
                                       UNITED STATES
                           SECURITIES AND EXCHANGE COMMISSION
                                 Washington, D.C.  20549


                                        FORM 8-K


                     Current Report Pursuant To Section 13 or 15(d) of
                            the Securities Exchange Act of 1934

           Date of Report (Date of earliest event reported):  December 27, 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
     December 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:  Dec 29, 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 December 27, 2005.



IXIS Real Estate Capital Trust 2005-HE1

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

December 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					16
										9. Prepayment Detail Report					19
										9. Prepayment Detail Report					19
										10. Realized Loss Report					23
										11. Realized Loss Detail Report					26
				Servicer(s)						11. Realized Loss Detail Report					26
				Servicer(s)						12. Triggers and Adj. Cert. Report					27
				Countrywide Funding Corporation						12. Triggers and Adj. Cert. Report					27
				Countrywide Funding Corporation						13. Other Related Information					28
										13. Other Related Information					28


				Underwriter(s)
				Morgan Stanley


										Total Number of Pages					28
										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:			December 27, 2005
										Factor Information:			(800) 735-7777
				Record Date:			November 30, 2005			Factor Information:			(800) 735-7777
										Main Phone Number:			(714) 247-6000

							December 23, 2005
							December 23, 2005

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






Page 1 of 28
IXIS Real Estate Capital Trust 2005-HE1

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

December 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		129,171,475.69		509,940.28		10,458,891.14		10,968,831.42		0.00		0.00		118,712,584.55
A-1	FLT, STEP	$	200,000,000.00		129,171,475.69		509,940.28		10,458,891.14		10,968,831.42		0.00		0.00		118,712,584.55
A-2	FLT, STEP	$	157,000,000.00		25,799,012.30		98,638.22		19,373,788.47		19,472,426.69		0.00		0.00		6,425,223.83
A-3	FLT, STEP	$	176,425,000.00		176,425,000.00		694,918.47		0.00		694,918.47		0.00		0.00		176,425,000.00
A-4	FLT, STEP	$	37,050,000.00		37,050,000.00		149,887.83		0.00		149,887.83		0.00		0.00		37,050,000.00
M-1	MEZ, FLT, S	$	28,311,000.00		28,311,000.00		117,301.91		0.00		117,301.91		0.00		0.00		28,311,000.00
M-2	MEZ, FLT, S	$	22,649,000.00		22,649,000.00		94,245.01		0.00		94,245.01		0.00		0.00		22,649,000.00
M-3	MEZ, FLT, S	$	13,802,000.00		13,802,000.00		57,799.71		0.00		57,799.71		0.00		0.00		13,802,000.00
M-4	MEZ, FLT, S	$	13,094,000.00		13,094,000.00		56,929.80		0.00		56,929.80		0.00		0.00		13,094,000.00
M-5	MEZ, FLT, S	$	11,678,000.00		11,678,000.00		51,084.76		0.00		51,084.76		0.00		0.00		11,678,000.00
M-6	MEZ, FLT, S	$	10,263,000.00		10,263,000.00		45,442.28		0.00		45,442.28		0.00		0.00		10,263,000.00
B-1	SUB	$	9,555,000.00		9,555,000.00		46,469.15		0.00		46,469.15		0.00		0.00		9,555,000.00
B-2	SUB	$	7,786,000.00		7,786,000.00		38,211.96		0.00		38,211.96		0.00		0.00		7,786,000.00
B-3	SUB	$	5,309,000.00		5,309,000.00		29,689.11		0.00		29,689.11		0.00		0.00		5,309,000.00
B-4	SUB	$	7,078,000.00		7,078,000.00		48,389.93		0.00		48,389.93		0.00		0.00		7,078,000.00
X	SUB	$	7,785,542.00		7,785,642.06		780,575.05		0.00		780,575.05		0.00		0.00		7,785,642.06
P	EXE	$	100.00		0.00		616,759.42		0.00		616,759.42		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		505,756,130.05		3,436,282.89		29,832,679.61		33,268,962.50		0.00		0.00		475,923,450.44
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	11/25/05		12/26/05		A-Act/360		45071KAM6		200,000,000.00		645.857378		2.549701		52.294456		54.844157	593.562923
A-2	11/25/05		12/26/05		A-Act/360		45071KAN4		157,000,000.00		164.324919		0.628269		123.399927		124.028195	40.924993
A-3	11/25/05		12/26/05		A-Act/360		45071KAP9		176,425,000.00		1,000.000000		3.938889		0.000000		3.938889	1,000.000000
A-4	11/25/05		12/26/05		A-Act/360		45071KAQ7		37,050,000.00		1,000.000000		4.045555		0.000000		4.045555	1,000.000000
M-1	11/25/05		12/26/05		A-Act/360		45071KAR5		28,311,000.00		1,000.000000		4.143333		0.000000		4.143333	1,000.000000
M-2	11/25/05		12/26/05		A-Act/360		45071KAS3		22,649,000.00		1,000.000000		4.161111		0.000000		4.161111	1,000.000000
M-3	11/25/05		12/26/05		A-Act/360		45071KAT1		13,802,000.00		1,000.000000		4.187778		0.000000		4.187778	1,000.000000
M-4	11/25/05		12/26/05		A-Act/360		45071KAU8		13,094,000.00		1,000.000000		4.347778		0.000000		4.347778	1,000.000000
M-5	11/25/05		12/26/05		A-Act/360		45071KAV6		11,678,000.00		1,000.000000		4.374444		0.000000		4.374444	1,000.000000
M-6	11/25/05		12/26/05		A-Act/360		45071KAW4		10,263,000.00		1,000.000000		4.427777		0.000000		4.427777	1,000.000000
B-1	11/25/05		12/26/05		A-Act/360		45071KAX2		9,555,000.00		1,000.000000		4.863333		0.000000		4.863333	1,000.000000
B-2	11/25/05		12/26/05		A-Act/360		45071KAY0		7,786,000.00		1,000.000000		4.907778		0.000000		4.907778	1,000.000000
B-3	11/25/05		12/26/05		A-Act/360		45071KAZ7		5,309,000.00		1,000.000000		5.592223		0.000000		5.592223	1,000.000000
B-4	11/25/05		12/26/05		A-Act/360		45071KBA1		7,078,000.00		1,000.000000		6.836667		0.000000		6.836667	1,000.000000
X	11/25/05		12/26/05		A-Act/360				7,785,542.00		1,000.012852		100.259564		0.000000		100.259564	1,000.012852
P	11/25/05		12/26/05				100.00		0.000000		6,167,594.200000		0.000000		6,167,594.200000		0.000000
R	11/25/05		12/26/05				0.00		0.000000		0.000000		0.000000		0.000000		0.000000



