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) May 25, 2004

BEAR STEARNS ASSET BACKED SECURITIES, INC.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation)

333-91334
(Commission
File Number)

13-3836437
(IRS Employer
Identification No.)

383 Madison Avenue, New York, New York,
(Address of principal executive offices)

10179
(Zip Code)

Registrant's telephone number, including area code 212-272-2000

(Former name or former address, if changed since last report.)

Item 5. Other Events and Regulation FD Disclosure.

This current report on Form 8-K relates to the monthly distribution reported to the holders of Bear Stearns Asset Backed Securities Trust 2004-HE1, Asset Backed Certificates, Series 2004-HE1, which was made on May 25, 2004.

Item 7. Financial Statements and Exhibits.

99.1 Monthly distribution report pursuant to section 5.05 of the Pooling and Servicing Agreement for the distribution on May 25, 2004.
(Exhibit No. Description)

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.

LASALLE BANK NATIONAL ASSOCIATION IN ITS CAPACITY AS TRUSTEE UNDER THE POOLING AND SERVICING AGREEMENT ON BEHALF OF BEAR STEARNS ASSET BACKED SECURITIES, INC., REGISTRANT

Date: May 27, 2004

By: /s/ Russell Goldenberg
Russell Goldenberg
Group Senior Vice President

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Reporting Package Table of Contents

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Administrator:
Megan Olson 312.904.6709
megan.olson@abnamro.com

Analyst:
Elizabeth Kwon 714.238.6752
elizabeth.kwon@abnamro.com

Statement Date:

135 S. LaSalle Street, Suite 1625
Chicago, IL 60603
USA

Statements to Certificateholders
Cash Recon Summary - BS003HE1
Bond Interest Reconciliation BS003HE1
Rating Information

Asset-Backed Facts ~ 15 Month Status Summary Part I

Asset-Backed Facts ~ 15 Month Status Summary Part II
Asset-Backed Facts ~ 15 Month Payoff/Loss Summary

Realized Loss Detail

Page 2-5
Page 6-9
Page 10
Page 11

Page 12-15

Page 16-19
Page 20-23

Page 24

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

BS004HE1

BS004HE1_200405_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

30-Jan-04
25-Feb-04

27-Feb-34

Parties to The Transaction

Underwriter: Bear Stearns & Co. Inc.

Master Servicer: EMC Mortgage Corporation

Rating Agency: Standard & Poor's Rating Services/Moody's Investors Service, Inc.

800.246.5761

LaSalle Factor Line

LaSalle Web Site
Servicer Web Site

www.emcmortgagecorp.com

www.etrustee.net

Page 1 of 24

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:
Current Index:
Next Index:

Payment Date:
Prior Payment:
Next Payment:
Record Date:

7.526976%

1.100000%
1.100000%

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

340

REMIC II

Statement Date:

ABN AMRO Acct: 721675.1

862.674571198

66.715605158

0.000000000

795.958966041

0.903412047

1.300000000%

0.00

0.000000000

1.30000000%

0.000000000

07384YPS9

I-A-1

53,358,000.00

46,030,589.77

3,559,811.26

0.00

42,470,778.51

48,204.26

1000.000000000

0.000000000

1000.000000000

1.409722229

1.750000000%

0.00

0.000000000

1.75000000%

0.000000000

07384YPT7

I-A-2

42,697,000.00

0.00

42,697,000.00

60,190.91

912.587065622

23.023893596

0.000000000

889.563172026

1.043898201

1.420000000%

0.00

0.000000000

1.42000000%

0.000000000

07384YPU4

II-A-1

136,799,000.00

124,840,997.99

3,149,645.62

0.00

121,691,352.37

142,804.23

912.587066254

23.023893677

0.000000000

889.563172577

1.139466412

1.550000000%

0.00

0.000000000

1.55000000%

0.000000000

07384YPV2

II-A-2

15,199,000.00

13,870,410.82

349,940.16

0.00

13,520,470.66

17,318.75

946.946050489

45.200130340

0.000000000

901.745920149

1.083201074

1.420000000%

0.00

0.000000000

1.42000000%

0.000000000

07384YPW0

III-A

149,378,000.00

141,452,907.13

6,751,905.07

0.00

134,701,002.06

161,806.41

1000.000000000

0.000000000

1000.000000000

1.409722312

1.750000000%

0.00

0.000000000

1.75000000%

0.000000000

07384YPX8

M-1

33,851,000.00

0.00

33,851,000.00

47,720.51

1000.000000000

0.000000000

1000.000000000

1.933333333

2.400000000%

0.00

0.000000000

2.40000000%

0.000000000

07384YPY6

M-2

27,081,000.00

0.00

27,081,000.00

52,356.60

1000.000000000

0.000000000

1000.000000000

2.094443938

2.600000000%

0.00

0.000000000

2.60000000%

0.000000000

07384YPZ3

M-3

8,776,000.00

0.00

8,776,000.00

18,380.84

1000.000000000

0.000000000

1000.000000000

2.295833717

2.850000000%

0.00

0.000000000

2.85000000%

0.000000000

07384YQA7

M-4

6,519,000.00

0.00

6,519,000.00

14,966.54

1000.000000000

0.000000000

1000.000000000

2.497222222

3.100000000%

0.00

0.000000000

3.10000000%

0.000000000

07384YQB5

M-5

7,272,000.00

0.00

7,272,000.00

18,159.80

1000.000000000

0.000000000

1000.000000000

4.108332802

5.100000000%

0.00

0.000000000

5.10000000%

0.000000000

07384YQC3

M-6

6,268,000.00

0.00

6,268,000.00

25,751.03

1000.000000000

0.000000000

1000.000000000

150.671454634

0.00

0.000000000

N/A

0.000000000

07384YQD1

14,292,725.09

0.00

14,292,725.09

2,153,505.68

1000.000000000

0.000000000

1000.000000000

2591412.700000000

0.00

259,141.27

2591412.700000000

N/A

0.000000000

07384YQE9

100.00

0.00

100.00

259,141.27

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YQF6

R-I

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YQG4

R-II

0.00

Page 2 of 24

Notes: (1) N denotes notional balance not included in total (2) Accrued Interest Plus/Minus Interest Adjustment Minus Deferred Interest equals Interest Payment (3) Estimated. * Denotes Controlling Class

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:
Current Index:
Next Index:

Payment Date:
Prior Payment:
Next Payment:
Record Date:

7.526976%

1.100000%
1.100000%

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

340

REMIC II

Statement Date:

ABN AMRO Acct: 721675.1

Total P&I Payment

0.00

259,141.27

501,490,725.09

472,951,630.80

16,831,608.94

Total

459,140,328.69

13,811,302.11

0.00

3,020,306.83

Page 3 of 24

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:
Current Index:
Next Index:

Payment Date:
Prior Payment:
Next Payment:
Record Date:

7.526976%

1.100000%
1.100000%

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

340

REMIC III

Statement Date:

ABN AMRO Acct: 721675.1

1000.000000000

0.000000000

1000.000000000

150.671454634

0.00

2,153,505.68

150.671454634

N/A

0.000000000

07384YQD1

14,292,725.09

0.00

14,292,725.09

2,153,505.68

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSP747

R-III

0.00

Total P&I Payment

0.00

2,153,505.68

14,292,725.09

2,153,505.68

Total

14,292,725.09

0.00

2,153,505.68

Page 4 of 24

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:
Current Index:
Next Index:

Payment Date:
Prior Payment:
Next Payment:
Record Date:

7.526976%

1.100000%
1.100000%

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

340

REMIC IV

Statement Date:

ABN AMRO Acct: 721675.1

1000.000000000

0.000000000

1000.000000000

2591412.700000000

0.00

259,141.27

2591412.700000000

N/A

0.000000000

07384YQE9

100.00

0.00

100.00

259,141.27

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YQH2

0.00

Total P&I Payment

0.00

259,141.27

100.00

259,141.27

Total

100.00

0.00

259,141.27

Page 5 of 24

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Statement Date:

Cash Reconciliation Summary

Interest Summary

Total Trustee Fees

Available Interest

3,027,143.71

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:
Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

399,264.51

22,191.03

13,389,846.57

0.00
0.00
0.00

16,839,864.68

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

472,951,630.80

399,264.51

13,412,037.60

0.00
0.00
0.00

459,140,328.69

3,136

0
0

3,062

190,758.86

Extra Principal

Trigger Event

0.00

13,811,302.11

Over Collateralization Amt

14,292,725.09

Less Extra Principal

Remittance Interest

0.00

3,027,143.71

0.00

13,412,037.60

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(1,418.85

3,028,562.57

Total Fees

192,273.08

Insurance Premium

Reimbursement Amt

Class II-A Policy - Interest
Class II-A Policy - Principal
Other

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.44

6,836.89

1,418.85

LPMI Fees

95.36

0.00
0.00
0.00

0.00

Page 6 of 24

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Statement Date:

Cash Reconciliation Summary Fixed Loans

Interest Summary

Total Trustee Fees

Available Interest

904,890.81

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:
Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

149,507.33

11,801.31

3,037,398.03

0.00
0.00
0.00

4,104,025.18

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

142,567,029.69

149,507.33

3,049,199.34

0.00
0.00
0.00

139,368,323.02

1,260

0
0

1,246

58,960.42

Extra Principal

Trigger Event

0.00

3,198,706.67

Over Collateralization Amt

14,292,725.09

Less Extra Principal

Remittance Interest

0.00

904,890.81

0.00

3,049,199.34

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(427.70

905,318.51

Total Fees

59,388.12

Insurance Premium

Reimbursement Amt

Class II-A Policy - Interest
Class II-A Policy - Principal
Other

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.44

0.00

427.70

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 7 of 24

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Statement Date:

Cash Reconciliation Summary 228 ARM Loans

Interest Summary

Total Trustee Fees

Available Interest

2,038,441.32

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:
Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

237,338.38

8,974.23

10,258,152.93

0.00
0.00
0.00

12,543,853.52

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

315,552,447.13

237,338.38

10,267,127.16

0.00
0.00
0.00

305,047,981.59

1,795

0
0

1,736

125,618.38

Extra Principal

Trigger Event

0.00

10,504,465.54

Over Collateralization Amt

14,292,725.09

Less Extra Principal

Remittance Interest

0.00

2,038,441.32

0.00

10,267,127.16

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(946.66

2,039,387.98

Total Fees

126,660.40

Insurance Premium

Reimbursement Amt

Class II-A Policy - Interest
Class II-A Policy - Principal
Other

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.44

0.00

946.66

LPMI Fees

95.36

0.00
0.00
0.00

0.00

Page 8 of 24

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Statement Date:

Cash Reconciliation Summary 327 ARM Loans

Interest Summary

Total Trustee Fees

Available Interest

83,811.58

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:
Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

12,418.80

1,415.49

94,295.61

0.00
0.00
0.00

191,985.98

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

14,832,153.98

12,418.80
95,711.10

0.00
0.00
0.00

14,724,024.08

0
0

6,180.06

Extra Principal

Trigger Event

0.00

108,129.90

Over Collateralization Amt

14,292,725.09

Less Extra Principal

Remittance Interest

0.00

83,811.58

0.00

95,711.10

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(44.50

83,856.08

Total Fees

6,224.56

Insurance Premium

Reimbursement Amt

Class II-A Policy - Interest
Class II-A Policy - Principal
Other

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.44

0.00

44.50

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 9 of 24

Bear Stearns Asset Backed Securities Trust

Class

Accrued

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Bond Interest Reconciliation

