
                                       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):  July 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
     July 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:  Jul 26, 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 July 25, 2005.



IXIS Real Estate Capital Trust 2005-HE1

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

July 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					22
										11. Realized Loss Detail Report					25
				Servicer(s)						11. Realized Loss Detail Report					25
				Servicer(s)						12. Triggers and Adj. Cert. Report					26
				Countrywide Funding Corporation						12. Triggers and Adj. Cert. Report					26
				Countrywide Funding Corporation						13. Other Related Information					27
										13. Other Related Information					27


				Underwriter(s)
				Morgan Stanley


										Total Number of Pages					27
										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:			July 25, 2005
										Factor Information:			(800) 735-7777
				Record Date:			June 30, 2005			Factor Information:			(800) 735-7777
										Main Phone Number:			(714) 247-6000

							July 22, 2005
							July 22, 2005

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






Page 1 of 27
IXIS Real Estate Capital Trust 2005-HE1

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

July 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		178,344,462.09		494,423.56		8,819,714.83		9,314,138.39		0.00		0.00		169,524,747.26
A-1	FLT, STEP	$	200,000,000.00		178,344,462.09		494,423.56		8,819,714.83		9,314,138.39		0.00		0.00		169,524,747.26
A-2	FLT, STEP	$	157,000,000.00		116,885,822.97		311,314.48		16,337,419.26		16,648,733.74		0.00		0.00		100,548,403.71
A-3	FLT, STEP	$	176,425,000.00		176,425,000.00		487,730.05		0.00		487,730.05		0.00		0.00		176,425,000.00
A-4	FLT, STEP	$	37,050,000.00		37,050,000.00		105,883.38		0.00		105,883.38		0.00		0.00		37,050,000.00
M-1	MEZ, FLT, S	$	28,311,000.00		28,311,000.00		83,330.79		0.00		83,330.79		0.00		0.00		28,311,000.00
M-2	MEZ, FLT, S	$	22,649,000.00		22,649,000.00		67,017.54		0.00		67,017.54		0.00		0.00		22,649,000.00
M-3	MEZ, FLT, S	$	13,802,000.00		13,802,000.00		41,161.64		0.00		41,161.64		0.00		0.00		13,802,000.00
M-4	MEZ, FLT, S	$	13,094,000.00		13,094,000.00		40,883.34		0.00		40,883.34		0.00		0.00		13,094,000.00
M-5	MEZ, FLT, S	$	11,678,000.00		11,678,000.00		36,734.65		0.00		36,734.65		0.00		0.00		11,678,000.00
M-6	MEZ, FLT, S	$	10,263,000.00		10,263,000.00		32,762.53		0.00		32,762.53		0.00		0.00		10,263,000.00
B-1	SUB	$	9,555,000.00		9,555,000.00		34,143.90		0.00		34,143.90		0.00		0.00		9,555,000.00
B-2	SUB	$	7,786,000.00		7,786,000.00		28,125.33		0.00		28,125.33		0.00		0.00		7,786,000.00
B-3	SUB	$	5,309,000.00		5,309,000.00		22,357.18		0.00		22,357.18		0.00		0.00		5,309,000.00
B-4	SUB	$	7,078,000.00		7,078,000.00		37,513.92		0.00		37,513.92		0.00		0.00		7,078,000.00
X	SUB	$	7,785,542.00		7,785,642.00		1,897,919.71		0.00		1,897,919.71		0.00		0.05		7,785,642.05
P	EXE	$	100.00		0.00		565,509.39		0.00		565,509.39		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		646,015,927.06		4,286,811.39		25,157,134.09		29,443,945.48		0.00		0.05		620,858,793.02
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	06/27/05		07/24/05		A-Act/360		45071KAM6		200,000,000.00		891.722310		2.472118		44.098574		46.570692	847.623736
A-2	06/27/05		07/24/05		A-Act/360		45071KAN4		157,000,000.00		744.495688		1.982895		104.059995		106.042890	640.435692
A-3	06/27/05		07/24/05		A-Act/360		45071KAP9		176,425,000.00		1,000.000000		2.764518		0.000000		2.764518	1,000.000000
A-4	06/27/05		07/24/05		A-Act/360		45071KAQ7		37,050,000.00		1,000.000000		2.857851		0.000000		2.857851	1,000.000000
M-1	06/27/05		07/24/05		A-Act/360		45071KAR5		28,311,000.00		1,000.000000		2.943407		0.000000		2.943407	1,000.000000
M-2	06/27/05		07/24/05		A-Act/360		45071KAS3		22,649,000.00		1,000.000000		2.958962		0.000000		2.958962	1,000.000000
M-3	06/27/05		07/24/05		A-Act/360		45071KAT1		13,802,000.00		1,000.000000		2.982295		0.000000		2.982295	1,000.000000
M-4	06/27/05		07/24/05		A-Act/360		45071KAU8		13,094,000.00		1,000.000000		3.122296		0.000000		3.122296	1,000.000000
M-5	06/27/05		07/24/05		A-Act/360		45071KAV6		11,678,000.00		1,000.000000		3.145629		0.000000		3.145629	1,000.000000
M-6	06/27/05		07/24/05		A-Act/360		45071KAW4		10,263,000.00		1,000.000000		3.192296		0.000000		3.192296	1,000.000000
B-1	06/27/05		07/24/05		A-Act/360		45071KAX2		9,555,000.00		1,000.000000		3.573407		0.000000		3.573407	1,000.000000
B-2	06/27/05		07/24/05		A-Act/360		45071KAY0		7,786,000.00		1,000.000000		3.612295		0.000000		3.612295	1,000.000000
B-3	06/27/05		07/24/05		A-Act/360		45071KAZ7		5,309,000.00		1,000.000000		4.211185		0.000000		4.211185	1,000.000000
B-4	06/27/05		07/24/05		A-Act/360		45071KBA1		7,078,000.00		1,000.000000		5.300073		0.000000		5.300073	1,000.000000
X	06/27/05		07/24/05		A-Act/360				7,785,542.00		1,000.012844		243.774898		0.000000		243.774898	1,000.012851
P	06/27/05		07/24/05				100.00		0.000000		5,655,093.900000		0.000000		5,655,093.900000		0.000000
R	06/27/05		07/24/05				0.00		0.000000		0.000000		0.000000		0.000000		0.000000