Page 2 of 28
IXIS Real Estate Capital Trust 2005-HE1

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

December 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		5,180,436.60		80,168,129.55		1,119,285.90		81,287,415.45		86,467,852.05		0.00		0.00		118,712,584.55
A-2	157,000,000.00		2,832,826.61		148,501,438.96		2,073,337.21		150,574,776.17		153,407,602.78		0.00		0.00		6,425,223.83
A-3	176,425,000.00		5,475,424.08		0.00		0.00		0.00		5,475,424.08		0.00		0.00		176,425,000.00
A-4	37,050,000.00		1,187,653.33		0.00		0.00		0.00		1,187,653.33		0.00		0.00		37,050,000.00
M-1	28,311,000.00		933,991.81		0.00		0.00		0.00		933,991.81		0.00		0.00		28,311,000.00
M-2	22,649,000.00		751,050.39		0.00		0.00		0.00		751,050.39		0.00		0.00		22,649,000.00
M-3	13,802,000.00		461,199.63		0.00		0.00		0.00		461,199.63		0.00		0.00		13,802,000.00
M-4	13,094,000.00		457,575.34		0.00		0.00		0.00		457,575.34		0.00		0.00		13,094,000.00
M-5	11,678,000.00		411,070.50		0.00		0.00		0.00		411,070.50		0.00		0.00		11,678,000.00
M-6	10,263,000.00		366,496.05		0.00		0.00		0.00		366,496.05		0.00		0.00		10,263,000.00
B-1	9,555,000.00		381,009.67		0.00		0.00		0.00		381,009.67		0.00		0.00		9,555,000.00
B-2	7,786,000.00		313,779.08		0.00		0.00		0.00		313,779.08		0.00		0.00		7,786,000.00
B-3	5,309,000.00		248,702.34		0.00		0.00		0.00		248,702.34		0.00		0.00		5,309,000.00
B-4	7,078,000.00		415,800.09		0.00		0.00		0.00		415,800.09		0.00		0.00		7,078,000.00
X	7,785,542.00		14,715,046.97		-97.36		-2.94		0.00		14,715,046.97		0.00		100.30		7,785,642.06
P	100.00		4,959,796.74		0.00		0.00		100.00		4,959,896.74		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		39,091,859.23		228,669,471.15		3,192,620.17		231,862,291.62		270,954,150.85		0.00		100.30		475,923,450.44


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	4.44125%		129,171,475.69		509,940.28		0.00		0.00		0.00		509,940.28		509,940.28		0.00
A-2	4.30125%		25,799,012.30		98,638.22		0.00		0.00		0.00		98,638.22		98,638.22		0.00
A-3	4.43125%		176,425,000.00		694,918.47		0.00		0.00		0.00		694,918.47		694,918.47		0.00
A-4	4.55125%		37,050,000.00		149,887.83		0.00		0.00		0.00		149,887.83		149,887.83		0.00
M-1	4.66125%		28,311,000.00		117,301.91		0.00		0.00		0.00		117,301.91		117,301.91		0.00
M-2	4.68125%		22,649,000.00		94,245.01		0.00		0.00		0.00		94,245.01		94,245.01		0.00
M-3	4.71125%		13,802,000.00		57,799.71		0.00		0.00		0.00		57,799.71		57,799.71		0.00
M-4	4.89125%		13,094,000.00		56,929.80		0.00		0.00		0.00		56,929.80		56,929.80		0.00
M-5	4.92125%		11,678,000.00		51,084.76		0.00		0.00		0.00		51,084.76		51,084.76		0.00
M-6	4.98125%		10,263,000.00		45,442.28		0.00		0.00		0.00		45,442.28		45,442.28		0.00
B-1	5.47125%		9,555,000.00		46,469.15		0.00		0.00		0.00		46,469.15		46,469.15		0.00
B-2	5.52125%		7,786,000.00		38,211.96		0.00		0.00		0.00		38,211.96		38,211.96		0.00
B-3	6.29125%		5,309,000.00		29,689.11		0.00		0.00		0.00		29,689.11		29,689.11		0.00
B-4	6.43390%		7,078,000.00		40,479.23		0.00		0.00		0.00		40,479.23		48,389.93		0.00
X	112.79057%		7,785,642.06		0.00		0.00		0.00		0.00		0.00		780,575.05		0.00
P	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		616,759.42		0.00
R	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00

Total			505,756,130.05		2,031,037.72		0.00		0.00		0.00		2,031,037.72		3,436,282.89		0.00



Page 3 of 28
IXIS Real Estate Capital Trust 2005-HE1

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

December 27, 2005 Distribution
Collection Account Report
SUMMARY
SUMMARY
														Total
Principal Collections														29,759,773.34
Principal Withrawals														0.00
Principal Other Accounts														0.00
TOTAL NET PRINCIPAL														29,759,773.34
Interest Collections														2,940,616.60
Interest Withdrawals														-3,191.40
Interest Other Accounts														616,759.42
Interest Fees														-44,995.45
TOTAL NET INTEREST														3,509,189.17
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION														33,268,962.51



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
															Total
Scheduled Principal Received															273,476.88
Prepayments In Full															29,416,382.28
Curtailments															23,274.95
Liquidations															119,545.45
Insurance Principal															0.00
Repurchased Principal Amounts															0.00
Other Principal															0.00
Total Realized Loss Of Principal															-72,906.22
Delinquent Principal															-228,194.51
Advanced Principal															228,194.51
TOTAL PRINCIPAL COLLECTED															29,759,773.34


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



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





Page 4 of 28
IXIS Real Estate Capital Trust 2005-HE1

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

December 27, 2005 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
														Total
Scheduled Interest														3,107,473.28
Liquidation Interest														691.88
Repurchased Interest														0.00
Insurance Interest														0.00
Other Interest														0.00
Relief Act Interest Shortfalls														-0.00
Prepayment Interest Shortfalls														-16,944.02
Compensating Interest														16,944.01
Delinquent Interest														-2,450,911.52
Interest Advanced														2,283,362.95
TOTAL INTEREST COLLECTED														2,940,616.60


INTEREST - WITHDRAWALS
INTEREST - WITHDRAWALS
														Total
Nonrecoverable Advances														0.00
TOTAL INTEREST WITHDRAWALS														3,191.40



INTEREST - OTHER ACCOUNTS
INTEREST - OTHER ACCOUNTS
														Total
Prepayment Charges														616,759.42
TOTAL INTEREST OTHER ACCOUNTS														616,759.42



INTEREST - FEES
INTEREST - FEES
														Total
Current Servicing Fees														43,183.16
Current Trustee Fees														1,812.29
TOTAL INTEREST OTHER FEES														44,995.45




Page 5 of 28
IXIS Real Estate Capital Trust 2005-HE1

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

December 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 28
IXIS Real Estate Capital Trust 2005-HE1

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

December 27, 2005 Distribution
Collateral Report


COLLATERAL



															Total



Loan Count:


Original														3,403
Prior														3,081
Prefunding														0
Scheduled Paid Offs														-0
Full Voluntary Prepayments														-160
Repurchases														-0
Liquidations														-2
Current														2,919
Principal Balance:


Original														584,039,192.89
Prior														505,756,130.30
Prefunding														0.00
Scheduled Principal														-273,476.88
Partial Prepayments														-23,274.95
Full Voluntary Prepayments														-29,416,382.28
Repurchases														-0.00
Liquidations														-119,545.45
Current														475,923,450.44





