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) May 25, 2005

Lehman ABS Corporation (as Depositor under the Trust Agreement dated as of February 1, 2005, providing for the issuance of Lehman ABS Corporation Home Equity Loan Trust, Series 2005-1)
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation)

333-116432
(Commission
File Number)

13-3447441
(IRS Employer
Identification No.)

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

10019
(Zip Code)

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

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

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

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

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

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

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

Section 8 - Other Events

Item 8.01. Other Events.

This current report on Form 8-K relates to the monthly distribution reported to the holders of Lehman ABS Corporation Home Equity Loan Trust 2005-1, Home Equity Loan Asset Backed Notes, Series 2005-1, which was made on May 25, 2005.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

99.1 Monthly distribution report pursuant to section 5.03 of the Transfer and Servicing Agreement for the distribution on May 25, 2005.

(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 INDENTURE TRUSTEE UNDER THE TRANSFER AND SERVICING AGREEMENT ON BEHALF OF LEHMAN ABS CORPORATION, REGISTRANT

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

Date: May 31, 2005

Lehman ABS Corporation

Home Equity Loan Asset-Backed Notes

Series 2005-1

ABN AMRO Acct: 722413.1

Reporting Package Table of Contents

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

25-May-05
25-May-05

25-Apr-05

27-Jun-05

24-May-05

Administrator:

Stefanie Edwards 312.904.8975
stefanie.edwards@abnamro.com

Analyst:

James Macmillan 714.259.6217
james.macmillan@abnamro.com

Statement Date:

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

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

Bond Principal Reconciliation

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

Realized Loss Detail

Page 2
Page 3
Page 4
Page 5

Page 6

Page 7
Page 8

Page 9

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

LABS0051

LABS0051_200505_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

11-Mar-05
25-Mar-05

25-Sep-34

Parties to The Transaction

Depositor: Lehman ABS Corporation

Underwriter: Lehman Brothers Inc.

Master Servicer: Aurora Loan Services LLC

Rating Agency: Moody's Investors Service, Inc.

800.246.5761

LaSalle Factor Line

LaSalle Web Site

Servicer Web Site

www.alservices.com

www.etrustee.net

Page 1 of 9

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:

Current Index:
Next Index:

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

8.131979%

3.020000%
3.090000%

25-May-05
25-May-05

25-Apr-05

27-Jun-05

24-May-05

Lehman ABS Corporation

Home Equity Loan Asset-Backed Notes

Series 2005-1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

REMIC Classes

Statement Date:

ABN AMRO Acct: 722413.1

885.106514181

61.078869441

0.000000000

824.027644740

2.360284046

3.270000000%

0.00

0.000000000

3.20000000%

0.000000000

525170CG9

259,500,000.00

15,849,966.62

0.00

213,835,173.81

612,493.71

229,685,140.43

0.000000000

N/A

0.00

0.000000000

3.20000000%

0.000000000

9ABSU1290

0.00

1000.000000000

0.000000000

1000.000000000

5.016667659

6.090000000%

0.00

0.000000000

6.02000000%

0.000000000

525170CC8/U52370AA8

M-1

3,358,000.00

0.00

3,358,000.00

16,845.97

3,358,000.00

1000.000000000

0.000000000

1000.000000000

5.016665588

6.090000000%

0.00

0.000000000

6.02000000%

0.000000000

525170CD6/U52370AB6

M-2

3,089,000.00

0.00

3,089,000.00

15,496.48

3,089,000.00

889.010348945

0.000000000

830.008280596

3.135184283

0.00

842,217.36

3.135184283

N/A

0.000000000

525170CE4/525170CF1

268,634,084.59

0.00

222,968,514.66

842,217.36

238,818,481.28

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSU3247

0.00

Total P&I Payment

0.00

842,217.36

265,947,000.00

236,132,140.43

17,337,020.14

Total

220,282,173.81

15,849,966.62

0.00

1,487,053.52

Page 2 of 9

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

Lehman ABS Corporation

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

25-May-05
25-May-05

25-Apr-05

27-Jun-05

24-May-05

Home Equity Loan Asset-Backed Notes

Series 2005-1

ABN AMRO Acct: 722413.1

Statement Date:

Cash Reconciliation Summary

Current Scheduled Interest

Interest Summary

Deferred Interest (-)
Gross Delinquent Interest (-)

35,370.19

0.00

Less Other Interest Adjustment (-)

