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-FR2, Asset-Backed Certificates, Series 2004-FR2, 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 I LLC

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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:

Rita Lopez 312.904.0351
rita.lopez@abnamro.com

Analyst:

Julie Kang 714.259.6208
julie.kang@abnamro.com

Statement Date:

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

Statements to Certificateholders
Cash Reconciliation Summary
Shortfall Summary Report
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 6-14
Page 15
Page 16

Page 17

Page 18
Page 19-27

Page 28-36
Page 37-45

Page 46

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

BS004FR2

BS004FR2_200412_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

31-Aug-04
27-Sep-04

25-Jan-29

Parties to The Transaction

Issuer: Bear Stearns & Co. Inc.

Depositor: Bear Stearns Asset Backed Securities, Inc.

Underwriter: Bear Stearns Asset Backed Securities, 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 46

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:
Current Index:
Next Index:

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

6.869736%

2.180000%
2.417500%

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Bear Stearns Asset Backed Securities I LLC

Asset-Backed Certificates

Series 2004-FR2

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

345

REMIC II

Statement Date:

ABN AMRO Acct: 722034.3

893.262924274

47.873137095

0.000000000

845.389787179

1.838384750

2.627500000%

0.00

0.000000000

2.39000000%

0.000000000

073879FC7

I-A-1

96,889,000.00

86,547,351.47

4,638,380.38

0.00

81,908,971.09

178,119.26

1000.000000000

0.000000000

1000.000000000

2.325000154

2.937500000%

0.00

0.000000000

2.70000000%

0.000000000

073879FD5

I-A-2

32,363,000.00

0.00

32,363,000.00

75,243.98

915.427236604

31.507102907

0.000000000

883.920133697

1.923414333

2.677500000%

0.00

0.000000000

2.44000000%

0.000000000

073879FE3

II-A

243,910,000.00

223,281,857.28

7,684,897.47

0.00

215,596,959.81

469,139.99

1000.000000000

0.000000000

1000.000000000

2.436944444

3.067500000%

0.00

0.000000000

2.83000000%

0.000000000

073879FF0

M-1

30,276,000.00

0.00

30,276,000.00

73,780.93

1000.000000000

0.000000000

1000.000000000

2.462778184

3.097500000%

0.00

0.000000000

2.86000000%

0.000000000

073879FG8

M-2

8,214,000.00

0.00

8,214,000.00

20,229.26

1000.000000000

0.000000000

1000.000000000

2.910555758

3.617500000%

0.00

0.000000000

3.38000000%

0.000000000

073879FH6

M-3

16,428,000.00

0.00

16,428,000.00

47,814.61

1000.000000000

0.000000000

1000.000000000

3.082778014

3.817500000%

0.00

0.000000000

3.58000000%

0.000000000

073879FJ2

M-4

7,041,000.00

0.00

7,041,000.00

21,705.84

1000.000000000

0.000000000

1000.000000000

3.384167377

4.167500000%

0.00

0.000000000

3.93000000%

0.000000000

073879FK9

M-5

5,867,000.00

0.00

5,867,000.00

19,854.91

1000.000000000

0.000000000

1000.000000000

3.513333901

4.317500000%

0.00

0.000000000

4.08000000%

0.000000000

073879FL7

M-6

5,867,000.00

0.00

5,867,000.00

20,612.73

1000.000000000

0.000000000

1000.000000000

5.020276949

6.067500000%

0.00

0.000000000

5.83000000%

0.000000000

073879FM5

M-7

4,694,000.00

0.00

4,694,000.00

23,565.18

1000.000000000

0.000000000

1000.000000000

5.321665957

6.417500000%

0.00

78.87

0.016802301

6.16048656%

0.000000000

073879FN3

M-8A

4,694,000.00

0.00

4,694,000.00

24,979.90

1000.000000000

0.000000000

1000.000000000

5.321665957

6.417500000%

0.00

78.87

0.016802301

6.16048656%

0.000000000

073879FP8

M-8B

4,694,000.00

0.00

4,694,000.00

24,979.90

1000.000000000

0.000000000

1000.000000000

155.585692018

0.00

1,314,547.68

155.585692018

N/A

0.000000000

073879FQ6

8,449,026.79

0.00

8,449,026.79

1,314,547.68

1000.000000000

0.000000000

1000.000000000

2507997.700000000

0.00

250,799.77

2507997.700000000

N/A

0.000000000

073879FR4

100.00

0.00

100.00

250,799.77

0.000000000

0.00

0.000000000

N/A

0.000000000

073879FT0

R-II

0.00

Page 2 of 46

