EX-99.1 2 dex991.htm MONTHLY STATEMENT TO CERTIFICATEHOLDERS DATED 9/20/2004 Monthly Statement to Certificateholders dated 9/20/2004

Exhibit 99.1

 

ABS Corporation     
Banc One Home Equity Loan Trust 1998-1    Page 1  
P & S Agreement Date:    August 31, 1998
Original Settlement Date:    September 24, 1998
Series Number of Certificates:     
Original Collateral Sale Balance    $867,346,931.20

 

CERTIFICATES INFORMATION             
     BALANCE     MARGIN  

Investors

    $850,000,000.00     0.25 %

Transferor

    $17,346,931.20     0.00 %
   
OTHER INFORMATION             
   

Original Pool Balance @ Cut-Off Date

    $867,346,931.20        

Servicing Fee

    0.500 %      
   

Original Settlement Date

    9/24/98        

First Payment Date

    10/20/98        

Short Interest Period Days

    26        

Managed Amortization Period (Months)

    60        
   

Required Credit Enhancement Amount Percentage

    1.25 %      

Required Credit Enhancement Amount

    $10,625,000.00        

Spread Account Maximum ( % of Invested Amount)

    0.25 %      

Spread Account Maximum

    2,125,000.00        

Spread Account Floor ( % of Original Balance)

    0.00 %      

Spread Account Step-Up 9+ Mths Delinquent Percentage

    0.00 %      

Initial Insured Amount

    $850,000,000.00        
   

Fixed Allocation Percentage

    98.00 %      

Investor Certificate Principal Balance (ICPB)

    0.00 %      

Minimum Transferor Interest Percentage

    5.00 %      

Credit Enhancement Fee

    0.105 %      

Rapid Amortization Event Trigger (% of Original Pool Balance)

    1.000 %      

Tail Adjustment

    $0.00        

 

ABS Corporation     
Banc One Home Equity Loan Trust 1998-1    Page 2  
P & S Agreement Date:    August 31, 1998
Original Settlement Date:    September 24, 1998
Series Number of Certificates:     
Original Collateral Sale Balance    $867,346,931.20

 

   

INPUT SECTION (PAGE 1 of 1)

       
   

MONTH:

    72  

DISTRIBUTION DATE:

    9/20/04  

DETERMINATION DATE:

    9/15/04  
     31  
   

MORTGAGE LOANS PAYMENT SUMMARY

       

COLLECTION PERIOD:

       
   

MTGE LOANS INTEREST RECEIVED

    $622,134.16  

MTGE LOANS PRINCIPAL RECEIVED

    $5,794,054.77  

MTGE LOANS NET LIQUIDATION PROCEEDS (ALLOC. TO INTEREST)

    $22,249.86  

MTGE LOANS NET LIQUIDATION PROCEEDS (NET OF FORECL. PROFIT & ALLOC. TO PRINCIPAL)

    $0.00  

MTGE LOANS INSURANCE PROCEEDS (ALLOC. TO INTEREST)

    $0.00  

MTGE LOANS INSURANCE PROCEEDS (ALLOC. TO PRINCIPAL)

    $0.00  

MTGE LOANS SERVICER OPTIONAL ADVANCES (ALLOC. TO INTEREST)

    $0.00  

MTGE LOANS PURCHASE PRICE (ALLOC. TO INTEREST)

    $0.00  

MTGE LOANS PURCHASE PRICE (ALLOC. TO PRINCIPAL)

    $0.00  

MTGE LOANS TRANSFER DEPOSIT AMOUNT (ALLOC. TO PRINCIPAL)

    $0.00  
   

MTGE LOANS DRAWS (ADDITIONAL BALANCES)

    $3,192,553.76  

MTGE LOANS LIQUIDATION LOSS AMOUNT

    $103,279.07  
   

MTGE LOANS TOTAL ENDING PRINCIPAL BALANCE

    $150,099,903.21  

AVERAGE MTGE LOANS RATE

    5.0541 %
   

DELINQUENCY & REO SUMMARY

       

