the

Statistical Calculation Mortgage Loans is approximately $999,491,933. The

mortgage loans to be included in the mortgage pool were acquired or originated

by the seller in the normal course of its business.

At origination, 98.48% of the Statistical Calculation Mortgage Loans in

loan group I and approximately 99.44% of the Statistical Calculation Mortgage

Loans in loan group II had stated terms to maturity of 30 years. All of the

Statistical Calculation Mortgage Loans provide for payments due on the first day

of each month (a "due date"). Scheduled monthly payments made by the mortgagors

on the mortgage loans ("scheduled payments") either earlier or later than the

scheduled due dates thereof is not expected to affect the amortization schedule

or the relative application of those payments to principal and interest.

With the exception of 596 of the Statistical Calculation Mortgage Loans

in loan group I and 259 of the Statistical Calculation Mortgage Loans in loan

group II, representing approximately 17.54% and 32.94%, respectively, of the

Statistical Calculation Mortgage Loans in that loan group (these Statistical

Calculation Mortgage Loans are referred to in this prospectus supplement as the

"interest-only mortgage loans"), all of the Statistical Calculation Mortgage

Loans in each loan group will provide for the amortization of the amount

financed over a series of substantially equal monthly payments. The terms of the

interest-only mortgage loans only require the related mortgagor to pay interest

on the principal balance of the mortgage loan for either the first two, three,

five, or ten years after its origination, but require that the entire principal

balance of the mortgage loan be fully amortized over the related remaining term

of the mortgage loan following such interest only period.

Approximately 82.46% of the Statistical Calculation Mortgage Loans in

loan group I and approximately 67.06% of the Statistical Calculation Mortgage

Loans in loan group II provide for the amortization of the amount financed over

a series of substantially equal monthly payments, and approximately 0.16% of the

Statistical Calculation Mortgage Loans in loan group I and approximately 0.00%

of the Statistical Calculation Mortgage Loans in loan group II are balloon loans

and provide for equal monthly payments, consisting of principal and interest,

based on a stated amortization schedule, and a single payment of the remaining

principal balance of the loan at maturity.

Approximately 3,042 Statistical Calculation Mortgage Loans in loan

group I and approximately 743 Statistical Calculation Mortgage Loans in group

II, representing approximately 73.73% and 72.67% of the cut-off date principal

balance of the mortgage loans in the respective loan groups contain prepayment

charges. Prepayment charges provide that if the borrower were to prepay the

mortgage loan in full at any time from the origination of the mortgage loan to a

date set forth in the related mortgage note (the "Prepayment Charge Period"),

the borrower would also have to pay a fee in addition to the amount necessary to

repay the mortgage loan. The Prepayment Charge Period for the mortgage loans

vary from one year to five years, depending on the terms set forth in the

related mortgage note. The amount of the prepayment charge varies.

The mortgage rate (the "Mortgage Rate") of each of the fixed-rate

mortgage loans will be fixed for the life of the loan. The Mortgage Rates for a

substantial majority of the adjustable-rate mortgage loans will be fixed for a

period after the origination of each such mortgage loan, after which it will

adjust semi-annually or

<PAGE>

annually based on the applicable Loan Index. The adjustable-rate mortgage loans

include 2/28 Adjustable Mortgage Loans, 3/27 Adjustable Mortgage Loans, 5/25

Adjustable Mortgage Loans and 7/23 Adjustable Mortgage Loans. The rates on these

loans adjust periodically on a date (the "Adjustment Date"), in most cases,

after an initial period during which their rate is fixed that ends on their

initial Adjustment Date. The change in the interest rate of any adjustable rate

loan on any single Adjustment Date may not exceed a maximum known as its

"Periodic Rate Cap". The interest rate for each of these mortgage loans is

computed as a margin specified in the related mortgage note over the applicable

Loan Index. "6-month LIBOR" and "1-year LIBOR" are equal to the average of

interbank offered rates for six month or one year U.S. dollar deposits,

respectively, in the London market based on quotations of major banks, as

published either (x) by Fannie Mae either 30 or 45 days before the Adjustment

Date or (y) in the "Money Rates" section of The Wall Street Journal as of the

first business day of the month before the Adjustment Date. The "1-year CMT" is

the weekly average yield on U.S. Treasury Securities adjusted to a constant

maturity of one year as made available by the Federal Reserve. The following

tables summarize these characteristics of the different loan programs for the

adjustable-rate Statistical Calculation Mortgage Loans.

