SECURITIES AND EXCHANGE COMMISSION

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) June 6, 2005
ASSET BACKED SECURITIES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware (State or other jurisdiction of incorporation)	333-122372 (Commission File Number)		13-3354848 (IRS Employer ID Number)
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
No Change (Former name or former address, if changed since last report)

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): June 2, 2005 Asset Backed Securities Corporation, Home Equity Loan Trust, Series 2005-HE3 Asset Backed Pass-Through Certificates, Series 2005-HE3

ASSET BACKED SECURITIES CORPORATION
(Exact name of registrant as specified in its charter)
New York	333-122372	13-3354848
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
Eleven Madison Avenue New York, New York 10010
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code (212) 325-2000

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:

[ ] 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(d) 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))

~~Written~~Item ~~communications pursuant to Rule 425 under the Securities Act (17 CFR 230~~8.~~425)~~01. Other Events

[McKee ]Nelson LLP has been retained by this Registrant as counsel for its Registration Statement on Form S-3 (Commission File No. 333-122372) in connection with various transactions. Legal opinions by McKee Nelson LLP to be incorporated into the Registration Statement are attached hereto as Exhibit 5.1, Exhibit 8.1 and Exhibit 23.1.

~~Soliciting~~Item ~~material~~9.01. Financial ~~pursuant~~Statements toand ~~Rule 14a-12 under the Exchange Act (17 CFR 240~~Exhibits.~~14a-12)~~

~~[ ]~~(a)

Pre-commencement communications pursuant to Rule 14d-2(d) 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))

Item 8.01. Other Events.

On April 4, 2005, Asset Backed Securities Corporation (the “Company”) entered into a Pooling and Servicing Agreement dated as of April 1, 2005 (the “Agreement”) among Asset Backed Securities Corporation, as depositor, (the “Depositor”), DLJ Mortgage Capital, Inc., as seller (the “Seller”), Countrywide Home Loans Servicing LP, as servicer (the “Servicer”) and Wells Fargo Bank, N.A., as trustee (the “Trustee”), providing for the issuance of the Company’s Asset Backed Pass-Through Certificates, Series 2005-HE3 (the “Certificates”). The Pooling and Servicing Agreement is annexed hereto as Exhibit 99.1.

Item 9.01.

Financial Statements, Pro Forma Financial Information and Exhibits.

(q)

Not applicable.

(rb)

Not applicable.

(sc)

Exhibits:

995.1 ~~Pooling and Servicing Agreement~~

Opinion of McKee Nelson LLP as to legality (including consent of such firm).

8.1

Opinion of McKee Nelson LLP as to certain tax matters (including consent of such firm included in Exhibit 5.1).

23.1

Consent of McKee Nelson LLP (included in Exhibit 5.1).

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 ~~thereunto~~hereunto duly authorized.

ASSET BACKED SECURITIES CORPORATION

By: _/s/ Gregory P. Richter______________

/s/ Gregory P. Richter

Name:

Gregory P. Richter

Title:

Vice President

Dated: ~~April~~ 4June 6, 2005

EXHIBIT ~~99.1~~INDEX

Exhibit No.

Description

Page No.

5.1

Opinion of McKee Nelson LLP as to legality (including consent of such firm).

8.1

Opinion of McKee Nelson LLP as to certain tax matters (including consent of such firm included in Exhibit 5.1).

23.1

Consent of McKee Nelson LLP (included in Exhibit 5.1).

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