Fieldstone Mortgage Investment Trust, Series 2005-2 – ‘10-K’ for 12/31/05

On:  Friday, 3/31/06, at 2:00pm ET   ·   For:  12/31/05   ·   Accession #:  1056404-6-1673   ·   File #:  333-125910-01

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                         17±    68K 

Document Table of Contents

           UNITED STATES
            SECURITIES AND EXCHANGE COMMISSION
            WASHINGTON, D.C. 20549

             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, 2005                         

OR                                                                  

/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES     
EXCHANGE ACT OF 1934                                                

Commission File Number:  333-125910-01                              

FIELDSTONE MORTGAGE INVESTMENT TRUST                            
Mortgage-Backed Notes                                           
Series 2005-2                                                   

(Exact name of registrant as specified in its charter)                

New York                                          N/A                       
(State or other jurisdiction of                   (I.R.S. Employer          
incorporation or organization)                    Identification No.)       

c/o Wells Fargo Bank, N.A.                                                
9062 Old Annapolis Road                                                   
Columbia, MD                                21045                         
(Address of principal executive offices)    (Zip Code)                      

Registrant's telephone number, including area code: (410) 884-2000          

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 if the registrant is a well-known seasoned issuer,   
as defined in Rule 405 of the Securities Act.                               

Yes  ___     No  X                                              

Indicate by check mark if the registrant is not required to file reports    
pursuant to Section 13 or Section 15(d) of the Act.                         

Yes  ___     No  X                                              

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 ( 229.405 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 a large accelerated filer, 
an accelerated filer, or a non-accelerated filer. See Definition of         
"accelerated filer and large accelerated filer" in Rule 12b-2 of the        
Exchange Act. (Check One):                                                  

Large Accelerated Filer ___  Accelerated Filer ___  Non-Accelerated Filer X 

Indicate by check mark whether the registrant is a shell company (as        
defined in Rule 12b-2 of the Act).                                          

Yes  ___     No  X                                              

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.                                                 

Documents Incorporated by Reference                                   

List hereunder the following documents if incorporated by reference and     
the Part of the Form 10-K (e.g. Part I, Part II, etc.) into which the       
document is incorporated: (1)Any annual report to security holders; (2)     
Any proxy or information statement; and (3)Any prospectus filed pursuant    
to Rule 424(b) or (c) under the Securities Act of 1933. The listed          
documents should be clearly described for identification purposes (e.g.     
annual report to security holders for fiscal year ended December 24, 1980). 

Not applicable.                                                 

PART I    
Item 1.  Business.                                                          

Not applicable.                                         

Item 1A.  Risk Factors.                                                     

Not applicable.                                         

Item 1B.  Unresolved Staff Comments.                                        

Not applicable.                                         

Item 2.  Properties.                                                        

Not applicable.                                         

Item 3.  Legal Proceedings.                                                 

     The registrant knows of no material pending legal proceedings
   involving the trust created under the Pooling and Servicing
Agreement (the Trust), the Trustee, the Servicer or the 
registrant with respect to the Trust other than routine 
      litigation incidental to the duties of the respective parties.

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

None.                                                   

PART II         

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

         No established public trading market for the Certificates exists.

Records provided to the Trust by the DTC and the Trustee
          indicate that as of December 31, 2005, the total number of holders
of record for the Series of Certificates is 23.         

Item 6.  Selected Financial Data.                                           

Not applicable.                                         

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

Not applicable.                                         

Item 7A. Quantitative and Qualitative Disclosures about Market Risk.        

Not applicable.                                         

Item 8.  Financial Statements and Supplementary Data.                       

Not applicable.                                         

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.                                                   

PART III        

Item 10. Directors and Executive Officers of the Registrant.                

Not applicable.                                         

Item 11. Executive Compensation.                                            

Not applicable.                                         

Item 12. Security Ownership of Certain Beneficial Owners and Management     
and Related Stockholder Matters.                          

