
                                     UNITED STATES
                           SECURITIES AND EXCHANGE COMMISSION
                                Washington, D.C.  20549


                                    FORM 8-K


                  Current Report Pursuant To Section 13 or 15(d) of
                           the Securities Exchange Act of 1934

           Date of Report (Date of earliest event reported):  June 27, 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
     June 27, 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 30, 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 June 27, 2005.



Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

June 27, 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					19
										11. Realized Loss Detail Report					22
				Servicer(s)						11. Realized Loss Detail Report					22
				Servicer(s)						12. Triggers and Adj. Cert. Report					23
				Saxon Mortgage Services, Inc.						12. Triggers and Adj. Cert. Report					23
				Saxon Mortgage Services, Inc.						13. Additional Certificate Report					24
										13. Additional Certificate Report					24


				Underwriter(s)
				Greenwich Capital Markets


										Total Number of Pages					24
										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:			June 27, 2005
										Factor Information:			(800) 735-7777
				Record Date:			May 31, 2005			Factor Information:			(800) 735-7777
										Main Phone Number:			(714) 247-6000

							June 24, 2005
							June 24, 2005

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






Page 1 of 24
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

June 27, 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		211,524,640.41		610,777.40		6,778,100.86		7,388,878.26		0.00		0.00		204,746,539.55
A-1	FLT, STEP,	$	226,500,000.00		211,524,640.41		610,777.40		6,778,100.86		7,388,878.26		0.00		0.00		204,746,539.55
A-2	FLT, STEP,	$	133,240,000.00		133,240,000.00		393,280.07		0.00		393,280.07		0.00		0.00		133,240,000.00
A-3	FLT, STEP,	$	159,880,000.00		159,880,000.00		485,102.57		0.00		485,102.57		0.00		0.00		159,880,000.00
A-4	FLT, STEP,	$	43,761,000.00		43,761,000.00		135,987.31		0.00		135,987.31		0.00		0.00		43,761,000.00
M-1	MEZ, STEP,	$	44,901,000.00		44,901,000.00		144,468.97		0.00		144,468.97		0.00		0.00		44,901,000.00
M-2	MEZ, STEP,	$	26,864,000.00		26,864,000.00		87,173.68		0.00		87,173.68		0.00		0.00		26,864,000.00
M-3	MEZ, STEP,	$	15,351,000.00		15,351,000.00		50,236.15		0.00		50,236.15		0.00		0.00		15,351,000.00
M-4	MEZ, STEP,	$	15,351,000.00		15,351,000.00		52,206.19		0.00		52,206.19		0.00		0.00		15,351,000.00
M-5	MEZ, STEP,	$	14,583,000.00		14,583,000.00		50,262.74		0.00		50,262.74		0.00		0.00		14,583,000.00
M-6	MEZ, STEP,	$	14,583,000.00		14,583,000.00		50,797.45		0.00		50,797.45		0.00		0.00		14,583,000.00
M-7	MEZ, STEP,	$	14,967,000.00		14,967,000.00		58,857.73		0.00		58,857.73		0.00		0.00		14,967,000.00
M-8	MEZ, STEP,	$	10,362,000.00		10,362,000.00		41,698.42		0.00		41,698.42		0.00		0.00		10,362,000.00
M-9	MEZ, STEP,	$	7,675,000.00		7,675,000.00		35,106.73		0.00		35,106.73		0.00		0.00		7,675,000.00
B-1	SUB, STEP,	$	7,675,000.00		7,675,000.00		44,604.54		0.00		44,604.54		0.00		0.00		7,675,000.00
B-2	SUB, STEP,	$	13,816,000.00		13,816,000.00		80,293.98		0.00		80,293.98		0.00		0.00		13,816,000.00
B-3	SUB, STEP,	$	7,675,000.00		7,675,000.00		44,604.54		0.00		44,604.54		0.00		0.00		7,675,000.00
B-4	SUB, STEP,	$	5,757,000.00		5,757,000.00		33,457.77		0.00		33,457.77		0.00		0.00		5,757,000.00
C	OC,IO	$	4,605,470.87		4,605,279.43		1,667,855.97		0.00		1,667,855.97		0.00		0.00		4,605,279.43
P		$	100.00		100.00		83,355.04		0.00		83,355.04		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		752,571,019.84		4,150,127.25		6,778,100.86		10,928,228.11		0.00		0.00		745,792,918.98
Total