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 28
IXIS Real Estate Capital Trust 2005-HE1

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

December 27, 2005 Distribution

CHARACTERISTICS
CHARACTERISTICS
														Total
Weighted Average Coupon Original														7.44269%
Weighted Average Coupon Prior														7.37557%
Weighted Average Coupon Current														7.37470%
Weighted Average Months to Maturity Original														349
Weighted Average Months to Maturity Prior														340
Weighted Average Months to Maturity Current														339
Weighted Avg Remaining Amortization Term Original														349
Weighted Avg Remaining Amortization Term Prior														340
Weighted Avg Remaining Amortization Term Current														344
Weighted Average Seasoning Original														4.33
Weighted Average Seasoning Prior														11.78
Weighted Average Seasoning Current														12.77









Page 8 of 28
IXIS Real Estate Capital Trust 2005-HE1

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

December 27, 2005 Distribution

ARM CHARACTERISTICS
ARM CHARACTERISTICS
														Total
Weighted Average Margin Original														6.66961%
Weighted Average Margin Prior														6.60995%
Weighted Average Margin Current														6.60805%
Weighted Average Max Rate Original														13.83833%
Weighted Average Max Rate Prior														13.74376%
Weighted Average Max Rate Current														13.73598%
Weighted Average Min Rate Original														7.31764%
Weighted Average Min Rate Prior														7.24224%
Weighted Average Min Rate Current														7.24292%
Weighted Average Cap Up Original														1.25975%
Weighted Average Cap Up Prior														1.23406%
Weighted Average Cap Up Current														1.22803%
Weighted Average Cap Down Original														1.25975%
Weighted Average Cap Down Prior														1.23406%
Weighted Average Cap Down Current														1.22803%




SERVICING FEES & ADVANCES

															Total




Current Servicing Fees														43,183.16
Delinquent Servicing Fees														167,548.56
TOTAL SERVICING FEES														210,731.73


Compensating Interest														-16,944.01
Delinquent Servicing Fees														-167,548.56
COLLECTED SERVICING FEES														26,239.15


Aggregate Advances with respect to this Distribution														2,511,557.46





ADDITIONAL COLLATERAL INFORMATION
														Total
Net Prepayment Interest Shortfall														0.00




Page 9 of 28
IXIS Real Estate Capital Trust 2005-HE1

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

December 27, 2005 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				14,737,104.96		6,273,562.69		3,116,950.90		24,127,618.55
			% Balance				3.10%		1.32%		0.65%		5.07%
			# Loans				99		47		29		175
			% # Loans				3.39%		1.61%		0.99%		6.00%
	FORECLOSURE		Balance		0.00		49,132.12		2,695,021.00		6,686,768.39		9,430,921.51
			% Balance		0.00%		0.01%		0.57%		1.41%		1.98%
			# Loans		0		1		13		45		59
			% # Loans		0.00%		0.03%		0.45%		1.54%		2.02%
	BANKRUPTCY		Balance		216,121.69		303,702.65		80,821.42		1,969,614.95		2,570,260.71
			% Balance		0.05%		0.06%		0.02%		0.41%		0.54%
			# Loans		3		3		2		17		25
			% # Loans		0.10%		0.10%		0.07%		0.58%		0.86%
	REO		Balance		0.00		0.00		0.00		713,117.40		713,117.40
			% Balance		0.00%		0.00%		0.00%		0.15%		0.15%
			# Loans		0		0		0		8		8
			% # Loans		0.00%		0.00%		0.00%		0.27%		0.27%
	TOTAL		Balance		216,121.69		15,089,939.73		9,049,405.11		12,486,451.64		36,841,918.17
			% Balance		0.05%		3.17%		1.90%		2.62%		7.74%
			# Loans		3		103		62		99		267
			% # Loans		0.10%		3.53%		2.12%		3.39%		9.15%








Page 10 of 28
IXIS Real Estate Capital Trust 2005-HE1

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

December 27, 2005 Distribution


	GROUP 1
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				14,737,104.96		6,273,562.69		3,116,950.90		24,127,618.55
			% Balance				3.10%		1.32%		0.65%		5.07%
			# Loans				99		47		29		175
			% # Loans				3.39%		1.61%		0.99%		6.00%
	FORECLOSURE		Balance		0.00		49,132.12		2,695,021.00		6,686,768.39		9,430,921.51
			% Balance		0.00%		0.01%		0.57%		1.41%		1.98%
			# Loans		0		1		13		45		59
			% # Loans		0.00%		0.03%		0.45%		1.54%		2.02%
	BANKRUPTCY		Balance		216,121.69		303,702.65		80,821.42		1,969,614.95		2,570,260.71
			% Balance		0.05%		0.06%		0.02%		0.41%		0.54%
			# Loans		3		3		2		17		25
			% # Loans		0.10%		0.10%		0.07%		0.58%		0.86%
	REO		Balance		0.00		0.00		0.00		713,117.40		713,117.40
			% Balance		0.00%		0.00%		0.00%		0.15%		0.15%
			# Loans		0		0		0		8		8
			% # Loans		0.00%		0.00%		0.00%		0.27%		0.27%
	TOTAL		Balance		216,121.69		15,089,939.73		9,049,405.11		12,486,451.64		36,841,918.17
			% Balance		0.05%		3.17%		1.90%		2.62%		7.74%
			# Loans		3		103		62		99		267
			% # Loans		0.10%		3.53%		2.12%		3.39%		9.15%










Page 11 of 28
IXIS Real Estate Capital Trust 2005-HE1

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

December 27, 2005 Distribution
	GROUP 2










Page 12 of 28
IXIS Real Estate Capital Trust 2005-HE1

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

December 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
363 1
363 1			63,000.00		62,444.97		20-Apr-2005		9.250%		MI - 90.00%		360		20-Aug-2004

665 1			121,500.00		120,492.10		01-Jul-2005		9.200%		MI - 90.00%		360		01-Oct-2004
913 1			25,000.00		24,836.14		01-Jan-2005		9.990%		MI - 20.00%		360		01-Nov-2004
1645 1			52,000.00		51,698.02		04-Apr-2005		9.790%		MI - 80.00%		360		04-Dec-2004
1662 1			107,100.00		106,534.93		04-May-2005		10.250%		MN - 90.00%		360		04-Dec-2004
1909 1			55,250.00		54,912.79		01-Apr-2005		9.550%		KS - 85.00%		360		01-Jan-2005
1927 1			113,750.00		113,097.53		22-Apr-2005		9.850%		MN - 65.00%		360		22-Dec-2004
3623 1			180,720.00		179,100.92		01-May-2005		6.675%		CO - 80.00%		360		01-Mar-2005


TOTAL			718,320.00		713,117.40


Page 13 of 28
IXIS Real Estate Capital Trust 2005-HE1

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

December 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
78 1
78 1			264,800.00		264,798.35		01-Feb-2005		6.500%		MS - 80.00%		360		01-Jul-2004

