EXHIBIT 99.9
[GRAPHIC [GRAPHIC
OMITTED] OMITTED]
Equity One FBR(R)
=======================
a Popular, Inc. Company
EQUITY ONE 2004-4
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Breakeven Losses
Static Libor
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100 PPC
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40% Severity 50% Severity 60% Severity
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Cumulative Cumulative Cumulative
Class Break CDR(1) Losses(2) Break CDR(1) Losses(2) Break CDR(1) Losses(2)
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M-3 10.19 12.27% 7.85 12.56% 6.38 12.76%
M-4 9.31 11.47% 7.21 11.74% 5.89 11.94%
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Xxxxxx Xxxxx
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50 PPC
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40% Severity 50% Severity 60% Severity
------------------------------- ----------------------------- -------------------------------
Cumulative Cumulative Cumulative
Break CDR(1) Losses(2) Break CDR(1) Losses(2) Break CDR(1) Losses(2)
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8.71 16.58% 6.72 17.43% 5.48 18.06%
8.18 15.93% 6.36 16.77% 5.20 17.37%
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Breakeven Losses
Forward Libor
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100 PPC
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40% Severity 50% Severity 60% Severity
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Cumulative Cumulative Cumulative
Class Break CDR(1) Losses(2) Break CDR(1) Losses(2) Break CDR(1) Losses(2)
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M-3 9.23 11.40% 7.12 11.63% 5.79 11.78%
M-4 8.28 10.49% 6.42 10.69% 5.25 10.85%
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Forward Libor
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50 PPC
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40% Severity 50% Severity 60% Severity
-------------------------------- ----------------------------- -------------------------------
Cumulative Cumulative Cumulative
Break CDR(1) Losses(2) Break CDR(1) Losses(2) Break CDR(1) Losses(2)
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7.77 15.44% 5.99 16.11% 4.87 16.60%
7.19 14.65% 5.58 15.30% 4.56 15.76%
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Breakeven Losses
Forward Libor + 200 bps
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100 PPC
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40% Severity 50% Severity 60% Severity
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Cumulative Cumulative Cumulative
Class Break CDR(1) Losses(2) Break CDR(1) Losses(2) Break CDR(1) Losses(2)
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M-3 7.39 9.59% 5.74 9.75% 4.69 9.85%
M-4 6.53 8.68% 5.09 8.81% 4.17 8.90%
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Forward Libor + 200 bps
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50 PPC
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40% Severity 50% Severity 60% Severity
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Cumulative Cumulative Cumulative
Break CDR(1) Losses(2) Break CDR(1) Losses(2) Break CDR(1) Losses(2)
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6.03 12.96% 4.68 13.41% 3.83 13.74%
5.52 12.15% 4.31 12.58% 3.53 12.86%
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(1) The "Break CDR" is the highest CDR a Class can withstand before losing a single dollar of principal
(2) As a percentage of the Cut-Off Date balance of the Mortgage Loans
ASSUMPTIONS:
12 Month Lag
Triggers Set to Fail
Run to maturity
Defaults are in addition to prepays
Principal and interest advanced on all defaulted loans
DISCLAIMER
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials, as appropriate (the "material"), was prepared solely
by Xxxxxxxx, Xxxxxxxx, Xxxxxx & Co., Inc. ("FBR"), is privileged and confidential, is intended for use by the addressee only, and
may not be provided to any third party other than the addressee's legal, tax, financial and/or accounting advisors for the purposes
of evaluating such information. This information is furnished to you solely by FBR and not by the Issuer of the securities or any of
its affiliates. FBR is acting as Underwriter and not acting as Agent for the Issuer or its affiliates in connection with the
proposed transaction. This material is provided for information purposes that a prospective investor may require to make a full
analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will
change.
The information contained herein supersedes information contained in any prior material for this transaction. In addition, the
information contained herein will be superseded by information contained in the Prospectus and Prospectus Supplement for this
transaction and in any other material subsequently circulated and filed with the Securities and Exchange Commission. An offering may
be made only through the delivery of the Prospectus and Prospectus Supplement.