Notes: (1) N denotes notional balance not included in total (2) Accrued Interest Plus/Minus Interest Adjustment Minus Deferred Interest equals Interest Payment (3) Estimated. * Denotes Controlling Class

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:
Current Index:
Next Index:

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

6.869736%

2.180000%
2.417500%

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Bear Stearns Asset Backed Securities I LLC

Asset-Backed Certificates

Series 2004-FR2

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

345

REMIC II

Statement Date:

ABN AMRO Acct: 722034.3

Total P&I Payment

0.00

1,565,505.19

469,386,126.79

438,416,335.54

14,888,651.79

Total

426,093,057.69

12,323,277.85

0.00

2,565,373.94

Page 3 of 46

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:
Current Index:
Next Index:

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

6.869736%

2.180000%
2.417500%

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Bear Stearns Asset Backed Securities I LLC

Asset-Backed Certificates

Series 2004-FR2

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

345

REMIC III

Statement Date:

ABN AMRO Acct: 722034.3

1000.000000000

0.000000000

1000.000000000

155.585692018

0.00

1,314,547.68

155.585692018

N/A

0.000000000

073879FQ6

8,449,026.79

0.00

8,449,026.79

1,314,547.68

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSR858

R-III

0.00

Total P&I Payment

0.00

1,314,547.68

0.00

1,314,547.68

Total

0.00

1,314,547.68

Page 4 of 46

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:
Current Index:
Next Index:

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

6.869736%

2.180000%
2.417500%

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Bear Stearns Asset Backed Securities I LLC

Asset-Backed Certificates

Series 2004-FR2

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

345

REMIC IV

Statement Date:

ABN AMRO Acct: 722034.3

1000.000000000

0.000000000

1000.000000000

2507997.700000000

0.00

250,799.77

2507997.700000000

N/A

0.000000000

073879FR4

100.00

0.00

100.00

250,799.77

0.000000000

0.00

0.000000000

N/A

0.000000000

073879FU7

R-X

0.00

Total P&I Payment

0.00

250,799.77

100.00

250,799.77

Total

100.00

0.00

250,799.77

Page 5 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

Statement Date:

Cash Reconciliation Summary

Interest Summary

Total Trustee Fees

Available Interest

2,576,538.02

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

336,823.56

92,535.61

11,893,918.68

0.00
0.00
0.00

14,901,240.72

Pool Balance Summary

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

Balance/Amount

Count

438,416,235.54

336,823.56

11,986,454.29

0.00
0.00
0.00

426,092,957.69

2,593

0
0

2,526

181,518.07

Extra Principal

Trigger Event

0.00

12,323,277.85

Over Collateralization Amt

8,449,026.79

Less Extra Principal

Remittance Interest

0.00

2,576,538.02

0.00

11,986,454.29

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(1,424.85

2,577,962.87

Total Fees

182,942.92

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.37

0.00

1,424.85

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 6 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

Statement Date:

Cash Reconciliation Summary Group I Loans - Fixed 1st Lien

Interest Summary

Total Trustee Fees

Available Interest

238,713.40

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:

Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

47,115.77

78,403.74

1,399,769.64

0.00
0.00
0.00

1,764,156.80

Pool Balance Summary

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

Balance/Amount

Count

47,462,242.43

47,115.77

1,478,173.38

0.00
0.00
0.00

45,936,953.28

185

0
0

180

19,775.77

Extra Principal

Trigger Event

0.00

1,525,289.15

Over Collateralization Amt

8,449,026.79

Remittance Interest

238,713.40

0.00

1,478,173.38

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(154.25

238,867.65

Total Fees

19,930.02

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.37

0.00

154.25

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 7 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

