8-K 1 bsa05001_8k-200512.txt 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 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset Backed Certificates, Series 2005-1 (Exact name of registrant as specified in its charter) New York (governing law of 333-113636-27 Pooling and Servicing Agreement) (Commission 54-2168073 (State or other File Number) 54-2168074 jurisdiction IRS EIN of Incorporation) 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 December 27, 2005 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset Backed Certificates, Series 2005-1 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2005-1 Trust, relating to the December 27, 2005 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. BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset Backed Certificates, Series 2005-1 Trust (Registrant) By: Wells Fargo Bank, N.A. as Trustee By: /s/ Beth Belfield as Officer By: Beth Belfield as Officer Date: 12/31/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2005-1 Trust, relating to the December 27, 2005 distribution. EX-99.1 Bear Stearns Asset Backed Securities Asset Backed Certificates Record Date: 11/30/2005 Distribution Date: 12/27/2005 Bear Stearns Asset Backed Securities Asset Backed Certificates Series 2005-1 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 www.ctslink.com Telephone: (301) 815-6600 Fax: (301) 815-6660

Bear Stearns Asset Backed Securities Asset Backed Certificates Record Date: 8/31/2005 Distribution Date: 9/26/2005 Bear Stearns Asset Backed Securities Asset Backed Certificates Series 2005-1 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 www.ctslink.com Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary ~~Certificate~~Class CUSIP Certificate Beginning ~~Class~~Interest Pass-Through Certificate ~~Interest~~Distribution ~~Class CUSIP Description~~ Rate Balance ~~Distribution~~ A 073877AU6 ~~SEN 3~~4.~~99125~~54375% ~~209~~168,~~930~~480,~~660~~703.2326 ~~744~~680,~~787~~475.3395 M-1 073877AV4 ~~MEZ~~ 4.~~34125~~89375% 37,689,000.00 ~~145~~163,~~437~~947.6615 M-2 073877AW2 ~~MEZ~~ 5.~~04125~~59375% 18,549,000.00 8392,~~120~~229.1375 M-3 073877AX0 ~~MEZ~~ 5.~~24125~~79375% 4,341,000.00 2022,~~224~~356.2415 M-4 073877AY8 ~~MEZ 5~~6.~~84125~~39375% 3,946,000.00 2022,~~488~~426.5143 M-5 073877AZ5 ~~MEZ 6~~7.~~64125~~19375% 2,960,000.00 1718,~~473~~927.8756 M-6 073877BA9 ~~MEZ~~ 7.~~14125~~69375% 4,538,000.00 2831,~~806~~034.2288 M-7 073877BB7 ~~MEZ~~ 7.~~14125~~69375% 8,880,000.00 5660,~~368~~729.2733 B-IO 073877BE1 ~~SEN~~ 0.00000% 0.00 ~~202~~534,~~812~~875.5660 R-I 073877BC5 ~~SEN~~ 0.00000% 0.00 0.00 R-II 073877BD3 ~~SEN~~ 0.00000% 0.00 0.00 OC BSA0501OC ~~SEN~~ 0.00000% 67,~~454~~301,~~688~~284.5033 0.00 Totals ~~297~~256,~~288~~684,~~348~~987.7359 1,~~319~~627,~~518~~002.7980

Certificateholder Distribution Summary (continued) Class Principal Current Ending ~~Cumulative~~Total ~~Principal~~Cummulative Distribution Realized Certificate ~~Total~~Distribution Realized ~~Class Distribution~~ Loss Balance ~~Distribution~~ Losses A 1511,~~609~~959,~~787~~105.0835 0.00 ~~194~~156,~~320~~521,873.1432 1612,~~354~~639,~~574~~581.4130 0.00 M-1 0.00 0.00 37,689,000.00 ~~145~~163,~~437~~947.6615 0.00 M-2 0.00 0.00 18,549,000.00 8392,~~120~~229.1375 0.00 M-3 0.00 0.00 4,341,000.00 2022,~~224~~356.2415 0.00 M-4 0.00 0.00 3,946,000.00 2022,~~488~~426.5143 0.00 M-5 0.00 0.00 2,960,000.00 1718,~~473~~927.8756 0.00 M-6 0.00 0.00 4,538,000.00 2831,~~806~~034.2288 0.00 M-7 0.00 0.00 8,880,000.00 5660,~~368~~729.2733 0.00 B-IO 0.00 0.00 0.00 ~~202~~534,~~812~~875.5660 0.00 R-I 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 OC 0.00 0.00 7,~~079~~301,~~455~~008.2191 0.00 0.00 Totals 1511,~~609~~959,~~787~~105.0835 0.00 ~~282~~244,~~303~~725,~~328~~882.3523 1613,~~929~~586,~~305~~108.8715 0.00 ~~All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.~~ This report has been compiled from information provided to Wells Fargo Bank, N.A., by various third parties, which may include the Servicer, Master Servicer, Special Servicer and others. Wells Fargo Bank, N.A., has not independently confirmed the accuracy of information received from these third parties and assumes no duty to do so. Wells Fargo Bank, N.A., expressly disclaims any responsibility for the accuracy or completeness of information furnished by third parties.

