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

Bear Stearns Asset Backed Securities I LLC
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation)

333-113636
(Commission
File Number)

20-0842986
(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.)

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))

Section 8 - Other Events

Item 8.01. Other Events.

This current report on Form 8-K relates to the monthly distribution reported to the holders of Bear Stearns Asset Backed Securities I Trust 2004-HE5 Asset-Backed Certificates, Series 2004-HE5, which was made on August 25, 2004.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

99.1 Monthly distribution report pursuant to section 5.05 of the Pooling and Servicing Agreement for the distribution on August 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 I LLC, REGISTRANT

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

Date: August 30, 2004

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

Reporting Package Table of Contents

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Administrator:

Megan Olson 312.904.6709
megan.olson@abnamro.com

Analyst:

Dinsmore Sohn 714.259.6258
dinsmore.sohn@abnamro.com

Statement Date:

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

Statements to Certificateholders
Cash Reconciliation Summary
Bond Interest Reconciliation
Shortfall Summary Report

Rating Information

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

Asset-Backed Facts ~ 15 Month Loan Payoff/Loss Summary
Realized Loss Detail

Page 2-5
Page 6-11
Page 12
Page 13

Page 14

Page 15-20
Page 21-26

Page 27-32
Page 33

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

BS004HE5

BS004HE5_200408_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

30-Jun-04
26-Jul-04

25-Jul-34

Parties to The Transaction

Issuer: Bear Stearns Asset Backed Securities, Inc.

Depositor: Bear Stearns Asset Backed Securities, Inc.

Underwriter: Bear Stearns & Co. Inc.

Master Servicer: EMC Mortgage Corporation

Rating Agency: Standard & Poor's

800.246.5761

LaSalle Factor Line

LaSalle Web Site

Servicer Web Site

www.emcmortgagecorp.com

www.etrustee.net

Page 1 of 33

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:

7.063772%

1.450000%
1.615000%

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE5

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

351

REMIC II

Statement Date:

ABN AMRO Acct: 721913.3

988.125249064

39.912749517

0.000000000

948.212499547

1.350437862

1.805000000%

0.00

0.000000000

1.64000000%

0.000000000

073879BY3

I-A-1

126,935,000.00

125,427,678.49

5,066,324.86

0.00

120,361,353.63

171,417.83

1000.000000000

0.000000000

1000.000000000

1.625000241

2.115000000%

0.00

0.000000000

1.95000000%

0.000000000

073879BZ0

I-A-2

20,777,000.00

0.00

20,777,000.00

33,762.63

973.513170311

33.893327217

0.000000000

939.619843094

1.383199971

1.870000000%

0.00

0.000000000

1.70500000%

0.000000000

073879CA4

II-A

166,214,000.00

161,811,518.09

5,633,545.49

0.00

156,177,972.60

229,907.20

988.020132662

22.195795923

0.000000000

965.824336738

1.420278948

1.890000000%

0.00

0.000000000

1.72500000%

0.000000000

073879CB2

III-A

532,859,000.00

526,475,419.87

11,827,229.62

0.00

514,648,190.25

756,808.42

1000.000000000

0.000000000

1000.000000000

1.683333386

2.185000000%

0.00

0.000000000

2.02000000%

0.000000000

073879CC0

M-1

62,744,000.00

0.00

62,744,000.00

105,619.07

1000.000000000

0.000000000

1000.000000000

2.250000000

2.865000000%

0.00

0.000000000

2.70000000%

0.000000000

073879CD8

M-2

50,617,000.00

0.00

50,617,000.00

113,888.25

1000.000000000

0.000000000

1000.000000000

2.500000000

3.165000000%

0.00

0.000000000

3.00000000%

0.000000000

073879CE6

M-3

14,236,000.00

0.00

14,236,000.00

35,590.00

1000.000000000

0.000000000

1000.000000000

2.833333058

3.565000000%

0.00

0.000000000

3.40000000%

0.000000000

073879CF3

M-4

12,127,000.00

0.00

12,127,000.00

34,359.83

1000.000000000

0.000000000

1000.000000000

3.000000000

3.765000000%

0.00

0.000000000

3.60000000%

0.000000000

073879CG1

M-5

10,545,000.00

0.00

10,545,000.00

31,635.00

1000.000000000

0.000000000

1000.000000000

4.333333333

5.365000000%

0.00

0.000000000

5.20000000%

0.000000000

073879CH9

M-6

10,545,000.00

0.00

10,545,000.00

45,695.00

1000.000000000

0.000000000

1000.000000000

4.541666847

5.615000000%

0.00

0.000000000

5.45000000%

0.000000000

073879CJ5

M-7

18,454,000.00

0.00

18,454,000.00

83,811.92

1000.000000000

0.000000000

1000.000000000

142.479247225

0.00

0.000000000

N/A

0.000000000

073879CL0

28,473,224.41

0.00

28,473,224.41

4,056,843.58

1000.000000000

0.000000000

1000.000000000

3932695.800000000

0.00

393,269.58

3932695.800000000

N/A

0.000000000

073879CK2

100.00

0.00

100.00

393,269.58

0.000000000

0.00

0.000000000

N/A

0.000000000

073879CM8

R-1

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

073879CN6

R-2

0.00

Page 2 of 33

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:

7.063772%

1.450000%
1.615000%

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE5

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

351

REMIC II

Statement Date:

ABN AMRO Acct: 721913.3

Total P&I Payment

0.00

393,269.58

1,054,526,224.41

1,042,232,840.86

28,619,708.28

Total

1,019,705,740.89

22,527,099.97

0.00

6,092,608.31

Page 3 of 33

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:

7.063772%

1.450000%
1.615000%

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE5

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

351

REMIC III

Statement Date:

ABN AMRO Acct: 721913.3

1000.000000000

0.000000000

1000.000000000

142.479247225

0.00

4,056,843.58

142.479247225

N/A

0.000000000

073879CL0

28,473,224.41

0.00

28,473,224.41

4,056,843.58

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSR197

R-3

0.00

Total P&I Payment

0.00

4,056,843.58

28,473,224.41

4,056,843.58

Total

28,473,224.41

0.00

4,056,843.58

Page 4 of 33

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:

7.063772%

1.450000%
1.615000%

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE5

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

351

REMIC IV

Statement Date:

ABN AMRO Acct: 721913.3

1000.000000000

0.000000000

1000.000000000

3932695.800000000

0.00

393,269.58

3932695.800000000

N/A

0.000000000

073879CK2

100.00

0.00

100.00

393,269.58

0.000000000

0.00

0.000000000

N/A

0.000000000

073879CP1

R-X

0.00

Total P&I Payment

0.00

393,269.58

100.00

393,269.58

Total

100.00

0.00

393,269.58

Page 5 of 33

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

Statement Date:

Cash Reconciliation Summary

Interest Summary

Total Trustee Fees

Available Interest

6,092,608.29

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

876,372.12

57,768.26

21,592,959.59

0.00
0.00
0.00

28,621,184.76

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution
Unscheduled Principal Distribution
Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

1,042,232,840.86

876,372.12

21,650,727.85

0.00
0.00
0.00

1,019,705,740.89

6,125

102

0
0

6,023

423,126.77

Extra Principal

Trigger Event

0.00

22,527,099.97

Over Collateralization Amt

28,473,224.41

Less Extra Principal

Remittance Interest

0.00

6,092,608.29

0.00

21,650,727.85

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(1,476.50

6,094,084.79

Total Fees

424,603.27

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.05

0.00

1,476.50

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 6 of 33

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

Statement Date:

Cash Reconciliation Summary First Lien

Interest Summary

Total Trustee Fees

Available Interest

5,681,380.19

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

875,461.96

57,239.80

21,592,959.59

0.00
0.00
0.00

28,208,515.12

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution
Unscheduled Principal Distribution
Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

