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) December 27, 2004

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

Delaware
(State or other jurisdiction
of incorporation)

333-113636
(Commission
File Number)

20-0842986
(IRS Employer
Identification No.)

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

10179
(Zip Code)

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

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 8 - Other Events

Item 8.01. Other Events.

This current report on Form 8-K relates to the monthly distribution reported to the holders of Bear Stearns Asset Backed Securities I Trust 2004-HE7, Asset-Backed Certificates, Series 2004-HE7, which was made on 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 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 I LLC, REGISTRANT

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

Date: December 29, 2004

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

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:

Peter Sablich 312.904.8162
peter.sablich@abnamro.com

Analyst:

David Ratner 714.259.6251
david.ratner@abnamro.com

Statement Date:

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

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

Rating Information

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

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

Page 2-5
Page 6-14
Page 15
Page 16

Page 17

Page 18-26
Page 27-35

Page 36-44
Page 45

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

BS004HE7

BS004HE7_200412_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

31-Aug-04
27-Sep-04

25-Sep-34

Parties to The Transaction

Depositor: Bear Stearns Asset Backed Securities, Inc.

Underwriter: Bear Stearns & Co. Inc.

Master Servicer: EMC Mortgage Corporation

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

800.246.5761

LaSalle Factor Line

LaSalle Web Site

Servicer Web Site

www.emcmortgagecorp.com

www.etrustee.net

Page 1 of 45

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:

7.023680%

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-HE7

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

347

REMIC II

Statement Date:

ABN AMRO Acct: 722035.3

844.053216661

60.732203626

0.000000000

783.321013035

1.686230823

2.557500000%

0.00

0.000000000

2.32000000%

0.000000000

073879EQ7

I-A-1

37,284,000.00

31,469,680.13

2,264,339.48

0.00

29,205,340.65

62,869.43

1000.000000000

0.000000000

1000.000000000

2.247500052

2.847500000%

0.00

0.000000000

2.61000000%

0.000000000

073879ER5

I-A-2

47,737,000.00

0.00

47,737,000.00

107,288.91

931.613132367

26.632708164

0.000000000

904.980424203

2.053689372

2.797500000%

0.00

0.000000000

2.56000000%

0.000000000

073879ES3

I-A-3

207,000,000.00

192,843,918.40

5,512,970.59

0.00

187,330,947.81

425,113.70

932.081625120

33.836606377

0.000000000

898.245018743

2.022617133

2.757500000%

0.00

0.000000000

2.52000000%

0.000000000

073879ET1

II-A

500,129,250.00

466,161,284.11

16,922,676.57

0.00

449,238,607.54

1,011,569.99

1000.000000000

0.000000000

1000.000000000

2.393888820

3.017500000%

0.00

0.000000000

2.78000000%

0.000000000

073879EU8

M-1

56,233,000.00

0.00

56,233,000.00

134,615.55

1000.000000000

0.000000000

1000.000000000

2.867500054

3.567500000%

0.00

0.000000000

3.33000000%

0.000000000

073879EV6

M-2

46,453,000.00

0.00

46,453,000.00

133,203.98

1000.000000000

0.000000000

1000.000000000

3.082777472

3.817500000%

0.00

0.000000000

3.58000000%

0.000000000

073879EW4

M-3

12,713,000.00

0.00

12,713,000.00

39,191.35

1000.000000000

0.000000000

1000.000000000

3.427222222

4.217500000%

0.00

0.000000000

3.98000000%

0.000000000

073879EX2

M-4

11,736,000.00

0.00

11,736,000.00

40,221.88

1000.000000000

0.000000000

1000.000000000

3.556388548

4.367500000%

0.00

0.000000000

4.13000000%

0.000000000

073879EY0

M-5

9,780,000.00

0.00

9,780,000.00

34,781.48

1000.000000000

0.000000000

1000.000000000

5.106388354

6.167500000%

0.00

0.000000000

5.93000000%

0.000000000

073879EZ7

M-6

8,312,000.00

0.00

8,312,000.00

42,444.30

1000.000000000

0.000000000

1000.000000000

5.321666337

6.417500000%

0.00

0.000000000

6.18000000%

0.000000000

073879FA1

M-7A

7,579,500.00

0.00

7,579,500.00

40,335.57

1000.000000000

0.000000000

1000.000000000

5.321666337

6.417500000%

0.00

0.000000000

6.18000000%

0.000000000

073879FB9

M-7B

7,579,500.00

0.00

7,579,500.00

40,335.57

1000.000000000

0.000000000

1000.000000000

114.442283247

0.00

0.000000000

N/A

0.000000000

073879FW3

25,427,258.33

0.00

25,427,258.33

2,909,953.50

1000.000000000

0.000000000

1000.000000000

5402496.000000000

0.00

540,249.60

5402496.000000000

N/A

0.000000000

073879FV5

100.00

0.00

100.00

540,249.60

0.000000000

0.00

0.000000000

N/A

0.000000000

073879FX1

R-1

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

073879FY9

R-2

0.00

Page 2 of 45

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:

7.023680%

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-HE7

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

347

REMIC II

Statement Date:

ABN AMRO Acct: 722035.3

Total P&I Payment

0.00

540,249.60

977,963,508.33

924,025,140.97

30,262,161.45

Total

899,325,154.33

24,699,986.64

0.00

5,562,174.81

Page 3 of 45

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:

7.023680%

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-HE7

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

347

REMIC III

Statement Date:

ABN AMRO Acct: 722035.3

1000.000000000

0.000000000

1000.000000000

114.442283247

0.00

2,909,953.50

114.442283247

N/A

0.000000000

073879FW3

25,427,258.33

0.00

25,427,258.33

2,909,953.50

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSS135

R-3

0.00

Total P&I Payment

0.00

2,909,953.50

25,427,258.33

2,909,953.50

Total

25,427,258.33

0.00

2,909,953.50

Page 4 of 45

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:

7.023680%

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-HE7

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

347

REMIC IV

Statement Date:

ABN AMRO Acct: 722035.3

1000.000000000

0.000000000

1000.000000000

5402496.000000000

0.00

540,249.60

5402496.000000000

N/A

0.000000000

073879FV5

100.00

0.00

100.00

540,249.60

0.000000000

0.00

0.000000000

N/A

0.000000000

073879FZ6

R-X

0.00

Total P&I Payment

0.00

540,249.60

100.00

540,249.60

Total

100.00

0.00

540,249.60

Page 5 of 45

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-HE7

ABN AMRO Acct: 722035.3

Statement Date:

Cash Reconciliation Summary

Interest Summary

Total Trustee Fees

Available Interest

5,562,174.82

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

718,967.75

)

(40,244.15

24,021,263.04

0.00
0.00
0.00

30,263,547.50

Pool Balance Summary

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

Balance/Amount

Count

924,025,140.97

718,967.75

23,981,018.89

0.00
0.00
0.00

899,325,154.33

5,740

130

0
0

5,611

365,886.28

Extra Principal

Trigger Event

0.00

24,699,986.64

Over Collateralization Amt

25,427,258.33

Less Extra Principal

Remittance Interest

0.00

5,562,174.82

0.00

23,981,018.89

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(1,386.04

5,563,560.86

Total Fees

367,272.32

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.60

0.00

1,386.04

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 6 of 45

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-HE7

ABN AMRO Acct: 722035.3

Statement Date:

Cash Reconciliation Summary Fixed First Lien Group 1

Interest Summary

Total Trustee Fees

Available Interest

731,274.22

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

148,002.30

58,667.64

3,373,170.19

0.00
0.00
0.00

4,311,327.52

Pool Balance Summary

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

Balance/Amount

Count

142,118,110.89

148,002.30

3,431,837.83

0.00
0.00
0.00

138,538,270.76

769

0
0

754

56,353.59

Extra Principal

Trigger Event

0.00

3,579,840.13

Over Collateralization Amt

25,427,258.33

Remittance Interest

731,274.22

0.00

3,431,837.83

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(213.18

731,487.39

Total Fees

56,566.77

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.60

0.00

213.18

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 7 of 45

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-HE7

ABN AMRO Acct: 722035.3

Statement Date:

Cash Reconciliation Summary Fixed Second Lien Group 1

Interest Summary

Total Trustee Fees

Available Interest

173,275.90

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

15,055.23

7,338.43

515,273.97

0.00
0.00
0.00

710,974.37

Pool Balance Summary

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

Balance/Amount

Count

20,558,663.80

15,055.23

522,612.40

0.00
0.00
0.00

20,020,996.17

407

0
0

399

8,094.41

Extra Principal

Trigger Event

0.00

537,667.63

Over Collateralization Amt

25,427,258.33

Remittance Interest

173,275.90

0.00

522,612.40

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(30.84

173,306.74

Total Fees

8,125.25

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.60

0.00

30.84

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 8 of 45

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-HE7

ABN AMRO Acct: 722035.3

Statement Date:

Cash Reconciliation Summary 228 ARM First Lien Group 1

Interest Summary

Total Trustee Fees

Available Interest

866,744.27

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

98,591.28

9,858.71

3,157,811.71

0.00
0.00
0.00

4,133,254.03

Pool Balance Summary

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

Balance/Amount

Count

165,368,949.11

98,591.28

3,167,670.42

0.00
0.00
0.00

162,102,687.41

535

0
0

526

65,592.07

Extra Principal

Trigger Event

0.00

3,266,261.70

Over Collateralization Amt

25,427,258.33

Remittance Interest

866,744.27

0.00

3,167,670.42

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(248.05

866,992.33

Total Fees

65,840.13

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.60

0.00

248.05

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 9 of 45

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-HE7

ABN AMRO Acct: 722035.3

Statement Date:

Cash Reconciliation Summary 327 ARM Loans First Lien Group 1

Interest Summary

Total Trustee Fees

Available Interest

61,140.46

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:

Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

8,378.26

162.35

385,000.00

0.00
0.00
0.00

454,699.82

Pool Balance Summary

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

Balance/Amount

Count

12,503,999.10

8,378.26

385,162.35

0.00
0.00
0.00

12,110,458.49

0
0

4,692.66

Extra Principal

Trigger Event

0.00

393,540.61

Over Collateralization Amt

25,427,258.33

Remittance Interest

61,140.46

0.00

385,162.35

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(18.76

61,159.21

Total Fees

4,711.41

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.60

0.00

18.76

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 10 of 45

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-HE7

ABN AMRO Acct: 722035.3

Statement Date:

Cash Reconciliation Summary Fixed First Lien Group 2

Interest Summary

Total Trustee Fees

Available Interest

523,312.50

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

101,885.94

6,348.08

2,166,274.88

0.00
0.00
0.00

2,797,973.05

Pool Balance Summary

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

Balance/Amount

Count

101,102,390.45

101,885.94

2,172,622.96

0.00
0.00
0.00

98,827,881.55

557

0
0

548

41,857.75

Extra Principal

Trigger Event

0.00

2,274,508.90

Over Collateralization Amt

25,427,258.33

Remittance Interest

523,312.50

0.00

2,172,622.96

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(151.65

523,464.15

Total Fees

42,009.41

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.60

0.00

151.65

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 11 of 45

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-HE7

ABN AMRO Acct: 722035.3

Statement Date:

Cash Reconciliation Summary Fixed Second Lien Group 2

Interest Summary

Total Trustee Fees

Available Interest

174,228.74

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:

Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

20,103.09

6,248.54

683,220.06

0.00
0.00
0.00

883,830.93

Pool Balance Summary

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

Balance/Amount

Count

20,331,684.75

20,103.09

689,468.60

0.00
0.00
0.00

19,622,113.06

696

0
0

678

8,174.38

Extra Principal

Trigger Event

0.00

709,571.69

Over Collateralization Amt

25,427,258.33

Remittance Interest

174,228.74

0.00

689,468.60

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(30.50

174,259.24

Total Fees

8,204.88

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.60

0.00

30.50

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 12 of 45

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-HE7

ABN AMRO Acct: 722035.3

Statement Date:

Cash Reconciliation Summary 228 ARM First Lien Group 2

Interest Summary

Total Trustee Fees

Available Interest

2,312,026.34

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

300,913.15

)

(130,056.85

12,151,662.78

0.00
0.00
0.00

14,635,185.40

Pool Balance Summary

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

Balance/Amount

Count

426,657,648.85

300,913.15

12,021,605.93

0.00
0.00
0.00

414,335,129.77

2,551

0
0

2,490

168,084.83

Extra Principal

Trigger Event

0.00

12,322,519.08

Over Collateralization Amt

25,427,258.33

Remittance Interest

2,312,026.34

0.00

12,021,605.93

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(639.99

2,312,666.32

Total Fees

168,724.81

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.60

0.00

639.99

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 13 of 45

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-HE7

ABN AMRO Acct: 722035.3

Statement Date:

Cash Reconciliation Summary 327 ARM Loans First Lien Group 2

Interest Summary

Total Trustee Fees

Available Interest

179,922.79

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

26,038.50

1,188.95

1,588,849.45

0.00
0.00
0.00

1,796,052.77

Pool Balance Summary

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

Balance/Amount

Count

35,383,694.02

26,038.50

1,590,038.40

0.00
0.00
0.00

33,767,617.12

195

0
0

187

13,036.59

Extra Principal

Trigger Event

0.00

1,616,076.90

Over Collateralization Amt

25,427,258.33

Remittance Interest

179,922.79

0.00

1,590,038.40

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(53.08

179,975.87

Total Fees

13,089.66

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.60

0.00

53.08

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 14 of 45

Bear Stearns Asset Backed Securities Trust

Class

Accrued

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-HE7

ABN AMRO Acct: 722035.3

Bond Interest Reconciliation

Prior

Other

Additions

Interest

Losses

Current

Cumulative

Accrual

Risk Carry-

Fwd Amt

Interest

Payment

Amount

Interest

Certificate

Interest

Losses

Shortfall

Int. Carry-

Proceeds

Risk Carry-

Certificate

Agreement

Amt Deposited

From YM

Method Days

Basis

Remaining

Statement Date:

Distributable

Prior

Applied Realized

Remaining
Int. Carry-

forward Amt

Principal

Principal
Principal

Extra

Prepayments

Shortfalls

Net
Cap

Rate
Y/N

0.00

I-A-1

62,869.43

0.00

62,869.43

Act/360

0.00

2,185,721.94

0.00

I-A-2

107,288.91

0.00

107,288.91

Act/360

0.00

I-A-3

425,113.70

0.00

425,113.70

Act/360

0.00

5,321,561.06

0.00

II-A

1,011,569.99

0.00

1,011,569.99

Act/360

0.00

16,473,735.89

0.00

M-1

134,615.55

0.00

134,615.55

Act/360

0.00

M-2

133,203.98

0.00

133,203.98

Act/360

0.00

M-3

39,191.35

0.00

39,191.35

Act/360

0.00

M-4

40,221.88

0.00

40,221.88

Act/360

0.00

M-5

34,781.48

0.00

34,781.48

Act/360

0.00

M-6

42,444.30

0.00

42,444.30

Act/360

0.00

M-7A

40,335.57

0.00

40,335.57

Act/360

0.00

M-7B

40,335.57

0.00

40,335.57

Act/360

0.00

2,909,953.50

0.00

2,909,953.50

30/360

0.00

540,249.60

30/360

0.00

5,021,925.21

5,562,174.81

0.00

23,981,018.89

0.00

(2) Principal Prepayments include the Extra Principal Amount

Page 15 of 45

(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-HE7

ABN AMRO Acct: 722035.3

Interest Adjustments Summary

Statement Date

0.00

Special Servicing Fees

Workout Fees

Liquidation Fees

Legal Fees

0.00

Misc. Fees & Expenses Paid by/to Servicer

Interest Paid to Servicer on Outstanding Advances

0.00

ASER Interest Advance Reduction

Interest Not Advanced (Current Period)

Recoup of Prior Advances by Servicer

0.00

Servicing Fees Paid Servicer on Loans Not Advanced

Misc. Fees & Expenses Paid by Trust

0.00

Shortfall Due to Rate Modification

Total Shortfall Allocated to the Bonds

Total Interest Adjustment to the Bonds

0.00

Shortfall Allocated to the Bonds:

Excess Allocated to the Bonds:

Other Interest Proceeds Due the Bonds

Yield Maintenance Penalties Due the Bonds

Prepayment Penalties Due the Bonds

Recovered ASER Interest Due the Bonds

Recovered Interest Due the Bonds

Less Total Shortfall Allocated to the Bonds

Total Excess Allocated to the Bonds

540,249.60

540,249.60

Total Excess Allocated to the Bonds

540,249.60

0.00

Aggregate Interest Adjustment Allocated to the Bonds

0.00

540,249.60

0.00

Prepayment Interest Excess Due the Bonds

0.00

ARD Excess Interest

0.00

Net Prepayment Int. Shortfalls Allocated to the Bonds

Other Interest Loss

Page 16 of 45

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-HE7

ABN AMRO Acct: 722035.3

Rating Information

Class

CUSIP

Fitch

Moody's

S&P

Fitch

Moody's

S&P

Original Ratings

Rating Change/Change Date(1)

