8-K 1 abs03he1.txt JULY 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): July 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 July 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 July 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: 7/21/03 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 July 15, 2003 distribution.

Asset Backed Securities Corp Home Equity Loan TTrust ~~Asset~~Mortgage ~~Backed~~ Pass-Through Certificates Record Date: 56/3130/03 Distribution Date: 67/1615/03 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 ~~369~~360,~~458~~000.9100 0.00 B-IO 00077SAB2 SUB IO 3.50000% 0.00 145,~~784~~833.2433 0.00 A1 04541GDE9 SEN 1.~~81000~~68000% ~~205~~199,~~378~~267,~~345~~199.6805 ~~330~~269,~~319~~674.6994 6,~~111~~449,~~146~~980.6379 A2 04541GDF6 SEN 1.~~81000~~68000% ~~134~~129,~~265~~987,~~221~~442.3982 ~~215~~175,~~945~~916.1034 43,~~277~~114,~~778~~573.5739 A3 04541GDG4 SEN 1.~~58000~~45000% ~~168~~160,~~326~~650,~~264~~194.3960 ~~236~~187,~~325~~648.3035 75,~~676~~588,~~069~~807.7992 A4 04541GDH2 SEN 1.~~90000~~77000% 72,600,000.00 ~~122~~103,~~572~~515.0550 0.00 M1 04541GDK5 MEZ 2.~~33000~~20000% 49,700,000.00 ~~102~~88,~~899~~079.5744 0.00 M2 04541GDL3 MEZ 3.~~66000~~53000% 41,200,000.00 ~~133~~117,~~992~~156.2178 0.00 M3 04541GDM1 MEZ 4.~~81000~~68000% 28,800,000.00 ~~123~~108,~~094~~576.5400 0.00 M4 04541GDN9 MEZ 5.~~81000~~68000% 11,242,900.00 5851,~~043~~442.7851 0.00 X 00077SAC0 SUB OC 0.00000% 0.01 017,365.0009 0.00 P 00077SAD8 SEN 0.00000% 100.00 ~~286~~225,~~659~~735.3835 0.00 CSFB SEN 0.00000% 0.00 0.00 0.00 Totals ~~711~~693,~~512~~447,~~831~~836.4748 21,~~125~~850,~~094~~943.7763 1815,~~064~~153,~~994~~362.9910

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-IO 0.00 0.00 ~~369~~360,~~458~~000.9100 0.00 B-IO 0.00 0.00 145,~~784~~833.2433 0.00 A1 0.00 ~~199~~192,~~267~~817,~~199~~218.0526 6,~~441~~719,~~466~~655.3273 0.00 A2 0.00 ~~129~~126,~~987~~872,~~442~~869.8243 43,~~493~~290,~~723~~489.6773 0.00 A3 0.00 ~~160~~155,~~650~~061,~~194~~386.6068 75,~~912~~776,~~395~~456.0927 0.00 A4 0.00 72,600,000.00 ~~122~~103,~~572~~515.0550 0.00 M1 0.00 49,700,000.00 ~~102~~88,~~899~~079.5744 0.00 M2 0.00 41,200,000.00 ~~133~~117,~~992~~156.2178 0.00 M3 0.00 28,800,000.00 ~~123~~108,~~094~~576.5400 0.00 M4 0.00 11,242,900.00 5851,~~043~~442.7851 0.00 X 0.00 0.01 017,365.0009 0.00 P 0.00 100.00 ~~286~~225,~~659~~735.3835 0.00 CSFB 0.00 0.00 0.00 0.00 Totals 0.00 ~~693~~678,~~447~~294,~~836~~474.4838 2017,~~190~~004,~~089~~305.7673 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-IO 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 ~~205~~199,~~378~~267,~~345~~199.6805 0.00 6,~~111~~449,~~146~~980.6379 0.00 0.00 A2 143,000,000.00 ~~134~~129,~~265~~987,~~221~~442.3982 0.00 43,~~277~~114,~~778~~573.5739 0.00 0.00 A3 184,000,000.00 ~~168~~160,~~326~~650,~~264~~194.3960 0.00 75,~~676~~588,~~069~~807.7992 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 ~~711~~693,~~512~~447,~~831~~836.4748 0.00 1815,~~064~~153,~~994~~362.9910 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.

