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

Exhibit 99.1

 

ABS Corporation        
Banc One Home Equity Loan Trust 1999-1       Page  1
P & S Agreement Date:   May 31, 1999    
Original Settlement Date:   June 23, 1999    
Series Number of Certificates:        
Original Collateral Sale Balance   $510,205,197.95    

 

     BALANCE

    MARGIN

 

CERTIFICATES INFORMATION

              

Investors

   $ 500,000,000.00     0.26 %

Transferor

   $ 10,205,197.95     0.00 %

OTHER INFORMATION

              

Original Pool Balance @ Cut-Off Date

   $ 510,205,197.95        

Servicing Fee

     0.500 %      

Original Settlement Date

     6/23/99        

First Payment Date

     7/20/99        

Short Interest Period Days

     27        

Managed Amortization Period (Months)

     60        

Required Credit Enhancement Amount Percentage

     1.75 %      

Required Credit Enhancement Amount

   $ 8,750,000.00        

Spread Account Maximum ( % of Invested Amount)

     0.25 %      

Spread Account Maximum

     1,250,000.00        

Spread Account Floor ( % of Original Balance)

     0.00 %      

Spread Account Step-Up 9+ Mths Delinquent Percentage

     0.00 %      

Initial Insured Amount

   $ 500,000,000.00        

Fixed Allocation Percentage

     98.00 %      

Minimum Transferor Interest Percentage

     5.00 %      

Credit Enhancement Fee

     0.110 %      

Rapid Amortization Event Trigger (% of Original Pool Balance)

     1.000 %      

Tail Adjustment

   $ 0.00        

 

 

 

 


ABS Corporation         
Banc One Home Equity Loan Trust 1999-1        Page  2
P & S Agreement Date:   May 31, 1999     
Original Settlement Date:   June 23, 1999     
Series Number of Certificates:         
Original Collateral Sale Balance   $510,205,197.95     

 

INPUT SECTION (PAGE 1 of 1)         

MONTH:

     73  

DISTRIBUTION DATE:

     7/20/05  

DETERMINATION DATE:

     7/15/05  
       30  
MORTGAGE LOANS PAYMENT SUMMARY         

COLLECTION PERIOD:

        

MTGE LOANS INTEREST RECEIVED

   $ 482,334.80  

MTGE LOANS PRINCIPAL RECEIVED

   $ 3,775,250.27  

MTGE LOANS NET LIQUIDATION PROCEEDS (ALLOC. TO INTEREST)

   $ 11,682.39  

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)

   $ 1,946,293.96  

MTGE LOANS LIQUIDATION LOSS AMOUNT

   $ 23,767.24  

MTGE LOANS TOTAL ENDING PRINCIPAL BALANCE

   $ 87,107,466.70  

AVERAGE MTGE LOANS RATE

     6.66714 %
DELINQUENCY & REO SUMMARY         

DEL STAT 1 - NO. OF ACCTS

     44  

DEL STAT 1 - CURRENT BALANCE

   $ 1,425,362.17  

DEL STAT 2 - NO. OF ACCTS

     15  

DEL STAT 2 - CURRENT BALANCE

   $ 443,888.83  

DEL STAT 1+ - NO. OF ACCTS

     105  

DEL STAT 1+ - CURRENT BALANCE

   $ 3,342,244.16  

DEL STAT 3+ - NO. OF ACCTS

     46  

DEL STAT 3+ - CURRENT BALANCE

   $ 1,472,993.16  

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.

     73.6507 %

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

     1.250 %

RECALCULATED WEIGHTED AVERAGE GROSS MARGIN

     0.667 %

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

     YES  
OTHER INFORMATION         

LIBOR RATE FOR CURRENT INTEREST PERIOD

     3.26000 %

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 1999-1       Page  3
P & S Agreement Date:   May 31, 1999    
Original Settlement Date:   June 23, 1999    
Series Number of Certificates:        
Original Collateral Sale Balance   $510,205,197.95    

 

Detailed Information (Page 1 of 5)       

Distribution Date:

   7/20/05  

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

   3.26000 %

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

   5.96581 %

Maximum Rate

   5.96581 %

Investor Certificate Rate (LIBOR + 26 bps)

   3.52000 %

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

   0  

Interest Period (Days)

   30  

Beginning Pool Balance

   88,960,190.25  

Beginning Investor Certificate Principal Balance

   53,749,317.96  

Beginning Transferor Principal Balance

   32,851,144.90  

Beginning Invested Amount

   56,109,045.35  

Investor Floating Allocation Percentage

   63.0721 %

Liquidation Loss Amount

   23,767.24  

Servicing Fee

   37,066.75  

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

   482,334.80  

Mtge Loans Principal

   3,775,250.27  

Mtge Loans Net Liquidation Proceeds

   11,682.39  

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

   4,269,267.46  

Mtge Loans Interest

   482,334.80  

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

   11,682.39  

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

   494,017.19  

Mtge Loans Principal

   3,775,250.27  

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

   3,775,250.27  

Interest Collections

   494,017.19  

Principal Collections

   3,775,250.27  

Investor & Transferor Interest & Principal Allocation

      

