8-K 1 abs03he1.txt APRIL 8K 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): April 15, 2003 ASSET BACKED SECURITIES CORP HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2003-HE1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-86750-03 Pooling and Servicing Agreement) (Commission 54-2090849 (State or other File Number) 54-2090850 jurisdiction 54-2090851 of Incorporation) 54-2090848 54-2090847 IRS EIN c/o Wells Fargo Bank Minnesota, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 Former name or former address, if changed since last report) ITEM 5. Other Events On April 15, 2003 a distribution was made to holders of ASSET BACKED SECURITIES CORP HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series 2003-HE1 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Pass- Through Certificates, Series 2003-HE1 Trust, relating to the April 15, 2003 distribution. 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. ASSET BACKED SECURITIES CORP HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2003-HE1 Trust By: Wells Fargo Bank Minnesota, N.A. as Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 4/25/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Pass-Through Certificates, Series 2003-HE1 Trust, relating to the April 15, 2003 distribution.

~~SECURITIES~~Asset ~~AND~~Backed ~~EXCHANGE~~Securities ~~COMMISSION~~Corp Home Equity Loan Trust Mortgage Pass-Through Certificates Record Date: 3/31/03 Distribution Date: 4/15/03 ABSC Series: 2003-HE1 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A-IO 04541GDJ8 SEN IO 5.00000% 0.00 389,053.01 0.00 B-IO 00077SAB2 SUB IO 3.50000% 0.00 145,790.74 0.00 A1 04541GDE9 SEN 1.78000% 214,453,761.01 307,413.06 4,431,124.30 A2 04541GDF6 SEN 1.78000% 139,847,306.76 200,466.93 2,566,983.00 A3 04541GDG4 SEN 1.55000% 178,342,789.61 222,615.75 4,606,208.65 A4 04541GDH2 SEN 1.87000% 72,600,000.00 109,331.89 0.00 M1 04541GDK5 MEZ 2.30000% 49,700,000.00 92,056.16 0.00 M2 04541GDL3 MEZ 3.63000% 41,200,000.00 120,440.48 0.00 M3 04541GDM1 MEZ 4.78000% 28,800,000.00 110,863.61 0.00 M4 04541GDN9 MEZ 5.78000% 11,242,900.00 52,332.90 0.00 X 00077SAC0 SUB OC 0.00000% 0.01 0.00 0.00 P 00077SAD8 SEN 0.00000% 100.00 69,713.61 0.00 CSFB SEN 0.00000% 0.00 0.00 0.00 Totals 736,186,857.39 1,820,078.14 11,604,315.95

~~Washington~~Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-IO 0.00 0.00 389,053.01 D0.C00 B-IO 0. ~~20549~~00 0.00 145,790.74 0.00 A1 0.00 210,022,636.71 4,738,537.36 0.00 A2 0.00 137,280,323.76 2,767,449.93 0.00 A3 0.00 173,736,580.97 4,828,824.40 0.00 A4 0.00 72,600,000.00 109,331.89 0.00 M1 0.00 49,700,000.00 92,056.16 0.00 M2 0.00 41,200,000.00 120,440.48 0.00 M3 0.00 28,800,000.00 110,863.61 0.00 M4 0.00 11,242,900.00 52,332.90 0.00 X 0.00 0.01 0.00 0.00 P 0.00 100.00 69,713.61 0.00 CSFB 0.00 0.00 0.00 0.00 Totals 0.00 724,582,541.45 13,424,394.09 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

~~Form~~Principal 8Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-KIO 0.00 0.00 0.00 0.00 0.00 0.00 B-IO 0.00 0.00 0.00 0.00 0.00 0.00 A1 217,500,000.00 214,453,761.01 0.00 4,431,124.30 0.00 0.00 A2 143,000,000.00 139,847,306.76 0.00 2,566,983.00 0.00 0.00 A3 184,000,000.00 178,342,789.61 0.00 4,606,208.65 0.00 0.00 A4 72,600,000.00 72,600,000.00 0.00 0.00 0.00 0.00 M1 49,700,000.00 49,700,000.00 0.00 0.00 0.00 0.00 M2 41,200,000.00 41,200,000.00 0.00 0.00 0.00 0.00 M3 28,800,000.00 28,800,000.00 0.00 0.00 0.00 0.00 M4 11,242,900.00 11,242,900.00 0.00 0.00 0.00 0.00 X 0.00 0.01 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 CSFB 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Totals 748,043,000.00 736,186,857.39 0.00 11,604,315.95 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

