8-K 1 abs04he2_aug.txt AUGUST 8K 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): August 25, 2004 ASSET BACKED SECURITIES CORP HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2004-HE2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-109307-05 54-2151902 Pooling and Servicing Agreement) (Commission 54-2151903 (State or other File Number) 54-2151904 jurisdiction 54-2151905 of Incorporation) IRS EIN c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (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 under the Exchange Act (17 CFR 240.14a-12) [ ] 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 On August 25, 2004 a distribution was made to holders of ASSET BACKED SECURITIES CORP HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series 2004-HE2 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Pass-Through Certificates, Series 2004-HE2 Trust, relating to the August 25, 2004 distribution. 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. ASSET BACKED SECURITIES CORP HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2004-HE2 Trust (Registrant) By: Wells Fargo Bank, N.A. as Trustee By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 9/2/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Pass-Through Certificates, Series 2004-HE2 Trust, relating to the August 25, 2004 distribution. EX-99.1

~~SECURITIES~~Asset ~~AND~~Backed ~~EXCHANGE~~Securities ~~COMMISSION~~Corp Home Equity Loan Trust Mortgage Pass-Through Certificates Record Date: 7/31/04 Distribution Date: 8/25/04 ABSC Series: 2004-HE2 Contact: Customer Service - SecuritiesLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 846-8130 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution R 04541GJF0 RES 0.00000% 0.00 0.00 0.00 B-IO 04541GJC7 SUB IO 0.00000% 0.00 0.00 0.00 A-1 04541GHS4 SEN 1.78500% 268,630,525.84 399,587.91 9,114,996.28 A-2 04541GHT2 SEN 1.78500% 221,110,579.57 328,901.99 4,458,772.42 A-2-A 04541GHU9 SEN 1.84000% 24,567,842.17 37,670.69 495,419.16 A-3 04541GHV7 SEN 1.75000% 160,811,271.79 234,516.44 5,037,573.84 M-1 04541GHW5 MEZ 2.00000% 56,250,000.00 93,750.00 0.00 M-2 04541GHX3 MEZ 2.70000% 47,250,000.00 106,312.50 0.00 M-3 04541GHY1 MEZ 2.90000% 13,500,000.00 32,625.00 0.00 M-4 04541GHZ8 MEZ 3.15000% 13,500,000.00 35,437.50 0.00 M-5-A 04541GJA1 MEZ 3.40000% 7,100,000.00 20,116.67 0.00 M-5-B 04541GJG8 MEZ 3.85000% 4,150,000.00 13,314.58 0.00 M-6 04541GJB9 MEZ 4.95000% 11,231,000.00 46,327.87 0.00 X 04541GJD5 SEN OC 0.00000% 22,492,027.66 3,269,936.40 0.00 P 04541GJE3 SEN 0.00000% 100.00 303,039.71 0.00 Totals 850,593,347.03 4,921,537.26 19,106,761.70

~~Washington~~Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses R 0.00 0.00 0.00 0.00 B-IO 0.00 0.00 0.00 0.00 A-1 0.00 259,515,529.56 D9,514,584.C19 0. ~~20549~~00 A-2 0.00 216,651,807.15 4,787,674.41 0.00 A-2-A 0.00 24,072,423.02 533,089.85 0.00 A-3 0.00 155,773,697.95 5,272,090.28 0.00 M-1 0.00 56,250,000.00 93,750.00 0.00 M-2 0.00 47,250,000.00 106,312.50 0.00 M-3 0.00 13,500,000.00 32,625.00 0.00 M-4 0.00 13,500,000.00 35,437.50 0.00 M-5-A 0.00 7,100,000.00 20,116.67 0.00 M-5-B 0.00 4,150,000.00 13,314.58 0.00 M-6 0.00 11,231,000.00 46,327.87 0.00 X 0.00 22,492,027.66 3,269,936.40 0.00 P 0.00 100.00 303,039.71 0.00 Totals 0.00 831,486,585.34 24,028,298.96 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

