CHASE MORTGAGE FINANCE CORP CHASEFLEX TRUST SERIES 2005-1
Not Applicable.
Not Applicable.
None.
Information regarding the mortgaged properties is included in the Annual Statement of Compliance filed under Item 8 and Item 15 hereof.
The registrant knows of no material pending legal proceedings with respect to the Trust Fund for any Series, involving the registrant, Wachovia, N.A. (the "Trustee") or Chase Home Finance LLC (the "Servicer"), other than ordinary routine litigation incidental to duties of the registrant, Trustee or the Servicer under the Pooling and Servicing Agreement among Chase Mortgage Finance Corporation, Chase Home Finance LLC and Wachovia, N.A., dated as of February 1, 2005, for Multi-Class Mortgage Pass-Through Certificates, Series 2005-1.
No matter was submitted to a vote of Security Holders for any Series during the fiscal year covered by this report.                                       PART II
(a)   (1)   To the knowledge of the registrant, there is no established                   public market for the Certificates of any Series.              (2)   To the knowledge of the registrant, there are no reported high                   and low bid quotations for any of the Certificates.        (b)   The records of the registrant indicate that as of December 31, 2005,             Series 2005-1 had 31 holders of record.
Not Applicable.
Not Applicable.
Not Applicable.
In accordance with the Exemption Orders, the Annual Statement of Compliance and the Annual Independent Accountant's Reports for the Certificates for each Series are included herein as Exhibit 99.1 and Exhibit 99.2, respectively.
None.
Not Applicable.
None.                                        PART III
Not Applicable.
Not Applicable.
The records of the Depository Trust Company ("DTC") indicate that as of December 31, 2005, there were the following holders of record with more than 5% of each class of Certificates:     ChaseFlex Trust,   Name & Address                                 Original Certificate Series 2005-1      of Participant                                 Principal Balance      % of Class - ---------------------------------------------------------------------------------------------------     Class IA1          00000954 Mellon Trust of New England, NA        $ 12,400,000.00          100.00%                    525 William Penn Place, Suite 3418                    Pittsburgh, PA 15259 - --------------------------------------------------------------------------------------------------- Class IA2          00000901 The Bank of New York                   $  33,080,000.00         100.00%                    One Wall Street, 6th Floor                    New York,  NY 10286 - --------------------------------------------------------------------------------------------------- Class IA3          00000187 J.P. Morgan Securities Inc. - Fixed    $    785,082.00          100.00%                    Income                    34 Exchange Place, 4th Floor                    Jersey City,  NJ 07302 - --------------------------------------------------------------------------------------------------- Class IA4          00000902 JPMorgan Chase Bank, National          $135,301,740.00          100.00%                    Association                    Proxy Services                    14201 Dallas Parkway STE 121                    Dallas, TX 75254 - --------------------------------------------------------------------------------------------------- Class IA5          00000997 State Street Bank and Trust Company    $ 50,000,000.00           53.19%                    1776 Heritage Drive                    North Quincy,  MA 02171 - ---------------------------------------------------------------------------------------------------                    00002975 Bank One RET                           $ 43,994,986.00           46.81%                    340 South Cleveland                    Building 350                    Columbus, OH  43240 - --------------------------------------------------------------------------------------------------- Class IIA1         00000901 The Bank of New York                   $  7,800,000.00          100.00%                    One Wall Street, 6th Floor                    New York,  NY 10286 - --------------------------------------------------------------------------------------------------- Class IIA2         00002086 BONY/CNTRY                             $ 25,900,000.00          100.00%                    One Wall Street, 5th Floor                    New York, NY  10015 - --------------------------------------------------------------------------------------------------- Class IIA3         00002027 Wells Fargo Bank Minnesota, N.A.       $  4,700,000.00          100.00%                    733 Marquette Avenue                    MAC N9306-057 5th Floor                    Minneapolis, MN 55479 - --------------------------------------------------------------------------------------------------- Class IIA4         00000955 Bank of America, National Association  $ 16,200,000.00           52.94%                    411 N. Akard, 5th Floor                    Dallas, TX 75201 - ---------------------------------------------------------------------------------------------------                    00000997 State Street Bank and Trust Company    $ 10,675,000.00           34.89%                    1776 Heritage Drive                    North Quincy,  MA 02171 - ---------------------------------------------------------------------------------------------------      - ---------------------------------------------------------------------------------------------------     Class IIA5         00002027 Wells Fargo Bank Minnesota, N.A.       $  3,876,745.00          100.00%                    733 Marquette Avenue                    MAC N9306-057 5th Floor                    Minneapolis, MN 55479 - --------------------------------------------------------------------------------------------------- Class IIA6         00000187 J.P. Morgan Securities Inc. - Fixed    $ 18,724,700.00          100.00%                    Income                    34 Exchange Place, 4th Floor                    Jersey City,  NJ 07302 - --------------------------------------------------------------------------------------------------- Class IIIA1        00002296 FA MA INVT                             $ 77,173,357.00          100.00%                    3900 Wisconsin Ave NW                    Washington, DC  20016 - --------------------------------------------------------------------------------------------------- Class AP           00000187 J.P. Morgan Securities Inc. - Fixed    $  2,412,003.00          100.00%                    Income                    34 Exchange Place, 4th Floor                    Jersey City,  NJ 07302 - --------------------------------------------------------------------------------------------------- Class AR           00000187 J.P. Morgan Securities Inc. - Fixed    $  2,266,139.00          100.00%                    Income                    34 Exchange Place, 4th Floor                    Jersey City,  NJ 07302 - --------------------------------------------------------------------------------------------------- Class M            00000902 JPMorgan Chase Bank, National          $ 11,850,000.00          100.00%                    Association                    Proxy Services                    14201 Dallas Parkway STE 121                    Dallas, TX 75254 - --------------------------------------------------------------------------------------------------- Class B1           00000901 The Bank of New York                   $  5,451,000.00          100.00%                    One Wall Street, 6th Floor                    New York,  NY 10286 - --------------------------------------------------------------------------------------------------- Class B2           00000901 The Bank of New York                   $  3,081,000.00          100.00%                    One Wall Street, 6th Floor                    New York,  NY 10286 - ---------------------------------------------------------------------------------------------------
Not Applicable.
Not Applicable.                                         PART IV
(a)   The following documents are filed as part of this Annual Report on             Form 10-K.              (3)   Exhibit Number      Description                   --------------      -----------                         31.1           Certification pursuant to Section 302 of                                       the Sarbanes-Oxley Act of 2002.                         99.1           Report prepared by the Servicer's                                       certified independent accountants                                       concerning the Servicer's activities for                                       the year-end December 31, 2005.                         99.2           Servicer's Annual Statement of Compliance.            (b)       See item 15(a)(3) above.            (c)       Not Applicable.                                       SIGNATURES        Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.        CHASE MORTGAGE FINANCE CORPORATION, depositor        By: /s/ Jerome A. Cipponeri           -------------------------           Name:  Jerome A. Cipponeri           Title: President  Date: March 27, 2006    SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT.  No annual report, proxy statement, form of proxy or other proxy soliciting material has been sent to Certificateholders during the period covered by this Annual Report on Form 10-K and the registrant does not intend to furnish such materials to Certificateholders subsequent to the filing of this report.                                    INDEX TO EXHIBITS                     Exhibit Number      Description                   --------------      -----------                         31.1           Certification pursuant to Section 302 of                                       the Sarbanes-Oxley Act of 2002.                         99.1           Report prepared by the Servicer's                                       certified independent accountants                                       concerning the Servicer's activities for                                       the year-end December 31, 2005.                         99.2           Servicer's Annual Statement of Compliance.     EX-31.1 2 v038628_ex31-1.txt                                                                      Exhibit 31.1                                    CERTIFICATION                         Chase Mortgage Finance Corporation,                        Mortgage Pass-Through Certificates                            Series 2005-1 (the "Trust")  I, Jerome A. Cipponeri, President of Chase Mortgage Finance Corporation, the depositor of assets into the above-referenced Trust, certify that:  1.        I have reviewed this annual report on Form 10-K, and all reports on           Form 8-K containing distribution or servicing reports filed in respect           of periods included in the year covered by this annual report, of the           Trust;  2.        Based on my knowledge, the information in these reports, taken as a           whole, does not contain any untrue statement of a material fact or           omit to state a material fact necessary to make the statements made,           in light of the circumstances under which such statements were made,           not misleading as of the last day of the period covered by this annual           report;  3.        Based on my knowledge, the distribution or servicing information           required to be provided to the trustee by the servicer under the           pooling and servicing agreement for inclusion in these reports is           included in these reports;  4.        