
                                       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):  June 27, 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
     June 27, 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 30, 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 June 27, 2005.



IXIS Real Estate Capital Trust 2005-HE1

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

June 27, 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:			June 27, 2005
										Factor Information:			(800) 735-7777
				Record Date:			May 31, 2005			Factor Information:			(800) 735-7777
										Main Phone Number:			(714) 247-6000

							June 24, 2005
							June 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

June 27, 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		185,805,169.76		568,873.49		7,460,707.67		8,029,581.16		0.00		0.00		178,344,462.09
A-1	FLT, STEP	$	200,000,000.00		185,805,169.76		568,873.49		7,460,707.67		8,029,581.16		0.00		0.00		178,344,462.09
A-2	FLT, STEP	$	157,000,000.00		130,705,851.33		383,403.83		13,820,028.36		14,203,432.19		0.00		0.00		116,885,822.97
A-3	FLT, STEP	$	176,425,000.00		176,425,000.00		538,537.31		0.00		538,537.31		0.00		0.00		176,425,000.00
A-4	FLT, STEP	$	37,050,000.00		37,050,000.00		117,170.63		0.00		117,170.63		0.00		0.00		37,050,000.00
M-1	MEZ, FLT, S	$	28,311,000.00		28,311,000.00		92,388.23		0.00		92,388.23		0.00		0.00		28,311,000.00
M-2	MEZ, FLT, S	$	22,649,000.00		22,649,000.00		74,326.47		0.00		74,326.47		0.00		0.00		22,649,000.00
M-3	MEZ, FLT, S	$	13,802,000.00		13,802,000.00		45,673.12		0.00		45,673.12		0.00		0.00		13,802,000.00
M-4	MEZ, FLT, S	$	13,094,000.00		13,094,000.00		45,490.74		0.00		45,490.74		0.00		0.00		13,094,000.00
M-5	MEZ, FLT, S	$	11,678,000.00		11,678,000.00		40,892.46		0.00		40,892.46		0.00		0.00		11,678,000.00
M-6	MEZ, FLT, S	$	10,263,000.00		10,263,000.00		36,502.07		0.00		36,502.07		0.00		0.00		10,263,000.00
B-1	SUB	$	9,555,000.00		9,555,000.00		38,275.74		0.00		38,275.74		0.00		0.00		9,555,000.00
B-2	SUB	$	7,786,000.00		7,786,000.00		31,546.28		0.00		31,546.28		0.00		0.00		7,786,000.00
B-3	SUB	$	5,309,000.00		5,309,000.00		25,257.57		0.00		25,257.57		0.00		0.00		5,309,000.00
B-4	SUB	$	7,078,000.00		7,078,000.00		42,757.01		0.00		42,757.01		0.00		0.00		7,078,000.00
X	SUB	$	7,785,542.00		7,785,641.95		1,768,842.28		0.00		1,768,842.28		0.00		0.05		7,785,642.00
P	EXE	$	100.00		0.00		464,272.22		0.00		464,272.22		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		667,296,663.04		4,314,209.45		21,280,736.03		25,594,945.48		0.00		0.05		646,015,927.06
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	05/25/05		06/26/05		A-Act/360		45071KAM6		200,000,000.00		929.025849		2.844367		37.303538		40.147906	891.722310
A-2	05/25/05		06/26/05		A-Act/360		45071KAN4		157,000,000.00		832.521346		2.442063		88.025658		90.467721	744.495688
A-3	05/25/05		06/26/05		A-Act/360		45071KAP9		176,425,000.00		1,000.000000		3.052500		0.000000		3.052500	1,000.000000
A-4	05/25/05		06/26/05		A-Act/360		45071KAQ7		37,050,000.00		1,000.000000		3.162500		0.000000		3.162500	1,000.000000
M-1	05/25/05		06/26/05		A-Act/360		45071KAR5		28,311,000.00		1,000.000000		3.263333		0.000000		3.263333	1,000.000000
M-2	05/25/05		06/26/05		A-Act/360		45071KAS3		22,649,000.00		1,000.000000		3.281667		0.000000		3.281667	1,000.000000
M-3	05/25/05		06/26/05		A-Act/360		45071KAT1		13,802,000.00		1,000.000000		3.309167		0.000000		3.309167	1,000.000000
M-4	05/25/05		06/26/05		A-Act/360		45071KAU8		13,094,000.00		1,000.000000		3.474167		0.000000		3.474167	1,000.000000
M-5	05/25/05		06/26/05		A-Act/360		45071KAV6		11,678,000.00		1,000.000000		3.501666		0.000000		3.501666	1,000.000000
M-6	05/25/05		06/26/05		A-Act/360		45071KAW4		10,263,000.00		1,000.000000		3.556667		0.000000		3.556667	1,000.000000
B-1	05/25/05		06/26/05		A-Act/360		45071KAX2		9,555,000.00		1,000.000000		4.005834		0.000000		4.005834	1,000.000000
B-2	05/25/05		06/26/05		A-Act/360		45071KAY0		7,786,000.00		1,000.000000		4.051667		0.000000		4.051667	1,000.000000
B-3	05/25/05		06/26/05		A-Act/360		45071KAZ7		5,309,000.00		1,000.000000		4.757500		0.000000		4.757500	1,000.000000
B-4	05/25/05		06/26/05		A-Act/360		45071KBA1		7,078,000.00		1,000.000000		6.040832		0.000000		6.040832	1,000.000000
X	05/25/05		06/26/05		A-Act/360				7,785,542.00		1,000.012838		227.195779		0.000000		227.195779	1,000.012844
P	05/25/05		06/26/05				100.00		0.000000		4,642,722.200000		0.000000		4,642,722.200000		0.000000
R	05/25/05		06/26/05				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

