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-HE2, Asset Backed Certificates, Series 2004-HE2 , 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 28, 2004

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

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

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:
Christopher Lewis 312.904.7992
christopher.lewis@abnamro.com

Analyst:
Dinsmore Sohn 714.238.6758
dinsmore.sohn@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
Shortfall Summary Report

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 2-4
Page 5-8
Page 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:

BS004HE2

BS004HE2_200405_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

27-Feb-04
25-Mar-04

27-Mar-34

Parties to The Transaction

Underwriter: Bear Stearns & Co. Inc.

Master Servicer: EMC Mortgage Corporation

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

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:

7.640232%

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-HE2

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

346

REMIC II

Statement Date:

ABN AMRO Acct: 721710.1

926.890011049

33.104605134

0.000000000

893.785405916

0.955726573

1.280000000%

0.00

0.000000000

1.28000000%

0.000000000

07384YQV1

I-A-1

180,099,000.00

166,931,964.10

5,962,106.28

0.00

160,969,857.82

172,125.40

1000.000000000

0.000000000

1000.000000000

1.409722234

1.750000000%

0.00

0.000000000

1.75000000%

0.000000000

07384YQW9

I-A-2

142,314,000.00

0.00

142,314,000.00

200,623.21

957.169906275

49.796847121

0.000000000

907.373059153

1.071764393

1.390000000%

0.00

0.000000000

1.39000000%

0.000000000

07384YQX7

II-A

69,565,000.00

66,585,524.53

3,464,117.67

0.00

63,121,406.86

74,557.29

1000.000000000

0.000000000

1000.000000000

1.369444378

1.700000000%

0.00

0.000000000

1.70000000%

0.000000000

07384YQY5

M-1

33,386,000.00

0.00

33,386,000.00

45,720.27

1000.000000000

0.000000000

1000.000000000

1.852777715

2.300000000%

0.00

0.000000000

2.30000000%

0.000000000

07384YQZ2

M-2

26,709,000.00

0.00

26,709,000.00

49,485.84

1000.000000000

0.000000000

1000.000000000

2.013888632

2.500000000%

0.00

0.000000000

2.50000000%

0.000000000

07384YRA6

M-3

8,656,000.00

0.00

8,656,000.00

17,432.22

1000.000000000

0.000000000

1000.000000000

2.295833593

2.850000000%

0.00

0.000000000

2.85000000%

0.000000000

07384YRB4

M-4

6,430,000.00

0.00

6,430,000.00

14,762.21

1000.000000000

0.000000000

1000.000000000

2.416666202

3.000000000%

0.00

0.000000000

3.00000000%

0.000000000

07384YRC2

M-5

7,172,000.00

0.00

7,172,000.00

17,332.33

1000.000000000

0.000000000

1000.000000000

3.504166936

4.350000000%

0.00

0.000000000

4.35000000%

0.000000000

07384YRD0

M-6

6,182,000.00

0.00

6,182,000.00

21,662.76

1000.000000000

0.000000000

1000.000000000

158.204115661

0.00

0.000000000

N/A

0.000000000

07384YRE8

14,096,567.72

0.00

14,096,567.72

2,230,135.03

1000.000000000

0.000000000

1000.000000000

1461895.500000000

0.00

146,189.55

1461895.500000000

N/A

0.000000000

07384YRF5

100.00

0.00

100.00

146,189.55

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YRF5

R-1

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YRH1

R-2

0.00

Total P&I Payment

0.00

146,189.55

494,609,567.72

478,463,056.35

12,416,250.06

Total

469,036,832.40

9,426,223.95

0.00

2,990,026.11

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:

7.640232%

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-HE2

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

346

REMIC III

Statement Date:

ABN AMRO Acct: 721710.1

1000.000000000

0.000000000

1000.000000000

158.204115661

0.00

2,230,135.03

158.204115661

N/A

0.000000000

14,096,567.72

0.00

14,096,567.72

2,230,135.03

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSQ251

R-3

0.00

Total P&I Payment

0.00

2,230,135.03

14,096,567.72

2,230,135.03

Total

14,096,567.72

0.00

2,230,135.03

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:

7.640232%

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-HE2

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

346

REMIC IV

Statement Date:

ABN AMRO Acct: 721710.1

1000.000000000

0.000000000

1000.000000000

1461895.500000000

0.00

146,189.55

1461895.500000000

N/A

0.000000000

100.00

0.00

100.00

146,189.55

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YRJ7

R-X

0.00

Total P&I Payment

0.00

146,189.55

100.00

146,189.55

Total

100.00

0.00

146,189.55

Page 4 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-HE2

ABN AMRO Acct: 721710.1

Statement Date:

Cash Reconciliation Summary

Interest Summary

Total Trustee Fees

Available Interest

2,990,026.12

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

392,221.15

21,185.03

9,012,817.77

0.00
0.00
0.00

12,417,685.46

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

478,463,056.35

392,221.15

9,034,002.80

0.00
0.00
0.00

469,036,832.40

3,120

0
0

3,067

194,787.89

Extra Principal

Trigger Event

0.00

9,426,223.95

Over Collateralization Amt

14,096,567.72

Less Extra Principal

Remittance Interest

0.00

2,990,026.12

0.00

9,034,002.80

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(1,435.39

2,991,461.51

Total Fees

197,898.86

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.19

N/A

1,435.39

LPMI Fees

1,675.58

0.00
0.00
0.00

0.00

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-HE2

ABN AMRO Acct: 721710.1

Statement Date:

Cash Reconciliation Summary Fixed Loans

Interest Summary

Total Trustee Fees

Available Interest

875,684.56

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

159,550.88

8,702.57

2,303,813.49

0.00
0.00
0.00

3,348,207.05

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

151,850,559.49

159,550.88

2,312,516.06

0.00
0.00
0.00

149,378,492.55

1,120

0
0

1,106

61,276.86

Extra Principal

Trigger Event

0.00

2,472,066.94

Over Collateralization Amt

14,096,567.72

Less Extra Principal

Remittance Interest

0.00

875,684.56

0.00

2,312,516.06

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(455.55

876,140.11

Total Fees

61,958.50

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.19

N/A

455.55

LPMI Fees

226.08

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-HE2

ABN AMRO Acct: 721710.1

Statement Date:

Cash Reconciliation Summary 228 ARM Loans

Interest Summary

Total Trustee Fees

Available Interest

1,831,340.40

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

212,543.12

11,703.07

6,385,828.80

0.00
0.00
0.00

8,442,321.56

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

302,056,732.86

212,543.12

6,397,531.87

0.00
0.00
0.00

295,446,657.87

1,860

0
0

1,824

123,358.94

Extra Principal

Trigger Event

0.00

6,610,074.99

Over Collateralization Amt

14,096,567.72

Less Extra Principal

Remittance Interest

0.00

1,831,340.40

0.00

6,397,531.87

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(906.17

1,832,246.57

Total Fees

125,093.66

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.19

N/A

906.17

LPMI Fees

828.55

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-HE2

ABN AMRO Acct: 721710.1

Statement Date:

Cash Reconciliation Summary 327 ARM Loans

Interest Summary

Total Trustee Fees

Available Interest

136,811.61

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

20,127.15

779.39

323,175.48

0.00
0.00
0.00

480,967.30

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

24,555,764.00

20,127.15

323,954.87

0.00
0.00
0.00

24,211,681.98

140

0
0

137

10,152.09

Extra Principal

Trigger Event

0.00

344,082.02

Over Collateralization Amt

14,096,567.72

Less Extra Principal

Remittance Interest

0.00

136,811.61

0.00

323,954.87

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(73.67

136,885.28

Total Fees

10,846.70

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.19

N/A

73.67

LPMI Fees

620.95

0.00
0.00
0.00

0.00

Page 8 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-HE2

ABN AMRO Acct: 721710.1

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

172,125.40

0.00

172,125.40

Act/360

0.00

5,643,050.17

0.00

I-A-2

200,623.21

0.00

200,623.21

Act/360

0.00

II-A

74,557.29

0.00

74,557.29

Act/360

0.00

3,390,952.63

0.00

M-1

45,720.27

0.00

45,720.27

Act/360

0.00

M-2

49,485.84

0.00

49,485.84

Act/360

0.00

M-3

17,432.22

0.00

17,432.22

Act/360

0.00

M-4

14,762.21

0.00

14,762.21

Act/360

0.00

M-5

17,332.33

0.00

17,332.33

Act/360

0.00

M-6

21,662.76

0.00

21,662.76

Act/360

0.00

2,230,135.03

0.00

2,230,135.03

30/360

0.00

146,189.55

0.00

2,843,836.56

2,990,026.11

0.00

9,034,002.80

0.00

(2) Principal Prepayments include the Extra Principal Amount

Page 9 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-HE2

ABN AMRO Acct: 721710.1

Interest Adjustments Summary

Statement Date:

0.00

Special Servicing Fees

Workout Fees

Liquidation Fees

Legal Fees

0.00

Misc. Fees & Expenses Paid by/to Servicer

Interest Paid to Servicer on Outstanding Advances

0.00

ASER Interest Advance Reduction

Interest Not Advanced (Current Period)

Recoup of Prior Advances by Servicer

0.00

Servicing Fees Paid Servicer on Loans Not Advanced

Misc. Fees & Expenses Paid by Trust

0.00

Shortfall Due to Rate Modification

Total Shortfall Allocated to the Bonds

Total Interest Adjustment to the Bonds

0.00

Shortfall Allocated to the Bonds:

Excess Allocated to the Bonds:

Other Interest Proceeds Due the Bonds

Yield Maintenance Penalties Due the Bonds

Prepayment Penalties Due the Bonds

Recovered ASER Interest Due the Bonds

Recovered Interest Due the Bonds

Less Total Shortfall Allocated to the Bonds

Total Excess Allocated to the Bonds

146,189.55

146,189.55

Total Excess Allocated to the Bonds

146,189.55

0.00

Aggregate Interest Adjustment Allocated to the Bonds

0.00

146,189.55

0.00

Prepayment Interest Excess Due the Bonds

0.00

ARD Excess Interest

0.00

Other Interest Loss

0.00

Net Prepayment Int. Shortfalls Allocated to the Bonds

Page 10 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-HE2

ABN AMRO Acct: 721710.1

Rating Information

Class

CUSIP

Fitch

Moody's

S&P

Fitch

Moody's

S&P

Original Ratings

Rating Change/Change Date(1)

Statement Date:

R-1

07384YRF5

I-A-1

07384YQV1

Aaa

AAA

I-A-2

07384YQW9

Aaa

AAA

II-A

07384YQX7

Aaa

AAA

M-1

07384YQY5

Aa2

M-2

07384YQZ2

M-3

07384YRA6

A-

M-4

07384YRB4

Baa1

BBB+

M-5

07384YRC2

Baa2

BBB

M-6

07384YRD0

Baa3

BBB-

07384YRE8

07384YRF5

R-2

07384YRH1

R-3

9ABSQ251

R-X

07384YRJ7

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-HE2

ABN AMRO Acct: 721710.1

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

1.50%

1.29%

0.29%

0.25%

0.07%

215,652

0.05%

0.00%

25-May-04

6,070,248

1,182,486

3,010

461,568,447

98.14%

98.41%

0.96%

0.90%

0.03%

0.00%

26-Apr-04

4,304,851

125,709

3,089

474,032,496

99.01%

99.07%

0.09%

0.00%

25-Mar-04

433,251

3,174

490,568,357

99.91%

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-HE2

ABN AMRO Acct: 721710.1

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

1.27%

0.84%

0.18%

0.12%

0.00%

25-May-04

1,252,595

180,188

1,090

147,945,709

98.55%

99.04%

0.80%

0.66%

0.00%

26-Apr-04

1,000,005

1,111

150,850,554

99.20%

99.34%

0.18%

0.09%

0.00%

25-Mar-04

131,492

1,132

154,444,488

99.82%

99.91%

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-HE2

ABN AMRO Acct: 721710.1

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

1.59%

1.45%

0.38%

0.34%

0.11%

215,652

0.07%

0.00%

25-May-04

4,285,373

1,002,298

1,786

289,943,335

97.92%

98.14%

1.13%

1.09%

0.05%

0.04%

0.00%

26-Apr-04

3,304,846

125,709

1,838

298,626,178

98.82%

98.86%

0.00%

25-Mar-04

1,899

310,532,686

100.00%

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-HE2

ABN AMRO Acct: 721710.1

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

2.19%

2.20%

0.00%

25-May-04

532,280

134

23,679,402

97.81%

97.80%

0.00%

26-Apr-04

140

24,555,764

100.00%

0.69%

1.17%

0.00%

25-Mar-04

301,759

143

25,591,184

99.31%

98.83%

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-HE2

ABN AMRO Acct: 721710.1

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

107,709

0.00%

0.03%

0.02% 0.00%

0.00% 0.00%

0.00%

0.23%

0.20%

924,108

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

0.06%

0.04%

182,014

0.00%

25-Mar-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-HE2

ABN AMRO Acct: 721710.1

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

0.00%

0.00% 0.00%

0.00%

0.27%

0.19%

277,756

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

0.09%

0.02%

28,238

0.00%

25-Mar-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-HE2

ABN AMRO Acct: 721710.1

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

0.00%

0.00% 0.00%

0.00%

0.22%

646,351

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

0.05%

153,775

0.00%

25-Mar-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-HE2

ABN AMRO Acct: 721710.1

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

107,709

0.00%

0.73%

0.44% 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%

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-HE2

ABN AMRO Acct: 721710.1

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

3,067

95.90%

469,036,832

94.83%

1.70%

1.88%

0.00%

346

7.64%

7.13%

9,012,818

0.00

26-Apr-04

3,120

97.56%

478,463,056

96.74%

1.79%

2.47%

0.00%

347

7.64%

7.14%

12,110,751

0.00

25-Mar-04

3,177

99.34%

491,001,608

99.27%

0.66%

0.65%

0.00%

348

7.65%

7.14%

3,190,794

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-HE2

ABN AMRO Acct: 721710.1

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

1,106

34.58%

149,378,493

30.20%

1.25%

1.52%

0.00%

328

7.43%

6.92%

2,303,813

0.00

26-Apr-04

1,120

35.02%

151,850,559

30.70%

1.23%

1.65%

0.00%

329

7.42%

6.92%

2,548,816

0.00

25-Mar-04

1,134

35.46%

154,575,980

31.25%

0.44%

0.56%

0.00%

330

7.42%

6.92%

865,598

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-HE2

ABN AMRO Acct: 721710.1

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

1,824

57.04%

295,446,658

59.73%

1.94%

2.11%

0.00%

355

7.78%

7.28%

6,385,829

0.00

26-Apr-04

1,860

58.16%

302,056,733

61.07%

2.05%

2.66%

0.00%

356

7.79%

7.28%

8,246,333

0.00

25-Mar-04

1,899

59.38%

310,532,686

62.78%

0.68%

0.66%

0.00%

357

7.79%

7.29%

2,053,942

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-HE2

ABN AMRO Acct: 721710.1

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

137

4.28%

24,211,682

4.90%

2.14%

1.32%

0.00%

354

7.22%

6.69%

323,175

0.00

26-Apr-04

140

4.38%

24,555,764

4.96%

2.78%

5.08%

0.00%

355

7.22%

6.69%

1,315,602

0.00

25-Mar-04

144

4.50%

25,892,943

5.24%

2.04%

1.04%

0.00%

356

7.22%

6.68%

271,254

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-HE2

ABN AMRO Acct: 721710.1

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..

BEAR STEARNS ASSET BACKED CERTIFICATES SERIES 2004-HE2 8-K