                                      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)

              GS Mortgage Securities Corp. (as Depositor under the
               Trust Agreement, dated as January 1, 2005,
               providing for the issuance of GSAA Home Equity Trust 2005-1
                      Asset-Backed Certificates Series 2005-1)
                 (Exact name of registrant as specified in charter)


                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-120274-05                          13-3387389
          (Commission File Number)        (I.R.S. Employer Identification No.)


               85 Broad Street
               New York, New York                        10004
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (212) 902-1000


     (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
                                  Trust Agreement on
                                  behalf of GS Mortgage 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.



GSAA 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
				Goldman Sachs & Co.						1. Certificate Payment Report					2
				Goldman Sachs & Co.						2. Collection Account Report					4
										2. Collection Account Report					4
										3. Credit Enhancement Report					6
										4. Collateral Report					7
				Certificate Insurer(s)						5. Delinquency Report					10
				Certificate Insurer(s)						5. Delinquency Report					10
										6. REO Report					11

										7. Foreclosure Report					12
										8. Prepayment Report					13
										9. Prepayment Detail Report					16
										9. Prepayment Detail Report					16
										10. Realized Loss Report					17
										11. Realized Loss Detail Report					20
				Servicer(s)						11. Realized Loss Detail Report					20
				Servicer(s)						12. Triggers and Adj. Cert. Report					21
				Wells Fargo						12. Triggers and Adj. Cert. Report					21
				Wells Fargo						13. Other Related Information					22
										13. Other Related Information					22


				Underwriter(s)
				Goldman Sachs Mortgage Securities


										Total Number of Pages					22
										Total Number of Pages

				Dates						Contacts

				Cut-Off Date:			January 01, 2005			Hang Luu
				Close Date:			January 28, 2005			Administrator
				First Distribution Date:			February 25, 2005			(714) 247-6000
										hang-thai.luu@db.com
										hang-thai.luu@db.com
										Address:
										1761 East St. Andrew Place, Santa Ana, CA 92705
				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 22
GSAA 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)

AV-1	SNR	$	144,436,000.00		134,745,151.50		355,951.78		4,002,721.80		4,358,673.58		0.00		0.00		130,742,429.70
AV-1	SNR	$	144,436,000.00		134,745,151.50		355,951.78		4,002,721.80		4,358,673.58		0.00		0.00		130,742,429.70
AV-2	SNR	$	40,000,000.00		37,316,223.52		97,644.12		1,108,510.84		1,206,154.96		0.00		0.00		36,207,712.68
AF-2	SNR	$	123,802,000.00		123,802,000.00		445,274.53		0.00		445,274.53		0.00		0.00		123,802,000.00
AF-3	SNR	$	32,913,000.00		32,913,000.00		132,282.83		0.00		132,282.83		0.00		0.00		32,913,000.00
AF-4	SNR	$	76,351,000.00		76,351,000.00		357,513.56		0.00		357,513.56		0.00		0.00		76,351,000.00
AF-5	SNR	$	46,389,000.00		46,389,000.00		187,218.27		0.00		187,218.27		0.00		0.00		46,389,000.00
M-1	MEZ	$	16,494,000.00		16,494,000.00		72,779.78		0.00		72,779.78		0.00		0.00		16,494,000.00
M-2	MEZ	$	12,370,000.00		12,370,000.00		59,376.00		0.00		59,376.00		0.00		0.00		12,370,000.00
B-1	SUB	$	6,185,000.00		6,185,000.00		29,688.00		0.00		29,688.00		0.00		0.00		6,185,000.00
B-2	SUB	$	5,154,000.00		5,154,000.00		24,739.20		0.00		24,739.20		0.00		0.00		5,154,000.00
B-3	SUB	$	5,154,000.00		5,154,000.00		24,739.20		0.00		24,739.20		0.00		0.00		5,154,000.00
X	SUB,EXE	$	6,186,979.54		6,185,219.75		695,245.40		0.00		695,245.40		0.00		0.00		6,185,219.75
P	RES	$	0.00		0.00		44,021.12		0.00		44,021.12		0.00		0.00		0.00
R	RES	$	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00


Total			515,434,979.54		503,058,594.77		2,526,473.79		5,111,232.64		7,637,706.43		0.00		0.00		497,947,362.13
Total




