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Chase Mortgage Finance Corp – ‘10-K’ for 12/31/04

On:  Thursday, 3/31/05, at 4:12pm ET   ·   For:  12/31/04   ·   Accession #:  1144204-5-9732   ·   File #:  33-49834

Previous ‘10-K’:  ‘10-K’ on 3/30/04 for 12/31/03   ·   Latest ‘10-K’:  This Filing

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 3/31/05  Chase Mortgage Finance Corp       10-K       12/31/04    4:30K                                    Vintage/FA

Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                         12     60K 
 2: EX-31.1     Certification per Sarbanes-Oxley Act (Section 302)     2     10K 
 3: EX-99.1     Miscellaneous Exhibit                                  2     10K 
 4: EX-99.2     Miscellaneous Exhibit                                  2     10K

10-K   —   Annual Report
Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
3Item 1. Business
"Item 2. Properties
"Item 3. Legal Proceedings
"Item 4. Submission of Matters to a Vote of Security Holders
"Item 5. Market for Registrant's Common Equity and Related Stockholders Matters and Issuer Purchases of Equity Securities
"Item 6. Selected Financial Data
4Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
"Item 7A. Quantitative and Qualitative Disclosures About Market Risk
"Item 8. Financial Statements and Supplementary Data
"Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
"Item 9A. Controls and Procedures
"Item 9B. Other Information
5Item 10. Directors and Executive Officers of the Registrant
"Item 11. Executive Compensation
"Item 12. Security Ownership of Certain Beneficial Owners and Management
8Item 13. Certain Relationships and Related Transactions
"Item 14. Principal Accounting Fees and Services
9Item 15. Exhibits, Financial Statement Schedules 
10-K1st Page of 12TOC↑TopPreviousNext↓BottomJust 1st
 

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
 FORM 10-K

 FOR ANNUAL AND TRANSITION REPORTS
PURSUANT TO SECTION 13 OR 15(d) OF THE
 SECURITIES EXCHANGE ACT OF 1934

(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                         

 Commission file number: 333-76801
 ---------------------------------

CHASE MORTGAGE FINANCE CORPORATION
(Issuer in respect of Chase Mortgage Finance Trust
Series 2004-S1 and Series 2004-S2)
(the "Certificates")
--------------------
(Exact name of registrant as specified in its charter)

Delaware                                     52-1495132                   
---------------------------                  ------------------           
(State or other jurisdiction                 (I.R.S. Employer             
of incorporation)                       Identification No.)     

194 Wood Avenue South, Iselin, New Jersey    08830                        
-----------------------------------------    ---------                    
(Address of principal executive offices)     (Zip Code)                   

Registrant's telephone number, including area code: (732) 452-8972        


10-K2nd Page of 12TOC1stPreviousNext↓BottomJust 2nd

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 |_|                        

      Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K 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|                               

State the aggregate market value of the voting stock held by        
non-affiliates of the registrant: The aggregate market value shall be computed  
by reference to the price at which the stock was sold, or the average bid and   
asked priced of such stock, as of a specified date within 60 days prior to the  
date of filing. Not Applicable.                                                 

Introductory Note                                                               

      This Annual Report on Form 10-K is filed pursuant to Sections 13 and 15(d)
of the Securities Exchange Act of 1934, as amended, in the manner described in  
"no-action" letters submitted to the Office of Chief Counsel on behalf of the   
originators of comparable trusts, and, in particular, the letter dated May 24,  
1988 issued by the Office of the Chief Counsel to Chemical Mortgage Securities, 
Inc. (currently known as Chase Funding, Inc.) an affiliate of the registrant    
(the "Exemption Order"). Accordingly, responses to certain items have been      
omitted from or modified in this Annual Report.                                 

Each Series (a "Series") of the Registrant's Multi-Class Mortgage   
Pass-Through Certificates (the "Certificates") represent beneficial ownership   
interests in a trust fund (for each Series a "Trust Fund") consisting, among    
other things, of a segregated pool of one- to four-family first-lien mortgage   
loans (the "Mortgage Loans").                                                   


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PART I                                                                          

Item 1. Business.                                                               

Omitted.                                                            

Item 2. Properties.                                                             

    Information regarding the mortgaged properties is included in the Annual
Statement of Compliance filed under Item 8 and Item 15 hereof.                  

