
                                     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
                          (Date of earliest event reported)

             Financial Asset Securities Corp. (as Depositor under the
               Pooling and Servicing Agreement, dated as March 15, 2005,
               providing for the issuance of Equifirst Mortgage Loan Trust
         Series 2005-1 Asset-Backed Pass-Through Certificates, Series 2005-1)
                 (Exact name of registrant as specified in charter)


                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-121661-06                          06-1442101
          (Commission File Number)        (I.R.S. Employer Identification No.)


               600 Steamboat Road
               Greenwich, Connecticut                    06830
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (203) 625-2700


(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(b) under the Exchange Act
(17 CFR 240.14a-12(b))

[  ] 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))


     Item 8.01  Other Events

     Attached hereto is a copy of the Monthly Remittance Statements to the
     Certificateholders which was derived from the monthly information
     submitted by the Master Servicer of the Trust to the Trustee.


     Item 9.01 Financial Statements and Exhibits

     (c) Exhibits:

     Exhibit No. Description

     99.1 Monthly Remittance Statement to the Certificateholders dated as of
     May 25, 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.


                                  Deutsche Bank National Trust Company,
                                  in its capacity as Trustee under the
                                  Pooling and Servicing Agreement on
                                  behalf of Financial Asset Securities
                                  Corp., Registrant


          Date:  Jun 02, 2005               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President


                                   EXHIBIT INDEX

          DOCUMENT

          99.1 Monthly Remittance Statement to the Certificateholders
          dated as of May 25, 2005.



Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

				External Parties						Table of Contents

													Page
				Seller									Page
				Seller						1. Certificate Payment Report					2
				Greenwich Capital Financial Products, In						1. Certificate Payment Report					2
				Greenwich Capital Financial Products, In						2. Collection Account Report					6
										2. Collection Account Report					6
										3. Credit Enhancement Report					8
										4. Collateral Report					9
				Certificate Insurer(s)						5. Delinquency Report					12
				Certificate Insurer(s)						5. Delinquency Report					12
										6. REO Report					13

										7. Foreclosure Report					14
										8. Prepayment Report					15
										9. Prepayment Detail Report					18
										9. Prepayment Detail Report					18
										10. Realized Loss Report					21
										11. Realized Loss Detail Report					24
				Servicer(s)						11. Realized Loss Detail Report					24
				Servicer(s)						12. Triggers and Adj. Cert. Report					25
				Saxon Mortgage Services, Inc.						12. Triggers and Adj. Cert. Report					25
				Saxon Mortgage Services, Inc.						13. Additional Certificate Report					26
										13. Additional Certificate Report					26


				Underwriter(s)
				Greenwich Capital Markets


										Total Number of Pages					26
										Total Number of Pages

				Dates						Contacts

				Cut-Off Date:			March 15, 2005			Eiko Akiyama
				Close Date:			March 17, 2005			Administrator
				First Distribution Date:			April 25, 2005			(714) 247-6328

										Address:
										1761 East St. Andrew Place, Santa Ana, CA 92514
				Distribution Date:			May 25, 2005
										Factor Information:			(800) 735-7777
				Record Date:			April 29, 2005			Factor Information:			(800) 735-7777
										Main Phone Number:			(714) 247-6000

							May 24, 2005
							May 24, 2005

										https://www.tss.db.com/invr






Page 1 of 26
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Certificate Payment Report
Current Period Distribution -
					Prior												Current
	Class		Original		Principal						Total		Realized		Deferred		Principal
	Class		Original		Principal						Total		Realized		Deferred		Principal
Class	Type	Cur	Face Value		Balance		Interest		Principal		Distribution		Loss		Interest		Balance


					(1)		(2)		(3)		(4)=(2)+(3)		(5)		(6)		(7)=(1)-(3)-(5)+(6)

A-1	FLT, STEP,	$	226,500,000.00		225,956,887.03		579,956.01		14,432,246.62		15,012,202.63		0.00		0.00		211,524,640.41
A-1	FLT, STEP,	$	226,500,000.00		225,956,887.03		579,956.01		14,432,246.62		15,012,202.63		0.00		0.00		211,524,640.41
A-2	FLT, STEP,	$	133,240,000.00		133,240,000.00		349,755.00		0.00		349,755.00		0.00		0.00		133,240,000.00
A-3	FLT, STEP,	$	159,880,000.00		159,880,000.00		431,676.00		0.00		431,676.00		0.00		0.00		159,880,000.00
A-4	FLT, STEP,	$	43,761,000.00		43,761,000.00		121,072.10		0.00		121,072.10		0.00		0.00		43,761,000.00
M-1	MEZ, STEP,	$	44,901,000.00		44,901,000.00		128,716.20		0.00		128,716.20		0.00		0.00		44,901,000.00
M-2	MEZ, STEP,	$	26,864,000.00		26,864,000.00		77,681.73		0.00		77,681.73		0.00		0.00		26,864,000.00
M-3	MEZ, STEP,	$	15,351,000.00		15,351,000.00		44,773.75		0.00		44,773.75		0.00		0.00		15,351,000.00
M-4	MEZ, STEP,	$	15,351,000.00		15,351,000.00		46,564.70		0.00		46,564.70		0.00		0.00		15,351,000.00
M-5	MEZ, STEP,	$	14,583,000.00		14,583,000.00		44,842.73		0.00		44,842.73		0.00		0.00		14,583,000.00
M-6	MEZ, STEP,	$	14,583,000.00		14,583,000.00		45,328.83		0.00		45,328.83		0.00		0.00		14,583,000.00
M-7	MEZ, STEP,	$	14,967,000.00		14,967,000.00		52,633.95		0.00		52,633.95		0.00		0.00		14,967,000.00
M-8	MEZ, STEP,	$	10,362,000.00		10,362,000.00		37,303.20		0.00		37,303.20		0.00		0.00		10,362,000.00
M-9	MEZ, STEP,	$	7,675,000.00		7,675,000.00		31,467.50		0.00		31,467.50		0.00		0.00		7,675,000.00
B-1	SUB, STEP,	$	7,675,000.00		7,675,000.00		40,101.88		0.00		40,101.88		0.00		0.00		7,675,000.00
B-2	SUB, STEP,	$	13,816,000.00		13,816,000.00		72,188.60		0.00		72,188.60		0.00		0.00		13,816,000.00
B-3	SUB, STEP,	$	7,675,000.00		7,675,000.00		40,101.88		0.00		40,101.88		0.00		0.00		7,675,000.00
B-4	SUB, STEP,	$	5,757,000.00		5,757,000.00		30,080.33		0.00		30,080.33		0.00		0.00		5,757,000.00
C	OC,IO	$	4,605,470.87		4,605,279.43		1,970,923.80		0.00		1,970,923.80		0.00		0.00		4,605,279.43
P		$	100.00		100.00		45,645.71		0.00		45,645.71		0.00		0.00		100.00
R	R	$	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
R-X	R	$	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00


