
                                        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):  May 25, 2005
                          (Date of earliest event reported)

           Financial Asset Securities Corporation (as Depositor under the
               Pooling and Servicing Agreement, dated as February 1, 2005,
               providing for the issuance of Soundview Home Loan Trust
         Series 2005-1 Asset-Backed Pass-Through Certificates, Series 2005-1)
                 (Exact name of registrant as specified in charter)


                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-121661-03                          06-1442101
          (Commission File Number)        (I.R.S. Employer Identification No.)


               600 Steamboat Road
               Greenwich, Connecticut                    06830
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (203) 625-2700


(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
     May 25, 2005.

                                    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 Financial Asset Securities
                                  Corp, Registrant


          Date:  Jun 02, 2005               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President


                                   EXHIBIT INDEX

          DOCUMENT

          99.1 Monthly Remittance Statement to the Certificateholders
          dated as of May 25, 2005.



Soundview Home Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

				External Parties						Table of Contents

													Page
				Seller									Page
				Seller						1. Certificate Payment Report					2
				Greenwich Capital Markets						1. Certificate Payment Report					2
				Greenwich Capital Markets						2. Collection Account Report					6
										2. Collection Account Report					6
										3. Credit Enhancement Report					8
										4. Collateral Report					9
				Certificate Insurer(s)						5. Delinquency Report					12
				Certificate Insurer(s)						5. Delinquency Report					12
										6. REO Report					15

										7. Foreclosure Report					16
										8. Prepayment Report					17
										9. Prepayment Detail Report					20
										9. Prepayment Detail Report					20
										10. Realized Loss Report					23
										11. Realized Loss Detail Report					26
				Servicer(s)						11. Realized Loss Detail Report					26
				Servicer(s)						12. Triggers and Adj. Cert. Report					27
				Select Portfolio Servicing, LP						12. Triggers and Adj. Cert. Report					27
				Select Portfolio Servicing, LP						13. Additional Certificate Report					28
										13. Additional Certificate Report					28


				Underwriter(s)
				Greenwich Capital Markets


										Total Number of Pages					28
										Total Number of Pages

				Dates						Contacts

				Cut-Off Date:			February 01, 2005			Eiko Akiyama
				Close Date:			February 28, 2005			Administrator
				First Distribution Date:			March 25, 2005			(714) 247-6328

										Address:
										1761 East St. Andrew Place, Santa Ana, CA 92514
				Distribution Date:			May 25, 2005
										Factor Information:			(800) 735-7777
				Record Date:			April 29, 2005			Factor Information:			(800) 735-7777
										Main Phone Number:			(714) 247-6000

							May 24, 2005
							May 24, 2005

										https://www.tss.db.com/invr






Page 1 of 28
Soundview Home Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Certificate Payment Report
Current Period Distribution - REMIC III
					Prior												Current
	Class		Original		Principal						Total		Realized		Deferred		Principal
	Class		Original		Principal						Total		Realized		Deferred		Principal
Class	Type	Cur	Face Value		Balance		Interest		Principal		Distribution		Loss		Interest		Balance


					(1)		(2)		(3)		(4)=(2)+(3)		(5)		(6)		(7)=(1)-(3)-(5)+(6)

I-A1	SR	$	241,800,000.00		225,664,638.98		620,577.76		9,473,052.46		10,093,630.22		0.00		0.00		216,191,586.52
I-A1	SR	$	241,800,000.00		225,664,638.98		620,577.76		9,473,052.46		10,093,630.22		0.00		0.00		216,191,586.52
I-A2	SR	$	60,427,000.00		56,394,694.54		157,905.14		2,367,362.04		2,525,267.18		0.00		0.00		54,027,332.50
II-A1	SR	$	123,000,000.00		113,246,303.72		296,327.83		7,474,751.14		7,771,078.97		0.00		0.00		105,771,552.58
II-A2	SR	$	127,000,000.00		127,000,000.00		347,133.33		0.00		347,133.33		0.00		0.00		127,000,000.00
II-A3	SR	$	32,440,000.00		32,440,000.00		92,183.67		0.00		92,183.67		0.00		0.00		32,440,000.00
M-1	MEZ,FLT	$	38,900,000.00		38,900,000.00		113,134.17		0.00		113,134.17		0.00		0.00		38,900,000.00
M-2	MEZ,FLT	$	25,285,000.00		25,285,000.00		74,169.33		0.00		74,169.33		0.00		0.00		25,285,000.00
M-3	MEZ,FLT	$	22,562,000.00		22,562,000.00		66,745.92		0.00		66,745.92		0.00		0.00		22,562,000.00
M-4	MEZ,FLT	$	19,450,000.00		19,450,000.00		60,781.25		0.00		60,781.25		0.00		0.00		19,450,000.00
M-5	MEZ,FLT	$	12,059,000.00		12,059,000.00		38,186.83		0.00		38,186.83		0.00		0.00		12,059,000.00
M-6	MEZ,FLT	$	10,892,000.00		10,892,000.00		39,211.20		0.00		39,211.20		0.00		0.00		10,892,000.00
M-7	MEZ,FLT	$	10,892,000.00		10,892,000.00		40,118.87		0.00		40,118.87		0.00		0.00		10,892,000.00
M-8	MEZ,FLT	$	7,391,000.00		7,391,000.00		27,531.48		0.00		27,531.48		0.00		0.00		7,391,000.00
M-9	MEZ,FLT	$	7,780,000.00		7,780,000.00		33,194.67		0.00		33,194.67		0.00		0.00		7,780,000.00
B-1	SUB, FLT, S	$	11,670,000.00		11,670,000.00		60,975.75		0.00		60,975.75		0.00		0.00		11,670,000.00
B-2	SUB, FLT, S	$	8,947,000.00		8,947,000.00		46,748.08		0.00		46,748.08		0.00		0.00		8,947,000.00
B-3	SUB, FLT, S	$	7,780,000.00		7,780,000.00		40,650.50		0.00		40,650.50		0.00		0.00		7,780,000.00
C	EXE	$	9,725,362.02		9,725,005.78		2,104,144.64		0.00		2,104,144.64		0.00		0.00		9,725,005.78
P	R	$	100.00		100.00		302,564.83		0.00		302,564.83		0.00		0.00		100.00
R	R	$	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
R-X	R	$	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00


Total			778,000,462.02		748,078,743.02		4,562,285.25		19,315,165.64		23,877,450.89		0.00		0.00		728,763,577.38
Total