--------------------------------------------------------------------------------

INITIAL PERIODIC RATE

FIXED BASE ADJUSTMENT

PERIOD INDEX PERIOD

1 Year CMT 1 year 1-year CMT 1 year

2/28 LIBOR Adjustable

Mortgage Loans 2 years 6-month LIBOR 6 mos.

3/27 LIBOR

Adjustable

Mortgage Loans 3 years 6-month LIBOR 6 mos.

3/27 CMT Adjustable

Mortgage Loans 3 years 1-year CMT 1 year

5/25 LIBOR Adjustable

Mortgage Loans 5 years 6-month LIBOR 6 mos.

5/25 CMT Adjustable

Mortgage Loans 5 years 1-year CMT 1 year

5/25 LIBOR Adjustable

Mortgage Loans 5 years 1-year LIBOR 1 year

7/23 LIBOR Adjustable

Mortgage Loans 7 years 1-year CMT 6 mos.

--------------------------------------------------------------------------------

The 2/28 Adjustable Mortgage Loans will include performance loans

("Performance Loans") that provide borrowers the potential of a margin reduction

for good payment history. The payment history for the Performance Loan is

evaluated in the second month preceding the month in which the initial

Adjustment Date occurs. If the related borrower has made scheduled payments in

full since the origination of that loan with a maximum of one late payment

(which cannot be in the month of evaluation) the loan is eligible for a

reduction (ranging from 0.50% to 1.00%) in the margin used to calculate the

mortgage rate. Approximately 3.61% of the Statistical Calculation Mortgage Loans

are Performance Loans.

<PAGE>

<TABLE>

ALL STATISTICAL CALCULATION MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS1

CURRENT PRINCIPAL BALANCE

Percentage of

Aggregate Principal

Number of Balance of

Range of Statistical Statistical

Current Mortgage Loan Calculation Aggregate Principal Calculation Mortgage

Principal Balance Mortgage Loans Balance Outstanding Loans

------------------------------------- -------------- ------------------- --------------------

50,000 or less...................... 250 $ 9,647,177 0.97%

50,001 - 100,000.................. 788 60,513,978 6.05

100,001 - 150,000.................. 1,051 131,648,450 13.17

150,001 - 200,000.................. 970 169,925,882 17.00

200,001 - 250,000.................. 685 153,372,791 15.35

250,001 - 300,000.................. 494 136,182,216 13.63

300,001 - 350,000.................. 327 106,411,589 10.65

350,001 - 400,000.................. 228 85,351,374 8.54

400,001 - 450,000.................. 111 47,424,926 4.74

450,001 - 500,000.................. 95 45,650,394 4.57

500,001 - 550,000.................. 24 12,691,125 1.27

550,001 - 600,000.................. 28 16,239,772 1.62

600,001 - 650,000.................. 17 10,800,601 1.08

650,001 - 700,000.................. 7 4,684,604 0.47

700,001 - 750,000.................. 1 750,000 0.08

750,001 - 800,000.................. 1 760,000 0.08

850,001 - 900,000.................. 3 2,595,712 0.26

900,001 - 950,000.................. 2 1,878,844 0.19

950,001 - 1,000,000.................. 3 2,962,499 0.30

------ ------------- -------

TOTAL:............................... 5,085 $ 999,491,933 100.00%

====== ============= =======

</TABLE>

As of April 1, 2005, the average current principal balance of the Statistical

Calculation Mortgage Loans is approximately $196,557.

----------

1 The values in all tables are calculated as of April 1, 2005

<PAGE>

<TABLE>

MORTGAGE RATE

STATISTICAL CALCULATION MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS

Percentage of

Aggregate Principal

Number of Balance of

Statistical Statistical

Calculation Aggregate Principal Calculation Mortgage

Current Gross Mortgage Rate Mortgage Loans Balance Outstanding Loans

------------------------------------- -------------- ------------------- --------------------