~~Form~~Principal 8Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) R 0.00 0.00 0.00 0.00 0.00 0.00 B-KIO 0.00 0.00 0.00 0.00 0.00 0.00 A-1 285,000,000.00 268,630,525.84 0.00 9,114,996.28 0.00 0.00 A-2 238,500,000.00 221,110,579.57 0.00 4,458,772.42 0.00 0.00 A-2-A 26,500,000.00 24,567,842.17 0.00 495,419.16 0.00 0.00 A-3 174,200,000.00 160,811,271.79 0.00 5,037,573.84 0.00 0.00 M-1 56,250,000.00 56,250,000.00 0.00 0.00 0.00 0.00 M-2 47,250,000.00 47,250,000.00 0.00 0.00 0.00 0.00 M-3 13,500,000.00 13,500,000.00 0.00 0.00 0.00 0.00 M-4 13,500,000.00 13,500,000.00 0.00 0.00 0.00 0.00 M-5-A 7,100,000.00 7,100,000.00 0.00 0.00 0.00 0.00 M-5-B 4,150,000.00 4,150,000.00 0.00 0.00 0.00 0.00 M-6 11,231,000.00 11,231,000.00 0.00 0.00 0.00 0.00 X 22,500,106.46 22,492,027.66 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 Totals 899,681,206.46 850,593,347.03 0.00 19,106,761.70 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

~~CURRENT~~Principal ~~REPORT~~Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution R 0.00 0.00 0.00000000 0.00 B-IO 0.00 0.00 0.00000000 0.00 A-1 9,114,996.28 259,515,529.56 0.91058081 9,114,996.28 A-2 4,458,772.42 216,651,807.15 0.90839332 4,458,772.42 A-2-A 495,419.16 24,072,423.02 0.90839332 495,419.16 A-3 5,037,573.84 155,773,697.95 0.89422329 5,037,573.84 M-1 0.00 56,250,000.00 1.00000000 0.00 M-2 0.00 47,250,000.00 1.00000000 0.00 M-3 0.00 13,500,000.00 1.00000000 0.00 M-4 0.00 13,500,000.00 1.00000000 0.00 M-5-A 0.00 7,100,000.00 1.00000000 0.00 M-5-B 0.00 4,150,000.00 1.00000000 0.00 M-6 0.00 11,231,000.00 1.00000000 0.00 X 0.00 22,492,027.66 0.99964094 0.00 P 0.00 100.00 1.00000000 0.00 Totals 19,106,761.70 831,486,585.34 0.92420135 19,106,761.70

~~Pursuant~~Principal toDistribution ~~Section~~Factors 13Statement orOriginal 15Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (d2) ofAmount ~~the~~Balance Distribution Distribution Accretion R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A-1 285,000,000.00 942.56324856 0.00000000 31.98244309 0.00000000 A-2 238,500,000.00 927.08838394 0.00000000 18.69506256 0.00000000 A-2-A 26,500,000.00 927.08838377 0.00000000 18.69506264 0.00000000 A-3 174,200,000.00 923.14162910 0.00000000 28.91833433 0.00000000 M-1 56,250,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 47,250,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 13,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 13,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5-A 7,100,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5-B 4,150,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-6 11,231,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 22,500,106.46 999.64094392 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000

~~Securities~~Principal ~~Exchange~~Distribution ~~Act~~Factors ofStatement ~~1934~~(continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-1 0.00000000 31.98244309 910.58080547 0.91058081 31.98244309 A-2 0.00000000 18.69506256 908.39332138 0.90839332 18.69506256 A-2-A 0.00000000 18.69506264 908.39332151 0.90839332 18.69506264 A-3 0.00000000 28.91833433 894.22329478 0.89422329 28.91833433 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-5-A 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-5-B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 999.64094392 0.99964094 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

~~Date~~Interest ofDistribution ~~Report~~Statement ~~(Date~~Beginning Payment of ~~earliest~~Original ~~event~~Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall R 0.00 0.00000% 0.00 0.00 0.00 0.00 B-IO 0.00 0.00000% 0.00 0.00 0.00 0.00 A-1 285,000,000.00 1.78500% 268,630,525.84 399,587.91 0.00 0.00 A-2 238,500,000.00 1.78500% 221,110,579.57 328,901.99 0.00 0.00 A-2-A 26,500,000.00 1.84000% 24,567,842.17 37,670.69 0.00 0.00 A-3 174,200,000.00 1.75000% 160,811,271.79 234,516.44 0.00 0.00 M-1 56,250,000.00 2.00000% 56,250,000.00 93,750.00 0.00 0.00 M-2 47,250,000.00 2.70000% 47,250,000.00 106,312.50 0.00 0.00 M-3 13,500,000.00 2.90000% 13,500,000.00 32,625.00 0.00 0.00 M-4 13,500,000.00 3.15000% 13,500,000.00 35,437.50 0.00 0.00 M-5-A 7,100,000.00 3.40000% 7,100,000.00 20,116.67 0.00 0.00 M-5-B 4,150,000.00 3.85000% 4,150,000.00 13,314.58 0.00 0.00 M-6 11,231,000.00 4.95000% 11,231,000.00 46,327.88 0.00 0.00 X 22,500,106.46 0.00000% 22,492,027.66 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 899,681,206.46 1,348,561.16 0.00 0.00