1,040,172,389.71

875,461.96

21,650,199.39

0.00
0.00
0.00

1,017,646,728.36

6,079

102

0
0

5,977

422,268.25

Extra Principal

Trigger Event

0.00

22,525,661.35

Over Collateralization Amt

28,473,224.41

Less Extra Principal

Remittance Interest

0.00

5,681,380.19

0.00

21,650,199.39

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(1,473.58

5,682,853.77

Total Fees

423,741.83

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.05

0.00

1,473.58

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 7 of 33

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

Statement Date:

Cash Reconciliation Summary Second Lien

Interest Summary

Total Trustee Fees

Available Interest

17,958.52

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

910.16

528.46

0.00
0.00
0.00
0.00

19,400.05

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution
Unscheduled Principal Distribution
Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

2,060,451.15

910.16
528.46

0.00
0.00
0.00

2,059,012.53

0
0

858.52

Extra Principal

Trigger Event

0.00

1,438.62

Over Collateralization Amt

28,473,224.41

Less Extra Principal

Remittance Interest

0.00

17,958.52

0.00

528.46

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(2.92

17,961.43

Total Fees

861.44

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.05

0.00

2.92

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 8 of 33

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

Statement Date:

Cash Reconciliation Summary 228 ARM Loans

Interest Summary

Total Trustee Fees

Available Interest

4,026,372.88

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

553,487.52

28,926.21

19,037,755.11

0.00
0.00
0.00

23,647,568.46

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution
Unscheduled Principal Distribution
Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

724,758,296.06

553,487.52

19,066,681.32

0.00
0.00
0.00

705,138,127.22

4,128

0
0

4,040

292,283.17

Extra Principal

Trigger Event

0.00

19,620,168.84

Over Collateralization Amt

28,473,224.41

Less Extra Principal

Remittance Interest

0.00

4,026,372.88

0.00

19,066,681.32

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(1,026.74

4,027,399.62

Total Fees

293,309.91

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.05

0.00

1,026.74

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 9 of 33

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

Statement Date:

Cash Reconciliation Summary 327 ARM Loans

Interest Summary

Total Trustee Fees

Available Interest

251,993.46

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

38,276.45

6,581.97

563,722.02

0.00
0.00
0.00

860,643.59

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution
Unscheduled Principal Distribution
Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

49,195,103.58

38,276.45

570,303.99

0.00
0.00
0.00

48,586,523.14

296

0
0

293

20,399.16

Extra Principal

Trigger Event

0.00

608,580.44

Over Collateralization Amt

28,473,224.41

Less Extra Principal

Remittance Interest

0.00

251,993.46

0.00

570,303.99

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(69.69

252,063.15

Total Fees

20,468.85

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.05

0.00

69.69

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 10 of 33

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

Statement Date:

Cash Reconciliation Summary Fixed Loans

Interest Summary

Total Trustee Fees

Available Interest

1,420,972.37

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

284,608.15

22,260.08

1,991,482.46

0.00
0.00
0.00

3,719,703.12

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution
Unscheduled Principal Distribution
Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

