
                                       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)

                  Morgan Stanley ABS Capital I Inc. (as Depositor
                           under the Pooling and Servicing
                Agreement, dated as February 1, 2005, providing for the
                issuance of IXIS Real Estate Capital Trust 2005-HE1
                Mortgage Pass-Through Certificates, Series 2005-HE1)
                 (Exact name of registrant as specified in charter)


                                        DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-102888-17                         13-3939229
          (Commission File Number)        (I.R.S. Employer Identification No.)

             1585 Broadway 2nd Fl                         10036
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (212) 761-4000


       (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 Morgan Stanley ABS Capital I Inc.


          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.



IXIS Real Estate Capital Trust 2005-HE1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HE1

May 25, 2005 Distribution

				External Parties						Table of Contents

													Page
				Seller									Page
				Seller						1. Certificate Payment Report					2
				IXIS Real Estate Capital						1. Certificate Payment Report					2
				IXIS Real Estate Capital						2. Collection Account Report					4
										2. Collection Account Report					4
										3. Credit Enhancement Report					6
										4. Collateral Report					7
				Certificate Insurer(s)						5. Delinquency Report					10
				Certificate Insurer(s)						5. Delinquency Report					10
										6. REO Report					13

										7. Foreclosure Report					14
										8. Prepayment Report					15
										9. Prepayment Detail Report					18
										9. Prepayment Detail Report					18
										10. Realized Loss Report					21
										11. Realized Loss Detail Report					24
				Servicer(s)						11. Realized Loss Detail Report					24
				Servicer(s)						12. Triggers and Adj. Cert. Report					25
				Countrywide Funding Corporation						12. Triggers and Adj. Cert. Report					25
				Countrywide Funding Corporation						13. Other Related Information					26
										13. Other Related Information					26


				Underwriter(s)
				Morgan Stanley


										Total Number of Pages					26
										Total Number of Pages

				Dates						Contacts

				Cut-Off Date:			January 25, 2005			Jennifer Hermansader
				Close Date:			February 24, 2005			Administrator
				First Distribution Date:			March 25, 2005			(714) 247-6258
										Jennifer.Vandyne@db.com
										Jennifer.Vandyne@db.com
										Address:
										1761 East St. Andrew Place, Santa Ana, CA 92705
				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 26
IXIS Real Estate Capital Trust 2005-HE1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HE1

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)

A-1	FLT, STEP	$	200,000,000.00		191,618,681.71		522,160.91		5,813,511.95		6,335,672.86		0.00		0.00		185,805,169.76
A-1	FLT, STEP	$	200,000,000.00		191,618,681.71		522,160.91		5,813,511.95		6,335,672.86		0.00		0.00		185,805,169.76
A-2	FLT, STEP	$	157,000,000.00		141,474,655.54		369,013.06		10,768,804.21		11,137,817.27		0.00		0.00		130,705,851.33
A-3	FLT, STEP	$	176,425,000.00		176,425,000.00		479,287.92		0.00		479,287.92		0.00		0.00		176,425,000.00
A-4	FLT, STEP	$	37,050,000.00		37,050,000.00		104,357.50		0.00		104,357.50		0.00		0.00		37,050,000.00
M-1	MEZ, FLT, S	$	28,311,000.00		28,311,000.00		82,337.83		0.00		82,337.83		0.00		0.00		28,311,000.00
M-2	MEZ, FLT, S	$	22,649,000.00		22,649,000.00		66,248.33		0.00		66,248.33		0.00		0.00		22,649,000.00
M-3	MEZ, FLT, S	$	13,802,000.00		13,802,000.00		40,715.90		0.00		40,715.90		0.00		0.00		13,802,000.00
M-4	MEZ, FLT, S	$	13,094,000.00		13,094,000.00		40,591.40		0.00		40,591.40		0.00		0.00		13,094,000.00
M-5	MEZ, FLT, S	$	11,678,000.00		11,678,000.00		36,493.75		0.00		36,493.75		0.00		0.00		11,678,000.00
M-6	MEZ, FLT, S	$	10,263,000.00		10,263,000.00		32,585.03		0.00		32,585.03		0.00		0.00		10,263,000.00
B-1	SUB	$	9,555,000.00		9,555,000.00		34,238.75		0.00		34,238.75		0.00		0.00		9,555,000.00
B-2	SUB	$	7,786,000.00		7,786,000.00		28,224.25		0.00		28,224.25		0.00		0.00		7,786,000.00
B-3	SUB	$	5,309,000.00		5,309,000.00		22,651.73		0.00		22,651.73		0.00		0.00		5,309,000.00
B-4	SUB	$	7,078,000.00		7,078,000.00		38,457.13		0.00		38,457.13		0.00		0.00		7,078,000.00
X	SUB	$	7,785,542.00		7,785,641.95		1,813,052.40		0.00		1,813,052.40		0.00		0.00		7,785,641.95
P	EXE	$	100.00		0.00		314,276.47		0.00		314,276.47		0.00		0.00		0.00
R	R	$	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00

Total			707,785,642.00		683,878,979.20		4,024,692.36		16,582,316.16		20,607,008.52		0.00		0.00		667,296,663.04
Total