Principal Distribution Statement Class Original Beginning Scheduled ~~Unscheduled~~UnScheduled Accretion Realized Face Certificate Principal Principal ~~Realized~~Loss ~~Class~~ Amount Balance Distribution Distribution ~~Accretion Loss (1)~~ A 313,746,000.00 ~~209~~168,~~930~~480,~~660~~703.2326 0.00 1511,~~609~~959,~~787~~105.0835 0.00 0.00 M-1 37,689,000.00 37,689,000.00 0.00 0.00 0.00 0.00 M-2 18,549,000.00 18,549,000.00 0.00 0.00 0.00 0.00 M-3 4,341,000.00 4,341,000.00 0.00 0.00 0.00 0.00 M-4 3,946,000.00 3,946,000.00 0.00 0.00 0.00 0.00 M-5 2,960,000.00 2,960,000.00 0.00 0.00 0.00 0.00 M-6 4,538,000.00 4,538,000.00 0.00 0.00 0.00 0.00 M-7 8,880,000.00 8,880,000.00 0.00 0.00 0.00 0.00 B-IO 0.00 0.00 0.00 0.00 0.00 0.00 R-I 0.00 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 0.00 OC 129.03 67,~~454~~301,~~688~~284.5033 0.00 0.00 0.00 0.00 Totals 394,649,129.03 ~~297~~256,~~288~~684,~~348~~987.7359 0.00 1511,~~609~~959,~~787~~105.0835 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.~~

Principal Distribution Statement (continued) Class Total Ending Ending Total Principal Certificate Certificate Principal ~~Class~~ Reduction Balance Percentage Distribution A 1511,~~609~~959,~~787~~105.0835 ~~194~~156,~~320~~521,873.1432 0.~~61935729~~498881 1511,~~609~~959,~~787~~105.0835 M-1 0.00 37,689,000.00 1.~~00000000~~000000 0.00 M-2 0.00 18,549,000.00 1.~~00000000~~000000 0.00 M-3 0.00 4,341,000.00 1.~~00000000~~000000 0.00 M-4 0.00 3,946,000.00 1.~~00000000~~000000 0.00 M-5 0.00 2,960,000.00 1.~~00000000~~000000 0.00 M-6 0.00 4,538,000.00 1.~~00000000~~000000 0.00 M-7 0.00 8,880,000.00 1.~~00000000~~000000 0.00 B-IO 0.00 0.00 0.~~00000000~~000000 0.00 R-I 0.00 0.00 0.~~00000000~~000000 0.00 R-II 0.00 0.00 0.~~00000000~~000000 0.00 OC 0.00 7,~~079~~301,~~455~~008.2191 5456,~~866~~583.~~73804542~~809269 0.00 Totals 1511,~~609~~959,~~787~~105.0835 ~~282~~244,~~303~~725,~~328~~882.3523 0.~~71532738~~620110 1511,~~609~~959,~~787~~105.0835

Principal Distribution Factors Statement Class Original Beginning Scheduled ~~Unscheduled~~UnScheduled Accretion Face Certificate Principal Principal ~~Class (2)~~ Amount Balance Distribution Distribution ~~Accretion~~ A 313,746,000.00 ~~669~~536.~~11023640~~997135 0.~~00000000~~000000 4938.~~75294372~~117156 0.~~00000000~~000000 M-1 37,689,000.00 1000.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 M-2 18,549,000.00 1000.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 M-3 4,341,000.00 1000.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 M-4 3,946,000.00 1000.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 M-5 2,960,000.00 1000.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 M-6 4,538,000.00 1000.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 M-7 8,880,000.00 1000.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 B-IO 0.00 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 R-I 0.00 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 R-II 0.00 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 OC 129.03 ~~50024711~~56585943.~~30744790~~811517 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000

