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) ~~September~~December 27, 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.)

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 Trust 2004-HE1, Asset Backed Certificates, Series 2004-HE1, which was made on ~~September~~December 27, 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 ~~September~~December 27, 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

By: /s/ Russell Goldenberg Russell Goldenberg Group Senior Vice President Date: ~~September~~December 3029, 2004

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: 27-Sep-0427-Sep-04 25-Aug-04 25-Oct-04 24-Sep-04 Administrator:Megan Olson 312.904.6709megan.olson@abnamro.com Analyst:Vamsi Kaipa 714.259.6252 vamsi.kaipa@abnamro.com Statement Date: 135 S. LaSalle Street, Suite 1625Chicago, IL 60603USA Statements to CertificateholdersCash Reconciliation SummaryBond Interest ReconciliationBond Principal Reconciliation Rating Information Asset-Backed Facts ~ 15 Month Loan Status Summary Part IAsset-Backed Facts ~ 15 Month Loan Status Summary Part II Asset-Backed Facts ~ 15 Month Loan Payoff/Loss SummaryRealized Loss Detail Page 2-5Page 6-9Page 10Page 11 Page 12 Page 13-16Page 17-20 Page 21-24Page 25 Page(s) Information is available for this issue from the following sources Issue Id: Monthly Data FileName: BS004HE1 BS004HE1_200409_3.ZIP Closing Date: First Payment Date: Rated Final Payment: Date: 30-Jan-0425-Feb-04 27-Feb-34 Parties to The Transaction Underwriter: Bear Stearns & Co. Inc. Master Servicer: EMC Mortgage Corporation Rating Agency: Standard & Poor's/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 25 27-Sep-2004 - 09:08 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Class CUSIP Original Opening Principal Principal Negative Closing Interest Interest Pass-Through Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Next Rate(3) WAC:WAMM:Current Index:Next Index: Payment Date:Prior Payment:Next Payment:Record Date: 7.519190% 1.615000%1.840000% 27-Sep-0427-Sep-04 25-Aug-04 25-Oct-04 24-Sep-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 335 REMIC II Statement Date: ABN AMRO Acct: 721675.1 625.059258031 114.694420331 0.000000000 510.364837700 1.039942277 2.040000000% 0.00 0.00 0.000000000 1.81500000% 0.000000000 07384YPS9 I-A-1 53,358,000.00 33,351,911.89 6,119,864.88 0.00 27,232,047.01 55,489.24 1000.000000000 0.000000000 0.000000000 1000.000000000 2.076250088 2.490000000% 0.00 0.00 0.000000000 2.26500000% 0.000000000 07384YPT7 I-A-2 42,697,000.00 42,697,000.00 0.00 0.00 42,697,000.00 88,649.65 770.085134687 53.544518454 0.000000000 716.540616233 1.365938494 2.160000000% 0.00 0.00 0.000000000 1.93500000% 0.000000000 07384YPU4 II-A-1 136,799,000.00 105,346,876.34 7,324,836.58 0.00 98,022,039.76 186,859.02 770.085134548 53.544518060 0.000000000 716.540616488 1.457707086 2.290000000% 0.00 0.00 0.000000000 2.06500000% 0.000000000 07384YPV2 II-A-2 15,199,000.00 11,704,523.96 813,823.13 0.00 10,890,700.83 22,155.69 785.640974976 63.647086586 0.000000000 721.993888391 1.393530707 2.160000000% 0.00 0.00 0.000000000 1.93500000% 0.000000000 07384YPW0 III-A 149,378,000.00 117,357,477.56 9,507,474.50 0.00 107,850,003.06 208,162.83 1000.000000000 0.000000000 0.000000000 1000.000000000 2.076250037 2.490000000% 0.00 0.00 0.000000000 2.26500000% 0.000000000 07384YPX8 M-1 33,851,000.00 33,851,000.00 0.00 0.00 33,851,000.00 70,283.14 1000.000000000 0.000000000 0.000000000 1000.000000000 2.672083379 3.140000000% 0.00 0.00 0.000000000 2.91500000% 0.000000000 07384YPY6 M-2 27,081,000.00 27,081,000.00 0.00 0.00 27,081,000.00 72,362.69 1000.000000000 0.000000000 0.000000000 1000.000000000 2.855417046 3.340000000% 0.00 0.00 0.000000000 3.11500000% 0.000000000 07384YPZ3 M-3 8,776,000.00 8,776,000.00 0.00 0.00 8,776,000.00 25,059.14 1000.000000000 0.000000000 0.000000000 1000.000000000 3.084583525 3.590000000% 0.00 0.00 0.000000000 3.36500000% 0.000000000 07384YQA7 M-4 6,519,000.00 6,519,000.00 0.00 0.00 6,519,000.00 20,108.40 1000.000000000 0.000000000 0.000000000 1000.000000000 3.313750000 3.840000000% 0.00 0.00 0.000000000 3.61500000% 0.000000000 07384YQB5 M-5 7,272,000.00 7,272,000.00 0.00 0.00 7,272,000.00 24,097.59 1000.000000000 0.000000000 0.000000000 1000.000000000 5.147083599 5.840000000% 0.00 0.00 0.000000000 5.61500000% 0.000000000 07384YQC3 M-6 6,268,000.00 6,268,000.00 0.00 0.00 6,268,000.00 32,261.92 1000.000000000 0.000000000 0.000000000 1000.000000000 106.728730903 0.00 ) (86,384.15 ) (6.043924406 N/A 0.000000000 07384YQD1 CE 14,292,725.09 14,292,725.09 0.00 0.00 14,292,725.09 1,525,444.41 1000.000000000 0.000000000 0.000000000 1000.000000000 4326265.100000000 0.00 432,626.51 4326265.100000000 N/A 0.000000000 N 07384YQE9 P 100.00 100.00 0.00 0.00 100.00 432,626.51 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.00 0.00 0.000000000 N/A 0.000000000 07384YQF6 R-I 0.00 0.00 0.00 0.00 0.00 0.00 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.00 0.00 0.000000000 N/A 0.000000000 07384YQG4 R-II 0.00 0.00 0.00 0.00 0.00 0.00 27-Sep-2004 - 09:08 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Page 2 of 25 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 Principal Negative Closing Interest Interest Pass-Through Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Next Rate(3) WAC:WAMM:Current Index:Next Index: Payment Date:Prior Payment:Next Payment:Record Date: 7.519190% 1.615000%1.840000% 27-Sep-0427-Sep-04 25-Aug-04 25-Oct-04 24-Sep-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 335 REMIC II Statement Date: ABN AMRO Acct: 721675.1 Total P&I Payment 0.00 346,242.36 501,490,725.09 414,517,514.84 26,529,559.32 Total 390,751,515.75 23,765,999.09 0.00 2,763,560.23 27-Sep-2004 - 09:08 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Page 3 of 25 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 Principal Negative Closing Interest Interest Pass-Through Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Next Rate(3) WAC:WAMM:Current Index:Next Index: Payment Date:Prior Payment:Next Payment:Record Date: 7.519190% 1.615000%1.840000% 27-Sep-0427-Sep-04 25-Aug-04 25-Oct-04 24-Sep-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 335 REMIC III Statement Date: ABN AMRO Acct: 721675.1 1000.000000000 0.000000000 0.000000000 1000.000000000 106.728730903 0.00 1,525,444.41 106.728730903 N/A 0.000000000 07384YQD1 CE 14,292,725.09 14,292,725.09 0.00 0.00 14,292,725.09 1,525,444.41 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.00 0.00 0.000000000 N/A 0.000000000 9ABSP747 R-III 0.00 0.00 0.00 0.00 0.00 0.00 Total P&I Payment 0.00 1,525,444.41 14,292,725.09 14,292,725.09 1,525,444.41 Total 14,292,725.09 0.00 0.00 1,525,444.41 27-Sep-2004 - 09:08 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Page 4 of 25 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 Principal Negative Closing Interest Interest Pass-Through Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Next Rate(3) WAC:WAMM:Current Index:Next Index: Payment Date:Prior Payment:Next Payment:Record Date: 7.519190% 1.615000%1.840000% 27-Sep-0427-Sep-04 25-Aug-04 25-Oct-04 24-Sep-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 335 REMIC IV Statement Date: ABN AMRO Acct: 721675.1 1000.000000000 0.000000000 0.000000000 1000.000000000 4326265.100000000 0.00 432,626.51 4326265.100000000 N/A 0.000000000 07384YQE9 P 100.00 100.00 0.00 0.00 100.00 432,626.51 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.00 0.00 0.000000000 N/A 0.000000000 07384YQH2 RX 0.00 0.00 0.00 0.00 0.00 0.00 Total P&I Payment 0.00 432,626.51 100.00 100.00 432,626.51 Total 100.00 0.00 0.00 432,626.51 27-Sep-2004 - 09:08 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Page 5 of 25 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 Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-Sep-04 25-Aug-04 25-Oct-04 24-Sep-04 Asset-Backed Certificates Series 2004-HE1 ABN AMRO Acct: 721675.1 Statement Date: Cash Reconciliation Summary Interest Summary Total Trustee Fees Available Interest 2,856,203.43 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 350,985.35 29,776.80 22,981,611.05 317,241.74 0.000.00 26,537,061.92 Pool Balance Summary Beginning PoolScheduled Principal Distribution Unscheduled PrincipalDistribution Deferred InterestLiquidationsRepurchasesEnding Pool Balance/Amount Count 414,517,514.84 350,985.35 23,011,387.85 0.00 403,625.89 0.00 390,751,515.75 2,795 129 10 2,665 158,423.41 Extra Principal Trigger Event No 86,384.15 23,731,441.52 Over Collateralization Amt 14,206,340.94 Less Extra Principal Remittance Interest ) (86,384.15 2,769,819.28 0.00 23,415,013.74 Less Mod Losses Interest Due Trust Total Trustee Fees ) (1,243.55 2,857,446.98 Total Fees 159,666.97 Insurance Premium Reimbursement Amt Class II-A Policy - InterestClass II-A Policy - PrincipalOther Total Reimbursement Amt Rolling 3-Month Delinquency % 2.49 0 6,259.07 1,243.55 LPMI Fees 0.00 0.000.000.00 0.00 Page 6 of 25 27-Sep-2004 - 09:08 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-Sep-04 25-Aug-04 25-Oct-04 24-Sep-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 882,649.53 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 135,610.33 11,065.12 6,474,440.45 ) (317,241.74 0.000.00 7,504,152.34 Pool Balance Summary Beginning PoolScheduled Principal Distribution Unscheduled PrincipalDistribution Deferred InterestLiquidationsRepurchasesEnding Pool Balance/Amount Count 128,968,310.33 135,610.33 6,485,505.57 0.000.000.00 122,347,194.43 1,166 42 00 1,124 48,700.64 Extra Principal Trigger Event No 0.00 6,269,316.59 Over Collateralization Amt 14,206,340.94 Less Extra Principal Remittance Interest 0.00 882,649.53 0.00 6,168,263.83 Less Mod Losses Interest Due Trust Total Trustee Fees ) (386.90 883,036.44 Total Fees 49,087.55 Insurance Premium Reimbursement Amt Class II-A Policy - InterestClass II-A Policy - PrincipalOther Total Reimbursement Amt Rolling 3-Month Delinquency % 2.49 0 0.00 386.90 LPMI Fees 0.00 0.000.000.00 0.00 Page 7 of 25 27-Sep-2004 - 09:08 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-Sep-04 25-Aug-04 25-Oct-04 24-Sep-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 1,869,917.48 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 204,355.49 18,458.74 15,402,484.81 317,241.74 0.000.00 17,813,273.67 Pool Balance Summary Beginning PoolScheduled Principal Distribution Unscheduled PrincipalDistribution Deferred InterestLiquidationsRepurchasesEnding Pool Balance/Amount Count 271,802,478.67 204,355.49 15,420,943.55 0.00 403,625.89 0.00 255,773,553.74 1,554 81 10 1,472 105,095.82 Extra Principal Trigger Event No 0.00 15,907,983.21 Over Collateralization Amt 14,206,340.94 Less Extra Principal Remittance Interest 0.00 1,869,917.48 0.00 15,738,185.29 Less Mod Losses Interest Due Trust Total Trustee Fees ) (815.41 1,870,732.89 Total Fees 105,911.23 Insurance Premium Reimbursement Amt Class II-A Policy - InterestClass II-A Policy - PrincipalOther Total Reimbursement Amt Rolling 3-Month Delinquency % 2.49 0 0.00 815.41 LPMI Fees 0.00 0.000.000.00 0.00 Page 8 of 25 27-Sep-2004 - 09:08 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-Sep-04 25-Aug-04 25-Oct-04 24-Sep-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 103,463.64 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 11,019.53 252.94 1,104,685.79 0.000.000.00 1,219,463.14 Pool Balance Summary Beginning PoolScheduled Principal Distribution Unscheduled PrincipalDistribution Deferred InterestLiquidationsRepurchasesEnding Pool Balance/Amount Count 13,746,725.84 11,019.53 1,104,938.73 0.000.000.00 12,630,767.58 75 6 00 69 4,626.94 Extra Principal Trigger Event No 0.00 1,081,400.69 Over Collateralization Amt 14,206,340.94 Less Extra Principal Remittance Interest 0.00 103,463.64 0.00 1,104,938.73 Less Mod Losses Interest Due Trust Total Trustee Fees ) (41.24 103,504.88 Total Fees 4,668.18 Insurance Premium Reimbursement Amt Class II-A Policy - InterestClass II-A Policy - PrincipalOther Total Reimbursement Amt Rolling 3-Month Delinquency % 2.49 0 0.00 