Item 3. Legal Proceedings.                                                      

      The registrant knows of no material pending legal proceedings with respect
to the Trust Fund for any Series, involving the registrant, Citibank N.A. (the  
"Trustee") or Chase Manhattan Mortgage Corporation (the "Servicer"), other than 
ordinary routine litigation incidental to duties of the registrant, Trustee or  
the Servicer under the applicable pooling and servicing agreement.              

Item 4. Submission of Matters to a Vote of Security Holders.                    

No matter was submitted to a vote of Security Holders for any Series
during the fiscal year covered by this report.                                  

PART II                                                                         

Item 5. Market for Registrant's Common Equity and Related Stockholders Matters  
and Issuer Purchases of Equity Securities.                                      

 (a)   (1) To the knowledge of the registrant, there is no established
public market for the Certificates of any Series

          (2) To the knowledge of the registrant, there are no reported high
   and low bid quotations for any of the Certificates.

      (b)   The records of the registrant indicate that as of December 31, 2004,
           the following Series had the following number of holders of record:

              Series                    No. of Holders
              ------                    --------------

        2004-S1                         19

        2004-S2                         33

Item 6. Selected Financial Data.                                                

Omitted.                                                            


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Item 7. Management's Discussion and Analysis of Financial Condition and Results 
of Operations.                                                                  

Omitted.                                                            

Item 7A. Quantitative and Qualitative Disclosures About Market Risk             

Not applicable.                                                     

Item 8. Financial Statements and Supplementary Data.                            

In accordance with the Exemption Orders, the Annual Statement of    
Compliance and the Annual Independent Accountant's Reports for the Certificates 
for each Series are included herein as Exhibit 99.1 and 99.2, respectively.     

Item 9. Changes in and Disagreements with Accountants on Accounting and         
Financial Disclosure                                                            

None.                                                               

Item 9A. Controls and Procedures                                                

None.                                                               

Item 9B. Other Information                                                      

None.                                                               


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PART III                                                                        

Item 10. Directors and Executive Officers of the Registrant.                    

Omitted.                                                            

Item 11. Executive Compensation.                                                

Omitted.                                                            

Item 12. Security Ownership of Certain Beneficial Owners and Management.        

    The records of DTC indicate that as of December 31, 2004, there were the
following holders of record with more than 5% of each class of each Series of   
Certificates:                                                                   

                                                        [Enlarge/Download Table]

=======================================================================================================================
                                                                                   Original Certificate                
Chase Mortgage Finance Trust        Name & Address of Participant                    Principal Balance     % of Class  
=======================================================================================================================
                                                                                                                       
-----------------------------------------------------------------------------------------------------------------------
Series 2004-S1                                                                                                         
-----------------------------------------------------------------------------------------------------------------------
A1                                  00000901 The Bank of New York                       $150,000,000         75.70%    
                                    One Wall Street                                                                    
                                    New York, NY 10286                                                                 
-----------------------------------------------------------------------------------------------------------------------
                                    00000274 CGM/SAL BR                                 $ 24,069,750         12.15%    
                                    333 W 34th Street 3rd Floor                                                        
                                    New York,  NY 10001                                                                
-----------------------------------------------------------------------------------------------------------------------
                                    00000997 State Street Bank and Trust Company        $ 24,069,750         12.15%    
                                    1776 Heritage Drive                                                                
                                    Global Corporate Action Unit JAB 5NW                                               
                                    NO. QUINCY, MA 02171                                                               
-----------------------------------------------------------------------------------------------------------------------
A2                                  00000901 The Bank of New York                       $ 34,884,700           100%    
                                    One Wall Street                                                                    
                                    New York, NY 10286                                                                 
-----------------------------------------------------------------------------------------------------------------------
A3                                  00000902 JPMorgan Chase Bank, National              $ 57,619,000           100%    
                                    Association                                                                        
                                    PROXY/CLASS ACTIONS/BANKRUPTCY                                                     
                                    14201 DALLAS PKWY FL 12                                                            
                                    Dallas, TX 75254                                                                   
-----------------------------------------------------------------------------------------------------------------------
A4                                  00000908 Citibank, N.A.                             $ 25,329,300           100%    
                                    3800 CITIBANK CENTER B3-15                                                         
                                    Tampa, FL 33610                                                                    
-----------------------------------------------------------------------------------------------------------------------
A5                                  00000636 LHMNGV/LBI                                 $ 25,329,300           100%    
                                    70 Hudson Street                                                                   
                                    Jersey City, NJ 07302                                                              
-----------------------------------------------------------------------------------------------------------------------
A6                                  00000908 Citibank, N.A.                             $  1,413,750           100%    
                                    3800 CITIBANK CENTER B3-15                                                         
                                    Tampa,  FL 33610                                                                   
-----------------------------------------------------------------------------------------------------------------------
A7                                  00000901 The Bank of New York                       $ 22,000,000         20.50%    
                                    One Wall Street                                                                    
                                    New York, NY 10286                                                                 
-----------------------------------------------------------------------------------------------------------------------