Investor Interest Collections

   311,586.93  

Investor Principal Collections

   3,699,737.17  

Transferor Interest Collections

   182,430.26  

Transferor Principal Collections

   75,513.10  

(Check)

   0.00  

Investor Loss Amount

   14,990.49  

Transferor Loss Amount

   8,776.75  

 

 


ABS Corporation        
Banc One Home Equity Loan Trust 1999-1       Page  4
P & S Agreement Date:   May 31, 1999    
Original Settlement Date:   June 23, 1999    
Series Number of Certificates:        
Original Collateral Sale Balance   $510,205,197.95    

 

Detailed Information (Page 2 of 5)       

Distribution Date:

   7/20/05  

Investor Interest Collections

   311,586.93  

less Investor Servicing Fee

   23,378.77  

less Unpaid Servicing Fee

   0.00  

less Investor Certificate Interest

   157,664.67  

less Unpaid Investor Certificate Interest Shortfall

   0.00  

less Credit Enhancement Premium

   4,927.02  

less Investor Loss Amount

   14,990.49  

less Unpaid Investor Loss Amount

   0.00  

less Unreimbursed Draw Amounts

   0.00  

Excess Interest

   110,625.98  

less Accelerated Principal Distribution Amount

   9,286.82  

less Deposit to (Release from) Spread Account

   (9,286.82 )

Remaining Excess Interest

   110,625.98  

Investor Distributions

      

Investor Certificate Interest

   157,664.67  

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

   0  

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

   1  

Principal Collections less Additional Balances

   1,828,956.31  

Alternative Principal Payment

   1,828,956.31  

Maximum Principal Collections

   3,699,737.17  

Principal Distribution Amount

   3,699,737.17  

Investor Loss Amount Distributed to Investors

   14,990.49  

Excess Interest Paid as Principal

   9,286.82  
        

Transferor Distributions

      

Transferor Interest Collections (net of Transferor Servicing Fee)

   168,742.28  

Funds Released from Spread Account

   0.00  

Principal Distributions (including Transferor Principal Collections)

   75,513.10  

Excess Int. (Shortfall) a/ Interest

   153,922.27  

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

   148,995.25  

Excess Int. (Shortfall) a/ Losses

   134,004.75  

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)

   3,881,679.15  

Credit Enhancement Draw Amount

   0.00  

Guaranteed Principal Distribution Amount

   0.00  

Guaranteed Amount

   0.00  

 

 


ABS Corporation        
Banc One Home Equity Loan Trust 1999-1       Page  5
P & S Agreement Date:   May 31, 1999    
Original Settlement Date:   June 23, 1999    
Series Number of Certificates:        
Original Collateral Sale Balance   $510,205,197.95    

 

Detailed Information (Page 3 of 5)       

Distribution Date:

   7/20/05  

Beginning Pool Balance

   88,960,190.25  

Interest Distribution

   494,017.19  

Principal Distribution

   3,775,250.27  

Additional Balances

   1,946,293.96  

Liquidation Loss Amount

   23,767.24  

Ending Pool Balance

   87,107,466.70  

Beginning Investor Certificate Principal Balance

   53,749,317.96  

Investor Certificate Interest

   157,664.67  

Unpaid Investor Certificate Interest Shortfall distributed

   0.00  

Investor Certificate Principal

   3,724,014.48  

Ending Investor Certificate Principal Balance

   50,025,303.48  

Pool Factor

   0.1000506  
        

Beginning Transferor Balance

   32,851,144.90  

Interest Distribution (including funds released from Spread Account)

   182,430.26  

Principal Distribution (including Unallocated Transferor Principal Collections)

   75,513.10  

Additional Balances

   1,946,293.96  

Losses allocated to Transferor

   8,776.75  

Ending Transferor Balance

   34,713,149.02  

Minimum Transferor Interest

   4,355,373.34  

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

   56,109,045.35  

Principal Distribution Amount

   3,699,737.17  

Investor Loss Reduction Amount

   14,990.49  

Ending Invested Amount

   52,394,317.68  

Beginning Total OC Amount

   2,359,727.39  

Ending Total OC Amount

   2,369,014.21  

Ending Total OC Amount (% of Original Invested Amount)

   0.47 %

Spread Account Cap Amount

   130,985.79  

Beginning Spread Account Balance

   140,272.61  

Draw from Account to Pay Credit Enhancer

   0.00  

Deposit to (Release from)

   (9,286.82 )

Ending Spread Account Balance

   130,985.79  

Ending Spread Account Balance (% of Ending Invested Amount)