June 27, 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		2,077,389.55		21,185,709.80		469,828.11		21,655,537.91		23,732,927.46		0.00		0.00		178,344,462.09
A-2	157,000,000.00		1,480,311.27		39,243,879.19		870,297.84		40,114,177.03		41,594,488.30		0.00		0.00		116,885,822.97
A-3	176,425,000.00		1,893,726.35		0.00		0.00		0.00		1,893,726.35		0.00		0.00		176,425,000.00
A-4	37,050,000.00		412,881.09		0.00		0.00		0.00		412,881.09		0.00		0.00		37,050,000.00
M-1	28,311,000.00		326,134.86		0.00		0.00		0.00		326,134.86		0.00		0.00		28,311,000.00
M-2	22,649,000.00		262,457.88		0.00		0.00		0.00		262,457.88		0.00		0.00		22,649,000.00
M-3	13,802,000.00		161,353.05		0.00		0.00		0.00		161,353.05		0.00		0.00		13,802,000.00
M-4	13,094,000.00		161,128.95		0.00		0.00		0.00		161,128.95		0.00		0.00		13,094,000.00
M-5	11,678,000.00		144,901.27		0.00		0.00		0.00		144,901.27		0.00		0.00		11,678,000.00
M-6	10,263,000.00		129,447.79		0.00		0.00		0.00		129,447.79		0.00		0.00		10,263,000.00
B-1	9,555,000.00		136,514.42		0.00		0.00		0.00		136,514.42		0.00		0.00		9,555,000.00
B-2	7,786,000.00		112,570.42		0.00		0.00		0.00		112,570.42		0.00		0.00		7,786,000.00
B-3	5,309,000.00		90,724.91		0.00		0.00		0.00		90,724.91		0.00		0.00		5,309,000.00
B-4	7,078,000.00		154,811.58		0.00		0.00		0.00		154,811.58		0.00		0.00		7,078,000.00
X	7,785,542.00		6,941,364.04		-97.06		-2.94		0.00		6,941,364.04		0.00		100.00		7,785,642.00
P	100.00		1,297,542.25		0.00		0.00		100.00		1,297,642.25		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		15,783,259.68		60,429,491.93		1,340,123.01		61,769,814.94		77,553,074.62		0.00		100.00		646,015,927.06


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	3.34000%		185,805,169.76		568,873.49		0.00		0.00		0.00		568,873.49		568,873.49		0.00
A-2	3.20000%		130,705,851.33		383,403.83		0.00		0.00		0.00		383,403.83		383,403.83		0.00
A-3	3.33000%		176,425,000.00		538,537.31		0.00		0.00		0.00		538,537.31		538,537.31		0.00
A-4	3.45000%		37,050,000.00		117,170.63		0.00		0.00		0.00		117,170.63		117,170.63		0.00
M-1	3.56000%		28,311,000.00		92,388.23		0.00		0.00		0.00		92,388.23		92,388.23		0.00
M-2	3.58000%		22,649,000.00		74,326.47		0.00		0.00		0.00		74,326.47		74,326.47		0.00
M-3	3.61000%		13,802,000.00		45,673.12		0.00		0.00		0.00		45,673.12		45,673.12		0.00
M-4	3.79000%		13,094,000.00		45,490.74		0.00		0.00		0.00		45,490.74		45,490.74		0.00
M-5	3.82000%		11,678,000.00		40,892.46		0.00		0.00		0.00		40,892.46		40,892.46		0.00
M-6	3.88000%		10,263,000.00		36,502.07		0.00		0.00		0.00		36,502.07		36,502.07		0.00
B-1	4.37000%		9,555,000.00		38,275.74		0.00		0.00		0.00		38,275.74		38,275.74		0.00
B-2	4.42000%		7,786,000.00		31,546.28		0.00		0.00		0.00		31,546.28		31,546.28		0.00
B-3	5.19000%		5,309,000.00		25,257.57		0.00		0.00		0.00		25,257.57		25,257.57		0.00
B-4	6.29395%		7,078,000.00		40,836.19		0.00		0.00		0.00		40,836.19		42,757.01		0.00
X	247.84677%		7,785,641.95		0.00		0.00		0.00		0.00		0.00		1,768,842.33		0.00
P	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		464,272.22		0.00
R	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00

Total			667,296,663.04		2,079,174.13		0.00		0.00		0.00		2,079,174.13		4,314,209.50		0.00



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

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

June 27, 2005 Distribution
Collection Account Report
SUMMARY
SUMMARY
														Total
Principal Collections														21,280,735.98
Principal Withrawals														0.00
Principal Other Accounts														0.00
TOTAL NET PRINCIPAL														21,280,735.98
Interest Collections														4,019,038.85
Interest Withdrawals														-0.00
Interest Other Accounts														464,272.22
Interest Fees														-169,101.57
TOTAL NET INTEREST														4,314,209.50
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION														25,594,945.47



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
															Total
Scheduled Principal Received															356,144.69
Prepayments In Full															20,907,813.34
Curtailments															16,777.95
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															-149,681.77
Advanced Principal															149,681.77
TOTAL PRINCIPAL COLLECTED															21,280,735.98


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



PRINCIPAL - OTHER ACCOUNTS
PRINCIPAL - OTHER ACCOUNTS
														Total
TOTAL OTHER ACCOUNTS PRINCIPAL														0.00





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

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

June 27, 2005 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
														Total
Scheduled Interest														4,130,368.70
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														-14,445.74
Compensating Interest														14,445.74
Delinquent Interest														-1,677,754.29
Interest Advanced														1,566,424.43
TOTAL INTEREST COLLECTED														4,019,038.85


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



INTEREST - OTHER ACCOUNTS
INTEREST - OTHER ACCOUNTS
														Total
Prepayment Charges														464,272.22
TOTAL INTEREST OTHER ACCOUNTS														464,272.22



INTEREST - FEES
INTEREST - FEES
														Total
Current Servicing Fees														166,710.42
Current Trustee Fees														2,391.15
TOTAL INTEREST OTHER FEES														169,101.57




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

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

June 27, 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

June 27, 2005 Distribution
Collateral Report


COLLATERAL



															Total



Loan Count:


Original														3,403
Prior														3,934
Prefunding														245
Scheduled Paid Offs														-0
Full Voluntary Prepayments														-112
Repurchases														-0
Liquidations														-0
Current														3,822
Principal Balance:


Original														584,039,192.89
Prior														667,296,663.10
Prefunding														0.00
Scheduled Principal														-356,144.69
Partial Prepayments														-16,777.95
Full Voluntary Prepayments														-20,907,813.34
Repurchases														-0.00
Liquidations														-0.00
Current														646,015,927.12





PREFUNDING
PREFUNDING
														Total
Prefunding Account Original Balance														123,746,449.22
Prefunding Account Beginning Balance														41,671,719.90
Subsequent Loans Added to the Pool														41,671,719.85
Prefund Release to Certificate Holders														0.00
Prefunding Account Ending Balance														0.00





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

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

June 27, 2005 Distribution

CHARACTERISTICS
CHARACTERISTICS
														Total
Weighted Average Coupon Original														7.44269%
Weighted Average Coupon Prior														7.43792%
Weighted Average Coupon Current														7.42764%
Weighted Average Months to Maturity Original														349
Weighted Average Months to Maturity Prior														346
Weighted Average Months to Maturity Current														345
Weighted Avg Remaining Amortization Term Original														349
Weighted Avg Remaining Amortization Term Prior														346
Weighted Avg Remaining Amortization Term Current														345
Weighted Average Seasoning Original														4.33
Weighted Average Seasoning Prior														6.18
Weighted Average Seasoning Current														6.95