Page 2 of 24
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

June 27, 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	05/25/05		06/26/05		A-Act/360		29445FCK2		226,500,000.00		933.883622		2.696589		29.925390		32.621979	903.958232
A-2	05/25/05		06/26/05		A-Act/360		29445FCL0		133,240,000.00		1,000.000000		2.951667		0.000000		2.951667	1,000.000000
A-3	05/25/05		06/26/05		A-Act/360		29445FCM8		159,880,000.00		1,000.000000		3.034167		0.000000		3.034167	1,000.000000
A-4	05/25/05		06/26/05		A-Act/360		29445FDB1		43,761,000.00		1,000.000000		3.107500		0.000000		3.107500	1,000.000000
M-1	05/25/05		06/26/05		A-Act/360		29445FCN6		44,901,000.00		1,000.000000		3.217500		0.000000		3.217500	1,000.000000
M-2	05/25/05		06/26/05		A-Act/360		29445FCP1		26,864,000.00		1,000.000000		3.245000		0.000000		3.245000	1,000.000000
M-3	05/25/05		06/26/05		A-Act/360		29445FCQ9		15,351,000.00		1,000.000000		3.272500		0.000000		3.272500	1,000.000000
M-4	05/25/05		06/26/05		A-Act/360		29445FCR7		15,351,000.00		1,000.000000		3.400833		0.000000		3.400833	1,000.000000
M-5	05/25/05		06/26/05		A-Act/360		29445FCS5		14,583,000.00		1,000.000000		3.446667		0.000000		3.446667	1,000.000000
M-6	05/25/05		06/26/05		A-Act/360		29445FCT3		14,583,000.00		1,000.000000		3.483333		0.000000		3.483333	1,000.000000
M-7	05/25/05		06/26/05		A-Act/360		29445FCU0		14,967,000.00		1,000.000000		3.932500		0.000000		3.932500	1,000.000000
M-8	05/25/05		06/26/05		A-Act/360		29445FCV8		10,362,000.00		1,000.000000		4.024167		0.000000		4.024167	1,000.000000
M-9	05/25/05		06/26/05		A-Act/360		29445FCW6		7,675,000.00		1,000.000000		4.574167		0.000000		4.574167	1,000.000000
B-1	05/25/05		06/26/05		A-Act/360		29445FCX4		7,675,000.00		1,000.000000		5.811666		0.000000		5.811666	1,000.000000
B-2	05/25/05		06/26/05		A-Act/360		29445FCY2		13,816,000.00		1,000.000000		5.811666		0.000000		5.811666	1,000.000000
B-3	05/25/05		06/26/05		A-Act/360		29445FCZ9		7,675,000.00		1,000.000000		5.811666		0.000000		5.811666	1,000.000000
B-4	05/25/05		06/26/05		A-Act/360		29445FDA3		5,757,000.00		1,000.000000		5.811668		0.000000		5.811668	1,000.000000
C	05/25/05		06/24/05		A-30/360				772,151,941.74		5.964214		2.160010		0.000000		2.160010	5.964214
P	05/25/05		06/24/05		A-30/360				100.00		1,000.000000		833,550.400000		0.000000		833,550.400000	1,000.000000
R	05/25/05		06/24/05		A-30/360				0.00		0.000000		0.000000		0.000000		0.000000	0.000000
R-X	05/25/05		06/24/05		A-30/360				0.00		0.000000		0.000000		0.000000		0.000000	0.000000