Prior

Other

Additions

Interest

Losses

Current

Cumulative

Accrual

Risk Carry-

forward Amt

Interest

Payment

Amount

Interest

Certificate

Interest

Losses

Shortfall

Int. Carry-

Proceeds

Risk Carry-

Certificate

Agreement

Amt Deposited

From YM

Method Days

Basis

Remaining

Statement Date:

Distributable

Prior

Applied Realized

Remaining

Int. Carry-

forward Amt

Principal

Extra

Prepayments

Shortfalls

Net

Cap

Rate
Y/N

0.00

I-A-1

48,204.26

0.00

48,204.26

Act/360

0.00

3,460,281.47

0.00

I-A-2

60,190.91

0.00

60,190.91

Act/360

0.00

II-A-1

142,804.23

0.00

142,804.23

Act/360

0.00

3,008,957.39

0.00

II-A-2

17,318.75

0.00

17,318.75

Act/360

0.00

334,309.05

0.00

III-A

161,806.41

0.00

161,806.41

Act/360

0.00

6,608,489.69

0.00

M-1

47,720.51

0.00

47,720.51

Act/360

0.00

M-2

52,356.60

0.00

52,356.60

Act/360

0.00

M-3

18,380.84

0.00

18,380.84

Act/360

0.00

M-4

14,966.54

0.00

14,966.54

Act/360

0.00

M-5

18,159.80

0.00

18,159.80

Act/360

0.00

M-6

25,751.03

0.00

25,751.03

Act/360

0.00

259,141.27

0.00

2,153,505.68

0.00

2,153,505.68

0.00

2,761,165.56

3,020,306.83

0.00

13,412,037.60

0.00

(2) Principal Prepayments include the Extra Principal Amount

24-May-2004 - 09:53 (P707-P722, P747-P748) (c) 2004 LaSalle Bank
N.A.

Page 10 of 24

(1) Other Interest Proceeds are additional interest amounts specifically allocated to the bond(s) and used in determining the bonds Distributable Interest.

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Rating Information

Class

CUSIP

Fitch

Moody's

S&P

Fitch

Moody's

S&P

Original Ratings

Rating Change/Change Date(1)

Statement Date:

R-I

07384YQF6

I-A-1

07384YPS9

Aaa

AAA

I-A-2

07384YPT7

Aaa

AAA

II-A-1

07384YPU4

Aaa

AAA

II-A-2

07384YPV2

Aaa

AAA

III-A

07384YPW0

Aaa

AAA

M-1

07384YPX8

Aa2

M-2

07384YPY6

M-3

07384YPZ3

A-

M-4

07384YQA7

Baa1

BBB+

M-5

07384YQB5

Baa2

BBB

M-6

07384YQC3

Baa3

BBB-

07384YQD1

07384YQE9

R-II

07384YQG4

07384YQD1

R-III

9ABSP747

07384YQE9

07384YQH2

Page 11 of 24

NR - Designates that the class was not rated by the rating agency.

(1) Changed ratings provided on this report are based on information provided by the applicable rating agency via electronic transmission. It shall be
understood that this transmission will generally have been provided to LaSalle within 30 days of the payment date listed on this statement. Because ratings may have
changed during the 30 day window, or may not be being provided by the rating agency in an electronic format and therefore not being updated on
this report, LaSalle recommends that investors obtain current rating information directly from the rating agency.