Page 2 of 27
IXIS Real Estate Capital Trust 2005-HE1

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

July 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		2,571,813.11		29,884,841.43		590,411.31		30,475,252.74		33,047,065.85		0.00		0.00		169,524,747.26
A-2	157,000,000.00		1,791,625.75		55,357,933.15		1,093,663.14		56,451,596.29		58,243,222.04		0.00		0.00		100,548,403.71
A-3	176,425,000.00		2,381,456.40		0.00		0.00		0.00		2,381,456.40		0.00		0.00		176,425,000.00
A-4	37,050,000.00		518,764.47		0.00		0.00		0.00		518,764.47		0.00		0.00		37,050,000.00
M-1	28,311,000.00		409,465.65		0.00		0.00		0.00		409,465.65		0.00		0.00		28,311,000.00
M-2	22,649,000.00		329,475.42		0.00		0.00		0.00		329,475.42		0.00		0.00		22,649,000.00
M-3	13,802,000.00		202,514.69		0.00		0.00		0.00		202,514.69		0.00		0.00		13,802,000.00
M-4	13,094,000.00		202,012.29		0.00		0.00		0.00		202,012.29		0.00		0.00		13,094,000.00
M-5	11,678,000.00		181,635.92		0.00		0.00		0.00		181,635.92		0.00		0.00		11,678,000.00
M-6	10,263,000.00		162,210.32		0.00		0.00		0.00		162,210.32		0.00		0.00		10,263,000.00
B-1	9,555,000.00		170,658.32		0.00		0.00		0.00		170,658.32		0.00		0.00		9,555,000.00
B-2	7,786,000.00		140,695.75		0.00		0.00		0.00		140,695.75		0.00		0.00		7,786,000.00
B-3	5,309,000.00		113,082.09		0.00		0.00		0.00		113,082.09		0.00		0.00		5,309,000.00
B-4	7,078,000.00		192,325.50		0.00		0.00		0.00		192,325.50		0.00		0.00		7,078,000.00
X	7,785,542.00		8,839,283.75		-97.11		-2.94		0.00		8,839,283.75		0.00		100.05		7,785,642.05
P	100.00		1,863,051.64		0.00		0.00		100.00		1,863,151.64		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		20,070,071.07		85,242,677.47		1,684,071.51		86,926,949.03		106,997,020.10		0.00		100.05		620,858,793.02


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	3.56438%		178,344,462.09		494,423.56		0.00		0.00		0.00		494,423.56		494,423.56		0.00
A-2	3.42438%		116,885,822.97		311,314.48		0.00		0.00		0.00		311,314.48		311,314.48		0.00
A-3	3.55438%		176,425,000.00		487,730.05		0.00		0.00		0.00		487,730.05		487,730.05		0.00
A-4	3.67438%		37,050,000.00		105,883.38		0.00		0.00		0.00		105,883.38		105,883.38		0.00
M-1	3.78438%		28,311,000.00		83,330.79		0.00		0.00		0.00		83,330.79		83,330.79		0.00
M-2	3.80438%		22,649,000.00		67,017.54		0.00		0.00		0.00		67,017.54		67,017.54		0.00
M-3	3.83438%		13,802,000.00		41,161.64		0.00		0.00		0.00		41,161.64		41,161.64		0.00
M-4	4.01438%		13,094,000.00		40,883.34		0.00		0.00		0.00		40,883.34		40,883.34		0.00
M-5	4.04438%		11,678,000.00		36,734.65		0.00		0.00		0.00		36,734.65		36,734.65		0.00
M-6	4.10438%		10,263,000.00		32,762.53		0.00		0.00		0.00		32,762.53		32,762.53		0.00
B-1	4.59438%		9,555,000.00		34,143.90		0.00		0.00		0.00		34,143.90		34,143.90		0.00
B-2	4.64438%		7,786,000.00		28,125.33		0.00		0.00		0.00		28,125.33		28,125.33		0.00
B-3	5.41438%		5,309,000.00		22,357.18		0.00		0.00		0.00		22,357.18		22,357.18		0.00
B-4	6.81438%		7,078,000.00		37,513.92		0.00		0.00		0.00		37,513.92		37,513.92		0.00
X	313.42085%		7,785,642.00		0.00		0.00		0.00		0.00		0.00		1,897,919.76		0.00
P	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		565,509.39		0.00
R	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00

Total			646,015,927.06		1,823,382.29		0.00		0.00		0.00		1,823,382.29		4,286,811.44		0.00



Page 3 of 27
IXIS Real Estate Capital Trust 2005-HE1

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

July 25, 2005 Distribution
Collection Account Report
SUMMARY
SUMMARY
														Total
Principal Collections														25,157,134.04
Principal Withrawals														0.00
Principal Other Accounts														0.00
TOTAL NET PRINCIPAL														25,157,134.04
Interest Collections														3,782,774.03
Interest Withdrawals														-0.00
Interest Other Accounts														565,509.39
Interest Fees														-61,471.98
TOTAL NET INTEREST														4,286,811.44
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION														29,443,945.48



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
															Total
Scheduled Principal Received															343,948.50
Prepayments In Full															24,782,680.56
Curtailments															30,504.98
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															-273,474.11
Advanced Principal															273,474.11
TOTAL PRINCIPAL COLLECTED															25,157,134.04


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



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





Page 4 of 27
IXIS Real Estate Capital Trust 2005-HE1

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

July 25, 2005 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
														Total
Scheduled Interest														3,992,790.24
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														-17,292.07
Compensating Interest														17,292.07
Delinquent Interest														-3,085,896.53
Interest Advanced														2,875,880.32
TOTAL INTEREST COLLECTED														3,782,774.03


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



INTEREST - OTHER ACCOUNTS
INTEREST - OTHER ACCOUNTS
														Total
Prepayment Charges														565,509.39
TOTAL INTEREST OTHER ACCOUNTS														565,509.39



INTEREST - FEES
INTEREST - FEES
														Total
Current Servicing Fees														59,157.09
Current Trustee Fees														2,314.89
TOTAL INTEREST OTHER FEES														61,471.98




Page 5 of 27
IXIS Real Estate Capital Trust 2005-HE1

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

July 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 27
IXIS Real Estate Capital Trust 2005-HE1

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

July 25, 2005 Distribution
Collateral Report


COLLATERAL



															Total



Loan Count:


Original														3,403
Prior														3,822
Prefunding														0
Scheduled Paid Offs														-0
Full Voluntary Prepayments														-129
Repurchases														-0
Liquidations														-0
Current														3,693
Principal Balance:


Original														584,039,192.89
Prior														646,015,927.12
Prefunding														0.00
Scheduled Principal														-343,948.50
Partial Prepayments														-30,504.98
Full Voluntary Prepayments														-24,782,680.56
Repurchases														-0.00
Liquidations														-0.00
Current														620,858,793.03





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





Page 7 of 27
IXIS Real Estate Capital Trust 2005-HE1

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

July 25, 2005 Distribution

CHARACTERISTICS
CHARACTERISTICS
														Total
Weighted Average Coupon Original														7.44269%
Weighted Average Coupon Prior														7.42764%
Weighted Average Coupon Current														7.41676%
Weighted Average Months to Maturity Original														349
Weighted Average Months to Maturity Prior														345
Weighted Average Months to Maturity Current														344
Weighted Avg Remaining Amortization Term Original														349
Weighted Avg Remaining Amortization Term Prior														345
Weighted Avg Remaining Amortization Term Current														344
Weighted Average Seasoning Original														4.33
Weighted Average Seasoning Prior														6.95
Weighted Average Seasoning Current														7.92









Page 8 of 27
IXIS Real Estate Capital Trust 2005-HE1

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

July 25, 2005 Distribution

ARM CHARACTERISTICS
ARM CHARACTERISTICS
														Total
Weighted Average Margin Original														6.66961%
Weighted Average Margin Prior														6.62168%
Weighted Average Margin Current														6.61621%
Weighted Average Max Rate Original														13.83833%
Weighted Average Max Rate Prior														13.81305%
Weighted Average Max Rate Current														13.79960%
Weighted Average Min Rate Original														7.31764%
Weighted Average Min Rate Prior														7.29867%
Weighted Average Min Rate Current														7.28660%
Weighted Average Cap Up Original														1.25975%
Weighted Average Cap Up Prior														1.24122%
Weighted Average Cap Up Current														1.24115%
Weighted Average Cap Down Original														1.25975%
Weighted Average Cap Down Prior														1.24122%
Weighted Average Cap Down Current														1.24115%




SERVICING FEES & ADVANCES

															Total




Current Servicing Fees														59,157.09
Delinquent Servicing Fees														210,016.21
TOTAL SERVICING FEES														269,173.31