203 1			399,500.00		399,500.00		01-Aug-2005		7.850%		NV - 85.00%		360		01-Aug-2004
403 1			424,000.00		424,000.00		01-Aug-2005		7.125%		CA - 80.00%		360		01-Sep-2004
429 1			213,750.00		213,750.00		01-Jun-2005		7.375%		MN - 95.00%		360		01-Sep-2004
484 1			76,500.00		75,382.23		01-Dec-2004		7.840%		IL - 90.00%		360		01-Aug-2004
626 1			180,500.00		179,458.68		07-Apr-2005		10.600%		NY - 95.00%		360		07-Oct-2004
796 1			61,200.00		60,645.33		01-Feb-2005		8.400%		OH - 90.00%		360		01-Nov-2004
804 1			79,050.00		78,272.83		01-Dec-2004		7.990%		OH - 85.00%		360		01-Nov-2004
812 1			76,500.00		75,818.54		01-Jun-2005		8.500%		OH - 90.00%		360		01-Nov-2004
863 1			60,000.00		59,577.98		01-Jun-2005		9.650%		IN - 61.22%		360		01-Nov-2004
873 1			432,000.00		426,840.11		01-Jul-2005		6.990%		CA - 80.00%		360		01-Nov-2004
875 1			68,000.00		67,331.42		01-Jul-2005		7.990%		IL - 80.00%		360		01-Nov-2004
876 1			82,800.00		82,133.53		01-Apr-2005		8.990%		OH - 90.00%		360		01-Nov-2004
942 1			175,100.00		172,742.09		01-Aug-2005		6.700%		GA - 85.00%		360		01-Nov-2004
978 1			460,000.00		453,558.87		01-Aug-2005		6.150%		CA - 80.00%		360		01-Nov-2004
1264 1			97,750.00		96,924.21		01-May-2005		8.750%		PA - 85.00%		360		01-Nov-2004
1280 1			71,200.00		70,656.60		01-Aug-2005		9.250%		TX - 80.00%		360		01-Nov-2004
1451 1			50,400.00		49,584.62		05-Jul-2005		10.850%		WV - 80.00%		240		05-Nov-2004
1455 1			76,000.00		75,442.56		24-Mar-2005		9.800%		MS - 80.00%		360		24-Sep-2004
1481 1			40,000.00		39,701.86		18-Jun-2005		9.000%		IA - 65.57%		360		18-Nov-2004
1538 1			323,000.00		320,291.47		26-Jun-2005		8.400%		CA - 95.00%		360		26-Nov-2004
1542 1			180,900.00		179,351.96		26-Apr-2005		8.550%		KY - 90.00%		360		26-Nov-2004
1576 1			51,100.00		50,790.95		01-Mar-2005		10.000%		MI - 70.00%		360		01-Dec-2004
1582 1			40,500.00		40,277.05		01-Jun-2005		10.450%		MN - 75.00%		360		01-Dec-2004
1643 1			228,750.00		227,396.45		04-Dec-2004		9.700%		MA - 75.00%		360		04-Dec-2004
1651 1			70,000.00		69,620.37		04-May-2005		10.120%		FL - 21.93%		360		04-Dec-2004
1659 1			110,000.00		109,233.84		04-May-2005		9.450%		CA - 59.46%		360		04-Dec-2004
1674 1			72,000.00		71,622.10		01-Jun-2005		10.675%		FL - 100.00%		360		01-Dec-2004
1687 1			120,000.00		119,230.36		01-Jun-2005		9.725%		CT - 48.00%		360		01-Dec-2004
1695 1			97,750.00		96,825.27		01-Apr-2005		7.800%		FL - 85.00%		360		01-Dec-2004
1708 1			144,000.00		143,156.04		01-Feb-2005		10.150%		IN - 80.00%		360		01-Dec-2004
1728 1			390,000.00		385,612.13		01-Aug-2005		6.900%		CA - 67.83%		360		01-Dec-2004
1856 1			324,000.00		321,052.12		01-Aug-2005		7.990%		CO - 90.00%		360		01-Dec-2004
1883 1			216,000.00		213,759.00		01-May-2005		8.250%		CA - 56.54%		360		01-Oct-2004
1911 1			49,300.00		49,132.12		09-Aug-2005		12.300%		NC - 85.00%		360		09-Dec-2004
1970 1			40,000.00		39,760.85		22-Jul-2005		9.650%		WV - 59.26%		360		22-Dec-2004
1973 1			150,300.00		149,262.61		23-Jun-2005		8.950%		GA - 90.00%		360		23-Dec-2004
1995 1			139,600.00		138,823.06		24-May-2005		10.300%		NC - 80.00%		360		24-Dec-2004
2141 1			58,900.00		58,571.75		06-Jul-2005		9.550%		OK - 95.00%		360		06-Jan-2005
2588 1			146,400.00		144,585.37		01-Apr-2005		5.950%		FL - 80.00%		360		01-Jan-2005
2745 1			140,800.00		139,518.93		01-Aug-2005		7.990%		OH - 80.00%		360		01-Dec-2004
2808 1			123,500.00		122,609.99		01-Jul-2005		8.290%		WA - 95.00%		360		01-Feb-2005
3033 1			83,505.00		83,029.99		01-Aug-2005		9.450%		TX - 95.00%		360		01-Feb-2005
3090 1			168,000.00		166,320.60		01-Jun-2005		6.990%		OH - 80.00%		360		01-Feb-2005
3119 1			284,200.00		282,023.35		01-Apr-2005		8.250%		CA - 70.00%		360		01-Feb-2005
3121 1			85,500.00		84,980.00		01-Jul-2005		9.125%		NC - 90.00%		360		01-Feb-2005
3186 1			265,500.00		263,966.24		01-Jul-2005		9.375%		CA - 75.00%		360		01-Feb-2005
3205 1			112,200.00		111,254.46		01-May-2005		8.375%		FL - 85.00%		360		01-Dec-2004
3306 1			387,000.00		384,367.93		01-Jun-2005		8.575%		CO - 90.00%		360		01-Feb-2005


Page 14 of 28
IXIS Real Estate Capital Trust 2005-HE1

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

December 27, 2005 Distribution

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
3422 1
3422 1			59,120.00		59,120.00		01-Jun-2005		7.250%		ID - 80.00%		360		01-Sep-2004

3434 1			67,500.00		66,857.06		01-Jan-2005		8.150%		OH - 75.00%		360		01-Nov-2004
3479 1			44,250.00		43,994.90		01-Jul-2005		10.250%		AR - 75.00%		360		01-Jan-2005
3534 1			228,000.00		225,546.71		01-Jul-2005		6.700%		NH - 84.44%		360		01-Jan-2005
3719 1			90,000.00		88,551.35		01-Jul-2005		6.600%		FL - 78.26%		360		01-Aug-2004
3845 1			189,000.00		187,767.97		01-Apr-2005		7.750%		IL - 100.00%		360		01-Apr-2005
313399 1			184,000.00		182,628.30		01-Jul-2005		6.075%		CO - 80.00%		360		01-Jun-2005
1000330366 1			394,400.00		394,399.73		01-Apr-2005		6.200%		CA - 80.00%		360		01-Jan-2005
1000402614 1			153,000.00		152,076.27		01-Jul-2005		8.675%		NV - 87.43%		360		01-Mar-2005
3000007211 1			97,850.00		97,433.05		01-Aug-2005		9.250%		WY - 95.00%		360		01-May-2005