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)
AV-1	04/25/05		05/24/05		A-Act/360		36242DSP9		144,436,000.00		932.905588		2.464426		27.712771		30.177197	905.192817
AV-2	04/25/05		05/24/05		A-Act/360		36242DSY0		40,000,000.00		932.905588		2.441103		27.712771		30.153874	905.192817
AF-2	04/01/05		04/30/05		A-30/360		36242DSQ7		123,802,000.00		1,000.000000		3.596667		0.000000		3.596667	1,000.000000
AF-3	04/01/05		04/30/05		A-30/360		36242DSR5		32,913,000.00		1,000.000000		4.019167		0.000000		4.019167	1,000.000000
AF-4	04/01/05		04/30/05		A-30/360		36242DSS3		76,351,000.00		1,000.000000		4.682500		0.000000		4.682500	1,000.000000
AF-5	04/01/05		04/30/05		A-30/360		36242DST1		46,389,000.00		1,000.000000		4.035833		0.000000		4.035833	1,000.000000
M-1	04/01/05		04/30/05		A-30/360		36242DSU8		16,494,000.00		1,000.000000		4.412500		0.000000		4.412500	1,000.000000
M-2	04/01/05		04/30/05		A-30/360		36242DSV6		12,370,000.00		1,000.000000		4.800000		0.000000		4.800000	1,000.000000
B-1	04/01/05		04/30/05		A-30/360		36242DSW4		6,185,000.00		1,000.000000		4.800000		0.000000		4.800000	1,000.000000
B-2	04/01/05		04/30/05		A-30/360		36242DSX2		5,154,000.00		1,000.000000		4.800000		0.000000		4.800000	1,000.000000
B-3	04/01/05		04/30/05		A-30/360		36242DTD5		5,154,000.00		1,000.000000		4.800000		0.000000		4.800000	1,000.000000
X	04/25/05		05/24/05		A-30/360		36242DTE3		6,186,979.54		999.715566		112.372345		0.000000		112.372345	999.715566
P	04/25/05		05/24/05		A-30/360		36242DTF0		0.00		0.000000		0.000000		0.000000		0.000000	0.000000
R	04/25/05		05/24/05		A-30/360		36242DTG8		0.00		0.000000		0.000000		0.000000		0.000000	0.000000




Page 2 of 22
GSAA 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)
AV-1	144,436,000.00		1,328,633.45		11,280,337.30		2,413,233.00		13,693,570.30		15,022,203.75		0.00		0.00		130,742,429.70
AV-2	40,000,000.00		364,172.40		1,379,054.32		2,413,233.00		3,792,287.32		4,156,459.72		0.00		0.00		36,207,712.68
AF-2	123,802,000.00		1,781,098.12		0.00		0.00		0.00		1,781,098.12		0.00		0.00		123,802,000.00
AF-3	32,913,000.00		529,131.32		0.00		0.00		0.00		529,131.32		0.00		0.00		32,913,000.00
AF-4	76,351,000.00		1,430,054.24		0.00		0.00		0.00		1,430,054.24		0.00		0.00		76,351,000.00
AF-5	46,389,000.00		748,873.08		0.00		0.00		0.00		748,873.08		0.00		0.00		46,389,000.00
M-1	16,494,000.00		291,119.12		0.00		0.00		0.00		291,119.12		0.00		0.00		16,494,000.00
M-2	12,370,000.00		237,504.00		0.00		0.00		0.00		237,504.00		0.00		0.00		12,370,000.00
B-1	6,185,000.00		118,752.00		0.00		0.00		0.00		118,752.00		0.00		0.00		6,185,000.00
B-2	5,154,000.00		98,956.80		0.00		0.00		0.00		98,956.80		0.00		0.00		5,154,000.00
B-3	5,154,000.00		98,956.80		0.00		0.00		0.00		98,956.80		0.00		0.00		5,154,000.00
X	6,186,979.54		2,926,852.78		0.00		0.00		1,759.79		2,928,612.57		0.00		0.00		6,185,219.75
P	0.00		174,769.87		0.00		0.00		0.00		174,769.87		0.00		0.00		0.00
R	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00


Total	515,434,979.54		10,128,873.98		12,659,391.62		4,826,466.00		17,487,617.41		27,616,491.39		0.00		0.00		497,947,362.13