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                                                        [Enlarge/Download Table]

=======================================================================================================================
                                                                                   Original Certificate                
Chase Mortgage Finance Trust        Name & Address of Participant                    Principal Balance     % of Class  
=======================================================================================================================
                                                                                                                       
-----------------------------------------------------------------------------------------------------------------------
                                    00000187 J.P. Morgan Securities Inc. - Fixed        $ 11,333,750         10.56%    
                                    Income                                                                             
                                    34 Exchange Place, 4th Floor                                                       
                                    Jersey City, NJ 07302                                                              
-----------------------------------------------------------------------------------------------------------------------
                                    00000908 Citibank, N.A.                             $ 25,000,000         23.29%    
                                    3800 CITIBANK CENTER B3-15                                                         
                                    Tampa,  FL 33610                                                                   
-----------------------------------------------------------------------------------------------------------------------
                                    00000997 State Street Bank and Trust Company        $ 45,000,000         41.93%    
                                    1776 Heritage Drive                                                                
                                    Global Corporate Action Unit JAB 5NW                                               
                                    NO. QUINCY, MA 02171                                                               
-----------------------------------------------------------------------------------------------------------------------
AP                                  00000780 MORGAN K                                   $    125,000           100%    
                                    50 North Front Street                                                              
                                    Memphis, TN 38103                                                                  
-----------------------------------------------------------------------------------------------------------------------
B1                                  00000902 JPMorgan Chase Bank, National              $    645,000           100%    
                                    Association                                                                        
                                    PROXY/CLASS ACTIONS/BANKRUPTCY                                                     
                                    14201 DALLAS PKWY FL 12                                                            
                                    Dallas, TX 75254                                                                   
-----------------------------------------------------------------------------------------------------------------------
B2                                  00000902 JPMorgan Chase Bank, National              $    860,000           100%    
                                    Association                                                                        
                                    PROXY/CLASS ACTIONS/BANKRUPTCY                                                     
                                    14201 DALLAS PKWY FL 12                                                            
                                    Dallas, TX 75254                                                                   
-----------------------------------------------------------------------------------------------------------------------
M                                   00000997 State Street Bank and Trust Company        $  2,580,000           100%    
                                    1776 Heritage Drive                                                                
                                    Global Corporate Action Unit JAB 5NW                                               
                                    NO. QUINCY, MA 02171                                                               
-----------------------------------------------------------------------------------------------------------------------
Series 2004-S2                                                                                                         
-----------------------------------------------------------------------------------------------------------------------
IA1                                 00000901 The Bank of New York                       $100,500,000           100%    
                                    One Wall Street                                                                    
                                    New York, NY 10286 NY 10286                                                        
-----------------------------------------------------------------------------------------------------------------------
IA2                                 00000005 GOLDMAN                                    $ 11,964,285           100%    
                                    180 Maiden Lane                                                                    
                                    New York, NY 10038                                                                 
-----------------------------------------------------------------------------------------------------------------------
IA3                                 00000908 Citibank, N.A.                             $  6,320,000           100%    
                                    3800 CITIBANK CENTER B3-15                                                         
                                    Tampa, FL 33610                                                                    
-----------------------------------------------------------------------------------------------------------------------
IA4                                  00000908 Citibank, N.A.                            $ 12,789,010           100%    
                                    3800 CITIBANK CENTER B3-15                                                         
                                    Tampa, FL 33610                                                                    
-----------------------------------------------------------------------------------------------------------------------
IA5                                 00000954 Mellon Trust of New England, NA            $  8,281,094           100%    
                                    525 William Penn Place, Suite 3418                                                 
                                    Pittsburgh, PA 15259                                                               
-----------------------------------------------------------------------------------------------------------------------
IIA1                                00000901 The Bank of New York                       $ 79,000,000         85.03%    
                                    One Wall Street                                                                    
                                    New York, NY 10286 NY 10286                                                        
-----------------------------------------------------------------------------------------------------------------------
                                    00002880 CENT TR BK                                 $  5,000,000          5.38%    
                                    Investments Department                                                             
                                    238 Madison Street                                                                 
                                    Jefferson City, MO 65101                                                           
-----------------------------------------------------------------------------------------------------------------------