TOTAL			9,498,875.00		9,430,921.51


Page 15 of 28
IXIS Real Estate Capital Trust 2005-HE1

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

December 27, 2005 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

															Total




Current


Number of Paid in Full Loans														160
Number of Repurchased Loans														0
Total Number of Loans Prepaid in Full														160
Curtailments Amount														23,274.95
Paid in Full Balance														29,416,382.28
Repurchased Loans Balance														0.00
Total Prepayment Amount														29,439,657.23

Cumulative


Number of Paid in Full Loans														1,204
Number of Repurchased Loans														4
Total Number of Loans Prepaid in Full														1,208
Paid in Full Balance														226,545,200.11
Repurchased Loans Balance														888,439.80
Curtailments Amount														107,137.49
Total Prepayment Amount														227,540,777.40










Page 16 of 28
IXIS Real Estate Capital Trust 2005-HE1

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

December 27, 2005 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

															Total



SMM														5.85%
3 Months Avg SMM														5.44%
12 Months Avg SMM														3.91%
Avg SMM Since Cut-off														3.91%


CPR														51.47%
3 Months Avg CPR														48.88%
12 Months Avg CPR														38.04%
Avg CPR Since Cut-off														38.04%


PSA														2,014.94%
3 Months Avg PSA Approximation														2,072.65%
12 Months Avg PSA Approximation														2,246.01%
Avg PSA Since Cut-off Approximation														2,246.01%










Page 17 of 28
IXIS Real Estate Capital Trust 2005-HE1

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

December 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 18 of 28
IXIS Real Estate Capital Trust 2005-HE1

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

December 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

9 1			79,200.00		77,969.29			15-Dec-2005		6.990%		IA - 80.00%		Paid Off - 360		01-Jun-2004
9 1			79,200.00		77,969.29			15-Dec-2005		6.990%		IA - 80.00%		Paid Off - 360		01-Jun-2004
173 1			82,600.00		77,856.38			22-Nov-2005		6.732%		NH - 70.00%		Paid Off - 180		01-Jul-2004
184 1			159,000.00		156,560.49			21-Nov-2005		6.740%		MA - 60.00%		Paid Off - 360		01-Jul-2004
222 1			112,500.00		111,454.19			30-Nov-2005		8.975%		FL - 90.00%		Paid Off - 360		01-Aug-2004
258 1			397,500.00		397,495.44			02-Dec-2005		6.990%		CA - 75.00%		Paid Off - 360		01-Aug-2004
281 1			34,500.00		34,192.40			18-Nov-2005		9.200%		TX - 75.00%		Paid Off - 360		01-Aug-2004
303 1			261,590.00		261,590.00			12-Dec-2005		7.125%		CA - 80.00%		Paid Off - 360		01-Sep-2004
350 1			120,120.00		119,301.09			07-Dec-2005		10.150%		MS - 84.00%		Paid Off - 360		12-Aug-2004
367 1			146,250.00		144,740.01			16-Nov-2005		8.110%		CA - 69.98%		Paid Off - 360		19-Aug-2004
375 1			197,000.00		195,267.43			13-Dec-2005		8.550%		NV - 100.00%		Paid Off - 360		04-Sep-2004
389 1			35,798.00		35,576.90			25-Nov-2005		10.625%		AZ - 20.00%		Paid Off - 180		01-Sep-2004
396 1			161,000.00		159,250.91			02-Dec-2005		7.850%		CA - 79.70%		Paid Off - 360		01-Sep-2004
436 1			101,600.00		100,025.68			21-Nov-2005		5.990%		FL - 80.00%		Paid Off - 360		01-Sep-2004
516 1			346,950.00		346,803.63			05-Dec-2005		6.450%		NY - 90.00%		Paid Off - 360		01-Sep-2004
531 1			289,000.00		288,770.06			22-Nov-2005		6.690%		CA - 85.00%		Paid Off - 360		01-Sep-2004
575 1			25,400.00		24,561.50			21-Nov-2005		10.990%		FL - 20.00%		Paid Off - 180		01-Sep-2004
583 1			531,000.00		523,927.46			23-Nov-2005		9.500%		CA - 90.00%		Paid Off - 360		01-Oct-2004
596 1			214,240.00		214,240.00			16-Nov-2005		6.850%		CA - 80.00%		Paid Off - 360		01-Oct-2004
600 1			100,000.00		98,985.68			22-Nov-2005		8.650%		FL - 80.00%		Paid Off - 360		01-Oct-2004
602 1			185,000.00		182,794.59			30-Nov-2005		7.000%		FL - 66.79%		Paid Off - 360		01-Oct-2004
620 1			128,700.00		127,434.14			14-Dec-2005		7.990%		NH - 90.00%		Paid Off - 360		01-Oct-2004
702 1			182,400.00		180,329.15			21-Nov-2005		7.625%		RI - 80.00%		Paid Off - 360		01-Sep-2004
779 1			283,000.00		279,763.05			17-Nov-2005		7.750%		CA - 79.85%		Paid Off - 360		05-Oct-2004
788 1			48,000.00		47,700.46			13-Dec-2005		9.850%		IL - 20.00%		Paid Off - 360		01-Nov-2004
793 1			395,200.00		395,199.99			01-Dec-2005		6.250%		CA - 80.00%		Paid Off - 360		01-Nov-2004
904 1			33,790.00		33,333.77			07-Dec-2005		12.250%		WA - 20.00%		Paid Off - 360		01-Nov-2004
920 1			372,000.00		368,416.23			25-Nov-2005		7.700%		CA - 80.00%		Paid Off - 360		01-Nov-2004
933 1			201,500.00		198,907.83			05-Dec-2005		6.600%		CA - 65.00%		Paid Off - 360		01-Oct-2004
935 1			160,000.00		157,577.60			02-Dec-2005		5.850%		NJ - 59.26%		Paid Off - 360		01-Oct-2004
941 1			246,000.00		244,096.65			02-Dec-2005		8.800%		CA - 80.00%		Paid Off - 360		01-Nov-2004
946 1			151,420.00		149,562.25			15-Dec-2005		6.850%		CA - 65.83%		Paid Off - 360		01-Oct-2004
965 1			360,000.00		355,871.27			08-Dec-2005		6.800%		CA - 80.00%		Paid Off - 360		01-Nov-2004
968 1			263,700.00		260,498.13			18-Nov-2005		6.500%		CA - 90.00%		Paid Off - 360		01-Nov-2004
1005 1			253,600.00		250,402.34			23-Nov-2005		6.300%		CA - 80.00%		Paid Off - 360		01-Nov-2004
1007 1			63,400.00		62,916.85			23-Nov-2005		8.875%		CA - 20.00%		Paid Off - 360		01-Nov-2004
1054 1			240,000.00		237,774.31			30-Nov-2005		7.900%		NY - 80.00%		Paid Off - 360		01-Nov-2004
1055 1			149,600.00		148,159.24			15-Dec-2005		7.850%		MD - 80.00%		Paid Off - 360		01-Nov-2004
1059 1			37,400.00		36,822.53			15-Dec-2005		11.525%		MD - 20.00%		Paid Off - 240		01-Nov-2004
1090 1			130,000.00		128,480.25			22-Nov-2005		6.700%		IL - 54.17%		Paid Off - 360		01-Nov-2004
1091 1			275,000.00		272,045.76			25-Nov-2005		7.150%		GA - 84.36%		Paid Off - 360		01-Nov-2004
1096 1			99,000.00		98,017.90			06-Dec-2005		7.950%		MN - 90.00%		Paid Off - 360		01-Nov-2004