Total			767,546,570.87		767,003,266.46		4,190,813.90		14,432,246.62		18,623,060.52		0.00		0.00		752,571,019.84
Total





Page 2 of 26
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

Interest Accrual Detail Current Period Factor Information per $1,000 of Original Face-
									Orig. Principal		Prior							Current
									Orig. Principal		Prior							Current
	Period		Period						(with Notional)		Principal						Total	Principal
	Period		Period
Class	Starting		Ending		Method		Cusip		Balance		Balance		Interest		Principal		Distribution	Balance

									(1)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
A-1	04/25/05		05/24/05		A-Act/360		29445FCK2		226,500,000.00		997.602150		2.560512		63.718528		66.279040	933.883622
A-2	04/25/05		05/24/05		A-Act/360		29445FCL0		133,240,000.00		1,000.000000		2.625000		0.000000		2.625000	1,000.000000
A-3	04/25/05		05/24/05		A-Act/360		29445FCM8		159,880,000.00		1,000.000000		2.700000		0.000000		2.700000	1,000.000000
A-4	04/25/05		05/24/05		A-Act/360		29445FDB1		43,761,000.00		1,000.000000		2.766667		0.000000		2.766667	1,000.000000
M-1	04/25/05		05/24/05		A-Act/360		29445FCN6		44,901,000.00		1,000.000000		2.866667		0.000000		2.866667	1,000.000000
M-2	04/25/05		05/24/05		A-Act/360		29445FCP1		26,864,000.00		1,000.000000		2.891667		0.000000		2.891667	1,000.000000
M-3	04/25/05		05/24/05		A-Act/360		29445FCQ9		15,351,000.00		1,000.000000		2.916667		0.000000		2.916667	1,000.000000
M-4	04/25/05		05/24/05		A-Act/360		29445FCR7		15,351,000.00		1,000.000000		3.033333		0.000000		3.033333	1,000.000000
M-5	04/25/05		05/24/05		A-Act/360		29445FCS5		14,583,000.00		1,000.000000		3.075000		0.000000		3.075000	1,000.000000
M-6	04/25/05		05/24/05		A-Act/360		29445FCT3		14,583,000.00		1,000.000000		3.108334		0.000000		3.108334	1,000.000000
M-7	04/25/05		05/24/05		A-Act/360		29445FCU0		14,967,000.00		1,000.000000		3.516667		0.000000		3.516667	1,000.000000
M-8	04/25/05		05/24/05		A-Act/360		29445FCV8		10,362,000.00		1,000.000000		3.600000		0.000000		3.600000	1,000.000000
M-9	04/25/05		05/24/05		A-Act/360		29445FCW6		7,675,000.00		1,000.000000		4.100000		0.000000		4.100000	1,000.000000
B-1	04/25/05		05/24/05		A-Act/360		29445FCX4		7,675,000.00		1,000.000000		5.225001		0.000000		5.225001	1,000.000000
B-2	04/25/05		05/24/05		A-Act/360		29445FCY2		13,816,000.00		1,000.000000		5.225000		0.000000		5.225000	1,000.000000
B-3	04/25/05		05/24/05		A-Act/360		29445FCZ9		7,675,000.00		1,000.000000		5.225001		0.000000		5.225001	1,000.000000
B-4	04/25/05		05/24/05		A-Act/360		29445FDA3		5,757,000.00		1,000.000000		5.225001		0.000000		5.225001	1,000.000000
C	04/25/05		05/24/05		A-30/360				772,151,941.74		5.964214		2.552508		0.000000		2.552508	5.964214
P	04/25/05		05/24/05		A-30/360				100.00		1,000.000000		456,457.100000		0.000000		456,457.100000	1,000.000000
R	04/25/05		05/24/05		A-30/360				0.00		0.000000		0.000000		0.000000		0.000000	0.000000
R-X	04/25/05		05/24/05		A-30/360				0.00		0.000000		0.000000		0.000000		0.000000	0.000000