Page 2 of 28
Soundview Home Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

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

									(1)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
I-A1	04/25/05		05/24/05		A-Act/360		83611MCG1		241,800,000.00		933.269806		2.566492		39.177223		41.743715	894.092583
I-A2	04/25/05		05/24/05		A-Act/360		83611MCH9		60,427,000.00		933.269806		2.613155		39.177223		41.790378	894.092583
II-A1	04/25/05		05/24/05		A-Act/360		83611MCJ5		123,000,000.00		920.701656		2.409169		60.770334		63.179504	859.931322
II-A2	04/25/05		05/24/05		A-Act/360		83611MCK2		127,000,000.00		1,000.000000		2.733333		0.000000		2.733333	1,000.000000
II-A3	04/25/05		05/24/05		A-Act/360		83611MCL0		32,440,000.00		1,000.000000		2.841667		0.000000		2.841667	1,000.000000
M-1	04/25/05		05/24/05		A-Act/360		83611MCM8		38,900,000.00		1,000.000000		2.908333		0.000000		2.908333	1,000.000000
M-2	04/25/05		05/24/05		A-Act/360		83611MCN6		25,285,000.00		1,000.000000		2.933333		0.000000		2.933333	1,000.000000
M-3	04/25/05		05/24/05		A-Act/360		83611MCP1		22,562,000.00		1,000.000000		2.958333		0.000000		2.958333	1,000.000000
M-4	04/25/05		05/24/05		A-Act/360		83611MCQ9		19,450,000.00		1,000.000000		3.125000		0.000000		3.125000	1,000.000000
M-5	04/25/05		05/24/05		A-Act/360		83611MCR7		12,059,000.00		1,000.000000		3.166666		0.000000		3.166666	1,000.000000
M-6	04/25/05		05/24/05		A-Act/360		83611MCS5		10,892,000.00		1,000.000000		3.600000		0.000000		3.600000	1,000.000000
M-7	04/25/05		05/24/05		A-Act/360		83611MCT3		10,892,000.00		1,000.000000		3.683334		0.000000		3.683334	1,000.000000
M-8	04/25/05		05/24/05		A-Act/360		83611MCU0		7,391,000.00		1,000.000000		3.725001		0.000000		3.725001	1,000.000000
M-9	04/25/05		05/24/05		A-Act/360		83611MCV8		7,780,000.00		1,000.000000		4.266667		0.000000		4.266667	1,000.000000
B-1	04/25/05		05/24/05		A-Act/360		83611MCW6		11,670,000.00		1,000.000000		5.225000		0.000000		5.225000	1,000.000000
B-2	04/25/05		05/24/05		A-Act/360		83611MCX4		8,947,000.00		1,000.000000		5.225001		0.000000		5.225001	1,000.000000
B-3	04/25/05		05/24/05		A-Act/360		83611MCY2		7,780,000.00		1,000.000000		5.225000		0.000000		5.225000	1,000.000000
C	04/25/05		05/24/05		GC05S1101		9,725,362.02		999.963370		216.356433		0.000000		216.356433		999.963370
P	04/25/05		05/24/05		GC05S1102		100.00		1,000.000000		3,025,648.300000		0.000000		3,025,648.300000		1,000.000000
R	04/25/05		05/24/05		GC05S1103		0.00		0.000000		0.000000		0.000000		0.000000		0.000000
R-X	04/25/05		05/24/05		GC05S1104		0.00		0.000000		0.000000		0.000000		0.000000		0.000000




Page 3 of 28
Soundview Home Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

Distribution to Date - REMIC III
																	Current


	Original				Unscheduled		Scheduled		Total		Total		Realized		Deferred		Principal

Class	Face Value		Interest		Principal		Principal		Principal		Distribution		Loss		Interest		Balance
	(1)		(2)		(3)		(4)		(5)=(3)+(4)		(6)=(2)+(5)		(7)		(8)		(9)=(1)-(5)-(7)+(8)
I-A1	241,800,000.00		1,760,409.25		24,952,814.05		655,599.43		25,608,413.48		27,368,822.73		0.00		0.00		216,191,586.52
I-A2	60,427,000.00		448,359.76		6,235,830.00		163,837.50		6,399,667.50		6,848,027.26		0.00		0.00		54,027,332.50
II-A1	123,000,000.00		845,431.03		16,798,303.18		430,144.24		17,228,447.42		18,073,878.45		0.00		0.00		105,771,552.58
II-A2	127,000,000.00		945,656.11		0.00		0.00		0.00		945,656.11		0.00		0.00		127,000,000.00
II-A3	32,440,000.00		251,626.27		0.00		0.00		0.00		251,626.27		0.00		0.00		32,440,000.00
M-1	38,900,000.00		309,168.56		0.00		0.00		0.00		309,168.56		0.00		0.00		38,900,000.00
M-2	25,285,000.00		202,771.65		0.00		0.00		0.00		202,771.65		0.00		0.00		25,285,000.00
M-3	22,562,000.00		182,551.65		0.00		0.00		0.00		182,551.65		0.00		0.00		22,562,000.00
M-4	19,450,000.00		166,664.89		0.00		0.00		0.00		166,664.89		0.00		0.00		19,450,000.00
M-5	12,059,000.00		104,772.60		0.00		0.00		0.00		104,772.60		0.00		0.00		12,059,000.00
M-6	10,892,000.00		108,163.61		0.00		0.00		0.00		108,163.61		0.00		0.00		10,892,000.00
M-7	10,892,000.00		110,765.59		0.00		0.00		0.00		110,765.59		0.00		0.00		10,892,000.00
M-8	7,391,000.00		76,045.18		0.00		0.00		0.00		76,045.18		0.00		0.00		7,391,000.00
M-9	7,780,000.00		92,128.17		0.00		0.00		0.00		92,128.17		0.00		0.00		7,780,000.00
B-1	11,670,000.00		170,252.34		0.00		0.00		0.00		170,252.34		0.00		0.00		11,670,000.00
B-2	8,947,000.00		130,526.80		0.00		0.00		0.00		130,526.80		0.00		0.00		8,947,000.00
B-3	7,780,000.00		113,501.56		0.00		0.00		0.00		113,501.56		0.00		0.00		7,780,000.00
C	9,725,362.02		5,550,791.51		331.81		24.43		356.24		5,551,147.75		0.00		0.00		9,725,005.78
P	100.00		743,070.60		0.00		0.00		0.00		743,070.60		0.00		0.00		100.00
R	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
R-X	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00


Total	778,000,462.02		12,312,657.13		47,987,279.04		1,249,605.60		49,236,884.64		61,549,541.77		0.00		0.00		728,763,577.38



Page 4 of 28
Soundview Home Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

Interest Detail - REMIC III
	Pass		Prior Principal				Non-		Prior		Unscheduled				Paid or		Current
	Pass		Prior Principal				Non-		Prior		Unscheduled				Paid or

	Through		(with Notional)		Accrued		Supported		Unpaid		Interest		Optimal		Deferred		Unpaid

Class	Rate		Balance		Interest		Interest SF		Interest		Adjustment		Interest		Interest		Interest
					(1)		(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
I-A1	3.30000%		225,664,638.98		620,577.76		0.00		0.00		0.00		620,577.76		620,577.76		0.00
I-A2	3.36000%		56,394,694.54		157,905.14		0.00		0.00		0.00		157,905.14		157,905.14		0.00
II-A1	3.14000%		113,246,303.72		296,327.83		0.00		0.00		0.00		296,327.83		296,327.83		0.00
II-A2	3.28000%		127,000,000.00		347,133.33		0.00		0.00		0.00		347,133.33		347,133.33		0.00
II-A3	3.41000%		32,440,000.00		92,183.67		0.00		0.00		0.00		92,183.67		92,183.67		0.00
M-1	3.49000%		38,900,000.00		113,134.17		0.00		0.00		0.00		113,134.17		113,134.17		0.00
M-2	3.52000%		25,285,000.00		74,169.33		0.00		0.00		0.00		74,169.33		74,169.33		0.00
M-3	3.55000%		22,562,000.00		66,745.92		0.00		0.00		0.00		66,745.92		66,745.92		0.00
M-4	3.75000%		19,450,000.00		60,781.25		0.00		0.00		0.00		60,781.25		60,781.25		0.00
M-5	3.80000%		12,059,000.00		38,186.83		0.00		0.00		0.00		38,186.83		38,186.83		0.00
M-6	4.32000%		10,892,000.00		39,211.20		0.00		0.00		0.00		39,211.20		39,211.20		0.00
M-7	4.42000%		10,892,000.00		40,118.87		0.00		0.00		0.00		40,118.87		40,118.87		0.00
M-8	4.47000%		7,391,000.00		27,531.48		0.00		0.00		0.00		27,531.48		27,531.48		0.00
M-9	5.12000%		7,780,000.00		33,194.67		0.00		0.00		0.00		33,194.67		33,194.67		0.00
B-1	6.27000%		11,670,000.00		60,975.75		0.00		0.00		0.00		60,975.75		60,975.75		0.00
B-2	6.27000%		8,947,000.00		46,748.08		0.00		0.00		0.00		46,748.08		46,748.08		0.00
B-3	6.27000%		7,780,000.00		40,650.50		0.00		0.00		0.00		40,650.50		40,650.50		0.00
C	259.63723%		9,725,005.78		2,104,144.64		0.00		0.00		0.00		2,104,144.64		2,104,144.64		0.00
P	0.00000%		100.00		0.00		0.00		0.00		0.00		0.00		302,564.83		0.00
R	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
R-X	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00


Total			748,078,743.02		4,259,720.42		0.00		0.00		0.00		4,259,720.42		#######		0.00