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)
AV-1	3.17000%		134,745,151.50		355,951.78		0.00		0.00		0.00		355,951.78		355,951.78		0.00
AV-2	3.14000%		37,316,223.52		97,644.12		0.00		0.00		0.00		97,644.12		97,644.12		0.00
AF-2	4.31600%		123,802,000.00		445,274.53		0.00		0.00		0.00		445,274.53		445,274.53		0.00
AF-3	4.82300%		32,913,000.00		132,282.83		0.00		0.00		0.00		132,282.83		132,282.83		0.00
AF-4	5.61900%		76,351,000.00		357,513.56		0.00		0.00		0.00		357,513.56		357,513.56		0.00
AF-5	4.84300%		46,389,000.00		187,218.27		0.00		0.00		0.00		187,218.27		187,218.27		0.00
M-1	5.29500%		16,494,000.00		72,779.78		0.00		0.00		0.00		72,779.78		72,779.78		0.00
M-2	5.76000%		12,370,000.00		59,376.00		0.00		0.00		0.00		59,376.00		59,376.00		0.00
B-1	5.76000%		6,185,000.00		29,688.00		0.00		0.00		0.00		29,688.00		29,688.00		0.00
B-2	5.76000%		5,154,000.00		24,739.20		0.00		0.00		0.00		24,739.20		24,739.20		0.00
B-3	5.76000%		5,154,000.00		24,739.20		0.00		0.00		0.00		24,739.20		24,739.20		0.00
X	134.88518%		6,185,219.75		0.00		0.00		0.00		0.00		0.00		695,245.40		0.00
P	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		44,021.12		0.00
R	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00


Total			503,058,594.77		1,787,207.27		0.00		0.00		0.00		1,787,207.27		2,526,473.79		0.00



Page 3 of 22
GSAA Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Collection Account Report
SUMMARY
SUMMARY
														Total
Principal Collections														5,111,232.64
Principal Withdrawals														0.00
Principal Other Accounts														0.00
TOTAL NET PRINCIPAL														5,111,232.64
Interest Collections														2,643,126.52
Interest Withdrawals														-0.00
Interest Fees														-174,348.01
Interest Other Accounts														44,021.12
TOTAL NET INTEREST														2,512,799.63
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION														7,637,706.43



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
															Total
Scheduled Principal Received															602,548.08
Curtailments															83,316.40
Prepayments In Full															4,425,368.16
Repurchased/Substitutions															0.00
Liquidations															0.00
Insurance Principal															0.00
Other Additional Principal															0.00
Delinquent Principal															-6,585.08
Realized Losses															-0.00
Advanced Principal															6,585.08
TOTAL PRINCIPAL COLLECTED															5,111,232.64


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



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





Page 4 of 22
GSAA Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
														Total
Scheduled Interest														2,658,803.27
Repurchased/Substitution Interest														0.00
Liquidation Interest														0.00
Insurance Interest														0.00
Other Additional Interest														0.00
Prepayment Interest Shortfalls														-13,674.16
Delinquent Interest														-39,169.47
Compensating Interest														0.00
Civil Relief Act Shortfalls														-0.00
Interest Advanced														37,166.88
TOTAL INTEREST COLLECTED														2,643,126.52


INTEREST - WITHDRAWALS
INTEREST - WITHDRAWALS
														Total
Non-Recoverable Advances														0.00
Reimbursements to Master Servicer														0.00
TOTAL INTEREST WITHDRAWALS														0.00



INTEREST - OTHER ACCOUNTS
INTEREST - OTHER ACCOUNTS
														Total
Prepayment Charges														44,021.12
TOTAL INTEREST OTHER ACCOUNTS														44,021.12



INTEREST - FEES
INTEREST - FEES
														Total
Current Servicing Fees														172,251.93
Trustee Fees														2,096.08
TOTAL INTEREST FEES														174,348.01




Page 5 of 22
GSAA Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Credit Enhancement Report
ACCOUNTS
ACCOUNTS
														Total
Beginning Excess Reserve Fund Account Balance														0.00
Basis Risk CarryOver Deposit														0.00
Interest Cap Payment Deposit														0.00
Basis Risk CarryOver Amount Paid														0.00
Interest Cap Pmt Amount Released to Class X														0.00
Ending Excess Reserve Fund Account Balance														0.00



INSURANCE

SPACE INTENTIONALLY LEFT BLANK



STRUCTURAL FEATURES
STRUCTURAL FEATURES
														Total
Overcollateralized Amount														6,185,219.75
Overcollateralization Reduction Amount														0.00
Overcollateralization Deficiency Amount														0.00
Overcollateralization Target Amount														6,185,219.75