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)
A-1	04/25/05		05/24/05		A-Act/360		45071KAM6		200,000,000.00		958.093409		2.610805		29.067560		31.678364	929.025849
A-2	04/25/05		05/24/05		A-Act/360		45071KAN4		157,000,000.00		901.112456		2.350402		68.591110		70.941511	832.521346
A-3	04/25/05		05/24/05		A-Act/360		45071KAP9		176,425,000.00		1,000.000000		2.716667		0.000000		2.716667	1,000.000000
A-4	04/25/05		05/24/05		A-Act/360		45071KAQ7		37,050,000.00		1,000.000000		2.816667		0.000000		2.816667	1,000.000000
M-1	04/25/05		05/24/05		A-Act/360		45071KAR5		28,311,000.00		1,000.000000		2.908334		0.000000		2.908334	1,000.000000
M-2	04/25/05		05/24/05		A-Act/360		45071KAS3		22,649,000.00		1,000.000000		2.925000		0.000000		2.925000	1,000.000000
M-3	04/25/05		05/24/05		A-Act/360		45071KAT1		13,802,000.00		1,000.000000		2.950000		0.000000		2.950000	1,000.000000
M-4	04/25/05		05/24/05		A-Act/360		45071KAU8		13,094,000.00		1,000.000000		3.100000		0.000000		3.100000	1,000.000000
M-5	04/25/05		05/24/05		A-Act/360		45071KAV6		11,678,000.00		1,000.000000		3.125000		0.000000		3.125000	1,000.000000
M-6	04/25/05		05/24/05		A-Act/360		45071KAW4		10,263,000.00		1,000.000000		3.175000		0.000000		3.175000	1,000.000000
B-1	04/25/05		05/24/05		A-Act/360		45071KAX2		9,555,000.00		1,000.000000		3.583333		0.000000		3.583333	1,000.000000
B-2	04/25/05		05/24/05		A-Act/360		45071KAY0		7,786,000.00		1,000.000000		3.625000		0.000000		3.625000	1,000.000000
B-3	04/25/05		05/24/05		A-Act/360		45071KAZ7		5,309,000.00		1,000.000000		4.266666		0.000000		4.266666	1,000.000000
B-4	04/25/05		05/24/05		A-Act/360		45071KBA1		7,078,000.00		1,000.000000		5.433333		0.000000		5.433333	1,000.000000
X	04/25/05		05/24/05		A-Act/360				7,785,542.00		1,000.012838		232.874269		0.000000		232.874269	1,000.012838
P	04/25/05		05/24/05				100.00		0.000000		3,142,764.700000		0.000000		3,142,764.700000		0.000000
R	04/25/05		05/24/05				0.00		0.000000		0.000000		0.000000		0.000000		0.000000



Page 2 of 26
IXIS Real Estate Capital Trust 2005-HE1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HE1

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)
A-1	200,000,000.00		1,508,516.06		13,849,861.13		344,969.11		14,194,830.24		15,703,346.30		0.00		0.00		185,805,169.76
A-2	157,000,000.00		1,096,907.44		25,655,136.52		639,012.15		26,294,148.67		27,391,056.11		0.00		0.00		130,705,851.33
A-3	176,425,000.00		1,355,189.04		0.00		0.00		0.00		1,355,189.04		0.00		0.00		176,425,000.00
A-4	37,050,000.00		295,710.46		0.00		0.00		0.00		295,710.46		0.00		0.00		37,050,000.00
M-1	28,311,000.00		233,746.63		0.00		0.00		0.00		233,746.63		0.00		0.00		28,311,000.00
M-2	22,649,000.00		188,131.41		0.00		0.00		0.00		188,131.41		0.00		0.00		22,649,000.00
M-3	13,802,000.00		115,679.93		0.00		0.00		0.00		115,679.93		0.00		0.00		13,802,000.00
M-4	13,094,000.00		115,638.21		0.00		0.00		0.00		115,638.21		0.00		0.00		13,094,000.00
M-5	11,678,000.00		104,008.81		0.00		0.00		0.00		104,008.81		0.00		0.00		11,678,000.00
M-6	10,263,000.00		92,945.72		0.00		0.00		0.00		92,945.72		0.00		0.00		10,263,000.00
B-1	9,555,000.00		98,238.68		0.00		0.00		0.00		98,238.68		0.00		0.00		9,555,000.00
B-2	7,786,000.00		81,024.14		0.00		0.00		0.00		81,024.14		0.00		0.00		7,786,000.00
B-3	5,309,000.00		65,467.34		0.00		0.00		0.00		65,467.34		0.00		0.00		5,309,000.00
B-4	7,078,000.00		112,054.57		0.00		0.00		0.00		112,054.57		0.00		0.00		7,078,000.00
X	7,785,542.00		5,172,521.76		-97.01		-2.94		0.00		5,172,521.76		0.00		99.95		7,785,641.95
P	100.00		833,270.03		0.00		0.00		100.00		833,370.03		0.00		0.00		0.00
R	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00

Total	707,785,642.00		11,469,050.23		39,504,900.64		983,978.32		40,489,078.91		51,958,129.14		0.00		99.95		667,296,663.04


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)
A-1	3.27000%		191,618,681.71		522,160.91		0.00		0.00		0.00		522,160.91		522,160.91		0.00
A-2	3.13000%		141,474,655.54		369,013.06		0.00		0.00		0.00		369,013.06		369,013.06		0.00
A-3	3.26000%		176,425,000.00		479,287.92		0.00		0.00		0.00		479,287.92		479,287.92		0.00
A-4	3.38000%		37,050,000.00		104,357.50		0.00		0.00		0.00		104,357.50		104,357.50		0.00
M-1	3.49000%		28,311,000.00		82,337.83		0.00		0.00		0.00		82,337.83		82,337.83		0.00
M-2	3.51000%		22,649,000.00		66,248.33		0.00		0.00		0.00		66,248.33		66,248.33		0.00
M-3	3.54000%		13,802,000.00		40,715.90		0.00		0.00		0.00		40,715.90		40,715.90		0.00
M-4	3.72000%		13,094,000.00		40,591.40		0.00		0.00		0.00		40,591.40		40,591.40		0.00
M-5	3.75000%		11,678,000.00		36,493.75		0.00		0.00		0.00		36,493.75		36,493.75		0.00
M-6	3.81000%		10,263,000.00		32,585.03		0.00		0.00		0.00		32,585.03		32,585.03		0.00
B-1	4.30000%		9,555,000.00		34,238.75		0.00		0.00		0.00		34,238.75		34,238.75		0.00
B-2	4.35000%		7,786,000.00		28,224.25		0.00		0.00		0.00		28,224.25		28,224.25		0.00
B-3	5.12000%		5,309,000.00		22,651.73		0.00		0.00		0.00		22,651.73		22,651.73		0.00
B-4	6.52000%		7,078,000.00		38,457.13		0.00		0.00		0.00		38,457.13		38,457.13		0.00
X	279.44553%		7,785,641.95		0.00		0.00		0.00		0.00		0.00		1,813,052.40		0.00
P	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		314,276.47		0.00
R	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00