Page 5 of 28
Soundview Home Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Collection Account Report
SUMMARY
SUMMARY
										Group 2		Group 1		Total
Principal Collections										7,474,751.14		11,840,414.50		19,315,165.64
Principal Withrawals										0.00		0.00		0.00
Principal Other Accounts										0.00		0.00		0.00
TOTAL NET PRINCIPAL										7,474,751.14		11,840,414.50		19,315,165.64
Interest Collections										2,089,161.34		2,196,276.07		4,285,437.41
Interest Withdrawals										-0.00		-0.00		-0.00
Interest Other Accounts										0.00		0.00		302,564.83
Interest Fees										-12,420.41		-14,906.93		-25,716.99
TOTAL NET INTEREST										2,076,740.93		2,181,369.14		4,562,285.25
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION										9,551,492.07		14,021,783.64		23,877,450.89



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
											Group 2		Group 1		Total
Scheduled Principal Received											175,772.09		278,437.33		454,209.42
Curtailments											26,939.29		26,614.54		53,553.83
Prepayments In Full											7,272,039.76		11,535,362.63		18,807,402.39
Repurchased/Substitutions											0.00		0.00		0.00
Liquidations											0.00		0.00		0.00
Other Additional Principal											0.00		0.00		0.00
Delinquent Principal											-169,860.70		-262,809.82		-432,670.52
Realized Losses											-0.00		-0.00		-0.00
Advanced Principal											169,860.70		262,809.82		432,670.52
TOTAL PRINCIPAL COLLECTED											7,474,751.14		11,840,414.50		19,315,165.64


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



PRINCIPAL - OTHER ACCOUNTS
PRINCIPAL - OTHER ACCOUNTS
										Group 2		Group 1		Total
TOTAL PRINCIPAL OTHER ACCOUNTS										0.00		0.00		0.00





Page 6 of 28
Soundview Home Loan Trust 2005-1

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Asset Backed Certificates
2005-1

May 25, 2005 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
										Group 2		Group 1		Total
Scheduled Interest										2,231,079.84		2,345,055.35		4,576,135.19
Repurchased/Substitution Interest										0.00		0.00		0.00
Liquidation Interest										0.00		0.00		0.00
Other Additional Interest										0.00		(2,586.50)		(2,586.50)
Prepayment Interest Shortfalls										-5,627.58		-4,517.33		-10,144.91
Delinquent Interest										-2,069,807.70		-2,154,292.48		-4,224,100.18
Compensating Interest										5,627.58		4,517.33		10,144.91
Civil Relief Act Shortfalls										-0.00		-0.00		-0.00
Interest Advanced										1,927,889.19		2,008,099.71		3,935,988.90
TOTAL INTEREST COLLECTED										2,089,161.34		2,196,276.07		4,285,437.41


INTEREST - WITHDRAWALS
INTEREST - WITHDRAWALS
										Group 2		Group 1		Total
TOTAL INTEREST WITHDRAWALS										0.00		0.00		0.00



INTEREST - OTHER ACCOUNTS
INTEREST - OTHER ACCOUNTS
										Group 2		Group 1		Total
Prepayment Charges														302,564.83
TOTAL INTEREST OTHER ACCOUNTS										0.00		0.00		302,564.83



INTEREST - FEES
INTEREST - FEES
										Group 2		Group 1		Total
Current Servicing Fees										10,579.15		12,929.44		23,508.59
Trustee Fees										1,671.32		1,800.17		1,870.20
Current Custodian Fees										169.93		177.32		338.20
TOTAL INTEREST FEES										12,420.41		14,906.93		25,716.99
Current Custodian Fees Rate														0.0006%




Page 7 of 28
Soundview Home Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Credit Enhancement Report

ACCOUNTS


Net WAC Rate Carryover Reserve Account

Begining Balance						0.00
Amount Deposited						0.00
Amount Withdrawn						0.00
Ending Balance						0.00




INSURANCE

SPACE INTENTIONALLY LEFT BLANK



STRUCTURAL FEATURES
STRUCTURAL FEATURES
										Group 2		Group 1		Total
Overcollateralization Target Amount														9,725,005.78
Overcollateralization Amount														9,725,005.78
Excess Overcollateralized Amount														0.00
Overcollateralization Release Amount														0.00
Overcollateralization Deficiency Amount														0.00
Extra Principal distribution Amount														0.00



Page 8 of 28
Soundview Home Loan Trust 2005-1

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Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Collateral Report


COLLATERAL



											Group 2		Group 1		Total



Loan Count:


Original										1,574		1,592		3,166
Prior										2,336		2,370		4,706
Prefunding										0		0		0
Scheduled Paid Offs										-0		-0		-0
Full Voluntary Prepayments										-40		-61		-101
Repurchases										-0		-0		-0
Liquidations										-0		-0		-0
Current										2,296		2,309		4,605
Principal Balance:


Original										238,490,029.61		272,231,107.09		510,721,136.70
Prior										365,994,360.71		381,893,323.87		747,887,684.58
Prefunding										81,873.16		109,185.28		191,058.44
Scheduled Principal										-175,772.09		-278,437.33		-454,209.42
Partial Prepayments										-26,939.29		-26,614.54		-53,553.83
Full Voluntary Prepayments										-7,272,039.76		-11,535,362.63		-18,807,402.39
Repurchases										-0.00		-0.00		-0.00
Liquidations										-0.00		-0.00		-0.00
Current										358,601,482.73		370,162,094.65		728,763,577.38





PREFUNDING
PREFUNDING
										Group 2		Group 1		Total
Prefunding Account Original Balance										137,345,173.98		129,934,151.34		267,279,325.32
Prefunding Account Beginning Balance										81,873.16		109,185.28		191,058.44
Subsequent Loans Added to the Pool										0.00		0.00		0.00
Prefund Release to Certificate Holders										0.00		0.00		0.00
Prefunding Account Ending Balance										81,873.16		109,185.28		191,058.44





Page 9 of 28
Soundview Home Loan Trust 2005-1

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Asset Backed Certificates
2005-1

May 25, 2005 Distribution

CHARACTERISTICS
CHARACTERISTICS
										Group 2		Group 1		Total
Weighted Average Coupon Original										7.31388%		7.36285%		7.33998%
Weighted Average Coupon Prior										7.31916%		7.39195%		7.35670%
Weighted Average Coupon Current										7.31513%		7.36994%		7.34312%
Weighted Average Months to Maturity Original										341		352		347
Weighted Average Months to Maturity Prior										337		349		343
Weighted Average Months to Maturity Current										336		348		342
Weighted Avg Remaining Amortization Term Original										341		352		347
Weighted Avg Remaining Amortization Term Prior										337		349		343
Weighted Avg Remaining Amortization Term Current										336		348		342
Weighted Average Seasoning Original										4.63		5.10		4.88
Weighted Average Seasoning Prior										4.40		4.82		4.61
Weighted Average Seasoning Current										5.38		5.81		5.60









Page 10 of 28
Soundview Home Loan Trust 2005-1

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Asset Backed Certificates
2005-1

May 25, 2005 Distribution

ARM CHARACTERISTICS
ARM CHARACTERISTICS
										Group 2		Group 1		Total
Weighted Average Margin Original										5.79759%		5.92838%		5.86993%
Weighted Average Margin Prior										5.89589%		5.99372%		5.94810%
Weighted Average Margin Current										5.88939%		5.98391%		5.93928%
Weighted Average Max Rate Original										13.39514%		13.87611%		13.66117%
Weighted Average Max Rate Prior										13.45728%		13.67235%		13.57207%
Weighted Average Max Rate Current										13.44839%		13.64071%		13.54990%
Weighted Average Min Rate Original										6.50114%		7.34830%		6.96972%
Weighted Average Min Rate Prior										6.60155%		7.31580%		6.98278%
Weighted Average Min Rate Current										6.59168%		7.28914%		6.95980%
Weighted Average Cap Up Original										1.14437%		1.24939%		1.20246%
Weighted Average Cap Up Prior										1.09083%		1.16836%		1.13221%
Weighted Average Cap Up Current										1.08838%		1.16541%		1.12904%
Weighted Average Cap Down Original										1.14437%		1.24939%		1.20246%
Weighted Average Cap Down Prior										1.09083%		1.16836%		1.13221%
Weighted Average Cap Down Current										1.08838%		1.16541%		1.12904%




