C-BASS
MORTGAGE LOAN ASSET-BACKED CERTIFICATES
SERIES 2004-CB1

DISTRIBUTION STATEMENT

Distribution Date:

September 27, 2004

	Original	Beginning			Class Interest		Remaining	Allocable	Ending
	Certificate	Certificate	Principal	Interest	Carryover	Total	Int. Carryover	Loss	Certificate
Class	Face Value	Balance	Distribution	Distribution	Shortfall	Distribution	Amount	Amount	Balance
AF-1	$104,456,000.00	$88,015,391.88	$2,834,522.31	$294,851.56	$0.00	$3,129,373.87	$0.00	$0.00	$85,180,869.57
AV-1	$80,000,000.00	$64,309,290.42	$2,689,427.83	$113,479.10	$0.00	$2,802,906.93	$0.00	$0.00	$61,619,862.59
AV-2	$132,186,000.00	$100,965,999.01	$5,351,188.17	$166,131.14	$0.00	$5,517,319.31	$0.00	$0.00	$95,614,810.84
AV-3	$26,991,000.00	$26,991,000.00	$0.00	$50,596.88	$0.00	$50,596.88	$0.00	$0.00	$26,991,000.00
M-1	$24,394,000.00	$24,394,000.00	$0.00	$49,529.98	$0.00	$49,529.98	$0.00	$0.00	$24,394,000.00
M-2	$21,212,000.00	$21,212,000.00	$0.00	$54,346.91	$0.00	$54,346.91	$0.00	$0.00	$21,212,000.00
M-3	$6,364,000.00	$6,364,000.00	$0.00	$17,588.51	$0.00	$17,588.51	$0.00	$0.00	$6,364,000.00
B-1	$5,303,000.00	$5,303,000.00	$0.00	$16,114.49	$0.00	$16,114.49	$0.00	$0.00	$5,303,000.00
B-2	$5,303,000.00	$5,303,000.00	$0.00	$16,600.60	$0.00	$16,600.60	$0.00	$0.00	$5,303,000.00
B-3	$5,303,000.00	$5,303,000.00	$0.00	$22,190.85	$0.00	$22,190.85	$0.00	$0.00	$5,303,000.00
B-4	$8,485,000.00	$8,485,000.00	$0.00	$43,673.00	$0.00	$43,673.00	$0.00	$0.00	$8,485,000.00
N*	$25,837,220.00	$13,977,118.99	$1,427,621.38	$40,766.60	$0.00	$1,468,387.98	$0.00	N/A	$12,549,497.61
X*	N/A	$4,239,324.45	$0.00	$0.00	$0.00	$0.00	$0.00	N/A	$4,239,324.45
Total	$419,997,000.00	$356,645,681.31	$12,302,759.69	$885,869.62	$0.00	$13,188,629.31	$0.00	$0.00	$345,770,543.00
	* Notional Balance

AMOUNTS PER $1,000 UNIT

				Class Interest		Remaining	Allocable	Ending	Current
		Principal	Interest	Carryover	Total	Int Carryover	Loss	Certificate	Pass Through
Class	Cusip	Distribution	Distribution	Amount	Distribution	Amount	Amount	Balance	Interest Rate
AF-1	04542BFH0	$27.13604111	$2.82273455	NA	$29.95877566	$0.00000000	$0.00000000	$815.47129480	4.02000%
AV-1	04542BFJ6	$33.61784788	$1.41848875	NA	$35.03633663	$0.00000000	$0.00000000	$770.24828238	1.92500%
AV-2	04542BFK3	$40.48226113	$1.25679830	NA	$41.73905943	$0.00000000	$0.00000000	$723.33538226	1.79500%
AV-3	04542BFL1	$0.00000000	$1.87458338	NA	$1.87458338	$0.00000000	$0.00000000	$1,000.00000000	2.04500%
M-1	04542BFM9	$0.00000000	$2.03041650	NA	$2.03041650	$0.00000000	$0.00000000	$1,000.00000000	2.21500%
M-2	04542BFN7	$0.00000000	$2.56208325	NA	$2.56208325	$0.00000000	$0.00000000	$1,000.00000000	2.79500%
M-3	04542BFP2	$0.00000000	$2.76375079	NA	$2.76375079	$0.00000000	$0.00000000	$1,000.00000000	3.01500%
B-1	04542BFQ0	$0.00000000	$3.03874976	NA	$3.03874976	$0.00000000	$0.00000000	$1,000.00000000	3.31500%
B-2	04542BFR8	$0.00000000	$3.13041675	NA	$3.13041675	$0.00000000	$0.00000000	$1,000.00000000	3.41500%
B-3	04542BFS6	$0.00000000	$4.18458420	NA	$4.18458420	$0.00000000	$0.00000000	$1,000.00000000	4.56500%
B-4	04542BGD8	$0.00000000	$5.14708309	NA	$5.14708309	$0.00000000	$0.00000000	$1,000.00000000	5.61500%
N*	NA	$55.25444998	$1.57782455	NA	$56.83227452	$0.00000000	$0.00000000	$485.71392781	3.50000%
X*	NA	$0.00000000	$0.00000000	NA	$0.00000000	$0.00000000	$0.00000000	$0.00000000	NA

	Please contact the Bondholder Relations Department of U.S. Bank National Association at
	(800) 934-6802 with any questions regarding this statement or your distribution.