4.001 - 4.500..................... 33 $ 8,268,657 0.83%

4.501 - 5.000..................... 122 34,068,033 3.41

5.001 - 5.500..................... 191 48,820,130 4.88

5.501 - 6.000..................... 449 116,252,250 11.63

6.001 - 6.500..................... 610 138,119,389 13.82

6.501 - 7.000..................... 798 179,471,844 17.96

7.001 - 7.500..................... 685 129,342,907 12.94

7.501 - 8.000..................... 662 121,798,223 12.19

8.001 - 8.500..................... 470 79,788,386 7.98

8.501 - 9.000..................... 342 49,478,923 4.95

9.001 - 9.500..................... 212 27,275,282 2.73

9.501 - 10.000..................... 172 23,534,400 2.35

10.001 - 10.500..................... 115 16,121,821 1.61

10.501 - 11.000..................... 88 11,209,965 1.12

11.001 - 11.500..................... 80 10,213,580 1.02

11.501 - 12.000..................... 34 3,660,424 0.37

12.001 - 12.500..................... 16 1,495,589 0.15

12.501 - 13.000..................... 4 332,907 0.03

13.001 - 13.500..................... 1 90,750 0.01

13.501 - 14.000..................... 1 148,471 0.01

------ ------------- -------

TOTAL:............................... 5,085 $ 999,491,933 100.00%

====== ============= =======

</TABLE>

As of April 1, 2005, the weighted average mortgage rate of the Statistical

Calculation Mortgage Loans is approximately 7.198%.

<PAGE>

<TABLE>

FICO SCORE

STATISTICAL CALCULATION MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS

Percentage of

Aggregate Principal

Number of Balance of

Statistical Statistical

Calculation Aggregate Principal Calculation Mortgage

Fico Score Mortgage Loans Balance Outstanding Loans

------------------------------------- -------------- ------------------- --------------------

<= 500............................ 15 $ 1,788,949 0.18%

501 - 520............................ 289 44,877,107 4.49

521 - 540............................ 349 58,584,624 5.86

541 - 560............................ 431 73,378,480 7.34

561 - 580............................ 408 71,043,606 7.11

581 - 600............................ 598 108,896,082 10.90

601 - 620............................ 623 119,295,935 11.94

621 - 640............................ 497 102,049,426 10.21

641 - 660............................ 557 116,042,306 11.61

661 - 680............................ 404 86,318,952 8.64

681 - 700............................ 287 65,322,323 6.54

701 - 720............................ 202 46,139,452 4.62

721 - 740............................ 158 39,332,406 3.94

741 - 760............................ 109 27,204,345 2.72

761 - 780............................ 98 25,128,203 2.51

781 - 800............................ 44 10,711,144 1.07

801 - 820............................ 16 3,378,593 0.34

------ ------------- -------

TOTAL:............................... 5,085 $ 999,491,933 100.00%

====== ============= =======

</TABLE>

As of April 1, 2005, the weighted average FICO score of the Statistical

Calculation Mortgage Loans is approximately 629.

<PAGE>

<TABLE>

CREDIT LEVELS

STATISTICAL CALCULATION MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS

Number of Percentage of Aggregate

Statistical Principal Balance of

Calculation Aggregate Principal Statistical Calculation

Credit Level Mortgage Loans Balance Outstanding Mortgage Loans

------------ -------------- ------------------- --------------

1.......................... 372 $ 70,462,476 7.05%

1+......................... 2,359 496,965,618 49.72

1++........................ 1,420 275,680,522 27.58

2.......................... 217 37,534,410 3.76

3.......................... 209 30,312,134 3.03

4.......................... 393 61,504,498 6.15

N/A........................ 115 27,032,275 2.70

----- ------------ ------

TOTAL:................ 5,085 $999,491,933 100.00%

===== ============ ======

</TABLE>

(1) Credit Levels are assigned as described under the heading "--UNDERWRITING

STANDARDS."

<TABLE>

LIEN STATUS

STATISTICAL CALCULATION MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS

Percentage of

Aggregate Principal

Number of Balance of

Statistical Statistical

Calculation Aggregate Principal Calculation Mortgage

Lien Status Mortgage Loans Balance Outstanding Loans

------------------------------------- -------------- ------------------- --------------------

First Lien........................... 5,085 $ 999,491,933 100.00%

------ ------------- -------

TOTAL:............................... 5,085 $ 999,491,933 100.00%

====== ============= =======

</TABLE>

<PAGE>

<TABLE>

ORIGINAL LOAN-TO-VALUE RATIOS

STATISTICAL CALCULATION MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS

Percentage of

Aggregate Principal

Number of Balance of

Statistical Statistical

Original Calculation Aggregate Principal Calculation Mortgage

Loan-to-value Ratios Mortgage Loans Balance Outstanding Loans

------------------------------------- -------------- ------------------- --------------------

50.00 or less........................ 281 $ 42,692,278 4.27%

50.01 - 55.00........................ 133 24,809,853 2.48

55.01 - 60.00........................ 171 38,007,078 3.80

60.01 - 65.00........................ 259 54,805,317 5.48

65.01 - 70.00........................ 468 89,109,563 8.92

70.01 - 75.00........................ 417 89,197,856 8.92

75.01 - 80.00........................ 1,953 394,675,077 39.49

80.01 - 85.00........................ 397 82,087,697 8.21

85.01 - 90.00........................ 682 122,025,597 12.21

90.01 - 95.00........................ 224 44,868,531 4.49

95.01 -100.00........................ 100 17,213,087 1.72

------ ------------- -------

TOTAL:............................... 5,085 $ 999,491,933 100.00%

====== ============= =======

</TABLE>

As of April 1, 2005, the weighted average original loan-to-value ratio of the

Statistical Calculation Mortgage Loans is approximately 76.80%.