DEL STAT 1 - NO. OF ACCTS

    72  

DEL STAT 1 - CURRENT BALANCE

    $2,312,226.13  

DEL STAT 2 - NO. OF ACCTS

    38  

DEL STAT 2 - CURRENT BALANCE

    $1,078,932.28  

DEL STAT 1+ - NO. OF ACCTS

    171  

DEL STAT 1+ - CURRENT BALANCE

    $5,577,940.67  

DEL STAT 3+ - NO. OF ACCTS

    61  

DEL STAT 3+ - CURRENT BALANCE

    $2,186,782.26  
   

REO - NO. OF ACCTS

    0  

REO - CURRENT BOOK BALANCE (UNPAID PRINC. BALANCE)

    $0.00  
   

LOAN MODIFICATION SUMMARY

       

é        TOTAL CLTV OF OUTSTANDING POOL BALANCE FOR THIS COLLECTION PERIOD.

    75.223 %

CUT-OFF DATE WEIGHTED AVERAGE GROSS MARGIN (NOT AN INPUT FIELD)

    1.380 %

RECALCULATED WEIGHTED AVERAGE GROSS MARGIN

    0.804 %

MAXIMUM AMOUNT OF MARGIN MODIFICATIONS EXECUTED? (NOT AN INPUT FIELD)

    YES  
   

OTHER INFORMATION

       

LIBOR RATE FOR CURRENT INTEREST PERIOD

    1.60000 %

INTEREST DEPOSIT INTO SPREAD ACCOUNT (REINVESTMENT)

    $0  

é        AMOUNT OWED TO CREDIT ENHANCER DUE TO PREPAYMENT SHORTFALL

    $0  

SURETY BOND IN FORCE ? (YES=1; NO=0)

    1  

 

ABS Corporation     
Banc One Home Equity Loan Trust 1998-1    Page 3  
P & S Agreement Date:    August 31, 1998
Original Settlement Date:    September 24, 1998
Series Number of Certificates:     
Original Collateral Sale Balance    $867,346,931.20

 

   

Detailed Information (Page 1 of 5)

       
   

Distribution Date:

    9/20/04  
   

LIBOR Rate (Adjusted two business days prior to previous Distribution Date)

    1.60000 %

Average Mtge Loans Net Loan Rate (Effective Rate; Multiply by 360/365)

    4.37988 %

Maximum Rate

    4.37988 %

Investor Certificate Rate (LIBOR + 25 bps)

    1.85000 %

Investor Certificate Rate Capped at Maximum Rate? (Y=1; N=0)

    0  

Interest Period (Days)

    31  
   

Beginning Pool Balance

    152,804,683.29  

Beginning Investor Certificate Principal Balance

    97,968,426.41  

Beginning Transferor Principal Balance

    50,841,165.67  

Beginning Invested Amount

    101,963,517.62  

Investor Floating Allocation Percentage

    66.7280 %

Liquidation Loss Amount

    103,279.07  

Servicing Fee

    63,668.62  
   

Mtge Loans Interest (Net of Cut-Off Date Overdue Interest)

    622,134.16  

Mtge Loans Principal

    5,794,054.77  

Mtge Loans Net Liquidation Proceeds

    22,249.86  

Mtge Loans Insurance Proceeds

    0.00  

Mtge Loans Optional Servicer Advances

    0.00  

Mtge Loans Purchase Price

    0.00  

Mtge Loans Transfer Deposit Amount

    0.00  

Available Funds

    6,438,438.79  
   

Mtge Loans Interest

    622,134.16  

Mtge Loans Net Liquidations Proceeds (Alloc. to Int.)

    22,249.86  

Mtge Loans Insurance Proceeds (Alloc. to Int.)

    0.00  

Mtge Loans Optional Servicer Advances (Alloc. to Int.)

    0.00  

Mtge Loans Purchase Price (Alloc. to Int.)

    0.00  

Mtge Loans Interest Collections

    644,384.02  
   

Mtge Loans Principal

    5,794,054.77  

Mtge Loans Net Liquidation Proceeds (Alloc. to Princ. & Net of Forecl. Profits)

    0.00  

Mtge Loans Insurance Proceeds (Alloc. to Princ.)

    0.00  

Mtge Loans Purchase Price (Alloc. to Princ.)