   0.25 %

Unreimbursed Draw on Surety Bond

   0.00  


ABS Corporation        
Banc One Home Equity Loan Trust 1999-1       Page  6
P & S Agreement Date:   May 31, 1999    
Original Settlement Date:   June 23, 1999    
Series Number of Certificates:        
Original Collateral Sale Balance   $510,205,197.95    

 

Detailed Information (Page 4 of 5)         

Distribution Date:

     7/20/05  

Beginning Insured Principal Amount

   $ 53,749,317.96  

Ending Insured Principal Amount

   $ 50,025,303.48  

Available Credit Enhancement

     0.49 %

Investor Distribution Amount

     3,881,679.15  

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

     244,255.38  

Investor Loss Amount Reimbursed from Excess Interest

     14,990.49  

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

     2,369,014.21  

Cum. Principal Payments (Including ECPB & APDA)

     449,974,696.52  

Cum. Principal Payments (Excluding ECPB & APDA)

     447,596,395.50  

Cum. OC Amount

     2,369,014.21  

Cum. SA Deposits

     130,985.79  

Cum. Liquidation Losses

     8,818,316.72  

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)

     0.583 %

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 1999-1       Page  7
P & S Agreement Date:   May 31, 1999    
Original Settlement Date:   June 23, 1999    
Series Number of Certificates:        
Original Collateral Sale Balance   $510,205,197.95    

 

Detailed Information (Page 5 of 5)       

Distribution Date:

   7/20/05  

SOURCES OF FUNDS:

      

Mtge Loans Interest

   482,334.80  

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

   11,682.39  

Mtge Loans Insurance Proceeds (Alloc. to Int.)

   0.00  

Mtge Loans Purchase Price (Alloc. to Int.)

   0.00  

Mtge Loans Principal

   3,775,250.27  

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

   4,269,267.46  
USES OF FUNDS       

Servicing Fee

   37,066.75  

Investor Interest Distribution

   157,664.67  

Accrued and Unpaid Investor Interest Distributed

   0.00  

Investor Principal Distribution

   3,724,014.48  

Transferor Distribution (not including Cash Released to Transferor)

   244,255.38  

Unallocated Transferor Principal Collections

   0.00  

Accrued and Unpaid Servicing Fee Distributed

   0.00  

Credit Enhancement Premium Distributed

   4,927.02  

Cash Deposited to (Released from) Spread Account

   (9,286.82 )

Cash Released to Transferor

   110,625.98  

Total

   4,269,267.46  
PERFORMANCE PARAMETERS       

Aggregate Amount of Locked Balances

   707,357.21  

Aggregate Amount of Locked Balances - %

   0.812 %

Portfolio CLTV as of the End of the Collection Period

   73.651 %

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 1999-1       Page  8
P & S Agreement Date:   May 31, 1999    
Original Settlement Date:   June 23, 1999    
Series Number of Certificates:        
Original Collateral Sale Balance   $510,205,197.95    

 

Servicer Certificate (Page 1 of 3)         

Distribution Date:

     7/20/05  

A.     POOL INFORMATION

        

Aggregate Amount of Collections

     4,269,267.46  

Aggregate Amount of Interest Collections

     494,017.19  

Aggregate Amount of Principal Collections

     3,775,250.27  

Transfer Deposit Amount

     0.00  

Beginning Pool Balance

     88,960,190.25  

Ending Pool Balance

     87,107,466.70  

Additional Balances

     1,946,293.96  

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)

     0.583 %

Servicing Fee

     37,066.75  

Unpaid Servicing Fee Received

     0.00  

Remaining Accrued and Unpaid Servicing Fee

     0.00  

B.     INTEREST, PRINCIPAL & LOSS ALLOCATION

        

Investor Certificateholder Floating Allocation Percentage

     63.07 %

Investor Certificateholder Fixed Allocation Percentage

     98.00 %

Investor Interest Collections

     311,586.93  

Investor Principal Collections

     3,699,737.17  

Transferor Interest Collections

     182,430.26  

Transferor Principal Collections

     75,513.10  

Investor Loss Amount

     14,990.49  

Beginning Invested Amount

     56,109,045.35  

Ending Invested Amount

     52,394,317.68  

C.     INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS

        

Investor Certificate Interest Distributed

     157,664.67  

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

     3,699,737.17  

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

     0  

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

     1  

Maximum Principal Collections Payment

     3,699,737.17  

Alternative Principal Payment

     1,828,956.31  

Principal Collections less Additional Balances

     1,828,956.31  

Investor Loss Amount Distributed to Investors

     14,990.49  

Accelerated Principal Distribution Amount

     9,286.82  

D.     INVESTOR CERTIFICATE PRINCIPAL BALANCE

        