~~Reported~~Interest Distribution Statement (continued)~~: April~~ 7Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance R 0.00 0.00 0.00 0.00 0.00 B-IO 0.00 0.00 0.00 0.00 0.00 A-1 0.00 0.00 399,587.91 ~~2004 Asset~~0.00 ~~Backed~~259,515,529.56 ~~Securities~~A-2 ~~Corporation~~0.00 0.00 328, ~~Home~~901.99 ~~Equity~~0.00 ~~Loan~~216,651,807.15 ~~Trust~~A-2-A 0.00 0.00 37,670.69 ~~Series~~0.00 ~~2004~~24,072,423.02 A-~~HE2 Asset~~3 ~~Backed~~0.00 ~~Pass~~0.00 234,516.44 0.00 155,773,697.95 M-~~Through~~1 ~~Certificates~~0.00 0.00 93,750.00 ~~Series~~0.00 ~~2004~~56,250,000.00 M-~~HE2~~2 0.00 0.00 106,312.50 0.00 47,250,000.00 M-3 0.00 0.00 32,625.00 0.00 13,500,000.00 M-4 0.00 0.00 35,437.50 0.00 13,500,000.00 M-5-A 0.00 0.00 20,116.67 0.00 7,100,000.00 M-5-B 0.00 0.00 13,314.58 0.00 4,150,000.00 M-6 0.00 0.00 46,327.87 0.00 11,231,000.00 X 0.00 0.00 3,269,936.40 0.00 22,492,027.66 P 0.00 0.00 303,039.71 0.00 100.00 Totals 0.00 0.00 4,921,537.26 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

ASSET BACKED SECURITIES CORPORATION
(Exact name of registrant as specified in its charter)
New York	333-109307	13-3354848
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
11 Madison Avenue New York, New York 10010
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code (212) 325-2000

~~Item~~Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-1 0.00000000 0.00000000 1.40206284 0.00000000 910.58080547 A-2 0.00000000 0.00000000 1.37904398 0.00000000 908.39332138 A-2-A 0.00000000 0.00000000 1.42153547 0.00000000 908.39332151 A-3 0.00000000 0.00000000 1.34624822 0.00000000 894.22329478 M-1 0.00000000 0.00000000 1.66666667 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.25000000 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 2.41666667 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 2.62500000 0.00000000 1000.00000000 M-5-A 0.00000000 0.00000000 2.83333380 0.00000000 1000.00000000 M-5-B 0.00000000 0.00000000 3.20833253 0.00000000 1000.00000000 M-6 0.00000000 0.00000000 4.12499955 0.00000000 1000.00000000 X 0.00000000 0.00000000 145.32981903 0.00000000 999.64094392 P 0.00000000 0.00000000 3030397.10000000 0.00000000 1000.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 24,014,227.16 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other ~~Events~~Amounts (Servicer Advances) 179,405.39 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 303,039.71 Total Deposits 24,496,672.26 Withdrawals Reimbursement for Servicer Advances 95,504.41 Payment of Service Fee 372,868.90 Payment of Interest and Principal 24,028,298.95 Total Withdrawals (Pool Distribution Amount) 24,496,672.26 Ending Balance 0.00