Page 3 of 26
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

Distribution to Date -
																	Current


	Original				Unscheduled		Scheduled		Total		Total		Realized		Deferred		Principal

Class	Face Value		Interest		Principal		Principal		Principal		Distribution		Loss		Interest		Balance
	(1)		(2)		(3)		(4)		(5)=(3)+(4)		(6)=(2)+(5)		(7)		(8)		(9)=(1)-(5)-(7)+(8)
A-1	226,500,000.00		1,289,089.76		0.00		1,078,510.86		14,975,359.59		16,264,449.35		0.00		0.00		211,524,640.41
A-2	133,240,000.00		777,011.27		0.00		0.00		0.00		777,011.27		0.00		0.00		133,240,000.00
A-3	159,880,000.00		959,946.17		0.00		0.00		0.00		959,946.17		0.00		0.00		159,880,000.00
A-4	43,761,000.00		269,458.36		0.00		0.00		0.00		269,458.36		0.00		0.00		43,761,000.00
M-1	44,901,000.00		286,805.14		0.00		0.00		0.00		286,805.14		0.00		0.00		44,901,000.00
M-2	26,864,000.00		173,138.48		0.00		0.00		0.00		173,138.48		0.00		0.00		26,864,000.00
M-3	15,351,000.00		99,819.88		0.00		0.00		0.00		99,819.88		0.00		0.00		15,351,000.00
M-4	15,351,000.00		103,939.06		0.00		0.00		0.00		103,939.06		0.00		0.00		15,351,000.00
M-5	14,583,000.00		100,136.61		0.00		0.00		0.00		100,136.61		0.00		0.00		14,583,000.00
M-6	14,583,000.00		101,254.64		0.00		0.00		0.00		101,254.64		0.00		0.00		14,583,000.00
M-7	14,967,000.00		117,977.38		0.00		0.00		0.00		117,977.38		0.00		0.00		14,967,000.00
M-8	10,362,000.00		83,664.52		0.00		0.00		0.00		83,664.52		0.00		0.00		10,362,000.00
M-9	7,675,000.00		70,795.48		0.00		0.00		0.00		70,795.48		0.00		0.00		7,675,000.00
B-1	7,675,000.00		90,654.55		0.00		0.00		0.00		90,654.55		0.00		0.00		7,675,000.00
B-2	13,816,000.00		163,189.99		0.00		0.00		0.00		163,189.99		0.00		0.00		13,816,000.00
B-3	7,675,000.00		90,654.55		0.00		0.00		0.00		90,654.55		0.00		0.00		7,675,000.00
B-4	5,757,000.00		67,999.76		0.00		0.00		0.00		67,999.76		0.00		0.00		5,757,000.00
C	4,605,470.87		3,451,140.10		0.00		191.44		191.44		3,451,331.54		0.00		0.00		4,605,279.43
P	100.00		45,645.71		0.00		0.00		0.00		45,645.71		0.00		0.00		100.00
R	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
R-X	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00


Total	767,546,570.87		8,342,321.41		0.00		1,078,702.30		14,975,551.03		23,317,872.44		0.00		0.00		752,571,019.84



Page 4 of 26
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

Interest Detail -
	Pass		Prior Principal				Non-		Prior		Unscheduled				Paid or		Current
	Pass		Prior Principal				Non-		Prior		Unscheduled				Paid or

	Through		(with Notional)		Accrued		Supported		Unpaid		Interest		Optimal		Deferred		Unpaid

Class	Rate		Balance		Interest		Interest SF		Interest		Adjustment		Interest		Interest		Interest
					(1)		(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
A-1	3.08000%		225,956,887.03		579,956.01		0.00		0.00		0.00		579,956.01		579,956.01		0.00
A-2	3.15000%		133,240,000.00		349,755.00		0.00		0.00		0.00		349,755.00		349,755.00		0.00
A-3	3.24000%		159,880,000.00		431,676.00		0.00		0.00		0.00		431,676.00		431,676.00		0.00
A-4	3.32000%		43,761,000.00		121,072.10		0.00		0.00		0.00		121,072.10		121,072.10		0.00
M-1	3.44000%		44,901,000.00		128,716.20		0.00		0.00		0.00		128,716.20		128,716.20		0.00
M-2	3.47000%		26,864,000.00		77,681.73		0.00		0.00		0.00		77,681.73		77,681.73		0.00
M-3	3.50000%		15,351,000.00		44,773.75		0.00		0.00		0.00		44,773.75		44,773.75		0.00
M-4	3.64000%		15,351,000.00		46,564.70		0.00		0.00		0.00		46,564.70		46,564.70		0.00
M-5	3.69000%		14,583,000.00		44,842.73		0.00		0.00		0.00		44,842.73		44,842.73		0.00
M-6	3.73000%		14,583,000.00		45,328.83		0.00		0.00		0.00		45,328.83		45,328.83		0.00
M-7	4.22000%		14,967,000.00		52,633.95		0.00		0.00		0.00		52,633.95		52,633.95		0.00
M-8	4.32000%		10,362,000.00		37,303.20		0.00		0.00		0.00		37,303.20		37,303.20		0.00
M-9	4.92000%		7,675,000.00		31,467.50		0.00		0.00		0.00		31,467.50		31,467.50		0.00
B-1	6.27000%		7,675,000.00		40,101.88		0.00		0.00		0.00		40,101.88		40,101.88		0.00
B-2	6.27000%		13,816,000.00		72,188.60		0.00		0.00		0.00		72,188.60		72,188.60		0.00
B-3	6.27000%		7,675,000.00		40,101.88		0.00		0.00		0.00		40,101.88		40,101.88		0.00
B-4	6.27000%		5,757,000.00		30,080.33		0.00		0.00		0.00		30,080.33		30,080.33		0.00
C	513.56462%		4,605,279.43		0.00		0.00		0.00		0.00		0.00		1,970,923.80		0.00
P	0.00000%		100.00		0.00		0.00		0.00		0.00		0.00		45,645.71		0.00
R	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
R-X	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00


Total			767,003,266.46		2,174,244.39		0.00		0.00		0.00		2,174,244.39		4,190,813.90		0.00



Page 5 of 26
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Collection Account Report
SUMMARY
SUMMARY
														Total
Principal Collections														14,432,246.62
Principal Withrawals														0.00
Principal Other Accounts														0.00
TOTAL NET PRINCIPAL														14,432,246.62
Interest Collections														4,455,898.19
Interest Withdrawals														-0.00
Interest Other Accounts														45,645.71
Interest Fees														-310,730.00
TOTAL NET INTEREST														4,190,813.90
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION														18,623,060.52



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
															Total
Scheduled Principal Received															535,390.60
Curtailments															92,403.56
Prepayments In Full															13,804,452.46
Repurchased/Substitutions															0.00
Liquidations															0.00
Other Additional Principal															0.00
Delinquent Principal															-19,165.44
Realized Losses															-0.00
Advanced Principal															19,165.44
TOTAL PRINCIPAL COLLECTED															14,432,246.62


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



PRINCIPAL - OTHER ACCOUNTS
PRINCIPAL - OTHER ACCOUNTS
														Total
TOTAL PRINCIPAL OTHER ACCOUNTS														0.00





Page 6 of 26
Equifirst Mortgage Loan Trust 2005-1

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Asset Backed Certificates
2005-1