Principal 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 6,~~111~~449,~~146~~980.6379 ~~199~~192,~~267~~817,~~199~~218.0526 0.~~91617103~~88651595 6,~~111~~449,~~146~~980.6379 A2 43,~~277~~114,~~778~~573.5739 ~~129~~126,~~987~~872,~~442~~869.8243 0.~~90900310~~88722286 43,~~277~~114,~~778~~573.5739 A3 75,~~676~~588,~~069~~807.7992 ~~160~~155,~~650~~061,~~194~~386.6068 0.~~87309888~~84272493 75,~~676~~588,~~069~~807.7992 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 1815,~~064~~153,~~994~~362.9910 ~~693~~678,~~447~~294,~~836~~474.4838 0.~~92701601~~90675867 1815,~~064~~153,~~994~~362.9910

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount 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 ~~944~~916.~~26825600~~17103011 0.00000000 2829.~~09722589~~65508409 0.00000000 A2 143,000,000.00 ~~938~~909.~~91763210~~00309664 0.00000000 2921.~~91453545~~78023350 0.00000000 A3 184,000,000.00 ~~914~~873.~~81665429~~09888370 0.00000000 4130.~~71777060~~37395609 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

Principal Distribution Factors Statement (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 2829.~~09722589~~65508409 ~~916~~886.~~17103011~~51594602 0.~~91617103~~88651595 2829.~~09722589~~65508409 A2 0.00000000 2921.~~91453545~~78023350 ~~909~~887.~~00309664~~22286315 0.~~90900310~~88722286 2921.~~91453545~~78023350 A3 0.00000000 4130.~~71777060~~37395609 ~~873~~842.~~09888370~~72492761 0.~~87309888~~84272493 4130.~~71777060~~37395609 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, ~~Bankruptcy~~Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A-IO 0.00 5.00000% 8886,~~700~~400,000.00 ~~369~~360,~~583~~000.3300 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.~~81000~~68000% ~~205~~199,~~378~~267,~~345~~199.6805 ~~330~~269,~~430~~674.94 0.00 0.00 A2 143,000,000.00 1.~~81000~~68000% ~~134~~129,~~265~~987,~~221~~442.3982 ~~216~~175,~~017~~916.8234 0.00 0.00 A3 184,000,000.00 1.~~58000~~45000% ~~168~~160,~~326~~650,~~264~~194.3960 ~~236~~187,~~404~~648.8935 0.00 0.00 A4 72,600,000.00 1.~~90000~~77000% 72,600,000.00 ~~122~~103,~~613~~515.3350 0.00 0.00 M1 49,700,000.00 2.~~33000~~20000% 49,700,000.00 ~~102~~88,~~934~~079.2244 0.00 0.00 M2 41,200,000.00 3.~~66000~~53000% 41,200,000.00 ~~134~~117,~~037~~156.3378 0.00 0.00 M3 28,800,000.00 4.~~81000~~68000% 28,800,000.00 ~~123~~108,~~136~~576.00 0.00 0.00 M4 11,242,900.00 5.~~81000~~68000% 11,242,900.00 5851,~~063~~442.3351 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,~~839~~607,~~054~~843.5219 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A-IO ~~124~~0.4300 0.00 ~~369~~360,~~458~~000.9100 0.00 8684,~~400~~200,000.00 B-IO 490.1000 0.00 145,~~784~~833.2433 0.00 50,000,000.00 A1 ~~111~~0.2500 0.00 ~~330~~269,~~319~~674.6994 0.00 ~~199~~192,~~267~~817,~~199~~218.0526 A2 720.7300 0.00 ~~215~~175,~~945~~916.1034 0.00 ~~129~~126,~~987~~872,~~442~~869.8243 A3 790.5900 0.00 ~~236~~187,~~325~~648.3035 0.00 ~~160~~155,~~650~~061,~~194~~386.6068 A4 410.2800 0.00 ~~122~~103,~~572~~515.0550 0.00 72,600,000.00 M1 340.6500 0.00 ~~102~~88,~~899~~079.5744 0.00 49,700,000.00 M2 450.1300 0.00 ~~133~~117,~~992~~156.2178 0.00 41,200,000.00 M3 410.4600 0.00 ~~123~~108,~~094~~576.5400 0.00 28,800,000.00 M4 190.5500 0.00 5851,~~043~~442.7851 0.00 11,242,900.00 X 0618.0018 0.00 017,365.0009 0.00 0.01 P 0.00 0.00 ~~286~~225,~~659~~735.3835 0.00 100.00 CSFB 0.00 0.00 0.00 0.00 0.00 Totals ~~619~~618.1718 0.00 21,~~125~~850,~~094~~943.7763 0.00 (4) Amount Does Not Include Excess Special Hazard, ~~Bankruptcy~~Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A-IO 0.00 5.00000% ~~901~~878.~~42276423~~04878049 3.~~75592815~~65853659 0.00000000 0.00000000 B-IO 0.00 3.50000% 1000.00000000 2.91666660 0.00000000 0.00000000 A1 217,500,000.00 1.~~81000~~68000% ~~944~~916.~~26825600~~17103011 1.~~51922271~~23988478 0.00000000 0.00000000 A2 143,000,000.00 1.~~81000~~68000% ~~938~~909.~~91763210~~00309664 1.~~51061413~~23018420 0.00000000 0.00000000 A3 184,000,000.00 1.~~58000~~45000% ~~914~~873.~~81665429~~09888370 1.~~28480918~~01982799 0.00000000 0.00000000 A4 72,600,000.00 1.~~90000~~77000% 1000.00000000 1.~~68888884~~42583333 0.00000000 0.00000000 M1 49,700,000.00 2.~~33000~~20000% 1000.00000000 21.~~07111107~~77222213 0.00000000 0.00000000 M2 41,200,000.00 3.~~66000~~53000% 1000.00000000 32.~~25333325~~84361117 0.00000000 0.00000000 M3 28,800,000.00 4.~~81000~~68000% 1000.00000000 43.~~27555556~~77000000 0.00000000 0.00000000 M4 11,242,900.00 5.~~81000~~68000% 1000.00000000 54.~~16444423~~57555524 0.00000000 0.00000000 X 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 CSFB 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) Per $1 denomination.

