8-K 1 efc2-0061_5133591form8k.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event Reported): January 24, 2002 Asset Backed Securities Corporation Home Equity Loan Trust 2002-HE1 Asset Backed Pass-Through Certificates, Series 2002-HE1 ASSET BACKED SECURITIES CORPORATION ---------------------------------------------------------------------- (Exact name of registrant as specified in its charter)

~~Asset~~Delaware ~~Backed Securities Corp Home Equity Loan Trust Mortgage Pass~~333-~~Through~~44300 ~~Certificates Record Date: 11/30/01 Distribution Date: 12/17/01 ABSC Series: 2001~~13-~~HE3~~3354848 ~~Contact: Customer Service~~ - ~~CTSLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815~~-~~6600~~----------------------------------- ~~Fax: (301) 815~~-~~6660~~-------------- ~~Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass~~-~~Through~~----------------------------------- ~~Certificate~~(State ~~Interest~~or ~~Principal~~Other ~~Class~~Jurisdiction ~~CUSIP~~of ~~Description~~(Commission ~~Rate Balance Distribution Distribution A1 04541GBU5 SEN 2~~(I.35000% 1,063,391,239.75 2,221,306.15 11,647,241.97 AIO 04541GBV3 SEN IO 6.50000% 0.00 1,148,333.33 0.00 M1 04541GBW1 MEZ 2.68000% 38,068,000.00 90,686.44 0.00 M2 04541GCC4 MEZ 3.13000% 29,283,000.00 81,471.81 0.00 B 04541GBX9 SUB 3.88000% 29,283,187.99 100,994.46 0.00 BIO 04541GCB6 SUB IO 6.00000% 0.00 224,583.50 0.00 P 04541GCA8 SEN 0.00000% 100.00 142,906.23 0.00 X 04541GBY7 SUB OC 0.00000% 3,566,392.89 8.44 0.00 R ~~04541GBZ4 RES 0~~.~~00000% 0~~S.00 ~~0.00~~Employer ~~0.00~~Identification ~~Totals~~Incorporation) ~~1,163,591,920.63~~File ~~4,010,290.36~~Number) ~~11,647,241~~No.97)

11 Madison Avenue New York, New York 10010 ---------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (212) 325-2000 ----- -------- Item 5. Other Events. ---- ------------ Filing of Computational Materials --------------------------------- Pursuant to Rule 424(b) under the Securities Act of 1933, concurrently with, or subsequent to, the filing of this Current Report on Form 8-K (the "Form 8-K"), Asset Backed Securities Corporation (the "Company") is filing a prospectus and prospectus supplement with the Securities and Exchange Commission relating to its Asset Backed Securities Corporation Home Equity Loan Trust 2002-HE1, Asset Backed Pass-Through Certificates, Series 2002-HE1. In connection with the offering of the Asset Backed Securities Corporation Home Equity Loan Trust 2002-HE1 Asset Backed Pass-Through Certificates, Series 2002-HE1, Credit Suisse First Boston Corporation ("CSFB"), as one of the underwriters of the Certificates, has prepared certain materials (the "Computational Materials") for distribution to their potential investors. Although the Company provided CSFB with certain information regarding the characteristics of the Underlying Certificates in the related underlying trust funds, the Company did not participate in the preparation of the Computational Materials. For purposes of this Form 8-K, "Computational Materials" shall mean computer generated tables and/or charts displaying, with respect to any Class or Classes of Certificates, any of the following: yield; average life; duration; expected maturity; interest rate sensitivity; loss sensitivity; cash flow characteristics; background information regarding the Mortgage Loans; the proposed structure; decrement tables; or similar information (tabular or otherwise) of a statistical, mathematical, tabular or computational nature. The Computational Materials, listed as Exhibit 99.1 hereto are filed on Form SE dated January 24, 2002. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. ------------------------ (a) Not applicable. (b) Not applicable. (c) Exhibits: 99.1 Computational Materials filed on Form SE dated January 24, 2002. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ASSET BACKED SECURITIES CORPORATION By: /s/ Greg Richter ---------------------------------- Name: Greg Richter Title: Vice President Dated: January 24, 2002 Exhibit Index ------------- Exhibit Page ------- ---- 99.1 Computational Materials filed on Form SE dated January 24, 2002.