May 25, 2005 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
														Total
Scheduled Interest														4,466,798.23
Repurchased/Substitution Interest														0.00
Liquidation Interest														0.00
Other Additional Interest														0.00
Prepayment Interest Shortfalls														-0.00
Delinquent Interest														-161,865.79
Compensating Interest														0.00
Civil Relief Act Shortfalls														-0.00
Interest Advanced														150,965.75
TOTAL INTEREST COLLECTED														4,455,898.19


INTEREST - WITHDRAWALS
INTEREST - WITHDRAWALS
														Total
TOTAL INTEREST WITHDRAWALS														0.00



INTEREST - OTHER ACCOUNTS
INTEREST - OTHER ACCOUNTS
														Total
Prepayment Charges														45,645.71
TOTAL INTEREST OTHER ACCOUNTS														45,645.71



INTEREST - FEES
INTEREST - FEES
														Total
Current Servicing Fees														308,684.66
Trustee Fees														2,045.34
TOTAL INTEREST FEES														310,730.00




Page 7 of 26
Equifirst Mortgage Loan Trust 2005-1

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Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Credit Enhancement Report
ACCOUNTS

SPACE INTENTIONALLY LEFT BLANK



INSURANCE

SPACE INTENTIONALLY LEFT BLANK



STRUCTURAL FEATURES
STRUCTURAL FEATURES
														Total
Ending Overcollateralization Amount														4,605,279.43
Overcollateralization Target Amount														4,605,279.43
Overcollateralization Deficiency Amount														0.00
Overcollateralization Release Amount														0.00




Page 8 of 26
Equifirst Mortgage Loan Trust 2005-1

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Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Collateral Report


COLLATERAL



															Total



Loan Count:


Original														4,916
Prior														4,916
Prefunding														0
Scheduled Paid Offs														-0
Full Voluntary Prepayments														-77
Repurchases														-0
Liquidations														-0
Current														4,839
Principal Balance:


Original														767,546,570.87
Prior														767,003,266.46
Prefunding														0.00
Scheduled Principal														-535,390.60
Partial Prepayments														-92,403.56
Full Voluntary Prepayments														-13,804,452.46
Repurchases														-0.00
Liquidations														-0.00
Current														752,571,019.84





PREFUNDING
PREFUNDING
														Total
Prefunding Account Original Balance
Prefunding Account Beginning Balance
Subsequent Loans Added to the Pool
Prefund Release to Certificate Holders
Prefunding Account Ending Balance														0.00





Page 9 of 26
Equifirst Mortgage Loan Trust 2005-1

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Asset Backed Certificates
2005-1

May 25, 2005 Distribution

CHARACTERISTICS
CHARACTERISTICS
														Total
Weighted Average Coupon Original														6.99376%
Weighted Average Coupon Prior														6.99376%
Weighted Average Coupon Current														6.98844%
Weighted Average Months to Maturity Original														355
Weighted Average Months to Maturity Prior														355
Weighted Average Months to Maturity Current														354
Weighted Avg Remaining Amortization Term Original														355
Weighted Avg Remaining Amortization Term Prior														355
Weighted Avg Remaining Amortization Term Current														354
Weighted Average Seasoning Original														2.52
Weighted Average Seasoning Prior														2.52
Weighted Average Seasoning Current														2.56









Page 10 of 26
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

ARM CHARACTERISTICS
ARM CHARACTERISTICS
														Total
Weighted Average Margin Original														6.38838%
Weighted Average Margin Prior														6.38838%
Weighted Average Margin Current														6.38840%
Weighted Average Max Rate Original														12.85766%
Weighted Average Max Rate Prior														12.85766%
Weighted Average Max Rate Current														12.85767%
Weighted Average Min Rate Original														6.85766%
Weighted Average Min Rate Prior														6.85766%
Weighted Average Min Rate Current														6.85767%
Weighted Average Cap Up Original														1.00000%
Weighted Average Cap Up Prior														1.00000%
Weighted Average Cap Up Current														1.00000%
Weighted Average Cap Down Original														1.00000%
Weighted Average Cap Down Prior														1.00000%
Weighted Average Cap Down Current														1.00000%




SERVICING FEES & ADVANCES

															Total




Current Servicing Fees														308,684.66
Delinquent Servicing Fees														10,900.03
TOTAL SERVICING FEES														319,584.70


Total Servicing Fees														319,584.70
Compensating Interest														-0.00
Delinquent Servicing Fees														-10,900.03
COLLECTED SERVICING FEES														308,684.67


Total Advaced Interest														150,965.75
Total Advaced Principal														19,165.44
Aggregate Advances with respect to this Distribution														170,131.19





ADDITIONAL COLLATERAL INFORMATION
														Total
Prepayment Interest Shortfall (PPIS)														0.00
Compensating Interest														-0.00
Net Prepayment Interest Shortfall (PPIS)														0.00

Weighted Average Net Mortgage Rate														6.556656%

Libor For Current Period														3.0200%

Libor For Next Period														3.0900%



Page 11 of 26
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				103,274.96		0.00		0.00		103,274.96
			% Balance				0.01%		0.00%		0.00%		0.01%
			# Loans				1		0		0		1
			% # Loans				0.02%		0.00%		0.00%		0.02%
	FORECLOSURE		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		0.00		103,274.96		0.00		0.00		103,274.96
			% Balance		0.00%		0.01%		0.00%		0.00%		0.01%
			# Loans		0		1		0		0		1
			% # Loans		0.00%		0.02%		0.00%		0.00%		0.02%









Page 12 of 26
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
REO Report
Loan Number			Original		Stated				Current		State &

														First
&			Principal		Principal		Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance		Date		Rate		Origination		Term		Date




TOTAL



Page 13 of 26
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Foreclosure Report
Loan Number			Original		Stated				Current		State &

														First
&			Principal		Principal		Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance		Date		Rate		Origination		Term		Date




TOTAL



Page 14 of 26
Equifirst Mortgage Loan Trust 2005-1

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Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

															Total




Current


Number of Paid in Full Loans														77
Number of Repurchased Loans														0
Total Number of Loans Prepaid in Full														77
Curtailments Amount														92,403.56
Paid in Full Balance														13,804,452.46
Repurchased Loans Balance														0.00
Total Prepayment Amount														13,896,856.02