Statement Date:

Cash Reconciliation Summary Group I Loans - Fixed 2nd Lien

Interest Summary

Total Trustee Fees

Available Interest

84,666.93

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

16,568.27

463.82

569,802.26

0.00
0.00
0.00

671,534.17

Pool Balance Summary

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

Balance/Amount

Count

10,119,093.30

16,568.27

570,266.08

0.00
0.00
0.00

9,532,258.95

260

0
0

250

4,216.15

Extra Principal

Trigger Event

0.00

586,834.35

Over Collateralization Amt

8,449,026.79

Remittance Interest

84,666.93

0.00

570,266.08

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(32.89

84,699.82

Total Fees

4,249.04

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.37

0.00

32.89

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 8 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

Statement Date:

Cash Reconciliation Summary Group I Loans - ARM-228

Interest Summary

Total Trustee Fees

Available Interest

412,966.55

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

35,004.83

1,951.90

2,485,352.64

0.00
0.00
0.00

2,935,555.93

Pool Balance Summary

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

Balance/Amount

Count

86,159,039.70

35,004.83

2,487,304.54

0.00
0.00
0.00

83,636,730.33

268

0
0

260

34,744.93

Extra Principal

Trigger Event

0.00

2,522,309.37

Over Collateralization Amt

8,449,026.79

Remittance Interest

412,966.55

0.00

2,487,304.54

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(280.02

413,246.56

Total Fees

35,024.95

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.37

0.00

280.02

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 9 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

Statement Date:

Cash Reconciliation Summary Group I Loans - ARM-327

Interest Summary

Total Trustee Fees

Available Interest

39,725.53

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

3,726.68

220.83

0.00
0.00
0.00
0.00

43,700.67

Pool Balance Summary

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

Balance/Amount

Count

8,499,298.72

3,726.68

220.83

0.00
0.00
0.00

8,495,351.21

0
0

3,541.37

Extra Principal

Trigger Event

0.00

3,947.51

Over Collateralization Amt

8,449,026.79

Remittance Interest

39,725.53

0.00

220.83

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(27.62

39,753.16

Total Fees

3,569.00

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.37

0.00

27.62

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 10 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

Statement Date:

Cash Reconciliation Summary Group II Loans - Fixed 1st Lien

Interest Summary

Total Trustee Fees

Available Interest

306,066.43

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

60,110.37

2,167.93

1,317,717.35

0.00
0.00
0.00

1,686,257.60

Pool Balance Summary

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

Balance/Amount

Count

60,160,380.41

60,110.37

1,319,885.28

0.00
0.00
0.00

58,780,384.76

306

0
0

300

25,066.43

Extra Principal

Trigger Event

0.00

1,379,995.65

Over Collateralization Amt

8,449,026.79

Remittance Interest

306,066.43

0.00

1,319,885.28

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(195.52

306,261.95

Total Fees

25,261.95

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.37

0.00

195.52

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 11 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

Statement Date:

Cash Reconciliation Summary Group II Loans - Fixed 2nd Lien

Interest Summary

Total Trustee Fees

Available Interest

97,340.49

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

20,581.50

1,697.26

347,276.50

0.00
0.00
0.00

466,932.92

Pool Balance Summary

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

Balance/Amount

Count

11,435,904.06

20,581.50

348,973.76

0.00
0.00
0.00

11,066,348.80

407

0
0

398

4,764.96

Extra Principal

Trigger Event

0.00

369,555.26

Over Collateralization Amt

8,449,026.79

Remittance Interest

97,340.49

0.00

348,973.76

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(37.17

97,377.66

Total Fees

4,802.13

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.37

0.00

37.17

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 12 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

Statement Date:

Cash Reconciliation Summary Group II Loans - ARM 228

Interest Summary

Total Trustee Fees

Available Interest

1,065,490.96

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

142,474.52

7,079.40

5,550,048.62

0.00
0.00
0.00

6,765,736.71

Pool Balance Summary

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

Balance/Amount

Count

197,909,675.79

142,474.52

5,557,128.02

0.00
0.00
0.00

192,210,073.25

1,055

0
0

1,027

82,462.36

Extra Principal

Trigger Event

0.00

5,699,602.54

Over Collateralization Amt

8,449,026.79

Remittance Interest

1,065,490.96

0.00

5,557,128.02

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(643.21

1,066,134.17

Total Fees

83,105.57

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.37

0.00

643.21

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 13 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