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part I

Distribution

Date

REO

Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

Balance

Delinquency Aging Categories

1.44%

1.54%

0.49%

0.43%

0.07%

419,175

0.09%

0.16%

0.13%

0.00%

25-May-04

7,068,704

1,985,482

593,207

2,996

449,073,762

97.84%

97.81%

1.08%

1.02%

0.41%

0.38%

0.00%

26-Apr-04

4,846,369

1,801,524

3,089

466,303,738

98.50%

98.59%

1.41%

1.24%

0.03%

0.08%

0.00%

25-Mar-04

6,015,084

363,144

3,143

477,717,335

98.56%

98.68%

0.06%

0.03%

0.06%

0.00%

25-Feb-04

272,225

289,131

3,233

493,287,206

99.91%

99.89%

Page 12 of 24

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part I

Distribution

Date

REO

Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

Balance

Delinquency Aging Categories

Fixed Loans

1.36%

1.27%

0.64%

0.40%

0.08%

56,585

0.04%

0.08%

0.05%

0.00%

25-May-04

1,775,765

557,514

64,804

1,219

136,913,655

97.83%

98.24%

1.15%

1.00%

0.52%

0.30%

0.00%

26-Apr-04

1,058,222

321,873

938

104,220,274

98.32%

98.69%

2.08%

1.59%

0.00%

25-Mar-04

1,700,996

942

105,510,141

97.92%

98.41%

0.00%

0.08%

0.20%

0.00%

25-Feb-04

289,131

1,286

147,449,389

99.92%

99.80%

Page 13 of 24

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part I

Distribution

Date

REO

Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

Balance

Delinquency Aging Categories

228 ARM Loans

1.56%

1.74%

0.40%

0.47%

0.06%

362,590

0.12%

0.23%

0.17%

0.00%

25-May-04

5,292,939

1,427,967

528,403

1,697

297,436,083

97.75%

97.50%

0.77%

0.88%

0.22%

0.48%

0.00%

26-Apr-04

1,592,580

860,817

899

178,124,867

99.01%

98.64%

0.97%

1.11%

0.11%

0.20%

0.00%

25-Mar-04

2,057,619

363,144

916

182,581,964

98.92%

98.69%

0.11%

0.08%

0.00%

25-Feb-04

272,225

1,861

329,920,659

99.89%

99.92%

Page 14 of 24

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part I

Distribution

Date

REO

Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

Balance

Delinquency Aging Categories

327 ARM Loans

0.00%

25-May-04

14,724,024

100.00%

0.00%

26-Apr-04

3,111,854

100.00%

0.00%

25-Mar-04

3,114,526

100.00%

0.00%

25-Feb-04

15,917,158

100.00%

Page 15 of 24

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance # Balance

# Balance

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance # Balance

# Balance

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance

# Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II

25-May-04

64,586

593,207

0.00%

0.16%

0.13%

0.00%

0.00% 0.03%

0.01% 0.00%

0.00%

0.26%

0.11%

496,307

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

0.19%

0.10%

452,665

0.00%

25-Mar-04

0.00%

0.00% 0.00%

0.00%

25-Feb-04

0.00%

0.00% 0.00%

0.00%

Page 16 of 24

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance # Balance

# Balance

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance # Balance

# Balance

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance

# Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - Fixed Loans

25-May-04

64,586

64,804

0.00%

0.08%

0.05%

0.00%

0.00% 0.08%

0.05% 0.00%

0.00%

0.40%

0.11%

154,659

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

0.10%

0.02%

23,252

0.00%

25-Mar-04

0.00%

0.00% 0.00%

0.00%

25-Feb-04

0.00%

0.00% 0.00%

0.00%

Page 17 of 24

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance # Balance

# Balance

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance # Balance

# Balance

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance

# Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - 228 ARM Loans