Interest Distribution 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.~~00126453~~00000000 0.00000000 3.~~75466372~~65853659 0.00000000 ~~878~~855.~~04878049~~69105691 B-IO 0.~~00098200~~00000000 0.00000000 2.~~91568480~~91666660 0.00000000 1000.00000000 A1 0.~~00051149~~00000000 0.00000000 1.~~51871122~~23988478 0.00000000 ~~916~~886.~~17103011~~51594602 A2 0.~~00050860~~00000000 0.00000000 1.~~51010559~~23018420 0.00000000 ~~909~~887.~~00309664~~22286315 A3 0.~~00043255~~00000000 0.00000000 1.~~28437663~~01982799 0.00000000 ~~873~~842.~~09888370~~72492761 A4 0.~~00056860~~00000000 0.00000000 1.~~68832025~~42583333 0.00000000 1000.00000000 M1 0.~~00069718~~00000000 0.00000000 21.~~07041388~~77222213 0.00000000 1000.00000000 M2 0.~~00109539~~00000000 0.00000000 32.~~25223811~~84361117 0.00000000 1000.00000000 M3 0.~~00143958~~00000000 0.00000000 43.~~27411597~~77000000 0.00000000 1000.00000000 M4 0.~~00173888~~00000000 0.00000000 54.~~16270535~~57555524 0.00000000 1000.00000000 X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 ~~2866593~~2257353.~~80000000~~50000000 0.00000000 1000.00000000 CSFB 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, ~~Bankruptcy~~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 2017,~~184~~033,~~680~~187.7280 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~238~~301,~~030~~216.4229 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties ~~286~~225,~~659~~735.3835 Total Deposits 2017,~~709~~560,~~370~~139.5244 Withdrawals Reimbursement for Servicer Advances ~~194~~238,~~589~~030.8942 Payment of Service Fee ~~324~~317,~~690~~803.8729 Payment of Interest and Principal 2017,~~190~~004,~~089~~305.7673 Total Withdrawals (Pool Distribution Amount) 2017,~~709~~560,~~370~~139.5244 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall ~~619~~618.1718

SERVICING FEES Gross Servicing Fee ~~299~~293,~~994~~560.8789 Strip Amount 24,~~696~~242.0040 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~324~~317,~~690~~803.8729