OnPREPAYMENT/CURTAILMENT ~~April~~INTEREST 7,SHORTFALL ~~2004,~~Total ~~Asset~~Prepayment/Curtailment ~~Backed~~Interest ~~Securities~~Shortfall Corporation (the “Company”) entered into a Pooling and Servicing Agreement dated as of April 1, 2004 (the “Agreement”) among Asset Backed Securities Corporation, as depositor, (the “Depositor”), DLJ Mortgage Capital, Inc0.,00 ~~as seller (the “Seller”), HomEq~~ Servicing ~~Corporation,~~Fee asSupport ~~servicer (the “Servicer”) and Wells Fargo Bank, N~~0.~~A.,~~00 ~~as trustee (the “Trustee”), providing for the issuance of the Company’s Asset Backed Pass~~Non-~~Through~~Supported ~~Certificates,~~Prepayment/Curtailment ~~Series~~Interest ~~2004-HE2~~Shortfall ~~(the “Certificates”)~~0. ~~The Pooling and Servicing Agreement is annexed hereto as Exhibit 99.1.~~00

~~Item~~SERVICING 7FEES Gross Servicing Fee 354,413. ~~Financial~~90 ~~Statements~~Strip Amount 18,455.00 ~~Pro~~Supported ~~Forma~~Prepayment/Curtailment ~~Financial~~Interest ~~Information~~Shortfall ~~and~~0.00 ~~Exhibits~~Net Servicing Fee 372,868.90

~~(a)~~OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 1,000.00 0.00 0.00 1,000.00

~~Not~~LOAN ~~applicable~~STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 21 0 0 21 3,108,387.04 0.00 0.00 3,108,387.04 30 Days 96 1 0 0 97 16,488,890.51 286,337.63 0.00 0.00 16,775,228.14 60 Days 7 0 17 0 24 1,398,135.83 0.00 2,333,637.51 0.00 3,731,773.34 90 Days 6 1 18 0 25 332,373.76 105,834.43 3,063,058.35 0.00 3,501,266.54 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 109 23 35 0 167 18,219,400.10 3,500,559.10 5,396,695.86 0.00 27,116,655.06 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.420420% 0.000000% 0.000000% 0.420420% 0.373835% 0.000000% 0.000000% 0.373835% 30 Days 1.921922% 0.020020% 0.000000% 0.000000% 1.941942% 1.983062% 0.034437% 0.000000% 0.000000% 2.017498% 60 Days 0.140140% 0.000000% 0.340340% 0.000000% 0.480480% 0.168149% 0.000000% 0.280658% 0.000000% 0.448807% 90 Days 0.120120% 0.020020% 0.360360% 0.000000% 0.500501% 0.039973% 0.012728% 0.368383% 0.000000% 0.421085% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 2.182182% 0.460460% 0.700701% 0.000000% 3.343343% 2.191184% 0.421000% 0.649042% 0.000000% 3.261226%