Statement Date:

Cash Reconciliation Summary Group II Loans - ARM 327

Interest Summary

Total Trustee Fees

Available Interest

80,767.96

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

11,241.62

550.73

223,951.67

0.00
0.00
0.00

316,566.16

Pool Balance Summary

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

Balance/Amount

Count

16,670,601.13

11,241.62

224,502.40

0.00
0.00
0.00

16,434,857.11

0
0

6,946.08

Extra Principal

Trigger Event

0.00

235,744.02

Over Collateralization Amt

8,449,026.79

Remittance Interest

80,767.96

0.00

224,502.40

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(54.18

80,822.14

Total Fees

7,000.26

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.37

0.00

54.18

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 14 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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

250,799.77

250,799.77

Total Excess Allocated to the Bonds

250,799.77

0.00

Aggregate Interest Adjustment Allocated to the Bonds

0.00

250,799.77

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 15 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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

1,314,547.68

30/360

0.00

1,314,547.68

0.00

I-A-1

178,119.26

Act/360

0.00

178,119.26

0.00

I-A-2

75,243.98

Act/360

0.00

75,243.98

0.00

II-A

469,139.99

Act/360

0.00

469,139.99

0.00

M-1

73,780.93

Act/360

0.00

73,780.93

0.00

M-2

20,229.26

Act/360

0.00

20,229.26

0.00

M-3

47,814.61

Act/360

0.00

47,814.61

0.00

M-4

21,705.84

Act/360

0.00

21,705.84

0.00

M-5

19,854.91

Act/360

0.00

19,854.91

0.00

M-6

20,612.73

Act/360

0.00

20,612.73

0.00

M-7

23,565.18

Act/360

0.00

23,565.18

0.00

M-8A

24,901.03

24,979.90

Act/360

0.00

24,901.03

0.00

M-8B

24,901.03

24,979.90

Act/360

0.00

24,901.03

0.00

250,799.77

30/360

0.00

1,314,547.68

0.00

999,868.75

2,565,216.20

2,565,373.94

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 46

(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 I LLC

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-FR2

ABN AMRO Acct: 722034.3

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

6/26/2034

8,449,026.79

0.00

8,449,026.79

0.00

6/26/2034

100.00

0.00

100.00

0.00

I-A-1

19.04%

21.02%

1/25/2029

81,908,971.09

0.00

86,547,351.47

96,889,000.00

102,415.55

0.00

4,535,964.83

I-A-2

19.04%

21.02%

6/26/2034

32,363,000.00

0.00

32,363,000.00

0.00

II-A

19.04%

21.02%

6/26/2034

215,596,959.81

0.00

223,281,857.28

243,910,000.00

234,408.01

0.00

7,450,489.46

M-1

12.47%

13.77%

6/26/2034

30,276,000.00

0.00

30,276,000.00

0.00

M-2

10.69%

11.80%

6/26/2034

8,214,000.00

0.00

8,214,000.00

0.00

M-3

7.13%

7.87%

6/26/2034

16,428,000.00

0.00

16,428,000.00

0.00

M-4

5.60%

6.18%

6/26/2034

7,041,000.00

0.00

7,041,000.00

0.00

M-5

4.33%

4.78%

6/26/2034

5,867,000.00

0.00

5,867,000.00

0.00

M-6

3.06%

3.37%

6/26/2034

5,867,000.00

0.00

5,867,000.00

0.00

M-7

2.04%

2.25%

6/26/2034

4,694,000.00

0.00

4,694,000.00

0.00

M-8A

1.02%

1.12%

12/26/2030

4,694,000.00

0.00

4,694,000.00

0.00

M-8B

0.00%

6/26/2034

4,694,000.00

0.00

4,694,000.00

0.00

438,416,335.54

0.00

6/26/2034

0.00

336,823.56

0.00

11,986,454.29

0.00

460,937,100.00

417,644,030.90

Page 17 of 46

(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 I LLC

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-FR2

ABN AMRO Acct: 722034.3

Rating Information

Class

CUSIP

Fitch

Moody's

S&P

Fitch

Moody's

S&P

Original Ratings

Rating Change/Change Date(1)