Page 3 of 24
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

June 27, 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		1,899,867.16		0.00		1,609,252.60		21,753,460.45		23,653,327.61		0.00		0.00		204,746,539.55
A-2	133,240,000.00		1,170,291.34		0.00		0.00		0.00		1,170,291.34		0.00		0.00		133,240,000.00
A-3	159,880,000.00		1,445,048.74		0.00		0.00		0.00		1,445,048.74		0.00		0.00		159,880,000.00
A-4	43,761,000.00		405,445.67		0.00		0.00		0.00		405,445.67		0.00		0.00		43,761,000.00
M-1	44,901,000.00		431,274.11		0.00		0.00		0.00		431,274.11		0.00		0.00		44,901,000.00
M-2	26,864,000.00		260,312.16		0.00		0.00		0.00		260,312.16		0.00		0.00		26,864,000.00
M-3	15,351,000.00		150,056.03		0.00		0.00		0.00		150,056.03		0.00		0.00		15,351,000.00
M-4	15,351,000.00		156,145.25		0.00		0.00		0.00		156,145.25		0.00		0.00		15,351,000.00
M-5	14,583,000.00		150,399.35		0.00		0.00		0.00		150,399.35		0.00		0.00		14,583,000.00
M-6	14,583,000.00		152,052.09		0.00		0.00		0.00		152,052.09		0.00		0.00		14,583,000.00
M-7	14,967,000.00		176,835.11		0.00		0.00		0.00		176,835.11		0.00		0.00		14,967,000.00
M-8	10,362,000.00		125,362.94		0.00		0.00		0.00		125,362.94		0.00		0.00		10,362,000.00
M-9	7,675,000.00		105,902.21		0.00		0.00		0.00		105,902.21		0.00		0.00		7,675,000.00
B-1	7,675,000.00		135,259.09		0.00		0.00		0.00		135,259.09		0.00		0.00		7,675,000.00
B-2	13,816,000.00		243,483.97		0.00		0.00		0.00		243,483.97		0.00		0.00		13,816,000.00
B-3	7,675,000.00		135,259.09		0.00		0.00		0.00		135,259.09		0.00		0.00		7,675,000.00
B-4	5,757,000.00		101,457.53		0.00		0.00		0.00		101,457.53		0.00		0.00		5,757,000.00
C	4,605,470.87		5,118,996.08		0.00		191.44		191.44		5,119,187.52		0.00		0.00		4,605,279.43
P	100.00		129,000.75		0.00		0.00		0.00		129,000.75		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		12,492,448.67		0.00		1,609,444.04		21,753,651.89		34,246,100.56		0.00		0.00		745,792,918.98



Page 4 of 24
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

June 27, 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	3.15000%		211,524,640.41		610,777.40		0.00		0.00		0.00		610,777.40		610,777.40		0.00
A-2	3.22000%		133,240,000.00		393,280.07		0.00		0.00		0.00		393,280.07		393,280.07		0.00
A-3	3.31000%		159,880,000.00		485,102.57		0.00		0.00		0.00		485,102.57		485,102.57		0.00
A-4	3.39000%		43,761,000.00		135,987.31		0.00		0.00		0.00		135,987.31		135,987.31		0.00
M-1	3.51000%		44,901,000.00		144,468.97		0.00		0.00		0.00		144,468.97		144,468.97		0.00
M-2	3.54000%		26,864,000.00		87,173.68		0.00		0.00		0.00		87,173.68		87,173.68		0.00
M-3	3.57000%		15,351,000.00		50,236.15		0.00		0.00		0.00		50,236.15		50,236.15		0.00
M-4	3.71000%		15,351,000.00		52,206.19		0.00		0.00		0.00		52,206.19		52,206.19		0.00
M-5	3.76000%		14,583,000.00		50,262.74		0.00		0.00		0.00		50,262.74		50,262.74		0.00
M-6	3.80000%		14,583,000.00		50,797.45		0.00		0.00		0.00		50,797.45		50,797.45		0.00
M-7	4.29000%		14,967,000.00		58,857.73		0.00		0.00		0.00		58,857.73		58,857.73		0.00
M-8	4.39000%		10,362,000.00		41,698.42		0.00		0.00		0.00		41,698.42		41,698.42		0.00
M-9	4.99000%		7,675,000.00		35,106.73		0.00		0.00		0.00		35,106.73		35,106.73		0.00
B-1	5.89510%		7,675,000.00		41,474.46		0.00		0.00		0.00		41,474.46		44,604.54		0.00
B-2	5.89510%		13,816,000.00		74,659.43		0.00		0.00		0.00		74,659.43		80,293.98		0.00
B-3	5.89510%		7,675,000.00		41,474.46		0.00		0.00		0.00		41,474.46		44,604.54		0.00
B-4	5.89510%		5,757,000.00		31,109.90		0.00		0.00		0.00		31,109.90		33,457.77		0.00
C	434.59408%		4,605,279.43		0.00		0.00		0.00		0.00		0.00		1,667,855.97		0.00
P	0.00000%		100.00		0.00		0.00		0.00		0.00		0.00		83,355.04		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			752,571,019.84		2,384,673.66		0.00		0.00		0.00		2,384,673.66		4,150,127.25		0.00