~~(b)~~Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp 1 Fixed No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 3 0 0 3 230,517.63 0.00 0.00 230,517.63 30 Days 9 0 0 0 9 825,666.82 0.00 0.00 0.00 825,666.82 60 Days 1 0 2 0 3 69,194.58 0.00 339,036.03 0.00 408,230.61 90 Days 0 0 2 0 2 0.00 0.00 100,898.26 0.00 100,898.26 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 10 3 4 0 17 894,861.40 230,517.63 439,934.29 0.00 1,565,313.32 0-29 Days 0.441826% 0.000000% 0.000000% 0.441826% 0.256282% 0.000000% 0.000000% 0.256282% 30 Days 1.325479% 0.000000% 0.000000% 0.000000% 1.325479% 0.917949% 0.000000% 0.000000% 0.000000% 0.917949% 60 Days 0.147275% 0.000000% 0.294551% 0.000000% 0.441826% 0.076928% 0.000000% 0.376929% 0.000000% 0.453857% 90 Days 0.000000% 0.000000% 0.294551% 0.000000% 0.294551% 0.000000% 0.000000% 0.112175% 0.000000% 0.112175% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.472754% 0.441826% 0.589102% 0.000000% 2.503682% 0.994877% 0.256282% 0.489104% 0.000000% 1.740264% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp 1 ARM No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 4 0 0 4 475,908.38 0.00 0.00 475,908.38 30 Days 30 0 0 0 30 4,380,619.81 0.00 0.00 0.00 4,380,619.81 60 Days 3 0 5 0 8 875,475.22 0.00 708,587.38 0.00 1,584,062.60 90 Days 2 0 6 0 8 138,418.96 0.00 825,505.89 0.00 963,924.85 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 35 4 11 0 50 5,394,513.99 475,908.38 1,534,093.27 0.00 7,404,515.64 0-29 Days 0.270636% 0.000000% 0.000000% 0.270636% 0.199423% 0.000000% 0.000000% 0.199423% 30 Days 2.029770% 0.000000% 0.000000% 0.000000% 2.029770% 1.835641% 0.000000% 0.000000% 0.000000% 1.835641% 60 Days 0.202977% 0.000000% 0.338295% 0.000000% 0.541272% 0.366856% 0.000000% 0.296924% 0.000000% 0.663781% 90 Days 0.135318% 0.000000% 0.405954% 0.000000% 0.541272% 0.058003% 0.000000% 0.345917% 0.000000% 0.403920% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 2.368065% 0.270636% 0.744249% 0.000000% 3.382950% 2.260500% 0.199423% 0.642842% 0.000000% 3.102765% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp 2 Fixed No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 3 0 0 3 566,834.77 0.00 0.00 566,834.77 30 Days 6 0 0 0 6 533,071.91 0.00 0.00 0.00 533,071.91 60 Days 0 0 1 0 1 0.00 0.00 44,652.12 0.00 44,652.12 90 Days 0 1 2 0 3 0.00 105,834.43 149,162.67 0.00 254,997.10 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 6 4 3 0 13 533,071.91 672,669.20 193,814.79 0.00 1,399,555.90 0-29 Days 0.497512% 0.000000% 0.000000% 0.497512% 0.674394% 0.000000% 0.000000% 0.674394% 30 Days 0.995025% 0.000000% 0.000000% 0.000000% 0.995025% 0.634225% 0.000000% 0.000000% 0.000000% 0.634225% 60 Days 0.000000% 0.000000% 0.165837% 0.000000% 0.165837% 0.000000% 0.000000% 0.053125% 0.000000% 0.053125% 90 Days 0.000000% 0.165837% 0.331675% 0.000000% 0.497512% 0.000000% 0.125917% 0.177467% 0.000000% 0.303384% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.995025% 0.663350% 0.497512% 0.000000% 2.155887% 0.634225% 0.800311% 0.230592% 0.000000% 1.665128% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp 2 ARM No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 5 0 0 5 1,107,723.82 0.00 0.00 1,107,723.82 30 Days 27 1 0 0 28 4,345,732.65 286,337.63 0.00 0.00 4,632,070.28 60 Days 2 0 6 0 8 317,994.32 0.00 856,496.56 0.00 1,174,490.88 90 Days 2 0 4 0 6 123,475.33 0.00 746,831.11 0.00 870,306.44 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 31 6 10 0 47 4,787,202.30 1,394,061.45 1,603,327.67 0.00 7,784,591.42 0-29 Days 0.388500% 0.000000% 0.000000% 0.388500% 0.502444% 0.000000% 0.000000% 0.502444% 30 Days 2.097902% 0.077700% 0.000000% 0.000000% 2.175602% 1.971146% 0.129878% 0.000000% 0.000000% 2.101024% 60 Days 0.155400% 0.000000% 0.466200% 0.000000% 0.621601% 0.144237% 0.000000% 0.388491% 0.000000% 0.532728% 90 Days 0.155400% 0.000000% 0.310800% 0.000000% 0.466200% 0.056006% 0.000000% 0.338749% 0.000000% 0.394755% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 2.408702% 0.466200% 0.777001% 0.000000% 3.651904% 2.171389% 0.632321% 0.727241% 0.000000% 3.530951% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp 3 Fixed No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 1 0 0 1 61,506.12 0.00 0.00 61,506.12 30 Days 2 0 0 0 2 141,308.39 0.00 0.00 0.00 141,308.39 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 2 0 0 0 2 70,479.47 0.00 0.00 0.00 70,479.47 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 4 1 0 0 5 211,787.86 61,506.12 0.00 0.00 273,293.98 0-29 Days 0.301205% 0.000000% 0.000000% 0.301205% 0.133173% 0.000000% 0.000000% 0.133173% 30 Days 0.602410% 0.000000% 0.000000% 0.000000% 0.602410% 0.305960% 0.000000% 0.000000% 0.000000% 0.305960% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.602410% 0.000000% 0.000000% 0.000000% 0.602410% 0.152602% 0.000000% 0.000000% 0.000000% 0.152602% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.204819% 0.301205% 0.000000% 0.000000% 1.506024% 0.458562% 0.133173% 0.000000% 0.000000% 0.591735% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp 3 ARM No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 5 0 0 5 665,896.32 0.00 0.00 665,896.32 30 Days 22 0 0 0 22 6,262,490.93 0.00 0.00 0.00 6,262,490.93 60 Days 1 0 3 0 4 135,471.71 0.00 384,865.42 0.00 520,337.13 90 Days 0 0 4 0 4 0.00 0.00 1,240,660.42 0.00 1,240,660.42 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 23 5 7 0 35 6,397,962.64 665,896.32 1,625,525.84 0.00 8,689,384.80 0-29 Days 0.811688% 0.000000% 0.000000% 0.811688% 0.437532% 0.000000% 0.000000% 0.437532% 30 Days 3.571429% 0.000000% 0.000000% 0.000000% 3.571429% 4.114813% 0.000000% 0.000000% 0.000000% 4.114813% 60 Days 0.162338% 0.000000% 0.487013% 0.000000% 0.649351% 0.089013% 0.000000% 0.252879% 0.000000% 0.341891% 90 Days 0.000000% 0.000000% 0.649351% 0.000000% 0.649351% 0.000000% 0.000000% 0.815185% 0.000000% 0.815185% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 3.733766% 0.811688% 1.136364% 0.000000% 5.681818% 4.203826% 0.437532% 1.068063% 0.000000% 5.709421%