Statement Date:

R-I

073879FS2

R-II

073879FT0

073879FQ6

R-III

9ABSR858

073879FR4

R-X

073879FU7

I-A-1

073879FC7

Aaa

AAA

I-A-2

073879FD5

Aaa

AAA

II-A

073879FE3

Aaa

AAA

M-1

073879FF0

Aa2

AA+

M-2

073879FG8

Aa3

M-3

073879FH6

AA-

M-4

073879FJ2

A+

M-5

073879FK9

Baa1

M-6

073879FL7

Baa2

BBB+

M-7

073879FM5

Baa3

BBB

M-8A

073879FN3

Ba2

BB+

M-8B

073879FP8

Ba2

BB+

Cert-Insurance

Page 18 of 46

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 I LLC

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-FR2

ABN AMRO Acct: 722034.3

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

3.01%

3.55%

0.67%

0.65%

0.20%

818,669

0.19%

0.00%

27-Dec-04

15,118,327

2,758,263

2,428

407,397,699

96.12%

95.61%

1.66%

1.57%

0.23%

0.04%

82,132

0.02%

0.00%

26-Nov-04

6,871,207

1,025,261

2,543

430,437,636

98.07%

98.18%

0.56%

0.73%

0.04%

0.02%

0.00%

25-Oct-04

3,309,170

82,177

2,653

450,286,469

99.40%

99.25%

0.22%

0.32%

0.00%

27-Sep-04

1,505,320

2,717

462,663,800

99.78%

99.68%

Page 19 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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

Group I Loans - Fixed 1st Lien

3.33%

3.78%

0.56%

0.73%

0.00%

27-Dec-04

1,736,150

337,590

173

43,863,213

96.11%

95.49%

0.00%

26-Nov-04

185

47,462,242

100.00%

0.00%

25-Oct-04

187

48,405,325

100.00%

0.00%

27-Sep-04

187

48,466,224

100.00%

Page 20 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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

Group I Loans - Fixed 2nd Lien

2.80%

1.47%

0.80%

1.68%

0.00%

27-Dec-04

139,840

160,185

241

9,232,235

96.40%

96.85%

1.54%

1.36%

0.38%

0.09%

0.38%

82,132

0.81%

0.00%

26-Nov-04

137,604

9,493

254

9,889,865

97.69%

97.73%

0.37%

0.09%

0.37%

0.79%

0.00%

25-Oct-04

9,537

82,177

265

10,286,841

99.25%

99.12%

0.00%

27-Sep-04

272

10,698,284

100.00%

Page 21 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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

Group I Loans - ARM-228

4.23%

4.51%

0.00%

27-Dec-04

3,774,136

249

79,862,594

95.77%

95.49%

2.24%

2.82%

0.37%

0.50%

0.00%

26-Nov-04

2,433,968

433,216

261

83,291,856

97.39%

96.67%

0.72%

0.97%

0.00%

25-Oct-04

871,302

277

89,245,939

99.28%

99.03%

0.70%

0.97%

0.00%

27-Sep-04

896,202

283

91,441,199

99.30%

99.03%

Page 22 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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

Group I Loans - ARM-327

10.00%

9.58%

0.00%

27-Dec-04

813,597

7,681,754

90.00%

90.42%

3.33%

2.50%

0.00%

26-Nov-04

212,500

8,286,799

96.67%

97.50%

0.00%

25-Oct-04

9,417,680

100.00%

0.00%

27-Sep-04

9,423,937

100.00%

Page 23 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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

Group II Loans - Fixed 1st Lien

1.67%

1.61%

1.00%

1.01%

0.00%

27-Dec-04

943,764

592,398

292

57,244,223

97.33%

97.39%

1.31%

0.89%

0.00%

26-Nov-04

537,760

302

59,622,620

98.69%

99.11%

0.00%

25-Oct-04

313

61,358,498

100.00%

0.00%

27-Sep-04

319

62,575,933

100.00%

Page 24 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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