Compensating Interest														-17,292.07
Delinquent Servicing Fees														-210,016.21
COLLECTED SERVICING FEES														41,865.03


Aggregate Advances with respect to this Distribution														3,149,354.43





ADDITIONAL COLLATERAL INFORMATION
														Total
Net Prepayment Interest Shortfall														0.00




Page 9 of 27
IXIS Real Estate Capital Trust 2005-HE1

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

July 25, 2005 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				10,797,538.15		2,625,408.79		599,334.81		14,022,281.75
			% Balance				1.74%		0.42%		0.10%		2.26%
			# Loans				68		21		7		96
			% # Loans				1.84%		0.57%		0.19%		2.60%
	FORECLOSURE		Balance		0.00		67,953.20		2,385,064.61		4,281,273.27		6,734,291.08
			% Balance		0.00%		0.01%		0.38%		0.69%		1.08%
			# Loans		0		1		14		23		38
			% # Loans		0.00%		0.03%		0.38%		0.62%		1.03%
	BANKRUPTCY		Balance		111,727.45		0.00		0.00		584,085.64		695,813.09
			% Balance		0.02%		0.00%		0.00%		0.09%		0.11%
			# Loans		1		0		0		4		5
			% # Loans		0.03%		0.00%		0.00%		0.11%		0.14%
	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		111,727.45		10,865,491.35		5,010,473.40		5,464,693.72		21,452,385.92
			% Balance		0.02%		1.75%		0.81%		0.88%		3.46%
			# Loans		1		69		35		34		139
			% # Loans		0.03%		1.87%		0.95%		0.92%		3.76%









Page 10 of 27
IXIS Real Estate Capital Trust 2005-HE1

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

July 25, 2005 Distribution


	GROUP 1
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				10,797,538.15		2,625,408.79		599,334.81		14,022,281.75
			% Balance				1.74%		0.42%		0.10%		2.26%
			# Loans				68		21		7		96
			% # Loans				1.84%		0.57%		0.19%		2.60%
	FORECLOSURE		Balance		0.00		67,953.20		2,385,064.61		4,281,273.27		6,734,291.08
			% Balance		0.00%		0.01%		0.38%		0.69%		1.08%
			# Loans		0		1		14		23		38
			% # Loans		0.00%		0.03%		0.38%		0.62%		1.03%
	BANKRUPTCY		Balance		111,727.45		0.00		0.00		584,085.64		695,813.09
			% Balance		0.02%		0.00%		0.00%		0.09%		0.11%
			# Loans		1		0		0		4		5
			% # Loans		0.03%		0.00%		0.00%		0.11%		0.14%
	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		111,727.45		10,865,491.35		5,010,473.40		5,464,693.72		21,452,385.92
			% Balance		0.02%		1.75%		0.81%		0.88%		3.46%
			# Loans		1		69		35		34		139
			% # Loans		0.03%		1.87%		0.95%		0.92%		3.76%










Page 11 of 27
IXIS Real Estate Capital Trust 2005-HE1

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

July 25, 2005 Distribution
	GROUP 2










Page 12 of 27
IXIS Real Estate Capital Trust 2005-HE1

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

July 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 27
IXIS Real Estate Capital Trust 2005-HE1

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

July 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
366 1
366 1			68,400.00		67,953.20		04-Mar-2005		9.000%		IA - 60.00%		360		04-Sep-2004

469 1			87,200.00		86,256.18		01-Dec-2004		7.500%		GA - 80.00%		360		01-Jun-2004
484 1			76,500.00		75,678.07		01-Dec-2004		7.840%		IL - 90.00%		360		01-Aug-2004
796 1			61,200.00		60,849.67		01-Feb-2005		8.400%		OH - 90.00%		360		01-Nov-2004
804 1			79,050.00		78,558.71		01-Dec-2004		7.990%		OH - 85.00%		360		01-Nov-2004
925 1			315,000.00		312,616.57		01-Mar-2005		6.990%		CA - 75.00%		360		01-Nov-2004
940 1			100,000.00		99,421.81		01-Mar-2005		8.350%		IN - 80.00%		360		01-Nov-2004
968 1			263,700.00		261,507.38		01-Feb-2005		6.500%		CA - 90.00%		360		01-Nov-2004
1041 1			139,500.00		138,402.85		01-Mar-2005		6.790%		GA - 90.00%		360		01-Nov-2004
1115 1			80,000.00		79,493.77		01-Dec-2004		7.900%		NJ - 23.19%		360		01-Nov-2004
1287 1			140,000.00		138,808.97		01-Mar-2005		6.380%		CA - 80.00%		360		01-Nov-2004
1472 1			160,000.00		159,475.42		05-Dec-2004		10.500%		GA - 100.00%		360		05-Nov-2004
1543 1			72,000.00		71,753.65		26-Feb-2005		10.300%		LA - 80.00%		360		26-Nov-2004
1643 1			228,750.00		227,976.35		04-Dec-2004		9.700%		MA - 75.00%		360		04-Dec-2004
1872 1			525,000.00		521,678.15		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
1900 1			188,000.00		186,994.98		01-Feb-2005		7.450%		FL - 80.00%		360		01-Jan-2005
1962 1			46,410.00		46,277.40		22-Dec-2004		10.500%		LA - 70.00%		360		22-Dec-2004
2207 1			270,000.00		268,823.14		01-Mar-2005		8.575%		CA - 90.00%		360		01-Jan-2005
2416 1			380,000.00		379,884.83		01-Mar-2005		7.230%		CA - 80.00%		360		01-Jan-2005
2469 1			225,000.00		224,321.27		01-Jan-2005		9.490%		FL - 90.00%		360		01-Feb-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		109,576.81		01-Feb-2005		6.440%		GA - 80.00%		360		01-Dec-2004
2833 1			274,400.00		273,108.61		01-Dec-2004		8.090%		ID - 80.00%		360		01-Jan-2005
2886 1			184,500.00		183,388.87		01-Feb-2005		8.090%		RI - 90.00%		360		01-Jan-2005
2919 1			88,000.00		87,693.10		01-Mar-2005		8.790%		GA - 80.00%		360		01-Feb-2005
3051 1			339,500.00		338,107.38		01-Jan-2005		7.990%		CA - 70.00%		360		01-Feb-2005
3086 1			382,500.00		380,934.21		01-Feb-2005		8.000%		CA - 90.00%		360		01-Feb-2005
3345 1			72,000.00		71,753.96		01-Mar-2005		7.975%		MD - 80.00%		360		01-Mar-2005
3362 1			225,000.00		224,993.72		01-Mar-2005		6.100%		CA - 75.00%		360		01-Feb-2005
3434 1			67,500.00		67,093.71		01-Jan-2005		8.150%		OH - 75.00%		360		01-Nov-2004
3461 1			45,600.00		45,456.71		20-Jan-2005		10.700%		NC - 60.00%		360		20-Nov-2004
3476 1			88,200.00		87,869.00		17-Feb-2005		9.200%		FL - 90.00%		360		17-Dec-2004
3481 1			85,800.00		85,565.17		01-Jan-2005		10.700%		TN - 65.00%		360		01-Jan-2005
3534 1			228,000.00		226,588.83		01-Mar-2005		6.700%		NH - 84.44%		360		01-Jan-2005
3739 1			91,800.00		91,360.27		01-Mar-2005		9.800%		IN - 90.00%		360		01-Oct-2004
3759 1			139,750.00		139,374.45		22-Jan-2005		10.850%		CA - 65.00%		360		22-Dec-2004
3884 1			185,900.00		185,093.91		01-Mar-2005		6.250%		AZ - 87.53%		360		01-Apr-2005