Page 6 of 22
GSAA Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Collateral Report


COLLATERAL



															Total



Loan Count:


Original														2,888
Prior														2,831
Prefunding														0
Scheduled Paid Offs														-0
Full Voluntary Prepayments														-24
Repurchases														-0
Liquidations														-0
Current														2,807
Principal Balance:


Original														515,434,979.54
Prior														503,058,594.77
Prefunding														0.00
Scheduled Principal														-602,548.08
Partial Prepayments														-83,316.40
Full Voluntary Prepayments														-4,425,368.16
Repurchases														-0.00
Liquidations														-0.00
Current														497,947,362.13





PREFUNDING

SPACE INTENTIONALLY LEFT BLANK






Page 7 of 22
GSAA Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

CHARACTERISTICS
CHARACTERISTICS
														Total
Weighted Average Coupon Original														5.85630%
Weighted Average Coupon Prior														6.34996%
Weighted Average Coupon Current														6.34233%
Weighted Average Months to Maturity Original														278
Weighted Average Months to Maturity Prior														310
Weighted Average Months to Maturity Current														308
Weighted Avg Remaining Amortization Term Original														279
Weighted Avg Remaining Amortization Term Prior														310
Weighted Avg Remaining Amortization Term Current														309
Weighted Average Seasoning Original														0.00
Weighted Average Seasoning Prior														7.03
Weighted Average Seasoning Current														8.03









Page 8 of 22
GSAA Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

ARM CHARACTERISTICS
ARM CHARACTERISTICS
														Total
Weighted Average Margin Original														0.00000%
Weighted Average Margin Prior														0.00000%
Weighted Average Margin Current														0.00000%
Weighted Average Max Rate Original														0.00000%
Weighted Average Max Rate Prior														0.00000%
Weighted Average Max Rate Current														0.00000%
Weighted Average Min Rate Original														0.00000%
Weighted Average Min Rate Prior														0.00000%
Weighted Average Min Rate Current														0.00000%
Weighted Average Cap Up Original														0.00000%
Weighted Average Cap Up Prior														0.00000%
Weighted Average Cap Up Current														0.00000%
Weighted Average Cap Down Original														0.00000%
Weighted Average Cap Down Prior														0.00000%
Weighted Average Cap Down Current														0.00000%




SERVICING FEES & ADVANCES

															Total




Current Servicing Fees														172,251.93
Delinquent Servicing Fees														2,002.58
TOTAL SERVICING FEES														174,254.52


Total Servicing Fees														174,254.52
Compensating Interest														-0.00
Delinquent Servicing Fees														-2,002.58
COLLECTED SERVICING FEES														172,251.94


Total Advanced Interest														37,166.88
Total Advanced Principal														6,585.08
Aggregate Advances with respect to this Distribution														43,751.96





ADDITIONAL COLLATERAL INFORMATION
														Total
Prepayment Interest Shortfall (PPIS)														13,674.16
Compensating Interest														-0.00
Net Prepayment Interest Shortfall (PPIS)														0.00


Ending Pool Stated Principal Balance														497,947,362.13
Weighted Average Net Mortgage Rate														5.921662%




Page 9 of 22
GSAA 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				692,794.06		0.00		0.00		692,794.06
			% Balance				0.14%		0.00%		0.00%		0.14%
			# Loans				9		0		0		9
			% # Loans				0.32%		0.00%		0.00%		0.32%
	FORECLOSURE		Balance		0.00		0.00		401,062.33		505,687.26		906,749.59
			% Balance		0.00%		0.00%		0.08%		0.10%		0.18%
			# Loans		0		0		5		6		11
			% # Loans		0.00%		0.00%		0.18%		0.21%		0.39%
	BANKRUPTCY		Balance		0.00		20,226.49		55,441.33		0.00		75,667.82
			% Balance		0.00%		0.00%		0.01%		0.00%		0.02%
			# Loans		0		1		1		0		2
			% # Loans		0.00%		0.04%		0.04%		0.00%		0.07%
	REO		Balance		0.00		0.00		0.00		28,902.67		28,902.67
			% Balance		0.00%		0.00%		0.00%		0.01%		0.01%
			# Loans		0		0		0		1		1
			% # Loans		0.00%		0.00%		0.00%		0.04%		0.04%
	TOTAL		Balance		0.00		713,020.55		456,503.66		534,589.93		1,704,114.14
			% Balance		0.00%		0.14%		0.09%		0.11%		0.34%
			# Loans		0		10		6		7		23
			% # Loans		0.00%		0.36%		0.21%		0.25%		0.82%