Not applicable.                                         

Item 13. Certain Relationships and Related Transactions.                    

Not applicable.                                         

Item 14. Principal Accounting Fees and Services.                            

Not applicable.                                         

PART IV         

Item 15. Exhibits, Financial Statement Schedules.                           

(a) Exhibits                                                              

(31.1) Rule 13a-14(a)/15d-14(a) Certification                         

(99.1) Annual Independent Accountants' Servicing Reports concerning   
servicing activities.                                   

                                                                      [Download Table]
                                                                                 

                                                                                 
a) JP Morgan Chase Bank, NA, as Sub-Servicer for Fieldstone Mortgage Company <F1>

                                                                          
(99.2) Report of Management as to Compliance with Minimum Servicing   
Standards.                                              

                                                                      [Download Table]
                                                                                 

                                                                                 
a) JP Morgan Chase Bank, NA, as Sub-Servicer for Fieldstone Mortgage Company <F1>

                                                                          
(99.3) Annual Statements of Compliance under the Pooling and Servicing
Agreements.                                             

                                                                      [Download Table]
                                                                                 

                                                                                 
a) JP Morgan Chase Bank, NA, as Sub-Servicer for Fieldstone Mortgage Company <F1>

                                                                          
(99.4) Aggregate Statement of Principal and Interest Distributions to 
Certificate Holders.                                    

(b) Not applicable.                                                       

(c) Omitted.                                                              

<F1> Filed herewith.                                                        

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:         

FIELDSTONE MORTGAGE INVESTMENT TRUST                                    
Mortgage-Backed Notes                                                   
Series 2005-2                                                           
(Registrant)                                                            

Signed: Wells Fargo Bank, N.A. as Master Servicer                           

By: /s/ Barry Akers                                                         

By: Barry Akers, Vice President                                             

Dated: March 31, 2006                                                       

Exhibit Index                                                               

Exhibit No.                                                                 

Ex-31.1 Rule 13a-14(a)/15d-14(a) Certification                              

I, Barry Akers, 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 FIELDSTONE MORTGAGE INVESTMENT TRUST Mortgage-Backed Notes,        
Series 2005-2 Trust;                                                  

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. I am responsible for reviewing the activities performed by the master    
servicer under the pooling and servicing, or similar, agreement, and  
based on upon my knowledge and the annual compliance review required  
under that agreement, and except as disclosed in the reports, the     
master servicer has fulfilled its obligations under that 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:     
JP Morgan Chase Bank NA as Sub-Servicer.                              

Date: March 31, 2006                                                  

/s/ Barry Akers                                                       
Signature                                                             

Vice President                                                        
Title                                                                 

EX-99.1                                                                     
(logo) PRICEWATERHOUSECOOPERS                                                   

PricewaterhouseCoopers LLP                                                      
PricewaterhouseCoopers Center                                                   
300 Madison Avenue                                                              
New York NY 10017                                                               
Telephone (646) 471 3000                                                        
Facsimile (813) 286 6000                                                        

Report of Independent Auditors                                                  

To the Board of Directors and Stockholder                                       
of JPMorgan Chase Bank, National Association:                                   

We have examined management's assertion about JPMorgan Chase Bank, National     
Association'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") solely as they relate to      
standard VII, Insurance Policies (the "Applicable Standard"), as of and for the 
year ended December 31, 2005 included in the accompanying management assertion. 
Management is responsible for the Company's compliance with the Applicable      
Standard. Our responsibility is to express an opinion on management's assertion 
about the Company's compliance, solely as it relates to the Applicable Standard 
based on our examination. The Company uses subservicing organizations to perform
the servicing obligations subject to minimum servicing standards I-VI of USAP.  
We did not examine the Company's compliance with standards I-VI of USAP and,    
accordingly, do not express an opinion thereon.                                 

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 Applicable Standard 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 Applicable Standard.   