0.00

Total

1,521,515.25

Unscheduled Interest:
Prepayment Penalties (+)

0.00

Other Interest Proceeds (+)

0.00

Total

0.00

Fees & Expenses Paid By/To Servicer

Fee Paid To Servicer (-)
Fee Strips Paid by Servicer (- )
Recoup of Prior Advances (-)
Misc. Fees & Expenses (-)

Total Unscheduled Fees & Expenses

Total Interest Due Trust

Less Fees & Expenses Paid By/To Trust

Trustee Fee (-)
Fee Strips (-)
Misc. Fees (-)

Total

Total Interest Due Certs

Principal Summary

Scheduled Principal:
Scheduled Principal
Delinquent Scheduled Principal

Scheduled Principal

Unscheduled Principal:
Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Total Unscheduled Principal
Remittance Principal
Remittance P&I Due Trust
Remittance P&I Due Certs

Pool Balance Summary

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

Balance

Count

Events/Cycles

Managed Amortization Period in Effect

Overcollateralization Summary

Factual Information

0.00
0.00
0.00

0.00

1,519,592.25

0.00
0.00
0.00

32,538.73

0.00

126,351.68

)

(1,784,953.96

17,508,568.90

0.00
0.00
0.00

15,723,614.94
15,849,966.62

17,369,558.87

238,818,841.28

4,763

126,351.68

15,723,614.94

315

0.00

222,968,514.66

4,448

)

(1,923.00

1,487,053.52

Interest Not Advanced (-)

0.00

1,486,145.06

Overcollateralization Amount
Overcollateralization Deficit

Additional Balances

Overcollateralization Release Amt

Add'l Balance Cont'd Amt

Rapid Amortization Period in Effect

Rapid Amortization Event

Master Servicer Termination
Event of Servicer Termination

Specified Overcollateralization Amt

Add'l Balances

Cum Losses (% Orig Pool)
Cum Losses (% Cur Pool)
Cum Losses 12 Mo. Rolling Avg (% Orig Pool)
Six-Month Rolling Delinquency Rate
3 Largest Outstanding Principal Bal.

Insurance Premium (-)

Insurer Default

)

(32,538.73

0.00
0.00

No
No

Yes

2,686,340.85

0.00
0.00

2,686,340.85

0.00

0.11

1,349,901.37

17,337,020.14

Draw on Insurance Policy

0.00

Draws on Line of Credit

Borrower draws

3,136,886.58

Page 3 of 9

Lehman ABS Corporation

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

25-May-05
25-May-05

25-Apr-05

27-Jun-05

24-May-05

Home Equity Loan Asset-Backed Notes

Series 2005-1

ABN AMRO Acct: 722413.1

Interest Adjustments Summary

Statement Date

0.00

Special Servicing Fees

Workout Fees

Liquidation Fees

Legal Fees

0.00

Misc. Fees & Expenses Paid by/to Servicer

Interest Paid to Servicer on Outstanding Advances

0.00

ASER Interest Advance Reduction

Interest Not Advanced (Current Period)

Recoup of Prior Advances by Servicer

0.00

Servicing Fees Paid Servicer on Loans Not Advanced

Misc. Fees & Expenses Paid by Trust

0.00

Shortfall Due to Rate Modification

Total Shortfall Allocated to the Bonds

Total Interest Adjustment to the Bonds

0.00

Shortfall Allocated to the Bonds:

Excess Allocated to the Bonds:

Other Interest Proceeds Due the Bonds

Yield Maintenance Penalties Due the Bonds

Prepayment Penalties Due the Bonds

Recovered ASER Interest Due the Bonds

Recovered Interest Due the Bonds

Less Total Shortfall Allocated to the Bonds

Total Excess Allocated to the Bonds

0.00

0.00

Total Excess Allocated to the Bonds

0.00

0.00

Aggregate Interest Adjustment Allocated to the Bonds

0.00

Prepayment Interest Excess Due the Bonds

0.00

ARD Excess Interest

0.00

Net Prepayment Int. Shortfalls Allocated to the Bonds

Other Interest Loss

Interest Income

0.00

Page 4 of 9

Lehman ABS Corporation

Class

Accrued

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

25-May-05
25-May-05

25-Apr-05

27-Jun-05

24-May-05

Home Equity Loan Asset-Backed Notes

Series 2005-1

ABN AMRO Acct: 722413.1

Bond Interest Reconciliation

Prior

Other

Additions

Interest

Losses

Current

Cumulative

Accrual

Risk Carry-

forward Amt

Interest

Payment

Amount

Interest

Certificate

Interest

Losses

Proceeds

Risk Carry-

Shortfalls

Certificate

Method Days

Basis

Remaining

Statement Date:

Distributable

Applied Realized

Remaining

Int. Carry-

forward Amt

Extra

Principal

Agreement

From YM

Deposited

Amount

Prior

In Carry-

Shortfall

0.00

612,493.71

0.00

612,493.71

Act/360

0.00

842,217.36

0.00

842,217.36

Act/360

0.00

Act/360

0.00

M-1

16,845.97

0.00

16,845.97

Act/360

0.00

M-2

15,496.48

0.00

15,496.48

Act/360

0.00

842,217.36

0.00

644,836.16

1,487,053.52 1,487,053.52

0.00

Page 5 of 9

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

Lehman ABS Corporation

Payment Date:

Prior Payment:
Next Payment:

Record Date:

25-May-05
25-May-05

25-Apr-05

27-Jun-05

24-May-05

Home Equity Loan Asset-Backed Notes

Series 2005-1

ABN AMRO Acct: 722413.1

Bond Principal Reconciliation

Credit Support

Original

Current(4)

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

3.00
1.00

2.42%

2.93%

9/25/2034

213,835,173.81

0.00

229,685,140.43

259,500,000.00

126,351.68

0.00

15,723,614.94

9/25/2034

0.00

M-1

1.16%

1.40%

9/25/2034

3,358,000.00

0.00

3,358,000.00

0.00

M-2

0.00%

9/25/2034

3,089,000.00

0.00

3,089,000.00

0.00

9/25/2034

222,968,514.66

0.00

238,818,481.28

268,634,084.59

0.00

126,351.68

0.00

15,723,614.94

0.00

265,947,000.00

220,282,173.81

236,132,140.43

Page 6 of 9

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

Lehman ABS Corporation

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

25-May-05
25-May-05

25-Apr-05

27-Jun-05

24-May-05

Home Equity Loan Asset-Backed Notes

Series 2005-1

ABN AMRO Acct: 722413.1

Rating Information

Class

CUSIP

Fitch

Moody's

S&P

Fitch

Moody's

S&P

Original Ratings

Rating Change/Change Date(1)

Statement Date:

525170CG9

AAA

Aaa

AAA

9ABSU1290

M-1

525170CC8

BBB-

Ba1

M-2

525170CD6

BB+

Ba3

525170CE4

Page 7 of 9

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.

Lehman ABS Corporation

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

25-May-05
25-May-05

25-Apr-05

27-Jun-05

24-May-05

Home Equity Loan Asset-Backed Notes

Series 2005-1

ABN AMRO Acct: 722413.1

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

Distribution

Date

Statement Date:

30 - 59

60 - 89

90 - 119

120 - 149

150 - 179

180 - 269

270+

Bankruptcy

Amount

Foreclosure

Amount

REO Amount

0.93

0.05

0.12

0.05

0.00

0.03

3.00

(%) Balances

# of Loans

2,064,724.74

116,058.07

75,999.90

0.00

102,347.03

270,345.19

25-May-05

0.70

0.14

0.04

0.00

0.03

0.00

(%) Balances

# of Loans

1,676,911.16

339,492.79

71,327.67

0.00

102,347.03

25-Apr-05

0.82

0.04

0.00

(%) Balances

# of Loans

2,106,557.97

113,448.85

0.00

25-Mar-05

Page 8 of 9

Lehman ABS Corporation

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

25-May-05
25-May-05

25-Apr-05

27-Jun-05

24-May-05

Home Equity Loan Asset-Backed Notes

Series 2005-1

ABN AMRO Acct: 722413.1

Realized Loss Detail

Period

Disclosure

Control #

Appraisal

Date

Appraisal

Value

Beginning
Scheduled

Balance

Gross

Proceeds

Gross Proceeds

as a % of

Sched. Balance

Aggregate

Liquidation
Expenses *

Net

Liquidation

Proceeds

Net Proceeds

as a % of

Sched. Balance

Realized

Loss

Statement Date:

Current Total
Cumulative

Page 9 of 9

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

Lehman ABS Corp. Home Equity Loan Trust 2005-1 8-K