EX-99.1 2 dex991.htm MONTHLY STATEMENT TO CERTIFICATEHOLDERS DATED APRIL 20, 2005 Monthly Statement to Certificateholders dated April 20, 2005

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     

 

     BALANCE
     MARGIN
  

CERTIFICATES INFORMATION

               

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:

      79  

DISTRIBUTION DATE:

      4/20/05  

DETERMINATION DATE:

      4/15/05  
       30  

MORTGAGE LOANS PAYMENT SUMMARY

         

COLLECTION PERIOD:

         

MTGE LOANS INTEREST RECEIVED

    $ 650,050.44  

MTGE LOANS PRINCIPAL RECEIVED

    $ 6,900,367.99  

MTGE LOANS NET LIQUIDATION PROCEEDS (ALLOC. TO INTEREST)

    $ 33,552.48  

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)

    $ 1,976,554.26  

MTGE LOANS LIQUIDATION LOSS AMOUNT

    $ 28,949.93  

MTGE LOANS TOTAL ENDING PRINCIPAL BALANCE

    $ 128,799,006.64  

AVERAGE MTGE LOANS RATE

      6.2620 %

DELINQUENCY & REO SUMMARY

         

DEL STAT 1 - NO. OF ACCTS

      56  

DEL STAT 1 - CURRENT BALANCE

    $ 1,617,823.73  

DEL STAT 2 - NO. OF ACCTS

      21  

DEL STAT 2 - CURRENT BALANCE

    $ 666,738.82  

DEL STAT 1+ - NO. OF ACCTS

      145  

DEL STAT 1+ - CURRENT BALANCE

    $ 4,929,527.68  

DEL STAT 3+ - NO. OF ACCTS

      68  

DEL STAT 3+ - CURRENT BALANCE

    $ 2,644,965.13  

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.

      74.842 %

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

      1.380 %

RECALCULATED WEIGHTED AVERAGE GROSS MARGIN

      0.762 %

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

      YES  

OTHER INFORMATION

         

LIBOR RATE FOR CURRENT INTEREST PERIOD

      2.85000 %

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:

    4/20/05  

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

    2.85000 %

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

    5.57118 %

Maximum Rate

    5.57118 %

Investor Certificate Rate (LIBOR + 25 bps)

    3.10000 %

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

    0  

Interest Period (Days)

    30  

Beginning Pool Balance

    133,751,770.30  

Beginning Investor Certificate Principal Balance

    61,593,883.88  

Beginning Transferor Principal Balance

    68,072,085.64  

Beginning Invested Amount

    65,679,684.66  

Investor Floating Allocation Percentage

    49.1057 %

Liquidation Loss Amount

    28,949.93  

Servicing Fee

    55,729.90  

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

    650,050.44  

Mtge Loans Principal

    6,900,367.99  

Mtge Loans Net Liquidation Proceeds

    33,552.48  

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

    7,583,970.91  

Mtge Loans Interest

    650,050.44  

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

    33,552.48  

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

    683,602.92  

Mtge Loans Principal

    6,900,367.99  

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

    6,900,367.99  

Interest Collections

    683,602.92  

Principal Collections

    6,900,367.99  

Investor & Transferor Interest & Principal Allocation

       

Investor Interest Collections

    335,687.70  

Investor Principal Collections

    6,762,360.69  

Transferor Interest Collections

    347,915.22  

Transferor Principal Collections

    138,007.30  

(Check)

    0.00  

Investor Loss Amount

    14,216.05  

Transferor Loss Amount

    14,733.88  

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:

    4/20/05  

Investor Interest Collections

    335,687.70  

less Investor Servicing Fee

    27,366.54  

less Unpaid Servicing Fee

    0.00  

less Investor Certificate Interest

    159,117.53  

less Unpaid Investor Certificate Interest Shortfall

    0.00  

less Credit Enhancement Premium

    5,389.46  

less Investor Loss Amount

    14,216.05  

less Unpaid Investor Loss Amount

    0.00  

less Unreimbursed Draw Amounts

    0.00  

Excess Interest

    129,598.11  

less Accelerated Principal Distribution Amount

    16,941.44  

less Deposit to (Release from) Spread Account

    (16,941.44 )

Remaining Excess Interest

    129,598.11  

Investor Distributions

       

Investor Certificate Interest

    159,117.53  

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

    0  

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

    1  

Principal Collections less Additional Balances

    4,923,813.73  

Alternative Principal Payment

    4,923,813.73  

Maximum Principal Collections

    6,762,360.69  

Principal Distribution Amount

    6,762,360.69  

Investor Loss Amount Distributed to Investors

    14,216.05  

Excess Interest Paid as Principal

    16,941.44  

Transferor Distributions

       

Transferor Interest Collections (net of Transferor Servicing Fee)

    319,551.85  

Funds Released from Spread Account

    0.00  

Principal Distributions (including Transferor Principal Collections)

    138,007.30  

Excess Int. (Shortfall) a/ Interest

    176,570.17  

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

    171,180.70  

Excess Int. (Shortfall) a/ Losses

    156,964.65  

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)