~~CURRENT~~Principal ~~REPORT~~Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-IO 0.00 0.00 0.00000000 0.00 B-IO 0.00 0.00 0.00000000 0.00 A1 4,431,124.30 210,022,636.71 0.96562132 4,431,124.30 A2 2,566,983.00 137,280,323.76 0.96000226 2,566,983.00 A3 4,606,208.65 173,736,580.97 0.94422055 4,606,208.65 A4 0.00 72,600,000.00 1.00000000 0.00 M1 0.00 49,700,000.00 1.00000000 0.00 M2 0.00 41,200,000.00 1.00000000 0.00 M3 0.00 28,800,000.00 1.00000000 0.00 M4 0.00 11,242,900.00 1.00000000 0.00 X 0.00 0.01 0.00000000 0.00 P 0.00 100.00 1.00000000 0.00 CSFB 0.00 0.00 0.00000000 0.00 CSFB 0.00 0.00 0.00000000 0.00 Totals 11,604,315.95 724,582,541.45 0.96863755 11,604,315.95

~~Pursuant~~Principal toDistribution ~~Section~~Factors 13Statement orOriginal 15Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (d2) ofAmount ~~the~~Balance Distribution Distribution Accretion A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A1 217,500,000.00 985.99430349 0.00000000 20.37298529 0.00000000 A2 143,000,000.00 977.95319413 0.00000000 17.95093007 0.00000000 A3 184,000,000.00 969.25429136 0.00000000 25.03374266 0.00000000 A4 72,600,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M1 49,700,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 41,200,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 28,800,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 11,242,900.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 CSFB 0.00 0.00000000 0.00000000 0.00000000 0.00000000

~~Securities~~Principal ~~Exchange~~Distribution ~~Act~~Factors ofStatement ~~1934~~(continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A1 0.00000000 20.37298529 965.62131821 0.96562132 20.37298529 A2 0.00000000 17.95093007 960.00226406 0.96000226 17.95093007 A3 0.00000000 25.03374266 944.22054875 0.94422055 25.03374266 A4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CSFB 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

~~Date~~Interest ofDistribution ~~Report~~Statement ~~(Date~~Beginning Payment of ~~earliest~~Original ~~event~~Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A-IO 0.00 5.00000% 93,400,000.00 389,166.67 0.00 0.00 B-IO 0.00 3.50000% 50,000,000.00 145,833.33 0.00 0.00 A1 217,500,000.00 1.78000% 214,453,761.01 307,502.87 0.00 0.00 A2 143,000,000.00 1.78000% 139,847,306.76 200,525.50 0.00 0.00 A3 184,000,000.00 1.55000% 178,342,789.61 222,680.79 0.00 0.00 A4 72,600,000.00 1.87000% 72,600,000.00 109,363.83 0.00 0.00 M1 49,700,000.00 2.30000% 49,700,000.00 92,083.06 0.00 0.00 M2 41,200,000.00 3.63000% 41,200,000.00 120,475.67 0.00 0.00 M3 28,800,000.00 4.78000% 28,800,000.00 110,896.00 0.00 0.00 M4 11,242,900.00 5.78000% 11,242,900.00 52,348.19 0.00 0.00 X 0.00 0.00000% 0.01 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 CSFB 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 748,043,000.00 1,750,875.91 0.00 0.00