SERVICING FEES & ADVANCES

											Group 2		Group 1		Total




Current Servicing Fees										10,579.15		12,929.44		23,508.59
Delinquent Servicing Fees										141,918.50		146,192.78		288,111.28
TOTAL SERVICING FEES										152,497.66		159,122.22		311,619.88


Total Servicing Fees										152,497.66		159,122.22		311,619.88
Compensating Interest										-5,627.58		-4,517.33		-10,144.91
Delinquent Servicing Fees										-141,918.50		-146,192.78		-288,111.28
COLLECTED SERVICING FEES										4,951.58		8,412.11		13,363.70


Total Advaced Interest										1,927,889.19		2,008,099.71		3,935,988.90
Total Advaced Principal										169,860.70		262,809.82		432,670.52
Aggregate Advances with respect to this Distribution										447,863.62		279,284.75		727,148.37





ADDITIONAL COLLATERAL INFORMATION
										Group 2		Group 1		Total
Prepayment Interest Shortfall (PPIS)										5,627.58		4,517.33		10,144.91
Compensating Interest										-5,627.58		-4,517.33		-10,144.91
Net Prepayment Interest Shortfall (PPIS)										0.00		0.00		0.00

Weighted Average Net Mortgage Rate														7.318404%

Libor For Current Period														3.0200%

Libor For Next Period														3.0900%



Page 11 of 28
Soundview Home Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				59,281,030.05		1,577,823.53		1,221,060.99		62,079,914.57
			% Balance				8.14%		0.22%		0.17%		8.52%
			# Loans				369		8		6		383
			% # Loans				8.01%		0.17%		0.13%		8.32%
	FORECLOSURE		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		2,397,326.31		1,012,540.75		0.00		0.00		3,409,867.06
			% Balance		0.33%		0.14%		0.00%		0.00%		0.47%
			# Loans		19		6		0		0		25
			% # Loans		0.41%		0.13%		0.00%		0.00%		0.54%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		2,397,326.31		60,293,570.80		1,577,823.53		1,221,060.99		65,489,781.63
			% Balance		0.33%		8.28%		0.22%		0.17%		8.99%
			# Loans		19		375		8		6		408
			% # Loans		0.41%		8.14%		0.17%		0.13%		8.86%









Page 12 of 28
Soundview Home Loan Trust 2005-1

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Asset Backed Certificates
2005-1

May 25, 2005 Distribution


	GROUP 1
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				30,510,846.06		728,016.16		1,131,267.92		32,370,130.14
			% Balance				8.24%		0.20%		0.31%		8.75%
			# Loans				184		3		5		192
			% # Loans				7.97%		0.13%		0.22%		8.32%
	FORECLOSURE		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		1,580,135.70		1,012,540.75		0.00		0.00		2,592,676.45
			% Balance		0.43%		0.27%		0.00%		0.00%		0.70%
			# Loans		13		6		0		0		19
			% # Loans		0.56%		0.26%		0.00%		0.00%		0.82%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		1,580,135.70		31,523,386.81		728,016.16		1,131,267.92		34,962,806.59
			% Balance		0.43%		8.52%		0.20%		0.31%		9.45%
			# Loans		13		190		3		5		211
			% # Loans		0.56%		8.23%		0.13%		0.22%		9.14%










Page 13 of 28
Soundview Home Loan Trust 2005-1

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Asset Backed Certificates
2005-1

May 25, 2005 Distribution

	GROUP 2
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				28,770,183.99		849,807.37		89,793.07		29,709,784.43
			% Balance				8.02%		0.24%		0.03%		8.29%
			# Loans				185		5		1		191
			% # Loans				8.06%		0.22%		0.04%		8.32%
	FORECLOSURE		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		817,190.61		0.00		0.00		0.00		817,190.61
			% Balance		0.23%		0.00%		0.00%		0.00%		0.23%
			# Loans		6		0		0		0		6
			% # Loans		0.26%		0.00%		0.00%		0.00%		0.26%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		817,190.61		28,770,183.99		849,807.37		89,793.07		30,526,975.04
			% Balance		0.23%		8.02%		0.24%		0.03%		8.51%
			# Loans		6		185		5		1		197
			% # Loans		0.26%		8.06%		0.22%		0.04%		8.58%









Page 14 of 28
Soundview Home Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
REO Report
Loan Number			Original		Stated				Current		State &

														First
&			Principal		Principal		Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance		Date		Rate		Origination		Term		Date




TOTAL



Page 15 of 28
Soundview Home Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Foreclosure Report
Loan Number			Original		Stated				Current		State &

														First
&			Principal		Principal		Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance		Date		Rate		Origination		Term		Date




TOTAL



Page 16 of 28
Soundview Home Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

											Group 2		Group 1		Total




Current


Number of Paid in Full Loans										40		61		101
Number of Repurchased Loans										0		0		0
Total Number of Loans Prepaid in Full										40		61		101
Curtailments Amount										26,939.29		26,614.54		53,553.83
Paid in Full Balance										7,272,039.76		11,535,362.63		18,807,402.39
Repurchased Loans Balance										0.00		0.00		0.00
Total Prepayment Amount										7,298,979.05		11,561,977.17		18,860,956.22

Cumulative


Number of Paid in Full Loans										92		156		248
Number of Repurchased Loans										0		0		0
Total Number of Loans Prepaid in Full										92		156		248
Paid in Full Balance										16,561,155.02		30,938,025.50		47,499,180.52
Repurchased Loans Balance										0.00		0.00		0.00
Curtailments Amount										145,853.02		309,976.40		455,829.42
Total Prepayment Amount										16,707,008.04		31,248,001.90		47,955,009.94










Page 17 of 28
Soundview Home Loan Trust 2005-1

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Asset Backed Certificates
2005-1

May 25, 2005 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

											Group 2		Group 1		Total



SMM										2.00%		3.03%		2.52%
3 Months Avg SMM										1.58%		2.79%		2.20%
12 Months Avg SMM										1.58%		2.79%		2.20%
Avg SMM Since Cut-off										1.58%		2.79%		2.20%


CPR										21.48%		30.87%		26.41%
3 Months Avg CPR										17.36%		28.77%		23.45%
12 Months Avg CPR										17.36%		28.77%		23.45%
Avg CPR Since Cut-off										17.36%		28.77%		23.45%


PSA										1,994.94%		2,658.34%		2,358.84%
3 Months Avg PSA Approximation										1,807.91%		2,745.22%		2,331.79%
12 Months Avg PSA Approximation										1,807.91%		2,745.22%		2,331.79%
Avg PSA Since Cut-off Approximation										1,807.91%		2,745.22%		2,331.79%










Page 18 of 28
Soundview Home Loan Trust 2005-1

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Asset Backed Certificates
2005-1

May 25, 2005 Distribution






PREPAYMENT CALCULATION METHODOLOGY

Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases + Liquidations )/(Beg Principal Balance - Sched Principal) Conditional Prepayment Rate (CPR): 1-((1-SMM)^12) PSA Standard Prepayment Model: CPR/(0.002min(30,WAS)) Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn)(1-SMMn+1)...(1-SMMm)]^(1/months in period n,m) Conditional Prepayment Rate (CPR): 1-((1-SMM)^12) Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.002*Avg WASn,m)) Average WASn,m: (min(30,WASn)+min(30,WASn+1)+...+min(30,WASm)/(number of months in the period n,m) Weighted Average Seasoning (WAS) Dates correspond to distribution dates. Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments, liquidations, and repurchases.













