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

LEHMAN ABS CORPORATION (as Depositor under the Trust Agreement dated as of March 1, 2004, providing for the issuance of Mortgage Pass-Through Certificates, Series 2004-1)
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation)

333-108503
(Commission
File Number)

13-3447441
(IRS Employer
Identification No.)

745 Seventh Avenue, 7th Floor, New York, New York
(Address of principal executive offices)

10019
(Zip Code)

Registrant's telephone number, including area code 212-526-7000

(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 Lehman ABS Corporation Mortgage Pass-Through Certificates, Series 2004-1, 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 4.03 of the Trust 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 TRUST AGREEMENT ON BEHALF OF LEHMAN ABS CORPORATION, REGISTRANT

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

Date: August 30, 2004

Lehman ABS Corporation

Mortgage Pass-Through Certificates

Series 2004-1

ABN AMRO Acct: 721741.1

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

30-Jul-04

Administrator:

Megan Olson 312.904.6709
megan.olson@abnamro.com

Analyst:

Christine Paidosh 714.259.6207
christine.paidosh@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

Asset-Backed Facts ~ 15 Month Loan Status Summary

Asset-Backed Facts ~ 15 Month Loan Payoff/Loss Summary
Other Related Information

Other Related Information
Realized Loss Detail
Historical REO Report

Page 2-4
Page 5-6
Page 7
Page 8

Page 9

Page 10
Page 11

Page 12
Page 13-14

Page 15

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

LHABS041

LHABS041_200408_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

30-Mar-04
26-Apr-04

25-Apr-39

Parties to The Transaction

Depositor: Lehman ABS Corporation

Underwriter: Lehman Brothers Inc.

Master Servicer: Aurora Loan Services, Inc.

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

800.246.5761

LaSalle Factor Line

LaSalle Web Site

Servicer Web Site

www.alservices.com

www.etrustee.net

Page 1 of 15

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:

6.093130%

1.450000%
1.615000%

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

30-Jul-04

Lehman ABS Corporation

Mortgage Pass-Through Certificates

Series 2004-1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

352

REMIC III

Statement Date:

ABN AMRO Acct: 721741.1

869.581104500

9.403091000

0.000000000

860.178013500

1.246882500

0.00

0.000000000

1.78000000%

0.000000000

525170BQ8

1-A1A

20,000,000.00

17,391,622.09

188,061.82

0.00

17,203,560.27

24,937.65

869.581105318

9.403091154

0.000000000

860.178014165

1.123208880

0.00

0.000000000

1.55000000%

0.000000000

525170BR6

1-A1B

53,514,000.00

46,534,763.27

503,197.02

0.00

46,031,566.25

60,107.40

1000.000000000

0.000000000

1000.000000000

3.525000034

0.00

0.000000000

4.23000000%

0.000000000

525170BS4

1-A2

146,779,000.00

0.00

146,779,000.00

517,395.98

818.747250749

9.404292196

0.000000000

809.342958553

1.866516279

0.00

0.000000000

2.83000000%

0.000000000

525170BT2

2-A1

96,750,000.00

79,213,796.51

909,865.27

0.00

78,303,931.24

180,585.45

1000.000000000

0.000000000

1000.000000000

3.191666692

0.00

0.000000000

3.83000000%

0.000000000

525170BU9

2-A2

195,345,000.00

0.00

195,345,000.00

623,476.13

1000.000000000

0.000000000

1000.000000000

3.975000000

0.00

0.000000000

4.77000000%

0.000000000

525170BV7

10,008,000.00

0.00

10,008,000.00

39,781.80

1000.000000000

0.000000000

1000.000000000

0.066666667

0.00

0.000000000

0.08000000%

0.000000000

525170BX3

M1-IO

10,008,000.00

0.00

10,008,000.00

667.20

1000.000000000

0.000000000

1000.000000000

4.125000000

0.00

0.000000000

4.95000000%

0.000000000

525170BW5

6,426,000.00

0.00

6,426,000.00

26,507.25

1000.000000000

0.000000000

1000.000000000

0.041666667

0.00

0.000000000

0.05000000%

0.000000000

525170BY1

M2-IO

6,426,000.00

0.00

6,426,000.00

267.75

1000.000000000

0.000000000

1000.000000000

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSQ244

100.00

0.00

100.00

0.00

952.207290860

0.000000000

949.179577846

1.849753497

0.00

5,436.92

0.010281173

2.31815783%

0.000000000

9ABSQ245

528,822,944.02

503,549,062.87

0.00

501,947,938.76

978,192.09

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSQ246

0.00

Total P&I Payment

0.00

5,436.92

528,822,100.00

501,698,281.87

4,053,042.81

Total

500,097,157.76

1,601,124.11

0.00

2,451,918.70

Page 2 of 15

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:

6.093130%

1.450000%
1.615000%

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

30-Jul-04

Lehman ABS Corporation

Mortgage Pass-Through Certificates

Series 2004-1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

352

Grantor Trust

Statement Date:

ABN AMRO Acct: 721741.1

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSQ247

0.00

Total P&I Payment

0.00

Total

0.00

Page 3 of 15

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:

6.093130%

1.450000%
1.615000%

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

30-Jul-04

Lehman ABS Corporation

Mortgage Pass-Through Certificates

Series 2004-1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

352

Net Funds Cap Shortfalls

Statement Date:

ABN AMRO Acct: 721741.1

0.000000000

0.00

0.000000000

N/A

0.000000000

1-A1A

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

1-A1B

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

1-A2

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

2-A1

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

2-A2

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

M1-IO

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

M2-IO

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

0.00

Total P&I Payment

0.00

Total

0.00

Page 4 of 15

Lehman ABS Corporation

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

30-Jul-04

Mortgage Pass-Through Certificates

Series 2004-1

ABN AMRO Acct: 721741.1

Statement Date:

Cash Reconciliation Summary Pool Group 1

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

307,788.64

0.00
0.00

Less ASER Interest Adv Reduction

0.00

Less Other Adjustment

0.00

Total

1,080,475.15

Unscheduled Interest:
Prepayment Penalties

0.00

Yield Maintenance Penalties

0.00

Other Interest Proceeds

0.00

Total

0.00

Less Fees & Expenses Paid By/To Servicer

Less Fee Paid To Servicer
Less Fee Strips Paid by Servicer

Special Servicing Fees

Interest Due Serv on Advances
Recoup of Prior Advances
Misc. Fees & Expenses

Total Unscheduled Fees & Expenses

Total Interest Due Trust

Less Fees & Expenses Paid By/To Trust
Trustee Fee
Fee Strips
Misc. Fees
Interest Reserve Withholding
Plus Interest Reserve Deposit
Total

Total Interest Due Certs

Principal Summary

Scheduled Principal:
Current Scheduled Principal
Advanced Scheduled Principal
Scheduled Principal
Unscheduled Principal:
Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds
Total Unscheduled Principal
Remittance Principal

Remittance P&I Due Trust

Remittance P&I Due Certs

Pool Balance Summary

Beginning Pool
Scheduled Principal
Unscheduled Principal
Deferred Interest
Liquidations
Repurchases

Ending Pool

Balance

Count

Principal

Interest

Prior Outstanding

Plus Current Period

Less Recovered

Ending Outstanding

Servicing Fee Summary

Current Servicing Fees
Plus Fees Advanced for PPIS
Less Reduction for PPIS
Plus Delinquent Servicing Fees

Total Servicing Fees

PPIS Summary

Gross PPIS
Reduced by PPIE
Reduced by Shortfalls in Fees
Reduced by Other Amounts
PPIS Reducing Scheduled Interest
PPIS Reducing Servicing Fee

PPIS Due Certificate

0.00

0.00
0.00

0.00

1,067,783.47

0.00
0.00
0.00
0.00

0.00

40,594.01

110,207.45
150,801.46

23,463.15

516,994.23

0.00
0.00
0.00

540,457.38
691,258.84

1,759,042.31

218,902,311.36

368

150,801.46
540,457.38

0.00
0.00

0.00

218,211,052.52

365

108,258.51

755,335.85

110,207.45

772,686.51

106,649.62

742,064.67

12,691.68

0.00
0.00

32,912.97

45,604.65

0.00
0.00
0.00
0.00
0.00
0.00

0.00

Advance Summary (Advance Made by Servicer)

)

(12,691.68

1,067,783.47

Interest Not Advanced (

Current Period

)

0.00

772,686.51

Workout Fees
Liquidation Fees

0.00
0.00

Less Non Recovered

)

(785,957.69

)

(111,816.34

0.00

Page 5 of 15

Lehman ABS Corporation

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

30-Jul-04

Mortgage Pass-Through Certificates

Series 2004-1

ABN AMRO Acct: 721741.1

Statement Date:

Cash Reconciliation Summary Pool Group 2

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

381,842.42

0.00
0.00

Less ASER Interest Adv Reduction

0.00

Less Other Adjustment

0.00

Total

1,399,879.49

Unscheduled Interest:
Prepayment Penalties

0.00

Yield Maintenance Penalties

0.00

Other Interest Proceeds

0.00

Total

0.00

Less Fees & Expenses Paid By/To Servicer

Less Fee Paid To Servicer
Less Fee Strips Paid by Servicer

Special Servicing Fees

Interest Due Serv on Advances
Recoup of Prior Advances
Misc. Fees & Expenses

Total Unscheduled Fees & Expenses

Total Interest Due Trust

Less Fees & Expenses Paid By/To Trust
Trustee Fee
Fee Strips
Misc. Fees
Interest Reserve Withholding
Plus Interest Reserve Deposit
Total