Beginning Certificate Principal Balance

     53,749,317.96  

Ending Certificate Principal Balance

     50,025,303.48  

Pool Factor

     0.1000506  

 

 


ABS Corporation        
Banc One Home Equity Loan Trust 1999-1       Page  9
P & S Agreement Date:   May 31, 1999    
Original Settlement Date:   June 23, 1999    
Series Number of Certificates:        
Original Collateral Sale Balance   $510,205,197.95    

 

Servicer Certificate (Page 2 of 3)       

Distribution Date:

   7/20/05  

E.     DISTRIBUTIONS TO TRANSFEROR

      

Interest Distribution

   182,430.26  

Principal Distribution

   75,513.10  

Amount Distributed to Transferor

   0.00  

F.     TRANSFEROR BALANCE

      

Beginning Transferor Principal Balance

   32,851,144.90  

Ending Transferor Principal Balance

   34,713,149.02  

Minimum Transferor Balance

   4,355,373.34  

G.     INVESTOR CERTIFICATE RATE

      

Investor Certificate Rate

   3.52000 %

LIBOR Rate

   3.26000 %

Maximum Rate

   5.96581 %

Weighted Average Mortgage Net Loan Rate

   5.96581 %

H.     CREDIT ENHANCEMENT

      

Credit Enhancement Fee

   4,927.02  

Guaranteed Amount

   0.00  

Guaranteed Principal Distribution Amount

   0.00  

Credit Enhancement Draw Amount

   0.00  

I.      SPREAD ACCOUNT

      

Beginning Spread Account Balance

   140,272.61  

Ending Spread Account Balance

   130,985.79  

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

   (9,286.82 )

Spread Account Maximum

   130,985.79  

J.      DELINQUENCY & REO STATUS

      

Delinquent 30-59 days

      

No. of Accounts

   44  

Trust Balances

   1,425,362.17  

Delinquent 60-89 days

      

No. of Accounts

   15  

Trust Balances

   443,888.83  

Delinquent 90+ days

      

No. of Accounts

   46  

Trust Balances

   1,472,993.16  

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 1999-1       Page  10
P & S Agreement Date:   May 31, 1999    
Original Settlement Date:   June 23, 1999    
Series Number of Certificates:        
Original Collateral Sale Balance   $510,205,197.95    

 

Servicer Certificate (Page 3 of 3)     

Distribution Date:

   7/20/05

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 July 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 1999-1       Page  11
P & S Agreement Date:   May 31, 1999    
Original Settlement Date:   June 23, 1999    
Series Number of Certificates:        
Original Collateral Sale Balance   $510,205,197.95    

 

Statement to Certificateholders (Page 1 of 2)       

Distribution Date:

   7/20/05  

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

      

A.     INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS

      

Investor Certificate Interest Distributed

   0.315329  

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

   7.448029  

Principal Distribution Amount

   7.399474  

Maximum Principal Payment

   7.399474  

Alternative Principal Payment

   3.657913  

Principal Collections less Additional Balances

   3.657913  

Investor Loss Amount Distributed to Investors

   0.029981  

Accelerated Principal Distribution Amount

   0.018574  

Credit Enhancement Draw Amount

   0.00  

Total Amount Distributed to Certificateholders (P & I)

   7.763358  

B.     INVESTOR CERTIFICATE PRINCIPAL BALANCE

      

Beginning Investor Certificate Balance

   53,749,317.96  

Ending Investor Certificate Balance

   50,025,303.48  

Beginning Invested Amount

   56,109,045.35  

Ending Invested Amount

   52,394,317.68  

Investor Certificateholder Floating Allocation Percentage

   63.0721 %

Pool Factor

   0.1000506  

Liquidation Loss Amount for Liquidated Loans

   23,767.24  

Unreimbursed Liquidation Loss Amount

   0.00  

C.     POOL INFORMATION

      

Beginning Pool Balance

   88,960,190.25  

Ending Pool Balance

   87,107,466.70  

Servicing Fee

   37,066.75  

D.     INVESTOR CERTIFICATE RATE

      

Investor Certificate Rate

   3.520000 %

LIBOR Rate

   3.260000 %

Maximum Rate

   5.965809 %

E.     DELINQUENCY & REO STATUS

      

Delinquent 30-59 days

      

No. of Accounts

   44  

Trust Balances

   1,425,362.17  

Delinquent 60-89 days

      

No. of Accounts

   15  

Trust Balances

   443,888.83  

Delinquent 90+ days

      

No. of Accounts

   46  

Trust Balances

   1,472,993.16  

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 1999-1       Page  12
P & S Agreement Date:   May 31, 1999    
Original Settlement Date:   June 23, 1999    
Series Number of Certificates:        
Original Collateral Sale Balance   $510,205,197.95    

 

Statement to Certificateholders (Page 2 of 2)     

Distribution Date:

   7/20/05

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 July 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.