41.24 LPMI Fees 0.00 0.000.000.00 0.00 Page 9 of 25 27-Sep-2004 - 09:08 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Class Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-Sep-04 25-Aug-04 25-Oct-0424-Sep-04 Asset-Backed Certificates Series 2004-HE1 ABN AMRO Acct: 721675.1 Bond Interest Reconciliation Additions Accrual Method Days Statement Date: Accrued Certificate Interest Depositsfrom YM Agreement Prior Int Carry-Fwd Shortfall Prior Shortfall Reimbursement Other Interest Proceeds Other Interest Losses Current Int Carry-Fwd Shortfall Current Basis Risk Carry-Fwd Shortfall Remaining Int Carry-Fwd Shortfall Remaining Basis Risk Carry-Fwd Shortfall Net Cap Rate in Effect Y/N Distributable Certificate Interest Interest Payment Amount Deductions Outstanding 0.00 CE 30 1,611,828.56 1,525,444.41 0.00 0.00 1,611,828.56 0.00 0.00 0.00 No 0.00 0.00 0.00 0.00 I-A-1 33 55,489.24 55,489.24 Act/360 0.00 0.00 55,489.24 0.00 0.00 0.00 No 0.00 0.00 0.00 0.00 I-A-2 33 88,649.65 88,649.65 Act/360 0.00 0.00 88,649.65 0.00 0.00 0.00 No 0.00 0.00 0.00 0.00 II-A-1 33 186,859.02 186,859.02 Act/360 0.00 0.00 186,859.02 0.00 0.00 0.00 No 0.00 0.00 0.00 0.00 II-A-2 33 22,155.69 22,155.69 Act/360 0.00 0.00 22,155.69 0.00 0.00 0.00 No 0.00 0.00 0.00 0.00 III-A 33 208,162.83 208,162.83 Act/360 0.00 0.00 208,162.83 0.00 0.00 0.00 No 0.00 0.00 0.00 0.00 M-1 33 70,283.14 70,283.14 Act/360 0.00 0.00 70,283.14 0.00 0.00 0.00 No 0.00 0.00 0.00 0.00 M-2 33 72,362.69 72,362.69 Act/360 0.00 0.00 72,362.69 0.00 0.00 0.00 No 0.00 0.00 0.00 0.00 M-3 33 25,059.14 25,059.14 Act/360 0.00 0.00 25,059.14 0.00 0.00 0.00 No 0.00 0.00 0.00 0.00 M-4 33 20,108.40 20,108.40 Act/360 0.00 0.00 20,108.40 0.00 0.00 0.00 No 0.00 0.00 0.00 0.00 M-5 33 24,097.59 24,097.59 Act/360 0.00 0.00 24,097.59 0.00 0.00 0.00 No 0.00 0.00 0.00 0.00 M-6 33 32,261.92 32,261.92 Act/360 0.00 0.00 32,261.92 0.00 0.00 0.00 No 0.00 0.00 0.00 0.00 P 30 432,626.51 432,626.51 0.00 0.00 0.00 0.00 0.00 0.00 No 0.00 0.00 0.00 0.00 0.00 0.00 2,417,317.87 2,849,944.38 2,763,560.23 0.00 0.00 0.00 0.00 0.00 0.00 (2) Interest Carry-Forward Shortfall is unpaid interest with interest thereon(3) Basis Risk Carry-Forward Shortfall - difference between LIBOR plus margin and the Net Rate Cap. 27-Sep-2004 - 09:08 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Page 10 of 25 (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: 27-Sep-0427-Sep-04 25-Aug-04 25-Oct-04 24-Sep-04 Asset-Backed Certificates Series 2004-HE1 ABN AMRO Acct: 721675.1 Bond Principal Reconciliation Credit Support Original Current(4) ABN AMRO LaSalle Bank N.A. Statement Date: Beginning Class Balance Unscheduled Principal Payment Extra Principal Payment Amt Prior Loss Reimburs. Rated Final Maturity Class Current Losses Original Class Balance Scheduled Principal Payment Ending Class Balance Cumulative Losses Interest on Losses Additions Losses I-A-1 18.43% 23.85% 2/27/2034 27,232,047.01 0.00 0.00 33,351,911.89 53,358,000.00 87,754.48 0.00 0.00 22,244.36 6,009,866.04 I-A-2 18.43% 23.85% 2/27/2034 42,697,000.00 0.00 0.00 42,697,000.00 42,697,000.00 0.00 0.00 0.00 0.00 0.00 II-A-1 18.43% 23.85% 2/27/2034 98,022,039.76 0.00 0.00 105,346,876.34 136,799,000.00 123,844.74 0.00 0.00 26,624.16 7,174,367.68 II-A-2 18.43% 23.85% 2/27/2034 10,890,700.83 0.00 0.00 11,704,523.96 15,199,000.00 13,759.72 0.00 0.00 2,958.07 797,105.34 III-A 18.43% 23.85% 2/27/2034 107,850,003.06 0.00 0.00 117,357,477.56 149,378,000.00 125,626.41 0.00 0.00 34,557.57 9,347,290.52 M-1 11.48% 14.85% 2/27/2034 33,851,000.00 0.00 0.00 33,851,000.00 33,851,000.00 0.00 0.00 0.00 0.00 0.00 M-2 5.92% 7.66% 2/27/2034 27,081,000.00 0.00 0.00 27,081,000.00 27,081,000.00 0.00 0.00 0.00 0.00 0.00 M-3 4.12% 5.33% 2/27/2034 8,776,000.00 0.00 0.00 8,776,000.00 8,776,000.00 0.00 0.00 0.00 0.00 0.00 M-4 2.78% 3.60% 2/27/2034 6,519,000.00 0.00 0.00 6,519,000.00 6,519,000.00 0.00 0.00 0.00 0.00 0.00 M-5 1.29% 1.66% 2/27/2034 7,272,000.00 0.00 0.00 7,272,000.00 7,272,000.00 0.00 0.00 0.00 0.00 0.00 M-6 0.00% 0.00% 2/27/2034 6,268,000.00 0.00 0.00 6,268,000.00 6,268,000.00 0.00 0.00 0.00 0.00 0.00 CE NA NA 2/27/2034 14,292,725.09 0.00 0.00 14,292,725.09 14,292,725.09 0.00 0.00 0.00 0.00 0.00 P NA NA 2/27/2034 100.00 0.00 0.00 100.00 100.00 0.00 0.00 0.00 0.00 0.00 414,517,614.84 0.00 2/27/2034 0.00 0.00 350,985.35 0.00 23,328,629.59 86,384.15 501,490,825.09 390,751,615.75 27-Sep-2004 - 09:08 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Page 11 of 25 (1) Extra Principal Amounts: the lessor of (i) the excess, if any, of the overcollateralization Target Amount over the Overcollateralization Amount. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-Sep-04 25-Aug-04 25-Oct-04 24-Sep-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 NR NR NR I-A-1 07384YPS9 NR Aaa AAA I-A-2 07384YPT7 NR Aaa AAA II-A-1 07384YPU4 NR Aaa AAA II-A-2 07384YPV2 NR Aaa AAA III-A 07384YPW0 NR Aaa AAA M-1 07384YPX8 NR Aa2 AA M-2 07384YPY6 NR A2 A M-3 07384YPZ3 NR A3 A- M-4 07384YQA7 NR Baa1 BBB+ M-5 07384YQB5 NR Baa2 BBB M-6 07384YQC3 NR Baa3 BBB- R-II 07384YQG4 NR NR NR CE 07384YQD1 NR NR NR R-III 9ABSP747 NR NR NR P 07384YQE9 NR NR NR RX 07384YQH2 NR NR NR Page 12 of 25 27-Sep-2004 - 09:08 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. 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 havechanged during the 30 day window, or may not be being provided by the rating agency in an electronic format and therefore not being updated onthis 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: 27-Sep-0427-Sep-04 25-Aug-04 25-Oct-04 24-Sep-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 # Balance # Balance # Balance # Balance Delinquency Aging Categories 2.78% 2.88% 1.13% 1.07% 15 0.56% 1,738,418 0.44% 0.79% 1.03% 0.00% 0.00% 27-Sep-04 74 11,260,710 30 4,186,002 21 4,035,177 0 0 2,525 369,531,209 94.75% 94.57% 2.50% 2.64% 0.86% 0.97% 12 0.43% 1,557,104 0.38% 0.72% 0.74% 0.00% 0.00% 25-Aug-04 70 10,939,753 24 4,002,545 20 3,071,476 0 0 2,669 394,946,636 95.49% 95.28% 2.15% 2.43% 1.00% 0.99% 9 0.31% 561,949 0.13% 0.35% 0.37% 0.00% 0.00% 26-Jul-04 62 10,379,150 29 4,235,217 10 1,583,606 0 0 2,776 411,012,720 96.19% 96.08% 2.11% 2.05% 0.57% 0.45% 7 0.23% 509,000 0.11% 0.23% 0.25% 0.00% 0.00% 25-Jun-04 63 9,103,848 17 1,997,643 7 1,108,082 0 0 2,885 432,296,461 96.84% 97.14% 1.44% 1.54% 0.49% 0.43% 2 0.07% 419,175 0.09% 0.16% 0.13% 0.00% 0.00% 25-May-04 44 7,068,704 15 1,985,482 5 593,207 0 0 2,997 449,073,762 97.85% 97.81% 1.08% 1.02% 0.41% 0.38% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 26-Apr-04 34 4,846,369 13 1,801,524 0 0 0 0 3,090 466,303,738 98.50% 98.59% 1.41% 1.24% 0.03% 0.08% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 25-Mar-04 45 6,015,084 1 363,144 0 0 0 0 3,143 477,717,335 98.56% 98.68% 0.06% 0.06% 0.03% 0.06% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 25-Feb-04 2 272,225 1 289,131 0 0 0 0 3,233 493,287,206 99.91% 99.89% Page 13 of 25 27-Sep-2004 - 09:08 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-Sep-04 25-Aug-04 25-Oct-04 24-Sep-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 # Balance # Balance # Balance # Balance Delinquency Aging Categories Fixed Loans 2.40% 2.48% 0.89% 0.83% 9 0.80% 456,230 0.37% 0.36% 0.46% 0.00% 0.00% 27-Sep-04 27 3,037,330 10 1,009,989 4 567,147 0 0 1,074 117,276,500 95.55% 95.86% 1.89% 2.07% 0.51% 0.36% 7 0.60% 363,658 0.28% 0.51% 0.31% 0.00% 0.00% 25-Aug-04 22 2,672,357 6 468,312 6 401,552 0 0 1,125 125,062,431 96.48% 96.97% 1.42% 1.07% 0.42% 0.27% 8 0.67% 401,822 0.30% 0.25% 0.13% 0.00% 0.00% 26-Jul-04 17 1,422,721 5 364,017 3 178,220 0 0 1,165 130,399,881 97.25% 98.22% 1.47% 1.07% 0.49% 0.36% 7 0.57% 509,000 0.37% 0.16% 0.08% 0.00% 0.00% 25-Jun-04 18 1,458,962 6 492,833 2 109,639 0 0 1,189 133,799,005 97.30% 98.12% 1.36% 1.27% 0.64% 0.40% 1 0.08% 56,585 0.04% 0.08% 0.05% 0.00% 0.00% 25-May-04 17 1,775,765 8 557,514 1 64,804 0 0 1,219 136,913,655 97.83% 98.24% 1.19% 1.13% 0.56% 0.29% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 26-Apr-04 15 1,606,135 7 411,930 0 0 0 0 1,238 140,548,965 98.25% 98.58% 1.89% 1.45% 0.00% 0.00% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 25-Mar-04 24 2,095,309 0 0 0 0 0 0 1,249 142,824,696 98.11% 98.55% 0.00% 0.00% 0.08% 0.20% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 25-Feb-04 0 0 1 289,131 0 0 0 0 1,286 147,449,389 99.92% 99.80% Page 14 of 25 27-Sep-2004 - 09:08 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-Sep-04 25-Aug-04 25-Oct-04 24-Sep-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 # Balance # Balance # Balance # Balance Delinquency Aging Categories 228 ARM Loans 3.06% 3.13% 1.36% 1.24% 5 0.34% 1,178,049 0.46% 1.15% 1.36% 0.00% 0.00% 27-Sep-04 45 7,999,596 20 3,176,013 17 3,468,030 0 0 1,385 239,951,864 94.09% 93.81% 3.02% 3.01% 1.09% 1.26% 5 0.32% 1,193,446 0.44% 0.90% 0.98% 0.00% 0.00% 25-Aug-04 47 8,171,946 17 3,430,011 14 2,669,924 0 0 1,471 256,337,152 94.66% 94.31% 2.73% 3.15% 1.43% 1.34% 1 0.06% 160,127 0.06% 0.43% 0.50% 0.00% 0.00% 26-Jul-04 44 8,860,915 23 3,766,894 7 1,405,386 0 0 1,536 266,718,336 95.34% 94.95% 2.56% 2.52% 0.66% 0.51% 0 0.00% 0 0.00% 0.30% 0.34% 0.00% 0.00% 25-Jun-04 43 7,426,703 11 1,504,810 5 998,443 0 0 1,620 284,526,124 96.49% 96.63% 1.56% 1.74% 0.40% 0.47% 1 0.06% 362,590 0.12% 0.23% 0.17% 0.00% 0.00% 25-May-04 27 5,292,939 7 1,427,967 4 528,403 0 0 1,697 297,436,083 97.75% 97.50% 1.00% 1.00% 0.33% 0.44% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 26-Apr-04 18 3,144,535 6 1,389,594 0 0 0 0 1,771 311,018,318 98.66% 98.56% 1.15% 1.21% 0.05% 0.11% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 25-Mar-04 21 3,919,775 1 363,144 0 0 0 0 1,810 319,441,588 98.80% 98.68% 0.11% 0.08% 0.00% 0.00% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 25-Feb-04 2 272,225 0 0 0 0 0 0 1,861 329,920,659 99.89% 99.92% Page 15 of 25 27-Sep-2004 - 09:08 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-Sep-04 25-Aug-04 25-Oct-04 24-Sep-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 # Balance # Balance # Balance # Balance Delinquency Aging Categories 327 ARM Loans 2.90% 1.77% 0.00% 0.00% 1 1.45% 104,139 0.82% 0.00% 0.00% 0.00% 0.00% 27-Sep-04 2 223,784 0 0 0 0 0 0 66 12,302,844 95.65% 97.40% 1.33% 0.69% 1.33% 0.76% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 25-Aug-04 1 95,450 1 104,222 0 0 0 0 73 13,547,053 97.33% 98.55% 1.30% 0.68% 1.30% 0.74% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 26-Jul-04 1 95,513 1 104,305 0 0 0 0 75 13,894,503 97.40% 98.58% 2.56% 1.54% 0.00% 0.00% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 25-Jun-04 2 218,184 0 0 0 0 0 0 76 13,971,332 97.44% 98.46% 0.00% 0.00% 0.00% 0.00% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 25-May-04 0 0 0 0 0 0 0 0 81 14,724,024 100.00% 100.00% 1.22% 0.65% 0.00% 0.00% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 26-Apr-04 1 95,699 0 0 0 0 0 0 81 14,736,455 98.78% 99.35% 0.00% 0.00% 0.00% 0.00% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 25-Mar-04 0 0 0 0 0 0 0 0 84 15,451,051 100.00% 100.00% 0.00% 0.00% 0.00% 0.00% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 25-Feb-04 0 0 0 0 0 0 0 0 86 15,917,158 100.00% 100.00% Page 16 of 25 27-Sep-2004 - 09:08 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-Sep-04 25-Aug-04 25-Oct-04 24-Sep-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 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 Balance Balance Balance 27-Sep-04 0 0 1 379,854 1 75,479 2 176,077 20 3,655,323 486,197 3 0.00% 0.00% 0.04% 0.10% 0.75% 0.94% 0.04% 0.02% 0.08% 0.05% 0.11% 0.12% 0.00% 0.00% 0.30% 0.27% 0 0 8 1,063,018 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Aug-04 0 0 0 0 1 380,103 1 116,252 20 3,071,476 714,550 4 0.00% 0.00% 0.00% 0.00% 0.72% 0.74% 0.04% 0.09% 0.04% 0.03% 0.14% 0.17% 0.00% -0.00% 0.43% 0.31% 0 0 12 1,268,414 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 26-Jul-04 0 0 0 0 0 0 0 0 10 1,583,606 224,649 2 0.00% 0.00% 0.00% 0.00% 0.35% 0.37% 0.00% 0.00% 0.00% 0.00% 0.07% 0.05% 0.00% 0.00% 0.42% 0.30% 0 0 12 1,265,730 