	Asset Backed Securities Corporation Home Equity Loan Trust		Contact:
	2005-HE1		Susan Burdick
	Asset Backed Pass-Through Certificates, Series 2005-HE1		Account Administrator
			651-495-3840
	STATEMENT TO CERTIFICATEHOLDERS		susan.burdick@usbank.com
	Section 4.02 of the PSA, dated Feburary 1, 2005
Distribution Date:	July 25, 2005	**REVISED***

		Original	Beginning				Interest		Ending
		Certificate	Certificate	Principal	Interest	Realized Loss	Shortfall	Total	Certificate
Class	Cusip	Face Value	Balance (1)	Distribution	Distribution (2)	of Principal	Amount	Distribution	Balance (1)
A-1	04541GPC0	$392,600,000.00	$353,001,707.34	$17,460,215.77	$993,039.30	N/A	$0.00	$18,453,255.07	$335,541,491.57
A-2	04541GPD8	$98,200,000.00	$88,295,383.75	$4,367,277.61	$250,961.58	N/A	$0.00	$4,618,239.19	$83,928,106.14
A-3	04541GPE6	$182,160,000.00	$160,582,588.57	$7,597,929.53	$450,178.30	N/A	$0.00	$8,048,107.83	$152,984,659.04
A-4	04541GPF3	$102,000,000.00	$74,781,616.39	$9,584,252.55	$201,500.39	N/A	$0.00	$9,785,752.94	$65,197,363.84
A-5	04541GPG1	$112,400,000.00	$112,400,000.00	$0.00	$314,228.69	N/A	$0.00	$314,228.69	$112,400,000.00
A-6	04541GPX4	$15,382,000.00	$15,382,000.00	$0.00	$44,079.10	N/A	$0.00	$44,079.10	$15,382,000.00
M-1	04541GPH9	$46,163,000.00	$46,163,000.00	$0.00	$136,953.62	$0.00	$0.00	$136,953.62	$46,163,000.00
M-2	04541GPJ5	$35,335,000.00	$35,335,000.00	$0.00	$105,654.24	$0.00	$0.00	$105,654.24	$35,335,000.00
M-3	04541GPK2	$21,657,000.00	$21,657,000.00	$0.00	$65,598.23	$0.00	$0.00	$65,598.23	$21,657,000.00
M-4	04541GPL0	$19,377,000.00	$19,377,000.00	$0.00	$62,761.37	$0.00	$0.00	$62,761.37	$19,377,000.00
M-5	04541GPM8	$18,237,000.00	$18,237,000.00	$0.00	$59,778.17	$0.00	$0.00	$59,778.17	$18,237,000.00
M-6	04541GPN6	$17,667,000.00	$17,667,000.00	$0.00	$59,283.90	$0.00	$0.00	$59,283.90	$17,667,000.00
M-7	04541GPP1	$14,248,000.00	$14,248,000.00	$0.00	$53,905.98	$0.00	$0.00	$53,905.98	$14,248,000.00
M-8	04541GPQ9	$12,538,000.00	$12,538,000.00	$0.00	$48,411.53	$0.00	$0.00	$48,411.53	$12,538,000.00
M-9	04541GPR7	$11,968,000.00	$11,968,000.00	$0.00	$52,726.57	$0.00	$0.00	$52,726.57	$11,968,000.00
M-10	04541GPS5	$9,119,000.00	$9,119,000.00	$0.00	$44,785.09	$0.00	$0.00	$44,785.09	$9,119,000.00
M-11	04541GPT3	$13,678,000.00	$13,678,000.00	$0.00	$67,175.18	$0.00	$0.00	$67,175.18	$13,678,000.00
P	04541GPV8	$100.00	$100.00	$0.00	$749,507.69	$0.00	$0.00	$749,507.69	$100.00
X	04541GPU0	$0.00	$17,097,384.81	$0.00	$2,595,747.03	N/A	$0.00	$2,595,747.03	$17,097,384.81
R	04541GPW6	$0.00	$0.00	$0.00	$0.00	N/A	$0.00	$0.00	$0.00
Total		$1,122,729,100.00	$1,024,430,396.05	$39,009,675.46	$6,356,275.96	$0.00	$0.00	$45,365,951.42	$985,420,720.59
*Strip Amount for this period		$15,849.02