Total			683,878,979.20		1,897,363.49		0.00		0.00		0.00		1,897,363.49		4,024,692.36		0.00



Page 3 of 26
IXIS Real Estate Capital Trust 2005-HE1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HE1

May 25, 2005 Distribution
Collection Account Report
SUMMARY
SUMMARY
														Total
Principal Collections														16,561,348.42
Principal Withrawals														0.00
Principal Other Accounts														20,967.74
TOTAL NET PRINCIPAL														16,582,316.16
Interest Collections														3,915,718.46
Interest Withdrawals														-0.00
Interest Other Accounts														314,276.47
Interest Fees														-205,302.57
TOTAL NET INTEREST														4,024,692.36
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION														20,607,008.52



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
															Total
Scheduled Principal Received															344,154.79
Prepayments In Full															16,172,085.20
Curtailments															45,108.43
Liquidations															0.00
Insurance Principal															0.00
Repurchased Principal Amounts															0.00
Other Principal															0.00
Total Realized Loss Of Principal															-0.00
Delinquent Principal															-87,343.17
Advanced Principal															87,343.17
TOTAL PRINCIPAL COLLECTED															16,561,348.42


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



PRINCIPAL - OTHER ACCOUNTS
PRINCIPAL - OTHER ACCOUNTS
														Total
TOTAL OTHER ACCOUNTS PRINCIPAL														20,967.74





Page 4 of 26
IXIS Real Estate Capital Trust 2005-HE1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HE1

May 25, 2005 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
														Total
Scheduled Interest														3,980,444.08
Liquidation Interest														0.00
Repurchased Interest														0.00
Insurance Interest														0.00
Other Interest														0.00
Relief Act Interest Shortfalls														-0.00
Prepayment Interest Shortfalls														-6,377.71
Compensating Interest														6,377.71
Delinquent Interest														-997,549.80
Interest Advanced														932,824.18
TOTAL INTEREST COLLECTED														3,915,718.46


INTEREST - WITHDRAWALS
INTEREST - WITHDRAWALS
														Total
Nonrecoverable Advances														0.00
TOTAL INTEREST WITHDRAWALS														0.00



INTEREST - OTHER ACCOUNTS
INTEREST - OTHER ACCOUNTS
														Total
Prepayment Charges														314,276.47
TOTAL INTEREST OTHER ACCOUNTS														314,276.47



INTEREST - FEES
INTEREST - FEES
														Total
Current Servicing Fees														202,852.00
Current Trustee Fees														2,450.57
TOTAL INTEREST OTHER FEES														205,302.57




Page 5 of 26
IXIS Real Estate Capital Trust 2005-HE1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HE1

May 25, 2005 Distribution
Credit Enhancement Report
ACCOUNTS

SPACE INTENTIONALLY LEFT BLANK



INSURANCE

SPACE INTENTIONALLY LEFT BLANK



STRUCTURAL FEATURES
STRUCTURAL FEATURES
														Total
Overcollateralization Amount														7,785,642.06
Overcollateralization Target Amount														7,785,642.06
Overcollateralization Deficiency Amount														0.00
Overcollateralization Excess / Release Amount														0.00




Page 6 of 26
IXIS Real Estate Capital Trust 2005-HE1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HE1

May 25, 2005 Distribution
Collateral Report


COLLATERAL



															Total



Loan Count:


Original														3,403
Prior														3,766
Prefunding														242
Scheduled Paid Offs														-0
Full Voluntary Prepayments														-77
Repurchases														-0
Liquidations														-0
Current														3,689
Principal Balance:


Original														584,039,192.89
Prior														642,186,291.67
Prefunding														41,671,719.90
Scheduled Principal														-344,154.79
Partial Prepayments														-45,108.43
Full Voluntary Prepayments														-16,172,085.20
Repurchases														-0.00
Liquidations														-0.00
Current														667,296,663.15





PREFUNDING
PREFUNDING
														Total
Prefunding Account Original Balance														123,746,449.22
Prefunding Account Beginning Balance														82,806,807.80
Subsequent Loans Added to the Pool														41,114,120.16
Prefund Release to Certificate Holders														20,967.74
Prefunding Account Ending Balance														41,671,719.90





Page 7 of 26
IXIS Real Estate Capital Trust 2005-HE1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HE1

May 25, 2005 Distribution

CHARACTERISTICS
CHARACTERISTICS
														Total
Weighted Average Coupon Original														7.44269%
Weighted Average Coupon Prior														7.43678%
Weighted Average Coupon Current														7.43792%
Weighted Average Months to Maturity Original														349
Weighted Average Months to Maturity Prior														347
Weighted Average Months to Maturity Current														346
Weighted Avg Remaining Amortization Term Original														349
Weighted Avg Remaining Amortization Term Prior														347
Weighted Avg Remaining Amortization Term Current														346
Weighted Average Seasoning Original														4.33
Weighted Average Seasoning Prior														5.21
Weighted Average Seasoning Current														6.18









Page 8 of 26
IXIS Real Estate Capital Trust 2005-HE1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HE1