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Jun-04 0 0 0 0 0 0 1 160,242 7 1,108,082 64,554 1 0.00% 0.00% 0.00% 0.00% 0.23% 0.25% 0.00% 0.00% 0.03% 0.04% 0.03% 0.01% 0.00% -0.00% 0.44% 0.25% 0 0 13 1,099,042 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-May-04 0 0 0 0 0 0 1 64,586 5 593,207 0 0 0.00% 0.00% 0.00% 0.00% 0.16% 0.13% 0.00% 0.00% 0.03% 0.01% 0.00% 0.00% 0.00% 0.00% 0.26% 0.11% 0 0 8 496,307 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 26-Apr-04 0 0 0 0 0 0 0 0 0 0 0 0 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 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Mar-04 0 0 0 0 0 0 0 0 0 0 0 0 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 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Feb-04 0 0 0 0 0 0 0 0 0 0 0 0 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 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 Page 17 of 25 27-Sep-2004 - 09:08 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-Sep-04 25-Aug-04 25-Oct-04 24-Sep-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 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 Balance Balance Balance 27-Sep-04 0 0 1 379,854 0 0 1 30,600 3 187,293 0 0 0.00% 0.00% 0.09% 0.31% 0.27% 0.15% 0.00% 0.00% 0.09% 0.03% 0.00% 0.00% 0.00% 0.00% 0.53% 0.37% 0 0 6 456,533 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Aug-04 0 0 0 0 1 380,103 0 0 6 401,552 64,489 1 0.00% 0.00% 0.00% 0.00% 0.51% 0.31% 0.09% 0.29% 0.00% 0.00% 0.09% 0.05% 0.00% 0.00% 0.77% 0.43% 0 0 9 560,935 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 26-Jul-04 0 0 0 0 0 0 0 0 3 178,220 64,522 1 0.00% 0.00% 0.00% 0.00% 0.25% 0.13% 0.00% 0.00% 0.00% 0.00% 0.08% 0.05% 0.00% 0.00% 0.67% 0.32% 0 0 8 420,165 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Jun-04 0 0 0 0 0 0 0 0 2 109,639 64,554 1 0.00% 0.00% 0.00% 0.00% 0.16% 0.08% 0.00% 0.00% 0.00% 0.00% 0.08% 0.05% 0.00% 0.00% 0.74% 0.33% 0 0 9 443,826 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-May-04 0 0 0 0 0 0 1 64,586 1 64,804 0 0 0.00% 0.00% 0.00% 0.00% 0.08% 0.05% 0.00% 0.00% 0.08% 0.05% 0.00% 0.00% 0.00% 0.00% 0.40% 0.11% 0 0 5 154,659 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 26-Apr-04 0 0 0 0 0 0 0 0 0 0 0 0 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 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Mar-04 0 0 0 0 0 0 0 0 0 0 0 0 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 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Feb-04 0 0 0 0 0 0 0 0 0 0 0 0 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 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 Page 18 of 25 27-Sep-2004 - 09:08 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-Sep-04 25-Aug-04 25-Oct-04 24-Sep-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 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 Balance Balance Balance 27-Sep-04 0 0 0 0 1 75,479 1 145,477 17 3,468,030 486,197 3 0.00% 0.00% 0.00% 0.00% 1.15% 1.36% 0.07% 0.03% 0.07% 0.06% 0.20% 0.19% 0.00% 0.00% 0.14% 0.24% 0 0 2 606,485 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Aug-04 0 0 0 0 0 0 1 116,252 14 2,669,924 650,061 3 0.00% 0.00% 0.00% 0.00% 0.90% 0.98% 0.00% 0.00% 0.06% 0.04% 0.19% 0.24% 0.00% -0.00% 0.19% 0.26% 0 0 3 707,479 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 26-Jul-04 0 0 0 0 0 0 0 0 7 1,405,386 160,127 1 0.00% 0.00% 0.00% 0.00% 0.43% 0.50% 0.00% 0.00% 0.00% 0.00% 0.06% 0.06% 0.00% 0.00% 0.25% 0.30% 0 0 4 845,565 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Jun-04 0 0 0 0 0 0 1 160,242 5 998,443 0 0 0.00% 0.00% 0.00% 0.00% 0.30% 0.34% 0.00% 0.00% 0.06% 0.05% 0.00% 0.00% 0.00% 0.00% 0.24% 0.22% 0 0 4 655,215 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-May-04 0 0 0 0 0 0 0 0 4 528,403 0 0 0.00% 0.00% 0.00% 0.00% 0.23% 0.17% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.17% 0.11% 0 0 3 341,647 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 26-Apr-04 0 0 0 0 0 0 0 0 0 0 0 0 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 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Mar-04 0 0 0 0 0 0 0 0 0 0 0 0 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 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Feb-04 0 0 0 0 0 0 0 0 0 0 0 0 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 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 Page 19 of 25 27-Sep-2004 - 09:08 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-Sep-04 25-Aug-04 25-Oct-04 24-Sep-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 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 Balance Balance Balance 27-Sep-04 0 0 0 0 0 0 0 0 0 0 0 0 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 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Aug-04 0 0 0 0 0 0 0 0 0 0 0 0 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 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 26-Jul-04 0 0 0 0 0 0 0 0 0 0 0 0 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 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Jun-04 0 0 0 0 0 0 0 0 0 0 0 0 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 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-May-04 0 0 0 0 0 0 0 0 0 0 0 0 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 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 26-Apr-04 0 0 0 0 0 0 0 0 0 0 0 0 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 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Mar-04 0 0 0 0 0 0 0 0 0 0 0 0 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 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Feb-04 0 0 0 0 0 0 0 0 0 0 0 0 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 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 Page 20 of 25 27-Sep-2004 - 09:08 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-Sep-04 25-Aug-04 25-Oct-04 24-Sep-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 # Balance # Amount Life Coupon Remit Statement Date: Ending Arrearage (1) Balance Insurance Substitution Liquidation Proceeds Proceeds Proceeds 27-Sep-04 2,665 80.61% 390,751,516 77.92% 4.62% 5.54% 1 0.04% 86,384 0.02% 335 7.52% 7.02% 129 22,981,611 0.00 0.00% 0.00 0.00 317,241.74 25-Aug-04 2,795 84.54% 414,517,515 82.66% 3.15% 3.01% 0 0.00% 0 0.00% 336 7.52% 7.02% 91 12,856,342 0.00 0.00% 0.00 0.00 0.00 26-Jul-04 2,886 87.30% 427,772,641 85.30% 3.12% 3.78% 0 0.00% 0 0.00% 337 7.52% 7.02% 93 16,842,475 0.00 0.00% 0.00 0.00 0.00 25-Jun-04 2,979 90.11% 445,015,035 88.74% 2.74% 3.03% 0 0.00% 0 0.00% 338 7.53% 7.02% 84 13,933,075 0.00 0.00% 0.00 0.00 0.00 25-May-04 3,063 92.65% 459,140,329 91.56% 2.36% 2.83% 0 0.00% 0 0.00% 340 7.53% 7.02% 74 13,389,847 0.00 0.00% 0.00 0.00 0.00 26-Apr-04 3,137 94.89% 472,951,631 94.31% 1.63% 2.17% 0 0.00% 0 0.00% 341 7.53% 7.02% 52 10,480,731 0.00 0.00% 0.00 0.00 0.00 25-Mar-04 3,189 96.46% 484,095,563 96.53% 1.45% 1.88% 0 0.00% 0 0.00% 342 7.52% 7.02% 47 9,286,564 0.00 0.00% 0.00 0.00 0.00 25-Feb-04 3,236 97.88% 493,848,561 98.48% 2.12% 1.44% 0 0.00% 0 0.00% 343 7.53% 7.03% 70 7,219,912 0.00 0.00% 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 25 27-Sep-2004 - 09:08 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-Sep-04 25-Aug-04 25-Oct-04 24-Sep-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 # Balance # Amount Life Coupon Remit Statement Date: Ending Arrearage (1) Balance Insurance Substitution Liquidation Proceeds Proceeds Proceeds Fixed Loans 27-Sep-04 1,124 34.00% 122,347,194 24.40% 3.60% 5.02% 0 0.00% 0 0.00% 303 7.78% 7.27% 42 6,474,440 0.00 0.00% 0.00 0.00 0.00 25-Aug-04 1,166 35.27% 128,968,310 25.72% 2.67% 2.74% 0 0.00% 0 0.00% 303 7.78% 7.28% 32 3,641,494 0.00 0.00% 0.00 0.00 0.00 26-Jul-04 1,198 36.24% 132,766,662 26.47% 1.96% 2.53% 0 0.00% 0 0.00% 304 7.79% 7.28% 24 3,446,979 0.00 0.00% 0.00 0.00 0.00 25-Jun-04 1,222 36.96% 136,369,439 27.19% 1.93% 2.05% 0 0.00% 0 0.00% 306 7.79% 7.29% 24 2,856,901 0.00 0.00% 0.00 0.00 0.00 25-May-04 1,246 37.69% 139,368,323 27.79% 1.11% 2.13% 0 0.00% 0 0.00% 307 7.78% 7.28% 14 3,037,398 0.00 0.00% 0.00 0.00 0.00 26-Apr-04 1,260 38.11% 142,567,030 28.43% 1.02% 1.49% 0 0.00% 0 0.00% 308 7.78% 7.28% 13 2,166,517 0.00 0.00% 0.00 0.00 0.00 25-Mar-04 1,273 38.51% 144,920,005 28.90% 1.09% 1.78% 0 0.00% 0 0.00% 310 7.77% 7.27% 14 2,633,658 0.00 0.00% 0.00 0.00 0.00 25-Feb-04 1,287 38.93% 147,738,520 29.46% 1.61% 1.05% 0 0.00% 0 0.00% 311 7.78% 7.28% 21 1,570,372 0.00 0.00% 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 25 27-Sep-2004 - 09:08 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-Sep-04 25-Aug-04 25-Oct-04 24-Sep-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 # Balance # Amount Life Coupon Remit Statement Date: Ending Arrearage (1) Balance Insurance Substitution Liquidation Proceeds Proceeds Proceeds 228 ARM Loans 27-Sep-04 1,472 44.53% 255,773,554 51.00% 5.21% 5.67% 1 0.06% 86,384 0.03% 350 7.41% 6.91% 81 15,402,485 0.00 0.00% 0.00 0.00 317,241.74 25-Aug-04 1,554 47.01% 271,802,479 54.20% 3.54% 3.16% 0 0.00% 0 0.00% 351 7.42% 6.91% 57 8,879,687 0.00 0.00% 0.00 0.00 0.00 26-Jul-04 1,611 48.73% 280,911,659 56.02% 4.05% 4.52% 0 0.00% 0 0.00% 352 7.42% 6.91% 68 13,313,708 0.00 0.00% 0.00 0.00 0.00 25-Jun-04 1,679 50.79% 294,456,080 58.72% 3.28% 3.39% 0 0.00% 0 0.00% 353 7.43% 6.92% 57 10,353,382 0.00 0.00% 0.00 0.00 0.00 25-May-04 1,736 52.51% 305,047,982 60.83% 3.29% 3.25% 0 0.00% 0 0.00% 354 7.43% 6.93% 59 10,258,153 0.00 0.00% 0.00 0.00 0.00 26-Apr-04 1,795 54.30% 315,552,447 62.92% 2.02% 2.44% 0 0.00% 0 0.00% 355 7.43% 6.93% 37 7,909,441 0.00 0.00% 0.00 0.00 0.00 25-Mar-04 1,832 55.41% 323,724,507 64.55% 1.66% 1.88% 0 0.00% 0 0.00% 356 7.43% 6.93% 31 6,200,291 0.00 0.00% 0.00 0.00 0.00 25-Feb-04 1,863 56.35% 330,192,884 65.84% 2.51% 1.64% 0 0.00% 0 0.00% 357 7.44% 6.93% 48 5,524,747 0.00 0.00% 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 25 27-Sep-2004 - 09:08 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-Sep-04 25-Aug-04 25-Oct-04 24-Sep-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 # Balance # Amount Life Coupon Remit Statement Date: Ending Arrearage (1) Balance Insurance Substitution Liquidation Proceeds Proceeds Proceeds 327 ARM Loans 27-Sep-04 69 2.09% 12,630,768 2.52% 8.00% 8.04% 0 0.00% 0 0.00% 349 7.18% 6.67% 6 1,104,686 0.00 0.00% 0.00 0.00 0.00 25-Aug-04 75 2.27% 13,746,726 2.74% 2.60% 2.38% 0 0.00% 0 0.00% 350 7.16% 6.66% 2 335,161 0.00 0.00% 0.00 0.00 0.00 26-Jul-04 77 2.33% 14,094,321 2.81% 1.28% 0.58% 0 0.00% 0 0.00% 351 7.15% 6.65% 1 81,787 0.00 0.00% 0.00 0.00 0.00 25-Jun-04 78 2.36% 14,189,516 2.83% 3.70% 4.91% 0 0.00% 0 0.00% 352 7.12% 6.61% 3 722,793 0.00 0.00% 0.00 0.00 0.00 25-May-04 81 2.45% 14,724,024 2.94% 1.22% 0.64% 0 0.00% 0 0.00% 353 7.11% 6.61% 1 94,296 0.00 0.00% 0.00 0.00 0.00 26-Apr-04 82 2.48% 14,832,154 2.96% 2.38% 2.62% 0 0.00% 0 0.00% 354 7.13% 6.63% 2 404,773 0.00 0.00% 0.00 0.00 0.00 25-Mar-04 84 2.54% 15,451,051 3.08% 2.33% 2.84% 0 0.00% 0 0.00% 355 7.13% 6.63% 2 452,615 0.00 0.00% 0.00 0.00 0.00 25-Feb-04 86 2.60% 15,917,158 3.17% 1.15% 0.78% 0 0.00% 0 0.00% 356 7.13% 6.62% 1 124,792 0.00 0.00% 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 24 of 25 27-Sep-2004 - 09:08 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-Sep-04 25-Aug-04 25-Oct-04 24-Sep-04 Asset-Backed Certificates Series 2004-HE1 ABN AMRO Acct: 721675.1 Realized Loss Detail Period Disclosure Control # Appraisal Date Appraisal Value BeginningScheduled Balance Gross Proceeds Gross Proceeds as a % of Sched. Balance Aggregate LiquidationExpenses * Net Liquidation Proceeds Net Proceeds as a % of Sched. Balance Realized Loss Statement Date: 200409 000000000000252 403,625.89 336,376.29 3,055.20 317,241.74 86,384.15 83.34% 78.60% Not Avail. 478,000.00 403,625.89 336,376.29 3,055.20 317,241.74 86,384.15 403,625.89 86,384.15 317,241.74 3,055.20 336,376.29 Current TotalCumulative 27-Sep-2004 - 09:08 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Page 25 of 25 * Aggregate liquidation expenses also include outstanding P&I advances and unpaid servicing fees, unpaid trustee fees, etc..