Page 19 of 28
Soundview Home Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Prepayment Detail Report
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First
Loan Number			Original							Current		State &		Type Prepayment

&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

11049901 1			50,000.00		49,887.53			27-Apr-2005		10.880%		CA - 100.00%		Paid Off - 180		01-Nov-2004
			50,000.00

11051675 1			70,000.00		69,897.61			22-Apr-2005		11.990%		MD - 100.00%		Paid Off - 180		01-Dec-2004
11051675 1					69,897.61			22-Apr-2005		11.990%		MD - 100.00%		Paid Off - 180		01-Dec-2004
11052888 2			86,000.00		85,778.93			27-Apr-2005		10.250%		CA - 100.00%		Paid Off - 180		01-Nov-2004
11052888 2					85,778.93			27-Apr-2005		10.250%		CA - 100.00%		Paid Off - 180		01-Nov-2004
11053099 2			42,550.00		42,172.51			18-Apr-2005		10.500%		ME - 85.00%		Paid Off - 240		01-Oct-2004
11053099 2					42,172.51			18-Apr-2005		10.500%		ME - 85.00%		Paid Off - 240		01-Oct-2004
11054486 2			63,900.00		63,780.77			02-May-2005		10.880%		CA - 100.00%		Paid Off - 180		01-Dec-2004
11054486 2					63,780.77			02-May-2005		10.880%		CA - 100.00%		Paid Off - 180		01-Dec-2004
11057358 2			78,200.00		78,041.86			21-Apr-2005		10.500%		CA - 100.00%		Paid Off - 180		01-Dec-2004
11057358 2					78,041.86			21-Apr-2005		10.500%		CA - 100.00%		Paid Off - 180		01-Dec-2004
11060631 1			310,000.00		310,000.00			03-May-2005		5.750%		CA - 68.43%		Paid Off - 360		01-Dec-2004
11060631 1					310,000.00			03-May-2005		5.750%		CA - 68.43%		Paid Off - 360		01-Dec-2004
11062164 1			47,000.00		46,913.38			10-May-2005		11.250%		AZ - 100.00%		Paid Off - 180		01-Dec-2004
11062164 1					46,913.38			10-May-2005		11.250%		AZ - 100.00%		Paid Off - 180		01-Dec-2004
11064572 1			52,000.00		51,880.54			29-Apr-2005		9.900%		NV - 93.90%		Paid Off - 180		01-Dec-2004
11064572 1					51,880.54			29-Apr-2005		9.900%		NV - 93.90%		Paid Off - 180		01-Dec-2004
11076888 1			15,000.00		14,966.22			15-Apr-2005		9.990%		TX - 100.00%		Paid Off - 180		01-Dec-2004
11076888 1					14,966.22			15-Apr-2005		9.990%		TX - 100.00%		Paid Off - 180		01-Dec-2004
11078143 2			47,000.00		46,912.30			29-Apr-2005		10.880%		CA - 90.00%		Paid Off - 180		01-Dec-2004
11078143 2					46,912.30			29-Apr-2005		10.880%		CA - 90.00%		Paid Off - 180		01-Dec-2004
59848655 1			51,000.00		50,795.37			28-Apr-2005		10.850%		CA - 100.00%		Paid Off - 360		01-Aug-2004
59848655 1					50,795.37			28-Apr-2005		10.850%		CA - 100.00%		Paid Off - 360		01-Aug-2004
61066916 1			113,475.00		112,897.55			13-May-2005		6.900%		NM - 85.00%		Paid Off - 360		01-Nov-2004
61066916 1					112,897.55			13-May-2005		6.900%		NM - 85.00%		Paid Off - 360		01-Nov-2004
61374815 1			130,500.00		129,667.25			22-Apr-2005		7.650%		NJ - 90.00%		Paid Off - 360		01-Oct-2004
61374815 1					129,667.25			22-Apr-2005		7.650%		NJ - 90.00%		Paid Off - 360		01-Oct-2004
61592754 2			140,250.00		139,304.90			18-Apr-2005		7.450%		AZ - 85.00%		Paid Off - 360		01-Nov-2004
61592754 2					139,304.90			18-Apr-2005		7.450%		AZ - 85.00%		Paid Off - 360		01-Nov-2004
61993739 1			224,675.00		223,564.62			20-Apr-2005		7.050%		MN - 95.00%		Paid Off - 360		01-Nov-2004
61993739 1					223,564.62			20-Apr-2005		7.050%		MN - 95.00%		Paid Off - 360		01-Nov-2004
62093877 1			128,000.00		127,203.56			26-Apr-2005		5.850%		CA - 51.72%		Paid Off - 360		01-Nov-2004
62093877 1					127,203.56			26-Apr-2005		5.850%		CA - 51.72%		Paid Off - 360		01-Nov-2004
62105895 1			155,700.00		154,932.53			21-Apr-2005		8.250%		IL - 90.00%		Paid Off - 360		01-Oct-2004
62105895 1					154,932.53			21-Apr-2005		8.250%		IL - 90.00%		Paid Off - 360		01-Oct-2004
62156211 2			375,250.00		373,505.02			05-May-2005		7.770%		NJ - 95.00%		Paid Off - 360		01-Nov-2004
62156211 2					373,505.02			05-May-2005		7.770%		NJ - 95.00%		Paid Off - 360		01-Nov-2004
62209515 1			144,000.00		143,445.14			21-Apr-2005		8.300%		FL - 90.00%		Paid Off - 360		01-Nov-2004
62209515 1					143,445.14			21-Apr-2005		8.300%		FL - 90.00%		Paid Off - 360		01-Nov-2004
62239314 1			122,400.00		121,780.38			05-May-2005		7.800%		FL - 86.20%		Paid Off - 360		01-Oct-2004
62239314 1					121,780.38			05-May-2005		7.800%		FL - 86.20%		Paid Off - 360		01-Oct-2004
62285416 1			345,500.00		344,127.74			25-Apr-2005		8.150%		CA - 74.30%		Paid Off - 360		01-Nov-2004
62285416 1					344,127.74			25-Apr-2005		8.150%		CA - 74.30%		Paid Off - 360		01-Nov-2004
62321039 2			75,000.00		74,091.04			10-May-2005		6.800%		NC - 69.44%		Paid Off - 360		01-Nov-2004
62321039 2					74,091.04			10-May-2005		6.800%		NC - 69.44%		Paid Off - 360		01-Nov-2004
62705470 1			63,000.00		62,767.21			13-May-2005		10.400%		CA - 100.00%		Paid Off - 360		01-Nov-2004
62705470 1					62,767.21			13-May-2005		10.400%		CA - 100.00%		Paid Off - 360		01-Nov-2004
62941950 1			292,000.00		290,615.94			03-May-2005		7.260%		IL - 69.52%		Paid Off - 360		01-Nov-2004
62941950 1					290,615.94			03-May-2005		7.260%		IL - 69.52%		Paid Off - 360		01-Nov-2004
62958079 1			358,700.00		356,382.85			04-May-2005		5.650%		CA - 85.00%		Paid Off - 360		01-Nov-2004
62958079 1					356,382.85			04-May-2005		5.650%		CA - 85.00%		Paid Off - 360		01-Nov-2004
63166953 2			56,788.00		56,681.22			03-May-2005		11.700%		NV - 100.00%		Paid Off - 360		01-Nov-2004
63166953 2					56,681.22			03-May-2005		11.700%		NV - 100.00%		Paid Off - 360		01-Nov-2004
63197032 1			152,000.00		151,551.85			02-May-2005		9.600%		HI - 80.00%		Paid Off - 360		01-Nov-2004
63197032 1					151,551.85			02-May-2005		9.600%		HI - 80.00%		Paid Off - 360		01-Nov-2004
63331151 1			316,800.00		315,091.39			05-May-2005		6.600%		CA - 80.00%		Paid Off - 360		01-Nov-2004
63331151 1					315,091.39			05-May-2005		6.600%		CA - 80.00%		Paid Off - 360		01-Nov-2004
63417430 1			178,000.00		177,021.30			09-May-2005		6.500%		WY - 79.11%		Paid Off - 360		01-Nov-2004
63417430 1					177,021.30			09-May-2005		6.500%		WY - 79.11%		Paid Off - 360		01-Nov-2004
63641435 2			168,000.00		167,002.94			04-May-2005		6.100%		AZ - 80.00%		Paid Off - 360		01-Nov-2004
63641435 2					167,002.94			04-May-2005		6.100%		AZ - 80.00%		Paid Off - 360		01-Nov-2004
63656797 1			171,000.00		170,386.36			29-Apr-2005		8.650%		IL - 90.00%		Paid Off - 360		01-Nov-2004
63656797 1					170,386.36			29-Apr-2005		8.650%		IL - 90.00%		Paid Off - 360		01-Nov-2004
63676118 1			172,500.00		171,375.22			29-Apr-2005		5.600%		RI - 75.00%		Paid Off - 360		01-Nov-2004
63676118 1					171,375.22			29-Apr-2005		5.600%		RI - 75.00%		Paid Off - 360		01-Nov-2004
63702070 2			78,000.00		77,583.33			29-Apr-2005		6.650%		CA - 34.67%		Paid Off - 360		01-Nov-2004
63702070 2					77,583.33			29-Apr-2005		6.650%		CA - 34.67%		Paid Off - 360		01-Nov-2004
63762959 1			208,000.00		207,131.25			29-Apr-2005		7.900%		CA - 80.00%		Paid Off - 360		01-Nov-2004
63762959 1					207,131.25			29-Apr-2005		7.900%		CA - 80.00%		Paid Off - 360		01-Nov-2004
64081276 1			328,500.00		326,728.30			13-May-2005		6.600%		CA - 90.00%		Paid Off - 360		01-Nov-2004
64081276 1					326,728.30			13-May-2005		6.600%		CA - 90.00%		Paid Off - 360		01-Nov-2004
64241433 1			261,261.00		260,498.36			04-May-2005		8.750%		FL - 95.00%		Paid Off - 360		01-Dec-2004
64241433 1					260,498.36					8.750%		FL - 95.00%		Paid Off - 360