268,279,441.22

284,608.15

2,013,742.54

0.00
0.00
0.00

265,981,090.53

1,701

0
0

1,690

110,444.44

Extra Principal

Trigger Event

0.00

2,298,350.69

Over Collateralization Amt

28,473,224.41

Less Extra Principal

Remittance Interest

0.00

1,420,972.37

0.00

2,013,742.54

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(380.06

1,421,352.43

Total Fees

110,824.50

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.05

0.00

380.06

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 11 of 33

Bear Stearns Asset Backed Securities Trust

Class

Accrued

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

Bond Interest Reconciliation

Prior

Other

Additions

Interest

Losses

Current

Cumulative

Accrual

Risk Carry-

Fwd 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

Principal
Principal

Extra

Prepayments

Shortfalls

Net
Cap

Rate
Y/N

0.00

I-A-1

171,417.83

0.00

171,417.83

Act/360

0.00

4,919,632.05

0.00

I-A-2

33,762.63

0.00

33,762.63

Act/360

0.00

II-A

229,907.20

0.00

229,907.20

Act/360

0.00

5,453,775.40

0.00

III-A

756,808.42

0.00

756,808.42

Act/360

0.00

11,277,320.40

0.00

M-1

105,619.07

0.00

105,619.07

Act/360

0.00

M-2

113,888.25

0.00

113,888.25

Act/360

0.00

M-3

35,590.00

0.00

35,590.00

Act/360

0.00

M-4

34,359.83

0.00

34,359.83

Act/360

0.00

M-5

31,635.00

0.00

31,635.00

Act/360

0.00

M-6

45,695.00

0.00

45,695.00

Act/360

0.00

M-7

83,811.92

0.00

83,811.92

Act/360

0.00

4,056,843.58

0.00

4,056,843.58

0.00

393,269.58

0.00

5,699,338.73

6,092,608.31

0.00

21,650,727.85

0.00

(2) Principal Prepayments include the Extra Principal Amount

Page 12 of 33

(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-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

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

393,269.58

393,269.58

Total Excess Allocated to the Bonds

393,269.58

0.00

Aggregate Interest Adjustment Allocated to the Bonds

0.00

393,269.58

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 13 of 33

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

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

073879CM8

R-2

073879CN6

073879CL0

R-3

9ABSR197

R-X

073879CP1

I-A-1

073879BY3

Aaa

AAA

I-A-2

073879BZ0

Aaa

AAA

II-A

073879CA4

Aaa

AAA

III-A

073879CB2

Aaa

AAA

M-1

073879CC0

Aa2

AA+

M-2

073879CD8

AA-

M-3

073879CE6

M-4

073879CF3

Baa1

A-

M-5

073879CG1

Baa2

BBB+

M-6

073879CH9

Baa3

BBB

M-7

073879CJ5

Ba2

BBB-

R-2

073879CN6

Page 14 of 33

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-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

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

1.26%

1.20%

0.05%

0.06%

0.00%

25-Aug-04

12,256,834

594,731

5,944

1,006,854,175

98.69%

98.74%

0.18%

0.24%

0.02%

0.01%

0.00%

26-Jul-04

2,497,044

126,396

6,113

1,039,609,400

99.80%

99.75%

Page 15 of 33

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

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

First Lien

1.25%

1.20%

0.05%

0.06%

0.00%

25-Aug-04

12,197,967

594,731

5,899

1,004,854,030

98.69%

98.74%

0.18%

0.24%

0.02%

0.01%

0.00%

26-Jul-04

2,497,044

126,396

6,067

1,037,548,949

99.80%

99.75%

Page 16 of 33

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

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

Second Lien

2.17%

2.86%

0.00%

25-Aug-04

58,867

2,000,146

97.83%

97.14%

0.00%

26-Jul-04

2,060,451

100.00%

Page 17 of 33

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

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%

1.51%

0.07%

0.08%

0.00%

25-Aug-04

10,629,453

594,731

3,974

693,913,943

98.37%

98.41%

0.24%

0.31%

0.02%

0.00%

26-Jul-04

2,257,499

126,396

4,117

722,374,401

99.73%

99.67%

Page 18 of 33

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

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

0.68%

0.81%

0.00%

25-Aug-04

395,580

291

48,190,943

99.32%

99.19%

0.00%

26-Jul-04

296

49,195,104

100.00%

Page 19 of 33

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

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

0.65%

0.46%

0.00%

25-Aug-04

1,231,801

1,679

264,749,289

99.35%

99.54%

0.06%

0.09%

0.00%

26-Jul-04

239,545

1,700

268,039,896

99.94%

99.91%

Page 20 of 33

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days 90 + Days
# Balance # 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