25-May-04

528,403

0.00%

0.23%

0.17%

0.00%

0.00% 0.00%

0.00%

0.17%

0.11%

341,647

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

0.33%

0.20%

368,941

0.00%

25-Mar-04

0.00%

0.00% 0.00%

0.00%

25-Feb-04

0.00%

0.00% 0.00%

0.00%

Page 18 of 24

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance # Balance

# Balance

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance # Balance

# Balance

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance

# Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - 327 ARM Loans

25-May-04

0.00%

0.00% 0.00%

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

25-Mar-04

0.00%

0.00% 0.00%

0.00%

25-Feb-04

0.00%

0.00% 0.00%

0.00%

Page 19 of 24

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

25-May-04

3,062

92.62%

459,140,329

91.56%

2.36%

2.83%

0.00%

340

7.53%

7.02%

13,389,847

0.00

0.00%

0.00

26-Apr-04

3,136

94.86%

472,951,631

94.31%

1.66%

2.21%

0.00%

341

7.53%

7.02%

10,681,573

0.00

0.00%

0.00

25-Mar-04

3,189

96.46%

484,095,563

96.53%

1.45%

1.88%

0.00%

342

7.52%

7.02%

9,286,564

0.00

0.00%

0.00

25-Feb-04

3,236

97.88%

493,848,561

98.48%

2.12%

1.44%

0.00%

343

7.53%

7.03%

7,219,912

0.00

0.00%

0.00

(1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period.

Page 20 of 24

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Fixed Loans

25-May-04

1,246

37.69%

139,368,323

27.79%

1.11%

2.13%

0.00%

307

7.78%

7.28%

3,037,398

0.00

0.00%

0.00

26-Apr-04

954

28.86%

105,600,369

21.06%

0.83%

1.37%

0.00%

301

7.82%

7.32%

1,471,189

0.00

0.00%

0.00

25-Mar-04

962

29.10%

107,211,137

21.38%

1.23%

2.09%

0.00%

303

7.81%

7.30%

2,295,355

0.00

0.00%

0.00

25-Feb-04

1,287

38.93%

147,738,520

29.46%

1.61%

1.05%

0.00%

311

7.78%

7.28%

1,570,372

0.00

0.00%

0.00

(1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period.

Page 21 of 24

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

228 ARM Loans

25-May-04

1,736

52.51%

305,047,982

60.83%

3.29%

3.25%

0.00%

354

7.43%

6.93%

10,258,153

0.00

0.00%

0.00

26-Apr-04

908

27.47%

180,578,264

36.01%

1.94%

2.31%

0.00%

355

7.33%

6.82%

4,266,591

0.00

0.00%

0.00

25-Mar-04

926

28.01%

185,002,728

36.89%

1.80%

2.26%

0.00%

356

7.33%

6.82%

4,286,344

0.00

0.00%

0.00

25-Feb-04

1,863

56.35%

330,192,884

65.84%

2.51%

1.64%

0.00%

357

7.44%

6.93%

5,524,747

0.00

0.00%

0.00

(1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period.

Page 22 of 24

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

327 ARM Loans

25-May-04

2.42%

14,724,024

2.94%

1.23%

0.64%

0.00%

353

7.11%

6.61%

94,296

0.00

0.00%

0.00

26-Apr-04

0.21%

3,111,854

0.62%

0.00%

355

6.98%

6.48%

0.00

0.00%

0.00

25-Mar-04

0.21%

3,114,526

0.62%

12.50%

9.82%

0.00%

356

7.02%

6.52%

339,484

0.00

0.00%

0.00

25-Feb-04

2.60%

15,917,158

3.17%

1.15%

0.78%

0.00%

356

7.13%

6.62%

124,792

0.00

0.00%

0.00

(1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period.

Page 23 of 24

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Realized Loss Detail

Period

Disclosure

Control #

Appraisal

Date

Appraisal

Value

Beginning
Scheduled

Balance

Gross

Proceeds

Gross Proceeds

as a % of

Sched. Balance

Aggregate

Liquidation
Expenses *

Net

Liquidation

Proceeds

Net Proceeds

as a % of

Sched. Balance

Realized

Loss

Statement Date:

Current Total
Cumulative

Page 24 of 24

* Aggregate liquidation expenses also include outstanding P&I advances and unpaid servicing fees, unpaid trustee fees, etc..

ASSET-BACKED CERTIFICATES SERIES 2004-HE1 8-K