~~Not~~OTHER ~~applicable~~INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 179,405.39

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.041720% Weighted Average Net Coupon 6.541720% Weighted Average Pass-Through Rate 6.515684% Weighted Average Maturity(cStepdown Calculation ) 347 Beginning Scheduled Collateral Loan Count 5,086 Number Of Loans Paid In Full 91 Ending Scheduled Collateral Loan Count 4,995 Beginning Scheduled Collateral Balance 850,593,347.04 Ending Scheduled Collateral Balance 831,486,585.34 Ending Actual Collateral Balance at 31-Jul-2004 831,486,585.34 Monthly P &I Constant 5,786,084.22 Special Servicing Fee 0.00 Prepayment Penalties 303,039.71 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 831,486,585.34 Scheduled Principal 794,717.78 Unscheduled Principal 18,312,043.92

~~Exhibits:~~Miscellaneous Reporting Credit Enhancement Percentage 21.10353% Net WAC Rate 6.541719% Overcollateralized Amt 22,492,027.66 Overcollateralization Deficiency 0.00 Overcollateralization Increase 0.00 Overcollateralization Release 0.00 Overcollateralization Target 22,492,027.66 Net Monthly Excess Cash Amount 3,269,936.75 Payment under CAP Agreement 0.00 Has Stepdown Date Occurred NO In Trigger Event NO A1 PTR (excl CAP) for Next Distribution 1.9500 A2 PTR (excl CAP) for Next Distribution 1.9500 A2A PTR (excl CAP) for Next Distribution 2.0050 A3 PTR (excl CAP) for Next Distribution 1.9150 M1 PTR (excl CAP) for Next Distribution 2.1650 M2 PTR (excl CAP) for Next Distribution 2.8650 M3 PTR (excl CAP) for Next Distribution 3.0650 M4 PTR (excl CAP) for Next Distribution 3.3150 M5A PTR (excl CAP) for Next Distribution 3.5650 M5B PTR (excl CAP) for Next Distribution 4.0150 M6 PTR (excl CAP) for Next Distribution 5.1150

99Group Level Collateral Statement Group Grp 1 Fixed Grp 1 ARM Grp 2 Fixed Collateral Description Mixed Fixed Mixed ARM Mixed Fixed Weighted Average Coupon Rate 7.120409 7.058181 7.106248 Weighted Average Net Rate 6.620409 6.558181 6.606247 Weighted Average Maturity 347 347 348 Beginning Loan Count 686 1,516 606 Loans Paid In Full 7 38 3 Ending Loan Count 679 1,478 603 Beginning Scheduled Balance 91,153,641.86 246,550,732.91 84,552,401.01 Ending scheduled Balance 89,946,911.61 238,642,466.88 84,050,961.25 Record Date 07/31/2004 07/31/2004 07/31/2004 Principal And Interest Constant 646,271.84 1,660,756.25 596,544.80 Scheduled Principal 105,395.82 210,589.90 95,836.21 Unscheduled Principal 1,101,334.43 7,697,676.13 405,603.55 Scheduled Interest 540,876.02 1,450,166.35 500,708.59 Servicing Fees 37,980.69 102,729.46 35,230.19 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 0.00 0.00 0.00 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest 502,895.33 1,347,436.89 465,478.40 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.620409 6.558181 6.606248