    0.00  

Mtge Loans Transfer Deposit Amount

    0.00  

Mtge Loans Principal Collections

    5,794,054.77  
   

Interest Collections

    644,384.02  

Principal Collections

    5,794,054.77  
   

Investor & Transferor Interest & Principal Allocation

       

Investor Interest Collections

    429,984.60  

Investor Principal Collections

    5,678,173.72  

Transferor Interest Collections

    214,399.42  

Transferor Principal Collections

    115,881.05  

(Check)

    0.00  
   

Investor Loss Amount

    68,916.06  

Transferor Loss Amount

    34,363.01  

 

ABS Corporation     
Banc One Home Equity Loan Trust 1998-1    Page 4  
P & S Agreement Date:    August 31, 1998
Original Settlement Date:    September 24, 1998
Series Number of Certificates:     
Original Collateral Sale Balance    $867,346,931.20

 

   

Detailed Information (Page 2 of 5)

       
   

Distribution Date:

    9/20/04  
   

Investor Interest Collections

    429,984.60  

less Investor Servicing Fee

    42,484.80  

less Unpaid Servicing Fee

    0.00  

less Investor Certificate Interest

    156,069.15  

less Unpaid Investor Certificate Interest Shortfall

    0.00  

less Credit Enhancement Premium

    8,572.24  

less Investor Loss Amount

    68,916.06  

less Unpaid Investor Loss Amount

    0.00  

less Unreimbursed Draw Amounts

    0.00  

Excess Interest

    153,942.36  

less Accelerated Principal Distribution Amount

    14,367.72  

less Deposit to (Release from) Spread Account

    (14,367.72 )

Remaining Excess Interest

    153,942.36  
   

Investor Distributions

       

Investor Certificate Interest

    156,069.15  

Managed Amortization Period? (Y=1, N=0)

    0  

Rapid Amortization Period? (Y=1, N=0)

    1  

Principal Collections less Additional Balances

    2,601,501.01  

Alternative Principal Payment

    2,601,501.01  

Maximum Principal Collections

    5,678,173.72  

Principal Distribution Amount

    5,678,173.72  

Investor Loss Amount Distributed to Investors

    68,916.06  

Excess Interest Paid as Principal

    14,367.72  
   

Transferor Distributions

       

Transferor Interest Collections (net of Transferor Servicing Fee)

    193,215.60  

Funds Released from Spread Account

    0.00  

Principal Distributions (including Transferor Principal Collections)

    115,881.05  
   

Excess Int. (Shortfall) a/ Interest

    273,915.46  

Excess Int. (Shortfall) a/ Premium b/ Losses

    265,343.22  

Excess Int. (Shortfall) a/ Losses

    196,427.16  

Required Amount

    0.00  

Required Amount Applied to Overcollateralization Amount

    0.00  

Draw on Policy

    0.00  
   

Investor Certificate Distribution Amount (Excluding Credit Enhancement Draw Amount)

    5,917,526.66  

Credit Enhancement Draw Amount

    0.00  

Guaranteed Principal Distribution Amount

    0.00  

Guaranteed Amount

    0.00  

 

ABS Corporation     
Banc One Home Equity Loan Trust 1998-1    Page 5  
P & S Agreement Date:    August 31, 1998
Original Settlement Date:    September 24, 1998
Series Number of Certificates:     
Original Collateral Sale Balance    $867,346,931.20

 

   

Detailed Information (Page 3 of 5)

       
   

Distribution Date:

    9/20/04  
   

Beginning Pool Balance

    152,804,683.29  

Interest Distribution

    644,384.02  

Principal Distribution

    5,794,054.77  

Additional Balances

    3,192,553.76  

Liquidation Loss Amount

    103,279.07  

Ending Pool Balance

    150,099,903.21  
   

Beginning Investor Certificate Principal Balance

    97,968,426.41  

Investor Certificate Interest

    156,069.15  

Unpaid Investor Certificate Interest Shortfall distributed

    0.00  

Investor Certificate Principal

    5,761,457.51  

Ending Investor Certificate Principal Balance

    92,206,968.90  

Pool Factor

    0.1084788  
   

Beginning Transferor Balance

    50,841,165.67  

Interest Distribution (including funds released from Spread Account)

    214,399.42  

Principal Distribution (including Unallocated Transferor Principal Collections)

    115,881.05  

Additional Balances

    3,192,553.76  

Losses allocated to Transferor

    34,363.01  

Ending Transferor Balance

    53,883,475.38  

Minimum Transferor Interest

    7,504,995.16  

Transferor Principal Collections Unallocated due to Minimum Transferor Interest (held in Coll. Acct.)