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:

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

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

Analyst:
Vamsi Kaipa 714.259.6252
vamsi.kaipa@abnamro.com

Statement Date:

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

Statements to Certificateholders
Cash Reconciliation Summary
Bond Interest Reconciliation
Bond Principal Reconciliation

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 6-15
Page 16
Page 17

Page 18

Page 19-28
Page 29-38

Page 39-48
Page 49

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

BS004HE1

BS004HE1_200412_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/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 49

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:

7.530980%

2.180000%
2.417500%

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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

331

REMIC II

Statement Date:

ABN AMRO Acct: 721675.1

311.211947974

110.500240076

0.000000000

200.711707898

0.637811575

2.617500000%

0.00

0.000000000

2.38000000%

0.000000000

07384YPS9

I-A-1

53,358,000.00

16,605,647.12

5,896,071.81

0.00

10,709,575.31

34,032.35

1000.000000000

0.000000000

1000.000000000

2.436944516

3.067500000%

0.00

0.000000000

2.83000000%

0.000000000

07384YPT7

I-A-2

42,697,000.00

0.00

42,697,000.00

104,050.22

595.442340076

52.662727213

0.000000000

542.779612863

1.281855057

2.737500000%

0.00

0.000000000

2.50000000%

0.000000000

07384YPU4

II-A-1

136,799,000.00

81,455,916.68

7,204,208.42

0.00

74,251,708.26

175,356.49

595.442339628

52.662727153

0.000000000

542.779612475

1.348511744

2.867500000%

0.00

0.000000000

2.63000000%

0.000000000

07384YPV2

II-A-2

15,199,000.00

9,050,128.12

800,420.79

0.00

8,249,707.33

20,496.03

640.175192398

60.317415081

0.000000000

579.857777317

1.378154949

2.737500000%

0.00

0.000000000

2.50000000%

0.000000000

07384YPW0

III-A

149,378,000.00

95,628,089.89

9,010,094.83

0.00

86,617,995.06

205,866.03

1000.000000000

0.000000000

1000.000000000

2.436944551

3.067500000%

0.00

0.000000000

2.83000000%

0.000000000

07384YPX8

M-1

33,851,000.00

0.00

33,851,000.00

82,493.01

1000.000000000

0.000000000

1000.000000000

2.996666667

3.717500000%

0.00

0.000000000

3.48000000%

0.000000000

07384YPY6

M-2

27,081,000.00

0.00

27,081,000.00

81,152.73

1000.000000000

0.000000000

1000.000000000

3.168889015

3.917500000%

0.00

0.000000000

3.68000000%

0.000000000

07384YPZ3

M-3

8,776,000.00

0.00

8,776,000.00

27,810.17

1000.000000000

0.000000000

1000.000000000

3.384166283

4.167500000%

0.00

0.000000000

3.93000000%

0.000000000

07384YQA7

M-4

6,519,000.00

0.00

6,519,000.00

22,061.38

1000.000000000

0.000000000

1000.000000000

3.599444444

4.417500000%

0.00

0.000000000

4.18000000%

0.000000000

07384YQB5

M-5

7,272,000.00

0.00

7,272,000.00

26,175.16

1000.000000000

0.000000000

1000.000000000

5.321667198

6.417500000%

0.00

0.000000000

6.18000000%

0.000000000

07384YQC3

M-6

6,268,000.00

0.00

6,268,000.00

33,356.21

1000.000000000

0.000000000

1000.000000000

75.471361354

0.00

)

(150,411.84

)

(10.523664245

N/A

0.000000000

07384YQD1

14,292,725.09

0.00

14,292,725.09

1,078,691.42

1000.000000000

0.000000000

1000.000000000

4577438.800000000

0.00

457,743.88

4577438.800000000

N/A

0.000000000

07384YQE9

100.00

0.00

100.00

457,743.88

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 49

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:

7.530980%

2.180000%
2.417500%

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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

331

REMIC II

Statement Date:

ABN AMRO Acct: 721675.1

Total P&I Payment

0.00

307,332.04

501,490,725.09

349,496,506.90

25,260,080.93

Total

326,585,711.05

22,910,795.85

0.00

2,349,285.08

Page 3 of 49

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:

7.530980%

2.180000%
2.417500%

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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

331

REMIC III

Statement Date:

ABN AMRO Acct: 721675.1

1000.000000000

0.000000000

1000.000000000

75.471361354

0.00

1,078,691.42

75.471361354

N/A

0.000000000

07384YQD1

14,292,725.09

0.00

14,292,725.09

1,078,691.42

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSP747

R-III

0.00

Total P&I Payment

0.00

1,078,691.42

14,292,725.09

1,078,691.42

Total

14,292,725.09

0.00

1,078,691.42

Page 4 of 49

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:

7.530980%

2.180000%
2.417500%

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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

331

REMIC IV

Statement Date:

ABN AMRO Acct: 721675.1

1000.000000000

0.000000000

1000.000000000

4577438.800000000

0.00

457,743.88

4577438.800000000

N/A

0.000000000

07384YQE9

100.00

0.00

100.00

457,743.88

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YQH2

0.00

Total P&I Payment

0.00

457,743.88

100.00

457,743.88

Total

100.00

0.00

457,743.88

Page 5 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Statement Date:

Cash Reconciliation Summary

Interest Summary

Total Trustee Fees

Available Interest

2,504,637.69

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

302,755.48

12,625.85

22,455,418.65

)

(2,996.06

0.00
0.00

25,266,070.19

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

349,496,506.90

302,755.48

22,468,044.50

0.00

139,995.87

0.00

326,585,711.05

2,437

139

2
0

2,296

127,419.54

Extra Principal

Trigger Event

150,411.84

22,918,215.76

Over Collateralization Amt

14,142,313.25

Less Extra Principal

Remittance Interest

)

(150,411.84

2,354,225.85

0.00

22,615,460.28

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(1,048.49

2,505,686.18

Total Fees

128,468.03

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

4.28

4,940.78

1,048.49

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 6 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Statement Date:

Cash Reconciliation Summary Fixed Group 1

Interest Summary

Total Trustee Fees

Available Interest

312,958.84

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

46,180.51

242.02

1,617,994.00

)

(7,419.91

0.00
0.00

1,970,091.94

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

45,492,415.30

46,180.51

1,618,236.02

0.00

99,164.58

0.00

43,728,834.19

348

1
0

334

17,800.22

Extra Principal

Trigger Event

0.00

1,656,996.62

Over Collateralization Amt

14,142,313.25

Remittance Interest

312,958.84

0.00

1,610,816.11

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(136.48

313,095.32

Total Fees

17,936.69

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

4.28

0.00

136.48

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 7 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Statement Date:

Cash Reconciliation Summary 228 ARM Group 1

Interest Summary

Total Trustee Fees

Available Interest

285,739.84

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

28,026.14

557.13

3,562,576.59

7,419.91

0.00
0.00

3,877,009.42

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

36,573,481.37

28,026.14

3,563,133.72

0.00
0.00
0.00

32,982,321.51

0
0

12,691.42

Extra Principal

Trigger Event

0.00

3,598,579.77

Over Collateralization Amt

14,142,313.25

Remittance Interest

285,739.84

0.00

3,570,553.63

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(109.72

285,849.56

Total Fees

12,801.14

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

4.28

0.00

109.72

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 8 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Statement Date:

Cash Reconciliation Summary 327 ARM Group 1

Interest Summary

Total Trustee Fees

Available Interest

13,324.25

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

1,372.34

100.68

607,733.96

7,419.91

0.00
0.00

622,538.28

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

2,349,122.04

1,372.34

607,834.64

0.00
0.00
0.00

1,739,915.06

0
0
3

978.80

Extra Principal

Trigger Event

0.00

616,626.89

Over Collateralization Amt

14,142,313.25

Remittance Interest

13,324.25

0.00

615,254.55

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(7.05

13,331.30

Total Fees

985.85

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

4.28

0.00

7.05

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 9 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Statement Date:

Cash Reconciliation Summary Fixed Group 2

Interest Summary

Total Trustee Fees

Available Interest

288,410.66

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

45,010.85

3,936.59

2,188,433.87

4,423.85

0.00
0.00

2,522,910.51

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

38,200,542.04

45,010.85

2,192,370.46

0.00

40,831.29

0.00

35,922,329.44

443

1
0

416

14,354.86

Extra Principal

Trigger Event

150,411.84

2,392,217.00

Over Collateralization Amt

14,142,313.25

Remittance Interest

137,998.82

0.00

2,347,206.15

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(114.60

288,525.26

Total Fees

14,469.47

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

4.28

4,940.78

114.60

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 10 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Statement Date:

Cash Reconciliation Summary 228 ARM Group 2

Interest Summary

Total Trustee Fees

Available Interest

620,040.13

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

70,092.79

3,027.50

5,642,178.89

7,419.91

0.00
0.00

6,335,609.96

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

90,216,172.08

70,092.79

5,645,206.39

0.00
0.00
0.00

84,500,872.90

571

0
0

537

30,698.14

Extra Principal

Trigger Event

150,411.84

5,873,130.93

Over Collateralization Amt

14,142,313.25

Remittance Interest

469,628.29

0.00

5,803,038.14

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(270.65

620,310.78

Total Fees

30,968.78

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

4.28

4,940.78

270.65

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 11 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Statement Date:

Cash Reconciliation Summary 327 ARM Group 2

Interest Summary

Total Trustee Fees

Available Interest

12,100.45

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

1,573.56

819.97

0.00

7,419.91

0.00
0.00

14,499.57

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

1,861,350.06

1,573.56

819.97

0.00
0.00
0.00

1,858,956.53

0
0

775.56

Extra Principal

Trigger Event

150,411.84

160,225.28

Over Collateralization Amt

14,142,313.25

Remittance Interest

)

(138,311.39

0.00

158,651.72

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(5.58

12,106.04

Total Fees

781.15

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

4.28

4,940.78

5.58

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 12 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Statement Date:

Cash Reconciliation Summary Fixed Group 3

Interest Summary

Total Trustee Fees

Available Interest

217,246.01

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

32,960.26

)

(477.63

1,580,374.42

7,419.91

0.00
0.00

1,830,192.57

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

29,835,114.20

32,960.26

1,579,896.79

0.00
0.00
0.00

28,222,257.15

260

0
0

248

11,656.75

Extra Principal

Trigger Event

150,411.84

1,770,688.80

Over Collateralization Amt

14,142,313.25

Remittance Interest

66,834.17

0.00

1,737,728.54

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(89.51

217,335.52

Total Fees

11,746.25

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

4.28

4,940.78

89.51

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 13 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Statement Date:

Cash Reconciliation Summary 228 ARM Group 3

Interest Summary

Total Trustee Fees

Available Interest

718,952.01

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

71,602.41

1,995.73

7,256,126.92

7,419.91

0.00
0.00

8,048,972.24

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

98,390,477.90

71,602.41

7,258,122.65

0.00
0.00
0.00

91,060,752.84

662

0
0

619

35,723.03

Extra Principal

Trigger Event

150,411.84

7,487,556.81

Over Collateralization Amt

14,142,313.25

Remittance Interest

568,540.17

0.00

7,415,954.40

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(295.17

719,247.18

Total Fees

36,018.20

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

4.28

4,940.78

295.17

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 14 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Statement Date:

Cash Reconciliation Summary 327 ARM Group 3

Interest Summary

Total Trustee Fees

Available Interest

35,675.76

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

5,936.62

2,423.86

0.00

7,419.91

0.00
0.00

44,055.97

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

6,577,831.91

5,936.62
2,423.86

0.00
0.00
0.00

6,569,471.43

0
0

2,740.76

Extra Principal

Trigger Event

150,411.84

166,192.23

Over Collateralization Amt

14,142,313.25

Remittance Interest

)

(114,736.08

0.00

160,255.61

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(19.73

35,695.49

Total Fees

2,760.50

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

4.28

4,940.78

19.73

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 15 of 49

Bear Stearns Asset Backed Securities Trust

Class

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Bond Interest Reconciliation

Additions

Accrual

Method Days

Statement Date:

Accrued

Certificate

Interest

Deposits
from YM

Agreement

Prior

Int Carry-Fwd

Shortfall

Prior

Shortfall

Reimbursement

Other

Interest

Proceeds

Other

Interest

Losses

Current

Int Carry-Fwd

Shortfall

Current Basis

Risk Carry-Fwd

Shortfall

Remaining

Int Carry-Fwd

Shortfall

Remaining Basis

Risk Carry-Fwd

Shortfall

Net Cap Rate

in Effect

Y/N

Distributable

Certificate

Interest

Payment

Amount

Deductions

Outstanding

0.00

1,229,103.26

1,078,691.42

0.00

1,229,103.26

0.00

150,411.84

0.00

I-A-1

34,032.35

Act/360

0.00

34,032.35

0.00

I-A-2

104,050.22

Act/360

0.00

104,050.22

0.00

II-A-1

175,356.49

Act/360

0.00

175,356.49

0.00

II-A-2

20,496.03

Act/360

0.00

20,496.03

0.00

III-A

205,866.03

Act/360

0.00

205,866.03

0.00

M-1

82,493.01

Act/360

0.00

82,493.01

0.00

M-2

81,152.73

Act/360

0.00

81,152.73

0.00

M-3

27,810.17

Act/360

0.00

27,810.17

0.00

M-4

22,061.38

Act/360

0.00

22,061.38

0.00

M-5

26,175.16

Act/360

0.00

26,175.16

0.00

M-6

33,356.21

Act/360

0.00

33,356.21

0.00

457,743.88

0.00

2,041,953.04

2,499,696.92

2,349,285.08

0.00

150,411.84

0.00

(2) Interest Carry-Forward Shortfall is unpaid interest with interest thereon
(3) Basis Risk Carry-Forward Shortfall - difference between LIBOR plus margin and the Net Rate Cap.

Page 16 of 49

(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:

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Bond Principal Reconciliation

Credit Support

Original

Current(4)

ABN AMRO

LaSalle Bank

N.A.

Statement Date:

Beginning

Class Balance

Unscheduled

Principal

Payment

Extra

Principal

Payment Amt

Prior

Loss

Reimburs.

Rated

Final

Maturity

Class

Current

Losses

Original

Class Balance

Scheduled

Principal

Payment

Ending

Class Balance

Cumulative

Losses

Interest on

Losses

Additions

Losses

I-A-1

18.43%

28.74%

2/27/2034

10,709,575.31

0.00

16,605,647.12

53,358,000.00

75,578.99

0.00

38,708.35

5,781,784.47

I-A-2

18.43%

28.74%

2/27/2034

42,697,000.00

0.00

42,697,000.00

0.00

II-A-1

18.43%

28.74%

2/27/2034

74,251,708.26

0.00

81,455,916.68

136,799,000.00

105,010.09

0.00

47,296.40

7,051,901.93

II-A-2

18.43%

28.74%

2/27/2034

8,249,707.33

0.00

9,050,128.12

15,199,000.00

11,667.11

0.00

5,254.85

783,498.83

III-A

18.43%

28.74%

2/27/2034

86,617,995.06

0.00

95,628,089.89

149,378,000.00

110,499.29

0.00

59,152.24

8,840,443.30

M-1

11.48%

17.90%

2/27/2034

33,851,000.00

0.00

33,851,000.00

0.00

M-2

5.92%

9.23%

2/27/2034

27,081,000.00

0.00

27,081,000.00

0.00

M-3

4.12%

6.42%

2/27/2034

8,776,000.00

0.00

8,776,000.00

0.00

M-4

2.78%

4.34%

2/27/2034

6,519,000.00

0.00

6,519,000.00

0.00

M-5

1.29%

2.01%

2/27/2034

7,272,000.00

0.00

7,272,000.00

0.00

M-6

0.00%

2/27/2034

6,268,000.00

0.00

6,268,000.00

0.00

2/27/2034

14,292,725.09

0.00

14,292,725.09

0.00

2/27/2034

100.00

0.00

100.00

0.00

349,496,606.90

0.00

2/27/2034

0.00

302,755.48

0.00

22,457,628.53

150,411.84

501,490,825.09

326,585,811.05

Page 17 of 49

(1) Extra Principal Amounts: the lessor of (i) the excess, if any, of the overcollateralization Target Amount over the Overcollateralization Amount.

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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-

R-II

07384YQG4

07384YQD1

R-III

9ABSP747

07384YQE9

07384YQH2

Page 18 of 49

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:

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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

3.79%

3.60%

1.26%

1.22%

3,117,317

0.95%

1.48%

1.68%

0.22%

0.29%

27-Dec-04

11,760,921

3,988,969

5,494,196

938,389

2,113

301,285,919

92.03%

92.25%

3.08%

3.01%

1.19%

1.14%

0.86%

1,990,147

0.57%

1.56%

1.77%

0.08%

0.18%

26-Nov-04

10,536,964

3,980,442

6,177,488

620,486

2,272

326,190,981

93.23%

93.33%

2.62%

2.83%

1.25%

1.31%

0.94%

3,074,851

0.83%

1.14%

1.38%

0.00%

25-Oct-04

10,500,123

4,846,832

5,128,734

2,402

346,976,144

94.05%

93.64%

2.78%

2.88%

1.13%

1.07%

0.56%

1,738,418

0.44%

0.79%

1.03%

0.00%

27-Sep-04

11,260,710

4,186,002

4,035,177

2,525

369,531,209

94.75%

94.57%

2.50%

2.64%

0.86%

0.97%

0.43%

1,557,104

0.38%

0.72%

0.74%

0.00%

25-Aug-04

10,939,753

4,002,545

3,071,476

2,669

394,946,636

95.49%

95.28%

2.15%

2.43%

1.00%

0.99%

0.31%

561,949

0.13%

0.35%

0.37%

0.00%

26-Jul-04

10,379,150

4,235,217

1,583,606

2,776

411,012,720

96.19%

96.08%

2.11%

2.05%

0.57%

0.45%

0.23%

509,000

0.11%

0.23%

0.25%

0.00%

25-Jun-04

9,103,848

1,997,643

1,108,082

2,885

432,296,461

96.84%

97.14%

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

2,997

449,073,762

97.85%

97.81%

1.08%

1.02%

0.41%

0.38%

0.00%

26-Apr-04

4,846,369

1,801,524

3,090

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 19 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 1