Based on my knowledge and upon the annual compliance statement           included in this annual report and required to be delivered to the           trustee in accordance with the terms of the pooling and servicing           agreement, and except as disclosed in this annual report, the servicer           has fulfilled its obligations under the pooling and servicing           agreement; and  5.        The reports disclose all significant deficiencies relating to the           servicer's compliance with the minimum servicing standards based upon           the report provided by an independent public accountant, after           conducting a review in compliance with the Uniform Single Attestation           Program for Mortgage Bankers or similar procedure, as set forth in the           pooling and servicing agreement, that is included in these reports.  Date: March 27, 2006            /s/ Jerome A. Cipponeri           ----------------------- Name:     Jerome A. Cipponeri Title:    President Company:  Chase Mortgage Finance Corporation      EX-99.1 3 v038628_ex99-1.txt                                                                      Exhibit 99.1  [PriceWaterhouseCoopers Letterhead]                                                     PriceWaterhouseCoopers LLP                                                    PriceWaterhouseCoopers Center                                                    300 Madison Avenue                                                    New York NY 10017                                                    Telephone 646 471 3000                                                    Facsimile (813) 286 6000                           Report of Independent Auditors  To the Board of Directors and Stockholder of Chase Home Finance LLC:  We have examined management's assertion about Chase Home Finance LLC's (the "Company") compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers ("USAP") as of and for the year ended December 31, 2005 included in the accompanying management assertion (see Exhibit I). Management is responsible for the Company's compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the Company's compliance based on our examination.  Our examination was made in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the minimum servicing standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with the minimun servicing standards.  In our opinion, management's assertion that the Company complied with the aforementioned minimun servicing standards as of and for the year ended December 31, 2005 is fairly stated, in all material respects.   /s/PriceWaterhouseCoopers LLP  March 13, 2006                                      [CHASE LOGO]                                                                         Exhibit I                    Management's Assertion Concerning Compliance                       with USAP Minimum Servicing Standards  March 13, 2006  As of and for the year ended December 31, 2005, Chase Home Finance LLC (the "Company") has complied in all material respects with the minimum servicing standards (the "Standards") set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers ("USAP"). These Standards are applicable only to the Company's prime and subprime mortgage portfolios.  As of and for this same period, the Company had in effect fidelity bond and errors and omissions policies in the amounts of $250,000,000 and $25,000,000 respectively.  /s/ Kim Greaves                                      /s/ Jim Miller - ---------------------                                ---------------------- Kim Greaves                                          Jim Miller Senior Vice President                                Senior Vice President Chase Home Finance LLC                               Chase Home Finance LLC     EX-99.2 4 v038628_ex99-2.txt                                                                      Exhibit 99.2                                    [CHASE LOGO]                           ANNUAL STATEMENT OF COMPLIANCE  Pursuant to the servicing agreement, the undersigned Officer, to the best of his/her knowledge, hereby certifies to the following:  I have reviewed the activities and performance of the Servicer and, during the preceding fiscal year under the terms of the Servicing Agreement, Trust Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide and to the best of the Officer's knowledge, the Servicer has fulfilled all its duties, responsibilities or obligations under these Agreements throughout such year.            a)        All property inspections have been completed.            b)        Compliance relative to Adjustable Rate Mortgages has been                     met.            c)        Compliance with IRS Foreclosure reporting regulations                     enacted as IRS Section 6060J by the Deficit Reduction Act,                     regarding Acquired and/or Abandonment property have been                     completed.            d)        All loans serviced in states that have statutes requiring                     payment of interest on escrow/impound accounts have been                     completed.            e)        That such Officer has confirmed that the Fidelity Bond, the                     Errors and Omissions Insurance Policy and any other bonds                     required under the terms of the Servicing Agreement are in                     full force and effect.            f)        Enclosed is a copy of our most recent independent audit                     statement.  CERTIFIED BY:       /s/ Kim Greaves                         Date: March 13, 2006                     -----------------------                     Kim Greaves                     Senior Vice President                     Chase Home Finance LLC                       /s/ Jim Miller                          Date: March 13, 2006                     -----------------------                     Jim Miller                     Senior Vice President                     Chase Home Finance LLC    SEE EXHIBIT 99.1 FOR MOST RECENT INDEPENDENT AUDIT STATEMENT      -----END PRIVACY-ENHANCED MESSAGE-----