Principal Distribution Factors Statement (continued) Class Realized Total Ending Ending Total ~~Realized~~Loss Principal Certificate Certificate Principal ~~Class Loss (3)~~ Reduction Balance Percentage Distribution A 0.~~00000000~~000000 4938.~~75294372~~117156 ~~619~~498.~~35729265~~880857 0.~~61935729~~498881 4938.~~75294372~~117156 M-1 0.~~00000000~~000000 0.~~00000000~~000000 1,000.~~00000000~~000000 1.~~00000000~~000000 0.~~00000000~~000000 M-2 0.~~00000000~~000000 0.~~00000000~~000000 1,000.~~00000000~~000000 1.~~00000000~~000000 0.~~00000000~~000000 M-3 0.~~00000000~~000000 0.~~00000000~~000000 1,000.~~00000000~~000000 1.~~00000000~~000000 0.~~00000000~~000000 M-4 0.~~00000000~~000000 0.~~00000000~~000000 1,000.~~00000000~~000000 1.~~00000000~~000000 0.~~00000000~~000000 M-5 0.~~00000000~~000000 0.~~00000000~~000000 1,000.~~00000000~~000000 1.~~00000000~~000000 0.~~00000000~~000000 M-6 0.~~00000000~~000000 0.~~00000000~~000000 1,000.~~00000000~~000000 1.~~00000000~~000000 0.~~00000000~~000000 M-7 0.~~00000000~~000000 0.~~00000000~~000000 1,000.~~00000000~~000000 1.~~00000000~~000000 0.~~00000000~~000000 B-IO 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 R-I 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 R-II 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 OC 0.~~00000000~~000000 0.~~00000000~~000000 5456,~~866~~583,~~738~~809.~~04541580~~269162 ~~54866~~56583.~~73804542~~809269 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.~~000000

Interest Distribution Statement ~~Beginning~~Class ~~Payment~~Accrual ofAccrual ~~Original~~ Current ~~Certificate/~~Beginning Current ~~Unpaid~~Payment ~~Current~~of ~~Face~~Dates Days Certificate ~~Notional~~Certificate/ Accrued ~~Interest~~Unpaid Interest ~~Class Amount~~ Rate Notional Balance Interest Shortfall ~~Shortfall~~ A ~~313,746,000.00~~11/25/05 3- 12/26/05 32 4.~~99125~~54375% ~~209~~168,~~930~~480,~~660~~703.2326 ~~744~~680,~~787~~475.3395 0.00 ~~0.00~~ M-1 ~~37,689,000.00~~11/25/05 - 12/26/05 32 4.~~34125~~89375% 37,689,000.00 ~~145~~163,~~437~~947.6615 0.00 ~~0.00~~ M-2 ~~18,549,000.00~~11/25/05 - 12/26/05 32 5.~~04125~~59375% 18,549,000.00 8392,~~120~~229.1375 0.00 ~~0.00~~ M-3 ~~4,341,000.00~~11/25/05 - 12/26/05 32 5.~~24125~~79375% 4,341,000.00 2022,~~224~~356.2415 0.00 ~~0.00~~ M-4 ~~3,946,000.00~~11/25/05 5- 12/26/05 32 6.~~84125~~39375% 3,946,000.00 2022,~~488~~426.5143 0.00 ~~0.00~~ M-5 ~~2,960,000.00~~11/25/05 6- 12/26/05 32 7.~~64125~~19375% 2,960,000.00 1718,~~473~~927.8756 0.00 ~~0.00~~ M-6 ~~4,538,000.00~~11/25/05 - 12/26/05 32 7.~~14125~~69375% 4,538,000.00 2831,~~806~~034.2288 0.00 ~~0.00~~ M-7 ~~8,880,000.00~~11/25/05 - 12/26/05 32 7.~~14125~~69375% 8,880,000.00 5660,~~368~~729.2733 0.00 ~~0.00~~ B-IO ~~0.00~~N/A N/A 0.00000% ~~297~~256,~~288~~684,~~348~~987.7358 0.00 0.00 ~~0.00~~ R-I ~~0.00~~N/A N/A 0.00000% 0.00 0.00 0.00 ~~0.00~~ R-II ~~0.00~~N/A N/A 0.00000% 0.00 0.00 0.00 ~~0.00~~ OC ~~129.03~~N/A N/A 0.00000% 67,~~454~~301,~~688~~284.5033 0.00 0.00 ~~0.00~~ Totals ~~394,649,129.03~~ 1,~~116~~092,~~706~~127.2320 0.00 ~~0.00~~