Page 10 of 22
GSAA 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
139743355 1
139743355 1			29,250.00		28,902.67		01-Oct-2004		8.125%		MO - 84.78%		360		01-Nov-2004



TOTAL			29,250.00		28,902.67



Page 11 of 22
GSAA 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
135517399 1
135517399 1			168,750.00		166,868.76		01-Jan-2005		7.375%		MO - 90.00%		360		01-Apr-2004

139036412 1			41,200.00		41,064.88		01-Nov-2004		10.500%		OH - 80.00%		360		01-Oct-2004
139050793 1			80,000.00		79,637.34		01-Jan-2005		8.950%		TX - 80.00%		360		01-Oct-2004
139389217 1			14,500.00		14,439.82		01-Oct-2004		9.950%		OH - 17.06%		360		01-Oct-2004
139427116 1			57,600.00		57,328.01		01-Nov-2004		8.750%		NY - 90.00%		360		01-Oct-2004
139438246 1			91,800.00		91,355.28		01-Jan-2005		8.625%		IN - 90.00%		180		01-Oct-2004
139443659 1			25,000.00		24,829.35		01-Jan-2005		7.125%		OH - 50.00%		360		01-Oct-2004
139642235 1			157,000.00		156,179.55		01-Dec-2004		8.250%		LA - 89.71%		180		01-Oct-2004
139744056 1			128,700.00		127,956.63		01-Nov-2004		7.750%		AZ - 90.00%		360		01-Oct-2004
139896492 1			111,300.00		108,718.37		01-Dec-2004		6.625%		MT - 70.00%		180		01-Nov-2004
139919435 1			38,542.00		38,371.60		01-Jan-2005		9.250%		TX - 90.00%		360		01-Oct-2004


TOTAL			914,392.00		906,749.59



Page 12 of 22
GSAA Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

															Total




Current


Number of Paid in Full Loans														24
Number of Repurchased Loans														0
Total Number of Loans Prepaid in Full														24
Curtailments Amount														83,316.40
Paid in Full Balance														4,425,368.16
Repurchased Loans Balance														0.00
Total Prepayment Amount														4,508,684.56

Cumulative


Number of Paid in Full Loans														81
Number of Repurchased Loans														0
Total Number of Loans Prepaid in Full														81
Paid in Full Balance														14,768,511.12
Repurchased Loans Balance														0.00
Curtailments Amount														305,606.74
Total Prepayment Amount														15,074,117.86










Page 13 of 22
GSAA Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

															Total



SMM														0.90%
3 Months Avg SMM														0.82%
12 Months Avg SMM														0.74%
Avg SMM Since Cut-off														0.74%


CPR														10.25%
3 Months Avg CPR														9.39%
12 Months Avg CPR														8.55%
Avg CPR Since Cut-off														8.54%


PSA														638.59%
3 Months Avg PSA Approximation														667.40%
12 Months Avg PSA Approximation														654.16%
Avg PSA Since Cut-off Approximation														810.03%










Page 14 of 22
GSAA Trust 2005-1

Asset Backed Certificates
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 15 of 22
GSAA 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

134853415 1			186,000.00		180,976.62			08-Apr-2005		6.750%		NJ - 79.15%		Paid Off - 360		01-Mar-2004
			186,000.00