Page 5 of 24
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

June 27, 2005 Distribution
Collection Account Report
SUMMARY
SUMMARY
														Total
Principal Collections														6,778,100.86
Principal Withrawals														0.00
Principal Other Accounts														0.00
TOTAL NET PRINCIPAL														6,778,100.86
Interest Collections														4,302,329.95
Interest Withdrawals														-0.00
Interest Other Accounts														83,355.04
Interest Fees														-235,557.73
TOTAL NET INTEREST														4,150,127.26
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION														10,928,228.12



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
															Total
Scheduled Principal Received															530,741.74
Curtailments															35,968.65
Prepayments In Full															6,100,717.48
Repurchased/Substitutions															110,672.99
Liquidations															0.00
Other Additional Principal															0.00
Delinquent Principal															-143,194.07
Realized Losses															-0.00
Advanced Principal															143,194.07
TOTAL PRINCIPAL COLLECTED															6,778,100.86


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



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





Page 6 of 24
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

June 27, 2005 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
														Total
Scheduled Interest														4,381,700.14
Repurchased/Substitution Interest														650.20
Liquidation Interest														0.00
Other Additional Interest														0.00
Prepayment Interest Shortfalls														-2,572.40
Delinquent Interest														-1,154,034.16
Compensating Interest														2,572.40
Civil Relief Act Shortfalls														-0.00
Interest Advanced														1,074,013.77
TOTAL INTEREST COLLECTED														4,302,329.95


INTEREST - WITHDRAWALS
INTEREST - WITHDRAWALS
														Total
TOTAL INTEREST WITHDRAWALS														0.00



INTEREST - OTHER ACCOUNTS
INTEREST - OTHER ACCOUNTS
														Total
Prepayment Charges														83,355.04
TOTAL INTEREST OTHER ACCOUNTS														83,355.04



INTEREST - FEES
INTEREST - FEES
														Total
Current Servicing Fees														233,550.87
Trustee Fees														2,006.86
TOTAL INTEREST FEES														235,557.73




Page 7 of 24
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

June 27, 2005 Distribution
Credit Enhancement Report

ACCOUNTS


Net WAC Rate Carryover Reserve Account

Begining Balance						0.00
Amount Deposited in the Account						14,242.58
Amount Withdrawn						14,242.58
Ending Balance						0.00




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 24
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

June 27, 2005 Distribution
Collateral Report


COLLATERAL



															Total



Loan Count:


Original														4,916
Prior														4,839
Prefunding														0
Scheduled Paid Offs														-0
Full Voluntary Prepayments														-30
Repurchases														-1
Liquidations														-0
Current														4,808
Principal Balance:


Original														767,546,570.87
Prior														752,571,019.84
Prefunding														0.00
Scheduled Principal														-530,741.74
Partial Prepayments														-35,968.65
Full Voluntary Prepayments														-6,100,717.48
Repurchases														-110,672.99
Liquidations														-0.00
Current														745,792,918.98





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 24
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

June 27, 2005 Distribution

CHARACTERISTICS
CHARACTERISTICS
														Total
Weighted Average Coupon Original														6.99376%
Weighted Average Coupon Prior														6.98844%
Weighted Average Coupon Current														6.98781%
Weighted Average Months to Maturity Original														355
Weighted Average Months to Maturity Prior														354
Weighted Average Months to Maturity Current														353
Weighted Avg Remaining Amortization Term Original														355
Weighted Avg Remaining Amortization Term Prior														354
Weighted Avg Remaining Amortization Term Current														353
Weighted Average Seasoning Original														2.52
Weighted Average Seasoning Prior														2.56
Weighted Average Seasoning Current														4.56