<TABLE>

TYPE OF DOCUMENTATION PROGRAM

STATISTICAL CALCULATION MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS

Percentage of

Aggregate Principal

Number of Balance of

Statistical Statistical

Type of Calculation Aggregate Principal Calculation Mortgage

DOCUMENTATION PROGRAM Mortgage Loans Balance Outstanding Loans

------------------------------------- -------------- ------------------- --------------------

Alternate............................ 2 $ 425,977 0.04%

Express.............................. 14 3,509,360 0.35

Full................................. 2,821 515,729,957 51.60

Limited Income & Asset............... 119 26,068,540 2.61

No Doc............................... 12 2,684,885 0.27

No Income No Asset................... 2 436,669 0.04

No Ratio............................. 1 286,000 0.03

Stated Doc........................... 2,114 450,350,543 45.06

------ ------------- -------

TOTAL:............................... 5,085 $ 999,491,933 100.00%

====== ============= =======

</TABLE>

<PAGE>

<TABLE>

LOAN PURPOSE

STATISTICAL CALCULATION MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS

Percentage of

Aggregate Principal

Number of Balance of

Statistical Statistical

Calculation Aggregate Principal Calculation Mortgage

LOAN PURPOSE Mortgage Loans Balance Outstanding Loans

------------------------------------- -------------- ------------------- --------------------

Cash Out Refi........................ 2,849 $ 560,089,728 56.04%

Purchase............................. 2,013 393,509,875 39.37

Rate & Term Refi..................... 223 45,892,329 4.59

------ ------------- -------

TOTAL:............................... 5,085 $ 999,491,933 100.00%

====== ============= =======

</TABLE>

<TABLE>

OCCUPANCY TYPE(1)

STATISTICAL CALCULATION MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS

Percentage of

Aggregate Principal

Number of Balance of

Statistical Statistical

Calculation Aggregate Principal Calculation Mortgage

OCCUPANCY TYPE Mortgage Loans Balance Outstanding Loans

------------------------------------- -------------- ------------------- --------------------

Owner Occupied....................... 4,519 $ 919,385,883 91.99%

Investor Occupied.................... 512 69,807,331 6.98

Second Home.......................... 54 10,298,720 1.03

------ ------------- -------

TOTAL:............................... 5,085 $ 999,491,933 100.00%

====== ============= =======

</TABLE>

(1) Based on representations of the related mortgagors at the time of

origination.

<TABLE>

PROPERTY TYPE

STATISTICAL CALCULATION MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS

Percentage of

Aggregate Principal

Number of Balance of

Statistical Statistical

Calculation Aggregate Principal Calculation Mortgage

PROPERTY TYPE Mortgage Loans Balance Outstanding Loans

------------------------------------- -------------- ------------------- --------------------

Single Family........................ 3,652 $ 703,953,602 70.43

Pud.................................. 604 131,374,464 13.14

Two Family........................... 269 61,612,515 6.16

Condominium.......................... 311 54,334,461 5.44

Townhouse............................ 128 18,075,661 1.81

Three Family......................... 47 13,557,773 1.36

High Rise Condo (gt 8 floors)........ 44 9,440,992 0.94

Four Family.......................... 29 7,042,466 0.70

Coop................................. 1 100,000 0.01

------ ------------- -------

TOTAL:............................... 5,085 $ 999,491,933 100.00

====== ============= =======

</TABLE>

<PAGE>

<TABLE>

STATE

STATISTICAL CALCULATION MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS

Percentage of

Aggregate Principal

Number of Balance of

Statistical Statistical

Calculation Aggregate Principal Calculation Mortgage

STATE Mortgage Loans Balance Outstanding Loans

------------------------------------- -------------- ------------------- --------------------