Page 19 of 28
IXIS Real Estate Capital Trust 2005-HE1

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

December 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

1111 1			151,200.00		149,640.31			06-Dec-2005		7.350%		MD - 80.00%		Paid Off - 360		01-Nov-2004
1111 1			151,200.00		149,640.31			06-Dec-2005		7.350%		MD - 80.00%		Paid Off - 360		01-Nov-2004
1122 1			77,000.00		76,644.19			25-Nov-2005		11.275%		NY - 20.00%		Paid Off - 360		01-Nov-2004
1146 1			150,000.00		148,637.92			07-Dec-2005		8.000%		NY - 38.96%		Paid Off - 360		01-Nov-2004
1151 1			166,500.00		164,731.76			06-Dec-2005		7.200%		GA - 90.00%		Paid Off - 360		01-Nov-2004
1152 1			18,500.00		18,241.63			06-Dec-2005		12.000%		GA - 10.00%		Paid Off - 240		01-Nov-2004
1165 1			268,000.00		264,879.32			30-Nov-2005		7.300%		VA - 80.00%		Paid Off - 360		01-Nov-2004
1176 1			215,000.00		213,194.74			14-Dec-2005		8.400%		OR - 79.93%		Paid Off - 360		01-Nov-2004
1256 1			192,000.00		189,185.15			21-Nov-2005		6.750%		CT - 80.00%		Paid Off - 360		01-Nov-2004
1257 1			48,000.00		45,840.05			21-Nov-2005		9.375%		CT - 20.00%		Paid Off - 360		01-Nov-2004
1292 1			397,500.00		393,359.83			30-Nov-2005		7.300%		CA - 75.00%		Paid Off - 360		01-Nov-2004
1331 1			368,000.00		368,000.00			23-Nov-2005		6.540%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1334 1			149,600.00		149,585.84			08-Dec-2005		6.790%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1342 1			143,920.00		143,877.86			01-Dec-2005		6.950%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1354 1			283,200.00		283,200.00			14-Dec-2005		7.250%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1363 1			280,800.00		278,771.27			07-Dec-2005		8.725%		CA - 90.00%		Paid Off - 360		01-Dec-2004
1386 1			280,000.00		279,917.73			09-Dec-2005		6.725%		CA - 75.07%		Paid Off - 360		01-Dec-2004
1388 1			424,000.00		424,000.00			07-Dec-2005		6.550%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1400 1			128,000.00		126,635.80			07-Dec-2005		6.750%		FL - 80.00%		Paid Off - 360		01-Dec-2004
1417 1			92,000.00		91,487.46			23-Nov-2005		9.990%		CA - 20.00%		Paid Off - 180		01-Dec-2004
1430 1			70,800.00		70,497.19			14-Dec-2005		11.240%		CA - 20.00%		Paid Off - 180		01-Dec-2004
1449 1			70,000.00		69,676.33			09-Dec-2005		10.874%		CA - 18.77%		Paid Off - 180		01-Dec-2004
1457 1			183,000.00		181,848.04			23-Nov-2005		9.400%		FL - 100.00%		Paid Off - 360		29-Nov-2004
1497 1			211,650.00		209,698.89			22-Nov-2005		7.500%		NV - 85.00%		Paid Off - 360		19-Nov-2004
1512 1			203,400.00		202,315.60			02-Dec-2005		10.200%		NJ - 90.00%		Paid Off - 360		25-Nov-2004
1567 1			285,750.00		283,696.05			28-Nov-2005		8.750%		CA - 90.00%		Paid Off - 360		01-Dec-2004
1584 1			174,325.00		173,260.99			29-Nov-2005		9.550%		NV - 95.00%		Paid Off - 360		01-Dec-2004
1604 1			184,000.00		182,690.56			08-Dec-2005		8.350%		ME - 80.00%		Paid Off - 360		02-Dec-2004
1676 1			399,900.00		399,900.00			29-Nov-2005		7.200%		CA - 79.98%		Paid Off - 360		01-Dec-2004
1697 1			100,000.00		100,000.00			23-Nov-2005		7.650%		FL - 80.00%		Paid Off - 360		01-Dec-2004
1712 1			81,600.00		80,802.55			12-Dec-2005		7.200%		FL - 80.00%		Paid Off - 360		01-Dec-2004
1716 1			135,040.00		133,282.93			07-Dec-2005		7.450%		FL - 80.00%		Paid Off - 360		01-Dec-2004
1756 1			170,000.00		167,813.11			29-Nov-2005		5.750%		CA - 72.34%		Paid Off - 360		01-Dec-2004
1766 1			100,000.00		94,377.99			29-Nov-2005		10.410%		CA - 20.00%		Paid Off - 180		01-Dec-2004
1779 1			30,000.00		29,875.53			22-Nov-2005		11.500%		AZ - 20.00%		Paid Off - 180		01-Dec-2004
1786 1			20,400.00		20,349.75			12-Dec-2005		13.750%		FL - 20.00%		Paid Off - 180		01-Dec-2004
1836 1			96,000.00		95,180.32			28-Nov-2005		10.990%		CA - 20.00%		Paid Off - 180		01-Nov-2004
1904 1			54,400.00		53,615.06			01-Dec-2005		9.950%		MO - 80.00%		Paid Off - 360		25-Nov-2004
1940 1			80,750.00		80,098.37			13-Dec-2005		9.600%		AZ - 85.00%		Paid Off - 360		19-Dec-2004
2003 1			83,300.00		82,868.11			15-Dec-2005		9.900%		LA - 70.00%		Paid Off - 360		24-Dec-2004
2015 1			55,000.00		53,965.41			22-Nov-2005		8.900%		NJ - 29.26%		Paid Off - 360		24-Dec-2004
2113 1			360,000.00		358,126.40			09-Dec-2005		9.400%		NY - 80.00%		Paid Off - 360		06-Jan-2005
2137 1			232,200.00		230,191.35			25-Nov-2005		7.500%		MD - 90.00%		Paid Off - 360		06-Jan-2005
2167 1			186,400.00		186,400.00			05-Dec-2005		6.300%		CA - 80.00%		Paid Off - 360		01-Jan-2005