Page 10 of 24
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

June 27, 2005 Distribution

ARM CHARACTERISTICS
ARM CHARACTERISTICS
														Total
Weighted Average Margin Original														6.38838%
Weighted Average Margin Prior														6.38840%
Weighted Average Margin Current														6.38333%
Weighted Average Max Rate Original														12.85766%
Weighted Average Max Rate Prior														12.85767%
Weighted Average Max Rate Current														12.85393%
Weighted Average Min Rate Original														6.85766%
Weighted Average Min Rate Prior														6.85767%
Weighted Average Min Rate Current														6.85393%
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														233,550.87
Delinquent Servicing Fees														80,020.39
TOTAL SERVICING FEES														313,571.27


Total Servicing Fees														313,571.27
Compensating Interest														-2,572.40
Delinquent Servicing Fees														-80,020.39
COLLECTED SERVICING FEES														230,978.48


Total Advaced Interest														1,074,013.77
Total Advaced Principal														143,194.07
Aggregate Advances with respect to this Distribution														1,217,207.84





ADDITIONAL COLLATERAL INFORMATION
														Total
Prepayment Interest Shortfall (PPIS)														2,572.40
Compensating Interest														-2,572.40
Net Prepayment Interest Shortfall (PPIS)														0.00

Weighted Average Net Mortgage Rate														6.617519%

Libor For Current Period														3.0900%

Libor For Next Period														3.3144%



Page 11 of 24
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

June 27, 2005 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				7,818,156.47		414,489.21		0.00		8,232,645.68
			% Balance				1.05%		0.06%		0.00%		1.10%
			# Loans				61		2		0		63
			% # Loans				1.27%		0.04%		0.00%		1.31%
	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		7,818,156.47		414,489.21		0.00		8,232,645.68
			% Balance		0.00%		1.05%		0.06%		0.00%		1.10%
			# Loans		0		61		2		0		63
			% # Loans		0.00%		1.27%		0.04%		0.00%		1.31%









Page 12 of 24
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

June 27, 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 24
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

June 27, 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 24
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

June 27, 2005 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

															Total




Current


Number of Paid in Full Loans														30
Number of Repurchased Loans														1
Total Number of Loans Prepaid in Full														31
Curtailments Amount														35,968.65
Paid in Full Balance														6,100,717.48
Repurchased Loans Balance														110,672.99
Total Prepayment Amount														6,247,359.12

Cumulative


Number of Paid in Full Loans														107
Number of Repurchased Loans														1
Total Number of Loans Prepaid in Full														108
Paid in Full Balance														19,905,169.94
Repurchased Loans Balance														110,672.99
Curtailments Amount														128,364.92
Total Prepayment Amount														20,144,207.85










Page 15 of 24
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

June 27, 2005 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

															Total



SMM														0.83%
3 Months Avg SMM														0.88%
12 Months Avg SMM														0.88%
Avg SMM Since Cut-off														0.88%


CPR														9.53%
3 Months Avg CPR														10.11%
12 Months Avg CPR														10.11%
Avg CPR Since Cut-off														10.11%


PSA														1,044.23%
3 Months Avg PSA Approximation														1,572.25%
12 Months Avg PSA Approximation														1,572.25%
Avg PSA Since Cut-off Approximation														1,572.25%










Page 16 of 24
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

June 27, 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 24
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

June 27, 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

572700 1			360,000.00		357,425.70			24-May-2005		6.900%		AZ - 100.00%		Paid Off - 360		01-Oct-2004
			360,000.00