~~Reported~~Interest Distribution Statement (continued)~~: February~~ Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A-IO 113.66 0.00 389,053.01 0.00 91,000,000.00 B-IO 42.59 0.00 145,790.74 0.00 50,000,000.00 A1 89.81 0.00 307,413.06 0.00 210,022,636.71 A2 58.57 0.00 200,466.93 0.00 137,280,323.76 A3 65.04 0.00 222,615.75 0.00 173,736,580.97 A4 31.94 0.00 109,331.89 0.00 72,600,000.00 M1 26.89 0.00 92,056.16 0.00 49,700,000.00 M2 35.19 0.00 120,440.48 0.00 41,200,000.00 M3 32.39 0.00 110,863.61 0.00 28,800,000.00 M4 15.29 0.00 52,332.90 0.00 11,242,900.00 ~~2003 Asset~~X ~~Backed~~0.00 ~~Securities~~0.00 ~~Corporation~~0.00 0.00 0.01 P 0.00 0.00 69, ~~Home~~713.61 ~~Equity~~0.00 ~~Loan~~100.00 ~~Trust~~CSFB 0.00 0.00 0.00 0.00 0.00 Totals 511.37 0.00 1,820,078.14 ~~Series~~0.00 ~~2003-HE1 Asset~~(4) ~~Backed~~Amount ~~Pass-Through~~Does ~~Certificates~~Not Include Excess Special Hazard, ~~Series~~Bankrupcy, ~~2003-HE1~~or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

ASSET BACKED SECURITIES CORPORATION
(Exact name of registrant as specified in its charter)
New York	333-86750	13-3354848
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
11 Madison Avenue New York, New York 10010
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code (212) 325-2000

~~Item~~Interest 5Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A-IO 0.00115508 0.00000000 3.95379075 0.00000000 924.79674797 B-IO 0.00085180 0.00000000 2.91581480 0.00000000 1000.00000000 A1 0.00041292 0.00000000 1.41339338 0.00000000 965.62131821 A2 0.00040958 0.00000000 1.40186664 0.00000000 960.00226406 A3 0.00035348 0.00000000 1.20986821 0.00000000 944.22054875 A4 0.00043994 0.00000000 1.50594890 0.00000000 1000.00000000 M1 0.00054105 0.00000000 1.85223662 0.00000000 1000.00000000 M2 0.00085413 0.00000000 2.92331262 0.00000000 1000.00000000 M3 0.00112465 0.00000000 3.84943090 0.00000000 1000.00000000 M4 0.00135997 0.00000000 4.65475100 0.00000000 1000.00000000 X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 697136.10000000 0.00000000 1000.00000000 CSFB 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 13,543,316.73 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other ~~Events~~Amounts (Servicer Advances) 144,995.81 Realized Losses 0.00 Prepayment Penalties 69,713.61 Total Deposits 13,758,026.15 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 333,632.06 Payment of Interest and Principal 13,424,394.09 Total Withdrawals (Pool Distribution Amount) 13,758,026.15 Ending Balance 0.00

OnPREPAYMENT/CURTAILMENT ~~January~~INTEREST 6,SHORTFALL ~~2003,~~Total ~~Asset~~Prepayment/Curtailment ~~Backed~~Interest ~~Securities~~Shortfall ~~Corporation~~0.00 ~~(the “Company”) entered into a Pooling and~~ Servicing ~~Agreement~~Fee ~~dated~~Support ~~as of January 1, 2003 (the “Agreement”) among Asset Backed Securities Corporation, as depositor, (the “Depositor”), Fairbanks Capital Corp~~0.,00 ~~as servicer (the “Servicer”) and Wells Fargo Bank Minnesota, N.A., as trustee (the “Trustee”), providing for the issuance of the Company’s Asset Backed Pass~~Non-~~Through~~Supported ~~Certificates,~~Prepayment/Curtailment ~~Series~~Interest ~~2003-HE1~~Shortfall ~~(the “Certificates”)~~511. ~~The Pooling and Servicing Agreement is annexed hereto as Exhibit 99.1.~~37

~~Item~~SERVICING 7FEES Gross Servicing Fee 307,953. ~~Financial~~26 ~~Statements~~Strip Amount 25,678.80 ~~Pro~~Supported ~~Forma~~Prepayment/Curtailment ~~Financial~~Interest ~~Information~~Shortfall ~~and~~0.00 ~~Exhibits~~Net Servicing Fee 333,632.06

~~(a)~~OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 1,000.00 0.00 0.00 1,000.00