Page 20 of 28
IXIS Real Estate Capital Trust 2005-HE1

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

December 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

2170 1			456,000.00		455,733.56			01-Dec-2005		7.000%		CA - 80.00%		Paid Off - 360		01-Jan-2005
2170 1			456,000.00		455,733.56			01-Dec-2005		7.000%		CA - 80.00%		Paid Off - 360		01-Jan-2005
2184 1			70,000.00		68,823.86			29-Nov-2005		6.750%		FL - 63.64%		Paid Off - 360		01-Jan-2005
2188 1			148,500.00		147,245.79			08-Dec-2005		7.490%		FL - 90.00%		Paid Off - 360		01-Jan-2005
2216 1			339,600.00		339,600.00			08-Dec-2005		6.850%		CA - 80.00%		Paid Off - 360		01-Jan-2005
2225 1			195,000.00		193,172.00			13-Dec-2005		6.950%		MA - 75.00%		Paid Off - 360		01-Jan-2005
2285 1			70,498.00		70,121.11			23-Nov-2005		9.750%		CA - 15.00%		Paid Off - 180		01-Jan-2005
2286 1			85,500.00		84,965.46			01-Dec-2005		8.990%		CA - 15.00%		Paid Off - 180		01-Jan-2005
2294 1			50,000.00		49,724.27			30-Nov-2005		9.600%		CA - 13.33%		Paid Off - 180		01-Jan-2005
2317 1			84,900.00		84,567.84			08-Dec-2005		11.240%		CA - 20.00%		Paid Off - 180		01-Jan-2005
2343 1			192,000.00		190,034.41			05-Dec-2005		6.490%		ID - 80.00%		Paid Off - 360		01-Jan-2005
2346 1			532,000.00		528,507.60			30-Nov-2005		8.750%		FL - 80.00%		Paid Off - 360		01-Jan-2005
2400 1			168,000.00		167,957.65			22-Nov-2005		5.990%		MN - 80.00%		Paid Off - 360		01-Jan-2005
2430 1			48,000.00		47,778.10			05-Dec-2005		10.990%		ID - 20.00%		Paid Off - 180		01-Jan-2005
2442 1			60,000.00		59,661.19			09-Dec-2005		9.000%		FL - 80.00%		Paid Off - 360		10-Jan-2005
2479 1			259,500.00		256,558.83			16-Nov-2005		5.650%		CA - 69.20%		Paid Off - 360		01-Feb-2005
2528 1			34,910.00		34,765.63			05-Dec-2005		10.500%		FL - 19.95%		Paid Off - 180		01-Feb-2005
2554 1			308,000.00		306,068.14			28-Nov-2005		8.500%		CA - 70.00%		Paid Off - 360		01-Feb-2005
2562 1			252,500.00		250,752.95			30-Nov-2005		8.490%		MD - 81.45%		Paid Off - 360		01-Jan-2005
2568 1			308,108.00		306,180.78			22-Nov-2005		8.500%		CA - 68.00%		Paid Off - 360		01-Feb-2005
2624 1			278,400.00		278,400.00			08-Dec-2005		6.250%		CA - 80.00%		Paid Off - 360		01-Feb-2005
2712 1			69,600.00		69,338.53			08-Dec-2005		10.950%		CA - 20.00%		Paid Off - 180		01-Feb-2005
2722 1			38,600.00		38,455.51			08-Dec-2005		10.990%		FL - 20.00%		Paid Off - 180		01-Feb-2005
2740 1			308,750.00		306,066.59			01-Dec-2005		7.800%		NY - 65.00%		Paid Off - 360		01-Dec-2004
2742 1			140,000.00		138,925.42			18-Nov-2005		8.840%		CA - 80.00%		Paid Off - 360		01-Nov-2004
2791 1			143,200.00		141,448.95			14-Dec-2005		8.790%		CA - 74.97%		Paid Off - 360		01-Dec-2004
2794 1			308,000.00		306,012.63			01-Dec-2005		8.990%		NY - 70.00%		Paid Off - 360		01-Jan-2005
2800 1			115,500.00		114,420.60			14-Dec-2005		7.490%		NV - 70.00%		Paid Off - 360		01-Dec-2004
2801 1			114,000.00		113,092.92			21-Nov-2005		7.790%		MI - 79.72%		Paid Off - 360		01-Jan-2005
2807 1			324,000.00		321,381.61			29-Nov-2005		7.990%		CA - 90.00%		Paid Off - 360		01-Jan-2005
2828 1			415,000.00		#######			18-Nov-2005		5.750%		CA - 76.85%		Paid Off - 360		01-Feb-2005
2853 1			88,400.00		87,585.22			01-Dec-2005		7.040%		CT - 60.14%		Paid Off - 360		01-Jan-2005
2909 1			245,000.00		241,752.81			30-Nov-2005		5.100%		CA - 70.00%		Paid Off - 360		01-Jan-2005
2923 1			318,750.00		316,144.49			12-Dec-2005		7.150%		NY - 85.00%		Paid Off - 360		01-Feb-2005
2943 1			400,000.00		396,238.71			17-Nov-2005		7.690%		IL - 88.89%		Paid Off - 360		01-Feb-2005
2959 1			161,000.00		160,646.40			21-Nov-2005		6.990%		CA - 63.39%		Paid Off - 360		01-Feb-2005
2982 1			132,000.00		131,094.19			30-Nov-2005		8.040%		VA - 54.32%		Paid Off - 360		01-Feb-2005
3030 1			223,000.00		222,040.19			30-Nov-2005		10.785%		FL - 100.00%		Paid Off - 360		01-Feb-2005
3093 1			180,000.00		178,767.18			16-Nov-2005		7.500%		MD - 90.00%		Paid Off - 360		01-Mar-2005
3112 1			179,200.00		177,609.66			28-Nov-2005		6.990%		MD - 80.00%		Paid Off - 360		01-Feb-2005
3124 1			270,000.00		268,434.97			15-Dec-2005		8.875%		CA - 60.00%		Paid Off - 360		01-Feb-2005
3144 1			122,400.00		121,465.63			01-Dec-2005		7.500%		CT - 80.00%		Paid Off - 360		01-Feb-2005
3180 1			400,000.00		397,698.88			06-Dec-2005		8.375%		CA - 69.93%		Paid Off - 360		01-Mar-2005
3200 1			135,000.00		134,066.55			09-Dec-2005		8.000%		MD - 79.41%		Paid Off - 360		01-Feb-2005