			Interest		Ending		Current	Next*
	Principal	Interest	Carry-forward	Total	Certificate		Pass-Through	Pass-Through
Class	Distribution	Distribution	Amount	Distribution	Balance	Class	Interest Rate	Interest Rate
A-1	$44.47329539	$2.52939200	$0.00000000	$47.00268739	$854.66503202	A-1	3.61688%	3.76250%
A-2	$44.47329542	$2.55561690	$0.00000000	$47.02891232	$854.66503198	A-2	3.65438%	3.80000%
A-3	$41.71019724	$2.47133454	$0.00000000	$44.18153179	$839.83673166	A-3	3.60438%	3.75000%
A-4	$93.96326029	$1.97549402	$0.00000000	$95.93875431	$639.18984157	A-4	3.46438%	3.61000%
A-5	$0.00000000	$2.79562891	$0.00000000	$2.79562891	$1,000.00000000	A-5	3.59438%	3.74000%
A-6	$0.00000000	$2.86562866	$0.00000000	$2.86562866	$1,000.00000000	A-6	3.68438%	3.83000%
M-1	$0.00000000	$2.96674003	$0.00000000	$2.96674003	$1,000.00000000	M-1	3.81438%	3.96000%
M-2	$0.00000000	$2.99007330	$0.00000000	$2.99007330	$1,000.00000000	M-2	3.84438%	3.99000%
M-3	$0.00000000	$3.02896200	$0.00000000	$3.02896200	$1,000.00000000	M-3	3.89438%	4.04000%
M-4	$0.00000000	$3.23896217	$0.00000000	$3.23896217	$1,000.00000000	M-4	4.16438%	4.31000%
M-5	$0.00000000	$3.27785107	$0.00000000	$3.27785107	$1,000.00000000	M-5	4.21438%	4.36000%
M-6	$0.00000000	$3.35562914	$0.00000000	$3.35562914	$1,000.00000000	M-6	4.31438%	4.46000%
M-7	$0.00000000	$3.78340679	$0.00000000	$3.78340679	$1,000.00000000	M-7	4.86438%	5.01000%
M-8	$0.00000000	$3.86118440	$0.00000000	$3.86118440	$1,000.00000000	M-8	4.96438%	5.11000%
M-9	$0.00000000	$4.40562918	$0.00000000	$4.40562918	$1,000.00000000	M-9	5.66438%	5.81000%
M-10	$0.00000000	$4.91118434	$0.00000000	$4.91118434	$1,000.00000000	M-10	6.31438%	6.46000%
M-11	$0.00000000	$4.91118438	$0.00000000	$4.91118438	$1,000.00000000	M-11	6.31438%	6.46000%
P	$0.00000000	$7,495,076.90000000	$0.00000000	$7,495,076.90000000	$1,000.00000000	P	N/A	N/A
X	$0.00000000	$0.00000000	$0.00000000	$0.00000000	$0.00000000	X	2.99070%	2.99070%
R	$0.00000000	$0.00000000	$0.00000000	$0.00000000	$0.00000000	R	0.00000%	0.00000%
						1 Mo LIBOR	3.31438%	3.46000%
								*estimated

Page 1

	Asset Backed Securities Corporation Home Equity Loan Trust		Contact:
	2005-HE1		Susan Burdick
	Asset Backed Pass-Through Certificates, Series 2005-HE1		Account Administrator
			651-495-3840
	STATEMENT TO CERTIFICATEHOLDERS		susan.burdick@usbank.com
	Section 4.02 of the PSA, dated Feburary 1, 2005
Distribution Date:	July 25, 2005	**REVISED***

		GROUP 1	GROUP 2	TOTAL	NEW CENTURY	WMC	TOTAL
(i)	Principal Distributions:
	Beginning Balance	570,212,521.35	471,315,259.51	1,041,527,780.86	516,710,083.67	524,817,697.19	1,041,527,780.86
	Scheduled Principal	467,963.99	264,366.68	732,330.67	394,313.49	338,017.18	732,330.67
	Prepayments (Includes Curtailments)	21,359,226.49	16,917,576.97	38,276,803.46	19,755,044.07	18,521,759.39	38,276,803.46
	Net Liquidation Proceeds	0.00	0.00	0.00	0.00	0.00	0.00
	Loan Principal Purchase Prices	0.00	0.00	0.00	0.00	0.00	0.00
	Total Principal Remittance	21,827,190.48	17,181,943.65	39,009,134.13	20,149,357.56	18,859,776.57	39,009,134.13
	Net Realized Losses	(2,272.30)	2,813.63	541.33	541.33	0.00	541.33
	Ending Balance	548,387,603.17	454,130,502.23	1,002,518,105.40	496,560,184.78	505,957,920.62	1,002,518,105.40
	Ending Count	2,959	2,485	5,444	2,679	2,765	5,444