May 25, 2005 Distribution

ARM CHARACTERISTICS
ARM CHARACTERISTICS
														Total
Weighted Average Margin Original														6.66961%
Weighted Average Margin Prior														6.65242%
Weighted Average Margin Current														6.63854%
Weighted Average Max Rate Original														13.83833%
Weighted Average Max Rate Prior														13.82981%
Weighted Average Max Rate Current														13.82467%
Weighted Average Min Rate Original														7.31764%
Weighted Average Min Rate Prior														7.31252%
Weighted Average Min Rate Current														7.31413%
Weighted Average Cap Up Original														1.25975%
Weighted Average Cap Up Prior														1.25406%
Weighted Average Cap Up Current														1.24748%
Weighted Average Cap Down Original														1.25975%
Weighted Average Cap Down Prior														1.25406%
Weighted Average Cap Down Current														1.24748%




SERVICING FEES & ADVANCES

															Total




Current Servicing Fees														202,852.00
Delinquent Servicing Fees														64,725.62
TOTAL SERVICING FEES														267,577.62


Compensating Interest														-6,377.71
Delinquent Servicing Fees														-64,725.62
COLLECTED SERVICING FEES														196,474.30


Aggregate Advances with respect to this Distribution														1,020,167.35





ADDITIONAL COLLATERAL INFORMATION
														Total
Net Prepayment Interest Shortfall														0.00




Page 9 of 26
IXIS Real Estate Capital Trust 2005-HE1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HE1

May 25, 2005 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				5,154,627.30		1,793,022.01		903,076.41		7,850,725.72
			% Balance				0.82%		0.29%		0.14%		1.25%
			# Loans				30		14		3		47
			% # Loans				0.81%		0.38%		0.08%		1.27%
	FORECLOSURE		Balance		0.00		681,539.72		1,153,284.01		1,727,260.92		3,562,084.65
			% Balance		0.00%		0.11%		0.18%		0.28%		0.57%
			# Loans		0		5		5		7		17
			% # Loans		0.00%		0.14%		0.14%		0.19%		0.46%
	BANKRUPTCY		Balance		76,998.66		0.00		0.00		133,966.64		210,965.30
			% Balance		0.01%		0.00%		0.00%		0.02%		0.03%
			# Loans		1		0		0		1		2
			% # Loans		0.03%		0.00%		0.00%		0.03%		0.05%
	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		76,998.66		5,836,167.02		2,946,306.02		2,764,303.97		11,623,775.67
			% Balance		0.01%		0.93%		0.47%		0.44%		1.86%
			# Loans		1		35		19		11		66
			% # Loans		0.03%		0.95%		0.52%		0.30%		1.79%









Page 10 of 26
IXIS Real Estate Capital Trust 2005-HE1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HE1

May 25, 2005 Distribution


	GROUP 1
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				5,154,627.30		1,793,022.01		903,076.41		7,850,725.72
			% Balance				0.82%		0.29%		0.14%		1.25%
			# Loans				30		14		3		47
			% # Loans				0.81%		0.38%		0.08%		1.27%
	FORECLOSURE		Balance		0.00		681,539.72		1,153,284.01		1,727,260.92		3,562,084.65
			% Balance		0.00%		0.11%		0.18%		0.28%		0.57%
			# Loans		0		5		5		7		17
			% # Loans		0.00%		0.14%		0.14%		0.19%		0.46%
	BANKRUPTCY		Balance		76,998.66		0.00		0.00		133,966.64		210,965.30
			% Balance		0.01%		0.00%		0.00%		0.02%		0.03%
			# Loans		1		0		0		1		2
			% # Loans		0.03%		0.00%		0.00%		0.03%		0.05%
	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		76,998.66		5,836,167.02		2,946,306.02		2,764,303.97		11,623,775.67
			% Balance		0.01%		0.93%		0.47%		0.44%		1.86%
			# Loans		1		35		19		11		66
			% # Loans		0.03%		0.95%		0.52%		0.30%		1.79%










Page 11 of 26
IXIS Real Estate Capital Trust 2005-HE1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HE1

May 25, 2005 Distribution
	GROUP 2










Page 12 of 26
IXIS Real Estate Capital Trust 2005-HE1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HE1

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 13 of 26
IXIS Real Estate Capital Trust 2005-HE1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HE1

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
469 1
469 1			87,200.00		86,396.10		01-Dec-2004		7.500%		GA - 80.00%		360		01-Jun-2004

476 1			384,000.00		380,358.40		01-Dec-2004		6.890%		FL - 80.00%		360		01-Jul-2004
484 1			76,500.00		75,793.73		01-Dec-2004		7.840%		IL - 90.00%		360		01-Aug-2004
804 1			79,050.00		78,670.44		01-Dec-2004		7.990%		OH - 85.00%		360		01-Nov-2004
1115 1			80,000.00		79,608.87		01-Dec-2004		7.900%		NJ - 23.19%		360		01-Nov-2004
1612 1			318,750.00		317,819.57		02-Dec-2004		8.750%		FL - 85.00%		360		02-Dec-2004
1643 1			228,750.00		228,313.26		04-Dec-2004		9.700%		MA - 75.00%		360		04-Dec-2004
1706 1			247,500.00		246,288.95		01-Feb-2005		8.575%		CA - 90.00%		360		01-Oct-2004
1741 1			495,000.00		493,629.81		01-Jan-2005		9.900%		FL - 75.00%		360		01-Dec-2004
1872 1			525,000.00		522,433.38		01-Dec-2004		7.900%		CA - 59.32%		360		01-Nov-2004
1875 1			504,000.00		504,000.00		01-Dec-2004		7.300%		CA - 80.00%		360		01-Jan-2005
1953 1			66,500.00		66,390.55		22-Jan-2005		10.400%		MI - 70.00%		360		22-Dec-2004
1962 1			46,410.00		46,335.22		22-Dec-2004		10.500%		LA - 70.00%		360		22-Dec-2004
2886 1			184,500.00		183,883.99		01-Feb-2005		8.090%		RI - 90.00%		360		01-Jan-2005
3434 1			67,500.00		67,186.15		01-Jan-2005		8.150%		OH - 75.00%		360		01-Nov-2004
3461 1			45,600.00		45,493.49		20-Jan-2005		10.700%		NC - 60.00%		360		20-Nov-2004
3759 1			139,750.00		139,482.74		20-Jan-2005		10.850%		CA - 65.00%		360		22-Dec-2004