Page 20 of 28
Soundview Home Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First
Loan Number			Original							Current		State &		Type Prepayment

&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

64248792 2			185,000.00		183,763.88			04-May-2005		5.500%		CA - 78.72%		Paid Off - 360		01-Nov-2004
			185,000.00

64435951 1			174,800.00		174,204.45			27-Apr-2005		7.990%		IL - 95.00%		Paid Off - 360		01-Dec-2004
64435951 1					174,204.45			27-Apr-2005		7.990%		IL - 95.00%		Paid Off - 360		01-Dec-2004
403107750 1			177,208.00		177,207.98			16-May-2005		5.750%		CA - 80.00%		Paid Off - 360		01-Jun-2004
403107750 1					177,207.98			16-May-2005		5.750%		CA - 80.00%		Paid Off - 360		01-Jun-2004
406088042 1			30,000.00		29,850.90			19-Apr-2005		8.500%		PA - 40.00%		Paid Off - 360		01-Sep-2004
406088042 1					29,850.90			19-Apr-2005		8.500%		PA - 40.00%		Paid Off - 360		01-Sep-2004
407214436 1			114,000.00		113,261.64			13-May-2005		6.500%		NC - 95.00%		Paid Off - 360		01-Oct-2004
407214436 1					113,261.64			13-May-2005		6.500%		NC - 95.00%		Paid Off - 360		01-Oct-2004
407305616 2			200,000.00		199,101.06			29-Apr-2005		9.990%		NV - 74.07%		Paid Off - 360		01-Oct-2004
407305616 2					199,101.06			29-Apr-2005		9.990%		NV - 74.07%		Paid Off - 360		01-Oct-2004
408051582 1			110,000.00		109,521.10			12-May-2005		7.750%		NJ - 62.50%		Paid Off - 360		01-Nov-2004
408051582 1					109,521.10			12-May-2005		7.750%		NJ - 62.50%		Paid Off - 360		01-Nov-2004
408120050 2			361,000.00		358,887.93			02-May-2005		6.990%		CA - 95.00%		Paid Off - 360		01-Oct-2004
408120050 2					358,887.93			02-May-2005		6.990%		CA - 95.00%		Paid Off - 360		01-Oct-2004
408129460 1			256,000.00		254,735.92			04-May-2005		7.850%		NY - 80.00%		Paid Off - 360		01-Oct-2004
408129460 1					254,735.92			04-May-2005		7.850%		NY - 80.00%		Paid Off - 360		01-Oct-2004
408174605 1			204,000.00		202,972.33			10-May-2005		7.750%		NV - 85.00%		Paid Off - 360		01-Oct-2004
408174605 1					202,972.33			10-May-2005		7.750%		NV - 85.00%		Paid Off - 360		01-Oct-2004
408186076 1			150,000.00		149,214.12			03-May-2005		6.750%		CA - 50.00%		Paid Off - 360		01-Nov-2004
408186076 1					149,214.12			03-May-2005		6.750%		CA - 50.00%		Paid Off - 360		01-Nov-2004
408186438 2			448,000.00		445,508.84			21-Apr-2005		7.250%		CA - 81.75%		Paid Off - 360		01-Oct-2004
408186438 2					445,508.84			21-Apr-2005		7.250%		CA - 81.75%		Paid Off - 360		01-Oct-2004
408187172 1			329,400.00		328,179.80			13-May-2005		8.500%		CA - 90.00%		Paid Off - 360		01-Nov-2004
408187172 1					328,179.80			13-May-2005		8.500%		CA - 90.00%		Paid Off - 360		01-Nov-2004
408209509 1			204,250.00		203,103.00			18-Apr-2005		7.200%		MD - 95.00%		Paid Off - 360		01-Oct-2004
408209509 1					203,103.00			18-Apr-2005		7.200%		MD - 95.00%		Paid Off - 360		01-Oct-2004
408209735 1			108,800.00		108,386.52			03-May-2005		8.500%		MD - 85.00%		Paid Off - 360		01-Nov-2004
408209735 1					108,386.52			03-May-2005		8.500%		MD - 85.00%		Paid Off - 360		01-Nov-2004
408254428 1			185,000.00		184,235.01			21-Apr-2005		7.950%		MD - 84.09%		Paid Off - 360		01-Nov-2004
408254428 1					184,235.01			21-Apr-2005		7.950%		MD - 84.09%		Paid Off - 360		01-Nov-2004
408254563 2			55,250.00		55,083.64			19-Apr-2005		9.500%		OH - 65.00%		Paid Off - 360		01-Nov-2004
408254563 2					55,083.64			19-Apr-2005		9.500%		OH - 65.00%		Paid Off - 360		01-Nov-2004
408267122 1			311,200.00		309,721.19			11-May-2005		7.250%		CA - 80.00%		Paid Off - 360		01-Nov-2004
408267122 1					309,721.19			11-May-2005		7.250%		CA - 80.00%		Paid Off - 360		01-Nov-2004
408309643 1			162,750.00		161,898.81			27-Apr-2005		6.760%		CO - 75.00%		Paid Off - 360		01-Nov-2004
408309643 1					161,898.81			27-Apr-2005		6.760%		CO - 75.00%		Paid Off - 360		01-Nov-2004
409012120 2			44,000.00		43,819.52			06-May-2005		7.990%		OK - 80.00%		Paid Off - 360		01-Nov-2004
409012120 2					43,819.52			06-May-2005		7.990%		OK - 80.00%		Paid Off - 360		01-Nov-2004
409012367 2			210,000.00		209,429.65			20-Apr-2005		9.990%		CA - 60.00%		Paid Off - 360		01-Nov-2004
409012367 2					209,429.65			20-Apr-2005		9.990%		CA - 60.00%		Paid Off - 360		01-Nov-2004
409077465 1			295,000.00		293,665.66			27-Apr-2005		7.500%		NJ - 40.69%		Paid Off - 360		01-Nov-2004
409077465 1					293,665.66			27-Apr-2005		7.500%		NJ - 40.69%		Paid Off - 360		01-Nov-2004
409102760 1			225,940.00		224,810.25			02-May-2005		6.990%		CA - 80.00%		Paid Off - 360		01-Nov-2004
409102760 1					224,810.25			02-May-2005		6.990%		CA - 80.00%		Paid Off - 360		01-Nov-2004
409170902 2			464,079.00		462,447.47			25-Apr-2005		8.750%		VA - 75.00%		Paid Off - 360		01-Nov-2004
409170902 2					462,447.47			25-Apr-2005		8.750%		VA - 75.00%		Paid Off - 360		01-Nov-2004
409171374 1			114,300.00		113,756.29			22-Apr-2005		7.250%		NJ - 90.00%		Paid Off - 360		01-Nov-2004
409171374 1					113,756.29			22-Apr-2005		7.250%		NJ - 90.00%		Paid Off - 360		01-Nov-2004
409171397 1			195,500.00		194,799.17			28-Apr-2005		8.660%		IL - 85.00%		Paid Off - 360		01-Nov-2004
409171397 1					194,799.17			28-Apr-2005		8.660%		IL - 85.00%		Paid Off - 360		01-Nov-2004
409237902 1			258,000.00		256,648.28			03-May-2005		6.750%		CA - 66.15%		Paid Off - 360		01-Nov-2004
409237902 1					256,648.28			03-May-2005		6.750%		CA - 66.15%		Paid Off - 360		01-Nov-2004
409239206 1			324,000.00		322,455.89			09-May-2005		7.250%		VA - 80.00%		Paid Off - 360		01-Nov-2004
409239206 1					322,455.89			09-May-2005		7.250%		VA - 80.00%		Paid Off - 360		01-Nov-2004
409282750 1			324,000.00		322,560.47			02-May-2005		7.590%		VA - 80.00%		Paid Off - 360		01-Nov-2004
409282750 1					322,560.47			02-May-2005		7.590%		VA - 80.00%		Paid Off - 360		01-Nov-2004
1000189313 2			357,000.00		356,779.42			26-Apr-2005		7.280%		CA - 79.33%		Paid Off - 360		01-Sep-2004
1000189313 2					356,779.42			26-Apr-2005		7.280%		CA - 79.33%		Paid Off - 360		01-Sep-2004
1000276163 2			220,000.00		219,999.90			04-May-2005		6.780%		IL - 80.00%		Paid Off - 360		01-Jan-2005
1000276163 2					219,999.90			04-May-2005		6.780%		IL - 80.00%		Paid Off - 360		01-Jan-2005
1000276185 2			55,000.00		54,899.32			04-May-2005		9.900%		IL - 100.00%		Paid Off - 180		01-Jan-2005
1000276185 2					54,899.32			04-May-2005		9.900%		IL - 100.00%		Paid Off - 180		01-Jan-2005
1000285039 2			235,000.00		233,110.99			03-May-2005		6.880%		NV - 57.32%		Paid Off - 360		01-Jan-2005
1000285039 2					233,110.99			03-May-2005		6.880%		NV - 57.32%		Paid Off - 360		01-Jan-2005
1000308451 1			328,000.00		326,869.68			05-May-2005		7.330%		CA - 58.57%		Paid Off - 360		01-Jan-2005
1000308451 1					326,869.68			05-May-2005		7.330%		CA - 58.57%		Paid Off - 360		01-Jan-2005
1000336171 1			337,500.00		336,404.50			16-May-2005		7.100%		CA - 75.00%		Paid Off - 360		01-Jan-2005
1000336171 1					336,404.50			16-May-2005		7.100%		CA - 75.00%		Paid Off - 360		01-Jan-2005
1000341526 2			244,000.00		244,000.00			02-May-2005		6.700%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1000341526 2					244,000.00			02-May-2005		6.700%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1000341537 1			61,000.00		60,912.06			09-May-2005		9.650%		CA - 100.00%		Paid Off - 180		01-Feb-2005
1000341537 1					60,912.06			09-May-2005		9.650%		CA - 100.00%		Paid Off - 180		01-Feb-2005
1000354610 2			111,000.00		110,754.71			09-May-2005		9.000%		FL - 100.00%		Paid Off - 180		01-Jan-2005
1000354610 2					110,754.71					9.000%		FL - 100.00%		Paid Off - 180