~~Not~~LOAN ~~applicable~~STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 81 0 0 0 81 12,300,800.94 0.00 0.00 0.00 12,300,800.94 60 Days 24 0 0 0 24 4,359,964.76 0.00 0.00 0.00 4,359,964.76 90 Days 2 3 14 0 19 310,966.23 495,363.92 2,120,503.25 0.00 2,926,833.40 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 107 3 14 0 124 16,971,731.93 495,363.92 2,120,503.25 0.00 19,587,599.10 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.711027% 0.000000% 0.000000% 0.000000% 1.711027% 1.683060% 0.000000% 0.000000% 0.000000% 1.683060% 60 Days 0.506971% 0.000000% 0.000000% 0.000000% 0.506971% 0.596553% 0.000000% 0.000000% 0.000000% 0.596553% 90 Days 0.042248% 0.063371% 0.295733% 0.000000% 0.401352% 0.042548% 0.067778% 0.290138% 0.000000% 0.400465% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 2.260245% 0.063371% 0.295733% 0.000000% 2.619349% 2.322161% 0.067778% 0.290138% 0.000000% 2.680078%

~~(b)~~Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total 1 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 29 0 0 0 29 3,417,737.46 0.00 0.00 0.00 3,417,737.46 60 Days 6 0 0 0 6 1,099,074.06 0.00 0.00 0.00 1,099,074.06 90 Days 2 1 5 0 8 310,966.23 203,245.19 542,395.83 0.00 1,056,607.25 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 37 1 5 0 43 4,827,777.75 203,245.19 542,395.83 0.00 5,573,418.77 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 9.830508% 0.000000% 0.000000% 0.000000% 9.830508% 8.763490% 0.000000% 0.000000% 0.000000% 8.763490% 60 Days 2.033898% 0.000000% 0.000000% 0.000000% 2.033898% 2.818158% 0.000000% 0.000000% 0.000000% 2.818158% 90 Days 0.677966% 0.338983% 1.694915% 0.000000% 2.711864% 0.797355% 0.521145% 1.390768% 0.000000% 2.709268% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 12.542373% 0.338983% 1.694915% 0.000000% 14.576271% 12.379003% 0.521145% 1.390768% 0.000000% 14.290916% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 1 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 2 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 52 0 0 0 52 8,883,063.48 0.00 0.00 0.00 8,883,063.48 60 Days 18 0 0 0 18 3,260,890.70 0.00 0.00 0.00 3,260,890.70 90 Days 0 2 9 0 11 0.00 292,118.73 1,578,107.42 0.00 1,870,226.15 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 70 2 9 0 81 12,143,954.18 292,118.73 1,578,107.42 0.00 14,014,180.33 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 3.790087% 0.000000% 0.000000% 0.000000% 3.790087% 5.238529% 0.000000% 0.000000% 0.000000% 5.238529% 60 Days 1.311953% 0.000000% 0.000000% 0.000000% 1.311953% 1.923016% 0.000000% 0.000000% 0.000000% 1.923016% 90 Days 0.000000% 0.145773% 0.655977% 0.000000% 0.801749% 0.000000% 0.172269% 0.930643% 0.000000% 1.102912% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 5.102041% 0.145773% 0.655977% 0.000000% 5.903790% 7.161545% 0.172269% 0.930643% 0.000000% 8.264456% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 2 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%

~~Not~~OTHER ~~applicable~~INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 144,995.81

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 7.981766% Weighted Average Net Coupon 7.481766% Weighted Average Pass-Through Rate 7.439243% Weighted Average Maturity(cStepdown Calculation ) 349 Beginning Scheduled Collateral Loan Count 4,778 Number Of Loans Paid In Full 44 Ending Scheduled Collateral Loan Count 4,734 Beginning Scheduled Collateral Balance 739,087,818.73 Ending Scheduled Collateral Balance 730,315,016.40 Ending Actual Collateral Balance at 31-Mar-2003 730,859,258.49 Monthly P &I Constant 5,488,319.77 Special Servicing Fee 0.00 Prepayment Penalties 69,713.61 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 730,315,016.40 Scheduled Principal 572,298.20 Unscheduled Principal 8,200,504.13 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 13,838,796.00 Overcollateralized Amount 2,900,961.35 Overcollateralized Deficiency Amount 10,937,834.65 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 2,831,513.61 Excess Cash Amount 2,831,513.61