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                                                        [Enlarge/Download Table]

=======================================================================================================================
                                                                                   Original Certificate                
Chase Mortgage Finance Trust        Name & Address of Participant                    Principal Balance     % of Class  
=======================================================================================================================
                                                                                                                       
-----------------------------------------------------------------------------------------------------------------------

IIA2                                00000901 The Bank of New York                       $  8,000,000         41.75%    
                                    One Wall Street                                                                    
                                    New York, NY 10286 NY 10286                                                        
-----------------------------------------------------------------------------------------------------------------------
                                    00000997 State Street Bank and Trust Company        $  4,000,000         20.87%    
                                    1776 Heritage Drive                                                                
                                    Global Corporate Action Unit JAB 5NW                                               
                                    NO. QUINCY, MA 02171                                                               
-----------------------------------------------------------------------------------------------------------------------
                                    00002163 Wachovia Bank N.A. - Phila. Main           $  7,162,000         37.38%    
                                    530 Walnut Street, 1st Floor                                                       
                                    Philadelphia, PA 19101                                                             
-----------------------------------------------------------------------------------------------------------------------
IIA3                                00000908 Citibank, N.A.                             $ 24,901,144           100%    
                                    3800 CITIBANK CENTER B3-15                                                         
                                    Tampa, FL 33610                                                                    
-----------------------------------------------------------------------------------------------------------------------
IIA4                                00000901 The Bank of New York                       $ 24,574,407         80.38%    
                                    One Wall Street                                                                    
                                    New York, NY 10286 NY 10286                                                        
-----------------------------------------------------------------------------------------------------------------------
                                    00002254 FNB OMAHA                                  $  2,000,000          6.54%    
                                    1620 Dodge Street                                                                  
                                    Omaha, NE 68102                                                                    
-----------------------------------------------------------------------------------------------------------------------
IIA5                                00002027 Wells Fargo Bank Minnesota, N.A.           $    943,000           100%    
                                    733 Marquette Avenue                                                               
                                    Minneapolis, MN 55479                                                              
-----------------------------------------------------------------------------------------------------------------------
IIA6                                00000901 The Bank of New York                       $    235,000           100%    
                                    One Wall Street                                                                    
                                    New York, NY 10286                                                                 
-----------------------------------------------------------------------------------------------------------------------
IIA7                                00000908 Citibank, N.A.                             $ 28,000,000         60.27%    
                                    3800 CITIBANK CENTER B3-15                                                         
                                    Tampa, FL 33610                                                                    
-----------------------------------------------------------------------------------------------------------------------
                                    00000997 State Street Bank and Trust Company        $ 18,455,703         39.73%    
                                    1776 Heritage Drive                                                                
                                    Global Corporate Action Unit JAB 5NW                                               
                                    NO. QUINCY, MA 02171                                                               
-----------------------------------------------------------------------------------------------------------------------
IIA8                                00000274 CGM/SAL BR                                 $ 46,455,703           100%    
                                    333 W 34th Street 3rd Floor                                                        
                                    New York,  NY 10001                                                                
-----------------------------------------------------------------------------------------------------------------------
IIA9                                00000908 Citibank, N.A.                             $ 40,000,000         43.05%    
                                    3800 CITIBANK CENTER B3-15                                                         
                                    Tampa, FL 33610                                                                    
-----------------------------------------------------------------------------------------------------------------------
                                    00005198 Merrill, Lynch, Pierce Fenner & Smith      $ 52,911,407         56.95%    
                                    Safekeeping                                                                        
                                    4 Corporate Place                                                                  
                                    Piscataway, NJ 08854                                                               
-----------------------------------------------------------------------------------------------------------------------
AP                                  00007325 LBI/ELLING                                 $  1,645,631           100%    
                                    [No contact information listed]                                                    
-----------------------------------------------------------------------------------------------------------------------
AX                                  00000352 Bear Stearns Securities Corp.              $ 19,787,322           100%    
                                    One Metrotech Center North, 4th Floor                                              
                                    Brooklyn, NY 11201-3862                                                            
-----------------------------------------------------------------------------------------------------------------------
B1                                  00000901 The Bank of New York                       $  2,925,032           100%    
                                    One Wall Street                                                                    
                                    New York, NY 10286 NY 10286                                                        
-----------------------------------------------------------------------------------------------------------------------