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

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

June 27, 2005 Distribution

ARM CHARACTERISTICS
ARM CHARACTERISTICS
														Total
Weighted Average Margin Original														6.66961%
Weighted Average Margin Prior														6.63854%
Weighted Average Margin Current														6.62168%
Weighted Average Max Rate Original														13.83833%
Weighted Average Max Rate Prior														13.82467%
Weighted Average Max Rate Current														13.81305%
Weighted Average Min Rate Original														7.31764%
Weighted Average Min Rate Prior														7.31413%
Weighted Average Min Rate Current														7.29867%
Weighted Average Cap Up Original														1.25975%
Weighted Average Cap Up Prior														1.24748%
Weighted Average Cap Up Current														1.24122%
Weighted Average Cap Down Original														1.25975%
Weighted Average Cap Down Prior														1.24748%
Weighted Average Cap Down Current														1.24122%




SERVICING FEES & ADVANCES

															Total




Current Servicing Fees														166,710.42
Delinquent Servicing Fees														111,329.85
TOTAL SERVICING FEES														278,040.29


Compensating Interest														-14,445.74
Delinquent Servicing Fees														-111,329.85
COLLECTED SERVICING FEES														152,264.69


Aggregate Advances with respect to this Distribution														1,716,106.21





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

June 27, 2005 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				6,580,144.00		1,422,601.03		805,633.56		8,808,378.59
			% Balance				1.02%		0.22%		0.12%		1.36%
			# Loans				43		9		5		57
			% # Loans				1.13%		0.24%		0.13%		1.49%
	FORECLOSURE		Balance		0.00		343,997.24		1,817,498.32		3,710,562.15		5,872,057.71
			% Balance		0.00%		0.05%		0.28%		0.57%		0.91%
			# Loans		0		3		11		18		32
			% # Loans		0.00%		0.08%		0.29%		0.47%		0.84%
	BANKRUPTCY		Balance		111,794.50		0.00		331,132.74		133,868.98		576,796.22
			% Balance		0.02%		0.00%		0.05%		0.02%		0.09%
			# Loans		1		0		2		1		4
			% # Loans		0.03%		0.00%		0.05%		0.03%		0.10%
	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		111,794.50		6,924,141.24		3,571,232.09		4,650,064.69		15,257,232.52
			% Balance		0.02%		1.07%		0.55%		0.72%		2.36%
			# Loans		1		46		22		24		93
			% # Loans		0.03%		1.20%		0.58%		0.63%		2.43%









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

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

June 27, 2005 Distribution


	GROUP 1
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				6,580,144.00		1,422,601.03		805,633.56		8,808,378.59
			% Balance				1.02%		0.22%		0.12%		1.36%
			# Loans				43		9		5		57
			% # Loans				1.13%		0.24%		0.13%		1.49%
	FORECLOSURE		Balance		0.00		343,997.24		1,817,498.32		3,710,562.15		5,872,057.71
			% Balance		0.00%		0.05%		0.28%		0.57%		0.91%
			# Loans		0		3		11		18		32
			% # Loans		0.00%		0.08%		0.29%		0.47%		0.84%
	BANKRUPTCY		Balance		111,794.50		0.00		331,132.74		133,868.98		576,796.22
			% Balance		0.02%		0.00%		0.05%		0.02%		0.09%
			# Loans		1		0		2		1		4
			% # Loans		0.03%		0.00%		0.05%		0.03%		0.10%
	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		111,794.50		6,924,141.24		3,571,232.09		4,650,064.69		15,257,232.52
			% Balance		0.02%		1.07%		0.55%		0.72%		2.36%
			# Loans		1		46		22		24		93
			% # Loans		0.03%		1.20%		0.58%		0.63%		2.43%










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

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

June 27, 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

June 27, 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

June 27, 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		86,326.36		01-Dec-2004		7.500%		GA - 80.00%		360		01-Jun-2004

476 1			384,000.00		380,015.83		01-Dec-2004		6.890%		FL - 80.00%		360		01-Jul-2004
484 1			76,500.00		75,736.09		01-Dec-2004		7.840%		IL - 90.00%		360		01-Aug-2004
741 1			110,434.00		109,550.26		01-Feb-2005		6.700%		MI - 80.00%		360		01-Oct-2004
796 1			61,200.00		60,889.69		01-Feb-2005		8.400%		OH - 90.00%		360		01-Nov-2004
804 1			79,050.00		78,614.76		01-Dec-2004		7.990%		OH - 85.00%		360		01-Nov-2004
828 1			67,915.00		67,663.23		01-Feb-2005		10.000%		GA - 85.00%		360		01-Nov-2004
1041 1			139,500.00		138,527.53		01-Mar-2005		6.790%		GA - 90.00%		360		01-Nov-2004
1115 1			80,000.00		79,551.51		01-Dec-2004		7.900%		NJ - 23.19%		360		01-Nov-2004
1472 1			160,000.00		159,543.01		05-Dec-2004		10.500%		GA - 100.00%		360		05-Nov-2004
1612 1			318,750.00		317,629.39		02-Dec-2004		8.750%		FL - 85.00%		360		02-Dec-2004
1643 1			228,750.00		228,089.56		04-Dec-2004		9.700%		MA - 75.00%		360		04-Dec-2004
1706 1			247,500.00		246,132.66		01-Feb-2005		8.575%		CA - 90.00%		360		01-Oct-2004
1872 1			525,000.00		522,057.00		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
1962 1			46,410.00		46,296.84		22-Dec-2004		10.500%		LA - 70.00%		360		22-Dec-2004
2469 1			225,000.00		224,436.63		01-Jan-2005		9.490%		FL - 90.00%		360		01-Feb-2005
2511 1			117,900.00		117,552.33		01-Mar-2005		8.700%		AZ - 92.63%		360		01-Feb-2005
2565 1			125,000.00		124,593.22		01-Jan-2005		9.125%		CA - 75.76%		360		01-Jan-2005
2631 1			145,600.00		145,600.00		01-Feb-2005		6.700%		CO - 80.00%		360		01-Feb-2005
2755 1			110,400.00		109,681.65		01-Feb-2005		6.440%		GA - 80.00%		360		01-Dec-2004
2833 1			274,400.00		273,296.83		01-Dec-2004		8.090%		ID - 80.00%		360		01-Jan-2005
2886 1			184,500.00		183,758.28		01-Feb-2005		8.090%		RI - 90.00%		360		01-Jan-2005
3051 1			339,500.00		338,343.35		01-Jan-2005		7.990%		CA - 70.00%		360		01-Feb-2005
3086 1			382,500.00		381,199.53		01-Feb-2005		8.000%		CA - 90.00%		360		01-Feb-2005
3319 1			330,000.00		328,119.00		01-Feb-2005		7.200%		CA - 76.74%		360		01-Feb-2005
3429 1			120,000.00		119,292.06		01-Jan-2005		8.250%		AL - 80.00%		360		01-Oct-2004
3434 1			67,500.00		67,140.09		01-Jan-2005		8.150%		OH - 75.00%		360		01-Nov-2004
3461 1			45,600.00		45,475.18		20-Jan-2005		10.700%		NC - 60.00%		360		20-Nov-2004
3476 1			88,200.00		87,917.38		17-Feb-2005		9.200%		FL - 90.00%		360		17-Dec-2004
3481 1			85,800.00		85,599.62		01-Jan-2005		10.700%		TN - 65.00%		360		01-Jan-2005
3759 1			139,750.00		139,428.84		22-Jan-2005		10.850%		CA - 65.00%		360		22-Dec-2004