Statement Date:

R-1

073879FX1

073879FW3

R-3

9ABSS135

073879FV5

R-X

073879FZ6

I-A-1

073879EQ7

Aaa

AAA

I-A-2

073879ER5

Aaa

AAA

I-A-3

073879ES3

Aaa

AAA

II-A

073879ET1

Aaa

AAA

M-1

073879EU8

Aa2

AA+

M-2

073879EV6

AA-

M-3

073879EW4

A+

M-4

073879EX2

Baa1

M-5

073879EY0

Baa2

A-

M-6

073879EZ7

Baa3

BBB+

M-7A

073879FA1

Ba2

BBB-

M-7B

073879FB9

Ba2

BBB-

R-2

073879FY9

Page 17 of 45

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-HE7

ABN AMRO Acct: 722035.3

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

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

2.58%

2.47%

0.96%

0.84%

0.07%

527,637

0.06%

0.25%

0.19%

0.00%

27-Dec-04

145

22,198,235

7,581,002

1,747,460

5,394

867,270,821

96.13%

96.44%

2.14%

1.98%

0.51%

0.47%

0.03%

262,556

0.03%

0.00%

26-Nov-04

123

18,338,070

4,360,249

5,586

901,064,266

97.32%

97.52%

1.28%

1.32%

0.02%

0.00%

25-Oct-04

12,497,574

190,656

5,770

933,746,544

98.70%

98.66%

0.08%

0.00%

27-Sep-04

769,347

5,939

966,269,408

99.92%

Page 18 of 45

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-HE7

ABN AMRO Acct: 722035.3

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

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

Fixed First Lien Group 1

1.19%

0.86%

0.27%

0.16%

0.00%

0.80%

0.39%

0.00%

27-Dec-04

1,189,503

226,960

534,348

737

136,587,461

97.75%

98.59%

0.91%

0.85%

0.91%

0.42%

0.00%

26-Nov-04

1,210,836

602,643

755

140,304,632

98.18%

98.72%

1.15%

0.58%

0.00%

25-Oct-04

839,984

773

144,172,222

98.85%

99.42%

0.00%

27-Sep-04

790

146,980,122

100.00%

Page 19 of 45

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-HE7

ABN AMRO Acct: 722035.3

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

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

Fixed Second Lien Group 1

2.51%

2.86%

2.26%

2.54%

0.25%

79,774

0.40%

0.00%

27-Dec-04

573,334

507,923

379

18,859,965

94.99%

94.20%

3.69%

3.96%

0.25%

0.39%

0.00%

26-Nov-04

813,235

79,812

391

19,665,616

96.07%

95.66%

1.45%

2.86%

0.00%

25-Oct-04

597,447

407

20,310,987

98.55%

97.14%

0.00%

27-Sep-04

418

21,161,177

100.00%

Page 20 of 45

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-HE7

ABN AMRO Acct: 722035.3

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

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

228 ARM First Lien Group 1

2.66%

2.46%

2.85%

1.96%

0.00%

27-Dec-04

3,992,022

3,183,337

497

154,927,328

94.49%

95.57%

3.36%

2.91%

0.56%

0.49%

0.00%

26-Nov-04

4,811,849

815,151

514

159,741,949

96.07%

96.60%

2.20%

2.04%

0.00%

25-Oct-04

3,473,867

534

167,067,635

97.80%

97.96%

0.00%

27-Sep-04

561

175,944,104

100.00%

Page 21 of 45

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-HE7

ABN AMRO Acct: 722035.3

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

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

327 ARM Loans First Lien Group 1

0.00%

27-Dec-04

12,110,458

100.00%

0.00%

26-Nov-04

12,503,999

100.00%

0.00%

25-Oct-04

12,512,561

100.00%

0.00%

27-Sep-04

12,660,436

100.00%

Page 22 of 45

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-HE7

ABN AMRO Acct: 722035.3

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

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

Fixed First Lien Group 2

1.82%

1.98%

0.36%

0.26%

0.00%

27-Dec-04

1,960,130

260,896

536

96,606,856

97.81%

97.75%

0.54%

0.32%

0.00%

26-Nov-04

327,447

554

100,774,944

99.46%

99.68%

0.36%

0.26%

0.00%

25-Oct-04

262,777

560

101,751,904

99.64%

99.74%

0.00%

27-Sep-04

568

103,388,168

100.00%

Page 23 of 45

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-HE7

ABN AMRO Acct: 722035.3

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