In our opinion, management's assertion that the Company complied with the       
Applicable Standard solely as it relates to standard VII, Insurance Policies, as
of and for the year ended December 31, 2005 is fairly stated, in all material   
respects.                                                                       

/S/ PricewaterhouseCoopers L.L.P.                                               

March 13, 2006                                                                  

(page)                                                                          

(logo) PRICEWATERHOUSECOOPERS                                                   

PricewaterhouseCoopers LLP                                                      
PricewaterhouseCoopers Center                                                   
300 Madison Avenue                                                              
New York NY 10017                                                               
Telephone (646) 471 3000                                                        
Facsimile (813) 286 6000                                                        

Report of Independent Auditors                                                  

To the Board of Directors and Stockholder                                       
of Chase Home Finance LLC:                                                      

We have examined management's assertion about Chase Home Finance LLC'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 December 31, 2005        
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 December
31, 2005 is fairly stated, in all material respects.                            

/s/ PricewaterhouseCoopers L.L.P.                                               

March 13, 2006                                                                  

(page)                                                                          

(logo) KPMG                                                                     

KPMG LLP                                                                        
1660 International Drive                                                        
McLean, VA 22102                                                                

Independent Accountants' Report                                                 

The Board of Directors                                                          
Wendover Financial Services Corporation:                                        

We have examined Wendover Financial Services Corporation's (an indirect wholly  
owned subsidiary of Electronic Data Systems Corporation) (Wendover) assertion   
that Wendover complied with the minimum servicing standards set forth in the    
Mortgage Bankers Association of America's Uniform Single Attestation Program    
for Mortgage Bankers (USAP) as of and for the year ended December 31, 2005.     
Management is responsible for Wendover'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 conducted in accordance with attestation standards          
established by the American Institute of Certified Public Accountants and,      
accordingly, included examining, on a test basis, evidence about Wendover's     
compliance with the minimum servicing standards specified above 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 Wendover's compliance     
with the minimum servicing standards.                                           

In our opinion, management's assertion that Wendover complied with the          
aforementioned minimum servicing standards as of and for the year ended         
December 31, 2005 is fairly stated, in all material respects.                   

/s/ KPMG LLP                                                                    

February 17, 2006                                                               

EX-99.2                                                                     
(logo) CHASE                                                                    

Management's Assertion Concerning Compliance                                    
with USAP Minimum Servicing Standards                                           

March 13, 2006                                                                  

As of and for the year ended December 31, 2005, JPMorgan Chase Bank, National   
Assocation (the "Company") has 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 as they relate to standard VII, Insurance Policies (the "Applicable      
Standard"). The Company uses subservicing organizations to perform the          
servicing obligations subject to minimum servicing standards I-VI of USAP.      

As of and for this same period, the Company had in effect fidelity bond and     
errors and omissions policies in the amounts of $250,000,000 and $25,000,000    
respectively.                                                                   

Attached to this Management Assertion are the independent auditors' reports on  
the subservicing organizations' compliance with the minimum servicing standards 
related to the servicing obligations performed.                                 

/s/ Kim Greaves                                                                 
Kim Greaves                                                                     
Vice President                                                                  
JPMorgan Chase Bank, N.A.                                                       

/s/ Jim Miller                                                                  
Jim Miller                                                                      
Vice President                                                                  
JPMorgan Chase Bank, N.A.                                                       

/s/ Scott Powell                                                                
Scott Powell                                                                    
Senior Vice President                                                           
JPMorgan Chase Bank, N.A.                                                       

(page)                                                                          

(logo) CHASE                                                                    

Exhibit I                                                                       

Management's Assertion Concerning Compliance                                    
with USAP Minimum Servicing Standards                                           

March 13, 2006                                                                  

As of and for the year ended December 31, 2005, Chase Home Finance LLC (the     
"Company") has complied in all material respects with the minimum servicing     
standards (the "Standards") set forth in the Mortgage Bankers Association of    
America's Uniform Single Attestation Program for Mortgage Bankers ("USAP").     
These Standards are applicable only to the Company's prime and subprime mortgage
portfolios.                                                                     