TOTAL			5,897,859.00		5,872,057.71



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

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

June 27, 2005 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

															Total




Current


Number of Paid in Full Loans														112
Number of Repurchased Loans														0
Total Number of Loans Prepaid in Full														112
Curtailments Amount														16,777.95
Paid in Full Balance														20,907,813.34
Repurchased Loans Balance														0.00
Total Prepayment Amount														20,924,591.29

Cumulative


Number of Paid in Full Loans														312
Number of Repurchased Loans														0
Total Number of Loans Prepaid in Full														312
Paid in Full Balance														60,251,969.96
Repurchased Loans Balance														0.00
Curtailments Amount														156,654.23
Total Prepayment Amount														60,408,624.19










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

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

June 27, 2005 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

															Total



SMM														3.14%
3 Months Avg SMM														2.59%
12 Months Avg SMM														2.39%
Avg SMM Since Cut-off														2.39%


CPR														31.79%
3 Months Avg CPR														27.04%
12 Months Avg CPR														25.16%
Avg CPR Since Cut-off														25.16%


PSA														2,286.86%
3 Months Avg PSA Approximation														2,211.90%
12 Months Avg PSA Approximation														2,220.15%
Avg PSA Since Cut-off Approximation														2,220.16%










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

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

June 27, 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

June 27, 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

77 1			304,000.00		300,893.73			26-May-2005		6.500%		CA - 80.00%		Paid Off - 360		01-Jul-2004
			304,000.00