LOAN 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 014 02 01 017 02,351,747.0059 0358,544.0029 037,263.0087 02,747,555.0075 30 Days ~~102~~125 01 02 0 ~~102~~128 1419,~~594~~900,~~373~~287.7021 055,001.0059 0236,334.0032 0.00 1420,~~594~~191,~~373~~623.7012 60 Days 2537 01 06 0 2544 4,~~150~~262,~~829~~497.5676 0423,579.0002 01,105,016.0046 0.00 45,~~150~~791,~~829~~093.5624 90 Days 1025 135 7265 2 97 13,~~664~~505,~~067~~207.9719 2760,~~340,203~~679.1369 109,~~657~~778,~~835~~136.6548 77115,~~771~~977.9159 14,~~739~~160,~~878~~000.6695 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 ~~137~~187 1321 7275 23 ~~224~~286 2027,~~409~~667,~~271~~992.2316 23,~~340~~591,~~203~~007.1389 1011,~~657~~478,~~835~~031.6555 77153,~~771~~241.9146 3342,~~485~~890,~~081~~273.9206 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~~308574% 0.~~000000~~044082% 0.~~000000~~022041% 0.~~000000~~374697% 0.~~000000~~339480% 0.~~000000~~051757% 0.~~000000~~005379% 0.~~000000~~396615% 30 Days 2.~~216428~~755125% 0.~~000000~~022041% 0.~~000000~~044082% 0.000000% 2.~~216428~~821248% 2.~~069741~~872648% 0.~~000000~~007940% 0.~~000000~~034115% 0.000000% 2.~~069741~~914703% 60 Days 0.~~543242~~815517% 0.~~000000~~022041% 0.~~000000~~132246% 0.000000% 0.~~543242~~969804% 0.~~588661~~615300% 0.~~000000~~061145% 0.~~000000~~159511% 0.000000% 0.~~588661~~835956% 90 Days 0.~~217297~~551025% 0.~~282486~~110205% 1.~~564537~~432665% 0.~~043459~~044082% 2.~~107779~~137977% 0.~~235994~~505984% 0.~~331882~~109806% 1.~~511470~~411494% 0.~~011029~~016742% 2.~~090376~~044026% 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 24.~~976967~~121666% 0.~~282486~~462861% 1.~~564537~~653075% 0.~~043459~~066123% 46.~~867449~~303725% 23.~~894397~~993932% 0.~~331882~~518369% 1.~~511470~~656878% 0.~~011029~~022121% 46.~~748778~~191300%