TOTAL			3,576,010.00		3,562,084.65



Page 14 of 26
IXIS Real Estate Capital Trust 2005-HE1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HE1

May 25, 2005 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

															Total




Current


Number of Paid in Full Loans														77
Number of Repurchased Loans														0
Total Number of Loans Prepaid in Full														77
Curtailments Amount														45,108.43
Paid in Full Balance														16,172,085.20
Repurchased Loans Balance														0.00
Total Prepayment Amount														16,217,193.63

Cumulative


Number of Paid in Full Loans														200
Number of Repurchased Loans														0
Total Number of Loans Prepaid in Full														200
Paid in Full Balance														39,344,156.62
Repurchased Loans Balance														0.00
Curtailments Amount														139,876.28
Total Prepayment Amount														39,484,032.90










Page 15 of 26
IXIS Real Estate Capital Trust 2005-HE1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HE1

May 25, 2005 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

															Total



SMM														2.53%
3 Months Avg SMM														2.13%
12 Months Avg SMM														2.13%
Avg SMM Since Cut-off														2.13%


CPR														26.44%
3 Months Avg CPR														22.81%
12 Months Avg CPR														22.81%
Avg CPR Since Cut-off														22.81%


PSA														2,140.40%
3 Months Avg PSA Approximation														2,177.30%
12 Months Avg PSA Approximation														2,177.30%
Avg PSA Since Cut-off Approximation														2,177.30%










Page 16 of 26
IXIS Real Estate Capital Trust 2005-HE1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HE1

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 17 of 26
IXIS Real Estate Capital Trust 2005-HE1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HE1

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

6 1			370,875.00		367,431.66			02-May-2005		7.000%		NY - 75.00%		Paid Off - 360		01-Jun-2004
			370,875.00