As of and for this same period, the Company had in effect fidelity bond and     
errors and omissions policies in the amounts of $250,000,000 and $25,000,000    
respectively.                                                                   

/s/ Kim Greaves                                                                 
Kim Greaves                                                                     
Senior Vice President                                                           
Chase Home Finance LLC                                                          

/s/ Jim Miller                                                                  
Jim Miller                                                                      
Senior Vice President                                                           
Chase HOme Finance LLC                                                          

/s/ Scott Powell                                                                
Scott Powell                                                                    
CEO                                                                             
Chase Home Finance LLC                                                          

(page)                                                                          

Wendover                                                                        
an EDS company                                                                  

Management Assertion                                                            

As of and for the year ended December 31, 2005, Wendover Financial              
Services Corporation (an indirect wholly-owned subsidiary of Electronic         
Data Systems Corporation) (Wendover) 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.                                                               

/s/ Susan O'Doherty                                                             
Susan O'Doherty                                                                 
President                                                                       
February 17, 2006                                                               

EX-99.3                                                                     
(logo) CHASE                                                                    

ANNUAL STATEMENT OF COMPLIANCE                                                  

Pursuant to the servicing agreement, the undersigned Officer, to the best of    
his/her knowledge, hereby certifies to the following:                           

I have reviewed the activities and performance of the Servicer and, during the  
preceding fiscal year under the terms of the Servicing Agreement, Trust         
Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide and to  
the best of the Officer's knowledge, the Servicer has fulfilled all its duties, 
responsibilities or obligations under these Agreements throughout such year.    

a)   All property inspections have been completed.                              

b)   Compliance relative to Adjustable Rate Mortgages has been met.             

c)   Compliance with IRS Foreclosure reporting regulations enacted as IRS       
Section 6060J by the Deficit Reduction Act, regarding Acquired and/or 
Abandonment property have been completed.                             

d)   All loans serviced in states that have statutes requiring payment of       
interest on escrow/impound accounts have been completed.              

e)   That such Officer has confirmed that the Fidelity Bond, the Errors and     
    Omissions Insurance Policy and any other bonds required under the terms of
the Servicing Agreement are in full force and effect.                 

f)   Enclosed is a copy of our most recent independent audit statement.         

CERTIFIED BY: /s/ Kim Greaves                                                   
Kim Greaves                                         
Senior Vice President                               

Date: 3/13/06                                                                   

CERTIFIED BY: /s/ Jim Miller                                                    
Jim Miller                                          
Senior Vice President                               

Date: 3/13/06                                                                   

(page)                                                                          

Wells Fargo - 2005 deals                                                        

Investor#   Agreement Name                                       Agreement Date 

047         FC0105                                               1/15/05        
047         FC0205                                               2/15/05        
047         FC0305                                               3/15/05        
047         FC0405                                               4/15/05        
047         FC0505                                               5/15/05        
047         FC0605                                               5/15/05        
047         FC0705                                               7/27/05        
047         FC0805                                               8/27/05        
047         FC0905                                               9/20/05        
047         FC1005                                               10/20/05       
047         FC1105                                               11/25/05       
047         FC1205                                               12/19/05       
G62         BAF05001                                             2/1/05         
G63         CSF05001                                             2/1/05         
G65         JPA050S1                                             2/1/05         
G69         JPA050A1                                             2/1/05         
G70         MAL05001                                             2/1/05         
G75         5MASD1                                               3/1/05         
G76         CSF05002                                             3/2/05         
G80         5GSMP1                                               3/7/05         
G84         JPA050A2                                             4/1/05         
G85         BAF05002                                             4/1/05         
G86         MAL05003                                             4/1/05         
G87         CSF05003                                             4/1/05         
G92         MST05001                                             4/1/05         
G96         MAL05004                                             6/1/05         
G97         CSF05004                                             5/1/05         
G98         JPA050A3                                             6/2/05         
L06         CSF05005                                             6/1/05         
L07         BAF05003                                             6/1/05         
L09         MSS05001                                             6/1/05         
L15         JPA050A4                                             7/1/05         
L19         BAF0500E                                             7/1/05         
L23         CSF05006                                             7/1/05         
L27         JPA050A5                                             8/1/05         
L33         MAL05005                                             8/5/05         
L37         BAY0500C                                             9/12/05        
L38         JPA050S2                                             9/1/05         
L41         JPA050A6                                             9/1/05         
L42         5MARP2                                               9/1/05         
L48         CSF05009                                             10/3/05        
L49         JPA050A7                                             10/3/05        