Page 21 of 28
IXIS Real Estate Capital Trust 2005-HE1

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

December 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

3207 1			120,700.00		120,130.84			08-Dec-2005		9.875%		FL - 85.00%		Paid Off - 360		01-Feb-2005
3207 1			120,700.00		120,130.84			08-Dec-2005		9.875%		FL - 85.00%		Paid Off - 360		01-Feb-2005
3212 1			182,500.00		181,520.42			30-Nov-2005		9.250%		CA - 68.87%		Paid Off - 360		01-Feb-2005
3226 1			263,500.00		263,500.00			06-Dec-2005		6.990%		CA - 85.00%		Paid Off - 360		01-Feb-2005
3232 1			256,500.00		254,967.10			07-Dec-2005		8.725%		FL - 90.00%		Paid Off - 360		01-Feb-2005
3241 1			105,000.00		104,068.31			30-Nov-2005		6.725%		FL - 57.69%		Paid Off - 360		01-Feb-2005
3243 1			140,000.00		140,000.00			08-Dec-2005		6.350%		FL - 53.85%		Paid Off - 360		01-Feb-2005
3246 1			260,000.00		257,591.39			01-Dec-2005		6.500%		CA - 78.08%		Paid Off - 360		01-Feb-2005
3274 1			388,000.00		388,000.00			21-Nov-2005		6.300%		CA - 80.00%		Paid Off - 360		01-Feb-2005
3307 1			165,750.00		164,272.11			13-Dec-2005		6.700%		FL - 85.00%		Paid Off - 360		01-Feb-2005
3314 1			297,500.00		297,500.00			01-Dec-2005		6.550%		CA - 85.00%		Paid Off - 360		01-Feb-2005
3375 1			113,000.00		112,275.19			22-Nov-2005		8.375%		FL - 84.96%		Paid Off - 360		01-Mar-2005
3430 1			117,000.00		116,598.57			08-Dec-2005		4.990%		AZ - 65.00%		Paid Off - 360		01-Oct-2004
3443 1			125,600.00		124,318.08			07-Dec-2005		7.800%		WI - 80.00%		Paid Off - 360		01-Oct-2004
3493 1			204,000.00		202,591.42			16-Nov-2005		8.500%		CA - 80.00%		Paid Off - 360		01-Jan-2005
3513 1			237,250.00		235,113.76			30-Nov-2005		8.040%		CA - 65.00%		Paid Off - 360		01-Jan-2005
3519 1			88,000.00		87,390.28			25-Nov-2005		7.990%		IL - 80.00%		Paid Off - 360		01-Feb-2005
3527 1			275,200.00		275,145.82			15-Dec-2005		5.450%		CA - 80.00%		Paid Off - 360		01-Jan-2005
3555 1			110,487.00		109,987.29			23-Nov-2005		9.550%		AZ - 84.99%		Paid Off - 360		01-Mar-2005
3562 1			90,000.00		89,461.51			15-Dec-2005		10.470%		CA - 20.00%		Paid Off - 180		01-Nov-2004
3564 1			82,900.00		82,447.54			28-Nov-2005		9.650%		NV - 20.00%		Paid Off - 180		01-Jan-2005
3614 1			61,000.00		60,609.90			21-Nov-2005		8.150%		MO - 54.95%		Paid Off - 360		01-Mar-2005
3706 1			224,000.00		224,000.00			01-Dec-2005		6.250%		CA - 80.00%		Paid Off - 360		01-Aug-2004
3724 1			465,000.00		465,000.00			01-Dec-2005		7.050%		CA - 80.87%		Paid Off - 360		01-Sep-2004
3744 1			14,650.00		13,592.38			16-Nov-2005		11.950%		CA - 5.00%		Paid Off - 120		01-Nov-2004
3752 1			32,000.00		31,861.77			07-Dec-2005		11.240%		FL - 20.00%		Paid Off - 180		01-Dec-2004
3760 1			236,800.00		234,413.75			29-Nov-2005		7.500%		FL - 80.00%		Paid Off - 360		01-Jan-2005
3865 1			162,500.00		161,606.77			17-Nov-2005		8.600%		CA - 65.00%		Paid Off - 360		01-Mar-2005
3887 1			184,500.00		183,516.40			14-Dec-2005		8.375%		MA - 90.00%		Paid Off - 360		01-Apr-2005
132218 1			210,000.00		208,270.18			02-Dec-2005		8.490%		NV - 73.94%		Paid Off - 360		01-Nov-2004
459219 1			29,000.00		28,904.71			09-Dec-2005		10.490%		CA - 20.00%		Paid Off - 180		01-Apr-2005
461814 1			307,200.00		305,025.84			25-Nov-2005		6.000%		CA - 78.77%		Paid Off - 360		01-May-2005
1299351 1			89,600.00		88,309.79			17-Nov-2005		6.000%		NE - 80.00%		Paid Off - 360		01-Oct-2004
1000845633 1			156,000.00		155,477.65			07-Dec-2005		10.400%		VA - 65.00%		Paid Off - 360		01-Apr-2005


TOTAL			29,623,046.00		29,416,382.28
TOTAL


Page 22 of 28
IXIS Real Estate Capital Trust 2005-HE1

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

December 27, 2005 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES



															Total


Current
Current



Number of Loans Liquidated														2
Collateral Principal Realized Loss/(Gain) Amount														72,906.22
Collateral Interest Realized Loss/(Gain) Amount														3,191.40
Net Liquidation Proceeds														43,447.83

Cumulative
Cumulative



Number of Loans Liquidated														8
Collateral Realized Loss/(Gain) Amount														241,626.57
Net Liquidation Proceeds														870,379.21










Page 23 of 28
IXIS Real Estate Capital Trust 2005-HE1

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

December 27, 2005 Distribution


DEFAULT SPEEDS



															Total



MDR														0.02%
3 Months Avg MDR														0.03%
12 Months Avg MDR														0.02%
Avg MDR Since Cut-off														0.02%


CDR														0.28%
3 Months Avg CDR														0.32%
12 Months Avg CDR														0.23%
Avg CDR Since Cut-off														0.23%


SDA														1.11%
3 Months Avg SDA Approximation														1.37%
12 Months Avg SDA Approximation														1.35%
Avg SDA Since Cut-off Approximation														1.35%


Loss Severity Approximation for Current Period														60.99%
3 Months Avg Loss Severity Approximation														36.09%
12 Months Avg Loss Severity Approximation														15.94%
Avg Loss Severity Approximation Since Cut-off														15.94%












Page 24 of 28
IXIS Real Estate Capital Trust 2005-HE1

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

December 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 25 of 28
IXIS Real Estate Capital Trust 2005-HE1

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

December 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)
1098 1
1098 1			12.250%		NH - 5.00%		60		10,393.63				13,585.03		0.00

2755 1			6.440%		GA - 80.00%		360		109,151.82				65,109.11		0.00
469 1					GA - 80.00%		360				Revision		577.00
1041 1					GA - 90.00%		360				Revision		488.00
1472 1					GA - 100.00%		360				Revision		353.52
3481 1					TN - 65.00%		360				Revision		1,178.00


TOTAL									119,545.45			81,290.66		0.00



Page 26 of 28
IXIS Real Estate Capital Trust 2005-HE1

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

December 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								54,912,303.58
						Ending Balance								475,923,450.74
						Senior Enhancement Percentage								27.1500%



ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
														Total
Basis Risk CarryForward Amount Paid														7,910.70
Basis Risk CarryForward Amount Unpaid														0.000
Excess Reserve Fund Account Balance														0.00
Current LIBOR Rate														4.191250%
Next LIBOR Rate														0.000000%



Page 27 of 28
IXIS Real Estate Capital Trust 2005-HE1

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

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









Page 28 of 28

IXIS Real Estate Capital Trust 2005-HE1 8-K