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                                                        [Enlarge/Download Table]

=======================================================================================================================
                                                                                   Original Certificate                
Chase Mortgage Finance Trust        Name & Address of Participant                    Principal Balance     % of Class  
=======================================================================================================================
                                                                                                                       
-----------------------------------------------------------------------------------------------------------------------
B2                                  00000901 The Bank of New York                         $1,800,020           100%    
                                    One Wall Street                                                                    
                                    New York, NY 10286 NY 10286                                                        
-----------------------------------------------------------------------------------------------------------------------
M                                   00000902 JPMorgan Chase Bank, National                $5,400,061           100%    
                                    Association                                                                        
                                    PROXY/CLASS ACTIONS/BANKRUPTCY                                                     
                                    14201 DALLAS PKWY FL 12                                                            
                                    Dallas, TX 75254                                                                   
-----------------------------------------------------------------------------------------------------------------------

Item 13. Certain Relationships and Related Transactions                         

Omitted.                                                            

Item 14. Principal Accounting Fees and Services                                 

Omitted.                                                            


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Part IV                                                                         

Item 15. Exhibits, Financial Statement Schedules                                

  (a) The following documents are filed as part of this Annual Report on
Form 10-K.                                                                      

(3) Exhibit Number  Description                             
--------------  ------------                        
        31.1            Certification pursuant to Section 302 of the
       Sarbanes-Oxley Act of 2002.

  (i) Series 2004-S1
   (ii) Series 2004-S2

       99.1            Report prepared by the Servicer's certified
                             independent accountants concerning the Servicer's
                          activities for the year-end December 31, 2004.

      99.2            Servicer's Annual Statement of Compliance.

  (i) Series 2004-S1
   (ii) Series 2004-S2

(b) See item 15(a)(3) above.                                        

(c) Not Applicable.                                                 


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SIGNATURES

 Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.                       

CHASE MORTGAGE FINANCE CORP.,                         
depositor                                             

By:/s/ Thomas L. Wind                                 
---------------------------------               
Name: Thomas L. Wind                            
Title:  Co-Chief Executive Officer              

Date: March 30, 2005                                                            


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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.                                                          

No annual report, proxy statement, form of proxy or other proxy soliciting      
material has been sent to Certificateholders during the period covered by this  
Annual Report on Form 10-K and the registrant does not intend to furnish such   
materials to Certificateholders subsequent to the filing of this report.        


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 INDEX TO EXHIBITS

Exhibit Number  Description                         
--------------  ------------                        
        31.1            Certification pursuant to Section 302 of the
       Sarbanes-Oxley Act of 2002.

  (i) Series 2004-S1
   (ii) Series 2004-S2

       99.1            Report prepared by the Servicer's certified
                             independent accountants concerning the Servicer's
                          activities for the year-end December 31, 2004.

      99.2            Servicer's Annual Statement of Compliance.

  (i) Series 2004-S1
   (ii) Series 2004-S2

Dates Referenced Herein   and   Documents Incorporated by Reference

Referenced-On Page
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Filed on:3/31/05
3/30/051015-15D/A
For Period End:12/31/04112
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