~~The~~Group ~~Pooling~~Level ~~and~~Collateral ~~Servicing~~Statement ~~Agreement~~Group ~~dated~~Grp as2 ofARM ~~April~~Grp 3 Fixed Grp 3 ARM Collateral Description Mixed ARM Mixed Fixed Mixed ARM Weighted Average Coupon Rate 7.101872 7.275342 6.779921 Weighted Average Net Rate 6.601872 6.775342 6.279922 Weighted Average Maturity 348 347 347 Beginning Loan Count 1,311 336 631 Loans Paid In Full 24 4 15 Ending Loan Count 1,287 332 616 Beginning Scheduled Balance 224,920,014.69 46,500,149.78 156,916,406.79 Ending scheduled Balance 220,467,262.87 46,185,182.08 152,193,800.65 Record Date 07/31/2004 07/31/2004 07/31/2004 Principal And Interest Constant 1,521,620.94 by333,384.57 ~~and~~1,027,505.82 ~~among~~Scheduled ~~the~~Principal ~~Company~~190,493.30 ~~the~~51,464.16 ~~Seller~~140,938.39 ~~the~~Unscheduled ~~Servicer~~Principal ~~and~~4,262,258.52 ~~the~~263,503.54 4,581,667.75 Scheduled Interest 1,331,127.64 281,920.41 886,567.43 Servicing Fees 93,716.66 19,375.07 65,381.83 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 0.00 0.00 0.00 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest 1,237,410.98 262,545.34 821,185.60 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.601872 6.775342 6.279921

~~SIGNATURES~~Group Level Collateral Statement Group Total Collateral Description Mixed Fixed & Arm Weighted Average Coupon Rate 7.041720 Weighted Average Net Rate 6.541720 Weighted Average Maturity 347.00 Record Date 07/31/2004 Principal And Interest Constant 5,786,084.22 Beginning Loan Count 5,086 Loans Paid In Full 91 Ending Loan Count 4,995 Beginning Scheduled Balance 850,593,347.04 Ending Scheduled Balance 831,486,585.34 Scheduled Principal 794,717.78 Unscheduled Principal 18,312,043.92 Scheduled Interest 4,991,366.44 Servicing Fee 354,413.90 Master Servicing Fee 0.00 Trustee Fee 0.00 Fry Amount 0.00 Special Hazard Fee 0.00 Other Fee 0.00 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 4,636,952.54 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Percentage of Cumulative Losses 0.0000 Prepayment Penalties 0.00 Special Servicing Fee 0.00 Pass-Through Rate 6.515684

Filings Made by the Registrant. The registrant has duly caused this form to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on May 24, 2004.

ASSET BACKED SECURITIES CORPORATION

By:_/s/ Joseph C. Little

Name: Joseph C. Little

Title: Vice President

Exhibit Index

Exhibit

Page

99.1 The Pooling and Servicing Agreement dated as of April 1, 2004, by and among the Company, the Seller, the Servicer and the Trustee. 6

EXHIBIT 99.1

MCKEE NELSON LLP

5 Times Square, 35th Floor

New York, New York 10036

Telephone: (212) 777-4200

Facsimile: (212) 777-4299

May 24, 2004

BY MODEM

Securities and Exchange Commission

Judiciary Plaza

450 Fifth Street, N.W.

Washington, D.C. 20549

Re:

Asset Backed Securities Corporation,

Home Equity Loan Trust, Series 2004-HE2

Ladies and Gentlemen:

On behalf of Asset Backed Securities Corporation, (the “Company”), we enclose herewith for filing, pursuant to the Securities and Exchange Act of 1934, as amended, the Company’s Current Report on Form 8-K, for filing of the Pooling and Servicing Agreement in connection with the above-referenced transaction.

Very truly yours,

_/s/ Paul Cuccurullo______

Paul Cuccurullo

Enclosure

Filing Compare · ASSET BACKED SEC CORP ASSET BACK PASS-THR CERTS SER 2004-HE2