Total Interest Due Certs

Principal Summary

Remittance P&I Due Trust

Remittance P&I Due Certs

Pool Balance Summary

Beginning Pool
Scheduled Principal
Unscheduled Principal
Deferred Interest
Liquidations
Repurchases

Ending Pool

Balance

Count

Principal

Interest

Prior Outstanding

Plus Current Period

Less Recovered

Ending Outstanding

Servicing Fee Summary

Current Servicing Fees
Plus Fees Advanced for PPIS
Less Reduction for PPIS
Plus Delinquent Servicing Fees

Total Servicing Fees

PPIS Summary

Gross PPIS
Reduced by PPIE
Reduced by Shortfalls in Fees
Reduced by Other Amounts
PPIS Reducing Scheduled Interest
PPIS Reducing Servicing Fee

PPIS Due Certificate

0.00

0.00
0.00

0.00

1,384,135.23

0.00
0.00
0.00
0.00

0.00

52,335.18

159,690.25
212,025.43

52,864.66

644,975.18

0.00
0.00
0.00

697,839.84
909,865.27

2,294,000.50

284,646,751.51

507

212,025.43
697,839.84

0.00
0.00

0.00

283,736,886.24

506

146,731.94

940,569.68

159,690.25

1,018,037.07

142,746.79

891,641.74

15,744.26

0.00
0.00

43,557.15

59,301.41

0.00
0.00
0.00
0.00
0.00
0.00

0.00

Advance Summary (Advance Made by Servicer)

)

(15,744.26

1,384,135.23

Interest Not Advanced (

Current Period

)

0.00

1,018,037.07

Workout Fees
Liquidation Fees

0.00
0.00

Less Non Recovered

)

(1,066,965.02

)

(163,675.40

0.00

Page 6 of 15

Lehman ABS Corporation

Class

Accrued

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

30-Jul-04

Mortgage Pass-Through Certificates

Series 2004-1

ABN AMRO Acct: 721741.1
Bond Interest Reconciliation

Deductions

Allocable

Deferred &

Prior

Prepay-

Other

Additions

Interest

Credit Support

Original

Current(4)

Accrual

Int. Short-

falls Due

ment

Interest

Interest (2)

Payment

Amount

PPIS

Interest

Certificate

Accretion

Interest

Loss/Exp

Interest

Penalties

Proceeds (1)

Interest

Shortfalls

Certificate

Rate

Pass
Thru

Method Days

Outstanding

Remaining

Statement Date:

Distributable

Current Period

(Shortfall)/

Recovery

Int Accrual

on Prior

Shortfall (3)

0.00

0.000000000%

0.00

1-A1A

24,937.65

0.00

30/360

1.780000000%

0.00

1-A1B

60,107.40

0.00

Act/360

1.550000000%

0.00

1-A2

517,395.98

0.00

30/360

4.230000000%

0.00

2-A1

180,585.45

0.00

30/360

2.830000000%

0.00

2-A2

623,476.13

0.00

30/360

3.830000000%

0.00

39,781.80

0.00

30/360

4.770000000%

0.00

M1-IO

667.20

0.00

30/360

0.080000000%

0.00

26,507.25

0.00

30/360

4.950000000%

0.00

M2-IO

267.75

0.00

30/360

0.050000000%

0.00

30/360

0.000000000%

0.00

972,755.17

2,808,684.06

978,192.09

1,830,491.97

30/360

2.318157832%

5,436.92

1,835,928.89

0.00

2,446,481.78

4,282,410.67

2,451,918.70

1,830,491.97

5,436.92

1,835,928.89

0.00

(2) Accrued - Deductions + Additions Interest

(3) Includes interest accrued on outstanding Interest Shortfalls and/or Loss Allocations. Where applicable.

Page 7 of 15

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

(4) Determined as follows: (A) the ending balance of all the classes less (B) the sum of (i) the ending balance of the class and (ii) the ending balance of all classes which are not subordinate to the class divided by (A).