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

Fixed Second Lien Group 2

2.80%

2.55%

0.88%

0.57%

0.15%

55,863

0.28%

0.00%

27-Dec-04

499,731

111,920

652

18,954,599

96.17%

96.60%

2.01%

1.72%

0.29%

0.58%

0.00%

26-Nov-04

350,571

118,759

680

19,862,355

97.70%

97.69%

0.57%

0.95%

0.00%

25-Oct-04

195,789

700

20,481,047

99.43%

99.05%

0.00%

27-Sep-04

709

20,849,684

100.00%

Page 24 of 45

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-HE7

ABN AMRO Acct: 722035.3

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

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

228 ARM First Lien Group 2

3.13%

3.14%

0.80%

0.79%

0.08%

392,000

0.09%

0.32%

0.29%

0.00%

27-Dec-04

13,027,000

3,289,966

1,213,112

2,382

396,413,052

95.66%

95.67%

2.51%

2.42%

0.63%

0.64%

0.08%

262,556

0.06%

0.00%

26-Nov-04

10,339,832

2,743,884

2,469

413,311,376

96.79%

96.87%

1.49%

1.52%

0.04%

0.00%

25-Oct-04

6,689,991

190,656

2,572

432,102,439

98.47%

98.43%

0.19%

0.17%

0.00%

27-Sep-04

769,347

2,663

449,081,686

99.81%

99.83%

Page 25 of 45

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-HE7

ABN AMRO Acct: 722035.3

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

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

327 ARM Loans First Lien Group 2

2.67%

2.83%

0.00%

27-Dec-04

956,515

182

32,811,102

97.33%

97.17%

1.03%

1.37%

0.00%

26-Nov-04

484,300

193

34,899,394

98.97%

98.63%

1.52%

1.22%

0.00%

25-Oct-04

437,718

194

35,347,749

98.48%

98.78%

0.00%

27-Sep-04

199

36,204,032

100.00%

Page 26 of 45

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-HE7

ABN AMRO Acct: 722035.3

Distribution

Date

Statement Date:

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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

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

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

382,291

1,747,460

124,000

0.00%

0.25%

0.19%

0.00%

0.00% 0.04%

0.04% 0.02%

0.01%

0.00%

0.05%

0.09%

776,547

0.00%

26-Nov-04

194,127

0.00%

0.00% 0.02%

0.02% 0.00%

0.00%

0.05%

0.08%

777,144

0.00%

25-Oct-04

0.00%

0.00% 0.00%

0.00%

0.02%

0.01%

84,632

0.00%

27-Sep-04

0.00%

0.00% 0.00%

0.00%

0.02%

0.01%

84,687

0.00%

Page 27 of 45

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-HE7

ABN AMRO Acct: 722035.3

Distribution

Date

Statement Date:

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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

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

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

534,348

0.00%

0.80%

0.39%

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%

Page 28 of 45

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-HE7

ABN AMRO Acct: 722035.3

Distribution

Date

Statement Date:

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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - Fixed Second Lien 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%

Page 29 of 45

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-HE7

ABN AMRO Acct: 722035.3

Distribution

Date

Statement Date:

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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - 228 ARM First Lien Group 1

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

382,291

0.00%

0.00% 0.38%

0.24% 0.00%

0.00%

0.38%

0.28%

450,370

0.00%

26-Nov-04

194,127

0.00%

0.00% 0.19%

0.12% 0.00%

0.00%

0.37%

0.27%

450,738

0.00%

25-Oct-04

0.00%

0.00% 0.00%

0.00%

0.18%

0.05%

84,632

0.00%

27-Sep-04

0.00%

0.00% 0.00%

0.00%

0.18%

0.05%

84,687

0.00%

Page 30 of 45

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-HE7

ABN AMRO Acct: 722035.3

Distribution

Date

Statement Date:

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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

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

Page 31 of 45

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-HE7

ABN AMRO Acct: 722035.3

Distribution

Date

Statement Date:

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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

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

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%

Page 32 of 45

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-HE7

ABN AMRO Acct: 722035.3

Distribution

Date

Statement Date:

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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

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

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%

Page 33 of 45

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-HE7

ABN AMRO Acct: 722035.3

Distribution

Date

Statement Date:

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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - 228 ARM First Lien Group 2

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

1,213,112

124,000

0.00%

0.32%

0.29%

0.00%

0.00% 0.00%

0.00% 0.04%

0.03%

0.00%

0.04%

0.08%

326,177

0.00%

26-Nov-04

0.00%

0.00% 0.00%

0.00%

0.04%

0.08%

326,406

0.00%

25-Oct-04

0.00%

0.00% 0.00%

0.00%

27-Sep-04

0.00%

0.00% 0.00%

0.00%

Page 34 of 45

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-HE7

ABN AMRO Acct: 722035.3

Distribution

Date

Statement Date:

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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - 327 ARM Loans First Lien Group 2

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%

Page 35 of 45

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-HE7

ABN AMRO Acct: 722035.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

27-Dec-04

5,611

93.53%

899,325,154

91.96%

2.26%

2.60%

0.00%

347

7.02%

6.52%

130

24,021,263

0.00

26-Nov-04

5,740

95.68%

924,025,141

94.48%

1.81%

2.29%

0.00%

348

7.03%

6.53%

106

21,632,117

0.00

25-Oct-04

5,846

97.45%

946,434,774

96.78%

1.65%

2.05%

0.00%

349

7.03%

6.53%

19,794,254

0.00

27-Sep-04

5,944

99.08%

967,038,755

98.88%

0.92%

1.04%

0.00%

351

7.04%

6.54%

10,123,345

0.00

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

Page 36 of 45

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-HE7

ABN AMRO Acct: 722035.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Fixed First Lien Group 1

27-Dec-04

754

12.57%

138,538,271

14.17%

1.95%

2.37%

0.00%

341

6.68%

6.17%

3,373,170

0.00

26-Nov-04

769

12.82%

142,118,111

14.53%

1.66%

1.89%

0.00%

342

6.68%

6.17%

2,735,444

0.00

25-Oct-04

782

13.04%

145,012,206

14.83%

1.01%

1.22%

0.00%

343

6.67%

6.17%

1,799,159

0.00

27-Sep-04

790

13.17%

146,980,122

15.03%

0.75%

0.68%

0.00%

344

6.67%

6.17%

1,000,521

0.00

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

Page 37 of 45

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-HE7

ABN AMRO Acct: 722035.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Fixed Second Lien Group 1