    0.00  

Total Unallocated Transferor Principal Collections held in Collection Account

    0.00  
   

Beginning Invested Amount

    101,963,517.62  

Principal Distribution Amount

    5,678,173.72  

Investor Loss Reduction Amount

    68,916.06  

Ending Invested Amount

    96,216,427.83  
   

Beginning Total OC Amount

    3,995,091.21  

Ending Total OC Amount

    4,009,458.93  

Ending Total OC Amount (% of Original Invested Amount)

    0.47 %
   

Spread Account Cap Amount

    240,541.07  

Beginning Spread Account Balance

    254,908.79  

Draw from Account to Pay Credit Enhancer

    0.00  

Deposit to (Release from)

    (14,367.72 )

Ending Spread Account Balance

    240,541.07  

Ending Spread Account Balance (% of Ending Invested Amount)

    0.25 %

Amount Released from Spread Account

    0.00  

Unreimbursed Draw on Surety Bond

    0.00  

 

ABS Corporation     
Banc One Home Equity Loan Trust 1998-1    Page 6  
P & S Agreement Date:    August 31, 1998
Original Settlement Date:    September 24, 1998
Series Number of Certificates:     
Original Collateral Sale Balance    $867,346,931.20

 

   

Detailed Information (Page 4 of 5)

       
   

Distribution Date:

    9/20/04  
   

Beginning Insured Principal Amount

    $97,968,426.41  

Ending Insured Principal Amount

    $92,206,968.90  
   

Available Credit Enhancement

    0.49 %

Investor Distribution Amount

    5,917,526.66  

Transferor Distribution Amount (incl. Excess Cash Rel. From SA)

    309,096.64  
   

Investor Loss Amount Reimbursed from Excess Interest

    68,916.06  

Investor Loss Amount Reimbursed from Policy Draw

    0.00  

Investor Loss Amount Allocated to OC

    0.00  

Investor Loss Amount Unreimbursed

    0.00  

Unreimbursed Loss Amount Distributed

    0.00  
   

Cum. Accelerated Principal Distribution Amount

    4,009,458.93  

Cum. Principal Payments (Including ECPB & APDA)

    757,793,031.10  

Cum. Principal Payments (Excluding ECPB & APDA)

    753,769,204.45  

Cum. OC Amount

    4,009,458.93  

Cum. SA Deposits

    240,541.07  

Cum. Liquidation Losses

    14,265,702.59  

Cum. Investor Loss Reduction Amount

    0.00  

Cum. Purchase Price of Repurchased Loans (Alloc. to Principal)

    0.00  

Cum. Guaranteed Principal Distribution Amount

    0.00  

Cum. Credit Enhancement Draw Amount

    0.00  
   

Cum. Change in Weighted Average Gross Margin (Cut-Off Margin-Current Margin)

    0.576 %
   

Accrued but Unpaid a/ Distribution

       

Servicing Fee

    0.00  

Investor Certificate Interest

    0.00  

Credit Enhancement Premium

    0.00  

Unreimbursed Draw Amounts

    0.00  

 

ABS Corporation     
Banc One Home Equity Loan Trust 1998-1    Page 7  
P & S Agreement Date:    August 31, 1998
Original Settlement Date:    September 24, 1998
Series Number of Certificates:     
Original Collateral Sale Balance    $867,346,931.20

 

   

Detailed Information (Page 5 of 5)

       
   

Distribution Date:

    9/20/04  
   

SOURCES OF FUNDS:

       

Mtge Loans Interest

    622,134.16  

Mtge Loans Net Liq. Proceeds (Alloc. to Int. & Incl. Rec. Charge-Offs)

    22,249.86  

Mtge Loans Insurance Proceeds (Alloc. to Int.)