Alabama.............................. 95 $ 9,316,219 0.93%

Alaska............................... 14 1,821,497 0.18

Arizona.............................. 67 11,845,326 1.19

Arkansas............................. 22 2,566,138 0.26

California........................... 827 235,224,403 23.53

Colorado............................. 73 13,232,433 1.32

Connecticut.......................... 71 12,986,092 1.30

Delaware............................. 13 2,200,844 0.22

District of Columbia................. 39 8,176,707 0.82

Florida.............................. 518 88,894,596 8.89

Georgia.............................. 244 39,293,904 3.93

Hawaii............................... 11 2,344,196 0.23

Idaho................................ 8 1,284,199 0.13

Illinois............................. 163 28,271,437 2.83

Indiana.............................. 52 4,981,204 0.50

Iowa................................. 15 1,520,838 0.15

Kansas............................... 20 2,014,504 0.20

Kentucky............................. 25 2,314,493 0.23

Louisiana............................ 48 5,173,047 0.52

Maine................................ 4 511,763 0.05

Maryland............................. 189 37,879,606 3.79

Massachusetts........................ 117 29,669,306 2.97

Michigan............................. 197 24,265,794 2.43

Minnesota............................ 32 5,918,774 0.59

Mississippi.......................... 19 2,329,612 0.23

Missouri............................. 41 4,813,249 0.48

Montana.............................. 7 735,066 0.07

Nebraska............................. 14 1,461,862 0.15

Nevada............................... 84 16,985,285 1.70

New Hampshire........................ 23 4,495,928 0.45

New Jersey........................... 366 85,168,126 8.52

New Mexico........................... 8 1,623,759 0.16

New York............................. 583 153,343,335 15.34

North Carolina....................... 74 8,840,940 0.88

Ohio................................. 125 14,313,621 1.43

Oklahoma............................. 18 1,600,497 0.16

Oregon............................... 23 3,913,817 0.39

Pennsylvania......................... 111 12,373,087 1.24

Rhode Island......................... 36 7,409,882 0.74

South Carolina....................... 61 7,489,240 0.75

South Dakota......................... 2 91,248 0.01

Tennessee............................ 48 4,029,248 0.40

Texas................................ 212 29,675,707 2.97

Utah................................. 22 3,320,115 0.33

Vermont.............................. 3 437,397 0.04

Virginia............................. 216 41,470,339 4.15

Washington........................... 94 17,959,564 1.80

West Virginia........................ 6 938,664 0.09

Wisconsin............................ 21 2,400,504 0.24

Wyoming.............................. 4 564,527 0.06

------ ------------- -------

TOTAL:............................... 5,085 $ 999,491,933 100.00%

====== ============= =======

</TABLE>

<PAGE>

<TABLE>

ZIP CODE

STATISTICAL CALCULATION MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS

Percentage of

Aggregate Principal

Number of Balance of

Statistical Statistical

Calculation Aggregate Principal Calculation Mortgage

ZIP CODE Mortgage Loans Balance Outstanding Loans

------------------------------------- -------------- ------------------- --------------------

11236................................ 12 $ 3,718,243 0.37%

11203................................ 14 3,167,271 0.32

11746................................ 10 2,813,965 0.28

11729................................ 10 2,659,010 0.27

91709................................ 7 2,608,247 0.26

11717................................ 11 2,556,398 0.26

11003................................ 8 2,472,865 0.25

11208................................ 8 2,464,096 0.25

91306................................ 7 2,246,953 0.22

92154................................ 5 2,150,071 0.22

Other................................ 4,993 972,634,815 97.31

------ ------------- -------

TOTAL:............................... 5,085 $ 999,491,933 100.00%

====== ============= =======

</TABLE>

<TABLE>

REMAINING TERM TO MATURITY

STATISTICAL CALCULATION MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS

Percentage of

Aggregate Principal

Number of Balance of

Statistical Statistical

Calculation Aggregate Principal Calculation Mortgage

REMAINING TERM TO MATURITY (MONTHS) Mortgage Loans Balance Outstanding Loans

------------------------------------- -------------- ------------------- --------------------

180 or less.......................... 81 $ 11,865,723 1.19%

181 - 240............................ 6 598,447 0.06

301 - 360............................ 4,998 987,027,763 98.75

------ ------------- -------

TOTAL:............................... 5,085 $ 999,491,933 100.00%

====== ============= =======

</TABLE>

As of April 1, 2005, the weighted average term to maturity of the Statistical

Calculation Mortgage Loans is approximately 355 months.