(ii)

Aggregate Ending Collateral Balance

548,387,603.17

454,130,502.23

1,002,518,105.40

496,560,184.78

505,957,920.62

1,002,518,105.40

(iii)

Ending Overcollateralization Amount

17,097,384.81

(iv)

Number of Liquidated Loans

0.00

(v)	Interest Distributions:	GROUP 1	GROUP 2	TOTAL	NEW CENTURY	WMC	TOTAL
	Scheduled Interest - Net of Servicing Fee	3,020,106.41	2,603,050.28	5,623,156.69	2,792,042.42	2,831,114.27	5,623,156.69
	Less Relief Act Interest Shortfall	0.00	0.00	0.00	0.00	0	0.00
	Less Net Prepayment Interest Shortfall	0.00	0.00	0.00	0.00	0.00	0.00
		3,020,106.41	2,603,050.28	5,623,156.69	2,792,042.42	2,831,114.27	5,623,156.69

(vi)	Servicing Fee:
	GROUP 1	237,588.88
	GROUP 2	196,381.66
	TOTAL	433,970.54

	Advances	GROUP 1	GROUP 2	TOTAL	NEW CENTURY	WMC	TOTAL
(vii)	Current Aggregate Advances as of determination date	970,643.76	814,134.88	1,784,778.64	936,613.49	848,165.15	1,784,778.64
	Outstanding Aggregate Advances as of end of prior calendar month	1,443,272.11	1,270,636.02	2,713,908.13	1,281,000.10	1,432,908.03	2,713,908.13

Page 2

	Asset Backed Securities Corporation Home Equity Loan Trust		Contact:
	2005-HE1		Susan Burdick
	Asset Backed Pass-Through Certificates, Series 2005-HE1		Account Administrator
			651-495-3840
	STATEMENT TO CERTIFICATEHOLDERS		susan.burdick@usbank.com
	Section 4.02 of the PSA, dated Feburary 1, 2005
Distribution Date:	July 25, 2005	**REVISED***

(ix)

Delinquency Information

	30-59 days delinquent		60-89 days delinquent		90 or more days delinquent
	Count	Balance	Count	Balance	Count	Balance
Group 1	108	20,680,907.00	31	6,005,538.61	15	2,607,283.69
Group 2	77	13,684,012.73	30	4,663,994.70	41	5,836,667.64
Total	185	34,364,919.73	61	10,669,533.31	56	8,443,951.33
New Century	103	17,651,354.50	27	4,480,579.25	14	1,517,491.20
WMC	82	16,713,565.23	34	6,188,954.06	42	6,926,460.13
Total	185	34,364,919.73	61	10,669,533.31	56	8,443,951.33
*Note: The above statistics do not include loans in foreclosure or bankruptcy proceedings or REO properties.

	Outstanding Loans		Foreclosure		Bankruptcy		REO
	Count	Balance	Count	Balance	Count	Balance	Count	Balance	Market Value
Group 1	2,959	548,387,603.17	42	7,657,615.93	13	1,873,337.58	1	66,110.92	66,110.92
Group 2	2,485	454,130,502.23	19	5,466,030.40	5	462,002.66	0	0.00	0.00
Total	5,444	1,002,518,105.40	61	13,123,646.33	18	2,335,340.24	1	66,110.92	66,110.92
New Century	2,679	496,560,184.78	31	5,727,252.16	12	1,653,475.12	0	0.00	0.00
WMC	2,765	505,957,920.62	30	7,396,394.17	6	681,865.12	1	66,110.92	66,110.92
Total	5,444	1,002,518,105.40	61	13,123,646.33	18	2,335,340.24	1	66,110.92	66,110.92