TOTAL			6,764,160.00		6,734,291.08


Page 14 of 27
IXIS Real Estate Capital Trust 2005-HE1

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

July 25, 2005 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

															Total




Current


Number of Paid in Full Loans														129
Number of Repurchased Loans														0
Total Number of Loans Prepaid in Full														129
Curtailments Amount														30,504.98
Paid in Full Balance														24,782,680.56
Repurchased Loans Balance														0.00
Total Prepayment Amount														24,813,185.54

Cumulative


Number of Paid in Full Loans														441
Number of Repurchased Loans														0
Total Number of Loans Prepaid in Full														441
Paid in Full Balance														85,034,650.52
Repurchased Loans Balance														0.00
Curtailments Amount														187,159.21
Total Prepayment Amount														85,221,809.73










Page 15 of 27
IXIS Real Estate Capital Trust 2005-HE1

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

July 25, 2005 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

															Total



SMM														3.84%
3 Months Avg SMM														3.17%
12 Months Avg SMM														2.68%
Avg SMM Since Cut-off														2.68%


CPR														37.52%
3 Months Avg CPR														32.07%
12 Months Avg CPR														27.81%
Avg CPR Since Cut-off														27.81%


PSA														2,369.42%
3 Months Avg PSA Approximation														2,285.68%
12 Months Avg PSA Approximation														2,273.62%
Avg PSA Since Cut-off Approximation														2,273.63%










Page 16 of 27
IXIS Real Estate Capital Trust 2005-HE1

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

July 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 27
IXIS Real Estate Capital Trust 2005-HE1

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

July 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

32 1			300,000.00		300,000.00			08-Jul-2005		7.490%		CA - 74.63%		Paid Off - 360		01-Jul-2004
			300,000.00

37 1			64,800.00		64,305.08			08-Jul-2005		8.450%		KS - 80.00%		Paid Off - 360		01-Jul-2004
37 1					64,305.08			08-Jul-2005		8.450%		KS - 80.00%		Paid Off - 360		01-Jul-2004
39 1			160,000.00		159,246.03			01-Jul-2005		10.800%		MD - 64.52%		Paid Off - 360		20-Jun-2004
39 1					159,246.03			01-Jul-2005		10.800%		MD - 64.52%		Paid Off - 360		20-Jun-2004
43 1			270,000.00		266,584.09			21-Jun-2005		5.840%		CA - 83.08%		Paid Off - 360		01-Jul-2004
43 1					266,584.09			21-Jun-2005		5.840%		CA - 83.08%		Paid Off - 360		01-Jul-2004
51 1			166,250.00		164,915.37			29-Jun-2005		8.200%		FL - 95.00%		Paid Off - 360		01-Jul-2004
51 1					164,915.37			29-Jun-2005		8.200%		FL - 95.00%		Paid Off - 360		01-Jul-2004
97 1			344,250.00		341,350.16			15-Jul-2005		7.500%		MA - 85.00%		Paid Off - 360		15-Jul-2004
97 1					341,350.16			15-Jul-2005		7.500%		MA - 85.00%		Paid Off - 360		15-Jul-2004
103 1			58,500.00		58,246.55			22-Jun-2005		10.750%		AR - 90.00%		Paid Off - 360		22-Jul-2004
103 1					58,246.55			22-Jun-2005		10.750%		AR - 90.00%		Paid Off - 360		22-Jul-2004
121 1			67,800.00		67,131.87			30-Jun-2005		6.690%		OH - 79.95%		Paid Off - 360		01-Aug-2004
121 1					67,131.87			30-Jun-2005		6.690%		OH - 79.95%		Paid Off - 360		01-Aug-2004
163 1			166,500.00		159,696.60			11-Jul-2005		6.990%		CA - 90.00%		Paid Off - 180		01-Jul-2004
163 1					159,696.60			11-Jul-2005		6.990%		CA - 90.00%		Paid Off - 180		01-Jul-2004
193 1			85,500.00		82,577.99			15-Jul-2005		7.125%		PA - 90.00%		Paid Off - 360		01-Jul-2004
193 1					82,577.99			15-Jul-2005		7.125%		PA - 90.00%		Paid Off - 360		01-Jul-2004
207 1			396,000.00		396,000.00			29-Jun-2005		8.500%		CA - 90.00%		Paid Off - 360		01-Aug-2004
207 1					396,000.00			29-Jun-2005		8.500%		CA - 90.00%		Paid Off - 360		01-Aug-2004
240 1			235,920.00		235,896.92			22-Jun-2005		6.750%		FL - 80.00%		Paid Off - 360		01-Aug-2004
240 1					235,896.92			22-Jun-2005		6.750%		FL - 80.00%		Paid Off - 360		01-Aug-2004
241 1			58,980.00		58,722.23			22-Jun-2005		10.990%		FL - 20.00%		Paid Off - 180		01-Aug-2004
241 1					58,722.23			22-Jun-2005		10.990%		FL - 20.00%		Paid Off - 180		01-Aug-2004