3.59%

2.87%

0.60%

0.29%

0.00%

0.90%

1.30%

0.30%

0.10%

27-Dec-04

1,255,735

126,760

570,135

44,750

316

41,731,454

94.61%

95.43%

1.72%

1.25%

0.57%

0.40%

0.57%

191,646

0.42%

0.86%

1.04%

0.00%

26-Nov-04

570,310

180,489

471,128

335

44,078,841

96.26%

96.89%

0.55%

0.38%

0.83%

1.35%

0.28%

99,237

0.21%

1.11%

1.16%

0.00%

25-Oct-04

178,909

641,006

549,199

351

45,898,483

97.23%

96.90%

1.63%

1.48%

1.36%

1.63%

0.27%

99,308

0.21%

0.81%

1.04%

0.00%

27-Sep-04

712,734

787,274

502,478

354

46,095,983

95.93%

95.64%

2.33%

3.12%

0.26%

0.15%

0.26%

99,380

0.19%

0.78%

0.45%

0.00%

25-Aug-04

1,603,392

77,852

231,032

373

49,412,233

96.38%

96.09%

1.01%

0.67%

0.76%

0.50%

0.25%

99,450

0.19%

0.25%

0.08%

0.00%

26-Jul-04

357,748

266,131

44,849

388

52,261,563

97.73%

98.55%

1.75%

1.11%

0.25%

0.18%

0.00%

0.25%

0.08%

0.00%

25-Jun-04

601,175

99,521

44,869

392

53,413,227

97.76%

98.62%

1.46%

1.54%

0.49%

0.19%

0.00%

25-May-04

856,861

104,732

404

54,639,669

98.06%

98.27%

1.68%

1.57%

0.72%

0.38%

0.00%

26-Apr-04

894,544

216,900

407

55,868,274

97.60%

98.05%

2.84%

1.95%

0.00%

25-Mar-04

1,133,036

410

57,090,770

97.16%

98.05%

0.00%

0.23%

0.48%

0.00%

25-Feb-04

289,131

431

60,191,800

99.77%

99.52%

Page 20 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 1

7.06%

6.51%

0.00%

2.35%

689,079

2.09%

3.53%

3.13%

1.18%

1.32%

27-Dec-04

2,147,592

1,032,763

435,125

28,677,764

85.88%

86.95%

4.26%

4.46%

1.06%

0.43%

1.06%

411,725

1.13%

4.26%

3.74%

1.06%

1.19%

26-Nov-04

1,632,209

157,786

1,366,399

435,465

32,569,898

88.30%

89.05%

5.88%

5.69%

1.96%

1.65%

2.94%

1,175,453

2.95%

2.94%

3.18%

0.00%

25-Oct-04

2,262,189

656,937

1,264,675

34,421,913

86.27%

86.53%

4.42%

3.80%

1.77%

1.73%

0.88%

496,177

1.13%

2.65%

2.68%

0.00%

27-Sep-04

1,676,216

764,075

1,181,772

102

39,950,912

90.27%

90.66%

3.33%

3.34%

3.33%

3.73%

0.83%

347,543

0.74%

1.67%

1.59%

0.00%

25-Aug-04

1,571,512

1,753,808

746,181

109

42,605,610

90.83%

90.60%

6.50%

7.05%

2.44%

1.97%

0.00%

0.81%

0.85%

0.00%

26-Jul-04

3,406,817

953,153

412,914

111

43,542,286

90.24%

90.12%

3.10%

2.74%

0.00%

0.78%

0.82%

0.00%

25-Jun-04

1,385,950

413,206

124

48,757,130

96.12%

96.44%

2.27%

2.23%

0.76%

0.80%

0.76%

362,590

0.70%

0.00%

25-May-04

1,149,801

413,497

127

49,681,808

96.21%

96.27%

1.46%

1.60%

0.00%

26-Apr-04

785,654

860,817

133

52,139,893

97.08%

96.94%

0.72%

0.91%

0.72%

0.66%

0.00%

25-Mar-04

498,297

363,144

137

54,008,226

98.56%

98.43%

0.00%

25-Feb-04

143

56,680,894

100.00%

Page 21 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 1

0.00%

27-Dec-04

1,739,915

100.00%

0.00%

26-Nov-04

2,349,122

100.00%

0.00%

25-Oct-04

2,350,494

100.00%

0.00%

27-Sep-04

2,748,323

100.00%

0.00%

25-Aug-04

2,750,714

100.00%

0.00%

26-Jul-04

2,753,896

100.00%

0.00%

25-Jun-04

2,756,455

100.00%

0.00%

25-May-04

3,109,166

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

3,456,666

100.00%

Page 22 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 2

2.40%

2.50%

1.20%

1.36%

1.44%

217,114

0.60%

0.48%

0.30%

0.00%

27-Dec-04

896,692

490,189

109,212

393

34,209,123

94.47%

95.23%

2.48%

2.72%

0.68%

1.07%

1.35%

197,811

0.52%

0.45%

0.34%

0.00%

26-Nov-04

1,038,364

410,653

128,477

421

36,425,236

95.03%

95.35%

1.94%

2.62%

0.43%

0.31%

1.51%

228,635

0.57%

0.22%

0.17%

0.00%

25-Oct-04

1,058,850

124,286

68,144

444

38,960,076

95.90%

96.34%

2.49%

2.45%

0.62%

0.21%

1.24%

267,412

0.64%

0.00%

27-Sep-04

1,031,757

90,176

461

40,697,230

95.64%

96.70%

1.62%

1.11%

0.81%

0.40%

0.81%

174,703

0.40%

0.20%

0.16%

0.00%

25-Aug-04

483,414

175,660

68,472

478

42,704,612

96.57%

97.93%

1.57%

0.71%

0.20%

0.13%

0.98%

212,729

0.47%

0.20%

0.15%

0.00%

26-Jul-04

317,674

60,488

68,634

493

44,275,423

97.05%

98.53%

1.15%

1.24%

0.38%

0.26%

0.95%

207,648

0.44%

0.00%

25-Jun-04

577,829

122,361

511

45,777,019

97.52%

98.06%

0.94%

0.72%

0.75%

0.32%

0.19%

56,585

0.12%

0.00%

25-May-04

344,335

151,223

523

47,262,001

98.12%

98.85%

0.74%

0.34%

0.37%

0.22%

0.00%

26-Apr-04

163,679

104,973

531

48,352,000

98.88%

99.45%

1.48%

1.16%

0.00%

25-Mar-04

567,960

532

48,419,371

98.52%

98.84%

0.00%

25-Feb-04

542

49,164,942

100.00%

Page 23 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 2

4.28%

3.22%

2.05%

2.24%

1.12%

928,378

1.10%

1.68%

1.83%

0.00%

27-Dec-04

2,723,744

1,896,849

1,549,839

488

77,402,064

90.88%

91.60%

4.20%

3.77%

2.10%

2.24%

0.35%

218,868

0.24%

1.58%

1.77%

0.00%

26-Nov-04

3,402,366

2,018,405

1,593,094

524

82,983,440

91.77%

91.98%

3.61%

3.41%

1.31%

1.24%

0.49%

511,079

0.52%

0.98%

1.19%

0.00%

25-Oct-04

3,339,835

1,220,204

1,167,072

571

91,801,468

93.61%

93.64%

3.11%

0.78%

0.86%

0.47%

471,739

0.45%

0.62%

0.73%

0.00%

27-Sep-04

3,249,356

897,345

758,276

612

99,092,293

95.03%

94.85%

2.67%

2.55%

0.74%

0.82%

0.30%

355,854

0.32%

0.44%

0.00%

25-Aug-04

2,814,734

904,629

481,598

647

105,819,592

95.85%

95.87%

2.14%

1.91%

1.00%

1.06%

0.14%

160,127

0.14%

0.00%

26-Jul-04

2,178,601

1,211,147

677

110,641,054

96.71%

96.89%

2.06%

2.19%

0.55%

0.44%

0.00%

25-Jun-04

2,620,254

523,565

709

116,407,008

97.39%

97.37%

1.33%

1.32%

0.13%

0.16%

0.00%

25-May-04

1,641,806

196,333

742

122,264,048

98.54%

98.52%

0.65%

0.64%

0.00%

26-Apr-04

806,926

766

125,984,974

99.35%

99.36%

1.02%

1.20%

0.00%

25-Mar-04

1,559,323

779

128,573,739

98.98%

98.80%

0.25%

0.21%

0.00%

25-Feb-04

272,225

798

132,490,690

99.75%

99.79%

Page 24 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 2

0.00%

8.33%

5.59%

0.00%

27-Dec-04

103,886

1,755,070

91.67%

94.41%

0.00%

8.33%

5.59%

0.00%

26-Nov-04

103,971

1,757,379

91.67%

94.41%

0.00%

8.33%

5.59%

0.00%

25-Oct-04

104,055

1,758,859

91.67%

94.41%

7.14%

4.37%

0.00%

7.14%

104,139

4.77%

0.00%

27-Sep-04

95,387

1,985,136

85.71%

90.87%

5.88%

3.33%

5.88%

3.64%

0.00%

25-Aug-04

95,450

104,222

2,666,384

88.24%

93.03%

5.88%

3.33%

5.88%

3.64%

0.00%

26-Jul-04

95,513

104,305

2,668,755

88.24%

93.03%

5.88%

3.64%

0.00%

25-Jun-04

104,387

2,766,689

94.12%

96.36%

0.00%

25-May-04

3,093,416

100.00%

5.56%

3.09%

0.00%

26-Apr-04

95,699

3,001,082

94.44%

96.91%

0.00%

25-Mar-04

3,315,881

100.00%

0.00%

25-Feb-04

3,318,584

100.00%

Page 25 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 3

2.42%

2.54%

0.00%

2.02%

219,772

0.78%

1.61%

1.86%

0.00%

27-Dec-04

715,836

525,017

233

26,761,632

93.95%

94.82%

3.08%

3.36%

0.77%

0.29%

1.15%

114,939

0.39%

1.54%

1.47%

0.00%

26-Nov-04

1,003,079

86,117

439,467

243

28,191,513

93.46%

94.49%

2.97%

2.75%

1.49%

1.53%

0.74%

89,441

0.29%

0.74%

0.53%

0.00%

25-Oct-04

862,388

479,655

166,491

253

29,736,504

94.05%

94.90%

3.30%

4.03%

0.73%

0.41%

0.73%

89,509

0.28%

0.37%

0.20%

0.00%

27-Sep-04

1,292,839

132,539

64,669

259

30,483,286

94.87%

95.07%

1.76%

1.73%

0.35%

0.63%

0.70%

89,576

0.26%

0.70%

0.30%

0.00%

25-Aug-04

585,551

214,801

102,048

274

32,945,585

96.48%

97.08%

1.71%

2.15%

0.34%

0.11%

0.68%

89,642

0.26%

0.34%

0.19%

0.00%

26-Jul-04

747,300

37,398

64,737

284

33,862,895

96.93%

97.30%

1.68%

0.79%

1.01%

0.76%

0.67%

301,353

0.85%

0.34%

0.18%

0.00%

25-Jun-04

279,957

270,951

64,771

286

34,608,760

96.30%

97.42%

1.99%

1.60%

0.66%

0.84%

0.00%

0.33%

0.18%

0.00%

25-May-04

574,569

301,560

64,804

292

35,011,985

97.01%

97.38%

1.31%

1.48%

0.65%

0.24%

0.00%

26-Apr-04

547,912

90,057

300

36,328,692

98.04%

98.27%

1.29%

1.05%

0.00%

25-Mar-04

394,313

307

37,314,555

98.71%

98.95%

0.00%

25-Feb-04

313

38,092,647

100.00%

Page 26 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 3

4.52%

4.17%

1.62%

1.44%

1.45%

1,062,974

1.17%

1.94%

1.76%

0.48%

0.50%

27-Dec-04

3,800,441

1,312,613

1,603,344

458,514

557

82,822,866

89.98%

90.95%

3.17%

2.77%

1.36%

1.15%

1.06%

855,157

0.87%

2.27%

2.11%

0.15%

0.19%

26-Nov-04

2,727,919

1,126,992

2,074,951

185,021

609

91,420,438

91.99%

92.92%

2.77%

2.58%

1.90%

1.69%

1.17%

971,006

0.95%

1.75%

1.77%

0.00%

25-Oct-04

2,635,076

1,724,745

1,809,097

634

94,964,733

92.42%

93.01%

2.80%

2.87%

1.82%

1.41%

0.14%

210,134

0.20%

1.40%

1.42%

0.00%

27-Sep-04

3,074,024

1,514,593

1,527,983

671

100,908,660

93.85%

94.10%

3.29%

3.31%

1.05%

0.67%

0.26%

490,048

0.43%

1.19%

1.26%

0.00%

25-Aug-04

3,785,700

771,574

1,442,146

715

107,911,950

94.20%

94.33%

2.66%

2.77%

1.65%

1.35%

0.00%

0.76%

0.84%

0.00%

26-Jul-04

3,275,497

1,602,595

992,472

748

112,534,995

94.92%

95.04%

2.92%

2.75%

0.85%

0.79%

0.00%

0.49%

0.47%

0.00%

25-Jun-04

3,420,498

981,245

585,237

787

119,361,986

95.74%

95.99%

1.65%

1.93%

0.59%

0.63%

0.00%

0.47%

0.41%

0.00%

25-May-04

2,501,331

818,138

528,403

828

125,490,227

97.30%

97.02%

1.24%

1.15%

0.45%

0.39%

0.00%

26-Apr-04

1,551,955

528,777

872

132,893,451

98.31%

98.46%

1.32%

1.34%

0.00%

25-Mar-04

1,862,156

894

136,859,624

98.68%

98.66%

0.00%

25-Feb-04

920

140,749,075

100.00%

Page 27 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 3

4.76%

3.36%

2.38%

2.47%

0.00%

27-Dec-04

220,882

162,558

6,186,032

92.86%

94.16%

2.38%

2.47%

0.00%

26-Nov-04

162,718

6,415,114

97.62%

97.53%

2.17%

2.25%

0.00%

25-Oct-04

162,876

7,083,615

97.83%

97.75%

2.04%

1.67%

0.00%

27-Sep-04

128,397

7,569,386

97.96%

98.33%

0.00%

25-Aug-04

8,129,955

100.00%

0.00%

26-Jul-04

8,471,851

100.00%

1.82%

1.33%

0.00%

25-Jun-04

113,797

8,448,188

98.18%

98.67%

0.00%

25-May-04

8,521,442

100.00%

0.00%

26-Apr-04

8,623,519

100.00%

0.00%

25-Mar-04

9,020,644

100.00%

0.00%

25-Feb-04

9,141,908

100.00%

Page 28 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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

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

27-Dec-04

5,494,196

670,612

0.00%

1.48%

1.68%

0.00%

0.00% 0.00%

0.00% 0.35%

0.21%

0.00%

0.57%

0.45%

1,458,021

938,389

0.00%

0.22%

0.00%

0.29%

26-Nov-04

37,186

30,515

6,140,302

364,844

0.00%

0.04%

0.01%

1.52%

1.76%

0.00%

0.00% 0.04%

0.01% 0.16%

0.10%

0.00%

0.49%

0.40%

1,382,340

620,486

0.00%

0.08%

0.00%

0.18%

25-Oct-04

77,777

37,240

105,983

5,050,957

369,772

0.04%

0.02%

0.00%

1.10%

1.36%

0.04%

0.01% 0.08%

0.03% 0.08%

0.10%

0.00%

0.35%

0.27%

993,804

0.00%

27-Sep-04

379,854

75,479

176,077

3,655,323

486,197

0.00%

0.04%

0.10%

0.75%

0.94%

0.04%

0.02% 0.08%

0.05% 0.11%

0.12%

0.00%

0.30%

0.27%

1,063,018

0.00%

25-Aug-04

380,103

116,252

3,071,476

714,550

0.00%

0.72%

0.74%

0.04%

0.09% 0.04%

0.03% 0.14%

0.17%

0.00%

-0.00%

0.43%

0.31%

1,268,414

0.00%

26-Jul-04

1,583,606

224,649

0.00%

0.35%

0.37%

0.00%

0.00% 0.00%

0.00% 0.07%

0.05%

0.00%

0.42%

0.30%

1,265,730

0.00%

25-Jun-04

160,242

1,108,082

64,554

0.00%

0.23%

0.25%

0.00%

0.00% 0.03%

0.04% 0.03%

0.01%

0.00%

-0.00%

0.44%

0.25%

1,099,042

0.00%

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%

25-Mar-04

0.00%

0.00% 0.00%

0.00%

25-Feb-04

0.00%

0.00% 0.00%

0.00%

Page 29 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - Fixed Group 1

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

570,135

0.00%

0.90%

1.30%

0.00%

0.00% 0.00%

0.00%

0.30%

0.37%

163,893

44,750

0.00%

0.30%

0.00%

0.10%

26-Nov-04

471,128

0.00%

0.86%

1.04%

0.00%

0.00% 0.00%

0.00%

0.57%

0.67%

306,634

0.00%

25-Oct-04

77,777

471,422

0.28%

0.16%

0.00%

0.83%

1.00%

0.00%

0.00% 0.00%

0.00%

0.55%

0.65%

306,924

0.00%

27-Sep-04

379,854

122,624

0.00%

0.27%

0.79%

0.54%

0.25%

0.00%

0.00% 0.00%

0.00%

0.81%

0.75%

363,367

0.00%

25-Aug-04

380,103

231,032

0.00%

0.78%

0.45%

0.26%

0.74% 0.00%

0.00% 0.00%

0.00%

0.78%

0.71%

363,723

0.00%

26-Jul-04

44,849

0.00%

0.25%

0.08%

0.00%

0.00% 0.00%

0.00%

0.50%

0.42%

220,867

0.00%

25-Jun-04

44,869

0.00%

0.25%

0.08%

0.00%

0.00% 0.00%

0.00%

0.50%

0.41%

221,055

0.00%

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 30 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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