(page)                                                                          

L53          THB05003                                            9/1/05         
L55          JPA050A8                                            11/1/05        
L56          5MABA1                                              11/1/05        
L57          BAY0500D                                            11/1/05        
L58          CSF05010                                            11/1/05        
L59          MST05002                                            11/1/05        
L62          5MSST2                                              1111/05        
L65          MAL05006                                            12/1/05        
L66          JPL050S1                                            12/1/05        
L67          BAF05007                                            12/1/05        
L68          CSF05011                                            12/1/05        
L72          JPA050S3                                            12/1/05        
L74          JPL050A2                                            12/1/05        
571          PPS05WC1                                            1/26/05        
572          PEOPLES CHOICE 2005-1                               3/28/05        
578          FLD0501                                             2/25/05        
583          MAB05HE1                                            4/28/05        
598          FLD0502                                             7/29/05        
599          FBR05001                                            7/29/05        
602          HAS05NC1                                            9/13/05        
608          FBR05002                                            9/29/05        
609          MAB05HE2                                            9/29/05        
610          HAS05NC2                                            9/29/05        
615          MSI05HE5                                            10/27/0        
617          FLD0503                                             11/28/0        
621          FBR05004                                            12/5/05        
622          FBR05005                                            12/5/05        
624          HAS05I01                                            12/21/05       
AEGO5004                                              
ARM0511                                               
FS2005-1                                              
FS2005-2                                              
FS2005-3                                              
GS2005-RP1                                            
MAB05AB1                                              
MRLT2005-1                                            
MRLT2005-2                                            
MSM058SL                                              
NLC05004                                              
PRM05005                                              

(page)                                                                          

Wells Fargo - 2004 and prior deals                                              

Investor#   Agreement Name                                       Agreement Date 

18          1997 WL-3                                                           
46          FC0704                                                              
46          FC0804                                                              
46          FC0904                                                              
46          FC1004                                                              
46          FC1104                                                              
46          FC1204                                                              
111         1999WL6                                                             
168         PRM04-CL1                                            1/1/04         
361         01996U                                                              
32E         JPMMT 2004-S1                                        1/1/04         
32J         JPM2004-S1                                           8/1/04         
A37         E94001                                                              
A39         J21001                                                              
C48         MAST 2004-1                                          9/1/04         
C84         2002WL7                                              5/1/02         
D92         S44003                                                              
F04         MALT2002-1                                           7/30/02        
F18         002WLF                                               7/1/02         
F04/F20     002WLG                                               8/27/02        
F31         2003-WLV                                             7/1/03         
F32         2002WLJ                                                             
F33         Bayview 2003-D                                       7/1/03         
F34         002FX2                                                              
F35         Bayview 2003-E                                       7/1/03         
F38         002WLM                                                              
F46         002WLS                                                              
F48         2CRA57                                                              
F50         2002WL12                                                            
F51         MALT2003-2                                           3/1/03         
F52         MALT2003-3                                           6/1/03         
F53         MAST2003-5                                           6/1/03         
F54         MAST2003-6                                           6/1/03         
F55         MAST2003-7                                           7/1/03         
F56         MAST2003-8                                           8/1/03         
F57         MASTR9                                                              
F58         MAST03-10                                            10/1/03        
F59         MALT2003-7                                           10/1/03        
F60         MALT2003-8                                           11/1/03        
F61         MALT2003-9                                           1/2/04         
F61         MAST2003-9                                           9/1/03         
F62         MAST03-12                                            1/2/04         