    6,952,635.72  

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:

    4/20/05  

Beginning Pool Balance

    133,751,770.30  

Interest Distribution

    683,602.92  

Principal Distribution

    6,900,367.99  

Additional Balances

    1,976,554.26  

Liquidation Loss Amount

    28,949.93  

Ending Pool Balance

    128,799,006.64  

Beginning Investor Certificate Principal Balance

    61,593,883.88  

Investor Certificate Interest

    159,117.53  

Unpaid Investor Certificate Interest Shortfall distributed

    0.00  

Investor Certificate Principal

    6,793,518.18  

Ending Investor Certificate Principal Balance

    54,800,365.69  

Pool Factor

    0.0644710  

Beginning Transferor Balance

    68,072,085.64  

Interest Distribution (including funds released from Spread Account)

    347,915.22  

Principal Distribution (including Unallocated Transferor Principal Collections)

    138,007.30  

Additional Balances

    1,976,554.26  

Losses allocated to Transferor

    14,733.88  

Ending Transferor Balance

    69,895,898.72  

Minimum Transferor Interest

    6,439,950.33  

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

    65,679,684.66  

Principal Distribution Amount

    6,762,360.69  

Investor Loss Reduction Amount

    14,216.05  

Ending Invested Amount

    58,903,107.92  

Beginning Total OC Amount

    4,085,800.79  

Ending Total OC Amount

    4,102,742.23  

Ending Total OC Amount (% of Original Invested Amount)

    0.48 %

Spread Account Cap Amount

    147,257.77  

Beginning Spread Account Balance

    164,199.21  

Draw from Account to Pay Credit Enhancer

    0.00  

Deposit to (Release from)

    (16,941.44 )

Ending Spread Account Balance

    147,257.77  

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:

      4/20/05  

Beginning Insured Principal Amount

    $ 61,593,883.88  

Ending Insured Principal Amount

    $ 54,800,365.69  

Available Credit Enhancement

      0.49 %

Investor Distribution Amount

      6,952,635.72  

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

      457,559.15  

Investor Loss Amount Reimbursed from Excess Interest

      14,216.05  

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

      4,102,742.23  

Cum. Principal Payments (Including ECPB & APDA)

      795,199,634.31  

Cum. Principal Payments (Excluding ECPB & APDA)

      791,079,950.64  

Cum. OC Amount

      4,102,742.23  

Cum. SA Deposits

      147,257.77  

Cum. Liquidation Losses

      14,677,465.74  

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)

      0.618 %

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:

    4/20/05  

SOURCES OF FUNDS:

       

Mtge Loans Interest

    650,050.44  

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

    33,552.48  

Mtge Loans Insurance Proceeds (Alloc. to Int.)

    0.00  

Mtge Loans Purchase Price (Alloc. to Int.)

    0.00  

Mtge Loans Principal

    6,900,367.99  

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

    7,583,970.91  

USES OF FUNDS

       

Servicing Fee

    55,729.90  

Investor Interest Distribution

    159,117.53  

Accrued and Unpaid Investor Interest Distributed

    0.00  

Investor Principal Distribution

    6,793,518.18  

Transferor Distribution (not including Cash Released to Transferor)

    457,559.15  

Unallocated Transferor Principal Collections

    0.00  

Accrued and Unpaid Servicing Fee Distributed

    0.00  

Credit Enhancement Premium Distributed

    5,389.46  

Cash Deposited to (Released from) Spread Account

    (16,941.44 )

Cash Released to Transferor

    129,598.11  

Total

    7,583,970.91  

PERFORMANCE PARAMETERS

       

Aggregate Amount of Locked Balances

    1,716,734.24  

Aggregate Amount of Locked Balances - %

    1.333 %

Portfolio CLTV as of the End of the Collection Period

    74.842 %

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:

       

Bill Marshall, JPMorgan Chase Bank, N.A.

       

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:

      4/20/05  

A.      POOL INFORMATION

         

Aggregate Amount of Collections

      7,583,970.91  

Aggregate Amount of Interest Collections

      683,602.92  

Aggregate Amount of Principal Collections

      6,900,367.99  

Transfer Deposit Amount

      0.00  

Beginning Pool Balance

      133,751,770.30  

Ending Pool Balance

      128,799,006.64  

Additional Balances

      1,976,554.26  

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)

      0.618 %

Servicing Fee

      55,729.90  

Unpaid Servicing Fee Received

      0.00  

Remaining Accrued and Unpaid Servicing Fee

      0.00  

B.      INTEREST, PRINCIPAL & LOSS ALLOCATION

         

Investor Certificateholder Floating Allocation Percentage

      49.11 %

Investor Certificateholder Fixed Allocation Percentage

      98.00 %

Investor Interest Collections

      335,687.70  

Investor Principal Collections

      6,762,360.69  

Transferor Interest Collections

      347,915.22  

Transferor Principal Collections

      138,007.30  

Investor Loss Amount

      14,216.05  

Beginning Invested Amount

      65,679,684.66  

Ending Invested Amount

      58,903,107.92  

C.      INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS

         