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A1 0.00 1,051,743,997.96 13,868,548.12 0.00 AIO 0.00 0.00 1,148,333.33 0.00 M1 0.00 38,068,000.00 90,686.44 0.00 M2 0.00 29,283,000.00 81,471.81 0.00 B 0.00 29,283,187.99 100,994.46 0.00 BIO 0.00 0.00 224,583.50 0.00 P 0.00 100.00 142,906.23 0.00 X 0.00 7,498,596.26 8.44 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 1,155,876,882.21 15,657,532.33 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A1 1,074,677,000.0 1,063,391,239.75 0.00 11,647,241.97 0.00 0.00 AIO 0.00 0.00 0.00 0.00 0.00 0.00 M1 38,068,000.00 38,068,000.00 0.00 0.00 0.00 0.00 M2 29,283,000.00 29,283,000.00 0.00 0.00 0.00 0.00 B 29,283,188.00 29,283,187.99 0.00 0.00 0.00 0.00 BIO 0.00 0.00 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 X 0.01 3,566,392.89 0.00 0.00 0.00 0.00 0.01 3,566,392.89 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 1,171,311,288.0 1,167,158,313.52 0.00 11,647,241.97 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A1 11,647,241.97 1,051,743,997.96 0.97866056 11,647,241.97 AIO 0.00 0.00 0.00000000 0.00 M1 0.00 38,068,000.00 1.00000000 0.00 M2 0.00 29,283,000.00 1.00000000 0.00 B 0.00 29,283,187.99 1.00000000 0.00 BIO 0.00 0.00 0.00000000 0.00 P 0.00 100.00 1.00000000 0.00 X 0.00 7,498,596.26 749,859,626.0000 0.00 X 0.00 7,498,596.26 749,859,626.0000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 11,647,241.97 1,163,375,478.47 0.99322485 11,647,241.97

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A1 1,074,677,000.00 989.49846303 0.00000000 10.83790010 0.00000000 AIO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M1 38,068,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 29,283,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 29,283,188.00 999.99999966 0.00000000 0.00000000 0.00000000 BIO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 0.01 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A1 0.00000000 10.83790010 978.66056309 0.97866056 10.83790010 AIO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B 0.00000000 0.00000000 999.99999966 1.00000000 0.00000000 BIO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 0.00000000 749859626.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A1 1,074,677,000.0 2.35000% 1,063,391,239.75 2,221,306.15 0.00 0.00 AIO 0.00 6.50000% 212,000,000.00 1,148,333.33 0.00 0.00 M1 38,068,000.00 2.68000% 38,068,000.00 90,686.44 0.00 0.00 M2 29,283,000.00 3.13000% 29,283,000.00 81,471.81 0.00 0.00 B 29,283,188.00 3.88000% 29,283,187.99 100,994.46 0.00 0.00 BIO 0.00 6.00000% 44,916,700.00 224,583.50 0.00 0.00 P 100.00 0.00000% 100.00 142,906.23 0.00 0.00 X 0.01 0.00000% 3,566,392.89 8.44 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 1,171,311,288.0 4,010,290.36 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A1 0.00 0.00 2,221,306.15 0.00 1,051,743,997.96 AIO 0.00 0.00 1,148,333.33 0.00 212,000,000.00 M1 0.00 0.00 90,686.44 0.00 38,068,000.00 M2 0.00 0.00 81,471.81 0.00 29,283,000.00 B 0.00 0.00 100,994.46 0.00 29,283,187.99 BIO 0.00 0.00 224,583.50 0.00 44,916,700.00 P 0.00 0.00 142,906.23 0.00 100.00 X 0.00 0.00 8.44 0.00 7,498,596.26 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 4,010,290.36 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A1 1,074,677,000.00 2.35000% 989.49846303 2.06695235 0.00000000 0.00000000 AIO 0.00 6.50000% 1000.00000000 5.41666665 0.00000000 0.00000000 M1 38,068,000.00 2.68000% 1000.00000000 2.38222234 0.00000000 0.00000000 M2 29,283,000.00 3.13000% 1000.00000000 2.78222211 0.00000000 0.00000000 B 29,283,188.00 3.88000% 999.99999966 3.44888883 0.00000000 0.00000000 BIO 0.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 1429062.3000000 0.00000000 0.00000000 X 0.01 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes are per $1,000 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A1 0.00000000 0.00000000 2.06695235 0.00000000 978.66056309 AIO 0.00000000 0.00000000 5.41666665 0.00000000 1000.00000000 M1 0.00000000 0.00000000 2.38222234 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.78222211 0.00000000 1000.00000000 B 0.00000000 0.00000000 3.44888883 0.00000000 999.99999966 BIO 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000 P 0.00000000 0.00000000 1429062.30000000 0.00000000 1000.00000000 X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 16,455,488.93 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 479,552.72 Realized Losses 0.00 Prepayment Penalties 142,906.23 Total Deposits 17,077,947.88 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 1,420,415.55 Payment of Interest and Principal 15,657,532.33 Total Withdrawals (Pool Distribution Amount) 17,077,947.88 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00

SERVICING FEES Gross Servicing Fee 484,829.96 MGIC Premium 913,163.80 Strip Amt to CAP Provider 22,421.79 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 1,420,415.55

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Early Termination Fund 1,000.00 0.00 0.00 1,000.00 Net WAC Fund 5,000.00 8.44 8.44 5,000.00