Interest Distribution Statement (continued) ~~Remaining~~Class ~~Ending~~Current Non-Supported Total ~~Unpaid~~Remaining ~~Certificate/~~Ending Interest ~~Realized~~Interest Interest Unpaid Interest Certificate/Notional ~~Class~~ Shortfall ~~Losses~~ (41) Shortfall Distribution Shortfall(2) Balance A 0.00 0.00 ~~744~~680,~~787~~475.3395 0.00 ~~194~~156,~~320~~521,873.1432 M-1 0.00 0.00 ~~145~~163,~~437~~947.6615 0.00 37,689,000.00 M-2 0.00 0.00 8392,~~120~~229.1375 0.00 18,549,000.00 M-3 0.00 0.00 2022,~~224~~356.2415 0.00 4,341,000.00 M-4 0.00 0.00 2022,~~488~~426.5143 0.00 3,946,000.00 M-5 0.00 0.00 1718,~~473~~927.8756 0.00 2,960,000.00 M-6 0.00 0.00 2831,~~806~~034.2288 0.00 4,538,000.00 M-7 0.00 0.00 5660,~~368~~729.2733 0.00 8,880,000.00 B-IO 0.00 0.00 ~~202~~534,~~812~~875.5660 0.00 ~~282~~244,~~303~~725,~~328~~882.3523 R-I 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 OC 0.00 0.00 0.00 0.00 7,~~079~~301,~~455~~008.2191 Totals 0.00 0.00 1,~~319~~627,~~518~~002.7980 0.00 (41,2) Amount ~~Does~~also ~~Not~~includes ~~Include~~coupon ~~Excess~~cap ~~Special Hazard, Bankruptcy,~~ or ~~Fraud~~basis ~~Losses~~risk ~~Unless~~shortfalls,if ~~Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.~~applicable

Interest Distribution Factors Statement ~~Beginning~~Class ~~Payment~~Accrual of Original Current ~~Certificate/~~Beginning Current ~~Unpaid~~Payment ~~Current~~of Dates Face Certificate Certificate/Notional Accrued ~~Interest~~Unpaid Interest ~~Class (5)~~ Amount Rate Balance Interest Shortfall ~~Shortfall~~ A 11/25/05 - 12/26/05 313,746,000.00 34.~~99125~~54375% ~~669~~536.~~11023640~~997135 2.~~37385442~~168875 0.~~00000000~~000000 ~~0.00000000~~ M-1 11/25/05 - 12/26/05 37,689,000.00 4.~~34125~~89375% 1000.~~00000000~~000000 34.~~85888880~~350000 0.~~00000000~~000000 ~~0.00000000~~ M-2 11/25/05 - 12/26/05 18,549,000.00 5.~~04125~~59375% 1000.~~00000000~~000000 4.~~48111111~~972222 0.~~00000000~~000000 ~~0.00000000~~ M-3 11/25/05 - 12/26/05 4,341,000.00 5.~~24125~~79375% 1000.~~00000000~~000000 45.~~65888966~~150000 0.~~00000000~~000000 ~~0.00000000~~ M-4 11/25/05 - 12/26/05 3,946,000.00 56.~~84125~~39375% 1000.~~00000000~~000000 5.~~19222250~~683332 0.~~00000000~~000000 ~~0.00000000~~ M-5 11/25/05 - 12/26/05 2,960,000.00 67.~~64125~~19375% 1000.~~00000000~~000000 56.~~90333446~~394446 0.~~00000000~~000000 ~~0.00000000~~ M-6 11/25/05 - 12/26/05 4,538,000.00 7.~~14125~~69375% 1000.~~00000000~~000000 6.~~34777876~~838889 0.~~00000000~~000000 ~~0.00000000~~ M-7 11/25/05 - 12/26/05 8,880,000.00 7.~~14125~~69375% 1000.~~00000000~~000000 6.~~34777815~~838889 0.~~00000000~~000000 ~~0.00000000~~ B-IO N/A 0.00 0.00000% ~~753~~650.~~29786925~~413160 0.~~00000000~~000000 0.~~00000000~~000000 ~~0.00000000~~ R-I N/A 0.00 0.00000% 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 ~~0.00000000~~ R-II N/A 0.00 0.00000% 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 ~~0.00000000~~ OC N/A 129.03 0.00000% ~~50024711~~56585943.~~30744790~~811517 0.~~00000000~~000000 0.~~00000000 0.00000000 (5) Per $1 denomination.~~000000

