
                                       UNITED STATES
                           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):  December 27, 2004
                          (Date of earliest event reported)

          Lehman ABS Corporation (as Depositor under the Trust Agreement,
                 dated as  March 1, 2004, providing for the issuance of
                         Indymac Home Equity Loan Trust 2004-1
                 (Exact name of registrant as specified in charter)

                                        DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-108503-03                         13-3447441
          (Commission File Number)        (I.R.S. Employer Identification No.)


          3 World Financial Center
          NEW YORK, NY                                  10285
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (212) 526-7000


       (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):

[  ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act
(17 CFR 240.14a-12(b))

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))


     Item 8.01  Other Events

     Attached hereto is a copy of the Monthly Remittance Statements to the
     Certificateholders which was derived from the monthly information
     submitted by the Master Servicer of the Trust to the Trustee.


     Item 9.01 Financial Statements and Exhibits

     (c) Exhibits:

     Exhibit No. Description

     99.1 Monthly Remittance Statement to the Certificateholders dated as of
     December 27, 2004.

                                    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.


                                  Deutsche Bank National Trust Company,
                                  in its capacity as Trustee under the
                                  Pooling and Servicing Agreement on
                                  behalf of Indymac MBS Inc, Registrant


          Date:  Dec 27, 2004               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President


                                   EXHIBIT INDEX

          DOCUMENT

          99.1 Monthly Remittance Statement to the Certificateholders
          dated as of December 27, 2004.


	IndyMac Home Equity Loan Trust 2004-1
	Mortgage Pass-Through Certificates


	December 27, 2004 Distribution


	Contents



			TABLE OF CONTENTS

								Page

			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				4
			4.	Triggers, Adj. Rate Cert. and Miscellaneous Report				7













				Total Number of Pages				7



			CONTACTS

				Administrator: Brent Hoyler
				Direct Phone Number: (714)247-6322
				Address: Deutsche Bank
				1761 E. St. Andrew Place, Santa Ana, CA 92705

				Web Site: https://www.tss.db.com/invr
				Factor Information: (800) 735-7777
				Main Phone Number: (714) 247-6000



ISSUANCE INFORMATION

	Seller:		IndyMac Bank					Cut-Off Date: February 1, 2004
	Certificate Insurer(s):							Closing Date: March 2, 2004
								First Payment Date: March 25, 2004
	Servicer(s):		IndyMac Bank


								Distribution Date: December 27, 2004
	Underwriter(s):		Lehman Brothers Underwriter					Record Date: December 24, 2004







						Page 1 of 7					© COPYRIGHT 2004 Deutsche Bank
	IndyMac Home Equity Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-01
	Certificate Payment Report for December 27, 2004 Distribution


	Distribution in Dollars - Current Period
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value			Balance	Interest	Principal	Distribution	Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)

NOTE		500,012,000.00			500,012,000.00	990,301.54	-	990,301.54	-	-	500,012,000.00
TRANSFEROR		-			-	13,194.76	-	13,194.76	-	-	-


Total		500,012,000.00			500,012,000.00	1,003,496.30	-	1,003,496.30	-	-	500,012,000.00


	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)

NOTE	11/26/04	12/24/04		A-Act/360	45661AAA0	500,012,000.00	1,000.000000	1.980556	-	1.980556	1,000.000000
TRANSFEROR				-		-	-	-	-	-	-


							Page 2 of 7				© COPYRIGHT 2004 Deutsche Bank
	IndyMac Home Equity Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-01
	Certificate Payment Report for December 27, 2004 Distribution


	Distribution in Dollars - to Date
											Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	Face Value		Interest		Principal	Principal	Principal	Distribution	Losses	Interest	Balance
	(1)		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)

NOTE	500,012,000.00		6,669,014.22		-	-	-	6,669,014.22	-	-	500,012,000.00
TRANSFEROR	-		125,002.97		-	-	-	125,002.97	-	-	-


Total	500,012,000.00		6,794,017.19		-	-	-	6,794,017.19	-	-	500,012,000.00


	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)

NOTE	2.30000%	500,012,000.00			990,301.54	-	-	-	990,301.54	990,301.54	-
TRANSFEROR		-			-	-	-	-	-	13,194.76	38,314.00


Total		500,012,000.00			990,301.54	-	-	-	990,301.54	1,003,496.30	38,314.00


							Page 3 of 7				© COPYRIGHT 2004 Deutsche Bank
	IndyMac Home Equity Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


SUMMARY								TOTAL

	Principal Collections							0.00
	Interest Collections							1,011,829.84
	Interest Withdrawals							(7,916.86)
	Interest Fees							(416.68)
	Interest Other Accounts							0.00

	AVAILABLE FUNDS TO BONDHOLDERS							1,003,496.30


PRINCIPAL - COLLECTIONS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


				Page 4 of 7				© COPYRIGHT 2004 Deutsche Bank
	IndyMac Home Equity Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


PRINCIPAL - WITHDRAWALS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


PRINCIPAL - OTHER ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - COLLECTIONS								TOTAL

	Interest Recieved On Underlying, IN04H1 CLASS A INTEREST							1,011,829.84
	Principal On Underlying, IN04H1 CLASS A PRINCIPAL							0.00



	TOTAL IN NOTE PAYMENT ACCOUNT							1,011,829.84


				Page 5 of 7				© COPYRIGHT 2004 Deutsche Bank
	IndyMac Home Equity Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


INTEREST - WITHDRAWALS								TOTAL

	Payment to Certificate Trust							7,916.86

	TOTAL INTEREST WITHDRAWLS							7,916.86


INTEREST - OTHER ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - FEES								TOTAL



	Indenture Trustee fees							416.68
	Payment to Certificate Trustee							7,916.86

	TOTAL INTEREST FEES							416.68


				Page 6 of 7				© COPYRIGHT 2004 Deutsche Bank
	IndyMac Home Equity Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Triggers, Adj. Rate Cert. and Miscellaneous Report for December 27, 2004 Distribution


	Triggers, Adj. Rate Cert. and Miscellaneous Report


TRIGGER EVENTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


ADJUSTABLE RATE CERTIFICATE INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK


ADDITIONAL INFORMATION								TOTAL

	INSURANCE POLICY DRAW AMOUNT							0.00

	(x) Guranteed Interest Draw Amount							0.00
	(y) Guranteed Principal Draw Amount							0.00
	(z) Guranteed Backstop Amount							0.00
	Total Insurance Policy Draw Amount							0.00


	Has Rapid Amortization event occured?
	Months to Mandatory Auction Payment Date							14.00

	LIBOR Determination Date							3831400.000000%
	LIBOR Rate							0.02


				Page 7 of 7				© COPYRIGHT 2004 Deutsche Bank

LEHMAN ABS CORP INDYMAC HOME EQUITY LOAN TRUST 2004-1 8-K