(page)                                                                          

F63         DBALT4                                               1/21/04        
F64         MALT2004-4                                           2/2/04         
F65         MALT2004-2                                           3/1/04         
F66         MAST2004-3                                           2/1/04         
F67         MALT2004-3                                           4/1/04         
F68         Bear Stearns Mortgage Securities Inc Series 1998-1   3/1/04         
F68         Bear Stearns Mortgage Securities Inc Series 1998-5   3/1/04         
F68         PRM04-CL2                                            4/1/04         
F68         SAMI 1998-8                                          3/1/04         
F69         MALT2004-4                                           5/3/04         
F71         MAST2004-5                                           4/1/04         
F73         MALT2004-5                                           6/3/04         
F74         002FX5                                                              
F75         MAST2004-6                                           6/1/04         
F77         MALT2004-6                                           7/5/04         
F79         MALT2004-7                                           7/1/04         
F81         MAST2004-8                                           7/1/04         
F83         MAST2004-9                                           8/1/04         
F85         MALT2004-8                                           8/1/04         
F89         MALT2004-9                                           8/1/04         
F94         GSMPS 2003-1                                         10/1/03        
F95         MALT04-10                                            9/1/04         
G01         JPM2004-A1                                           1/1/04         
G05         JPM2004-A2                                           4/1/04         
G06         GS2004-1                                             2/1/04         
G10         JPM2004-A3                                           6/1/04         
G12         GS2004-3                                             5/1/04         
G16         JPM2004-A4                                           7/1/04         
G19         CSFB04-4                                             8/2/04         
G22         CSFB04-5                                             9/1/04         
G23         BAY2004-C                                            9/1/04         
G29         CSFB04-6                                             10/1/04        
G36         JPM2004-A5                                           10/1/04        
G38/J07     CSFB04-7                                             11/1/04        
G39         MALT04-11                                            11/1/04        
G40/J08     MAST04-10                                            10/1/04        
G43         JPM2004-A6                                           12/1/04        
G44         CSFB04-8                                             12/1/04        
G45         JPM2004-S2                                           11/1/04        
G47         MAST04-11                                            11/1/04        
G48         MALT04-12                                            11/1/04        
G53         BAY2004-D                                            3/1/04         
G54         4BAFC4                                               10/1/04        
G56         BAFC2004-5                                           10/1/04        
G56         4BAFC6                                                              
G58         MALT04-13                                            12/1/04        

(page)                                                                          

H71         CSFB 2001-AR24                                                      
J08         4MAS10                                                              
Deutsche Mortgage Securities, Inc. 2004-4               
    GS2003-3                                             10/1/03
MAST2004-4                                              
MAST2004-1                                              
SAM2000-1                                               
CMLT04-HE1                                              
CMLT2004-1                                              
CSFB04-AR5                                              
FNMA200233                                              
FS2003-1                                                
FS2004-1                                                
FS2004-2                                                
FS2004-3                                                
FS2004-4                                                
FS2004-5                                                
GEMLMLM                                                 
HARTX83-A                                               
JEFFTX84                                                
MALT2002-2                                              
MALT2003-5                                              
MARM2003-1                                              
MAST2002-7                                              
MAST2003-2                                              
MAST2003-3                                              
MAST2003-4                                              
MS1997-P1                                               
MSGF1996-1                                              
MSST2003-1                                              
NATIONSBK                                               
NORWEST-TX                                              
RMSC89-8                                                
SASCO02-9                                               
SMSC92-6                                                
SMT91-05                                                
SMT92-01                                                
SMT93-04                                                
329         SOPAC/ 97-2 / WELLS FARGO TRUST SERVICES                            
389         AMRES98-2                                            6/22/98        
466         Aegis Asset Backed Securities Trust 2003-1           3/27/03        
479         FIRST FRANKLIN MORTGAGE LOAN TRUST 2003-FF2          6/26/03        
480         First Franklin Mortgage Loan Trust 2003-FFC          6/1/03         
483         GS2003-HE2                                           9/8/03         
488         First Franklin Mortgage Loan Trust 2003-FF4          9/1/03         
489         Aegis Asset Backed Securities Trust 2003-2           10/8/03        