Interest Distribution Factors Statement (continued) ~~Remaining~~Class ~~Ending~~Current Non-Supported Total Remaining Unpaid ~~Certificate/~~Ending Interest ~~Realized~~Interest Interest Interest ~~Notional~~Certificate/ ~~Class~~ Shortfall ~~Losses~~ (61) Shortfall Distribution Shortfall(2) Notional Balance A 0.~~00000000~~000000 0.~~00000000~~000000 2.~~37385442~~168875 0.~~00000000~~000000 ~~619~~498.~~35729265~~880857 M-1 0.~~00000000~~000000 0.~~00000000~~000000 34.~~85888880~~350000 0.~~00000000~~000000 1000.~~00000000~~000000 M-2 0.~~00000000~~000000 0.~~00000000~~000000 4.~~48111111~~972222 0.~~00000000~~000000 1000.~~00000000~~000000 M-3 0.~~00000000~~000000 0.~~00000000~~000000 45.~~65888966~~150000 0.~~00000000~~000000 1000.~~00000000~~000000 M-4 0.~~00000000~~000000 0.~~00000000~~000000 5.~~19222250~~683332 0.~~00000000~~000000 1000.~~00000000~~000000 M-5 0.~~00000000~~000000 0.~~00000000~~000000 56.~~90333446~~394446 0.~~00000000~~000000 1000.~~00000000~~000000 M-6 0.~~00000000~~000000 0.~~00000000~~000000 6.~~34777876~~838889 0.~~00000000~~000000 1000.~~00000000~~000000 M-7 0.~~00000000~~000000 0.~~00000000~~000000 6.~~34777815~~838889 0.~~00000000~~000000 1000.~~00000000~~000000 B-IO 0.~~00000000~~000000 0.~~00000000~~000000 01.~~51390601~~355319 0.~~00000000~~000000 ~~715~~620.~~32738043~~110026 R-I 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 R-II 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 OC 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 0.~~00000000~~000000 ~~54866738~~56583809.~~04541580~~269162 (61,2) Amount ~~Does~~also ~~Not~~includes ~~Include~~coupon ~~Excess~~cap ~~Special Hazard, Bankruptcy,~~or ~~Fraud~~basis ~~Losses~~risk ~~Unless~~shortfalls,if ~~Otherwise Disclosed~~applicable. ~~Please~~Per ~~Refer~~$1 ~~to the Prospectus Supplement for a Full Description~~denomination.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 1713,~~169~~699,~~066~~267.4420 ~~Liquidations,~~Reserve ~~Insurance~~Funds ~~Proceeds,~~and ~~Reserve~~Credit ~~Funds~~Enhancements 0.00 Proceeds from Repurchased Loans 0.00 ~~Other Amounts (~~Servicer Advances) ~~341~~384,~~799~~126.4716 Realized Loss (Gains, Subsequent Expenses & Recoveries) (~~129~~119,~~265~~297.9768) Prepayment Penalties 123,422.35 Swap/Cap Payments 0.00 Total Deposits 1714,~~381~~087,~~599~~518.9403 Withdrawals Swap Payments 0.00 Reserve Funds and Credit Enhancements 0.00 Reimbursement for Servicer Advances ~~325~~392,~~995~~367.5731 ~~Payment~~Total ofAdministration ~~Service~~Fees ~~Fee 126~~109,~~298~~042.5057 Payment of Interest and Principal 1613,~~929~~586,~~305~~108.8715 Total Withdrawals (Pool Distribution Amount) 1714,~~381~~087,~~599~~518.9403 Ending Balance 0.00