Page 21 of 28
Soundview Home Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First
Loan Number			Original							Current		State &		Type Prepayment

&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

1000359749 2			99,450.00		99,450.00			11-May-2005		8.000%		MO - 85.00%		Paid Off - 360		01-Feb-2005
			99,450.00

1000384411 1			213,600.00		213,191.62			02-May-2005		6.230%		CA - 80.00%		Paid Off - 360		01-Mar-2005
1000384411 1					213,191.62			02-May-2005		6.230%		CA - 80.00%		Paid Off - 360		01-Mar-2005
1000384422 1			53,400.00		53,352.46			04-May-2005		9.990%		CA - 100.00%		Paid Off - 180		01-Mar-2005
1000384422 1					53,352.46			04-May-2005		9.990%		CA - 100.00%		Paid Off - 180		01-Mar-2005
1000385232 1			50,400.00		50,327.89			10-May-2005		7.700%		TX - 80.00%		Paid Off - 360		01-Mar-2005
1000385232 1					50,327.89			10-May-2005		7.700%		TX - 80.00%		Paid Off - 360		01-Mar-2005
1000407349 1			187,000.00		186,620.29			04-May-2005		7.990%		CA - 74.80%		Paid Off - 360		01-Feb-2005
1000407349 1					186,620.29			04-May-2005		7.990%		CA - 74.80%		Paid Off - 360		01-Feb-2005
1000409262 1			157,200.00		156,920.47			02-May-2005		6.600%		MO - 84.97%		Paid Off - 360		01-Mar-2005
1000409262 1					156,920.47			02-May-2005		6.600%		MO - 84.97%		Paid Off - 360		01-Mar-2005
1000417744 2			312,000.00		312,000.00			28-Apr-2005		7.150%		CA - 80.00%		Paid Off - 360		01-Mar-2005
1000417744 2					312,000.00			28-Apr-2005		7.150%		CA - 80.00%		Paid Off - 360		01-Mar-2005
1000417889 2			78,000.00		77,930.55			28-Apr-2005		9.990%		CA - 100.00%		Paid Off - 180		01-Mar-2005
1000417889 2					77,930.55			28-Apr-2005		9.990%		CA - 100.00%		Paid Off - 180		01-Mar-2005
1000422469 1			359,000.00		358,525.36			05-May-2005		8.090%		CA - 89.75%		Paid Off - 360		01-Mar-2005
1000422469 1					358,525.36			05-May-2005		8.090%		CA - 89.75%		Paid Off - 360		01-Mar-2005
1000432718 1			300,000.00		299,557.75			05-May-2005		7.550%		CA - 54.55%		Paid Off - 360		01-Mar-2005
1000432718 1					299,557.75			05-May-2005		7.550%		CA - 54.55%		Paid Off - 360		01-Mar-2005
1000434316 1			200,000.00		199,769.00			28-Apr-2005		8.750%		CA - 70.18%		Paid Off - 360		01-Mar-2005
1000434316 1					199,769.00			28-Apr-2005		8.750%		CA - 70.18%		Paid Off - 360		01-Mar-2005
1000449413 1			270,000.00		269,597.99			28-Apr-2005		7.500%		HI - 90.00%		Paid Off - 360		01-Mar-2005
1000449413 1					269,597.99			28-Apr-2005		7.500%		HI - 90.00%		Paid Off - 360		01-Mar-2005
1000450752 1			149,000.00		148,801.40			05-May-2005		8.050%		MO - 85.14%		Paid Off - 360		01-Mar-2005
1000450752 1					148,801.40			05-May-2005		8.050%		MO - 85.14%		Paid Off - 360		01-Mar-2005
1000467211 2			331,500.00		331,500.00			03-May-2005		7.150%		CA - 85.00%		Paid Off - 360		01-Mar-2005
1000467211 2					331,500.00			03-May-2005		7.150%		CA - 85.00%		Paid Off - 360		01-Mar-2005
1000476301 1			198,000.00		197,813.93			04-May-2005		6.300%		CA - 90.00%		Paid Off - 360		01-Apr-2005
1000476301 1					197,813.93			04-May-2005		6.300%		CA - 90.00%		Paid Off - 360		01-Apr-2005
1000478752 2			477,396.00		477,396.00			03-May-2005		7.900%		CA - 90.00%		Paid Off - 360		01-Apr-2005
1000478752 2					477,396.00			03-May-2005		7.900%		CA - 90.00%		Paid Off - 360		01-Apr-2005
9500575197 2			77,500.00		76,976.88			02-May-2005		6.750%		MO - 61.02%		Paid Off - 360		01-Oct-2004
9500575197 2					76,976.88			02-May-2005		6.750%		MO - 61.02%		Paid Off - 360		01-Oct-2004
9500592663 2			#######		222,300.44			16-Apr-2005		8.700%		NY - 75.00%		Paid Off - 360		01-Oct-2004
9500592663 2					222,300.44			16-Apr-2005		8.700%		NY - 75.00%		Paid Off - 360		01-Oct-2004
9500605275 2			112,500.00		112,074.37			28-Apr-2005		8.390%		PA - 75.00%		Paid Off - 360		01-Nov-2004
9500605275 2					112,074.37			28-Apr-2005		8.390%		PA - 75.00%		Paid Off - 360		01-Nov-2004
9500615464 2			475,000.00		473,229.34			28-Apr-2005		7.540%		KY - 95.00%		Paid Off - 360		01-Dec-2004
9500615464 2					473,229.34			28-Apr-2005		7.540%		KY - 95.00%		Paid Off - 360		01-Dec-2004
9500619672 2			134,550.00		134,528.07			19-Apr-2005		5.900%		WV - 90.00%		Paid Off - 360		01-Dec-2004
9500619672 2					134,528.07			19-Apr-2005		5.900%		WV - 90.00%		Paid Off - 360		01-Dec-2004
9500630935 2			63,750.00		63,505.07			19-Apr-2005		7.400%		LA - 85.00%		Paid Off - 360		01-Dec-2004
9500630935 2					63,505.07			19-Apr-2005		7.400%		LA - 85.00%		Paid Off - 360		01-Dec-2004
9500634473 2			70,200.00		69,988.00			11-Apr-2005		8.650%		IN - 90.00%		Paid Off - 360		01-Dec-2004
9500634473 2					69,988.00			11-Apr-2005		8.650%		IN - 90.00%		Paid Off - 360		01-Dec-2004
9500635702 2			40,500.00		40,378.10			28-Apr-2005		8.600%		OH - 90.00%		Paid Off - 360		01-Dec-2004
9500635702 2					40,378.10			28-Apr-2005		8.600%		OH - 90.00%		Paid Off - 360		01-Dec-2004
9500643623 2			208,800.00		208,142.56			02-May-2005		7.250%		NC - 90.00%		Paid Off - 360		01-Jan-2005
9500643623 2					208,142.56			02-May-2005		7.250%		NC - 90.00%		Paid Off - 360		01-Jan-2005
9500650826 2			190,800.00		190,199.23			11-May-2005		7.250%		AZ - 90.00%		Paid Off - 360		01-Jan-2005
9500650826 2					190,199.23			11-May-2005		7.250%		AZ - 90.00%		Paid Off - 360		01-Jan-2005