31 1			540,000.00		540,000.00			04-May-2005		7.250%		CA - 90.00%		Paid Off - 360		01-Jun-2004
31 1					540,000.00			04-May-2005		7.250%		CA - 90.00%		Paid Off - 360		01-Jun-2004
34 1			150,750.00		149,597.22			29-Apr-2005		7.990%		CA - 75.00%		Paid Off - 360		01-Jun-2004
34 1					149,597.22			29-Apr-2005		7.990%		CA - 75.00%		Paid Off - 360		01-Jun-2004
124 1			73,100.00		72,653.22			02-May-2005		8.074%		FL - 86.00%		Paid Off - 360		01-Aug-2004
124 1					72,653.22			02-May-2005		8.074%		FL - 86.00%		Paid Off - 360		01-Aug-2004
135 1			218,000.00		216,085.94			11-May-2005		6.780%		CA - 87.20%		Paid Off - 360		01-Jul-2004
135 1					216,085.94			11-May-2005		6.780%		CA - 87.20%		Paid Off - 360		01-Jul-2004
199 1			109,900.00		109,499.99			04-May-2005		10.650%		CT - 70.00%		Paid Off - 360		06-Aug-2004
199 1					109,499.99			04-May-2005		10.650%		CT - 70.00%		Paid Off - 360		06-Aug-2004
253 1			120,000.00		119,311.74			02-May-2005		8.390%		OH - 80.00%		Paid Off - 360		01-Aug-2004
253 1					119,311.74			02-May-2005		8.390%		OH - 80.00%		Paid Off - 360		01-Aug-2004
275 1			256,000.00		256,000.00			03-May-2005		6.750%		CA - 80.00%		Paid Off - 360		01-Jul-2004
275 1					256,000.00			03-May-2005		6.750%		CA - 80.00%		Paid Off - 360		01-Jul-2004
297 1			107,250.00		106,811.28			02-May-2005		10.550%		MO - 65.00%		Paid Off - 360		01-Jul-2004
297 1					106,811.28			02-May-2005		10.550%		MO - 65.00%		Paid Off - 360		01-Jul-2004
310 1			280,000.00		280,000.00			29-Apr-2005		6.990%		CA - 77.78%		Paid Off - 360		01-Sep-2004
310 1					280,000.00			29-Apr-2005		6.990%		CA - 77.78%		Paid Off - 360		01-Sep-2004
325 1			289,800.00		289,800.00			28-Apr-2005		6.875%		CA - 90.00%		Paid Off - 360		01-Sep-2004
325 1					289,800.00			28-Apr-2005		6.875%		CA - 90.00%		Paid Off - 360		01-Sep-2004
397 1			292,000.00		292,000.00			27-Apr-2005		6.890%		CA - 80.00%		Paid Off - 360		01-Sep-2004
397 1					292,000.00			27-Apr-2005		6.890%		CA - 80.00%		Paid Off - 360		01-Sep-2004
431 1			42,000.00		41,859.49			03-May-2005		9.750%		FL - 20.00%		Paid Off - 180		05-Sep-2004
431 1					41,859.49			03-May-2005		9.750%		FL - 20.00%		Paid Off - 180		05-Sep-2004
445 1			175,750.00		174,828.76			05-May-2005		8.240%		CA - 95.00%		Paid Off - 360		01-Sep-2004
445 1					174,828.76			05-May-2005		8.240%		CA - 95.00%		Paid Off - 360		01-Sep-2004
479 1			232,000.00		230,558.15			26-Apr-2005		7.990%		NV - 64.44%		Paid Off - 360		01-Aug-2004
479 1					230,558.15			26-Apr-2005		7.990%		NV - 64.44%		Paid Off - 360		01-Aug-2004
501 1			336,375.00		334,284.48			04-May-2005		7.990%		MD - 90.00%		Paid Off - 360		01-Aug-2004
501 1					334,284.48			04-May-2005		7.990%		MD - 90.00%		Paid Off - 360		01-Aug-2004
514 1			175,000.00		175,000.00			09-May-2005		6.140%		NV - 70.00%		Paid Off - 360		01-Sep-2004
514 1					175,000.00			09-May-2005		6.140%		NV - 70.00%		Paid Off - 360		01-Sep-2004
581 1			157,500.00		156,924.80			25-Apr-2005		9.990%		CA - 70.00%		Paid Off - 360		01-Sep-2004
581 1					156,924.80			25-Apr-2005		9.990%		CA - 70.00%		Paid Off - 360		01-Sep-2004
604 1			323,900.00		323,897.74			02-May-2005		7.400%		CA - 89.97%		Paid Off - 360		01-Oct-2004
604 1					323,897.74			02-May-2005		7.400%		CA - 89.97%		Paid Off - 360		01-Oct-2004
617 1			69,000.00		68,770.64			12-May-2005		9.990%		MD - 75.00%		Paid Off - 360		07-Oct-2004
617 1					68,770.64			12-May-2005		9.990%		MD - 75.00%		Paid Off - 360		07-Oct-2004
619 1			312,550.00		311,323.55			27-Apr-2005		8.990%		MD - 95.00%		Paid Off - 360		23-Sep-2004
619 1					311,323.55			27-Apr-2005		8.990%		MD - 95.00%		Paid Off - 360		23-Sep-2004
621 1			157,500.00		156,892.98			02-May-2005		9.250%		MD - 90.00%		Paid Off - 360		18-Sep-2004
621 1					156,892.98			02-May-2005		9.250%		MD - 90.00%		Paid Off - 360		18-Sep-2004
638 1			54,400.00		54,246.24			18-Apr-2005		10.550%		AR - 80.00%		Paid Off - 360		01-Oct-2004
638 1					54,246.24			18-Apr-2005		10.550%		AR - 80.00%		Paid Off - 360		01-Oct-2004
717 1			72,000.00		71,522.74			11-May-2005		7.050%		CA - 57.60%		Paid Off - 360		01-Sep-2004
717 1					71,522.74			11-May-2005		7.050%		CA - 57.60%		Paid Off - 360		01-Sep-2004
789 1			464,000.00		462,739.76			12-May-2005		9.990%		IL - 80.00%		Paid Off - 360		01-Nov-2004
789 1					462,739.76			12-May-2005		9.990%		IL - 80.00%		Paid Off - 360		01-Nov-2004
790 1			87,000.00		86,862.86			12-May-2005		12.500%		IL - 15.00%		Paid Off - 360		01-Nov-2004
790 1					86,862.86			12-May-2005		12.500%		IL - 15.00%		Paid Off - 360		01-Nov-2004
827 1			79,900.00		79,556.10			18-Apr-2005		7.750%		IL - 85.00%		Paid Off - 360		01-Nov-2004
827 1					79,556.10			18-Apr-2005		7.750%		IL - 85.00%		Paid Off - 360		01-Nov-2004
850 1			61,000.00		60,805.30			12-May-2005		10.750%		CA - 20.00%		Paid Off - 360		01-Oct-2004
850 1					60,805.30			12-May-2005		10.750%		CA - 20.00%		Paid Off - 360		01-Oct-2004
856 1			432,000.00		429,736.68			09-May-2005		6.750%		CA - 80.00%		Paid Off - 360		01-Nov-2004
856 1					429,736.68			09-May-2005		6.750%		CA - 80.00%		Paid Off - 360		01-Nov-2004
871 1			86,800.00		86,383.16			21-Apr-2005		7.990%		IL - 80.00%		Paid Off - 360		01-Oct-2004
871 1					86,383.16			21-Apr-2005		7.990%		IL - 80.00%		Paid Off - 360		01-Oct-2004
892 1			245,000.00		243,527.03			29-Apr-2005		6.850%		CA - 70.00%		Paid Off - 360		01-Oct-2004
892 1					243,527.03			29-Apr-2005		6.850%		CA - 70.00%		Paid Off - 360		01-Oct-2004
909 1			63,000.00		62,836.91			03-May-2005		10.350%		FL - 70.00%		Paid Off - 360		01-Nov-2004
909 1					62,836.91			03-May-2005		10.350%		FL - 70.00%		Paid Off - 360		01-Nov-2004
960 1			382,410.00		380,204.35			29-Apr-2005		6.250%		CA - 90.00%		Paid Off - 360		01-Nov-2004
960 1					380,204.35			29-Apr-2005		6.250%		CA - 90.00%		Paid Off - 360		01-Nov-2004
991 1			332,000.00		330,391.04			09-May-2005		7.150%		CA - 80.00%		Paid Off - 360		01-Nov-2004
991 1					330,391.04			09-May-2005		7.150%		CA - 80.00%		Paid Off - 360		01-Nov-2004
1001 1			83,000.00		82,850.61			09-May-2005		11.900%		CA - 20.00%		Paid Off - 360		01-Nov-2004
1001 1					82,850.61			09-May-2005		11.900%		CA - 20.00%		Paid Off - 360		01-Nov-2004
1076 1			204,000.00		203,040.09			06-May-2005		7.300%		NV - 84.65%		Paid Off - 360		01-Nov-2004
1076 1					203,040.09			06-May-2005		7.300%		NV - 84.65%		Paid Off - 360		01-Nov-2004
1079 1			241,600.00		240,334.19			02-May-2005		6.750%		TX - 80.00%		Paid Off - 360		01-Nov-2004
1079 1					240,334.19					6.750%		TX - 80.00%		Paid Off - 360



Page 18 of 26
IXIS Real Estate Capital Trust 2005-HE1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HE1

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

1081 1			60,400.00		60,193.05			02-May-2005		8.875%		TX - 20.00%		Paid Off - 360		01-Nov-2004
			60,400.00