~~SERVICING~~ADMINISTRATION FEES Gross Servicing Fee* ~~123~~106,~~821~~903.1052 Trustee Fee 2,~~477~~139.4005 Supported Prepayment/Curtailment Interest Shortfall 0.00 ~~Net~~Total ~~Servicing~~Administration ~~Fee~~Fees ~~126~~109,~~298~~042.5057 *Servicer Payees include: EMC MTG CORP

~~OTHER~~Reserve ~~ACCOUNTS~~Accounts Account Name Beginning Current Withdrawals Current Deposits Ending ~~Account Type~~ Balance ~~Withdrawals Deposits~~ Balance Reserve Fund 5,000.00 ~~774~~7,142.3267 07,142.0067 45,~~225~~000.6800

~~LOAN~~COLLATERAL ~~STATUS STRATIFICATION/CREDIT ENHANCEMENT~~ STATEMENT ~~DELINQUENT~~Collateral ~~BANKRUPTCY~~Description ~~FORECLOSURE~~Fixed ~~REO~~& ~~Total~~Mixed NoARM ofWeighted ~~Loans~~Average NoGross ofCoupon ~~Loans~~8.096733% NoWeighted ofAverage ~~Loans~~Net NoCoupon of7.596960% ~~Loans~~Weighted NoAverage ~~of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0~~Pass-29Through ~~Days~~Rate ~~51 0 0 51 3,346,752~~7.86586960% ~~0.00~~Weighted ~~0.00~~Average ~~3,346,752.86~~Remaining 30Term ~~Days~~316 ~~144~~Beginning 8Scheduled 0Collateral 0Loan ~~152~~Count 122,~~679,466.42~~610 ~~262,670.71~~Number ~~0.00~~Of ~~0.00~~Loans ~~12,942,137.13~~Paid 60In ~~Days~~Full 7993 2Ending 1Scheduled 0Collateral 82Loan ~~9,734,804.51~~Count 432,~~542.05~~517 ~~429,300.38~~Beginning ~~0.00~~Scheduled ~~10,207,646.94~~Collateral 90Balance ~~Days 28 5 13 0 46 4~~256,~~142~~684,~~434~~987.6958 ~~374,138.60~~Ending ~~1,181,095.49~~Scheduled ~~0.00~~Collateral 5Balance 244,~~697~~725,~~668~~882.7823 ~~120~~Ending ~~Days~~Actual 12Collateral 2Balance 12at 030-Nov-2005 ~~26 1~~245,~~058~~271,~~231~~023.6468 ~~145,920.38~~Monthly ~~1,779,126.64~~P&I ~~0.00~~Constant 2,~~983~~049,~~278~~698.6634 ~~150~~Special ~~Days~~Servicing 11Fee ~~4 17~~ 0.00 32Prepayment ~~890,272.84~~Penalty ~~271,621.58~~Waived ~~2,340,600.78~~Amount 0.00 ~~3,502,495.20~~Prepayment ~~180+~~Penalty ~~Days~~Waived 10Count 140 43Prepayment 6Penalty 73Paid ~~408,083.03~~Amount 2123,~~091,068~~422.2735 ~~5,853,025.66~~Prepayment ~~1,070,750.74~~Penalty ~~9,422,927.70~~Paid ~~Totals~~Count ~~284~~Not 86Available 86Realized 6Loss ~~462~~Amount 28119,~~913,293~~297.1368 ~~6,535,714.45~~Cumulative ~~11,583,148.95~~Realized ~~1,070,750.74~~Loss 48852,~~102,907~~351.2777 NoScheduled ~~of Loans No of Loans No of Loans No of Loans No of Loans~~ Principal ~~Balance~~317,773.56 ~~Principal~~Unscheduled ~~Balance~~ Principal ~~Balance Principal Balance Principal Balance 0-29 Days 1~~11,641,331.~~824034%~~79 ~~0.000000%~~Required ~~0.000000%~~Overcollateralized ~~1.824034%~~Amount 17,301,008.~~183402%~~91 ~~0.000000%~~Overcollateralized ~~0.000000%~~Increase ~~1.183402%~~Amount ~~30 Days 5~~118,506.~~150215%~~18 ~~0.286123%~~Overcollateralized ~~0.000000%~~Reduction ~~0.000000%~~Amount ~~5.436338% 4.483422%~~ 0.~~092880%~~00 ~~0.000000%~~Specified ~~0.000000%~~O/C ~~4.576302%~~Amount ~~60 Days 2~~7,301,008.~~825465%~~91 ~~0.071531%~~Overcollateralized ~~0.035765%~~Amount 07,301,008.~~000000%~~91 ~~2.932761%~~Overcollateralized ~~3.442198%~~Deficiency ~~0.015396%~~Amount 0.~~151799%~~00 ~~0.000000%~~Base ~~3.609394%~~Overcollateralization 90Amount ~~Days 1.001431%~~ 0.~~178827%~~00 ~~0.464950%~~Extra ~~0.000000%~~principal ~~1.645207%~~distribution ~~1.464753%~~Amount 0118,506.~~132294%~~18 ~~0.417632%~~Excess ~~0.000000%~~Cash ~~2.014679%~~Amount ~~120 Days 0~~530,754.429185% 0.071531% 0.429185% 0.000000% 0.929900% 0.374188% 0.051597% 0.629094% 0.000000% 1.054879% 150 Days 0.393419% 0.143062% 0.608011% 0.000000% 1.144492% 0.314798% 0.096045% 0.827630% 0.000000% 1.238472% 180+ Days 0.357654% 0.500715% 1.537911% 0.214592% 2.610873% 0.144297% 0.739396% 2.069613% 0.378614% 3.331920% Totals 10.157368% 3.075823% 3.075823% 0.214592% 16.523605% 10.223656% 2.311009% 4.095767% 0.378614% 17.009047%90

