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, 2005

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

Delaware
(State or other jurisdiction
of incorporation)

333-125422
(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 SACO I Trust 2005-WM3 Mortgage-Backed Certificates, Series 2005-WM3, which was made on December 27, 2005.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(Exhibit No. Description)
99.1 Monthly distribution report pursuant to section 5.06 of the Pooling and Servicing Agreement for the distribution on December 27, 2005.

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: January 3, 2006

SACO I Trust

Mortgage-Backed Certificates

Series 2005-WM3

ABN AMRO Acct: 723098.4

Reporting Package Table of Contents

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

27-Dec-05
27-Dec-05

25-Nov-05

25-Jan-06

23-Dec-05

Administrator:
Brian Whiteley 312.992.1743
brian.whiteley@abnamro.com

Analyst:
William Wong 714.259.6243
william.wong@abnamro.com

Statement Date:

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

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

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 2-3
Page 4
Page 5
Page 6

Page 7

Page 8
Page 9

Page 10
Page 11

Page 12

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

SACO5WM3

SACO5WM3_200512_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

28-Oct-05
25-Nov-05

25-Sep-35

Parties to The Transaction

Issuer: Bear Stearns Asset Backed Securities I LLC

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 12

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:

10.411757%

4.193750%
4.378750%

27-Dec-05
27-Dec-05

25-Nov-05

25-Jan-06

23-Dec-05

SACO I Trust

Mortgage-Backed Certificates

Series 2005-WM3

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

350

Bond Payments

Statement Date:

ABN AMRO Acct: 723098.4

981.835603265

23.443948776

0.000000000

958.391654490

3.886977959

4.6387500000%

0.00

0.000000000

4.4537500000%

0.000000000

785778LS8

A-1

49,000,000.00

1,148,753.49

0.00

46,961,191.07

190,461.92

48,109,944.56

969.873094277

38.883406792

0.000000000

930.989687484

3.710303382

4.4887500000%

0.00

0.000000000

4.3037500000%

0.000000000

785778LT6

A-2

160,952,000.00

6,258,362.09

0.00

149,844,652.18

597,180.75

156,103,014.27

1000.000000000

0.000000000

1000.000000000

4.038888847

4.7287500000%

0.00

0.000000000

4.5437500000%

0.000000000

785778LU3

A-3

105,998,000.00

0.00

105,998,000.00

428,114.14

105,998,000.00

1000.000000000

0.000000000

1000.000000000

4.216666601

4.9287500000%

0.00

0.000000000

4.7437500000%

0.000000000

785778LV1

M-1

50,984,000.00

0.00

50,984,000.00

214,982.53

50,984,000.00

1000.000000000

0.000000000

1000.000000000

4.243333333

4.9587500000%

0.00

0.000000000

4.7737500000%

0.000000000

785778LW9

M-2

14,316,000.00

0.00

14,316,000.00

60,747.56

14,316,000.00

1000.000000000

0.000000000

1000.000000000

4.350000000

5.0787500000%

0.00

0.000000000

4.8937500000%

0.000000000

785778LX7

M-3

11,050,000.00

0.00

11,050,000.00

48,067.50

11,050,000.00

1000.000000000

0.000000000

1000.000000000

4.394444346

5.1287500000%

0.00

0.000000000

4.9437500000%

0.000000000

785778LY5

M-4

11,302,000.00

0.00

11,302,000.00

49,666.01

11,302,000.00

1000.000000000

0.000000000

1000.000000000

4.438889355

5.1787500000%

0.00

0.000000000

4.9937500000%

0.000000000

785778LZ2

M-5

9,544,000.00

0.00

9,544,000.00

42,364.76

9,544,000.00

1000.000000000

0.000000000

1000.000000000

4.838888692

5.6287500000%

0.00

0.000000000

5.4437500000%

0.000000000

785778MA6

B-1

11,302,000.00

0.00

11,302,000.00

54,689.12

11,302,000.00

1000.000000000

0.000000000

1000.000000000

5.061111490

5.8787500000%

0.00

0.000000000

5.6937500000%

0.000000000

785778MB4

B-2

8,790,000.00

0.00

8,790,000.00

44,487.17

8,790,000.00

1000.000000000

0.000000000

1000.000000000

5.594444444

6.4787500000%

0.00

0.000000000

6.2937500000%

0.000000000

785778MC2

B-3

7,785,000.00

0.00

7,785,000.00

43,552.75

7,785,000.00

1000.000000000

0.000000000

1000.000000000

7.283333466

8.3787500000%

0.00

0.000000000

8.1937500000%

0.000000000

785778MD0

B-4

25,115,000.00

0.00

25,115,000.00

182,920.92

25,115,000.00

1000.000000000

0.000000000

1000.000000000

59.157442299

0.00

0.000000000

N/A

0.000000000

785778MF5

36,166,866.87

0.00

36,166,866.87

2,139,539.34

36,166,866.87

1000.000000000

0.000000000

1000.000000000

778508.200000000

0.00

77,850.82

778508.200000000

N/A

0.000000000

785778ME8

100.00

0.00

100.00

77,850.82

100.00

0.000000000

0.00

0.000000000

N/A

0.000000000

785778MG3

R-1

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

785778MH1

R-2

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

785778MJ7

R-X

0.00

Page 2 of 12

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:

10.411757%

4.193750%
4.378750%

27-Dec-05
27-Dec-05

25-Nov-05

25-Jan-06

23-Dec-05

SACO I Trust

Mortgage-Backed Certificates

Series 2005-WM3

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

350

Bond Payments

Statement Date:

ABN AMRO Acct: 723098.4

Total P&I Payment

0.00

77,850.82

502,304,966.87

496,565,925.70

11,581,740.87

Total

489,158,810.12

7,407,115.58

0.00

4,174,625.29

Page 3 of 12

SACO I Trust

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

27-Dec-05
27-Dec-05

25-Nov-05

25-Jan-06

23-Dec-05

Mortgage-Backed Certificates

Series 2005-WM3

ABN AMRO Acct: 723098.4

Statement Date:

Cash Reconciliation Summary

Interest Summary

Available Interest

4,174,625.30

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

228,723.48

124,223.92

7,054,168.18

0.00
0.00
0.00

11,586,499.64

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

496,565,825.70

228,723.48

7,178,392.10

0.00
0.00
0.00

489,158,710.12

9,617

122

0
0

9,495

197,847.85

Overcollateralization Increase Amt

Trigger Event

0.00

7,407,115.58

Overcollateralization Amt

36,166,866.87

Less OC Increase Amount

Remittance Interest

0.00

4,174,625.30

7,178,392.10

Interest Due Trust

4,179,384.06

Total Fees

202,606.61

Reimbursement Amt

Class II-A Policy - Interest

Class II-A Policy - Principal
Other

Rolling 3-Month Delinquency

0.41

Total LPMI Fees

0.00

0.00
0.00

0.00

Less Extraordinary Trust Expense

0.00

Master Servicing Fees

0.00
0.00

Trustee Fees

4,758.76

Total Reimbursement Amt

Page 4 of 12

SACO I Trust

Class

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

27-Dec-05
27-Dec-05

25-Nov-05

25-Jan-06

23-Dec-05

Mortgage-Backed Certificates

Series 2005-WM3

ABN AMRO Acct: 723098.4

Bond Interest Reconciliation

Additions

Accrual

Method Days

Statement Date:

Accrued

Certificate

Interest

Prior

Int Carry-Fwd

Shortfall

Prior

Shortfall

Reimbursement

Other

Int ere st

Proceeds

Other

Int ere st

Losses

Current

Int Carry-Fwd

Shortfall

Remaining

Int Carry-Fwd

Shortfall

Net Cap Rate

in Effect

Y/ N

Distributable

Certificate

Int ere st

Payment

Amount

Deductions

Outstanding

Deposits from YM

Agreement

Remaining Basis Risk

Carry-Fwd Shortfall

Current Basis Risk

Carry-Fwd Shortfall

0.00

A-1

Act/360

190,461.92

0.00

190,461.92

0.00

A-2

Act/360

597,180.75

0.00

597,180.75

0.00

A-3

Act/360

428,114.14

0.00

428,114.14

0.00

M-1

Act/360

214,982.53

0.00

214,982.53

0.00

M-2

Act/360

60,747.56

0.00

60,747.56

0.00

M-3

Act/360

48,067.50

0.00

48,067.50

0.00

M-4

Act/360

49,666.01

0.00

49,666.01

0.00

M-5

Act/360

42,364.76

0.00

42,364.76

0.00

B-1

Act/360

54,689.12

0.00

54,689.12

0.00

B-2

Act/360

44,487.17

0.00

44,487.17

0.00

B-3

Act/360

43,552.75

0.00

43,552.75

0.00

B-4

Act/360

182,920.92

0.00

182,920.92

0.00

2,139,539.34

0.00

2,139,539.34

0.00

77,850.82

0.00

4,096,774.47

0.00

4,174,625.29

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 5 of 12

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

SACO I Trust

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

27-Dec-05
27-Dec-05

25-Nov-05

25-Jan-06

23-Dec-05

Mortgage-Backed Certificates

Series 2005-WM3

ABN AMRO Acct: 723098.4

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

5.00
1.00

A-1

9/25/2035

46,961,191.07

0.00

48,109,944.56

49,000,000.00

35,472.23

0.00

1,113,281.26

A-2

9/25/2035

149,844,652.18

0.00

156,103,014.27

160,952,000.00

193,251.25

0.00

6,065,110.84

A-3

9/25/2035

105,998,000.00

0.00

105,998,000.00

0.00

M-1

9/25/2035

50,984,000.00

0.00

50,984,000.00

0.00

M-2

9/25/2035

14,316,000.00

0.00

14,316,000.00

0.00

M-3

9/25/2035

11,050,000.00

0.00

11,050,000.00

0.00

M-4

9/25/2035

11,302,000.00

0.00

11,302,000.00

0.00

M-5

9/25/2035

9,544,000.00

0.00

9,544,000.00

0.00

B-1

9/25/2035

11,302,000.00

0.00

11,302,000.00

0.00

B-2

9/25/2035

8,790,000.00

0.00

8,790,000.00

0.00

B-3

9/25/2035

7,785,000.00

0.00

7,785,000.00

0.00

B-4

9/25/2035

25,115,000.00

0.00

25,115,000.00

0.00

9/25/2035

36,166,866.87

0.00

36,166,866.87

0.00

9/25/2035

100.00

0.00

100.00

0.00

228,723.48

0.00

7,178,392.10

0.00

502,304,966.87

489,158,810.12

496,565,925.70

Page 6 of 12

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

SACO I Trust

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

27-Dec-05
27-Dec-05

25-Nov-05

25-Jan-06

23-Dec-05

Mortgage-Backed Certificates

Series 2005-WM3

ABN AMRO Acct: 723098.4

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

77,850.82

77,850.82

Total Excess Allocated to the Bonds

77,850.82

0.00

Aggregate Interest Adjustment Allocated to the Bonds

0.00

77,850.82

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 7 of 12

SACO I Trust

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

27-Dec-05
27-Dec-05

25-Nov-05

25-Jan-06

23-Dec-05

Mortgage-Backed Certificates

Series 2005-WM3

ABN AMRO Acct: 723098.4

Rating Information

Class

CUSIP

Fitch

Moody's

S&P

Fitch

Moody's

S&P

Original Ratings

Rating Change/Change Date(1)

Statement Date:

A-1

785778LS8

Aaa

AAA

A-2

785778LT6

Aaa

AAA

A-3

785778LU3

Aaa

AAA

M-1

785778LV1

Aa2

M-2

785778LW9

Aa3

AA-

M-3

785778LX7

A+

M-4

785778LY5

M-5

785778LZ2

A-

B-1

785778MA6

Baa1

BBB+

B-2

785778MB4

Baa2

BBB

B-3

785778MC2

Baa3

BBB-

B-4

785778MD0

785778MF5

785778ME8

Page 8 of 12

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.

SACO I Trust

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

27-Dec-05
27-Dec-05

25-Nov-05

25-Jan-06

23-Dec-05

Mortgage-Backed Certificates

Series 2005-WM3

ABN AMRO Acct: 723098.4

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

3.77%

3.90%

0.62%

0.79%

0.00%

27-Dec-05

358

19,070,566

3,850,115

9,078

466,238,029

95.61%

95.31%

1.24%

1.34%

0.00%

25-Nov-05

119

6,642,427

9,498

489,923,399

98.76%

98.66%

Page 9 of 12

SACO I Trust

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

27-Dec-05
27-Dec-05

25-Nov-05

25-Jan-06

23-Dec-05

Mortgage-Backed Certificates

Series 2005-WM3

ABN AMRO Acct: 723098.4

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance # Balance

# Balance

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance

# Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

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

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-05

21,888

0.00%

0.01%

0.00% 0.00%

0.00%

0.03%

0.02%

73,535

0.00%

25-Nov-05

21,899

0.00%

0.01%

0.00% 0.00%

0.00%

0.03%

0.01%

73,619

0.00%

Page 10 of 12

SACO I Trust

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

27-Dec-05
27-Dec-05

25-Nov-05

25-Jan-06

23-Dec-05

Mortgage-Backed Certificates

Series 2005-WM3

ABN AMRO Acct: 723098.4

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-05

9,495

97.89%

489,158,710

97.38%

1.27%

1.42%

0.00%

350

10.41%

9.90%

122

7,054,168

0.00

25-Nov-05

9,617

99.14%

496,565,826

98.86%

0.86%

1.08%

0.00%

352

10.41%

9.90%

5,432,926

0.00

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

Page 11 of 12

SACO I Trust

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

27-Dec-05
27-Dec-05

25-Nov-05

25-Jan-06

23-Dec-05

Mortgage-Backed Certificates

Series 2005-WM3

ABN AMRO Acct: 723098.4

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 12 of 12

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

SACO I TRUST, 2005-WM3 8-K