<PAGE>

<TABLE>

PRODUCT TYPE

STATISTICAL CALCULATION MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS

Percentage of

Aggregate Principal

Number of Balance of

Statistical Statistical

Calculation Aggregate Principal Calculation Mortgage

PRODUCT TYPE Mortgage Loans Balance Outstanding Loans

------------------------------------- -------------- ------------------- --------------------

1 Yr Cmt............................. 1 $ 183,218 0.02%

15yr Balloon......................... 8 1,130,597 0.11

15yr Fxd............................. 72 10,610,326 1.06

15yr Fxd -120 Month IO............... 1 124,800 0.01

2/6 Month LIBOR...................... 3,093 557,468,638 55.78

2/6 Month LIBOR - 24 Month IO........ 615 153,894,341 15.27

2/6 Month LIBOR - 60 Month IO........ 12 2,826,487 0.28

2/6 Month LIBOR -120 Month IO........ 102 30,141,208 3.02

30yr Fxd............................. 794 163,616,177 16.37

30yr Fxd -120 Month IO............... 41 11,716,379 1.17

3/1 Arm 1 Yr Cmt..................... 93 15,063,954 1.51

3/1 Arm 1 Yr Cmt - 36 Month IO....... 3 587,920 0.06

3/6 Month LIBOR...................... 157 29,311,131 2.93

3/6 Month LIBOR - 36 Month IO........ 52 12,326,971 1.23

3/6 Month LIBOR - 60 Month IO........ 7 2,178,899 0.22

3/6 Month LIBOR -120 Month IO........ 13 2,992,984 0.30

5/1 Arm 1 Yr Cmt..................... 1 299,631 0.03

5/1 Arm 1 Yr Cmt - 60 Month IO....... 1 362,000 0.04

5/1 Arm 1 Yr Cmt -120 Month IO....... 1 344,000 0.03

5/1 Arm 1 Yr LIBOR................... 6 1,160,159 0.12

5/1 Arm 1 Yr LIBOR -

60 Month IO......................... 3 768,541 0.08

5/6 Month LIBOR...................... 3 703,242 0.07

5/6 Month LIBOR - 60 Month IO........ 3 963,400 0.10

5/6 Month LIBOR -120 Month IO........ 1 132,000 0.01

7/1 Arm 1 Yr Cmt..................... 2 584,927 0.06

------ ------------- -------

TOTAL:............................... 5,085 $ 999,491,933 100.00%

====== ============= =======

</TABLE>

<PAGE>

<TABLE>

PREPAYMENT CHARGE TERM

STATISTICAL CALCULATION MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS

Percentage of

Aggregate Principal

Number of Balance of

Statistical Statistical

Prepayment Charge Calculation Aggregate Principal Calculation Mortgage

TERM (MONTHS) Mortgage Loans Balance Outstanding Loans

------------------------------------- -------------- ------------------- --------------------

0................................... 1,300 $ 265,599,747 26.57%

12................................... 238 53,862,648 5.39

24................................... 2,519 476,402,176 47.66

36................................... 1,024 202,844,928 20.29

60................................... 4 782,434 0.08

------ ------------- -------

TOTAL:............................... 5,085 $ 999,491,933 100.00%

====== ============= =======

</TABLE>

<PAGE>

<TABLE>

INITIAL PERIODIC RATE CAP OF THE ADJUSTABLE-RATE LOANS

STATISTICAL CALCULATION MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS

Percentage of

Aggregate Principal

Number of Balance of

Statistical Statistical

Calculation Aggregate Principal Calculation Mortgage

INITIAL PERIODIC RATE CAP Mortgage Loans Balance Outstanding Loans

------------------------------------- -------------- ------------------- --------------------

1.50................................. 3 $ 606,116 0.07%

2.00................................. 360 82,219,597 10.12

3.00................................. 3,784 723,708,633 89.09

5.00................................. 12 2,586,618 0.32

6.00................................. 10 3,172,690 0.39

------ ------------- -------

TOTAL:............................... 4,169 $ 812,293,653 100.00%

====== ============= =======

</TABLE>

<TABLE>

SUBSEQUENT PERIODIC RATE CAP OF THE ADJUSTABLE-RATE LOANS

STATISTICAL CALCULATION MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS

Percentage of

Aggregate Principal

Number of Balance of

Statistical Statistical

Calculation Aggregate Principal Calculation Mortgage

SUBSEQUENT PERIODIC RATE CAP Mortgage Loans Balance Outstanding Loans

------------------------------------- -------------- ------------------- --------------------