259 1			112,800.00		111,647.18			11-Jul-2005		6.500%		MI - 80.00%		Paid Off - 360		01-Aug-2004
259 1					111,647.18			11-Jul-2005		6.500%		MI - 80.00%		Paid Off - 360		01-Aug-2004
273 1			59,980.00		59,781.50			14-Jul-2005		12.000%		FL - 20.00%		Paid Off - 180		01-Aug-2004
273 1					59,781.50			14-Jul-2005		12.000%		FL - 20.00%		Paid Off - 180		01-Aug-2004
318 1			216,000.00		216,000.00			30-Jun-2005		7.250%		CA - 80.00%		Paid Off - 360		01-Sep-2004
318 1					216,000.00			30-Jun-2005		7.250%		CA - 80.00%		Paid Off - 360		01-Sep-2004
333 1			108,000.00		107,466.05			24-Jun-2005		9.650%		CA - 90.00%		Paid Off - 360		28-Aug-2004
333 1					107,466.05			24-Jun-2005		9.650%		CA - 90.00%		Paid Off - 360		28-Aug-2004
395 1			373,500.00		373,500.00			17-Jun-2005		8.000%		CA - 90.00%		Paid Off - 360		01-Sep-2004
395 1					373,500.00			17-Jun-2005		8.000%		CA - 90.00%		Paid Off - 360		01-Sep-2004
406 1			296,000.00		296,000.00			06-Jul-2005		6.550%		CA - 80.00%		Paid Off - 360		01-Sep-2004
406 1					296,000.00			06-Jul-2005		6.550%		CA - 80.00%		Paid Off - 360		01-Sep-2004
424 1			94,000.00		93,032.13			07-Jul-2005		5.990%		VA - 48.21%		Paid Off - 360		01-Sep-2004
424 1					93,032.13			07-Jul-2005		5.990%		VA - 48.21%		Paid Off - 360		01-Sep-2004
426 1			270,000.00		267,672.28			20-Jun-2005		6.875%		CA - 75.00%		Paid Off - 360		01-Sep-2004
426 1					267,672.28			20-Jun-2005		6.875%				Paid Off - 360		01-Sep-2004
464 1			75,000.00		74,316.99			21-Jun-2005		7.450%		FL - 50.00%		Paid Off - 360		01-Sep-2004
464 1					74,316.99			21-Jun-2005		7.450%		FL - 50.00%		Paid Off - 360		01-Sep-2004
477 1			411,350.00		407,987.52			07-Jul-2005		7.150%		NY - 95.00%		Paid Off - 360		01-Sep-2004
477 1					407,987.52			07-Jul-2005		7.150%		NY - 95.00%		Paid Off - 360		01-Sep-2004
488 1			121,600.00		120,809.71			29-Jun-2005		8.800%		IL - 95.00%		Paid Off - 360		01-Aug-2004
488 1					120,809.71			29-Jun-2005		8.800%		IL - 95.00%		Paid Off - 360		01-Aug-2004
489 1			210,000.00		208,894.02			01-Jul-2005		10.550%		IL - 70.00%		Paid Off - 360		01-Aug-2004
489 1					208,894.02			01-Jul-2005		10.550%		IL - 70.00%		Paid Off - 360		01-Aug-2004
512 1			459,000.00		458,996.61			16-Jun-2005		6.125%		CA - 85.00%		Paid Off - 360		01-Sep-2004
512 1					458,996.61			16-Jun-2005		6.125%		CA - 85.00%		Paid Off - 360		01-Sep-2004
538 1			260,000.00		259,999.97			05-Jul-2005		6.440%		CA - 66.67%		Paid Off - 360		01-Sep-2004
538 1					259,999.97			05-Jul-2005		6.440%		CA - 66.67%		Paid Off - 360		01-Sep-2004
582 1			132,905.00		131,935.38			08-Jul-2005		7.200%		AZ - 95.00%		Paid Off - 360		01-Oct-2004
582 1					131,935.38			08-Jul-2005		7.200%		AZ - 95.00%		Paid Off - 360		01-Oct-2004
664 1			120,000.00		119,495.52			08-Jul-2005		9.900%		PA - 80.00%		Paid Off - 360		01-Oct-2004
664 1					119,495.52			08-Jul-2005		9.900%		PA - 80.00%		Paid Off - 360		01-Oct-2004
686 1			28,500.00		28,419.32			01-Jul-2005		11.750%		MA - 20.00%		Paid Off - 360		01-Oct-2004
686 1					28,419.32			01-Jul-2005		11.750%		MA - 20.00%		Paid Off - 360		01-Oct-2004
695 1			85,850.00		84,803.22			05-Jul-2005		7.750%		AZ - 85.00%		Paid Off - 360		01-Sep-2004
695 1					84,803.22			05-Jul-2005		7.750%		AZ - 85.00%		Paid Off - 360		01-Sep-2004
723 1			89,600.00		88,689.12			12-Jul-2005		7.500%		FL - 80.00%		Paid Off - 360		01-Aug-2004
723 1					88,689.12			12-Jul-2005		7.500%		FL - 80.00%		Paid Off - 360		01-Aug-2004
725 1			22,980.00		22,615.55			13-Jul-2005		10.650%		AZ - 20.00%		Paid Off - 240		01-Sep-2004
725 1					22,615.55			13-Jul-2005		10.650%		AZ - 20.00%		Paid Off - 240		01-Sep-2004
759 1			228,425.00		226,489.17			23-Jun-2005		6.400%		AZ - 79.99%		Paid Off - 360		01-Oct-2004
759 1					226,489.17			23-Jun-2005		6.400%		AZ - 79.99%		Paid Off - 360		01-Oct-2004
785 1			214,560.00		214,560.00			01-Jul-2005		6.880%		CA - 80.00%		Paid Off - 360		01-Oct-2004
785 1					214,560.00			01-Jul-2005		6.880%		CA - 80.00%		Paid Off - 360		01-Oct-2004
786 1			54,600.00		54,415.18			22-Jun-2005		10.350%		MI - 70.00%		Paid Off - 360		01-Nov-2004
786 1					54,415.18			22-Jun-2005		10.350%		MI - 70.00%		Paid Off - 360		01-Nov-2004
808 1			83,400.00		83,111.70			17-Jun-2005		10.250%		CA - 20.00%		Paid Off - 360		01-Nov-2004
808 1					83,111.70					10.250%		CA - 20.00%		Paid Off - 360


