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): October 25, 2002

Asset Backed Securities Corporation,

Home Equity Loan Trust, Series 2002-HE3

Asset Backed Pass-Through Certificates, Series 2002-HE3

ASSET BACKED SECURITIES CORPORATION

(Exact name of registrant as specified in its charter)

New York

333-86750

13-3354848

(State or Other Jurisdiction of Incorporation)

(Commission

File Number)

(I.R.S. Employer Identification No.)

11 Madison Avenue

New York, New York 10010

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code (212) 325-2000

Item 5.

Other Events.

On October 25, 2002, Asset Backed Securities Corporation (the “Company”) entered into a Pooling and Servicing Agreement dated as of October 1, 2002 (the “Agreement”) among Asset Backed Securities Corporation, as depositor, (the “Depositor”), Long Beach Mortgage Company, as servicer (the “Servicer”), Federal National Mortgage Association (“Fannie Mae”), as guarantor of the Class I-A and Class I-AIO Certificates (the “Guarantor”) and U.S. Bank National Association, as trustee (the “Trustee”), providing for the issuance of the Company’s Asset Backed Pass-Through Certificates, Series 2002-HE3 (the “Certificates”). The Pooling and Servicing Agreement is annexed hereto as Exhibit 99.1.

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

(a)

Not applicable.

(b)

Not applicable.

(c)

Exhibits:

99.1

The Pooling and Servicing Agreement dated as of October 1, 2002, by and

among the Company, the Servicer, the Guarantor and the Trustee.

SIGNATURES

Filings Made by the Registrant. The registrant has duly caused this form to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on November 20, 2002.

ASSET BACKED SECURITIES CORPORATION

By: /s/ Joseph C. Little

Name: Joseph C. Little

Title: Vice President

Exhibit Index

Exhibit

Page

99.1

The Pooling and Servicing Agreement dated as of October 1, 2002, by and among the Company, the Servicer, the Guarantor and the Trustee.

EXHIBIT 99.1

ASSET BACKED SEC CORP PASS THROUGH CERTIFICATES SER 2002-HE3 8-K