1092 1			95,400.00		94,964.22			03-May-2005		7.450%		IL - 90.00%		Paid Off - 360		01-Nov-2004
1092 1					94,964.22			03-May-2005		7.450%		IL - 90.00%		Paid Off - 360		01-Nov-2004
1185 1			310,250.00		310,249.83			03-May-2005		7.600%		CA - 85.00%		Paid Off - 360		01-Nov-2004
1185 1					310,249.83			03-May-2005		7.600%		CA - 85.00%		Paid Off - 360		01-Nov-2004
1250 1			192,000.00		191,252.62			10-May-2005		8.250%		NJ - 80.00%		Paid Off - 360		01-Nov-2004
1250 1					191,252.62			10-May-2005		8.250%		NJ - 80.00%		Paid Off - 360		01-Nov-2004
1270 1			360,000.00		358,419.44			22-Apr-2005		7.650%		NJ - 98.63%		Paid Off - 360		01-Nov-2004
1270 1					358,419.44			22-Apr-2005		7.650%		NJ - 98.63%		Paid Off - 360		01-Nov-2004
1274 1			308,750.00		307,206.19			04-May-2005		6.990%		NY - 84.59%		Paid Off - 360		01-Nov-2004
1274 1					307,206.19			04-May-2005		6.990%		NY - 84.59%		Paid Off - 360		01-Nov-2004
1308 1			236,000.00		236,000.00			27-Apr-2005		6.790%		CA - 80.00%		Paid Off - 360		01-Nov-2004
1308 1					236,000.00			27-Apr-2005		6.790%		CA - 80.00%		Paid Off - 360		01-Nov-2004
1416 1			59,000.00		58,821.41			27-Apr-2005		10.240%		CA - 20.00%		Paid Off - 180		01-Nov-2004
1416 1					58,821.41			27-Apr-2005		10.240%		CA - 20.00%		Paid Off - 180		01-Nov-2004
1450 1			71,800.00		71,642.82			26-Apr-2005		11.000%		AL - 57.35%		Paid Off - 360		15-Oct-2004
1450 1					71,642.82			26-Apr-2005		11.000%		AL - 57.35%		Paid Off - 360		15-Oct-2004
1874 1			393,750.00		391,093.52			10-May-2005		6.250%		CA - 75.00%		Paid Off - 360		01-Oct-2004
1874 1					391,093.52			10-May-2005		6.250%		CA - 75.00%		Paid Off - 360		01-Oct-2004
1994 1			103,500.00		103,251.63			21-Apr-2005		8.600%		CA - 69.93%		Paid Off - 360		24-Dec-2004
1994 1					103,251.63			21-Apr-2005		8.600%		CA - 69.93%		Paid Off - 360		24-Dec-2004
2034 1			48,000.00		47,929.04			09-May-2005		10.900%		MO - 80.00%		Paid Off - 360		01-Jan-2005
2034 1					47,929.04			09-May-2005		10.900%		MO - 80.00%		Paid Off - 360		01-Jan-2005
2050 1			212,000.00		211,652.65			22-Apr-2005		10.420%		NC - 80.00%		Paid Off - 360		01-Jan-2005
2050 1					211,652.65			22-Apr-2005		10.420%		NC - 80.00%		Paid Off - 360		01-Jan-2005
2070 1			241,000.00		240,366.18			05-May-2005		8.150%		NJ - 62.60%		Paid Off - 360		01-Jan-2005
2070 1					240,366.18			05-May-2005		8.150%		NJ - 62.60%		Paid Off - 360		01-Jan-2005
2112 1			228,000.00		227,678.26			03-May-2005		9.750%		NJ - 80.00%		Paid Off - 360		06-Jan-2005
2112 1					227,678.26			03-May-2005		9.750%		NJ - 80.00%		Paid Off - 360		06-Jan-2005
2186 1			418,950.00		417,923.96			27-Apr-2005		8.500%		FL - 95.00%		Paid Off - 360		01-Jan-2005
2186 1					417,923.96			27-Apr-2005		8.500%		FL - 95.00%		Paid Off - 360		01-Jan-2005
2585 1			277,826.00		277,087.90			28-Apr-2005		8.100%		CA - 79.38%		Paid Off - 360		01-Jan-2005
2585 1					277,087.90			28-Apr-2005		8.100%		CA - 79.38%		Paid Off - 360		01-Jan-2005
2811 1			160,000.00		159,552.94			09-May-2005		7.850%		IL - 80.00%		Paid Off - 360		01-Jan-2005
2811 1					159,552.94			09-May-2005		7.850%		IL - 80.00%		Paid Off - 360		01-Jan-2005
2831 1			270,000.00		268,727.68			10-May-2005		5.300%		PA - 90.00%		Paid Off - 360		01-Jan-2005
2831 1					268,727.68			10-May-2005		5.300%		PA - 90.00%		Paid Off - 360		01-Jan-2005
2845 1			168,800.00		168,535.43			12-May-2005		9.250%		ME - 80.00%		Paid Off - 360		01-Feb-2005
2845 1					168,535.43			12-May-2005		9.250%		ME - 80.00%		Paid Off - 360		01-Feb-2005
2855 1			228,600.00		228,109.86			11-May-2005		7.740%		CA - 90.00%		Paid Off - 360		01-Feb-2005
2855 1					228,109.86			11-May-2005		7.740%		CA - 90.00%		Paid Off - 360		01-Feb-2005
2998 1			140,000.00		139,599.39			09-May-2005		6.250%		CA - 74.07%		Paid Off - 360		01-Feb-2005
2998 1					139,599.39			09-May-2005		6.250%		CA - 74.07%		Paid Off - 360		01-Feb-2005
3007 1			198,000.00		197,479.64			28-Apr-2005		6.690%		CA - 85.16%		Paid Off - 360		01-Feb-2005
3007 1					197,479.64			28-Apr-2005		6.690%		CA - 85.16%		Paid Off - 360		01-Feb-2005
3017 1			254,600.00		253,969.00			29-Apr-2005		6.990%		IL - 95.00%		Paid Off - 360		01-Feb-2005
3017 1					253,969.00			29-Apr-2005		6.990%		IL - 95.00%		Paid Off - 360		01-Feb-2005
3048 1			260,000.00		256,943.06			18-Apr-2005		7.165%		NY - 89.66%		Paid Off - 360		01-Feb-2005
3048 1					256,943.06			18-Apr-2005		7.165%		NY - 89.66%		Paid Off - 360		01-Feb-2005
3321 1			135,000.00		134,712.30			02-May-2005		7.750%		CA - 75.00%		Paid Off - 360		01-Feb-2005
3321 1					134,712.30			02-May-2005		7.750%		CA - 75.00%		Paid Off - 360		01-Feb-2005
3368 1			157,950.00		157,455.40			04-May-2005		6.950%		FL - 90.00%		Paid Off - 360		01-Feb-2005
3368 1					157,455.40			04-May-2005		6.950%		FL - 90.00%		Paid Off - 360		01-Feb-2005
3416 1			136,000.00		135,607.41			21-Apr-2005		10.450%		GA - 85.00%		Paid Off - 360		02-Sep-2004
3416 1					135,607.41			21-Apr-2005		10.450%		GA - 85.00%		Paid Off - 360		02-Sep-2004
3424 1			333,000.00		332,999.99			21-Apr-2005		7.750%		CA - 90.00%		Paid Off - 360		01-Sep-2004
3424 1					332,999.99			21-Apr-2005		7.750%		CA - 90.00%		Paid Off - 360		01-Sep-2004
3426 1			126,000.00		125,298.77			03-May-2005		8.900%		FL - 90.00%		Paid Off - 360		01-Oct-2004
3426 1					125,298.77			03-May-2005		8.900%		FL - 90.00%		Paid Off - 360		01-Oct-2004
3464 1			362,100.00		361,435.88			06-May-2005		9.890%		FL - 85.00%		Paid Off - 360		03-Dec-2004
3464 1					361,435.88			06-May-2005		9.890%		FL - 85.00%		Paid Off - 360		03-Dec-2004
3474 1			341,700.00		341,700.00			22-Apr-2005		8.200%		CA - 85.00%		Paid Off - 360		01-Jan-2005
3474 1					341,700.00			22-Apr-2005		8.200%		CA - 85.00%		Paid Off - 360		01-Jan-2005
3482 1			161,850.00		161,488.62			13-May-2005		8.950%		VA - 65.00%		Paid Off - 360		01-Jan-2005
3482 1					161,488.62			13-May-2005		8.950%		VA - 65.00%		Paid Off - 360		01-Jan-2005
3509 1			200,000.00		199,119.08			18-Apr-2005		6.690%		CA - 52.22%		Paid Off - 360		01-Dec-2004
3509 1					199,119.08			18-Apr-2005		6.690%		CA - 52.22%		Paid Off - 360		01-Dec-2004
3600 1			292,000.00		291,543.04			05-May-2005		7.250%		CA - 80.00%		Paid Off - 360		01-Mar-2005
3600 1					291,543.04			05-May-2005		7.250%		CA - 80.00%		Paid Off - 360		01-Mar-2005
3606 1			289,700.00		289,285.59			02-May-2005		7.700%		IL - 94.98%		Paid Off - 360		01-Mar-2005
3606 1					289,285.59			02-May-2005		7.700%		IL - 94.98%		Paid Off - 360		01-Mar-2005
3720 1			191,000.00		189,753.68			13-May-2005		7.745%		MD - 100.00%		Paid Off - 360		01-Aug-2004
3720 1					189,753.68			13-May-2005		7.745%		MD - 100.00%		Paid Off - 360		01-Aug-2004
3736 1			169,000.00		168,372.33			13-May-2005		9.250%		CA - 65.00%		Paid Off - 360		01-Oct-2004
3736 1					168,372.33					9.250%		CA - 65.00%		Paid Off - 360