135744951 1			190,000.00		187,816.13			01-Apr-2005		5.875%		NJ - 76.00%		Paid Off - 360		01-Jun-2004
135744951 1					187,816.13			01-Apr-2005		5.875%		NJ - 76.00%		Paid Off - 360		01-Jun-2004
137713574 1			96,000.00		95,013.28			14-Apr-2005		5.950%		NJ - 64.00%		Paid Off - 360		01-Jul-2004
137713574 1					95,013.28			14-Apr-2005		5.950%		NJ - 64.00%		Paid Off - 360		01-Jul-2004
138174016 1			167,000.00		165,611.41			12-Apr-2005		6.500%		NJ - 67.34%		Paid Off - 360		01-Aug-2004
138174016 1					165,611.41			12-Apr-2005		6.500%		NJ - 67.34%		Paid Off - 360		01-Aug-2004
138413414 1			372,000.00		368,879.76			01-Apr-2005		5.625%		CA - 80.00%		Paid Off - 360		01-Oct-2004
138413414 1					368,879.76			01-Apr-2005		5.625%		CA - 80.00%		Paid Off - 360		01-Oct-2004
138605092 1			320,000.00		318,038.50			26-Apr-2005		6.750%		NY - 71.91%		Paid Off - 360		01-Oct-2004
138605092 1					318,038.50			26-Apr-2005		6.750%		NY - 71.91%		Paid Off - 360		01-Oct-2004
138804646 1			198,000.00		196,695.60			07-Apr-2005		6.375%		CA - 82.50%		Paid Off - 180		01-Oct-2004
138804646 1					196,695.60			07-Apr-2005		6.375%		CA - 82.50%		Paid Off - 180		01-Oct-2004
138985445 1			35,500.00		34,885.56			20-Apr-2005		10.025%		MO - 78.89%		Paid Off - 180		01-Oct-2004
138985445 1					34,885.56			20-Apr-2005		10.025%		MO - 78.89%		Paid Off - 180		01-Oct-2004
139190672 1			85,000.00		84,631.77			18-Apr-2005		8.500%		TX - 65.38%		Paid Off - 360		01-Oct-2004
139190672 1					84,631.77			18-Apr-2005		8.500%		TX - 65.38%		Paid Off - 360		01-Oct-2004
139195457 1			182,000.00		180,779.50			28-Apr-2005		6.990%		NJ - 70.00%		Paid Off - 360		01-Sep-2004
139195457 1					180,779.50			28-Apr-2005		6.990%		NJ - 70.00%		Paid Off - 360		01-Sep-2004
139235162 1			32,400.00		32,266.46			04-Apr-2005		8.750%		OH - 90.00%		Paid Off - 360		01-Oct-2004
139235162 1					32,266.46			04-Apr-2005		8.750%		OH - 90.00%		Paid Off - 360		01-Oct-2004
139355176 1			195,750.00		194,163.49			14-Apr-2005		6.000%		CA - 75.00%		Paid Off - 360		01-Sep-2004
139355176 1					194,163.49			14-Apr-2005		6.000%		CA - 75.00%		Paid Off - 360		01-Sep-2004
139376222 1			413,600.00		409,462.93			01-Apr-2005		6.850%		CA - 80.00%		Paid Off - 360		01-Sep-2004
139376222 1					409,462.93			01-Apr-2005		6.850%		CA - 80.00%		Paid Off - 360		01-Sep-2004
139431589 1			384,300.00		381,664.53			26-Apr-2005		6.375%		IL - 90.00%		Paid Off - 180		01-Oct-2004
139431589 1					381,664.53			26-Apr-2005		6.375%		IL - 90.00%		Paid Off - 180		01-Oct-2004
139457535 1			120,000.00		119,364.76			18-Apr-2005		7.500%		AZ - 75.00%		Paid Off - 360		01-Oct-2004
139457535 1					119,364.76			18-Apr-2005		7.500%		AZ - 75.00%		Paid Off - 360		01-Oct-2004
139478697 1			151,200.00		150,577.51			01-Apr-2005		8.750%		IA - 90.00%		Paid Off - 180		01-Oct-2004
139478697 1					150,577.51			01-Apr-2005		8.750%		IA - 90.00%		Paid Off - 180		01-Oct-2004
139480388 1			304,000.00		302,044.69			05-Apr-2005		6.500%		NJ - 80.00%		Paid Off - 360		01-Oct-2004
139480388 1					302,044.69			05-Apr-2005		6.500%		NJ - 80.00%		Paid Off - 360		01-Oct-2004
139507685 1			133,000.00		132,378.42			29-Apr-2005		8.125%		MD - 93.66%		Paid Off - 360		01-Oct-2004
139507685 1					132,378.42			29-Apr-2005		8.125%		MD - 93.66%		Paid Off - 360		01-Oct-2004
139615777 1			174,250.00		173,207.48			21-Apr-2005		6.875%		PA - 85.00%		Paid Off - 360		01-Oct-2004
139615777 1					173,207.48			21-Apr-2005		6.875%		PA - 85.00%		Paid Off - 360		01-Oct-2004
139753248 1			169,000.00		167,945.78			01-Apr-2005		7.375%		CA - 86.67%		Paid Off - 360		01-Sep-2004
139753248 1					167,945.78			01-Apr-2005		7.375%		CA - 86.67%		Paid Off - 360		01-Sep-2004
139801005 1			100,000.00		99,356.80			13-Apr-2005		6.500%		CA - 45.45%		Paid Off - 360		01-Oct-2004
139801005 1					99,356.80			13-Apr-2005		6.500%		CA - 45.45%		Paid Off - 360		01-Oct-2004
139920797 1			218,000.00		217,098.57			26-Apr-2005		7.950%		NJ - 80.74%		Paid Off - 360		01-Nov-2004
139920797 1					217,098.57			26-Apr-2005		7.950%		NJ - 80.74%		Paid Off - 360		01-Nov-2004
140031683 1			178,600.00		177,751.29			28-Apr-2005		7.250%		DC - 95.00%		Paid Off - 360		01-Nov-2004
140031683 1					177,751.29			28-Apr-2005		7.250%		DC - 95.00%		Paid Off - 360		01-Nov-2004
140167537 1			55,000.00		54,757.32			08-Apr-2005		7.625%		IA - 40.44%		Paid Off - 360		01-Nov-2004
140167537 1					54,757.32			08-Apr-2005		7.625%		IA - 40.44%		Paid Off - 360		01-Nov-2004