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 Group 1

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

1,032,763

0.00%

3.53%

3.13%

0.00%

0.00% 0.00%

0.00%

435,125

0.00%

1.18%

0.00%

1.32%

26-Nov-04

1,366,399

0.00%

4.26%

3.74%

0.00%

0.00% 0.00%

0.00%

435,465

0.00%

1.06%

0.00%

1.19%

25-Oct-04

1,264,675

0.00%

2.94%

3.18%

0.00%

0.00% 0.00%

0.00%

27-Sep-04

1,181,772

0.00%

2.65%

2.68%

0.00%

0.00% 0.00%

0.00%

25-Aug-04

746,181

0.00%

1.67%

1.59%

0.00%

0.00% 0.00%

0.00%

26-Jul-04

412,914

0.00%

0.81%

0.85%

0.00%

0.00% 0.00%

0.00%

25-Jun-04

413,206

0.00%

0.78%

0.82%

0.00%

0.00% 0.00%

0.00%

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 31 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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

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 Group 1

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

0.00%

0.00% 0.00%

0.00%

26-Nov-04

0.00%

0.00% 0.00%

0.00%

25-Oct-04

0.00%

0.00% 0.00%

0.00%

27-Sep-04

0.00%

0.00% 0.00%

0.00%

25-Aug-04

0.00%

0.00% 0.00%

0.00%

26-Jul-04

0.00%

0.00% 0.00%

0.00%

25-Jun-04

0.00%

0.00% 0.00%

0.00%

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 32 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - Fixed Group 2

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

109,212

79,503

0.00%

0.48%

0.30%

0.00%

0.00% 0.00%

0.00% 0.48%

0.22%

0.00%

0.96%

0.80%

285,997

0.00%

26-Nov-04

128,477

79,622

0.00%

0.45%

0.34%

0.00%

0.00% 0.00%

0.00% 0.45%

0.21%

0.00%

0.90%

0.69%

263,520

0.00%

25-Oct-04

68,144

0.00%

0.22%

0.17%

0.00%

0.00% 0.00%

0.00%

0.86%

0.65%

263,877

0.00%

27-Sep-04

0.00%

0.00% 0.00%

0.00%

0.41%

0.16%

68,822

0.00%

25-Aug-04

68,472

0.00%

0.20%

0.16%

0.00%

0.00% 0.00%

0.00%

0.61%

0.25%

108,488

0.00%

26-Jul-04

68,634

0.00%

0.20%

0.15%

0.00%

0.00% 0.00%

0.00%

0.59%

0.25%

110,440

0.00%

25-Jun-04

0.00%

0.00% 0.00%

0.00%

0.76%

0.29%

133,779

0.00%

25-May-04

0.00%

0.00% 0.00%

0.00%

0.56%

0.20%

94,271

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 33 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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

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 Group 2

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

1,549,839

0.00%

1.68%

1.83%

0.00%

0.00% 0.00%

0.00%

0.37%

0.34%

284,846

0.00%

26-Nov-04

1,593,094

0.00%

1.58%

1.77%

0.00%

0.00% 0.00%

0.00%

0.18%

163,818

0.00%

25-Oct-04

1,167,072

159,780

0.00%

0.98%

1.19%

0.00%

0.00% 0.00%

0.00% 0.16%

0.16%

0.00%

0.16%

0.30%

292,993

0.00%

27-Sep-04

758,276

276,063

0.00%

0.62%

0.73%

0.00%

0.00% 0.00%

0.00% 0.31%

0.26%

0.00%

0.16%

0.28%

293,252

0.00%

25-Aug-04

116,252

481,598

160,012

0.00%

0.44%

0.00%

0.00% 0.15%

0.11% 0.15%

0.14%

0.00%

0.15%

0.27%

293,509

0.00%

26-Jul-04

160,127

0.00%

0.00% 0.00%

0.00% 0.14%

0.14%

0.00%

0.29%

0.38%

431,316

0.00%

25-Jun-04

160,242

0.00%

0.00% 0.14%

0.13% 0.00%

0.00%

0.27%

0.20%

240,689

0.00%

25-May-04

0.00%

0.00% 0.00%

0.00%

0.27%

0.19%

240,878

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 34 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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

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 Group 2

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

103,886

0.00%

8.33%

5.59%

0.00%

0.00% 0.00%

0.00%

26-Nov-04

103,971

0.00%

8.33%

5.59%

0.00%

0.00% 0.00%

0.00%

25-Oct-04

104,055

0.00%

8.33%

5.59%

0.00%

0.00% 0.00%

0.00%

27-Sep-04

0.00%

0.00% 0.00%

0.00%

25-Aug-04

0.00%

0.00% 0.00%

0.00%

26-Jul-04

0.00%

0.00% 0.00%

0.00%

25-Jun-04

0.00%

0.00% 0.00%

0.00%

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 35 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - Fixed Group 3

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

525,017

169,296

0.00%

1.61%

1.86%

0.00%

0.00% 0.00%

0.00% 1.21%

0.60%

0.00%

0.81%

0.44%

124,532

0.00%

26-Nov-04

37,186

30,515

402,281

0.00%

0.38%

0.12%

1.15%

1.35%

0.00%

0.00% 0.38%

0.10% 0.00%

0.00%

0.77%

0.42%

124,637

0.00%

25-Oct-04

37,240

30,558

166,491

0.00%

0.74%

0.53%

0.37%

0.12% 0.37%

0.10% 0.00%

0.00%

0.37%

0.08%

24,309

0.00%

27-Sep-04

30,600

64,669

0.00%

0.37%

0.20%

0.00%

0.00% 0.37%

0.10% 0.00%

0.00%

0.37%

0.08%

24,345

0.00%

25-Aug-04

102,048

64,489

0.00%

0.70%

0.30%

0.00%

0.00% 0.00%

0.00% 0.35%

0.19%

0.00%

1.06%

0.26%

88,724

0.00%

26-Jul-04

64,737

64,522

0.00%

0.34%

0.19%

0.00%

0.00% 0.00%

0.00% 0.34%

0.19%

0.00%

1.02%

0.26%

88,858

0.00%

25-Jun-04

64,771

64,554

0.00%

0.34%

0.18%

0.00%

0.00% 0.00%

0.00% 0.34%

0.18%

0.00%

1.01%

0.25%

88,991

0.00%

25-May-04

64,586

64,804

0.00%

0.33%

0.18%

0.00%

0.00% 0.33%

0.18% 0.00%

0.00%

0.66%

0.17%

60,388

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 36 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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

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 Group 3

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

1,603,344

421,813

0.00%

1.94%

1.76%

0.00%

0.00% 0.00%

0.00% 0.48%

0.46%

0.00%

0.65%

0.66%

598,754

458,514

0.00%

0.48%

0.00%

0.50%

26-Nov-04

2,074,951

285,222

0.00%

2.27%

2.11%

0.00%

0.00% 0.00%

0.00% 0.30%

0.29%

0.00%

0.45%

0.53%

523,731

185,021

0.00%

0.15%

0.00%

0.19%

25-Oct-04

75,426

1,809,097

209,992

0.00%

1.75%

1.77%

0.00%

0.00% 0.15%

0.07% 0.15%

0.21%

0.00%

0.15%

0.10%

105,700

0.00%

27-Sep-04

75,479

145,477

1,527,983

210,134

0.00%

1.40%

1.42%

0.14%

0.07% 0.14%

0.14% 0.14%

0.20%

0.00%

0.14%

0.29%

313,233

0.00%

25-Aug-04

1,442,146

490,048

0.00%

1.19%

1.26%

0.00%

0.00% 0.00%

0.00% 0.26%

0.43%

0.00%

-0.00%

0.26%

0.36%

413,970

0.00%

26-Jul-04

992,472

0.00%

0.76%

0.84%

0.00%

0.00% 0.00%

0.00%

0.25%

0.35%

414,249

0.00%

25-Jun-04

585,237

0.00%

0.49%

0.47%

0.00%

0.00% 0.00%

0.00%

0.24%

0.33%

414,526

0.00%

25-May-04

528,403

0.00%

0.47%

0.41%

0.00%

0.00% 0.00%

0.00%

0.12%

0.08%

100,769

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 37 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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

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 Group 3

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

0.00%

0.00% 0.00%

0.00%

26-Nov-04

0.00%

0.00% 0.00%

0.00%

25-Oct-04

0.00%

0.00% 0.00%

0.00%

27-Sep-04

0.00%

0.00% 0.00%

0.00%

25-Aug-04

0.00%

0.00% 0.00%

0.00%

26-Jul-04

0.00%

0.00% 0.00%

0.00%

25-Jun-04

0.00%

0.00% 0.00%

0.00%

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 38 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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

27-Dec-04

2,296

69.45%

326,585,711

65.12%

5.70%

6.43%

0.08%

150,412

0.04%

331

7.53%

7.03%

139

22,455,419

0.00

0.00%

0.00

(10,415.97)

26-Nov-04

2,437

73.71%

349,496,507

69.69%

4.50%

5.53%

0.08%

34,452

0.01%

333

7.53%

7.02%

115

20,477,846

0.00

0.00%

0.00

174,882.00

25-Oct-04

2,554

77.25%

370,526,683

73.89%

4.13%

5.06%

0.04%

65,139

0.02%

334

7.52%

7.02%

110

19,761,905

0.00

0.00%

0.00

(4,785.38)

27-Sep-04

2,665

80.61%

390,751,516

77.92%

4.62%

5.54%

0.04%

86,384

0.02%

335

7.52%

7.02%

129

22,981,611

0.00

0.00%

0.00

317,241.74

25-Aug-04

2,795

84.54%

414,517,515

82.66%

3.15%

3.01%

0.00%

336

7.52%

7.02%

12,856,342

0.00

0.00%

0.00

26-Jul-04

2,886

87.30%

427,772,641

85.30%

3.12%

3.78%

0.00%

337

7.52%

7.02%

16,842,475

0.00

0.00%

0.00

25-Jun-04

2,979

90.11%

445,015,035

88.74%

2.74%

3.03%

0.00%

338

7.53%

7.02%

13,933,075

0.00

0.00%

0.00

25-May-04

3,063

92.65%

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

3,137

94.89%

472,951,631

94.31%

1.63%

2.17%

0.00%

341

7.53%

7.02%

10,480,731

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 39 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 1

27-Dec-04

334

10.10%

43,728,834

8.72%

3.74%

3.56%

0.29%

106,584

0.23%

293

7.73%

7.22%

1,617,994

0.00

0.00%

0.00

(7,419.91)

26-Nov-04

348

10.53%

45,492,415

9.07%

3.60%

3.82%

0.00%

295

7.74%

7.23%

1,809,291

0.00

0.00%

0.00

25-Oct-04

361

10.92%

47,366,833

9.45%

2.17%

1.62%

0.00%

297

7.75%

7.25%

781,869

0.00

0.00%

0.00

27-Sep-04

369

11.16%

48,197,777

9.61%

4.65%

6.18%

0.00%

297

7.74%

7.24%

3,176,104

0.00

0.00%

0.00

25-Aug-04

387

11.71%

51,423,888

10.25%

2.52%

2.92%

0.00%

296

7.74%

7.24%

1,550,318

0.00

0.00%

0.00

26-Jul-04

397

12.01%

53,029,741

10.57%

1.00%

1.98%

0.00%

297

7.73%

7.23%

1,072,704

0.00

0.00%

0.00

25-Jun-04

401

12.13%

54,158,791

10.80%

2.67%

2.52%

0.00%

299

7.75%

7.24%

1,402,554

0.00

0.00%

0.00

25-May-04

412

12.46%

55,601,262

11.09%

1.20%

2.32%

0.00%

299

7.73%

7.22%

1,319,820

0.00

0.00%

0.00

26-Apr-04

417

12.61%

56,979,717

11.36%

1.18%

2.00%

0.00%

300

7.71%

7.20%

1,162,916

0.00

0.00%

0.00

25-Mar-04

422

12.76%

58,223,806

11.61%

2.31%

3.60%

0.00%

302

7.69%

7.18%

2,179,469

0.00

0.00%

0.00

25-Feb-04

432

13.07%

60,480,931

12.06%

0.00%

304

7.69%

7.18%

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 40 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 1

27-Dec-04

2.57%

32,982,322

6.58%

9.57%

9.74%

0.00%

347

7.11%

6.61%

3,562,577

0.00

0.00%

0.00

26-Nov-04

2.84%

36,573,481

7.29%

7.84%

7.99%

0.00%

348

7.12%

6.61%

3,178,508

0.00

0.00%

0.00

25-Oct-04

102

3.09%

39,781,167

7.93%

9.73%

9.54%

0.00%

349

7.14%

6.63%

4,203,578

0.00

0.00%

0.00

27-Sep-04

113

3.42%

44,069,151

8.79%

5.00%

5.34%

0.83%

86,384

0.18%

350

7.14%

6.63%

2,510,699

0.00

0.00%

0.00

317,241.74

25-Aug-04

120

3.63%

47,024,654

9.38%

2.44%

2.59%

0.00%

351

7.13%

6.63%

1,251,181

0.00

0.00%

0.00

26-Jul-04

123

3.72%

48,315,170

9.63%

4.65%

4.35%

0.00%

352

7.14%

6.63%

2,200,030

0.00

0.00%

0.00

25-Jun-04

129

3.90%

50,556,287

10.08%

2.27%

1.96%

0.00%

353

7.15%

6.64%

1,009,453

0.00

0.00%

0.00

25-May-04

132

3.99%

51,607,695

10.29%

3.65%

3.97%

0.00%

354

7.16%

6.65%

2,135,912

0.00

0.00%

0.00

26-Apr-04

137

4.14%

53,786,364

10.73%

1.44%

1.88%

0.00%

355

7.17%

6.66%

1,032,291

0.00

0.00%

0.00

25-Mar-04

139

4.20%

54,869,666

10.94%

2.80%

3.12%

0.00%

356

7.17%

6.66%

1,765,786

0.00

0.00%

0.00

25-Feb-04

143

4.33%

56,680,894

11.30%

0.69%

0.84%

0.00%

357

7.18%

6.67%

479,392

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 41 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 1