(page)                                                                          

497         FIELDSTONE MORTGAGE INVESTMENT CORP 2003-1           10/23/03       
501         GS2003-AHL                                           10/29/03       
502         Aegis Asset Backed Securities Trust 2003-3           11/18/03       
510         Aegis Asset Backed Securities Trust 2004-1           1/23/04        
511         Fieldstone Mortgage Investment Trust 2004-1          1/30/04        
514         FIRST FRANKLIN MORTGAGE LOAN TRUST 2004-FFA          2/1/04         
520         Fieldstone Mortgage Investment Trust 2004-2          4/20/04        
524         FIRST FRANKLIN MORTGAGE LOAN TRUST 2004-FF3          5/1/04         
528         Aegis Asset Backed Securities Trust 2004-3           6/21/04        
532         Fieldstone Mortgage Investment Trust 2004-3          6/21/04        
537         SAIL2004-7                                           7/27/04        
542         Aegis Asset Backed Securities Trust 2004-4           8/26/04        
544         FFMLT 2004-FF7                                       8/1/04         
547         MS2004-5AR                                           9/23/04        
548         MS2004-6AR                                           9/23/04        
549         MS2004-7AR                                           9/23/04        
555         MABS04HE1                                            10/1/04        
556         MS2004-8AR                                           9/30/04        
558         Fieldstone Mortgage Investment Trust 2004-4          9/30/04        
562         PEOPLES CHOICE 2004-2                                11/23/04       
566         Fieldstone Mortgage Investment Trust 2004-5          11/23/04       
BSALTA2003-4                                            
BSRT2001-4                                              
   CMLT2003-1                                           9/1/98
    DALT03-4XS                                           11/1/03

Ex-99.4                                                                     

Schedule of Year-To-Date Principal and Interest Distributions to          
Certificateholders                                                        

                                                                   [Download Table]
                                                               

Class           Interest      Principal  Losses  Ending Balance
                                                               
1-A1        4,372,048.30  14,507,797.77    0.00  253,014,202.23
1-A2        1,106,275.33   3,626,922.33    0.00   63,253,077.67
2-A1        3,041,409.54  20,490,875.14    0.00  175,923,124.86
2-A2        3,143,990.54           0.00    0.00  189,876,000.00
2-A3          420,347.36           0.00    0.00   24,608,000.00
A-IO        5,316,680.00           0.00    0.00  290,001,000.00
M1            632,353.56           0.00    0.00   36,250,000.00
M10           755,208.35           0.00    0.00   36,250,000.00
M2            585,795.07           0.00    0.00   33,350,000.00
M3            384,668.38           0.00    0.00   21,750,000.00
M4            297,251.28           0.00    0.00   16,433,000.00
M5            298,575.04           0.00    0.00   16,433,000.00
M6            277,057.52           0.00    0.00   14,983,000.00
M7            319,004.51           0.00    0.00   15,466,000.00
M8            233,757.91           0.00    0.00   11,116,000.00
M9            256,144.29           0.00    0.00   11,116,000.00
OWNER CERT  4,421,769.39           0.00    0.00            0.01
                                                                             

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing		Date		Other Filings
Filed on:		3/31/06		None on these Dates
		3/13/06
		2/17/06
For Period End:		12/31/05
				List all Filings