Page 18 of 27
IXIS Real Estate Capital Trust 2005-HE1

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

July 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

820 1			60,000.00		59,716.60			01-Jul-2005		8.750%		IL - 80.00%		Paid Off - 360		01-Nov-2004
			60,000.00

842 1			76,000.00		75,548.94			21-Jun-2005		7.990%		IL - 80.00%		Paid Off - 360		01-Nov-2004
842 1					75,548.94			21-Jun-2005		7.990%		IL - 80.00%		Paid Off - 360		01-Nov-2004
845 1			74,400.00		74,041.34			01-Jul-2005		9.100%		MO - 80.00%		Paid Off - 360		01-Nov-2004
845 1					74,041.34			01-Jul-2005		9.100%		MO - 80.00%		Paid Off - 360		01-Nov-2004
852 1			388,000.00		388,000.00			08-Jul-2005		6.500%		CA - 80.00%		Paid Off - 360		01-Nov-2004
852 1					388,000.00			08-Jul-2005		6.500%		CA - 80.00%		Paid Off - 360		01-Nov-2004
888 1			33,750.00		33,655.72			28-Jun-2005		11.250%		MI - 25.00%		Paid Off - 360		01-Nov-2004
888 1					33,655.72			28-Jun-2005		11.250%		MI - 25.00%		Paid Off - 360		01-Nov-2004
901 1			87,000.00		86,743.11			29-Jun-2005		10.990%		CA - 20.00%		Paid Off - 360		01-Nov-2004
901 1					86,743.11			29-Jun-2005		10.990%		CA - 20.00%		Paid Off - 360		01-Nov-2004
937 1			225,000.00		223,761.14			20-Jun-2005		7.990%		CA - 75.00%		Paid Off - 360		01-Nov-2004
937 1					223,761.14			20-Jun-2005		7.990%		CA - 75.00%		Paid Off - 360		01-Nov-2004
948 1			274,500.00		272,521.84			27-Jun-2005		6.625%		CA - 90.00%		Paid Off - 360		01-Nov-2004
948 1					272,521.84			27-Jun-2005		6.625%		CA - 90.00%		Paid Off - 360		01-Nov-2004
955 1			78,800.00		78,234.45			12-Jul-2005		8.750%		NM - 80.00%		Paid Off - 360		01-Oct-2004
955 1					78,234.45			12-Jul-2005		8.750%		NM - 80.00%		Paid Off - 360		01-Oct-2004
956 1			19,700.00		19,360.84			12-Jul-2005		11.990%		NM - 20.00%		Paid Off - 240		01-Oct-2004
956 1					19,360.84			12-Jul-2005		11.990%		NM - 20.00%		Paid Off - 240		01-Oct-2004
967 1			233,000.00		232,900.00			01-Jul-2005		5.800%		CA - 83.21%		Paid Off - 360		01-Nov-2004
967 1					232,900.00			01-Jul-2005		5.800%		CA - 83.21%		Paid Off - 360		01-Nov-2004
998 1			311,400.00		309,395.49			23-Jun-2005		7.200%		CA - 90.00%		Paid Off - 360		01-Nov-2004
998 1					309,395.49			23-Jun-2005		7.200%		CA - 90.00%		Paid Off - 360		01-Nov-2004
1011 1			239,400.00		237,538.19			30-Jun-2005		6.990%		CA - 70.00%		Paid Off - 360		01-Nov-2004
1011 1					237,538.19			30-Jun-2005		6.990%		CA - 70.00%		Paid Off - 360		01-Nov-2004
1035 1			100,000.00		99,317.51			23-Jun-2005		6.900%		MD - 80.00%		Paid Off - 360		01-Nov-2004
1035 1					99,317.51			23-Jun-2005		6.900%		MD - 80.00%		Paid Off - 360		01-Nov-2004
1149 1			223,000.00		221,371.93			20-Jun-2005		6.550%		VA - 82.59%		Paid Off - 360		01-Nov-2004
1149 1					221,371.93			20-Jun-2005		6.550%		VA - 82.59%		Paid Off - 360		01-Nov-2004
1175 1			202,500.00		201,441.58			29-Jun-2005		8.250%		FL - 90.00%		Paid Off - 360		01-Nov-2004
1175 1					201,441.58			29-Jun-2005		8.250%		FL - 90.00%		Paid Off - 360		01-Nov-2004
1223 1			48,000.00		47,707.39			27-Jun-2005		8.225%		CA - 10.00%		Paid Off - 360		01-Nov-2004
1223 1					47,707.39			27-Jun-2005		8.225%		CA - 10.00%		Paid Off - 360		01-Nov-2004
1235 1			272,000.00		270,179.46			21-Jun-2005		7.000%		FL - 85.00%		Paid Off - 360		01-Nov-2004
1235 1					270,179.46			21-Jun-2005		7.000%		FL - 85.00%		Paid Off - 360		01-Nov-2004
1284 1			161,415.00		160,376.82			01-Jul-2005		7.500%		FL - 85.00%		Paid Off - 360		01-Nov-2004
1284 1					160,376.82			01-Jul-2005		7.500%		FL - 85.00%		Paid Off - 360		01-Nov-2004
1297 1			48,000.00		47,856.24			16-Jun-2005		11.490%		CA - 15.00%		Paid Off - 180		01-Oct-2004
1297 1					47,856.24			16-Jun-2005		11.490%		CA - 15.00%		Paid Off - 180		01-Oct-2004
1313 1			304,000.00		304,000.00			05-Jul-2005		6.700%		CA - 80.00%		Paid Off - 360		01-Nov-2004
1313 1					304,000.00			05-Jul-2005		6.700%		CA - 80.00%		Paid Off - 360		01-Nov-2004
1377 1			255,000.00		251,528.26			01-Jul-2005		6.850%		CA - 51.10%		Paid Off - 360		01-Dec-2004
1377 1					251,528.26			01-Jul-2005		6.850%		CA - 51.10%		Paid Off - 360		01-Dec-2004
1392 1			212,500.00		211,479.68			12-Jul-2005		7.990%		CA - 85.00%		Paid Off - 360		01-Dec-2004
1392 1					211,479.68			12-Jul-2005		7.990%		CA - 85.00%		Paid Off - 360		01-Dec-2004
1420 1			85,000.00		84,743.49			17-Jun-2005		10.240%		CA - 20.00%		Paid Off - 180		01-Dec-2004
1420 1					84,743.49			17-Jun-2005		10.240%		CA - 20.00%		Paid Off - 180		01-Dec-2004
1444 1			50,000.00		49,747.76			22-Jun-2005		9.550%		CA - 13.33%		Paid Off - 180		01-Sep-2004
1444 1					49,747.76			22-Jun-2005		9.550%		CA - 13.33%		Paid Off - 180		01-Sep-2004
1490 1			236,250.00		235,499.81			07-Jul-2005		10.000%		PA - 75.00%		Paid Off - 360		19-Nov-2004
1490 1					235,499.81			07-Jul-2005		10.000%		PA - 75.00%		Paid Off - 360		19-Nov-2004
1532 1			70,000.00		69,790.39			22-Jun-2005		10.350%		TN - 100.00%		Paid Off - 360		26-Nov-2004
1532 1					69,790.39			22-Jun-2005		10.350%		TN - 100.00%		Paid Off - 360		26-Nov-2004
1571 1			303,000.00		301,862.94			17-Jun-2005		9.200%		MA - 75.00%		Paid Off - 360		01-Dec-2004
1571 1					301,862.94			17-Jun-2005		9.200%		MA - 75.00%		Paid Off - 360		01-Dec-2004
1575 1			210,000.00		209,161.69			17-Jun-2005		8.900%		CA - 67.74%		Paid Off - 360		01-Dec-2004
1575 1					209,161.69			17-Jun-2005		8.900%		CA - 67.74%		Paid Off - 360		01-Dec-2004
1612 1			318,750.00		317,629.39			16-Jun-2005		8.750%		FL - 85.00%		Paid Off - 360		02-Dec-2004
1612 1					317,629.39			16-Jun-2005		8.750%		FL - 85.00%		Paid Off - 360		02-Dec-2004
1706 1			247,500.00		246,132.66			28-Jun-2005		8.575%		CA - 90.00%		Paid Off - 360		01-Oct-2004
1706 1					246,132.66			28-Jun-2005		8.575%		CA - 90.00%		Paid Off - 360		01-Oct-2004
1709 1			140,800.00		139,911.63			24-Jun-2005		6.600%		OR - 80.00%		Paid Off - 360		01-Dec-2004
1709 1					139,911.63			24-Jun-2005		6.600%		OR - 80.00%		Paid Off - 360		01-Dec-2004
1783 1			35,200.00		35,102.74			24-Jun-2005		10.670%		OR - 20.00%		Paid Off - 180		01-Dec-2004
1783 1					35,102.74			24-Jun-2005		10.670%		OR - 20.00%		Paid Off - 180		01-Dec-2004
1827 1			157,250.00		156,221.45			16-Jun-2005		6.990%		CA - 85.00%		Paid Off - 360		01-Dec-2004
1827 1					156,221.45			16-Jun-2005		6.990%		CA - 85.00%		Paid Off - 360		01-Dec-2004
1832 1			46,000.00		45,142.05			27-Jun-2005		10.750%		CA - 20.00%		Paid Off - 180		01-Nov-2004
1832 1					45,142.05			27-Jun-2005		10.750%		CA - 20.00%		Paid Off - 180		01-Nov-2004
1871 1			225,000.00		224,051.44			06-Jul-2005		7.990%		RI - 90.00%		Paid Off - 360		01-Jan-2005
1871 1					224,051.44			06-Jul-2005		7.990%		RI - 90.00%		Paid Off - 360		01-Jan-2005
1925 1			127,000.00		126,414.09			01-Jul-2005		8.300%		NV - 44.72%		Paid Off - 360		16-Dec-2004
1925 1					126,414.09			01-Jul-2005		8.300%		NV - 44.72%		Paid Off - 360		16-Dec-2004
1939 1			436,500.00		434,055.88			07-Jul-2005		7.670%		CA - 90.00%		Paid Off - 360		19-Dec-2004
1939 1					434,055.88					7.670%		CA - 90.00%		Paid Off - 360


Page 19 of 27
IXIS Real Estate Capital Trust 2005-HE1

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

July 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

1976 1			267,750.00		266,437.05			28-Jun-2005		7.550%		MD - 85.00%		Paid Off - 360		23-Dec-2004
			267,750.00