27-Dec-04

399

6.65%

20,020,996

2.05%

1.97%

2.51%

0.00%

311

10.62%

10.11%

515,274

0.00

26-Nov-04

407

6.78%

20,558,664

2.10%

1.45%

1.59%

0.00%

311

10.63%

10.12%

331,758

0.00

25-Oct-04

413

6.88%

20,908,434

2.14%

1.20%

1.10%

0.00%

312

10.64%

10.14%

233,668

0.00

27-Sep-04

418

6.97%

21,161,177

2.16%

0.95%

1.87%

0.00%

313

10.65%

10.14%

404,434

0.00

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

Page 38 of 45

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-HE7

ABN AMRO Acct: 722035.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

228 ARM First Lien Group 1

27-Dec-04

526

8.77%

162,102,687

16.58%

1.68%

1.91%

0.00%

353

6.79%

6.29%

3,157,812

0.00

26-Nov-04

535

8.92%

165,368,949

16.91%

2.01%

2.97%

0.00%

354

6.79%

6.29%

5,065,077

0.00

25-Oct-04

546

9.10%

170,541,503

17.44%

2.67%

3.01%

0.00%

355

6.81%

6.31%

5,291,925

0.00

27-Sep-04

561

9.35%

175,944,104

17.99%

1.06%

1.07%

0.00%

356

6.83%

6.32%

1,897,715

0.00

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

Page 39 of 45

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-HE7

ABN AMRO Acct: 722035.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

327 ARM Loans First Lien Group 1

27-Dec-04

0.48%

12,110,458

1.24%

3.33%

3.08%

0.00%

353

6.37%

5.87%

385,000

0.00

26-Nov-04

0.50%

12,503,999

1.28%

0.00%

354

6.37%

5.87%

0.00

25-Oct-04

0.50%

12,512,561

1.28%

3.23%

1.10%

0.00%

355

6.39%

5.89%

139,036

0.00

27-Sep-04

0.52%

12,660,436

1.29%

3.13%

1.25%

0.00%

356

6.40%

5.90%

159,860

0.00

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

Page 40 of 45

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-HE7

ABN AMRO Acct: 722035.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Fixed First Lien Group 2

27-Dec-04

548

9.13%

98,827,882

10.11%

1.62%

2.14%

0.00%

341

6.71%

6.21%

2,166,275

0.00

26-Nov-04

557

9.28%

101,102,390

10.34%

0.89%

0.79%

0.00%

342

6.71%

6.21%

801,518

0.00

25-Oct-04

562

9.37%

102,014,681

10.43%

1.06%

1.21%

0.00%

343

6.71%

6.20%

1,255,076

0.00

27-Sep-04

568

9.47%

103,388,168

10.57%

0.18%

0.09%

0.00%

344

6.71%

6.21%

93,949

0.00

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

Page 41 of 45

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-HE7

ABN AMRO Acct: 722035.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Fixed Second Lien Group 2

27-Dec-04

678

11.30%

19,622,113

2.01%

2.59%

3.36%

0.00%

277

10.78%

10.28%

683,220

0.00

26-Nov-04

696

11.60%

20,331,685

2.08%

1.14%

1.55%

0.00%

278

10.79%

10.29%

321,240

0.00

25-Oct-04

704

11.74%

20,676,836

2.11%

0.71%

0.69%

0.00%

278

10.79%

10.29%

144,322

0.00

27-Sep-04

709

11.82%

20,849,684

2.13%

0.42%

0.21%

0.00%

279

10.79%

10.29%

44,839

0.00

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

Page 42 of 45

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-HE7

ABN AMRO Acct: 722035.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

228 ARM First Lien Group 2

27-Dec-04

2,490

41.51%

414,335,130

42.37%

2.43%

2.85%

0.00%

353

7.00%

6.50%

12,151,663

0.00

26-Nov-04

2,551

42.52%

426,657,649

43.63%

2.34%

2.73%

0.00%

354

7.01%

6.51%

12,003,091

0.00

25-Oct-04

2,612

43.54%

438,983,087

44.89%

2.10%

2.34%

0.00%

355

7.02%

6.52%

10,542,480

0.00

27-Sep-04

2,668

44.47%

449,851,033

46.00%

1.22%

1.38%

0.00%

356

7.02%

6.52%

6,280,632

0.00

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

Page 43 of 45

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-HE7

ABN AMRO Acct: 722035.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

327 ARM Loans First Lien Group 2

27-Dec-04

187

3.12%

33,767,617

3.45%

4.10%

4.49%

0.00%

353

6.60%

6.10%

1,588,849

0.00

26-Nov-04

195

3.25%

35,383,694

3.62%

1.02%

1.05%

0.00%

354

6.61%

6.11%

373,990

0.00

25-Oct-04

197

3.28%

35,785,467

3.66%

1.01%

1.07%

0.00%

355

6.62%

6.12%

388,587

0.00

27-Sep-04

199

3.32%

36,204,032

3.70%

0.50%

0.66%

0.00%

356

6.62%

6.11%

241,395

0.00

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

Page 44 of 45

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-HE7

ABN AMRO Acct: 722035.3

Realized Loss Detail

Period

Disclosure

Control #

Appraisal

Date

Appraisal

Value

Beginning
Scheduled

Balance

Gross

Proceeds

Gross Proceeds

as a % of

Sched. Balance

Aggregate

Liquidation

Expenses *

Net

Liquidation

Proceeds

Net Proceeds

as a % of

Sched. Balance

Realized

Loss

Statement Date:

Not Avail.

Current Total
Cumulative

Page 45 of 45

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

BEAR STEARNS ASSET BACKED SECURITIES I TRUST 2004-HE7 8-K