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

25-Aug-04

0.00%

0.00% 0.00%

0.00%

0.02%

0.01%

109,277

0.00%

26-Jul-04

0.00%

0.00% 0.00%

0.00%

0.02%

0.01%

109,358

0.00%

Page 21 of 33

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days 90 + Days
# Balance # 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 - First Lien

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

25-Aug-04

0.00%

0.00% 0.00%

0.00%

0.02%

0.01%

109,277

0.00%

26-Jul-04

0.00%

0.00% 0.00%

0.00%

0.02%

0.01%

109,358

0.00%

Page 22 of 33

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days 90 + Days
# Balance # 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 - Second Lien

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

25-Aug-04

0.00%

0.00% 0.00%

0.00%

26-Jul-04

0.00%

0.00% 0.00%

0.00%

Page 23 of 33

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days 90 + Days
# Balance # 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

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

25-Aug-04

0.00%

0.00% 0.00%

0.00%

0.02%

109,277

0.00%

26-Jul-04

0.00%

0.00% 0.00%

0.00%

0.02%

109,358

0.00%

Page 24 of 33

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days 90 + Days
# Balance # 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

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

25-Aug-04

0.00%

0.00% 0.00%

0.00%

26-Jul-04

0.00%

0.00% 0.00%

0.00%

Page 25 of 33

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days 90 + Days
# Balance # 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

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

25-Aug-04

0.00%

0.00% 0.00%

0.00%

26-Jul-04

0.00%

0.00% 0.00%

0.00%

Page 26 of 33

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

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-Aug-04

6,023

97.48%

1,019,705,741

96.70%

1.67%

2.07%

0.00%

351

7.06%

6.56%

102

21,592,960

0.00

26-Jul-04

6,125

99.13%

1,042,232,841

98.83%

0.87%

1.08%

0.00%

352

7.07%

6.56%

11,352,617

0.00

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

Page 27 of 33

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

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

First Lien

25-Aug-04

5,977

96.73%

1,017,646,728

96.50%

1.68%

2.08%

0.00%

351

7.06%

6.55%

102

21,592,960

0.00

26-Jul-04

6,079

98.38%

1,040,172,390

98.64%

0.88%

1.08%

0.00%

352

7.06%

6.56%

11,352,617

0.00

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

Page 28 of 33

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

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

Second Lien

25-Aug-04

0.74%

2,059,013

0.20%

0.00%

183

10.96%

10.46%

0.00

26-Jul-04

0.74%

2,060,451

0.20%

0.00%

184

10.96%

10.46%

0.00

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

Page 29 of 33

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

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-Aug-04

4,040

65.38%

705,138,127

66.87%

2.13%

2.63%

0.00%

356

7.17%

6.67%

19,037,755

0.00

26-Jul-04

4,128

66.81%

724,758,296

68.73%

0.94%

1.12%

0.00%

357

7.17%

6.67%

8,226,347

0.00

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

Page 30 of 33

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

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-Aug-04

293

4.74%

48,586,523

4.61%

1.01%

1.15%

0.00%

356

6.65%

6.15%

563,722

0.00

26-Jul-04

296

4.79%

49,195,104

4.67%

0.67%

1.51%

0.00%

357

6.64%

6.14%

756,840

0.00

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

Page 31 of 33

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

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-Aug-04

1,690

27.35%

265,981,091

25.22%

0.65%

0.74%

0.00%

338

6.86%

6.36%

1,991,482

0.00

26-Jul-04

1,701

27.53%

268,279,441

25.44%

0.76%

0.87%

0.00%

339

6.86%

6.35%

2,369,430

0.00

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

Page 32 of 33

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE5

ABN AMRO Acct: 721913.3

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:

Not Avail.

Current Total
Cumulative

Page 33 of 33

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

BEAR STEARNS ASSET BACKED SECURITIES I LLC 2004-HE5 8-K