~~OTHER~~Additional ~~INFORMATION~~Reporting ~~Current~~- ~~Period~~Deal ~~Class~~Level Miscellaneous Reporting Basis Risk Shortfall A ~~Insufficient~~0.00 ~~Funds~~Basis Risk Shortfall M-1 0.00 ~~Principal~~Basis ~~Balance~~Risk ofShortfall ~~Contaminated~~M-2 ~~Properties~~0.00 Basis Risk Shortfall M-3 0.00 ~~Periodic~~Basis ~~Advance~~Risk ~~341~~Shortfall M-4 0.00 Basis Risk Shortfall M-5 213.10 Basis Risk Shortfall M-6 2,~~799~~343.4760 Basis Risk Shortfall M-7 4,585.97 Trigger Event NO Three Month Rolling Average 0.000000%

~~COLLATERAL~~LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT ~~Collateral~~DELINQUENT ~~Description~~BANKRUPTCY ~~Fixed~~FORECLOSURE &REO ~~Mixed~~TOTAL ~~ARM~~No ~~Weighted~~of ~~Average~~Loans ~~Gross~~No ~~Coupon~~of ~~8.057905%~~Loans ~~Weighted~~No ~~Average~~of ~~Net~~Loans ~~Coupon~~No ~~7.558103%~~of ~~Weighted~~Loans ~~Average~~No ~~Pass-Through~~of ~~Rate~~Loans ~~7.548103%~~Principal ~~Weighted~~Balance ~~Average~~Principal ~~Maturity(Stepdown~~Balance ~~Calculation)~~Principal ~~321~~Balance ~~Beginning~~Principal ~~Scheduled~~Balance ~~Collateral~~Principal ~~Loan~~Balance ~~Count~~0-29 2Days 55 0 0 55 3,~~894~~399,549.97 ~~Number~~0.00 Of0.00 ~~Loans~~3,399,549.97 ~~Paid~~30 InDays ~~Full~~140 9811 ~~Ending~~0 ~~Scheduled~~0 ~~Collateral~~151 ~~Loan~~13,243,382.69 ~~Count~~425,266.17 20.00 0.00 13,~~796~~668,648.86 ~~Beginning~~60 ~~Scheduled~~Days ~~Collateral~~85 ~~Balance~~8 ~~297~~0 0 93 7,~~288~~363,~~348~~868.7399 ~~Ending~~274,949.24 ~~Scheduled~~0.00 ~~Collateral~~0.00 ~~Balance 282~~7,~~303~~638,~~328~~818.3523 ~~Ending~~90 ~~Actual~~Days ~~Collateral~~37 ~~Balance~~9 at7 ~~31-Aug-2005~~0 ~~282~~53 3,~~807~~333,~~778~~877.2853 ~~Monthly~~796,909.69 ~~P&I~~944,882.17 ~~Constant~~0.00 25,~~344~~075,~~706~~669.9839 ~~Special~~120 ~~Servicing~~Days ~~Fee~~21 5 12 0 38 2,619,565.0016 ~~Prepayment~~295,986.32 ~~Penalties~~1,661,541.87 0.00 ~~Realized~~4,577,093.35 ~~Loss~~150 ~~Amount~~Days ~~129~~10 5 14 0 29 801,~~265~~569.9777 ~~Cumulative~~715,601.31 ~~Realized~~2,351,702.67 ~~Loss~~0.00 ~~359~~3,~~098~~868,873.4275 ~~Scheduled~~180+ ~~Principal~~Days ~~348~~19 24 55 20 118 1,~~439~~580,023.2666 ~~Unscheduled~~2,964,819.68 ~~Principal~~6,948,531.74 2,728,864.61 14,~~636~~222,~~581~~239.1269 ~~Required~~Totals ~~Overcollateralization~~312 ~~Amount~~117 788 20 537 28,~~301~~942,~~008~~287.9180 ~~Overcollateralized~~8,873,082.38 ~~Increase~~11,906,658.45 ~~Amount~~2,728,864.61 ~~754~~52,~~032~~450,893.6724 ~~Overcollateralized~~No ~~reduction~~of ~~Amount~~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 2.00185141% ~~Specified~~0.000000% ~~O/C~~0.000000% ~~Amount~~2.185141% ~~7,301,008~~1.91386038% ~~Overcollateralized~~0.000000% ~~Amount~~0.000000% ~~7,079,455~~1.21386038% ~~Overcollateralized~~30 ~~Deficiency~~Days ~~Amount~~5.562177% ~~221,553~~0.70437028% ~~Base~~0.000000% ~~Overcollateralized~~0.000000% ~~Amount~~5.999205% 5.399489% 0.00173386% ~~Extra~~0.000000% ~~principal~~0.000000% ~~distribution~~5.572876% ~~Amount~~60 ~~754,032~~Days 3.67377036% ~~Excess~~0.317839% ~~Cash~~0.000000% ~~Amount~~0.000000% ~~754,032~~3.67694875% 3.002340% 0.112100% 0.000000% 0.000000% 3.114440% 90 Days 1.470004% 0.357569% 0.278109% 0.000000% 2.105681% 1.359263% 0.324910% 0.385240% 0.000000% 2.069413% 120 Days 0.834327% 0.198649% 0.476758% 0.000000% 1.509734% 1.068029% 0.120677% 0.677431% 0.000000% 1.866137% 150 Days 0.397298% 0.198649% 0.556218% 0.000000% 1.152165% 0.326810% 0.291759% 0.958818% 0.000000% 1.577387% 180+ Days 0.754867% 0.953516% 2.185141% 0.794597% 4.688121% 0.644195% 1.208793% 2.833001% 1.112592% 5.798581% Totals 12.395709% 4.648391% 3.496226% 0.794597% 21.334923% 11.800125% 3.617664% 4.854490% 1.112592% 21.384871%

~~Miscellaneous~~OTHER ~~Reporting~~INFORMATION ~~Basis~~Current ~~Risk~~Period ~~Shortfall~~Class A ~~0.00~~Insufficient ~~Basis~~Funds ~~Risk Shortfall M-1~~ 0.00 ~~Basis~~Principal ~~Risk~~Balance ~~Shortfall~~of ~~M-2~~Contaminated ~~0.00~~Properties ~~Basis Risk Shortfall M-3~~ 0.00 ~~Basis~~Periodic ~~Risk~~Advance ~~Shortfall M-4 0~~384,126.~~00 Basis Risk Shortfall M-5 0.00 Basis Risk Shortfall M-6 261.88 Basis Risk Shortfall M-7 512.44 Trigger Event NO Three Month Rolling Average 0.000000%~~16

Filing Compare · BSABS 2005-1