    0.00  

Mtge Loans Purchase Price (Alloc. to Int.)

    0.00  

Mtge Loans Principal

    5,794,054.77  

Mtge Loans Net Liq. Proceeds (Alloc. to Princ.)

    0.00  

Mtge Loans Insurance Proceeds (Alloc. to Princ.)

    0.00  

Mtge Loans Purchase Price (Alloc. to Princ.)

    0.00  

Mtge Loans Transfer Deposit Amount

    0.00  

Reinvestment Earnings

    0.00  

Draw on Policy

    0.00  

Total

    6,438,438.79  
   

USES OF FUNDS

       

Servicing Fee

    63,668.62  

Investor Interest Distribution

    156,069.15  

Accrued and Unpaid Investor Interest Distributed

    0.00  

Investor Principal Distribution

    5,761,457.51  

Transferor Distribution (not including Cash Released to Transferor)

    309,096.64  

Unallocated Transferor Principal Collections

    0.00  

Accrued and Unpaid Servicing Fee Distributed

    0.00  

Credit Enhancement Premium Distributed

    8,572.24  

Cash Deposited to (Released from) Spread Account

    (14,367.72 )

Cash Released to Transferor

    153,942.36  

Total

    6,438,438.79  
   

PERFORMANCE PARAMETERS

       

Aggregate Amount of Locked Balances

    2,086,203.67  

Aggregate Amount of Locked Balances - %

    1.390 %

Portfolio CLTV as of the End of the Collection Period

    75.223 %

Amount of Pool Balance Offered the "Skip-a-Pay Program"

    0.00  

Percentage of Pool Balance Offered the "Skip-a-Pay Program"

    0.00 %

Number of Accounts Accepting the "Skip-a-Pay Program"

    0  

Aggregate Principal Balance of Accounts Accepting the "Skip-a-Pay Program"

    0.00  
   

ERROR CHECK

       
   

Sources & Uses

    OK  

Pool Balance

    OK  

Transferor Balance

    OK  

Loss Allocation

    OK  

Overcollateralization

    OK  

Balance Reduction

    OK  
   

Distribution List:

       

Greg Kwasny, JP Morgan Trust Company, NA

       

 

ABS Corporation     
Banc One Home Equity Loan Trust 1998-1    Page 8  
P & S Agreement Date:    August 31, 1998
Original Settlement Date:    September 24, 1998
Series Number of Certificates:     
Original Collateral Sale Balance    $867,346,931.20

 

   

Servicer Certificate (Page 1 of 3)

       
   

Distribution Date:

    9/20/04  
   

A.      POOL INFORMATION

       
   

Aggregate Amount of Collections

    6,438,438.79  

Aggregate Amount of Interest Collections

    644,384.02  

Aggregate Amount of Principal Collections

    5,794,054.77  

Transfer Deposit Amount

    0.00  

Beginning Pool Balance

    152,804,683.29  

Ending Pool Balance

    150,099,903.21  

Additional Balances

    3,192,553.76  

Cum. Modifications to Credit Limits ($ of Initial Credit Limits)

    $0.00  

Cum. Modifications to Credit Limit (% of Initial Credit Limits)

    0.00 %

Cum. Change in Weighted Average Gross Margin (Cut-Off Margin-Current Margin)

    0.576 %

Servicing Fee

    63,668.62  

Unpaid Servicing Fee Received

    0.00  

Remaining Accrued and Unpaid Servicing Fee

    0.00  
   

B.      INTEREST, PRINCIPAL & LOSS ALLOCATION

       
   

Investor Certificateholder Floating Allocation Percentage

    66.73 %

Investor Certificateholder Fixed Allocation Percentage

    98.00 %

Investor Interest Collections

    429,984.60  

Investor Principal Collections

    5,678,173.72  

Transferor Interest Collections

    214,399.42  

Transferor Principal Collections

    115,881.05  

Investor Loss Amount

    68,916.06  

Beginning Invested Amount

    101,963,517.62  

Ending Invested Amount

    96,216,427.83  
   

C.      INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS

       
   