Cumulative


Number of Paid in Full Loans														77
Number of Repurchased Loans														0
Total Number of Loans Prepaid in Full														77
Paid in Full Balance														13,804,452.46
Repurchased Loans Balance														0.00
Curtailments Amount														92,396.27
Total Prepayment Amount														13,896,848.73










Page 15 of 26
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

															Total



SMM														1.81%
3 Months Avg SMM														0.91%
12 Months Avg SMM														0.91%
Avg SMM Since Cut-off														0.91%


CPR														19.71%
3 Months Avg CPR														10.40%
12 Months Avg CPR														10.40%
Avg CPR Since Cut-off														10.40%


PSA														3,844.71%
3 Months Avg PSA Approximation														2,045.86%
12 Months Avg PSA Approximation														2,045.86%
Avg PSA Since Cut-off Approximation														2,045.86%










Page 16 of 26
Equifirst Mortgage Loan Trust 2005-1

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Asset Backed Certificates
2005-1

May 25, 2005 Distribution






PREPAYMENT CALCULATION METHODOLOGY

Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases + Liquidations )/(Beg Principal Balance - Sched Principal) Conditional Prepayment Rate (CPR): 1-((1-SMM)^12) PSA Standard Prepayment Model: CPR/(0.002min(30,WAS)) Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn)(1-SMMn+1)...(1-SMMm)]^(1/months in period n,m) Conditional Prepayment Rate (CPR): 1-((1-SMM)^12) Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.002*Avg WASn,m)) Average WASn,m: (min(30,WASn)+min(30,WASn+1)+...+min(30,WASm)/(number of months in the period n,m) Weighted Average Seasoning (WAS) Dates correspond to distribution dates. Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments, liquidations, and repurchases.













Page 17 of 26
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Prepayment Detail Report
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First
Loan Number			Original							Current		State &		Type Prepayment

&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

279081 1			238,000.00		232,475.74				7.050%		FL - 85.00%		Paid Off - 360		10-Mar-2003
			238,000.00