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 14 0 0 14 1,320,869.11 0.00 0.00 1,320,869.11 30 Days 289 10 6 0 305 39,599,560.74 872,736.04 900,463.88 0.00 41,372,760.66 60 Days 6 0 1 0 7 797,441.07 0.00 232,500.00 0.00 1,029,941.07 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 295 24 7 0 326 40,397,001.81 2,193,605.15 1,132,963.88 0.00 43,723,570.84 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.170399% 0.000000% 0.000000% 0.170399% 0.114216% 0.000000% 0.000000% 0.114216% 30 Days 3.517527% 0.121714% 0.073028% 0.000000% 3.712269% 3.424201% 0.075466% 0.077864% 0.000000% 3.577531% 60 Days 0.073028% 0.000000% 0.012171% 0.000000% 0.085200% 0.068955% 0.000000% 0.020104% 0.000000% 0.089060% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 3.590555% 0.292113% 0.085200% 0.000000% 3.967868% 3.493157% 0.189683% 0.097968% 0.000000% 3.780807% (7) For the delinquency information on pages 8 and 9, Group 1 is New Century originated loans; Group 2 is Peoples Choice originated loans; Group 3 is WMC

DELINQUENT BANKRUPTCY FORECLOSURE REO Total 1 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 14 0 0 14 1,320,869.11 0.00 0.00 1,320,869.11 30 Days 276 8 0 0 284 37,141,351.47 679,447.09 0.00 0.00 37,820,798.56 60 Days 6 0 0 0 6 797,441.07 0.00 0.00 0.00 797,441.07 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 282 22 0 0 304 37,938,792.54 2,000,316.20 0.00 0.00 39,939,108.74 0-29 Days 0.216819% 0.000000% 0.000000% 0.216819% 0.147261% 0.000000% 0.000000% 0.147261% 30 Days 4.274431% 0.123897% 0.000000% 0.000000% 4.398327% 4.140824% 0.075750% 0.000000% 0.000000% 4.216574% 60 Days 0.092922% 0.000000% 0.000000% 0.000000% 0.092922% 0.088905% 0.000000% 0.000000% 0.000000% 0.088905% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 4.367353% 0.340716% 0.000000% 0.000000% 4.708069% 4.229729% 0.223012% 0.000000% 0.000000% 4.452741% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 2 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 5 1 6 0 12 887,768.23 30,088.95 900,463.88 0.00 1,818,321.06 60 Days 0 0 1 0 1 0.00 0.00 232,500.00 0.00 232,500.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 5 1 7 0 13 887,768.23 30,088.95 1,132,963.88 0.00 2,050,821.06 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.057082% 0.211416% 1.268499% 0.000000% 2.536998% 1.464058% 0.049621% 1.484995% 0.000000% 2.998673% 60 Days 0.000000% 0.000000% 0.211416% 0.000000% 0.211416% 0.000000% 0.000000% 0.383426% 0.000000% 0.383426% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.057082% 0.211416% 1.479915% 0.000000% 2.748414% 1.464058% 0.049621% 1.868421% 0.000000% 3.382099% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 3 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 8 1 0 0 9 1,570,441.04 163,200.00 0.00 0.00 1,733,641.04 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 8 1 0 0 9 1,570,441.04 163,200.00 0.00 0.00 1,733,641.04 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.622084% 0.077760% 0.000000% 0.000000% 0.699844% 0.789690% 0.082064% 0.000000% 0.000000% 0.871754% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.622084% 0.077760% 0.000000% 0.000000% 0.699844% 0.789690% 0.082064% 0.000000% 0.000000% 0.871754%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 479,552.72

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 9.508483% Weighted Average Net Coupon 9.008483% Weighted Average Pass-Through Rate 8.043623% Weighted Average Maturity(Stepdown Calculation ) 352 Beginning Scheduled Collateral Loan Count 8,265 Number Of Loans Paid In Full 49 Ending Scheduled Collateral Loan Count 8,216 Beginning Scheduled Collateral Balance 1,163,591,920.63 Ending Scheduled Collateral Balance 1,155,876,882.22 Ending Actual Collateral Balance at 30-Nov-2001 1,156,461,242.54 Monthly P &I Constant 10,139,650.33 Special Servicing Fee 0.00 Prepayment Penalties 142,906.23 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 1,155,876,882.22 Scheduled Principal 776,749.40 Unscheduled Principal 6,938,289.01 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 11,713,113.00 Overcollateralized Amount 7,498,596.26 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 3,932,203.57 Excess Cash Amount 0.00

Credit Enhancement Percentage 8.668794% Payment under the CAP Agreement $0.00 A1 PTR for next Distribution Date 2.1656% B PTR for next Distribution Date 3.6956% M1 PTR for next Distribution Date 2.4956% M2 PTR for next Distribution Date 2.9456% Prefunding Account Balance $0.00

Filing Compare · ASSET BACKED SEC CORP HOME EQUITY LOAN TRUST SERIES 2001 HE3