~~Exhibits:~~Miscellaneous Reporting Credit Enhancement Percentage 18.326867% Payment under the CAP Agreement 0 A1 PTR (excl CAP) for Next Distribution 1.81% A2 PTR (excl CAP) for Next Distribution 1.81% A3 PTR (excl CAP) for Next Distribution 1.58% A4 PTR (excl CAP) for Next Distribution 1.90% M1 PTR (excl CAP) for Next Distribution 2.33% M2 PTR (excl CAP) for Next Distribution 3.66% M3 PTR (excl CAP) for Next Distribution 4.81% M4 PTR (excl CAP) for Next Distribution 5.81% Overcollateralization Increase 2,831,513.61

99Group Level Collateral Statement Group 1 1 2 Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM Weighted Average Coupon Rate 7.928330 8.044093 7.961103 Weighted Average Net Rate 7.428330 7.544093 7.461103 Weighted Average Maturity 354 354 354 Beginning Loan Count 296 1,566 1,378 Loans Paid In Full 1 18 6 Ending Loan Count 295 1,548 1,372 Beginning Scheduled Balance 39,121,842.23 222,336,627.14 170,370,429.48 Ending scheduled Balance 38,965,976.64 219,142,585.87 169,421,689.67 Record Date 03/31/2003 03/31/2003 03/31/2003 Principal And Interest Constant 295,258.30 1,645,641.13 1,292,293.12 Scheduled Principal 36,782.56 155,227.35 162,012.74 Unscheduled Principal 119,083.03 3,038,813.92 786,727.07 Scheduled Interest 258,475.74 1,490,413.78 1,130,280.38 Servicing Fees 16,300.77 92,640.26 70,987.68 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 0.00 0.00 0.00 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest 242,174.97 1,397,773.52 1,059,292.70 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.00 0.00 0.00 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 7.485079 7.415437 7.461103

~~The~~Group ~~Pooling~~Level ~~and~~Collateral ~~Servicing~~Statement ~~Agreement~~Group ~~dated~~2 asTotal ofCollateral ~~January~~Description Fixed 15/30 & ARM Fixed & Mixed ARM Weighted Average Coupon Rate 7.954926 7.981766 Weighted Average Net Rate 7.454926 7.481766 Weighted Average Maturity 350 349 Beginning Loan Count 1,538 4,778 Loans Paid In Full 19 44 Ending Loan Count 1,519 4,734 Beginning Scheduled Balance 307,258,919.88 739,087,818.73 Ending scheduled Balance 302,784,764.22 730,315,016.40 Record Date 03/31/2003 03/31/2003 Principal And Interest Constant 2,255,127.22 by5,488,319.77 ~~and~~Scheduled ~~among~~Principal ~~the~~218,275.55 ~~Company~~572,298.20 ~~the~~Unscheduled ~~Servicer~~Principal 4,255,880.11 ~~the~~8,200,504.13 ~~Guarantor~~Scheduled ~~and~~Interest ~~the~~2,036,851.67 4,916,021.57 Servicing Fees 128,024.55 307,953.26 Master Servicing Fees 0.00 0.00 Trustee Fee 0.00 0.00 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 0.00 0.00 Pool Insurance Fee 0.00 0.00 Spread Fee 1 0.00 0.00 Spread Fee 2 0.00 0.00 Spread Fee 3 0.00 0.00 Net Interest 1,908,827.12 4,608,068.31 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of Cumulative Losses 0.00 0.00 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 7.454926 7.439243

SIGNATURES

Filings Made by the Registrant. The registrant has duly caused this form to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on February 11, 2003.

ASSET BACKED SECURITIES CORPORATION

By: /s/ Joseph C. Little

Name: Joseph C. Little

Title: Vice President

Exhibit Index

Exhibit

Page

99.1

The Pooling and Servicing Agreement dated as of January 1, 2003, by and

among the Company, the Servicer and the Trustee.

EXHIBIT 99.1

Filing Compare · ASSET BACKED SEC CORP HOME EQU LOAN TR SER 2003-HE1