Group II Loans - Fixed 2nd Lien

1.26%

0.74%

1.26%

1.34%

0.25%

7,265

0.07%

0.00%

27-Dec-04

81,710

148,398

387

10,828,976

97.24%

97.86%

1.72%

1.01%

0.25%

0.47%

0.00%

26-Nov-04

115,892

53,610

399

11,266,402

98.03%

98.52%

0.24%

0.46%

0.00%

25-Oct-04

53,669

418

11,737,706

99.76%

99.54%

0.00%

27-Sep-04

423

11,948,571

100.00%

Page 25 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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

Group II Loans - ARM 228

3.51%

3.68%

0.58%

0.79%

0.39%

811,404

0.42%

0.00%

27-Dec-04

7,066,282

1,519,692

981

182,812,695

95.52%

95.11%

1.99%

1.73%

0.28%

0.27%

0.00%

26-Nov-04

3,433,483

528,942

1,031

193,947,251

97.73%

98.00%

0.92%

0.98%

0.00%

25-Oct-04

2,015,864

1,077

202,861,924

99.08%

99.02%

0.36%

0.29%

0.00%

27-Sep-04

609,118

1,114

210,386,243

99.64%

99.71%

Page 26 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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

Group II Loans - ARM 327

3.70%

3.42%

0.00%

27-Dec-04

562,849

15,872,008

96.30%

96.58%

0.00%

26-Nov-04

16,670,601

100.00%

1.18%

2.07%

0.00%

25-Oct-04

358,799

16,972,556

98.82%

97.93%

0.00%

27-Sep-04

17,723,411

100.00%

Page 27 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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

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 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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 - Group I Loans - Fixed 1st Lien

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 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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 - Group I Loans - Fixed 2nd Lien

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 30 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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 - Group I Loans - ARM-228

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 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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 - Group I Loans - ARM-327

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 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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 - Group II Loans - Fixed 1st Lien

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 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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 - Group II Loans - Fixed 2nd Lien

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 34 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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 - Group II Loans - ARM 228

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 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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 - Group II Loans - ARM 327

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 36 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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

2,526

92.02%

426,092,958

90.78%

2.58%

2.71%

0.00%

345

6.87%

6.37%

11,893,919

0.00

26-Nov-04

2,593

94.46%

438,416,236

93.40%

2.85%

3.28%

0.00%

346

6.87%

6.37%

14,893,081

0.00

25-Oct-04

2,669

97.23%

453,677,817

96.65%

1.98%

2.17%

0.00%

347

6.88%

6.37%

10,094,622

0.00

27-Sep-04

2,723

99.20%

464,169,120

98.89%

0.80%

1.03%

0.00%

348

6.88%

6.37%

4,858,020

0.00

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

Page 37 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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

Group I Loans - Fixed 1st Lien

27-Dec-04

180

6.56%

45,936,953

9.79%

2.70%

2.95%

0.00%

347

6.54%

6.04%

1,399,770

0.00

26-Nov-04

185

6.74%

47,462,242

10.11%

1.07%

1.83%

0.00%

348

6.54%

6.03%

887,820

0.00

25-Oct-04

187

6.81%

48,405,325

10.31%

0.00%

348

6.54%

6.03%

0.00

27-Sep-04

187

6.81%

48,466,224

10.33%

0.00%

349

6.54%

6.03%

0.00

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

Page 38 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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

Group I Loans - Fixed 2nd Lien

27-Dec-04

250

9.11%

9,532,259

2.03%

3.85%

5.63%

0.00%

233

10.54%

10.04%

569,802

0.00

26-Nov-04

260

9.47%

10,119,093

2.16%

2.62%

2.33%

0.00%

235

10.53%

10.02%

241,389

0.00

25-Oct-04

267

9.73%

10,378,555

2.21%

1.84%

2.81%

0.00%

235

10.53%

10.02%

300,624

0.00

27-Sep-04

272

9.91%

10,698,284

2.28%

0.73%

0.81%

0.00%

236

10.52%

10.02%

87,022

0.00

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

Page 39 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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