476065 1			30,000.00		29,789.94				8.780%		FL - 42.86%		Paid Off - 360		03-Jun-2004
476065 1					29,789.94				8.780%		FL - 42.86%		Paid Off - 360		03-Jun-2004
520689 1			72,000.00		71,765.54				11.700%		MS - 90.00%		Paid Off - 360		07-Aug-2004
520689 1					71,765.54				11.700%		MS - 90.00%		Paid Off - 360		07-Aug-2004
522248 1			148,000.00		146,893.15				7.300%		AZ - 100.00%		Paid Off - 360		01-Aug-2004
522248 1					146,893.15				7.300%		AZ - 100.00%		Paid Off - 360		01-Aug-2004
579670 1			200,950.00		200,949.97				6.250%		VA - 100.00%		Paid Off - 360		04-Feb-2005
579670 1					200,949.97				6.250%		VA - 100.00%		Paid Off - 360		04-Feb-2005
591970 1			260,000.00		259,138.31				6.990%		NV - 80.00%		Paid Off - 360		01-Jan-2005
591970 1					259,138.31				6.990%		NV - 80.00%		Paid Off - 360		01-Jan-2005
594012 1			432,000.00		432,000.00				5.300%		CA - 80.00%		Paid Off - 360		01-Jan-2005
594012 1					432,000.00				5.300%		CA - 80.00%		Paid Off - 360		01-Jan-2005
606411 1			138,000.00		137,552.40				7.100%		NJ - 75.00%		Paid Off - 360		01-Jan-2005
606411 1					137,552.40				7.100%		NJ - 75.00%		Paid Off - 360		01-Jan-2005
607331 1			220,000.00		219,279.40				7.050%		VA - 100.00%		Paid Off - 360		01-Jan-2005
607331 1					219,279.40				7.050%		VA - 100.00%		Paid Off - 360		01-Jan-2005
609256 1			267,000.00		266,480.43				8.200%		ME - 83.44%		Paid Off - 360		01-Feb-2005
609256 1					266,480.43				8.200%		ME - 83.44%		Paid Off - 360		01-Feb-2005
610729 1			68,000.00		67,727.95				6.450%		GA - 80.00%		Paid Off - 360		01-Jan-2005
610729 1					67,727.95				6.450%		GA - 80.00%		Paid Off - 360		01-Jan-2005
612643 1			456,290.00		455,058.13				7.250%		VA - 80.00%		Paid Off - 360		01-Feb-2005
612643 1					455,058.13				7.250%		VA - 80.00%		Paid Off - 360		01-Feb-2005
615111 1			263,500.00		263,041.86				8.750%		GA - 85.00%		Paid Off - 360		01-Feb-2005
615111 1					263,041.86				8.750%		GA - 85.00%		Paid Off - 360		01-Feb-2005
619833 1			162,000.00		161,637.05				7.500%		MN - 90.00%		Paid Off - 360		01-Feb-2005
619833 1					161,637.05				7.500%		MN - 90.00%		Paid Off - 360		01-Feb-2005
621192 1			133,000.00		132,664.51				6.900%		VA - 95.00%		Paid Off - 360		01-Feb-2005
621192 1					132,664.51				6.900%		VA - 95.00%		Paid Off - 360		01-Feb-2005
621948 1			262,000.00		260,868.26				5.620%		CA - 75.94%		Paid Off - 360		01-Jan-2005
621948 1					260,868.26				5.620%		CA - 75.94%		Paid Off - 360		01-Jan-2005
622135 1			102,850.00		102,614.92				7.400%		GA - 85.00%		Paid Off - 360		01-Feb-2005
622135 1					102,614.92				7.400%		GA - 85.00%		Paid Off - 360		01-Feb-2005
622321 1			190,000.00		189,999.99				5.750%		CO - 100.00%		Paid Off - 360		01-Feb-2005
622321 1					189,999.99				5.750%		CO - 100.00%		Paid Off - 360		01-Feb-2005
624201 1			202,130.00		201,578.84			26-Apr-2005		6.500%		CA - 73.50%		Paid Off - 360		01-Feb-2005
624201 1					201,578.84			26-Apr-2005		6.500%		CA - 73.50%		Paid Off - 360		01-Feb-2005
627400 1			272,000.00		272,000.00			09-May-2005		5.700%		CA - 80.00%		Paid Off - 360		01-Feb-2005
627400 1					272,000.00			09-May-2005		5.700%		CA - 80.00%		Paid Off - 360		01-Feb-2005
628137 1			150,000.00		149,529.51			28-Apr-2005		6.200%		MS - 73.17%		Paid Off - 360		20-Jan-2005
628137 1					149,529.51			28-Apr-2005		6.200%		MS - 73.17%		Paid Off - 360		20-Jan-2005
628156 1			204,250.00		203,860.56				8.300%		VA - 95.00%		Paid Off - 360		01-Feb-2005
628156 1					203,860.56				8.300%		VA - 95.00%		Paid Off - 360		01-Feb-2005
628659 1			99,000.00		98,831.88				8.990%		WI - 90.00%		Paid Off - 360		03-Feb-2005
628659 1					98,831.88				8.990%		WI - 90.00%		Paid Off - 360		03-Feb-2005
628900 1			179,000.00		178,557.23				7.000%		FL - 100.00%		Paid Off - 360		01-Feb-2005
628900 1					178,557.23				7.000%		FL - 100.00%		Paid Off - 360		01-Feb-2005
629266 1			85,000.00		84,752.06				6.150%		UT - 60.28%		Paid Off - 360		01-Feb-2005
629266 1					84,752.06				6.150%		UT - 60.28%		Paid Off - 360		01-Feb-2005
629658 1			69,000.00		68,854.40			12-May-2005		7.800%		VA - 79.31%		Paid Off - 360		26-Jan-2005
629658 1					68,854.40			12-May-2005		7.800%		VA - 79.31%		Paid Off - 360		26-Jan-2005
630169 1			272,360.00		271,565.58				6.150%		WA - 80.00%		Paid Off - 360		01-Feb-2005
630169 1					271,565.58				6.150%		WA - 80.00%		Paid Off - 360		01-Feb-2005
630740 1			202,500.00		202,192.41				7.400%		MI - 90.00%		Paid Off - 360		24-Feb-2005
630740 1					202,192.41				7.400%		MI - 90.00%		Paid Off - 360		24-Feb-2005
633535 1			126,000.00		126,000.00				7.000%		CO - 100.00%		Paid Off - 360		01-Mar-2005
633535 1					126,000.00				7.000%		CO - 100.00%		Paid Off - 360		01-Mar-2005
634418 1			120,000.00		119,709.18				7.000%		WI - 79.47%		Paid Off - 360		19-Feb-2005
634418 1					119,709.18				7.000%		WI - 79.47%		Paid Off - 360		19-Feb-2005
634562 1			136,000.00		135,662.94				6.990%		MI - 85.00%		Paid Off - 360		01-Feb-2005
634562 1					135,662.94				6.990%		MI - 85.00%		Paid Off - 360		01-Feb-2005
634850 1			78,800.00		78,646.64				8.200%		NE - 80.00%		Paid Off - 360		01-Feb-2005
634850 1					78,646.64				8.200%		NE - 80.00%		Paid Off - 360		01-Feb-2005
634857 1			208,250.00		207,729.81				6.950%		VA - 85.00%		Paid Off - 360		01-Feb-2005
634857 1					207,729.81				6.950%		VA - 85.00%		Paid Off - 360		01-Feb-2005
635292 1			389,500.00		389,499.03			03-May-2005		5.900%		CA - 95.00%		Paid Off - 360		01-Feb-2005
635292 1					389,499.03			03-May-2005		5.900%		CA - 95.00%		Paid Off - 360		01-Feb-2005
635824 1			187,000.00		186,582.51				7.590%		OH - 85.00%		Paid Off - 360		01-Feb-2005
635824 1					186,582.51				7.590%		OH - 85.00%		Paid Off - 360		01-Feb-2005
636757 1			183,920.00		183,397.76				6.290%		AZ - 80.00%		Paid Off - 360		01-Feb-2005
636757 1					183,397.76				6.290%		AZ - 80.00%		Paid Off - 360		01-Feb-2005
636843 1			125,000.00		124,756.74				8.200%		SC - 89.99%		Paid Off - 360		01-Feb-2005
636843 1					124,756.74				8.200%		SC - 89.99%		Paid Off - 360



Page 18 of 26
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First
Loan Number			Original							Current		State &		Type Prepayment

&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

636887 1			245,000.00		244,595.50				9.000%		MN - 100.00%		Paid Off - 360		01-Feb-2005
			245,000.00