27-Dec-04

0.09%

1,739,915

0.35%

40.00%

25.87%

0.00%

347

7.31%

6.81%

607,734

0.00

0.00%

0.00

26-Nov-04

0.15%

2,349,122

0.47%

0.00%

348

7.31%

6.81%

0.00

0.00%

0.00

25-Oct-04

0.15%

2,350,494

0.47%

16.67%

14.40%

0.00%

349

7.11%

6.60%

395,850

0.00

0.00%

0.00

27-Sep-04

0.18%

2,748,323

0.55%

0.00%

350

7.11%

6.60%

0.00

0.00%

0.00

25-Aug-04

0.18%

2,750,714

0.55%

0.00%

351

7.11%

6.60%

0.00

0.00%

0.00

26-Jul-04

0.18%

2,753,896

0.55%

0.00%

352

7.11%

6.60%

0.00

0.00%

0.00

25-Jun-04

0.18%

2,756,455

0.55%

14.29%

11.25%

0.00%

353

6.98%

6.48%

349,867

0.00

0.00%

0.00

25-May-04

0.21%

3,109,166

0.62%

0.00%

354

6.98%

6.48%

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

0.24%

3,456,666

0.69%

0.00%

357

7.02%

6.52%

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 42 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 2

27-Dec-04

416

12.58%

35,922,329

7.16%

5.87%

5.73%

0.23%

43,827

0.11%

293

7.95%

7.44%

2,188,434

0.00

0.00%

0.00

(2,996.06)

26-Nov-04

443

13.40%

38,200,542

7.62%

4.10%

5.34%

0.22%

33,731

0.08%

293

7.95%

7.44%

2,158,141

0.00

0.00%

0.00

(3,161.43)

25-Oct-04

463

14.00%

40,439,991

8.06%

3.73%

3.65%

0.21%

65,139

0.15%

296

7.95%

7.45%

1,534,087

0.00

0.00%

0.00

(4,785.38)

27-Sep-04

482

14.58%

42,086,575

8.39%

2.63%

3.35%

0.00%

297

7.95%

7.44%

1,462,993

0.00

0.00%

0.00

25-Aug-04

495

14.97%

43,606,861

8.70%

2.56%

2.83%

0.00%

297

7.95%

7.45%

1,269,771

0.00

0.00%

0.00

26-Jul-04

508

15.37%

44,934,948

8.96%

3.05%

3.63%

0.00%

297

7.98%

7.47%

1,693,083

0.00

0.00%

0.00

25-Jun-04

524

15.85%

46,684,856

9.31%

1.69%

2.24%

0.00%

300

7.97%

7.46%

1,072,071

0.00

0.00%

0.00

25-May-04

533

16.12%

47,814,144

9.53%

0.74%

1.54%

0.00%

302

7.95%

7.44%

748,016

0.00

0.00%

0.00

26-Apr-04

537

16.24%

48,620,652

9.70%

0.56%

0.63%

0.00%

303

7.96%

7.45%

308,273

0.00

0.00%

0.00

25-Mar-04

540

16.33%

48,987,331

9.77%

0.37%

0.24%

0.00%

304

7.96%

7.45%

115,887

0.00

0.00%

0.00

25-Feb-04

542

16.39%

49,164,942

9.80%

3.56%

2.72%

0.00%

305

7.98%

7.48%

1,375,098

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 43 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 2

27-Dec-04

537

16.24%

84,500,873

16.85%

5.95%

6.25%

0.00%

347

7.43%

6.92%

5,642,179

0.00

0.00%

0.00

26-Nov-04

571

17.27%

90,216,172

17.99%

6.39%

7.90%

0.00%

348

7.40%

6.90%

7,745,613

0.00

0.00%

0.00

25-Oct-04

610

18.45%

98,039,657

19.55%

5.28%

6.07%

0.00%

349

7.40%

6.89%

6,344,161

0.00

0.00%

0.00

27-Sep-04

644

19.48%

104,469,010

20.83%

4.59%

5.27%

0.00%

350

7.40%

6.89%

5,818,107

0.00

0.00%

0.00

25-Aug-04

675

20.42%

110,376,407

22.01%

3.57%

3.26%

0.00%

351

7.40%

6.89%

3,722,323

0.00

0.00%

0.00

26-Jul-04

700

21.17%

114,190,929

22.77%

3.85%

4.40%

0.00%

352

7.39%

6.88%

5,262,896

0.00

0.00%

0.00

25-Jun-04

728

22.02%

119,550,828

23.84%

3.32%

3.59%

0.00%

353

7.39%

6.89%

4,452,905

0.00

0.00%

0.00

25-May-04

753

22.78%

124,102,187

24.75%

2.33%

2.04%

0.00%

354

7.39%

6.89%

2,587,032

0.00

0.00%

0.00

26-Apr-04

771

23.32%

126,791,900

25.28%

2.03%

2.49%

0.00%

355

7.40%

6.89%

3,234,300

0.00

0.00%

0.00

25-Mar-04

787

23.81%

130,133,061

25.95%

1.63%

1.90%

0.00%

356

7.40%

6.89%

2,520,559

0.00

0.00%

0.00

25-Feb-04

800

24.20%

132,762,914

26.47%

5.44%

3.55%

0.00%

357

7.41%

6.91%

4,888,806

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 44 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 2

27-Dec-04

0.36%

1,858,957

0.37%

0.00%

347

7.34%

6.84%

0.00

0.00%

0.00

26-Nov-04

0.36%

1,861,350

0.37%

0.00%

348

7.34%

6.84%

0.00

0.00%

0.00

25-Oct-04

0.36%

1,862,914

0.37%

14.29%

14.66%

0.00%

349

7.32%

6.81%

320,183

0.00

0.00%

0.00

27-Sep-04

0.42%

2,184,662

0.44%

17.65%

23.71%

0.00%

350

7.53%

7.03%

679,569

0.00

0.00%

0.00

25-Aug-04

0.51%

2,866,056

0.57%

0.00%

351

7.53%

7.03%

0.00

0.00%

0.00

26-Jul-04

0.51%

2,868,574

0.57%

0.00%

352

7.53%

7.03%

0.00

0.00%

0.00

25-Jun-04

0.51%

2,871,076

0.57%

5.56%

7.11%

0.00%

353

7.48%

6.98%

219,853

0.00

0.00%

0.00

25-May-04

0.54%

3,093,416

0.62%

0.00%

354

7.48%

6.97%

0.00

0.00%

0.00

26-Apr-04

0.54%

3,096,781

0.62%

5.26%

6.53%

0.00%

355

7.56%

7.06%

216,368

0.00

0.00%

0.00

25-Mar-04

0.57%

3,315,881

0.66%

0.00%

356

7.56%

7.06%

0.00

0.00%

0.00

25-Feb-04

0.57%

3,318,584

0.66%

5.00%

3.62%

0.00%

357

7.54%

7.04%

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 45 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 3

27-Dec-04

248

7.50%

28,222,257

5.63%

4.62%

5.30%

0.00%

318

7.62%

7.12%

1,580,374

0.00

0.00%

0.00

26-Nov-04

260

7.86%

29,835,114

5.95%

3.35%

4.66%

0.00%

319

7.60%

7.10%

1,461,750

0.00

0.00%

0.00

25-Oct-04

269

8.14%

31,334,480

6.25%

1.47%

2.15%

0.00%

320

7.60%

7.10%

689,274

0.00

0.00%

0.00

27-Sep-04

273

8.26%

32,062,842

6.39%

3.87%

5.41%

0.00%

321

7.61%

7.11%

1,835,344

0.00

0.00%

0.00

25-Aug-04

284

8.59%

33,937,561

6.77%

3.07%

2.36%

0.00%

322

7.62%

7.12%

821,406

0.00

0.00%

0.00

26-Jul-04

293

8.86%

34,801,972

6.94%

1.35%

1.92%

0.00%

323

7.62%

7.12%

681,191

0.00

0.00%

0.00

25-Jun-04

297

8.98%

35,525,791

7.08%

1.33%

1.06%

0.00%

324

7.63%

7.13%

382,276

0.00

0.00%

0.00

25-May-04

301

9.10%

35,952,918

7.17%

1.63%

2.62%

0.00%

325

7.65%

7.15%

969,561

0.00

0.00%

0.00

26-Apr-04

306

9.26%

36,966,661

7.37%

1.61%

1.84%

0.00%

327

7.66%

7.16%

695,327

0.00

0.00%

0.00

25-Mar-04

311

9.41%

37,708,868

7.52%

0.64%

0.89%

0.00%

329

7.66%

7.15%

338,303

0.00

0.00%

0.00

25-Feb-04

313

9.47%

38,092,647

7.60%

0.32%

0.51%

0.00%

330

7.66%

7.16%

195,274

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 46 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 3

27-Dec-04

619

18.72%

91,060,753

18.16%

6.50%

7.37%

0.00%

347

7.54%

7.04%

7,256,127

0.00

0.00%

0.00

26-Nov-04

662

20.02%

98,390,478

19.62%

3.35%

3.39%

0.15%

721

0.00%

348

7.55%

7.05%

3,461,973

0.00

0.00%

0.00

178,043.43

25-Oct-04

686

20.75%

102,104,656

20.36%

4.06%

4.71%

0.00%

349

7.55%

7.05%

5,048,094

0.00

0.00%

0.00

27-Sep-04

715

21.63%

107,235,393

21.38%

5.80%

6.18%

0.00%

350

7.55%

7.04%

7,073,678

0.00

0.00%

0.00

25-Aug-04

759

22.96%

114,401,418

22.81%

3.68%

3.30%

0.00%

351

7.55%

7.05%

3,906,183

0.00

0.00%

0.00

26-Jul-04

788

23.84%

118,405,559

23.61%

4.14%

4.71%

0.00%

352

7.56%

7.06%

5,850,782

0.00

0.00%

0.00

25-Jun-04

822

24.86%

124,348,966

24.80%

3.41%

3.78%

0.00%

353

7.57%

7.07%

4,891,024

0.00

0.00%

0.00

25-May-04

851

25.74%

129,338,099

25.79%

4.06%

4.10%

0.00%

354

7.58%

7.07%

5,535,208

0.00

0.00%

0.00

26-Apr-04

887

26.83%

134,974,183

26.91%

2.10%

2.63%

0.00%

355

7.57%

7.06%

3,642,850

0.00

0.00%

0.00

25-Mar-04

906

27.40%

138,721,779

27.66%

1.52%

1.36%

0.00%

356

7.57%

7.07%

1,913,947

0.00

0.00%

0.00

25-Feb-04

920

27.83%

140,749,075

28.07%

0.11%

0.00%

357

7.57%

7.07%

156,549

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 47 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 3

27-Dec-04

1.27%

6,569,471

1.31%

0.00%

346

7.01%

6.51%

0.00

0.00%

0.00

26-Nov-04

1.27%

6,577,832

1.31%

8.70%

9.14%

0.00%

347

7.05%

6.55%

662,570

0.00

0.00%

0.00

25-Oct-04

1.39%

7,246,491

1.44%

6.12%

5.78%

0.00%

348

7.02%

6.52%

444,808

0.00

0.00%

0.00

27-Sep-04

1.48%

7,697,783

1.53%

5.77%

5.23%

0.00%

349

7.07%

6.57%

425,117

0.00

0.00%

0.00

25-Aug-04

1.57%

8,129,955

1.62%

3.70%

3.96%

0.00%

350

7.05%

6.55%

335,161

0.00

0.00%

0.00

26-Jul-04

1.63%

8,471,851

1.69%

1.82%

0.96%

0.00%

351

7.04%

6.54%

81,787

0.00

0.00%

0.00

25-Jun-04

1.66%

8,561,985

1.71%

1.79%

1.80%

0.00%

352

7.04%

6.53%

153,073

0.00

0.00%

0.00

25-May-04

1.69%

8,521,442

1.70%

1.75%

1.09%

0.00%

353

7.02%

6.52%

94,296

0.00

0.00%

0.00

26-Apr-04

1.72%

8,623,519

1.72%

2.09%

0.00%

354

7.03%

6.52%

188,405

0.00

0.00%

0.00

25-Mar-04

1.75%

9,020,644

1.80%

1.69%

1.24%

0.00%

355

7.01%

6.51%

113,131

0.00

0.00%

0.00

25-Feb-04

1.78%

9,141,908

1.82%

0.00%

356

7.01%

6.51%

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 48 of 49

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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:

200412

000000000001117

40,831.29

0.00

164.05

)

(2,996.06

43,827.35

0.00%

-7.34%

Not Avail.

207,400.00

200412

000000000003269

99,164.58

0.00

154.90

)

(7,419.91

106,584.49

0.00%

-7.48%

Not Avail.

690,000.00

200411

000000000000135

30,569.44

0.00

3.57

)

(3,161.43

33,730.87

0.00%

-10.34%

Not Avail.

155,000.00

200411

000000000002768

178,764.32

194,564.40

6,512.25

178,043.43

720.89

108.84%

99.60%

Not Avail.

199,900.00

200410

000000000001126

60,353.99

0.00

331.51

)

(4,785.38

65,139.37

0.00%

-7.93%

Not Avail.

305,000.00

200409

000000000000252

403,625.89

336,376.29

3,055.20

317,241.74

86,384.15

83.34%

78.60%

Not Avail.

478,000.00

813,309.51

530,940.69

10,221.48

476,922.39

336,387.12

139,995.87

150,411.84

)

(10,415.97

318.95

0.00

Current Total
Cumulative

Page 49 of 49

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

Filing Compare · ASSET-BACKED CERTIFICATES SERIES 2004-HE1