1.00................................. 4,037 $ 787,569,728 96.96%

1.50................................. 6 1,360,049 0.17

2.00................................. 126 23,363,876 2.88

------ ------------- -------

TOTAL:............................... 4,169 $ 812,293,653 100.00%

====== ============= =======

</TABLE>

<PAGE>

<TABLE>

GROSS MARGIN OF THE ADJUSTABLE-RATE LOANS

STATISTICAL CALCULATION MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS

Percentage of

Aggregate Principal

Number of Balance of

Statistical Statistical

Calculation Aggregate Principal Calculation Mortgage

GROSS MARGIN Mortgage Loans Balance Outstanding Loans

------------------------------------- -------------- ------------------- --------------------

less than 4.000...................... 42 $ 10,608,300 1.31%

4.001 - 4.500...................... 361 77,410,418 9.53

4.501 - 5.000...................... 1,045 239,378,543 29.47

5.001 - 5.500...................... 996 188,710,589 23.23

5.501 - 6.000...................... 724 143,280,823 17.64

6.001 - 6.500...................... 406 64,105,806 7.89

6.501 - 7.000...................... 391 62,934,995 7.75

7.001 - 7.500...................... 177 21,758,285 2.68

7.501 - 8.000...................... 19 2,803,320 0.35

8.001 - 8.500...................... 5 923,334 0.11

8.501 - 9.000...................... 3 379,242 0.05

------ ------------- -------

TOTAL:............................... 4,169 $ 812,293,653 100.00%

====== ============= =======

</TABLE>

As of April 1, 2005, the weighted average gross margin of the Statistical

Calculation Mortgage Loans is approximately 5.422%.

<PAGE>

<TABLE>

MAXIMUM MORTGAGE RATE OF THE ADJUSTABLE-RATE LOANS

STATISTICAL CALCULATION MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS

Percentage of

Aggregate Principal

Number of Balance of

Statistical Statistical

Calculation Aggregate Principal Calculation Mortgage

MAXIMUM MORTGAGE RATE Mortgage Loans Balance Outstanding Loans

------------------------------------- -------------- ------------------- --------------------

less than 10.000..................... 2 $ 448,168 0.06%

10.001 - 10.500..................... 10 2,200,751 0.27

10.501 - 11.000..................... 25 6,710,758 0.83

11.001 - 11.500..................... 83 21,256,211 2.62

11.501 - 12.000..................... 270 67,598,937 8.32

12.001 - 12.500..................... 462 102,822,664 12.66

12.501 - 13.000..................... 648 146,979,091 18.09

13.001 - 13.500..................... 614 121,864,161 15.00

13.501 - 14.000..................... 618 121,325,012 14.94

14.001 - 14.500..................... 447 78,499,895 9.66

14.501 - 15.000..................... 330 51,449,286 6.33

15.001 - 15.500..................... 203 26,462,144 3.26

15.501 - 16.000..................... 158 24,275,057 2.99

16.001 - 16.500..................... 99 15,226,426 1.87

16.501 - 17.000..................... 82 10,897,426 1.34

17.001 - 17.500..................... 71 9,196,323 1.13

17.501 - 18.000..................... 29 3,236,508 0.40

18.001 - 18.500..................... 13 1,332,665 0.16

18.501 - 19.000..................... 3 272,950 0.03

19.001 - 19.500..................... 1 90,750 0.01

19.501 - 20.000..................... 1 148,471 0.02

------ ------------- -------

TOTAL:............................... 4,169 $ 812,293,653 100.00%

====== ============= =======

</TABLE>

As of April 1, 2005, the weighted average maximum mortgage rate of the

Statistical Calculation Mortgage Loans is approximately 13.482%.

<PAGE>

<TABLE>

MINIMUM MORTGAGE RATE OF THE ADJUSTABLE-RATE LOANS

STATISTICAL CALCULATION MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS

Percentage of

Aggregate Principal

Number of Balance of

Statistical Statistical

Calculation Aggregate Principal Calculation Mortgage

MINIMUM MORTGAGE RATE Mortgage Loans Balance Outstanding Loans

------------------------------------- -------------- ------------------- --------------------

