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ACE SECURITIES CORP.

Depositor

WELLS FARGO BANK, NATIONAL ASSOCIATION

Master Servicer and Securities Administrator

HSBC BANK USA, NATIONAL ASSOCIATION

Trustee

POOLING AND SERVICING AGREEMENT

Dated as of July 1, 2005

ACE Securities Corp. Home Equity Loan Trust, Series 2005-WF1

Asset Backed Pass-Through Certificates

TABLE OF CONTENTS

ARTICLE I DEFINITIONS
	SECTION 1.01.	Defined Terms.
	SECTION 1.02.	Allocation of Certain Interest Shortfalls.

ARTICLE II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

SECTION 2.01.	Conveyance of the Mortgage Loans.
SECTION 2.02.	Acceptance of REMIC I by Trustee.
SECTION 2.03.	Repurchase or Substitution of Mortgage Loans.
SECTION 2.04.	Representations and Warranties of the Master Servicer.
SECTION 2.05.	Issuance of the REMIC I Regular Interests and the Class R-I Interest.
SECTION 2.06.	Conveyance of the REMIC I Regular Interests; Acceptance of REMIC I by the Trustee.
SECTION 2.07.	Issuance of Residual Certificates.
SECTION 2.08.	Establishment of the Trust.
SECTION 2.09.	Reserve Fund.

ARTICLE III [Reserved.]

ARTICLE IV ADMINISTRATION AND MASTER SERVICING OF THE MORTGAGE LOANS BY THE MASTER SERVICER

SECTION 4.01.	Master Servicer.
SECTION 4.02.	REMIC-Related Covenants.
SECTION 4.03.	Monitoring of Servicer.
SECTION 4.04.	Fidelity Bond.
SECTION 4.05.	Power to Act; Procedures.
SECTION 4.06.	Due-on-Sale Clauses; Assumption Agreements.
SECTION 4.07.	Documents, Records and Funds in Possession of Master Servicer To Be Held for Trustee.
SECTION 4.08.	Standard Hazard Insurance and Flood Insurance Policies.
SECTION 4.09.	Presentment of Claims and Collection of Proceeds.
SECTION 4.10.	Maintenance of Primary Mortgage Insurance Policies.
SECTION 4.11.	Trustee to Retain Possession of Certain Insurance Policies and Documents.

SECTION 4.12.	Realization Upon Defaulted Mortgage Loans.
SECTION 4.13.	Compensation for the Master Servicer.
SECTION 4.14.	REO Property.
SECTION 4.15.	Annual Officers Certificate as to Compliance.
SECTION 4.16.	Annual Independent Accountants Servicing Report.
SECTION 4.17.	[Reserved.]
SECTION 4.18.	Obligation of the Master Servicer in Respect of Prepayment Interest Shortfalls.
SECTION 4.19.	Prepayment Penalty Verification.
SECTION 4.20.	Collection Account.
SECTION 4.21.	Distribution Account.
SECTION 4.22.	Permitted Withdrawals and Transfers from the Distribution Account.

ARTICLE V PAYMENTS TO CERTIFICATEHOLDERS

SECTION 5.01.	Distributions.
SECTION 5.02.	Statements to Certificateholders.
SECTION 5.03.	[Reserved.]
SECTION 5.04.	Allocation of Realized Losses.
SECTION 5.05.	Compliance with Withholding Requirements.
SECTION 5.06.	Reports Filed with Securities and Exchange Commission.

ARTICLE VI THE CERTIFICATES

SECTION 6.01.	The Certificates.
SECTION 6.02.	Registration of Transfer and Exchange of Certificates.
SECTION 6.03.	Mutilated, Destroyed, Lost or Stolen Certificates.
SECTION 6.04.	Persons Deemed Owners.
SECTION 6.05.	Certain Available Information.

ARTICLE VII THE DEPOSITOR AND THE MASTER SERVICER

SECTION 7.01.	Liability of the Depositor and the Master Servicer.
SECTION 7.02.	Merger or Consolidation of the Depositor or the Master Servicer.
SECTION 7.03.	Limitation on Liability of the Depositor, the Servicer, the Master Servicer and Others.
SECTION 7.04.	[Reserved.]

SECTION 7.05.	Limitation on Resignation of the Master Servicer.
SECTION 7.06.	Assignment of Master Servicing.

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