TOTAL			18,876,472.00		18,807,402.39
TOTAL


Page 22 of 28
Soundview Home Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES



											Group 2		Group 1		Total


Current
Current



Number of Loans Liquidated										0		0		0
Collateral Principal Realized Loss/(Gain) Amount										0.00		0.00		0.00
Collateral Interest Realized Loss/(Gain) Amount										0.00		0.00		0.00
Net Liquidation Proceeds										0.00		0.00		0.00

Cumulative
Cumulative



Number of Loans Liquidated										1		0		1
Collateral Realized Loss/(Gain) Amount										7,706.87		0.00		7,706.87
Net Liquidation Proceeds										24,562.24		0.00		24,562.24










Page 23 of 28
Soundview Home Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution


DEFAULT SPEEDS



											Group 2		Group 1		Total



MDR										0.00%		0.00%		0.00%
3 Months Avg MDR										0.00%		0.00%		0.00%
12 Months Avg MDR										0.00%		0.00%		0.00%
Avg MDR Since Cut-off										0.00%		0.00%		0.00%


CDR										0.00%		0.00%		0.00%
3 Months Avg CDR										0.03%		0.00%		0.02%
12 Months Avg CDR										0.03%		0.00%		0.02%
Avg CDR Since Cut-off										0.03%		0.00%		0.02%


SDA										0.00%		0.00%		0.00%
3 Months Avg SDA Approximation										0.36%		0.00%		0.17%
12 Months Avg SDA Approximation										0.36%		0.00%		0.17%
Avg SDA Since Cut-off Approximation										0.36%		0.00%		0.17%


Loss Severity Approximation for Current Period										0.00%		0.00%		0.00%
3 Months Avg Loss Severity Approximation										7.96%		0.00%		7.96%
12 Months Avg Loss Severity Approximation										7.96%		0.00%		7.96%
Avg Loss Severity Approximation Since Cut-off										7.96%		0.00%		7.96%












Page 24 of 28
Soundview Home Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution





COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
	Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)



	Conditional Default Rate (CDR): 1-((1-MDR)^12)

	SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)0.02,MAX(0.03,MIN(30,WAS)0.02-0.0095*(WAS-60)))

	Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn)(1-MDRn+1)...*(1-MDRm)]^(1/months in period n,m)
	Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)

	Average SDA Approximation over period between the nth month and mth month:
	AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)0.02,MAX(0.03,MIN(30,Avg WASn,m)0.02-0.0095*(Avg WASn,m-60)))

	Average WASn,m: (WASn + WASn+1 +...+ WASm )/(number of months in the period n,m)
	Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)

	Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)

	Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
	Dates correspond to distribution dates.




Page 25 of 28
Soundview Home Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Realized Loss Detail Report
Loan Number			Current		State &				Prior		Realized				Cumulative
															Cumulative
&		Loan	Note		LTV at		Original		Principal		Loss/(Gain)		Realized		Realized

Loan Group		Status	Rate		Origination		Term		Balance		Revision		Loss/(Gain)		Loss/(Gain)
Loan Group		Status	Rate		Origination		Term		Balance		Revision		Loss/(Gain)		Loss/(Gain)




TOTAL



Page 26 of 28
Soundview Home Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS
TRIGGER EVENTS
										Group 2		Group 1		Total
						Has Stepdown Condition occurred (0 = No, 1=Yes)								0

						Does a Trigger Event Exist-Either a) or b) Yes?								0
						Has Sequential Trigger Event Occured (0=No,1=Yes)								0
						Does a Loss Trigger Event Exists (0=No,1=Yes)								0

						60+ days Delinqueny Balance								2,798,884.52
						Ending Collateral Balance								728,763,577.38
						Delinquency Percentage								0.384059%

						Senior Enhancement Percentage								25.843938%

						Cumulative Loss Percentage								0.000991%


ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION

SPACE INTENTIONALLY LEFT BLANK




Page 27 of 28
Soundview Home Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Additional Certificate Report

ADDITIONAL CERTIFICATE REPORT

													NET WAC Shortfall CarryOver		NET WAC Shortfall Paid
CLASS

			I-A1										$0.00		$0.00
													$0.00		$0.00
			I-A2										$0.00		$0.00
													$0.00		$0.00
			II-A1										$0.00		$0.00
													$0.00		$0.00
			II-A2										$0.00		$0.00
													$0.00		$0.00
			II-A3										$0.00		$0.00
													$0.00		$0.00
			M-1										$0.00		$0.00
													$0.00		$0.00
			M-2										$0.00		$0.00
													$0.00		$0.00
			M-3										$0.00		$0.00
													$0.00		$0.00
			M-4										$0.00		$0.00
													$0.00		$0.00
			M-5										$0.00		$0.00
													$0.00		$0.00
			M-6										$0.00		$0.00
													$0.00		$0.00
			M-7										$0.00		$0.00
													$0.00		$0.00
			M-8										$0.00		$0.00
													$0.00		$0.00
			M-9										$0.00		$0.00
													$0.00		$0.00
			B-1										$0.00		$0.00
													$0.00		$0.00
			B-2										$0.00		$0.00
													$0.00		$0.00
			B-3										$0.00		$0.00
													$0.00		$0.00






Page 28 of 28

Soundview Home Loan Trust 2005-1 8-K