Investor Certificate Interest Distributed

      159,117.53  

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

      6,762,360.69  

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

      0  

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

      1  

Maximum Principal Collections Payment

      6,762,360.69  

Alternative Principal Payment

      4,923,813.73  

Principal Collections less Additional Balances

      4,923,813.73  

Investor Loss Amount Distributed to Investors

      14,216.05  

Accelerated Principal Distribution Amount

      16,941.44  

D.      INVESTOR CERTIFICATE PRINCIPAL BALANCE

         

Beginning Certificate Principal Balance

      61,593,883.88  

Ending Certificate Principal Balance

      54,800,365.69  

Pool Factor

      0.0644710  

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:

    4/20/05  

E.      DISTRIBUTIONS TO TRANSFEROR

       

Interest Distribution

    347,915.22  

Principal Distribution

    138,007.30  

Amount Distributed to Transferor

    0.00  

F.      TRANSFEROR BALANCE

       

Beginning Transferor Principal Balance

    68,072,085.64  

Ending Transferor Principal Balance

    69,895,898.72  

Minimum Transferor Balance

    6,439,950.33  

G.      INVESTOR CERTIFICATE RATE

       

Investor Certificate Rate

    3.10000 %

LIBOR Rate

    2.85000 %

Maximum Rate

    5.57118 %

Weighted Average Mortgage Net Loan Rate

    5.57118 %

H.      CREDIT ENHANCEMENT

       

Credit Enhancement Fee

    5,389.46  

Guaranteed Amount

    0.00  

Guaranteed Principal Distribution Amount

    0.00  

Credit Enhancement Draw Amount

    0.00  

I.       SPREAD ACCOUNT

       

Beginning Spread Account Balance

    164,199.21  

Ending Spread Account Balance

    147,257.77  

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

    (16,941.44 )

Amount Released from Spread Account

    0.00  

Spread Account Maximum

    147,257.77  

J.       DELINQUENCY & REO STATUS

       

Delinquent 30-59 days

       

No. of Accounts

    56  

Trust Balances

    1,617,823.73  

Delinquent 60-89 days

       

No. of Accounts

    21  

Trust Balances

    666,738.82  

Delinquent 90+ days

       

No. of Accounts

    68  

Trust Balances

    2,644,965.13  

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:

    4/20/05

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 April 2005

 

JPMorgan Chase Bank, N.A. (formerly Bank One, N.A.)

    

as Servicer

    

/s/ Philip C. McNiel

    

Philip C. McNiel

    

Vice President

    

 

Distribution List:

 

MBIA

Bill Marshall, JPMorgan Chase Bank, N.A.

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:

    4/20/05  

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

       

A.      INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS

       

Investor Certificate Interest Distributed

    0.187197  

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

    7.992374  

Principal Distribution Amount

    7.955718  

Maximum Principal Payment

    7.955718  

Alternative Principal Payment

    5.792722  

Principal Collections less Additional Balances

    5.792722  

Investor Loss Amount Distributed to Investors

    0.016725  

Accelerated Principal Distribution Amount

    0.019931  

Credit Enhancement Draw Amount

    0.00  

Total Amount Distributed to Certificateholders (P & I)

    8.179571  

B.      INVESTOR CERTIFICATE PRINCIPAL BALANCE

       

Beginning Investor Certificate Balance

    61,593,883.88  

Ending Investor Certificate Balance

    54,800,365.69  

Beginning Invested Amount

    65,679,684.66  

Ending Invested Amount

    58,903,107.92  

Investor Certificateholder Floating Allocation Percentage

    49.1057 %

Pool Factor

    0.0644710  

Liquidation Loss Amount for Liquidated Loans

    28,949.93  

Unreimbursed Liquidation Loss Amount

    0.00  

C.      POOL INFORMATION

       

Beginning Pool Balance

    133,751,770.30  

Ending Pool Balance

    128,799,006.64  

Servicing Fee

    55,729.90  

D.      INVESTOR CERTIFICATE RATE

       

Investor Certificate Rate

    3.100000 %

LIBOR Rate

    2.850000 %

Maximum Rate

    5.571185 %

E.      DELINQUENCY & REO STATUS

       

Delinquent 30-59 days

       

No. of Accounts

    56  

Trust Balances

    1,617,823.73  

Delinquent 60-89 days

       

No. of Accounts

    21  

Trust Balances

    666,738.82  

Delinquent 90+ days

       

No. of Accounts

    68  

Trust Balances

    2,644,965.13  

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:

    4/20/05

 

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 April 2005

 

JPMorgan Chase Bank, N.A. (formerly Bank One, N.A.)

     

as Servicer

     

/s/ Philip C. McNiel

     

Philip C. McNiel

     

Vice President

     

 

Distribution List:

 

Bill Marshall, JPMorgan Chase Bank, N.A.