less than 4.000..................... 33 $ 7,852,762 0.97%

4.001 - 4.500..................... 342 73,470,302 9.04

4.501 - 5.000..................... 1,020 233,645,288 28.76

5.001 - 5.500..................... 983 188,215,253 23.17

5.501 - 6.000..................... 725 143,202,189 17.63

6.001 - 6.500..................... 413 64,709,095 7.97

6.501 - 7.000..................... 398 64,850,896 7.98

7.001 - 7.500..................... 193 25,872,072 3.19

7.501 - 8.000..................... 30 4,919,106 0.61

8.001 - 8.500..................... 15 2,767,445 0.34

8.501 - 9.000..................... 10 1,646,819 0.20

9.001 - 9.500..................... 4 865,977 0.11

10.001 - 10.500..................... 1 53,833 0.01

12.501 - 13.000..................... 1 101,117 0.01

14.001 - 14.500..................... 1 121,500 0.01

------ ------------- -------

TOTAL:............................... 4,169 $ 812,293,653 100.00%

====== ============= =======

</TABLE>

As of April 1, 2005, the weighted average minimum mortgage rate of the

Statistical Calculation Mortgage Loans is approximately 5.476%.

<PAGE>

<TABLE>

NEXT RATE ADJUSTMENT DATE OF THE ADJUSTABLE-RATE LOANS

STATISTICAL CALCULATION MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS

Percentage of

Aggregate Principal

Number of Balance of

Statistical Statistical

Calculation Aggregate Principal Calculation Mortgage

NEXT RATE ADJUSTMENT DATE Mortgage Loans Balance Outstanding Loans

------------------------------------- -------------- ------------------- --------------------

October 1, 2005...................... 1 $ 295,669 0.04%

November 1, 2005..................... 1 53,833 0.01

January 1, 2006...................... 1 183,218 0.02

June 1, 2006......................... 3 732,764 0.09

July 1, 2006......................... 8 2,247,541 0.28

August 1, 2006....................... 22 5,717,279 0.70

September 1, 2006.................... 78 18,737,494 2.31

October 1, 2006...................... 78 19,791,697 2.44

November 1, 2006..................... 84 18,090,806 2.23

December 1, 2006..................... 228 50,060,096 6.16

January 1, 2007...................... 906 181,536,294 22.35

February 1, 2007..................... 888 167,004,011 20.56

March 1, 2007........................ 742 138,589,106 17.06

April 1, 2007........................ 752 134,984,173 16.62

May 1, 2007.......................... 31 6,586,129 0.81

July 1, 2007......................... 1 161,884 0.02

August 1, 2007....................... 5 605,313 0.07

September 1, 2007.................... 9 2,366,427 0.29

October 1, 2007...................... 10 2,706,467 0.33

November 1, 2007..................... 18 4,670,969 0.58

December 1, 2007..................... 51 9,736,463 1.20

January 1, 2008...................... 68 12,870,709 1.58

February 1, 2008..................... 65 13,050,852 1.61

March 1, 2008........................ 45 7,469,360 0.92

April 1, 2008........................ 44 7,648,905 0.94

May 1, 2008.......................... 8 930,290 0.11

August 1, 2009....................... 7 1,563,183 0.19

September 1, 2009.................... 2 553,900 0.07

October 1, 2009...................... 1 146,000 0.02

December 1, 2009..................... 4 1,096,442 0.13

January 1, 2010...................... 1 362,000 0.04

February 1, 2010..................... 2 563,517 0.07

March 1, 2010........................ 2 447,931 0.06

April 1, 2010........................ 1 148,000 0.02

December 1, 2011..................... 1 520,000 0.06

January 1, 2012...................... 1 64,927 0.01

------ ------------- -------

TOTAL:............................... 4,169 $ 812,293,653 100.00%

====== ============= =======

</TABLE>

As of April 1, 2005, the weighted average number of months to the next

adjustment date for the Statistical Calculation Mortgage Loans is approximately

23 months.

<PAGE>

STATISTICAL CALCULATION MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN

GROUP I

The Mortgage Loans to be included in loan group I consist of 4080

adjustable-rate and fixed-rate Mortgage Loans having an aggregate principal

balance as of April 1, 2005 of $713,377,245, after application of scheduled

payments due on or before April 1, 2005 whether or not received and application

of all unscheduled payments of principal received prior to April 1, 2005, and

subject to a permitted variance of plus or minus 10%. The Mortgage Loans

included in loan group I have the characteristics set forth below (the sum in

any column may not equal the total indicated due to rounding).

<TABLE>

STATISTICAL CALCULATION MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN

GROUP I

CURRENT PRINCIPAL BALANCE

Percentage of

Aggregate Principal

Number of Balance of

Range of Statistical Statistical

Current Mortgage Loan Calculation Aggregate Principal Calculation Mortgage

PRINCIPAL BALANCE Mortgage Loans Balance Outstanding Loans

------

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