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 09 01 01 011 01,608,874.0085 0104,385.0064 037,263.0087 01,750,524.0036 30 Days 4150 01 0 0 4151 46,~~636~~645,~~649~~763.7468 055,001.0059 0.00 0.00 46,~~636~~700,~~649~~765.7427 60 Days 919 0 04 0 923 12,~~338~~086,~~687~~485.5824 0.00 0477,513.0058 0.00 12,~~338~~563,~~687~~998.5882 90 Days 3 7 301 26 1 4135 ~~400~~987,~~635~~931.7143 150,~~064,744~~845.6770 32,~~513~~948,~~979~~168.9226 3775,~~289~~594.2474 54,~~016~~062,~~649~~540.5413 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 5376 711 3031 12 91120 69,~~375~~720,~~973~~180.0335 1,~~064~~714,~~744~~722.6714 3,~~513~~530,~~979~~067.9248 37112,~~289~~858.2461 1015,~~991~~077,~~986~~828.8658 0-29 Days 03.~~000000~~202847% 0.~~000000~~355872% 0.~~000000~~355872% 03.~~000000~~914591% 04.~~000000~~387335% 0.~~000000~~284655% 0.~~000000~~101617% 04.~~000000~~773608% 30 Days 1417.~~385965~~793594% 0.~~000000~~355872% 0.000000% 0.000000% 1418.~~385965~~149466% 1218.~~442287~~122724% 0.~~000000~~149987% 0.000000% 0.000000% 1218.~~442287~~272711% 60 Days 36.~~157895~~761566% 0.000000% 01.~~000000~~423488% 0.000000% 38.~~157895~~185053% 35.~~592321~~689759% 0.000000% 01.~~000000~~302160% 0.000000% 36.~~592321~~991919% 90 Days 12.~~052632~~491103% 20.~~456140~~355872% 109.~~526316~~252669% 0.~~350877~~355872% 1412.~~385965~~455516% 12.~~075092~~694048% 20.~~857205~~138654% 98.~~429642~~039533% 0.~~100064~~206144% 1311.~~462003~~078380% 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 1827.~~596491~~046263% 23.~~456140~~914591% 1011.~~526316~~032028% 0.~~350877~~711744% 3142.~~929825~~704626% 1726.~~109700~~506531% 24.~~857205~~675977% 9.~~429642~~626349% 0.~~100064~~307761% 2941.~~496612~~116617% 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 05 01 0 06 0742,872.0074 0254,158.0065 0.00 0997,031.0039 30 Days 6175 0 02 0 6177 913,~~957~~254,~~723~~523.9653 0.00 0236,334.0032 0.00 913,~~957~~490,~~723~~857.9685 60 Days 1618 01 02 0 1621 2,~~812~~176,~~141~~012.9852 0423,579.0002 0627,502.0088 0.00 23,~~812~~227,~~141~~094.9842 90 Days 718 64 4239 1 5662 12,~~263~~517,~~432~~275.2676 1709,~~275,458~~833.4699 76,~~143~~829,~~855~~968.7322 40,~~482~~382.6785 910,~~723~~097,~~229~~460.1282 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 84111 610 4244 1 ~~133~~166 1417,~~033~~947,~~298~~811.2081 1,~~275~~876,~~458~~285.4675 7,~~143~~947,~~855~~964.7307 40,~~482~~382.6785 2227,~~493~~812,~~095~~444.0648 0-29 Days 0.~~000000~~375940% 0.~~000000~~075188% 0.000000% 0.~~000000~~451128% 0.~~000000~~457478% 0.~~000000~~156517% 0.000000% 0.~~000000~~613994% 30 Days 45.~~538690~~639098% 0.000000% 0.~~000000~~150376% 0.000000% 45.~~538690~~789474% 68.~~077831~~162432% 0.000000% 0.~~000000~~145540% 0.000000% 68.~~077831~~307972% 60 Days 1.~~190476~~353383% 0.~~000000~~075188% 0.~~000000~~150376% 0.000000% 1.~~190476~~578947% 1.~~716429~~340037% 0.~~000000~~260849% 0.~~000000~~386430% 0.000000% 1.~~716429~~987317% 90 Days 01.~~520833~~353383% 0.~~446429~~300752% 32.~~125000~~932331% 0.~~074405~~075188% 4.~~166667~~661654% 01.~~771153~~550195% 0.~~778493~~437132% 4.~~360348~~206047% 0.~~024709~~024869% 56.~~934703~~218242% 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 68.~~250000~~345865% 0.~~446429~~751880% 3.~~125000~~308271% 0.~~074405~~075188% 912.~~895833~~481203% 811.~~565412~~052664% 01.~~778493~~155459% 4.~~360348~~894534% 0.~~024709~~024869% 1317.~~728963~~127525% 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%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~238~~301,~~030~~216.4229

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 7.~~978746~~978126% Weighted Average Net Coupon 7.~~478746~~478126% Weighted Average Pass-Through Rate 7.~~436554~~435783% Weighted Average Maturity(Stepdown Calculation ) ~~347~~346 Beginning Scheduled Collateral Loan Count 4,~~681~~602 Number Of Loans Paid In Full 7965 Ending Scheduled Collateral Loan Count 4,~~602~~537 Beginning Scheduled Collateral Balance ~~719~~704,~~987~~546,~~705~~130.3390 Ending Scheduled Collateral Balance ~~704~~692,~~546~~133,~~130~~270.9036 Ending Actual Collateral Balance at 3130-~~May~~Jun-2003 ~~705~~692,~~130~~750,~~431~~663.0695 Monthly P &I Constant 5,~~354~~243,~~023~~140.3534 Special Servicing Fee 0.00 Prepayment Penalties ~~286~~225,~~659~~735.3835 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~704~~692,~~546~~133,~~130~~270.9036 Scheduled Principal ~~566~~559,~~857~~009.3701 Unscheduled Principal 1411,~~874~~853,~~717~~851.0653 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 811,~~474~~098,~~873~~294.8744 Overcollateralized Deficiency Amount 52,~~363~~740,~~922~~501.1356 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 2,~~623~~740,~~420~~501.5756 Excess Cash Amount 2,~~623~~757,~~420~~866.5766