603227 1			200,000.00		199,057.42			02-Jun-2005		7.700%		CA - 80.00%		Paid Off - 360		01-Dec-2004
603227 1					199,057.42			02-Jun-2005		7.700%		CA - 80.00%		Paid Off - 360		01-Dec-2004
616280 1			129,000.00		129,000.00			14-Jun-2005		6.900%		GA - 100.00%		Paid Off - 360		01-Feb-2005
616280 1					129,000.00			14-Jun-2005		6.900%		GA - 100.00%		Paid Off - 360		01-Feb-2005
618845 1			60,000.00		59,556.29			02-Jun-2005		7.175%		MO - 100.00%		Paid Off - 360		01-Jan-2005
618845 1					59,556.29			02-Jun-2005		7.175%		MO - 100.00%		Paid Off - 360		01-Jan-2005
620865 1			124,000.00		123,589.83			23-May-2005		7.000%		IL - 80.00%		Paid Off - 360		01-Feb-2005
620865 1					123,589.83			23-May-2005		7.000%		IL - 80.00%		Paid Off - 360		01-Feb-2005
624096 1			210,000.00		209,294.18			31-May-2005		5.400%		CA - 70.00%		Paid Off - 360		01-Mar-2005
624096 1					209,294.18			31-May-2005		5.400%		CA - 70.00%		Paid Off - 360		01-Mar-2005
627598 1			100,000.00		99,654.35			19-May-2005		7.200%		NC - 69.98%		Paid Off - 360		01-Jan-2005
627598 1					99,654.35			19-May-2005		7.200%		NC - 69.98%		Paid Off - 360		01-Jan-2005
632514 1			158,000.00		157,366.10			31-May-2005		6.000%		AZ - 79.00%		Paid Off - 360		01-Feb-2005
632514 1					157,366.10			31-May-2005		6.000%		AZ - 79.00%		Paid Off - 360		01-Feb-2005
632762 1			163,000.00		162,404.68			24-May-2005		6.990%		IL - 100.00%		Paid Off - 360		01-Feb-2005
632762 1					162,404.68			24-May-2005		6.990%		IL - 100.00%		Paid Off - 360		01-Feb-2005
633749 1			427,500.00		425,986.12			27-May-2005		6.650%		FL - 90.00%		Paid Off - 360		01-Feb-2005
633749 1					425,986.12			27-May-2005		6.650%		FL - 90.00%		Paid Off - 360		01-Feb-2005
634369 1			245,000.00		243,825.93			01-Jun-2005		5.050%		ME - 52.13%		Paid Off - 360		01-Feb-2005
634369 1					243,825.93			01-Jun-2005		5.050%		ME - 52.13%		Paid Off - 360		01-Feb-2005
635507 1			399,000.00		397,976.21			09-Jun-2005		7.100%		MD - 84.89%		Paid Off - 360		01-Feb-2005
635507 1					397,976.21			09-Jun-2005		7.100%		MD - 84.89%		Paid Off - 360		01-Feb-2005
636699 1			330,000.00		330,000.00			10-Jun-2005		5.450%		CA - 75.00%		Paid Off - 360		01-Mar-2005
636699 1					330,000.00			10-Jun-2005		5.450%		CA - 75.00%		Paid Off - 360		01-Mar-2005
636907 1			194,400.00		193,755.71			17-May-2005		6.990%		MD - 80.00%		Paid Off - 360		01-Feb-2005
636907 1					193,755.71			17-May-2005		6.990%		MD - 80.00%		Paid Off - 360		01-Feb-2005
638156 1			165,000.00		165,000.00			14-Jun-2005		6.100%		MD - 70.82%		Paid Off - 360		01-Mar-2005
638156 1					165,000.00			14-Jun-2005		6.100%		MD - 70.82%		Paid Off - 360		01-Mar-2005
638673 1			182,500.00		181,896.35			24-May-2005		7.000%		NJ - 100.00%		Paid Off - 360		01-Jan-2005
638673 1					181,896.35			24-May-2005		7.000%		NJ - 100.00%		Paid Off - 360		01-Jan-2005
639246 1			174,250.00		173,758.22			31-May-2005		7.800%		FL - 85.00%		Paid Off - 360		01-Feb-2005
639246 1					173,758.22			31-May-2005		7.800%		FL - 85.00%		Paid Off - 360		01-Feb-2005
639817 1			194,400.00		193,869.89			31-May-2005		6.500%		VA - 90.00%		Paid Off - 360		01-Mar-2005
639817 1					193,869.89			31-May-2005		6.500%		VA - 90.00%		Paid Off - 360		01-Mar-2005
641012 1			292,500.00		291,682.73			27-May-2005		7.850%		CO - 90.00%		Paid Off - 360		01-Feb-2005
641012 1					291,682.73			27-May-2005		7.850%		CO - 90.00%		Paid Off - 360		01-Feb-2005
641582 1			136,000.00		135,704.31			10-Jun-2005		7.650%		AZ - 80.00%		Paid Off - 360		01-Mar-2005
641582 1					135,704.31			10-Jun-2005		7.650%		AZ - 80.00%		Paid Off - 360		01-Mar-2005