2068 1			273,000.00		271,845.66			22-Jun-2005		6.900%		NY - 70.00%		Paid Off - 360		02-Jan-2005
2068 1					271,845.66			22-Jun-2005		6.900%		NY - 70.00%		Paid Off - 360		02-Jan-2005
2075 1			164,250.00		163,817.61			13-Jul-2005		9.250%		CA - 75.00%		Paid Off - 360		03-Jan-2005
2075 1					163,817.61			13-Jul-2005		9.250%		CA - 75.00%		Paid Off - 360		03-Jan-2005
2164 1			391,920.00		391,920.00			05-Jul-2005		6.050%		CA - 80.00%		Paid Off - 360		01-Dec-2004
2164 1					391,920.00			05-Jul-2005		6.050%		CA - 80.00%		Paid Off - 360		01-Dec-2004
2165 1			426,400.00		426,400.00			27-Jun-2005		5.900%		CA - 80.00%		Paid Off - 360		01-Dec-2004
2165 1					426,400.00			27-Jun-2005		5.900%		CA - 80.00%		Paid Off - 360		01-Dec-2004
2244 1			135,000.00		135,000.00			15-Jul-2005		8.750%		FL - 100.00%		Paid Off - 360		01-Jan-2005
2244 1					135,000.00			15-Jul-2005		8.750%		FL - 100.00%		Paid Off - 360		01-Jan-2005
2319 1			106,600.00		106,278.28			27-Jun-2005		10.240%		CA - 20.00%		Paid Off - 180		01-Dec-2004
2319 1					106,278.28			27-Jun-2005		10.240%		CA - 20.00%		Paid Off - 180		01-Dec-2004
2325 1			121,500.00		121,040.87			21-Jun-2005		8.400%		FL - 89.34%		Paid Off - 360		01-Jan-2005
2325 1					121,040.87			21-Jun-2005		8.400%		FL - 89.34%		Paid Off - 360		01-Jan-2005
2355 1			168,750.00		168,023.72			05-Jul-2005		7.750%		CA - 75.00%		Paid Off - 360		01-Jan-2005
2355 1					168,023.72			05-Jul-2005		7.750%		CA - 75.00%		Paid Off - 360		01-Jan-2005
2374 1			150,000.00		150,000.00			20-Jun-2005		8.990%		CA - 58.82%		Paid Off - 360		01-Jan-2005
2374 1					150,000.00			20-Jun-2005		8.990%		CA - 58.82%		Paid Off - 360		01-Jan-2005
2440 1			52,000.00		51,015.01			23-Jun-2005		9.800%		ND - 49.52%		Paid Off - 180		09-Jan-2005
2440 1					51,015.01			23-Jun-2005		9.800%		ND - 49.52%		Paid Off - 180		09-Jan-2005
2475 1			108,750.00		108,438.02			11-Jul-2005		9.650%		FL - 75.00%		Paid Off - 360		01-Feb-2005
2475 1					108,438.02			11-Jul-2005		9.650%		FL - 75.00%		Paid Off - 360		01-Feb-2005
2511 1			117,900.00		117,552.33			05-Jul-2005		8.700%		AZ - 92.63%		Paid Off - 360		01-Feb-2005
2511 1					117,552.33			05-Jul-2005		8.700%		AZ - 92.63%		Paid Off - 360		01-Feb-2005
2565 1			125,000.00		124,593.22			01-Jul-2005		9.125%		CA - 75.76%		Paid Off - 360		01-Jan-2005
2565 1					124,593.22			01-Jul-2005		9.125%		CA - 75.76%		Paid Off - 360		01-Jan-2005
2668 1			275,000.00		273,914.36			22-Jun-2005		7.250%		CA - 74.12%		Paid Off - 360		01-Feb-2005
2668 1					273,914.36			22-Jun-2005		7.250%		CA - 74.12%		Paid Off - 360		01-Feb-2005
2747 1			415,000.00		412,400.92			28-Jun-2005		7.340%		CA - 76.15%		Paid Off - 360		01-Nov-2004
2747 1					412,400.92			28-Jun-2005		7.340%		CA - 76.15%		Paid Off - 360		01-Nov-2004
2769 1			195,500.00		194,463.07			22-Jun-2005		7.490%		NV - 85.00%		Paid Off - 360		01-Dec-2004
2769 1					194,463.07			22-Jun-2005		7.490%		NV - 85.00%		Paid Off - 360		01-Dec-2004
2879 1			270,900.00		270,040.16			16-Jun-2005		8.340%		IL - 90.00%		Paid Off - 360		01-Feb-2005
2879 1					270,040.16			16-Jun-2005		8.340%		IL - 90.00%		Paid Off - 360		01-Feb-2005
2880 1			280,000.00		278,179.55			23-Jun-2005		5.690%		CA - 80.00%		Paid Off - 360		01-Jan-2005
2880 1					278,179.55			23-Jun-2005		5.690%		CA - 80.00%		Paid Off - 360		01-Jan-2005
2918 1			365,500.00		363,951.52			01-Jul-2005		6.890%		CA - 85.00%		Paid Off - 360		01-Feb-2005
2918 1					363,951.52			01-Jul-2005		6.890%		CA - 85.00%		Paid Off - 360		01-Feb-2005
2962 1			558,000.00		555,940.51			30-Jun-2005		7.590%		IL - 84.93%		Paid Off - 360		01-Feb-2005
2962 1					555,940.51			30-Jun-2005		7.590%		IL - 84.93%		Paid Off - 360		01-Feb-2005
2989 1			260,000.00		260,000.00			07-Jul-2005		5.440%		CA - 80.00%		Paid Off - 360		01-Feb-2005
2989 1					260,000.00			07-Jul-2005		5.440%		CA - 80.00%		Paid Off - 360		01-Feb-2005
2992 1			225,000.00		225,000.00			14-Jul-2005		6.990%		CA - 84.91%		Paid Off - 360		01-Feb-2005
2992 1					225,000.00			14-Jul-2005		6.990%		CA - 84.91%		Paid Off - 360		01-Feb-2005
2999 1			395,500.00		393,727.35			21-Jun-2005		6.600%		CA - 70.00%		Paid Off - 360		01-Feb-2005
2999 1					393,727.35			21-Jun-2005		6.600%		CA - 70.00%		Paid Off - 360		01-Feb-2005
3052 1			151,920.00		151,919.78			28-Jun-2005		6.990%		MD - 80.00%		Paid Off - 360		01-Feb-2005
3052 1					151,919.78			28-Jun-2005		6.990%		MD - 80.00%		Paid Off - 360		01-Feb-2005
3074 1			177,600.00		176,768.77			06-Jul-2005		6.375%		CO - 80.00%		Paid Off - 360		01-Feb-2005
3074 1					176,768.77			06-Jul-2005		6.375%		CO - 80.00%		Paid Off - 360		01-Feb-2005
3078 1			189,600.00		188,528.14			05-Jul-2005		5.375%		CA - 80.00%		Paid Off - 360		01-Feb-2005
3078 1					188,528.14			05-Jul-2005		5.375%		CA - 80.00%		Paid Off - 360		01-Feb-2005
3088 1			44,400.00		44,348.14			06-Jul-2005		13.000%		CO - 20.00%		Paid Off - 180		01-Feb-2005
3088 1					44,348.14			06-Jul-2005		13.000%		CO - 20.00%		Paid Off - 180		01-Feb-2005
3111 1			255,000.00		253,777.55			21-Jun-2005		6.250%		VA - 72.44%		Paid Off - 360		01-Feb-2005
3111 1					253,777.55			21-Jun-2005		6.250%		VA - 72.44%		Paid Off - 360		01-Feb-2005
3137 1			144,000.00		143,465.20			24-Jun-2005		9.250%		FL - 60.00%		Paid Off - 360		01-Dec-2004
3137 1					143,465.20			24-Jun-2005		9.250%		FL - 60.00%		Paid Off - 360		01-Dec-2004
3140 1			265,950.00		264,999.26			30-Jun-2005		7.750%		CA - 89.86%		Paid Off - 360		01-Feb-2005
3140 1					264,999.26			30-Jun-2005		7.750%		CA - 89.86%		Paid Off - 360		01-Feb-2005
3153 1			249,000.00		247,965.50			01-Jul-2005		6.990%		CA - 79.05%		Paid Off - 360		01-Feb-2005
3153 1					247,965.50			01-Jul-2005		6.990%		CA - 79.05%		Paid Off - 360		01-Feb-2005
3176 1			47,400.00		47,338.08			05-Jul-2005		12.500%		CA - 20.00%		Paid Off - 180		01-Feb-2005
3176 1					47,338.08			05-Jul-2005		12.500%		CA - 20.00%		Paid Off - 180		01-Feb-2005
3187 1			520,000.00		516,655.47			12-Jul-2005		6.500%		CA - 69.33%		Paid Off - 360		01-Dec-2004
3187 1					516,655.47			12-Jul-2005		6.500%		CA - 69.33%		Paid Off - 360		01-Dec-2004
3189 1			175,000.00		174,161.04			01-Jul-2005		6.250%		CA - 70.00%		Paid Off - 360		01-Feb-2005
3189 1					174,161.04			01-Jul-2005		6.250%		CA - 70.00%		Paid Off - 360		01-Feb-2005
3191 1			76,500.00		76,053.27			24-Jun-2005		7.000%		MD - 85.00%		Paid Off - 360		01-Dec-2004
3191 1					76,053.27			24-Jun-2005		7.000%		MD - 85.00%		Paid Off - 360		01-Dec-2004
3203 1			125,000.00		124,494.22			30-Jun-2005		7.125%		MD - 67.93%		Paid Off - 360		01-Feb-2005
3203 1					124,494.22			30-Jun-2005		7.125%		MD - 67.93%		Paid Off - 360		01-Feb-2005
3242 1			165,000.00		164,380.04			30-Jun-2005		7.500%		IL - 86.84%		Paid Off - 360		01-Feb-2005
3242 1					164,380.04					7.500%		IL - 86.84%		Paid Off - 360


