EXHIBIT 99.4
[GRAPHIC [GRAPHIC
OMITTED] OMITTED]
Equity One FBR(R)
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a Popular, Inc. Company
EQUITY ONE 2004-4
FORWARD LIBOR
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45% Severity 55% Severity
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Cumulative Cumulative
Class Break CDR(1) Losses(2) WAL Break CDR(1) Losses(2) WAL
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M-1 13.67 17.03% 9.40 10.53 17.31% 10.16
M-2 9.06 12.65% 11.43 7.16 12.85% 12.07
M-3 8.04 11.53% 15.67 6.39 11.72% 16.44
M-4 7.24 10.61% 16.60 5.78 10.78% 17.33
B-1 6.48 9.70% 16.94 5.19 9.85% 17.52
B-2 5.80 8.85% 17.38 4.67 9.00% 17.97
B-3 5.17 8.03% 17.65 4.18 8.17% 18.18
B-4 4.68 7.38% 17.90 3.80 7.51% 18.42
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FORWARD LIBOR + 150BPS
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45% Severity 55% Severity
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Cumulative Cumulative
Class Break CDR(1) Losses(2) WAL Break CDR(1) Losses(2) WAL
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M-1 12.11 15.66% 9.85 9.38 15.87% 10.57
M-2 7.84 11.31% 11.87 6.22 11.46% 12.44
M-3 6.89 10.20% 16.23 5.49 10.33% 16.85
M-4 6.13 9.27% 17.14 4.91 9.40% 17.76
B-1 5.41 8.35% 17.54 4.35 8.46% 18.09
B-2 4.75 7.47% 17.98 3.84 7.58% 18.52
B-3 4.13 6.62% 18.27 3.35 6.72% 18.71
B-4 3.65 5.93% 18.59 2.97 6.02% 18.95
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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
Prepays according to Pricing Speed
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 only, and does not constitute an offer to sell, nor a
solicitation of an offer to buy, the referenced securities. It does not purport
to be all-inclusive or to contain all of the information 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.