636888 1			164,000.00		163,512.40				6.050%		CO - 80.00%		Paid Off - 360		01-Feb-2005
636888 1					163,512.40				6.050%		CO - 80.00%		Paid Off - 360		01-Feb-2005
637090 1			62,500.00		62,420.00				8.250%		NC - 100.00%		Paid Off - 360		01-Mar-2005
637090 1					62,420.00				8.250%		NC - 100.00%		Paid Off - 360		01-Mar-2005
637440 1			200,000.00		199,645.04				8.650%		GA - 100.00%		Paid Off - 360		01-Feb-2005
637440 1					199,645.04				8.650%		GA - 100.00%		Paid Off - 360		01-Feb-2005
638351 1			400,000.00		399,422.04				7.650%		FL - 88.89%		Paid Off - 360		01-Mar-2005
638351 1					399,422.04				7.650%		FL - 88.89%		Paid Off - 360		01-Mar-2005
638477 1			183,000.00		183,000.00				6.300%		MD - 67.78%		Paid Off - 360		01-Mar-2005
638477 1					183,000.00				6.300%		MD - 67.78%		Paid Off - 360		01-Mar-2005
639610 1			172,245.00		171,847.38				7.350%		TN - 100.00%		Paid Off - 360		01-Feb-2005
639610 1					171,847.38				7.350%		TN - 100.00%		Paid Off - 360		01-Feb-2005
640124 1			416,000.00		415,335.96				7.150%		CA - 80.00%		Paid Off - 360		01-Mar-2005
640124 1					415,335.96				7.150%		CA - 80.00%		Paid Off - 360		01-Mar-2005
640594 1			154,800.00		154,501.80				8.250%		MN - 90.00%		Paid Off - 360		15-Feb-2005
640594 1					154,501.80				8.250%		MN - 90.00%		Paid Off - 360		15-Feb-2005
641557 1			500,000.00		500,000.00				7.900%		VA - 80.00%		Paid Off - 360		01-Mar-2005
641557 1					500,000.00				7.900%		VA - 80.00%		Paid Off - 360		01-Mar-2005
642089 1			176,000.00		175,763.02			02-May-2005		8.000%		NJ - 74.89%		Paid Off - 360		01-Mar-2005
642089 1					175,763.02			02-May-2005		8.000%		NJ - 74.89%		Paid Off - 360		01-Mar-2005
642188 1			300,000.00		299,329.29			03-May-2005		5.400%		CA - 56.60%		Paid Off - 360		01-Mar-2005
642188 1					299,329.29			03-May-2005		5.400%		CA - 56.60%		Paid Off - 360		01-Mar-2005
643153 1			#######		130,297.78			06-May-2005		7.300%		OH - 84.19%		Paid Off - 360		01-Mar-2005
643153 1					130,297.78			06-May-2005		7.300%		OH - 84.19%		Paid Off - 360		01-Mar-2005
643434 1			33,000.00		32,944.12			28-Apr-2005		6.850%		MI - 39.76%		Paid Off - 360		25-Feb-2005
643434 1					32,944.12			28-Apr-2005		6.850%		MI - 39.76%		Paid Off - 360		25-Feb-2005
643708 1			126,400.00		126,206.07				7.350%		MI - 80.00%		Paid Off - 360		01-Mar-2005
643708 1					126,206.07				7.350%		MI - 80.00%		Paid Off - 360		01-Mar-2005
644256 1			136,720.00		136,544.17				8.250%		SC - 80.00%		Paid Off - 360		01-Mar-2005
644256 1					136,544.17				8.250%		SC - 80.00%		Paid Off - 360		01-Mar-2005
644876 1			188,005.00		187,796.67				8.950%		FL - 95.00%		Paid Off - 360		01-Mar-2005
644876 1					187,796.67				8.950%		FL - 95.00%		Paid Off - 360		01-Mar-2005
645212 1			297,500.00		296,901.64				6.880%		NJ - 85.00%		Paid Off - 360		01-Mar-2005
645212 1					296,901.64				6.880%		NJ - 85.00%		Paid Off - 360		01-Mar-2005
645404 1			210,000.00		208,612.59				6.500%		VA - 60.87%		Paid Off - 180		01-Mar-2005
645404 1					208,612.59				6.500%		VA - 60.87%		Paid Off - 180		01-Mar-2005
646493 1			165,000.00		164,692.06			11-May-2005		6.350%		NJ - 68.75%		Paid Off - 360		01-Mar-2005
646493 1					164,692.06			11-May-2005		6.350%		NJ - 68.75%		Paid Off - 360		01-Mar-2005
646992 1			166,500.00		166,191.44				6.375%		MD - 90.00%		Paid Off - 360		01-Mar-2005
646992 1					166,191.44				6.375%		MD - 90.00%		Paid Off - 360		01-Mar-2005
647313 1			253,900.00		253,819.07			04-May-2005		7.600%		MI - 100.00%		Paid Off - 360		01-Mar-2005
647313 1					253,819.07			04-May-2005		7.600%		MI - 100.00%		Paid Off - 360		01-Mar-2005
647993 1			105,000.00		104,838.90				7.350%		MD - 100.00%		Paid Off - 360		01-Mar-2005
647993 1					104,838.90				7.350%		MD - 100.00%		Paid Off - 360		01-Mar-2005
649077 1			85,200.00		85,069.28				7.350%		AL - 80.00%		Paid Off - 360		06-Mar-2005
649077 1					85,069.28				7.350%		AL - 80.00%		Paid Off - 360		06-Mar-2005
649086 1			182,400.00		182,075.67				6.600%		MD - 80.00%		Paid Off - 360		01-Mar-2005
649086 1					182,075.67				6.600%		MD - 80.00%		Paid Off - 360		01-Mar-2005
649412 1			153,000.00		152,722.33				7.600%		FL - 85.00%		Paid Off - 360		01-Mar-2005
649412 1					152,722.33				7.600%		FL - 85.00%		Paid Off - 360		01-Mar-2005
651739 1			204,500.00		204,129.26				6.500%		SC - 100.00%		Paid Off - 360		02-Mar-2005
651739 1					204,129.26				6.500%		SC - 100.00%		Paid Off - 360		02-Mar-2005
653198 1			150,000.00		150,000.00				6.250%		CO - 74.26%		Paid Off - 360		01-Apr-2005
653198 1					150,000.00				6.250%		CO - 74.26%		Paid Off - 360		01-Apr-2005
653451 1			173,600.00		173,457.42			06-May-2005		6.990%		NV - 80.00%		Paid Off - 360		01-Apr-2005
653451 1					173,457.42			06-May-2005		6.990%		NV - 80.00%		Paid Off - 360		01-Apr-2005
654287 1			137,000.00		136,763.43				6.750%		MO - 100.00%		Paid Off - 360		07-Mar-2005
654287 1					136,763.43				6.750%		MO - 100.00%		Paid Off - 360		07-Mar-2005
654790 1			246,500.00		246,500.00			06-May-2005		5.990%		OH - 85.00%		Paid Off - 360		01-Mar-2005
654790 1					246,500.00			06-May-2005		5.990%		OH - 85.00%		Paid Off - 360		01-Mar-2005
655887 1			300,000.00		299,530.53				7.250%		MA - 63.83%		Paid Off - 360		01-Mar-2005
655887 1					299,530.53				7.250%		MA - 63.83%		Paid Off - 360		01-Mar-2005
99559441 1			99,200.00		98,928.53				10.700%		IL - 100.00%		Paid Off - 360		01-Oct-2004
99559441 1					98,928.53				10.700%		IL - 100.00%		Paid Off - 360		01-Oct-2004
99616844 1			26,780.00		26,654.49			28-Apr-2005		11.000%		WI - 100.00%		Paid Off - 240		01-Jan-2005
99616844 1					26,654.49			28-Apr-2005		11.000%		WI - 100.00%		Paid Off - 240		01-Jan-2005
99636888 1			41,000.00		40,958.52				11.300%		CO - 100.00%		Paid Off - 360		01-Feb-2005
99636888 1					40,958.52				11.300%		CO - 100.00%		Paid Off - 360		01-Feb-2005
99640124 1			104,000.00		103,914.25				10.350%		CA - 100.00%		Paid Off - 360		01-Mar-2005
99640124 1					103,914.25				10.350%		CA - 100.00%		Paid Off - 360		01-Mar-2005
99641557 1			125,000.00		124,912.38				11.100%		VA - 100.00%		Paid Off - 360		01-Mar-2005
99641557 1					124,912.38				11.100%		VA - 100.00%		Paid Off - 360		01-Mar-2005
99643708 1			31,600.00		31,569.44				9.600%		MI - 100.00%		Paid Off - 360		01-Mar-2005
99643708 1					31,569.44				9.600%		MI - 100.00%		Paid Off - 360