80 1			188,000.00		186,086.55			18-May-2005		6.990%		CA - 80.00%		Paid Off - 360		01-Jun-2004
80 1					186,086.55			18-May-2005		6.990%		CA - 80.00%		Paid Off - 360		01-Jun-2004
113 1			182,000.00		180,705.18			01-Jun-2005		7.950%		NV - 70.00%		Paid Off - 360		01-Aug-2004
113 1					180,705.18			01-Jun-2005		7.950%		NV - 70.00%		Paid Off - 360		01-Aug-2004
133 1			94,700.00		93,854.01			02-Jun-2005		7.200%		MD - 84.93%		Paid Off - 360		01-Jul-2004
133 1					93,854.01			02-Jun-2005		7.200%		MD - 84.93%		Paid Off - 360		01-Jul-2004
139 1			56,000.00		55,774.77			16-May-2005		10.742%		MI - 70.00%		Paid Off - 360		01-Aug-2004
139 1					55,774.77			16-May-2005		10.742%		MI - 70.00%		Paid Off - 360		01-Aug-2004
278 1			343,000.00		339,972.98			02-Jun-2005		6.990%		CA - 62.94%		Paid Off - 360		01-Aug-2004
278 1					339,972.98			02-Jun-2005		6.990%		CA - 62.94%		Paid Off - 360		01-Aug-2004
295 1			51,200.00		50,400.99			10-Jun-2005		9.740%		CA - 19.69%		Paid Off - 240		01-Jul-2004
295 1					50,400.99			10-Jun-2005		9.740%		CA - 19.69%		Paid Off - 240		01-Jul-2004
336 1			124,100.00		123,578.75			26-May-2005		9.900%		WV - 85.00%		Paid Off - 360		19-Aug-2004
336 1					123,578.75			26-May-2005		9.900%		WV - 85.00%		Paid Off - 360		19-Aug-2004
342 1			270,000.00		268,642.83			03-Jun-2005		8.450%		NY - 90.00%		Paid Off - 360		04-Sep-2004
342 1					268,642.83			03-Jun-2005		8.450%		NY - 90.00%		Paid Off - 360		04-Sep-2004
349 1			40,000.00		39,739.98			09-Jun-2005		7.750%		FL - 61.54%		Paid Off - 360		12-Aug-2004
349 1					39,739.98			09-Jun-2005		7.750%		FL - 61.54%		Paid Off - 360		12-Aug-2004
382 1			134,400.00		134,397.59			31-May-2005		7.825%		WA - 80.00%		Paid Off - 360		01-Sep-2004
382 1					134,397.59			31-May-2005		7.825%		WA - 80.00%		Paid Off - 360		01-Sep-2004
399 1			356,000.00		355,997.45			27-May-2005		6.550%		CA - 80.00%		Paid Off - 360		01-Sep-2004
399 1					355,997.45			27-May-2005		6.550%		CA - 80.00%		Paid Off - 360		01-Sep-2004
461 1			122,800.00		122,800.00			09-Jun-2005		7.400%		NC - 80.00%		Paid Off - 360		01-Aug-2004
461 1					122,800.00			09-Jun-2005		7.400%		NC - 80.00%		Paid Off - 360		01-Aug-2004
490 1			263,500.00		263,498.03			14-Jun-2005		7.240%		CA - 85.00%		Paid Off - 360		01-Aug-2004
490 1					263,498.03			14-Jun-2005		7.240%		CA - 85.00%		Paid Off - 360		01-Aug-2004
505 1			167,000.00		165,553.20			26-May-2005		6.890%		CA - 81.07%		Paid Off - 360		01-Aug-2004
505 1					165,553.20			26-May-2005		6.890%		CA - 81.07%		Paid Off - 360		01-Aug-2004
526 1			240,000.00		240,000.00			26-May-2005		5.890%		CA - 64.86%		Paid Off - 360		01-Sep-2004
526 1					240,000.00			26-May-2005		5.890%		CA - 64.86%		Paid Off - 360		01-Sep-2004
570 1			190,800.00		190,800.00			09-Jun-2005		7.750%		WA - 90.00%		Paid Off - 360		01-Oct-2004
570 1					190,800.00			09-Jun-2005		7.750%		WA - 90.00%		Paid Off - 360		01-Oct-2004
595 1			76,900.00		76,532.98			25-May-2005		9.050%		FL - 69.97%		Paid Off - 360		01-Oct-2004
595 1					76,532.98			25-May-2005		9.050%		FL - 69.97%		Paid Off - 360		01-Oct-2004
607 1			105,200.00		104,890.13			01-Jun-2005		11.000%		CA - 20.00%		Paid Off - 180		01-Oct-2004
607 1					104,890.13			01-Jun-2005		11.000%		CA - 20.00%		Paid Off - 180		01-Oct-2004
615 1			123,200.00		122,606.08			01-Jun-2005		8.650%		WV - 80.00%		Paid Off - 360		17-Sep-2004
615 1					122,606.08			01-Jun-2005		8.650%		WV - 80.00%		Paid Off - 360		17-Sep-2004
669 1			104,000.00		104,000.00			02-Jun-2005		5.990%		AZ - 80.00%		Paid Off - 360		01-Sep-2004
669 1					104,000.00			02-Jun-2005		5.990%		AZ - 80.00%		Paid Off - 360		01-Sep-2004
696 1			147,200.00		146,089.84			03-Jun-2005		6.380%		OH - 80.00%		Paid Off - 360		01-Oct-2004
696 1					146,089.84			03-Jun-2005		6.380%		OH - 80.00%		Paid Off - 360		01-Oct-2004
704 1			128,800.00		128,800.00			07-Jun-2005		6.350%		CT - 80.00%		Paid Off - 360		01-Jul-2004
704 1					128,800.00			07-Jun-2005		6.350%		CT - 80.00%		Paid Off - 360		01-Jul-2004
719 1			88,000.00		87,506.34			19-May-2005		8.500%		IL - 80.00%		Paid Off - 360		01-Sep-2004
719 1					87,506.34			19-May-2005		8.500%		IL - 80.00%		Paid Off - 360		01-Sep-2004
744 1			139,600.00		138,855.63			27-May-2005		8.150%		IL - 80.00%		Paid Off - 360		01-Oct-2004
744 1					138,855.63			27-May-2005		8.150%		IL - 80.00%		Paid Off - 360		01-Oct-2004
750 1			146,250.00		#######			02-Jun-2005		9.300%		VA - 75.00%		Paid Off - 360		01-Oct-2004
750 1								02-Jun-2005		9.300%		VA - 75.00%		Paid Off - 360		01-Oct-2004
773 1			180,000.00		179,233.00			16-May-2005		9.250%		CA - 59.02%		Paid Off - 360		01-Oct-2004
773 1					179,233.00			16-May-2005		9.250%		CA - 59.02%		Paid Off - 360		01-Oct-2004
825 1			592,000.00		589,219.58			10-Jun-2005		8.100%		CA - 80.00%		Paid Off - 360		01-Nov-2004
825 1					589,219.58			10-Jun-2005		8.100%		CA - 80.00%		Paid Off - 360		01-Nov-2004
833 1			42,000.00		41,854.75			02-Jun-2005		10.250%		FL - 57.53%		Paid Off - 360		01-Oct-2004
833 1					41,854.75			02-Jun-2005		10.250%		FL - 57.53%		Paid Off - 360		01-Oct-2004
861 1			269,500.00		267,943.40			18-May-2005		7.750%		CA - 70.00%		Paid Off - 360		01-Oct-2004
861 1					267,943.40			18-May-2005		7.750%		CA - 70.00%		Paid Off - 360		01-Oct-2004
881 1			157,500.00		154,107.19			18-May-2005		7.500%		WI - 85.14%		Paid Off - 180		01-Nov-2004
881 1					154,107.19			18-May-2005		7.500%		WI - 85.14%		Paid Off - 180		01-Nov-2004
953 1			170,000.00		169,004.52			06-Jun-2005		6.990%		CA - 77.27%		Paid Off - 360		01-Nov-2004
953 1					169,004.52			06-Jun-2005		6.990%		CA - 77.27%		Paid Off - 360		01-Nov-2004
954 1			198,000.00		196,841.57			02-Jun-2005		6.990%		CA - 76.15%		Paid Off - 360		01-Nov-2004
954 1					196,841.57			02-Jun-2005		6.990%		CA - 76.15%		Paid Off - 360		01-Nov-2004
1003 1			193,600.00		192,467.28			01-Jun-2005		6.990%		CA - 80.00%		Paid Off - 360		01-Nov-2004
1003 1					192,467.28			01-Jun-2005		6.990%		CA - 80.00%		Paid Off - 360		01-Nov-2004
1006 1			270,000.00		268,212.80			23-May-2005		6.350%		CA - 63.38%		Paid Off - 360		01-Nov-2004
1006 1					268,212.80			23-May-2005		6.350%		CA - 63.38%		Paid Off - 360		01-Nov-2004
1024 1			24,780.00		19,260.46			19-May-2005		13.025%		OK - 20.00%		Paid Off - 240		01-Nov-2004
1024 1					19,260.46			19-May-2005		13.025%		OK - 20.00%		Paid Off - 240		01-Nov-2004
1083 1			419,000.00		415,745.15			01-Jun-2005		5.500%		CO - 69.95%		Paid Off - 360		01-Nov-2004
1083 1					415,745.15					5.500%		CO - 69.95%		Paid Off - 360



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

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

June 27, 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

1148 1			133,000.00		132,446.85			23-May-2005		8.700%		MD - 78.24%		Paid Off - 360		01-Nov-2004
			133,000.00