Lehman ABS Corporation

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

30-Jul-04

Mortgage Pass-Through Certificates

Series 2004-1

ABN AMRO Acct: 721741.1

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

0.00

0.00

Total Excess Allocated to the Bonds

0.00

0.00

Aggregate Interest Adjustment Allocated to the Bonds

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 8 of 15

Lehman ABS Corporation

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

30-Jul-04

Mortgage Pass-Through Certificates

Series 2004-1

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary

Distribution

Date

Delinq 1 Month

Delinq 2 Months

Delinq 3+ Months

Foreclosure

REO

Modifications

Specially Serviced

Bankruptcy

# Balance

Delinquency Aging Categories

Special Event Categories (1)

Statement Date:

ABN AMRO Acct: 721741.1

1.15%

0.59%

0.23%

0.11%

1,985,950

0.40%

0.00%

25-Aug-04

2,944,213

567,000

1.03%

0.69%

0.11%

0.39%

0.00%

26-Jul-04

3,479,853

1,987,741

1.59%

2.00%

0.00%

25-Jun-04

14 10,139,766

0.22%

0.11%

0.39%

0.00%

25-May-04

560,098

1,991,293

0.00%

26-Apr-04

(1) Note: Modification, Specially Serviced & Bankruptcy Totals are Included in the Appropriate Delinquency Aging Category

Page 9 of 15

Lehman ABS Corporation

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

30-Jul-04

Mortgage Pass-Through Certificates

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Penalties

Appraisal Reduct. (2)

Liquidations (2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Amort

ABN AMRO Acct: 721741.1

Series 2004-1

25-Aug-04

871

94.88%

501,947,939

94.92%

0.46%

0.23%

0.00%

352

6.09%

5.84%

1,161,969

26-Jul-04

875

95.32%

503,549,063

95.22%

0.79%

0.80%

0.00%

353

6.10%

5.85%

14,590

4,070,368

25-Jun-04

882

96.08%

508,133,487

96.09%

0.90%

0.66%

0.00%

354

6.10%

5.85%

3,363,789

25-May-04

890

96.95%

512,244,825

96.87%

1.55%

1.53%

0.00%

355

6.10%

5.85%

24,940

7,973,312

26-Apr-04

905

98.58%

521,266,381

98.57%

1.42%

1.35%

0.00%

356

6.10%

5.85%

7,152,907

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

Page 10 of 15

Lehman ABS Corporation

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

30-Jul-04

Mortgage Pass-Through Certificates

Series 2004-1

ABN AMRO Acct: 721741.1

Other Reporting Information

Statement Date:

Class 1-A1A

Class 1-A1B

Class 1-A2
Class 2-A1

Deferred Amounts:

Class 2-A2

Class M1
Class M2

Pool 1 Overcollateralization:

Pool 2 Overcollateralization:

Pool 1 Overcollateralization Deficiency:

Pool 2 Overcollateralization Deficiency:

Pool Group 1 Interest Remittance Amount:

Pool Group 2 Interest Remittance Amount:

Pool Group 1 Principal Remittance Amount:

Pool Group 2 Principal Remittance Amount:

Pool Group 1 Principal Distribution Amount:

Pool Group 2 Principal Distribution Amount:

Aggregate OverCollateralization Release Amount:

0.00

1,384,135.23

691,258.84

909,865.27

691,258.84

909,865.27

0.00

796,926.00

1,053,955.00

1,067,783.47

Page 11 of 15

Lehman ABS Corporation

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

30-Jul-04

Mortgage Pass-Through Certificates

Series 2004-1

ABN AMRO Acct: 721741.1

Other Reporting Information

Statement Date:

Aggregate Distributions to Classes X, P, R, E:

Class X
Class P
Class R
Class E

Current Distribution Net Funds Cap Shortfalls:

Class 1-A1A
Class 1-A1B
Class 1-A2
Class 2-1A

Unpaid Net Funds Cap Shortfalls:

Class 1-A1A
Class 1-A1B
Class 1-A2
Class 2-A1
Class 2-A2
Class M1
Class M2

Class 2-A2
Class M1
Class M2
Class M1-IO
Class M2-IO

Class M1-IO

Class M2-IO

978,192.09

0.00
0.00

0.00

0.00
0.00
0.00

0.00
0.00

0.00

0.00
0.00

0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.00

Page 12 of 15

Lehman ABS Corporation

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

30-Jul-04

Mortgage Pass-Through Certificates

Series 2004-1

ABN AMRO Acct: 721741.1

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:

Pool Group 1

Not Avail.

Current Total
Cumulative

Page 13 of 15

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

Lehman ABS Corporation

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

30-Jul-04

Mortgage Pass-Through Certificates

Series 2004-1

ABN AMRO Acct: 721741.1

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:

Pool Group 2

Not Avail.

Current Total
Cumulative

Page 14 of 15

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

Lehman ABS Corporation

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

30-Jul-04

Mortgage Pass-Through Certificates

Series 2004-1

Historical Collateral Level REO Report

Property

Type

Statement Date:

State

Actual

Balance

Scheduled

Balance

Recent

Appraisal

Value

Appraisal

Reduction

Amount

Date

Liquidated

Liquidation

Proceeds

Liquidation

Expenses

Realized

Loss

Disclosure

Control #

REO

Date

City

Appraisal

Date

ABN AMRO Acct: 721741.1

Page 15 of 15

LEHMAN ABS CORP MORTGAGE PASS-THROUGH CERTS SERIES 2004-1 8-K