641837 1			222,400.00		221,745.06			07-Jun-2005		6.100%		CA - 80.00%		Paid Off - 360		01-Mar-2005
641837 1					221,745.06			07-Jun-2005		6.100%		CA - 80.00%		Paid Off - 360		01-Mar-2005
642349 1			100,000.00		99,747.73			14-Jun-2005		6.900%		MI - 91.74%		Paid Off - 360		01-Mar-2005
642349 1					99,747.73			14-Jun-2005		6.900%		MI - 91.74%		Paid Off - 360		01-Mar-2005
643447 1			183,100.00		182,579.97			24-May-2005		8.200%		MO - 89.32%		Paid Off - 360		01-Mar-2005
643447 1					182,579.97			24-May-2005		8.200%		MO - 89.32%		Paid Off - 360		01-Mar-2005
645261 1			125,000.00		124,999.98			15-Jun-2005		6.850%		AZ - 100.00%		Paid Off - 360		01-Mar-2005
645261 1					124,999.98			15-Jun-2005		6.850%		AZ - 100.00%		Paid Off - 360		01-Mar-2005
647254 1			117,300.00		117,078.09			01-Jun-2005		8.350%		OK - 85.00%		Paid Off - 360		01-Mar-2005
647254 1					117,078.09			01-Jun-2005		8.350%		OK - 85.00%		Paid Off - 360		01-Mar-2005
653930 1			120,000.00		119,714.64			08-Jun-2005		7.200%		VA - 88.89%		Paid Off - 360		01-Mar-2005
653930 1					119,714.64			08-Jun-2005		7.200%		VA - 88.89%		Paid Off - 360		01-Mar-2005
654233 1			450,000.00		448,636.42			02-Jun-2005		5.950%		CA - 85.71%		Paid Off - 360		01-Mar-2005
654233 1					448,636.42			02-Jun-2005		5.950%		CA - 85.71%		Paid Off - 360		01-Mar-2005
656108 1			400,000.00		400,000.00			01-Jun-2005		6.950%		AZ - 80.00%		Paid Off - 360		01-Mar-2005
656108 1					400,000.00			01-Jun-2005		6.950%		AZ - 80.00%		Paid Off - 360		01-Mar-2005
99641837 1			55,600.00		55,539.82			07-Jun-2005		10.990%		CA - 100.00%		Paid Off - 360		01-Mar-2005
99641837 1					55,539.82			07-Jun-2005		10.990%		CA - 100.00%		Paid Off - 360		01-Mar-2005
99656108 1			100,000.00		99,871.75			01-Jun-2005		10.200%		AZ - 100.00%		Paid Off - 360		01-Mar-2005
99656108 1					99,871.75			01-Jun-2005		10.200%		AZ - 100.00%		Paid Off - 360		01-Mar-2005
638118 1			111,045.00		110,672.99			03-Jun-2005		7.050%		MI - 94.99%		Repur/Subs - 360		01-Feb-2005
638118 1					110,672.99			03-Jun-2005		7.050%		MI - 94.99%		Repur/Subs - 360		01-Feb-2005


TOTAL			6,228,995.00		6,211,390.47
TOTAL


Page 18 of 24
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

June 27, 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 19 of 24
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

June 27, 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 20 of 24
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

June 27, 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 21 of 24
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

June 27, 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 22 of 24
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

June 27, 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								414,489.21
						Ending Collateral Balance								745,792,918.98
						Delinquency Percentage								0.0556%

						Senior Enhancement Percentage								27.130000%

						Cumulative Loss Percentage								0.0000%


ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION

SPACE INTENTIONALLY LEFT BLANK




Page 23 of 24
Equifirst Mortgage Loan Trust 2005-1

Asset Backed Certificates
Asset Backed Certificates
2005-1

June 27, 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		#######
			B-2										$0.00		#######
													$0.00		#######
			B-3										$0.00		#######
													$0.00		#######
			B-4										$0.00		#######
													$0.00		#######






Page 24 of 24

Equifirst Mortgage Loan Trust 2005-1 8-K