1194 1			301,500.00		299,376.25			17-May-2005		6.750%		CA - 90.00%		Paid Off - 360		01-Oct-2004
1194 1					299,376.25			17-May-2005		6.750%		CA - 90.00%		Paid Off - 360		01-Oct-2004
1195 1			16,750.00		16,465.00			17-May-2005		12.250%		CA - 5.00%		Paid Off - 180		01-Oct-2004
1195 1					16,465.00			17-May-2005		12.250%		CA - 5.00%		Paid Off - 180		01-Oct-2004
1224 1			300,000.00		298,212.91			01-Jun-2005		6.900%		NY - 75.00%		Paid Off - 360		01-Nov-2004
1224 1					298,212.91			01-Jun-2005		6.900%		NY - 75.00%		Paid Off - 360		01-Nov-2004
1225 1			379,734.00		378,055.31			03-Jun-2005		8.400%		VA - 75.00%		Paid Off - 360		01-Nov-2004
1225 1					378,055.31			03-Jun-2005		8.400%		VA - 75.00%		Paid Off - 360		01-Nov-2004
1234 1			304,000.00		302,326.04			20-May-2005		7.300%		MA - 80.00%		Paid Off - 360		01-Nov-2004
1234 1					302,326.04			20-May-2005		7.300%		MA - 80.00%		Paid Off - 360		01-Nov-2004
1236 1			76,000.00		75,842.74			20-May-2005		11.990%		MA - 20.00%		Paid Off - 360		01-Nov-2004
1236 1					75,842.74			20-May-2005		11.990%		MA - 20.00%		Paid Off - 360		01-Nov-2004
1244 1			157,000.00		156,118.35			27-May-2005		7.200%		IL - 84.86%		Paid Off - 360		01-Nov-2004
1244 1					156,118.35			27-May-2005		7.200%		IL - 84.86%		Paid Off - 360		01-Nov-2004
1261 1			352,000.00		350,100.46			03-Jun-2005		7.550%		NJ - 81.86%		Paid Off - 360		01-Nov-2004
1261 1					350,100.46			03-Jun-2005		7.550%		NJ - 81.86%		Paid Off - 360		01-Nov-2004
1352 1			261,600.00		261,598.45			24-May-2005		6.400%		WA - 80.00%		Paid Off - 360		01-Dec-2004
1352 1					261,598.45			24-May-2005		6.400%		WA - 80.00%		Paid Off - 360		01-Dec-2004
1454 1			77,000.00		76,793.74			15-Jun-2005		10.800%		FL - 70.00%		Paid Off - 360		17-Oct-2004
1454 1					76,793.74			15-Jun-2005		10.800%		FL - 70.00%		Paid Off - 360		17-Oct-2004
1483 1			60,775.00		60,607.25			31-May-2005		10.300%		NY - 85.00%		Paid Off - 360		18-Nov-2004
1483 1					60,607.25			31-May-2005		10.300%		NY - 85.00%		Paid Off - 360		18-Nov-2004
1585 1			75,000.00		74,674.28			27-May-2005		7.720%		PA - 83.33%		Paid Off - 360		01-Dec-2004
1585 1					74,674.28			27-May-2005		7.720%		PA - 83.33%		Paid Off - 360		01-Dec-2004
1587 1			78,750.00		78,573.79			27-May-2005		10.900%		GA - 90.00%		Paid Off - 360		01-Dec-2004
1587 1					78,573.79			27-May-2005		10.900%		GA - 90.00%		Paid Off - 360		01-Dec-2004
1590 1			242,000.00		240,694.80			08-Jun-2005		6.600%		CA - 57.62%		Paid Off - 360		01-Dec-2004
1590 1					240,694.80			08-Jun-2005		6.600%		CA - 57.62%		Paid Off - 360		01-Dec-2004
1592 1			40,000.00		39,889.26			23-May-2005		9.900%		NY - 44.44%		Paid Off - 360		01-Dec-2004
1592 1					39,889.26			23-May-2005		9.900%		NY - 44.44%		Paid Off - 360		01-Dec-2004
1685 1			51,750.00		51,570.87			02-Jun-2005		8.825%		FL - 79.62%		Paid Off - 360		01-Dec-2004
1685 1					51,570.87			02-Jun-2005		8.825%		FL - 79.62%		Paid Off - 360		01-Dec-2004
1702 1			180,000.00		180,000.00			03-Jun-2005		8.900%		FL - 83.72%		Paid Off - 360		01-Dec-2004
1702 1					180,000.00			03-Jun-2005		8.900%		FL - 83.72%		Paid Off - 360		01-Dec-2004
1741 1			495,000.00		493,629.81			20-May-2005		9.900%		FL - 75.00%		Paid Off - 360		01-Dec-2004
1741 1					493,629.81			20-May-2005		9.900%		FL - 75.00%		Paid Off - 360		01-Dec-2004
1806 1			40,000.00		38,602.00			25-May-2005		10.050%		CA - 21.05%		Paid Off - 120		01-Nov-2004
1806 1					38,602.00			25-May-2005		10.050%		CA - 21.05%		Paid Off - 120		01-Nov-2004
1837 1			268,000.00		268,000.00			18-May-2005		6.125%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1837 1					268,000.00			18-May-2005		6.125%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1838 1			67,000.00		66,875.43			18-May-2005		11.750%		CA - 20.00%		Paid Off - 180		01-Dec-2004
1838 1					66,875.43			18-May-2005		11.750%		CA - 20.00%		Paid Off - 180		01-Dec-2004
1889 1			231,300.00		230,340.92			31-May-2005		7.000%		FL - 90.00%		Paid Off - 360		01-Jan-2005
1889 1					230,340.92			31-May-2005		7.000%		FL - 90.00%		Paid Off - 360		01-Jan-2005
1890 1			237,000.00		236,449.83			15-Jun-2005		9.850%		CA - 60.15%		Paid Off - 360		01-Jan-2005
1890 1					236,449.83			15-Jun-2005		9.850%		CA - 60.15%		Paid Off - 360		01-Jan-2005
1894 1			416,000.00		416,000.00			27-May-2005		7.250%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1894 1					416,000.00			27-May-2005		7.250%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1934 1			140,600.00		140,273.59			02-Jun-2005		9.850%		GA - 95.00%		Paid Off - 360		17-Dec-2004
1934 1					140,273.59			02-Jun-2005		9.850%		GA - 95.00%		Paid Off - 360		17-Dec-2004
1951 1			156,400.00		156,079.56			26-May-2005		10.450%		NJ - 85.00%		Paid Off - 360		22-Dec-2004
1951 1					156,079.56			26-May-2005		10.450%		NJ - 85.00%		Paid Off - 360		22-Dec-2004
1975 1			138,550.00		138,295.64			01-Jun-2005		10.950%		GA - 85.00%		Paid Off - 360		22-Dec-2004
1975 1					138,295.64			01-Jun-2005		10.950%		GA - 85.00%		Paid Off - 360		22-Dec-2004
2005 1			290,700.00		289,914.05			24-May-2005		9.150%		GA - 95.00%		Paid Off - 360		01-Jan-2005
2005 1					289,914.05			24-May-2005		9.150%		GA - 95.00%		Paid Off - 360		01-Jan-2005
2046 1			175,000.00		174,385.07			10-Jun-2005		6.690%		CA - 42.68%		Paid Off - 360		04-Jan-2005
2046 1					174,385.07			10-Jun-2005		6.690%		CA - 42.68%		Paid Off - 360		04-Jan-2005
2063 1			105,400.00		105,034.39			13-Jun-2005		7.900%		CA - 85.00%		Paid Off - 360		01-Jan-2005
2063 1					105,034.39			13-Jun-2005		7.900%		CA - 85.00%		Paid Off - 360		01-Jan-2005
2239 1			120,000.00		119,367.52			26-May-2005		5.750%		CA - 24.00%		Paid Off - 360		01-Jan-2005
2239 1					119,367.52			26-May-2005		5.750%		CA - 24.00%		Paid Off - 360		01-Jan-2005
2247 1			152,800.00		152,800.00			17-May-2005		6.640%		CA - 80.00%		Paid Off - 360		01-Jan-2005
2247 1					152,800.00			17-May-2005		6.640%		CA - 80.00%		Paid Off - 360		01-Jan-2005
2363 1			171,000.00		170,458.33			24-May-2005		8.350%		VA - 90.00%		Paid Off - 360		01-Jan-2005
2363 1					170,458.33			24-May-2005		8.350%		VA - 90.00%		Paid Off - 360		01-Jan-2005
2403 1			100,000.00		99,659.30			24-May-2005		7.990%		AZ - 68.97%		Paid Off - 360		01-Jan-2005
2403 1					99,659.30			24-May-2005		7.990%		AZ - 68.97%		Paid Off - 360		01-Jan-2005
2451 1			187,000.00		187,000.00			01-Jun-2005		8.990%		CA - 85.00%		Paid Off - 360		01-Dec-2004
2451 1					187,000.00			01-Jun-2005		8.990%		CA - 85.00%		Paid Off - 360		01-Dec-2004
2516 1			161,500.00		161,083.87			02-Jun-2005		8.300%		FL - 95.00%		Paid Off - 360		01-Feb-2005
2516 1					161,083.87			02-Jun-2005		8.300%		FL - 95.00%		Paid Off - 360		01-Feb-2005
2552 1			150,430.00		149,981.47			31-May-2005		8.990%		MN - 70.00%		Paid Off - 360		01-Jan-2005
2552 1					149,981.47					8.990%		MN - 70.00%		Paid Off - 360