Miscellaneous Reporting Credit Enhancement Percentage 1920.~~788310~~522232% Payment under the CAP Agreement 0.00 A1 PTR (excl CAP) for Next Distribution 1.6860688% A2 PTR (excl CAP) for Next Distribution 1.6860688% A3 PTR (excl CAP) for Next Distribution 1.4537688% A4 PTR (excl CAP) for Next Distribution 1.7769688% M1 PTR (excl CAP) for Next Distribution 2.2012688% M2 PTR (excl CAP) for Next Distribution 3.5345688% M3 PTR (excl CAP) for Next Distribution 4.6860688% M4 PTR (excl CAP) for Next Distribution 5.6860688% Overcollateralization Increase 02,740,501.0056 % of Prepayment Penalties Being Passed 85.71%

Group 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.~~934286~~935877 8.~~041311~~041620 7.~~963305~~962761 Weighted Average Net Rate 7.~~434286~~435878 7.~~541311~~541620 7.~~463305~~462761 Pass-Through Rate 7.~~484157~~484532 7.~~412133~~484532 7.~~463305~~410730 Weighted Average Maturity ~~352~~351 ~~352~~351 ~~352~~351 Beginning Loan Count ~~290~~285 1,~~533~~504 1,~~360~~344 Loans Paid In Full 54 2923 1614 Ending Loan Count ~~285~~281 1,~~504~~481 1,~~344~~330 Beginning Scheduled Balance 3837,~~022~~232,~~746~~041.1849 ~~216~~211,~~416~~983,~~030~~056.3758 ~~167~~163,~~454~~678,~~028~~571.3117 Ending scheduled Balance 3736,~~232~~634,~~041~~812.4978 ~~211~~207,~~983~~296,~~056~~790.5835 ~~163~~162,~~678~~224,~~571~~138.1714 Record Date 0506/3130/2003 0506/3130/2003 0506/3130/2003 Principal And Interest Constant ~~287~~281,~~152~~509.8514 1,~~603~~572,~~755~~087.3797 1,~~273~~246,~~495~~004.8087 Scheduled Principal 35,~~750~~285.0804 ~~153~~151,~~531~~515.5636 ~~162~~159,~~256~~893.1777 Unscheduled Principal ~~754~~561,~~954~~943.6167 4,~~279~~534,~~442~~750.2387 31,~~613~~294,~~200~~539.9726 Scheduled Interest ~~251~~246,~~402~~224.7710 1,~~450~~420,~~223~~572.8161 1,~~111~~086,~~239~~111.6310 Servicing Fees 15,~~842~~513.8135 9088,~~173~~326.3428 6968,~~772~~199.5141 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 ~~235~~230,~~559~~710.9675 1,~~360~~332,~~050~~246.4733 1,~~041~~017,~~467~~911.1269 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

Group Level Collateral Statement Group 2 Total Collateral Description Fixed 15/30 & ARM Fixed & Mixed ARM Weighted Average Coupon Rate 7.~~947669~~945992 7.~~978746~~978126 Weighted Average Net Rate 7.~~447669~~445992 7.~~478746~~478126 Pass-Through Rate 7.~~447669~~410730 7.~~436554~~435783 Weighted Average Maturity ~~348~~ 347 346 Beginning Loan Count 1,~~498~~469 4,~~681~~602 Loans Paid In Full 2924 7965 Ending Loan Count 1,~~469~~445 4,~~602~~537 Beginning Scheduled Balance ~~298~~291,~~094~~652,~~900~~461.4766 ~~719~~704,~~987~~546,~~705~~130.3390 Ending scheduled Balance ~~291~~285,~~652~~977,~~461~~529.6609 ~~704~~692,~~546~~133,~~130~~270.9036 Record Date 0506/3130/2003 0506/3130/2003 Principal And Interest Constant 2,~~189~~143,~~619~~538.3336 5,~~354~~243,~~023~~140.3534 Scheduled Principal ~~215~~212,~~319~~314.5684 ~~566~~559,~~857~~009.3701 Unscheduled Principal 65,~~227~~462,~~119~~617.2573 1411,~~874~~853,~~717~~851.0653 Scheduled Interest 1,~~974~~931,~~299~~223.7752 4,~~787~~684,~~165~~131.9833 Servicing Fees ~~124~~121,~~206~~521.2185 ~~299~~293,~~994~~560.8789 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,~~850~~809,~~093~~701.5667 4,~~487~~390,~~171~~570.1144 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

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