U.S. BANK NATIONAL ASSOCIATION

Page 1

C-BASS
MORTGAGE LOAN ASSET-BACKED CERTIFICATES
SERIES 2004-CB1

Distribution Date:

September 27, 2004

			Payment Statement
		Pooling and Servicing Agreement Dated January 1, 2004

i) Distributions to the Holders See Page 1

ii) Class X Distribution Amount See Page 1

iii) Overcollateralization Amount (before distributions)						$4,239,324.45
Overcollateralization Release Amount						$0.00
Overcollateralization Deficiency						$0.00
Overcollateralization Target Amount						$4,239,324.45
Overcollateralization Amount (after distributions)						$4,239,324.45

Amount of Excess Interest						$1,295,386.06
Amount of Excess Cashflow						$1,262,966.74

				Group 1	Group 2	Total
iv) Servicing Fees				$46,785.16	$103,479.92	$150,265.08

v) Advances

$181,286.10

vi)

Ending Pool Principal Balance

109,611,760.17

240,398,107.28

$350,009,867.45

vii)	Loan Count	1071	1787	2858
	Weighted average remaining term of the Mortgage Loans	304	335	325
	Weighted average Mortage Rate of the Mortgage Loans	8.20395%	8.21843%	8.21392%

viii) Delinquency And Foreclosure Information:
	Group 1	All Categories		Bankruptcy		Foreclosure
		Number	Balance	Number	Balance	Number	Balance
	Current	989	$102,022,993.49	0	$0.00	0	$0.00
	30 days Delinquent:	27	$2,235,103.38	1	$549,981.75	0	$0.00
	60 days delinquent:	21	$2,094,075.48	0	$0.00	0	$0.00
	90+ days delinquent:	33	$3,070,956.33	3	$443,534.29	10	$1,061,927.44

Group 2	All Categories		Bankruptcy		Foreclosure
	Number	Balance	Number	Balance	Number	Balance
Current	1653	$224,436,030.83	0	$0.00	0	$0.00
30 days Delinquent:	59	$6,872,523.54	1	$131,206.72	0	$0.00
60 days delinquent:	25	$3,691,242.97	2	$149,692.52	0	$0.00
90+ days delinquent:	48	$5,190,895.45	4	$274,941.75	25	$3,274,385.53

Page 2

C-BASS
MORTGAGE LOAN ASSET-BACKED CERTIFICATES
SERIES 2004-CB1

Distribution Date:

September 27, 2004

			Payment Statement
		Pooling and Servicing Agreement Dated January 1, 2004

ix)	Loans that became REO properties (see page 5)
x)	Total Book Value of REO Properties: (see page 5)
		Group 1	Group 2	Total
xi)	Principal Prepayments made during Due Period	$2,694,832.51	$7,810,704.47	$10,505,536.98

xii)	Current Period Prepayment Penalties	$205,421.24
	Aggregate Prepayment Penalties	$1,150,091.36
	Aggregate Prepayment Penalties allocated to Classes N	$1,150,091.36
	Aggregate Prepayment Penalties allocated to Classes X	$0.00

xiii)	Aggregate Realized Losses incurred during Due Period			$32,419.32	$0.00	$32,419.32
	Cumulative Realized Losses			$32,419.32	$60,824.55	$93,243.87

xiv)

Realized Loss Allocations See Page 1

xv)

Accrued Certificate Interest See Page 1

xvi)

Prepayment Interest Shortfall not covered by the servicer

$0.00

xix)

Trustee Fees

$562.23

$1,242.19

$1,804.43

xx)		LIBOR Carryover Amounts
		Current Distribution	Amounts Remaining
	AV-1	0.00	0.00
	AV-2	0.00	0.00
	AV-3	0.00	0.00
	M-1	0.00	0.00
	M-2	0.00	0.00
	M-3	0.00	0.00
	B-1	0.00	0.00
	B-2	0.00	0.00
	B-3	0.00	0.00
	B-4	0.00	0.00

xxi)

Overcollateralization Deficiency (after distribution)

0.00

xxii)	Has Trigger Event has occurred?					NO
	Cummulative Realized Losses Percentage					0.0219950%

xxiii)	Available Funds		Group 1	Group 2	Total
		Scheduled Interest Net of Servicing Fees	$677,187.85	$1,465,105.65	$2,142,293.50
		Scheduled Principal	$139,689.80	$229,911.53	$369,601.33
		Unscheduled Principal	$2,694,832.51	$7,810,704.47	$10,505,536.98
		Available Funds	$3,511,710.16	$9,505,721.65	$13,017,431.81

xxiv)

Class Interest Rate See Page 1

xxv)

Liquidation Report See Page 4

xxvi)

Mortgage Loans Purchased by Servicer

0.00

xxvii)

Mortgage Loans Re-Purchased by Servicer

0.00

Page 3

	C-BASS
	MORTGAGE LOAN ASSET-BACKED CERTIFICATES
	LIQUIDATION REPORT

Payment Statement
Pooling and Servicing Agreement Dated January 1, 2004

Distribution Date:

09/27/04

	Loan Number	Unpaid Principal Balance	Scheduled Principal	Liquidation Proceeds	Loss
	8881104	$119,022.04	$119,022.04	$86,602.72	$32,419.32

32,419.32

Page 4

	C-BASS
	MORTGAGE LOAN ASSET-BACKED CERTIFICATES
	REO REPORT

Payment Statement
Pooling and Servicing Agreement Dated January 1, 2004

Distribution Date:

09/27/04

Loan Number	Unpaid Principal Balance	Scheduled Principal	Book Value	Group
8883050	$188,749.92	$188,749.92	$194,828.90	1
8884090	$123,629.54	$123,629.54	$127,702.31	2
8897548	$83,857.93	$83,857.93	$83,911.10	2




































	396,237.39	396,237.39	406,442.31

Page 5

ASSET BACKED FUNDING CORP C BASS MOR LN AS BK CE SE 2004 CB1 8-K