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

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

June 27, 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

2558 1			323,550.00		322,440.40			27-May-2005		6.815%		CA - 67.69%		Paid Off - 360		01-Feb-2005
			323,550.00

2602 1			54,000.00		53,853.30			07-Jun-2005		7.990%		FL - 90.00%		Paid Off - 360		01-Feb-2005
2602 1					53,853.30			07-Jun-2005		7.990%		FL - 90.00%		Paid Off - 360		01-Feb-2005
2716 1			74,000.00		73,861.68			18-May-2005		9.800%		CA - 20.00%		Paid Off - 180		01-Feb-2005
2716 1					73,861.68			18-May-2005		9.800%		CA - 20.00%		Paid Off - 180		01-Feb-2005
2780 1			160,000.00		159,048.58			18-May-2005		9.990%		CA - 74.42%		Paid Off - 360		01-Dec-2004
2780 1					159,048.58			18-May-2005		9.990%		CA - 74.42%		Paid Off - 360		01-Dec-2004
2784 1			135,000.00		134,501.49			01-Jun-2005		8.510%		IL - 75.00%		Paid Off - 360		01-Dec-2004
2784 1					134,501.49			01-Jun-2005		8.510%		IL - 75.00%		Paid Off - 360		01-Dec-2004
2819 1			56,850.00		56,169.53			18-May-2005		9.990%		NY - 15.00%		Paid Off - 180		01-Dec-2004
2819 1					56,169.53			18-May-2005		9.990%		NY - 15.00%		Paid Off - 180		01-Dec-2004
2865 1			110,500.00		110,247.62			23-May-2005		8.840%		CA - 85.00%		Paid Off - 360		01-Feb-2005
2865 1					110,247.62			23-May-2005		8.840%		CA - 85.00%		Paid Off - 360		01-Feb-2005
2894 1			472,500.00		470,502.54			09-Jun-2005		7.450%		MI - 90.00%		Paid Off - 360		01-Jan-2005
2894 1					470,502.54			09-Jun-2005		7.450%		MI - 90.00%		Paid Off - 360		01-Jan-2005
2977 1			334,000.00		332,692.76			13-Jun-2005		6.130%		IL - 75.91%		Paid Off - 360		01-Feb-2005
2977 1					332,692.76			13-Jun-2005		6.130%		IL - 75.91%		Paid Off - 360		01-Feb-2005
2978 1			268,000.00		267,039.05			06-Jun-2005		6.590%		CA - 77.01%		Paid Off - 360		01-Feb-2005
2978 1					267,039.05			06-Jun-2005		6.590%		CA - 77.01%		Paid Off - 360		01-Feb-2005
3054 1			246,250.00		245,144.00			09-Jun-2005		7.550%		CA - 89.55%		Paid Off - 360		01-Dec-2004
3054 1					245,144.00			09-Jun-2005		7.550%		CA - 89.55%		Paid Off - 360		01-Dec-2004
3066 1			120,400.00		120,260.13			27-May-2005		12.000%		CA - 20.00%		Paid Off - 180		01-Feb-2005
3066 1					120,260.13			27-May-2005		12.000%		CA - 20.00%		Paid Off - 180		01-Feb-2005
3110 1			187,000.00		186,301.65			18-May-2005		6.375%		CA - 85.00%		Paid Off - 360		01-Feb-2005
3110 1					186,301.65			18-May-2005		6.375%		CA - 85.00%		Paid Off - 360		01-Feb-2005
3128 1			288,000.00		287,379.93			02-Jun-2005		9.125%		ME - 72.73%		Paid Off - 360		01-Feb-2005
3128 1					287,379.93			02-Jun-2005		9.125%		ME - 72.73%		Paid Off - 360		01-Feb-2005
3183 1			77,000.00		76,858.34			20-May-2005		9.875%		FL - 70.00%		Paid Off - 360		01-Feb-2005
3183 1					76,858.34			20-May-2005		9.875%		FL - 70.00%		Paid Off - 360		01-Feb-2005
3195 1			150,500.00		149,964.45			08-Jun-2005		6.625%		MD - 64.87%		Paid Off - 360		01-Feb-2005
3195 1					149,964.45			08-Jun-2005		6.625%		MD - 64.87%		Paid Off - 360		01-Feb-2005
3255 1			135,900.00		135,489.10			31-May-2005		7.490%		FL - 90.00%		Paid Off - 360		01-Feb-2005
3255 1					135,489.10			31-May-2005		7.490%		FL - 90.00%		Paid Off - 360		01-Feb-2005
3260 1			183,415.00		182,864.30			31-May-2005		7.490%		FL - 90.00%		Paid Off - 360		01-Feb-2005
3260 1					182,864.30			31-May-2005		7.490%		FL - 90.00%		Paid Off - 360		01-Feb-2005
3269 1			359,200.00		359,200.00			23-May-2005		6.640%		CA - 80.00%		Paid Off - 360		01-Feb-2005
3269 1					359,200.00			23-May-2005		6.640%		CA - 80.00%		Paid Off - 360		01-Feb-2005
3294 1			148,800.00		148,229.72			09-Jun-2005		6.240%		FL - 80.00%		Paid Off - 360		01-Feb-2005
3294 1					148,229.72			09-Jun-2005		6.240%		FL - 80.00%		Paid Off - 360		01-Feb-2005
3322 1			323,000.00		321,992.97			06-Jun-2005		7.300%		CA - 85.00%		Paid Off - 360		01-Feb-2005
3322 1					321,992.97			06-Jun-2005		7.300%		CA - 85.00%		Paid Off - 360		01-Feb-2005
3385 1			89,800.00		89,632.15			23-May-2005		9.800%		CA - 20.00%		Paid Off - 180		01-Feb-2005