Group I Loans - ARM-228

27-Dec-04

260

9.47%

83,636,730

17.82%

2.99%

2.88%

0.00%

353

6.26%

5.75%

2,485,353

0.00

26-Nov-04

268

9.76%

86,159,040

18.36%

3.94%

4.35%

0.00%

354

6.24%

5.74%

3,920,703

0.00

25-Oct-04

279

10.16%

90,117,241

19.20%

2.11%

2.36%

0.00%

355

6.26%

5.75%

2,175,687

0.00

27-Sep-04

285

10.38%

92,337,401

19.67%

1.72%

1.55%

0.00%

356

6.27%

5.76%

1,458,364

0.00

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

Page 40 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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

Group I Loans - ARM-327

27-Dec-04

1.09%

8,495,351

1.81%

0.00%

353

6.11%

5.61%

0.00

26-Nov-04

1.09%

8,499,299

1.81%

6.25%

9.71%

0.00%

354

6.16%

5.65%

914,269

0.00

25-Oct-04

1.17%

9,417,680

2.01%

0.00%

355

6.16%

5.65%

0.00

27-Sep-04

1.17%

9,423,937

2.01%

0.00%

356

6.16%

5.65%

0.00

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

Page 41 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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

Group II Loans - Fixed 1st Lien

27-Dec-04

300

10.93%

58,780,385

12.52%

1.96%

2.19%

0.00%

345

6.61%

6.11%

1,317,717

0.00

26-Nov-04

306

11.15%

60,160,380

12.82%

2.24%

1.85%

0.00%

346

6.61%

6.11%

1,132,680

0.00

25-Oct-04

313

11.40%

61,358,498

13.07%

1.88%

1.83%

0.00%

347

6.62%

6.12%

1,144,834

0.00

27-Sep-04

319

11.62%

62,575,933

13.33%

0.00%

349

6.62%

6.12%

0.00

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

Page 42 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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

Group II Loans - Fixed 2nd Lien

27-Dec-04

398

14.50%

11,066,349

2.36%

2.21%

3.04%

0.00%

218

10.72%

10.21%

347,277

0.00

26-Nov-04

407

14.83%

11,435,904

2.44%

2.86%

2.81%

0.00%

219

10.71%

10.21%

331,897

0.00

25-Oct-04

419

15.26%

11,791,375

2.51%

0.95%

1.12%

0.00%

219

10.71%

10.20%

133,853

0.00

27-Sep-04

423

15.41%

11,948,571

2.55%

0.47%

0.34%

0.00%

220

10.71%

10.21%

40,765

0.00

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

Page 43 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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

Group II Loans - ARM 228

27-Dec-04

1,027

37.41%

192,210,073

40.95%

2.65%

2.80%

0.00%

353

6.96%

6.46%

5,550,049

0.00

26-Nov-04

1,055

38.43%

197,909,676

42.16%

2.94%

3.33%

0.00%

354

6.97%

6.47%

6,816,059

0.00

25-Oct-04

1,087

39.60%

204,877,788

43.65%

2.77%

2.82%

0.00%

355

6.97%

6.47%

5,959,889

0.00

27-Sep-04

1,118

40.73%

210,995,361

44.95%

1.15%

1.53%

0.00%

356

6.97%

6.47%

3,271,870

0.00

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

Page 44 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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

Group II Loans - ARM 327

27-Dec-04

2.95%

16,434,857

3.50%

1.22%

1.34%

0.00%

353

6.32%

5.81%

223,952

0.00

26-Nov-04

2.99%

16,670,601

3.55%

3.53%

3.74%

0.00%

354

6.33%

5.82%

648,263

0.00

25-Oct-04

3.10%

17,331,355

3.69%

2.30%

2.14%

0.00%

355

6.34%

5.84%

379,735

0.00

27-Sep-04

3.17%

17,723,411

3.78%

0.00%

356

6.34%

5.84%

0.00

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

Page 45 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR2

ABN AMRO Acct: 722034.3

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

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* 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-FR2 8-K