Investor Certificate Interest Distributed

    156,069.15  

Investor Certificate Interest Shortfall b/ any Draw on Policy

    0.00  

Unpaid Investor Certificate Interest Shortfall Received

    0.00  

Unpaid Investor Certificate Interest Shortfall Remaining

    0.00  
   

Principal Distribution Amount

    5,678,173.72  

Managed Amortization Period? (Yes=1; No=0)

    0  

Rapid Amortization Period? (Yes=1; No=0)

    1  

Maximum Principal Collections Payment

    5,678,173.72  

Alternative Principal Payment

    2,601,501.01  

Principal Collections less Additional Balances

    2,601,501.01  

Investor Loss Amount Distributed to Investors

    68,916.06  

Accelerated Principal Distribution Amount

    14,367.72  
   

D.      INVESTOR CERTIFICATE PRINCIPAL BALANCE

       
   

Beginning Certificate Principal Balance

    97,968,426.41  

Ending Certificate Principal Balance

    92,206,968.90  

Pool Factor

    0.1084788  

 

ABS Corporation     
Banc One Home Equity Loan Trust 1998-1    Page 9  
P & S Agreement Date:    August 31, 1998
Original Settlement Date:    September 24, 1998
Series Number of Certificates:     
Original Collateral Sale Balance    $867,346,931.20

 

   

Servicer Certificate (Page 2 of 3)

       
   

Distribution Date:

    9/20/04  
   

E.      DISTRIBUTIONS TO TRANSFEROR

       
   

Interest Distribution

    214,399.42  

Principal Distribution

    115,881.05  

Amount Distributed to Transferor

    0.00  
   

F.      TRANSFEROR BALANCE

       
   

Beginning Transferor Principal Balance

    50,841,165.67  

Ending Transferor Principal Balance

    53,883,475.38  

Minimum Transferor Balance

    7,504,995.16  
   

G.      INVESTOR CERTIFICATE RATE

       
   

Investor Certificate Rate

    1.85000 %

LIBOR Rate

    1.60000 %

Maximum Rate

    4.37988 %

Weighted Average Mortgage Net Loan Rate

    4.37988 %
   

H.      CREDIT ENHANCEMENT

       
   

Credit Enhancement Fee

    8,572.24  

Guaranteed Amount

    0.00  

Guaranteed Principal Distribution Amount

    0.00  

Credit Enhancement Draw Amount

    0.00  
   

I.       SPREAD ACCOUNT

       
   

Beginning Spread Account Balance

    254,908.79  

Ending Spread Account Balance

    240,541.07  

Amount to be distributed to (Released from) the Spread Account

    (14,367.72 )

Amount Released from Spread Account

    0.00  

Spread Account Maximum

    240,541.07  
   

J.       DELINQUENCY & REO STATUS

       
   

Delinquent 30-59 days

       

No. of Accounts

    72  

Trust Balances

    2,312,226.13  

Delinquent 60-89 days

       

No. of Accounts

    38  

Trust Balances

    1,078,932.28  

Delinquent 90+ days

       

No. of Accounts

    61  

Trust Balances

    2,186,782.26  

Delinquent 9+ months

       

No. of Accounts

    0  

Trust Balances

    0.00  

REO

       

No. of Accounts

    0  

Trust Balances

    0.00  

 

ABS Corporation     
Banc One Home Equity Loan Trust 1998-1    Page 10  
P & S Agreement Date:    August 31, 1998
Original Settlement Date:    September 24, 1998
Series Number of Certificates:     
Original Collateral Sale Balance    $867,346,931.20

 

   

Servicer Certificate (Page 3 of 3)

     
   

Distribution Date:

    9/20/04
   

K.      EVENT OF DEFAULT TRIGGERS

    0
   

Failure by Seller to make payment within 5 Business Days of Required Date ?

    0

Failure by Seller to perform any covenants described in the Agreement ?

    0

Bankruptcy or Insolvency relating to Servicer ?

    0
   

L.      RAPID AMORTIZATION EVENT TRIGGERS

    0
   

Failure by Seller to make payment within 3 Business Days of Required Date ?

    0

Breach of Representation or Warranty by Seller or Depositor?