Interest Shortfall
	Total	Realized	Prepayment	Relief Act	Net
	Unpaid	Losses	Interest	Interest	WAC Rate
			Shortfall	Shortfall	Carryover
A-1	0.00	0.00	0.00	0.00	0.00
A-2	0.00	0.00	0.00	0.00	0.00
A-3	0.00	0.00	0.00	0.00	0.00
A-4	0.00	0.00	0.00	0.00	0.00
A-5	0.00	0.00	0.00	0.00	0.00
A-6	0.00	0.00	0.00	0.00	0.00
M-1	0.00	0.00	0.00	0.00	0.00
M-2	0.00	0.00	0.00	0.00	0.00
M-3	0.00	0.00	0.00	0.00	0.00
M-4	0.00	0.00	0.00	0.00	0.00
M-5	0.00	0.00	0.00	0.00	0.00
M-6	0.00	0.00	0.00	0.00	0.00
M-7	0.00	0.00	0.00	0.00	0.00
M-8	0.00	0.00	0.00	0.00	0.00
M-9	0.00	0.00	0.00	0.00	0.00
M-10	0.00	0.00	0.00	0.00	0.00
M-11	0.00	0.00	0.00	0.00	0.00
P	0.00	0.00	0.00	0.00	0.00
X	0.00	0.00	0.00	0.00	0.00
	0.00	0.00	0.00	0.00	0.00

		GROUP 1	GROUP 2	TOTAL	NEW CENTURY	WMC	TOTAL
(x)	Number of Loans for which Prepayment Premiums were collected	70	65	135	61	74	135
	Number of Loans for which Prepayment Premiums were scheduled	110	84	194	95	99	194
	Principal Balance of Loans for which Prepayment Premiums were collected	13,614,978.00	14,402,065.00	28,017,043.00	13,341,396.00	14,675,647.00	28,017,043.00
	Current amount of Prepayment Premiums	353,068.40	396,439.29	749,507.69	346,135.44	403,372.25	749,507.69

Page 3

	Asset Backed Securities Corporation Home Equity Loan Trust		Contact:
	2005-HE1		Susan Burdick
	Asset Backed Pass-Through Certificates, Series 2005-HE1		Account Administrator
			651-495-3840
	STATEMENT TO CERTIFICATEHOLDERS		susan.burdick@usbank.com
	Section 4.02 of the PSA, dated Feburary 1, 2005
Distribution Date:	July 25, 2005	**REVISED***

		GROUP 1	GROUP 2	TOTAL	NEW CENTURY	WMC	TOTAL
(xi)	Realized Losses incurred during the related Due Period	(2,272.30)	2,813.63	541.33	541.33	0.00	541.33
	Cumulative Realized Losses since Startup Day	(2,272.30)	2,813.63	541.33	541.33	0.00	541.33
	Bankruptcy Losses	0.00	0.00	0.00	0.00	0.00	0.00

		GROUP 1	GROUP 2	TOTAL	NEW CENTURY	WMC	TOTAL
(xii)	Weighted Average Term to Maturity of Mortgage Loans	350	331	341	349	334	341
	Weighted Average Gross Coupon of Mortgage Loans	6.85562%	7.12733%	6.97857%	6.98387%	6.97337%	6.97857%
	Weighted Average Net Coupon of Mortgage Loans	6.35562%	6.62733%	6.47857%	6.48387%	6.47337%	6.47857%

(xiii)

Aggregate number of Mortgage Loans in the pool

5,444

(xiv)

Overcollateralization Target Amount

17,097,384.81

(xv)

Credit Enhancement Percentage

23.64889%

(xvi)

Overcollateralization Increase Amount

541.33

(xvii)

Overcollateralization Release Amount

0.00

(xviii)

Overcollateralization Deficiency Amount

541.33

(xix)

Excess Overcollateralized Amount

0.00

	(xx)	Payment from Subgroup 1 Yield Maintenance Agreement						0.00
		Subgroup 2 Yield Maintenance Agreement						0.00
		Subordinate Yield Maintenance Agreement						0.00

(xxi)

Net Monthly Excess Cash Flow

2,595,745.10

					GROUP 1	GROUP 2	TOTAL	NEW CENTURY	WMC	TOTAL
	(xxii)	Extra Ordinary Trust Fund Expenses			0.00	0.00	0.00	0.00	0.00	0.00

(xxiii)

Trigger Event Occurence

(xxiv)

Step Down Date Occurred

(xxv)	Subgroup 1 Net WAC Rate	6.7910%
	Subgroup 2 Net WAC Rate	7.0659%
	Subordinate Net WAC Rate	6.7917%

(xxvi)

Available Distribution Amount

45,381,798.51

(xxvii)

Deposit to Net WAC Reserve Fund

1.93

Page 4

Asset Backed Pass-Through Certificates, Series 2005-HE1 8-K/A