TOTAL			4,460,600.00		4,425,368.16
TOTAL


Page 16 of 22
GSAA 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 17 of 22
GSAA 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 18 of 22
GSAA 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 19 of 22
GSAA 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 20 of 22
GSAA 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
						Optional Termination in Effect (0=No,1=Yes)								0

						Has a Stepdown Date Occurred? (0=No,1=Yes)								0

						Does a Trigger Event Exist? (0=No,1=Yes)								0

						A Trigger Event Exists if either (i) or (ii) are true

						(i) The quotient of ( (1)/(2) > (3) )
						(1) 60+ Day Rolling Delinquency Balance								646,763.45
						(2) Stated Principal Balance								497,947,362.13
						60+ Day Delinquency % ( (1)/(2) )								0.13%
						(3) 60% of Senior Enhancement %								6.21%

						(ii) The quotient of ( (4)/(5) > (6))
						(4) Aggregate Cumulative Realized Loss								0.00
						(5) Cutoff Date Pool Principal Balance
						Trigger Event Loss % ( (4)/(5) )								0.000000%
						(6) Applicable Loss %								0.00%


ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
														Total
Net Monthly Excess Cashflow														695,245.40
Net Monthly Excess Cashflow Alloc to Losses														0.00
Net Monthly Excess Cashflow Alloc to Unpaid Int														0.00

Current LIBOR Rate														3.020000%
Next LIBOR Rate														0.000000%




Page 21 of 22
GSAA Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

May 25, 2005 Distribution
Other Related Information
ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
														Total
Current Scheduled Payments														3,261,351.35
Current Scheduled Payments 1 Month Prior														3,294,541.97
Current Scheduled Payments 2 Month Prior														3,352,537.07
Current Scheduled Payments 3 Month Prior														3,142,343.09
Current Scheduled Payments 4 Month Prior														0.00
Current Scheduled Payments 5 Month Prior														0.00
Current Scheduled Payments 6 Month Prior														0.00
Current Scheduled Payments 7 Month Prior														0.00
Current Scheduled Payments 8 Month Prior														0.00
Current Scheduled Payments 9 Month Prior														0.00
Current Scheduled Payments 10 Month Prior														0.00
Current Scheduled Payments 11 Month Prior														0.00

Delinquent 60+ Scheduled Payments														7,966.11
Delinq. 60+ Sched. Pmnts, 1 Month Prior														5,314.29
Delinq. 60+ Sched. Pmnts, 2 Month Prior														2,176.75
Delinq. 60+ Sched. Pmnts, 3 Month Prior														0.00
Delinq. 60+ Sched. Pmnts, 4 Month Prior														0.00
Delinq. 60+ Sched. Pmnts, 5 Month Prior														0.00
Delinq. 60+ Sched. Pmnts, 6 Month Prior														0.00
Delinq. 60+ Sched. Pmnts, 7 Month Prior														0.00
Delinq. 60+ Sched. Pmnts, 8 Month Prior														0.00
Delinq. 60+ Sched. Pmnts, 9 Month Prior														0.00
Delinq. 60+ Sched. Pmnts, 10 Month Prior														0.00
Delinq. 60+ Sched. Pmnts, 11 Month Prior														0.00




Page 22 of 22

Filing Compare · GS Mortgage GSAA Home Equity Trust 2005-1