    0

Bankruptcy or Insolvency relating to Transferor ?

    0

Subject to Investment Company Act of 1940 Regulation ?

    0

Any Event of Default ?

    0

Draws Under Policy are Greater than 1% of Initial Pool Principal Balance?

    0

 

IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly executed and certifies to the best of his knowledge and belief that information is true and correct this 15th day of September 2004

 

   

Bank One, N.A.

as Servicer

   

/s/     Philip C. McNiel

   

Philip C. McNiel

   

Vice President

 

        Distribution List:

 

MBIA

Greg Kwasny, JP Morgan Trust Company, NA

Moody’s Investors Service

Standard & Poor’s Corp.

 

ABS Corporation     
Banc One Home Equity Loan Trust 1998-1    Page 11  
P & S Agreement Date:    August 31, 1998
Original Settlement Date:    September 24, 1998
Series Number of Certificates:     
Original Collateral Sale Balance    $867,346,931.20

 

   

Statement to Certificateholders (Page 1 of 2)

       
   

Distribution Date:

    9/20/04  
   

INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000 ORIGINAL PRINCIPAL AMOUNT)

       
   

A.      INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS

       

Investor Certificate Interest Distributed

    0.183611  

Investor Certificate Interest Shortfall Distributed

    0.000000  

Remaining Unpaid Investor Certificate Interest Shortfall

    0.000000  
   

Managed Amortization Period ? (Yes=1; No=0)

    0  

Investors Certificate Principal Distributed

    6.778185  

Principal Distribution Amount

    6.680204  

Maximum Principal Payment

    6.680204  

Alternative Principal Payment

    3.060589  

Principal Collections less Additional Balances

    3.060589  

Investor Loss Amount Distributed to Investors

    0.081078  

Accelerated Principal Distribution Amount

    0.016903  

Credit Enhancement Draw Amount

 

    0.00

 

  

Total Amount Distributed to Certificateholders (P & I)

    6.961796  
   

B.      INVESTOR CERTIFICATE PRINCIPAL BALANCE

       
   

Beginning Investor Certificate Balance

    97,968,426.41  

Ending Investor Certificate Balance

    92,206,968.90  

Beginning Invested Amount

    101,963,517.62  

Ending Invested Amount

    96,216,427.83  

Investor Certificateholder Floating Allocation Percentage

    66.7280 %

Pool Factor

    0.1084788  

Liquidation Loss Amount for Liquidated Loans

    103,279.07  

Unreimbursed Liquidation Loss Amount

    0.00  
   

C.      POOL INFORMATION

       
   

Beginning Pool Balance

    152,804,683.29  

Ending Pool Balance

    150,099,903.21  

Servicing Fee

    63,668.62  
   

D.      INVESTOR CERTIFICATE RATE

       
   

Investor Certificate Rate

    1.850000 %

LIBOR Rate

    1.600000 %

Maximum Rate

    4.379882 %
   

E.      DELINQUENCY & REO STATUS

       
   

Delinquent 30-59 days

       

No. of Accounts

    72  

Trust Balances

    2,312,226.13  

Delinquent 60-89 days

       

No. of Accounts

    38  

Trust Balances

    1,078,932.28  

Delinquent 90+ days

       

No. of Accounts

    61  

Trust Balances

    2,186,782.26  

Delinquent 9+ Months

       

No. of Accounts

    0  

Trust Balances

    0  

REO

       

No. of Accounts

    0  

Trust Balances

    0.00  

 

ABS Corporation     
Banc One Home Equity Loan Trust 1998-1    Page 12  
P & S Agreement Date:    August 31, 1998
Original Settlement Date:    September 24, 1998
Series Number of Certificates:     
Original Collateral Sale Balance    $867,346,931.20

 

Statement to Certificateholders (Page 2 of 2)

     
   

Distribution Date:

    9/20/04

 

IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly executed and certifies to the best of his knowledge and belief that information is true and correct this 15th day of September 2004

 

   

Bank One, N.A.

as Servicer

   

/s/     Philip C. McNiel

   

Philip C. McNiel

   

Vice President

 

        Distribution List:

 

Greg Kwasny, JP Morgan Trust Company, NA