Page 19 of 26
IXIS Real Estate Capital Trust 2005-HE1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HE1

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

3774 1			59,460.00		59,095.50			13-May-2005		6.750%		WA - 69.99%		Paid Off - 360		01-Oct-2004
			59,460.00

3834 1			297,500.00		296,999.19			13-May-2005		6.880%		VA - 85.00%		Paid Off - 360		01-Mar-2005
3834 1					296,999.19			13-May-2005		6.880%		VA - 85.00%		Paid Off - 360		01-Mar-2005


TOTAL			16,226,246.00		16,172,085.20
TOTAL


Page 20 of 26
IXIS Real Estate Capital Trust 2005-HE1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HE1

May 25, 2005 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES



															Total


Current
Current



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

Cumulative
Cumulative



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










Page 21 of 26
IXIS Real Estate Capital Trust 2005-HE1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HE1

May 25, 2005 Distribution


DEFAULT SPEEDS



															Total



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


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


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


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












Page 22 of 26
IXIS Real Estate Capital Trust 2005-HE1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HE1

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 23 of 26
IXIS Real Estate Capital Trust 2005-HE1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HE1

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 24 of 26
IXIS Real Estate Capital Trust 2005-HE1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HE1

May 25, 2005 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS
TRIGGER EVENTS
														Total
						Trigger Event in effect (0=No , 1=Yes)								0
						Stepdown Date has occurred (0 = No, 1=Yes)								0
						Balances 60+ days includes Bankruptcy and Foreclosure								10,701,901.88
						Ending Balance								625,624,943.25
						Senior Enhancement Percentage								18.9400%



ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
														Total
Basis Risk CarryForward Amount Paid														0.00
Basis Risk CarryForward Amount Unpaid														0.000
Excess Reserve Fund Account Balance														0.00
Current LIBOR Rate														3.020000%
Next LIBOR Rate														3.090000%




Page 25 of 26
IXIS Real Estate Capital Trust 2005-HE1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HE1

May 25, 2005 Distribution
Other Related Information
ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
														Total









Page 26 of 26

IXIS Real Estate Capital Trust 2005-HE1 8-K