3385 1					89,632.15			23-May-2005		9.800%		CA - 20.00%		Paid Off - 180		01-Feb-2005
3397 1			37,200.00		37,133.20			09-Jun-2005		9.990%		FL - 20.00%		Paid Off - 180		01-Feb-2005
3397 1					37,133.20			09-Jun-2005		9.990%		FL - 20.00%		Paid Off - 180		01-Feb-2005
3435 1			132,000.00		131,428.17			08-Jun-2005		8.500%		FL - 60.83%		Paid Off - 360		01-Nov-2004
3435 1					131,428.17			08-Jun-2005		8.500%		FL - 60.83%		Paid Off - 360		01-Nov-2004
3450 1			271,992.00		271,992.00			31-May-2005		6.790%		CA - 80.00%		Paid Off - 360		01-Nov-2004
3450 1					271,992.00			31-May-2005		6.790%		CA - 80.00%		Paid Off - 360		01-Nov-2004
3456 1			400,000.00		397,984.28			10-Jun-2005		6.950%		CA - 45.45%		Paid Off - 360		01-Dec-2004
3456 1					397,984.28			10-Jun-2005		6.950%		CA - 45.45%		Paid Off - 360		01-Dec-2004
3596 1			39,000.00		38,952.06			03-Jun-2005		10.400%		IL - 20.00%		Paid Off - 180		01-Mar-2005
3596 1					38,952.06			03-Jun-2005		10.400%		IL - 20.00%		Paid Off - 180		01-Mar-2005
3634 1			204,000.00		203,645.31			15-Jun-2005		8.750%		MN - 80.00%		Paid Off - 360		01-Mar-2005
3634 1					203,645.31			15-Jun-2005		8.750%		MN - 80.00%		Paid Off - 360		01-Mar-2005
3656 1			108,000.00		107,254.24			08-Jun-2005		8.500%		MI - 80.00%		Paid Off - 360		01-Jul-2004
3656 1					107,254.24			08-Jun-2005		8.500%		MI - 80.00%		Paid Off - 360		01-Jul-2004
3660 1			259,560.00		259,560.00			01-Jun-2005		8.500%		NY - 80.00%		Paid Off - 360		01-Aug-2004
3660 1					259,560.00			01-Jun-2005		8.500%		NY - 80.00%		Paid Off - 360		01-Aug-2004
3668 1			293,200.00		290,540.10			01-Jun-2005		7.130%		CA - 84.50%		Paid Off - 360		01-Aug-2004
3668 1					290,540.10			01-Jun-2005		7.130%		CA - 84.50%		Paid Off - 360		01-Aug-2004
3699 1			344,250.00		344,246.49			09-Jun-2005		8.250%		CA - 85.00%		Paid Off - 360		01-Aug-2004
3699 1					344,246.49			09-Jun-2005		8.250%		CA - 85.00%		Paid Off - 360		01-Aug-2004
3705 1			182,700.00		181,158.93			19-May-2005		7.490%		CA - 90.00%		Paid Off - 360		01-Aug-2004
3705 1					181,158.93			19-May-2005		7.490%		CA - 90.00%		Paid Off - 360		01-Aug-2004
3785 1			260,000.00		259,242.19			13-Jun-2005		8.750%		CA - 68.42%		Paid Off - 360		01-Feb-2005
3785 1					259,242.19			13-Jun-2005		8.750%		CA - 68.42%		Paid Off - 360		01-Feb-2005
3810 1			233,000.00		233,000.00			19-May-2005		6.900%		CA - 77.41%		Paid Off - 360		01-Mar-2005
3810 1					233,000.00			19-May-2005		6.900%		CA - 77.41%		Paid Off - 360		01-Mar-2005
420522 1			33,000.00		32,928.33			15-Jun-2005		11.100%		CA - 9.17%		Paid Off - 180		01-Dec-2004
420522 1					32,928.33			15-Jun-2005		11.100%		CA - 9.17%		Paid Off - 180		01-Dec-2004
6000116221 1			306,000.00		306,000.00			14-Jun-2005		6.350%		VA - 85.00%		Paid Off - 360		01-Nov-2004
6000116221 1					306,000.00			14-Jun-2005		6.350%		VA - 85.00%		Paid Off - 360		01-Nov-2004


TOTAL			20,995,136.00		20,907,813.34
TOTAL


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

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

June 27, 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

June 27, 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

June 27, 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

June 27, 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

June 27, 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								19,170,042.65
						Ending Balance								646,015,927.12
						Senior Enhancement Percentage								19.3700%



ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
														Total
Basis Risk CarryForward Amount Paid														1,920.82
Basis Risk CarryForward Amount Unpaid														0.000
Excess Reserve Fund Account Balance														0.00
Current LIBOR Rate														3.090000%
Next LIBOR Rate														3.314380%




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

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

June 27, 2005 Distribution
Other Related Information
ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
														Total









Page 26 of 26

IXIS Real Estate Capital Trust 2005-HE1 8-K