Page 19 of 26
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First
Loan Number			Original							Current		State &		Type Prepayment

&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

99644256 1			34,180.00		34,156.79				11.250%		SC - 100.00%		Paid Off - 360		01-Mar-2005
			34,180.00

99649077 1			21,300.00		21,248.57				10.700%		AL - 100.00%		Paid Off - 240		06-Mar-2005
99649077 1					21,248.57				10.700%		AL - 100.00%		Paid Off - 240		06-Mar-2005


TOTAL			13,834,630.00		13,804,452.46
TOTAL


Page 20 of 26
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES



															Total


Current
Current



Number of Loans Liquidated														0
Collateral Principal Realized Loss/(Gain) Amount														0.00
Collateral Interest Realized Loss/(Gain) Amount														0.00
Net Liquidation Proceeds														0.00

Cumulative
Cumulative



Number of Loans Liquidated														0
Collateral Realized Loss/(Gain) Amount														0.00
Net Liquidation Proceeds														0.00










Page 21 of 26
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution


DEFAULT SPEEDS



															Total



MDR														0.00%
3 Months Avg MDR														0.00%
12 Months Avg MDR														0.00%
Avg MDR Since Cut-off														0.00%


CDR														0.00%
3 Months Avg CDR														0.00%
12 Months Avg CDR														0.00%
Avg CDR Since Cut-off														0.00%


SDA														0.00%
3 Months Avg SDA Approximation														0.00%
12 Months Avg SDA Approximation														0.00%
Avg SDA Since Cut-off Approximation														0.00%


Loss Severity Approximation for Current Period														0.00%
3 Months Avg Loss Severity Approximation														0.00%
12 Months Avg Loss Severity Approximation														0.00%
Avg Loss Severity Approximation Since Cut-off														0.00%












Page 22 of 26
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution





COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
	Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)



	Conditional Default Rate (CDR): 1-((1-MDR)^12)

	SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)0.02,MAX(0.03,MIN(30,WAS)0.02-0.0095*(WAS-60)))

	Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn)(1-MDRn+1)...*(1-MDRm)]^(1/months in period n,m)
	Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)

	Average SDA Approximation over period between the nth month and mth month:
	AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)0.02,MAX(0.03,MIN(30,Avg WASn,m)0.02-0.0095*(Avg WASn,m-60)))

	Average WASn,m: (WASn + WASn+1 +...+ WASm )/(number of months in the period n,m)
	Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)

	Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)

	Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
	Dates correspond to distribution dates.




Page 23 of 26
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Realized Loss Detail Report
Loan Number			Current		State &				Prior		Realized				Cumulative
															Cumulative
&		Loan	Note		LTV at		Original		Principal		Loss/(Gain)		Realized		Realized

Loan Group		Status	Rate		Origination		Term		Balance		Revision		Loss/(Gain)		Loss/(Gain)
Loan Group		Status	Rate		Origination		Term		Balance		Revision		Loss/(Gain)		Loss/(Gain)




TOTAL



Page 24 of 26
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS
TRIGGER EVENTS
														Total
						Has Stepdown Condition occurred (0 = No, 1=Yes)								0

						Does a Trigger Event Exist-Either a) or b) Yes?								0
						a) Does a Delinquency Trigger Event Exists								0
						b) Does a Loss Trigger Event Exists (0=No,1=Yes)								0

						60+ days Delinqueny Balance								0.00
						Ending Collateral Balance								752,571,019.84
						Delinquency Percentage								0.0000%

						Senior Enhancement Percentage								26.620000%

						Cumulative Loss Percentage								0.0000%


ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION

SPACE INTENTIONALLY LEFT BLANK




Page 25 of 26
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Additional Certificate Report

ADDITIONAL CERTIFICATE REPORT

													NET WAC Shortfall CarryOver		NET WAC Shortfall Paid
CLASS

			A-1										$0.00		$0.00
													$0.00		$0.00
			A-2										$0.00		$0.00
													$0.00		$0.00
			A-3										$0.00		$0.00
													$0.00		$0.00
			A-4										$0.00		$0.00
													$0.00		$0.00
			M-1										$0.00		$0.00
													$0.00		$0.00
			M-2										$0.00		$0.00
													$0.00		$0.00
			M-3										$0.00		$0.00
													$0.00		$0.00
			M-4										$0.00		$0.00
													$0.00		$0.00
			M-5										$0.00		$0.00
													$0.00		$0.00
			M-6										$0.00		$0.00
													$0.00		$0.00
			M-7										$0.00		$0.00
													$0.00		$0.00
			M-8										$0.00		$0.00
													$0.00		$0.00
			M-9										$0.00		$0.00
													$0.00		$0.00
			B-1										$0.00		$0.00
													$0.00		$0.00
			B-2										$0.00		$0.00
													$0.00		$0.00
			B-3										$0.00		$0.00
													$0.00		$0.00
			B-4										$0.01		$0.00
													$0.01		$0.00






Page 26 of 26

Equifirst Mortgage Loan Trust 2005-1 8-K