Page 20 of 27
IXIS Real Estate Capital Trust 2005-HE1

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

July 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

3316 1			380,000.00		380,000.00			29-Jun-2005		6.900%		CA - 82.61%		Paid Off - 360		01-Feb-2005
			380,000.00

3390 1			90,000.00		89,827.54			07-Jul-2005		10.750%		CA - 20.00%		Paid Off - 180		01-Feb-2005
3390 1					89,827.54			07-Jul-2005		10.750%		CA - 20.00%		Paid Off - 180		01-Feb-2005
3414 1			693,000.00		693,000.00			08-Jul-2005		5.990%		CA - 90.00%		Paid Off - 360		01-Jun-2004
3414 1					693,000.00			08-Jul-2005		5.990%		CA - 90.00%		Paid Off - 360		01-Jun-2004
3417 1			213,750.00		212,357.78			29-Jun-2005		8.300%		NV - 95.00%		Paid Off - 360		19-Aug-2004
3417 1					212,357.78			29-Jun-2005		8.300%		NV - 95.00%		Paid Off - 360		19-Aug-2004
3448 1			142,000.00		141,329.45			30-Jun-2005		8.750%		FL - 55.69%		Paid Off - 360		01-Nov-2004
3448 1					141,329.45			30-Jun-2005		8.750%		FL - 55.69%		Paid Off - 360		01-Nov-2004
3517 1			170,000.00		169,382.47			14-Jul-2005		7.670%		IL - 85.00%		Paid Off - 360		01-Feb-2005
3517 1					169,382.47			14-Jul-2005		7.670%		IL - 85.00%		Paid Off - 360		01-Feb-2005
3524 1			168,000.00		166,952.75			15-Jul-2005		5.840%		CA - 80.00%		Paid Off - 360		01-Jan-2005
3524 1					166,952.75			15-Jul-2005		5.840%		CA - 80.00%		Paid Off - 360		01-Jan-2005
3658 1			144,000.00		144,000.00			20-Jun-2005		6.525%		AZ - 80.00%		Paid Off - 360		01-Jul-2004
3658 1					144,000.00			20-Jun-2005		6.525%		AZ - 80.00%		Paid Off - 360		01-Jul-2004
3665 1			150,000.00		149,155.41			24-Jun-2005		9.500%		CA - 78.53%		Paid Off - 360		01-Aug-2004
3665 1					149,155.41			24-Jun-2005		9.500%		CA - 78.53%		Paid Off - 360		01-Aug-2004
3698 1			409,500.00		409,500.00			01-Jul-2005		7.750%		CA - 90.00%		Paid Off - 360		01-Aug-2004
3698 1					409,500.00			01-Jul-2005		7.750%		CA - 90.00%		Paid Off - 360		01-Aug-2004
3749 1			8,750.00		8,425.91			21-Jun-2005		12.250%		NJ - 5.00%		Paid Off - 120		01-Nov-2004
3749 1					8,425.91			21-Jun-2005		12.250%		NJ - 5.00%		Paid Off - 120		01-Nov-2004
3763 1			243,000.00		242,298.13			06-Jul-2005		9.700%		NJ - 90.00%		Paid Off - 360		01-Jan-2005
3763 1					242,298.13			06-Jul-2005		9.700%		NJ - 90.00%		Paid Off - 360		01-Jan-2005
3844 1			155,634.00		155,400.05			20-Jun-2005		9.450%		FL - 90.00%		Paid Off - 360		01-Apr-2005
3844 1					155,400.05			20-Jun-2005		9.450%		FL - 90.00%		Paid Off - 360		01-Apr-2005
230386 1			79,800.00		79,653.53			20-Jun-2005		10.950%		CA - 20.00%		Paid Off - 180		01-Feb-2005
230386 1					79,653.53			20-Jun-2005		10.950%		CA - 20.00%		Paid Off - 180		01-Feb-2005
231690 1			105,750.00		105,630.38			05-Jul-2005		8.850%		AZ - 75.00%		Paid Off - 360		01-May-2005
231690 1					105,630.38			05-Jul-2005		8.850%		AZ - 75.00%		Paid Off - 360		01-May-2005
231763 1			184,000.00		183,478.54			28-Jun-2005		6.300%		CA - 80.00%		Paid Off - 360		01-Apr-2005
231763 1					183,478.54			28-Jun-2005		6.300%		CA - 80.00%		Paid Off - 360		01-Apr-2005


TOTAL			24,890,939.00		24,782,680.56
TOTAL


Page 21 of 27
IXIS Real Estate Capital Trust 2005-HE1

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

July 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 22 of 27
IXIS Real Estate Capital Trust 2005-HE1

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

July 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 23 of 27
IXIS Real Estate Capital Trust 2005-HE1

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

July 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 24 of 27
IXIS Real Estate Capital Trust 2005-HE1

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

July 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 25 of 27
IXIS Real Estate Capital Trust 2005-HE1

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

July 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								25,801,084.66
						Ending Balance								620,858,793.08
						Senior Enhancement Percentage								21.2500%



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														3.314380%
Next LIBOR Rate														0.000000%




Page 26 of 27
IXIS Real Estate Capital Trust 2005-HE1

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

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









Page 27 of 27

IXIS Real Estate Capital Trust 2005-HE1 8-K