8-K 1 abs03he3.txt SEOTEMBER 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): September 15, 2003 ASSET BACKED SECURITIES CORP HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2003-HE3 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-86750-05 54-2116934 Pooling and Servicing Agreement) (Commission 54-2116935 (State or other File Number) 54-2116936 jurisdiction 54-2116937 of Incorporation) 54-2116938 54-2116939 54-2116940 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 September 15, 2003 a distribution was made to holders of ASSET BACKED SECURITIES CORP HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series 2003-HE3 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-HE3 Trust, relating to the September 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 SECURIETIES CORP HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2003-HE3 Trust By: Wells Fargo Bank Minnesota, N.A. as Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 9/22/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Pass-Through Certificates, Series 2003-HE3 Trust, relating to the September 15, 2003 distribution. EX-99.1

Asset Backed Securities Corp Home Equity Loan Trust Asset Backed Pass-Through Certificates Record Date: 78/31/03 Distribution Date: 89/15/03 ABSC Series: 2003-HE3 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 04541GEK4 SEN IO 4.00000% 0.00 ~~154~~151,~~666~~333.6733 0.00 B-IO 04541GED0 SUB IO 3.50000% 0.00 151,666.67 0.00 A-INV-IO 04541GEC2 SEN IO 0.~~20312~~20000% 0.00 ~~100~~94,~~502~~756.6567 0.00 A1 04541GEH1 SEN 1.~~43688~~44000% ~~300~~295,~~301~~887,~~778~~891.9018 ~~371~~366,~~567~~900.4099 46,~~413~~497,~~887~~595.7206 A2 04541GEJ7 SEN 1.~~45688~~46000% ~~194~~191,~~194~~224,~~506~~760.7693 ~~243~~240,~~623~~412.9102 24,~~969~~296,~~745~~775.8314 M1 04541GEL2 MEZ 1.~~93688~~94000% 39,440,000.00 65,~~780~~886.7571 0.00 M2 04541GEM0 MEZ 3.~~10688~~11000% 33,380,000.00 89,~~303~~393.8149 0.00 M3 04541GEN8 MEZ 3.~~45688~~46000% 10,620,000.00 31,~~613~~641.1770 0.00 M4 04541GEP3 MEZ 5.~~10688~~11000% 15,200,000.00 66,~~843~~884.3822 0.00 M5 04541GEQ1 MEZ 5.~~10688~~11000% 9,112,000.00 40,~~070~~095.8533 0.00 X 04541GEE8 SUB OC 0.00000% 0.01 0.4745 0.00 P 04541GEF5 SEN 0.00000% 100.00 86174,~~302~~159.4756 0.00 Totals ~~602~~594,~~248~~864,~~385~~752.6712 1,~~401~~473,~~942~~131.2014 710,~~383~~794,~~633~~370.5520

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-IO 0.00 0.00 ~~154~~151,~~666~~333.6733 0.00 B-IO 0.00 0.00 151,666.67 0.00 A-INV-IO 0.00 0.00 ~~100~~94,~~502~~756.6567 0.00 A1 0.00 ~~295~~289,~~887~~390,~~891~~296.1812 46,~~785~~864,~~455~~496.1205 0.00 A2 0.00 ~~191~~186,~~224~~927,~~760~~985.9379 34,~~213~~537,~~369~~187.7416 0.00 M1 0.00 39,440,000.00 65,~~780~~886.7571 0.00 M2 0.00 33,380,000.00 89,~~303~~393.8149 0.00 M3 0.00 10,620,000.00 31,~~613~~641.1770 0.00 M4 0.00 15,200,000.00 66,~~843~~884.3822 0.00 M5 0.00 9,112,000.00 40,~~070~~095.8533 0.00 X 0.00 0.01 0.4745 0.00 P 0.00 100.00 86174,~~302~~159.4756 0.00 Totals 0.00 ~~594~~584,~~864~~070,~~752~~381.1292 812,~~785~~267,~~575~~501.7534 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 A-INV-IO 0.00 0.00 0.00 0.00 0.00 0.00 A1 302,800,000.00 ~~300~~295,~~301~~887,~~778~~891.9018 0.00 46,~~413~~497,~~887~~595.7206 0.00 0.00 A2 196,200,000.00 ~~194~~191,~~194~~224,~~506~~760.7693 0.00 24,~~969~~296,~~745~~775.8314 0.00 0.00 M1 39,440,000.00 39,440,000.00 0.00 0.00 0.00 0.00 M2 33,380,000.00 33,380,000.00 0.00 0.00 0.00 0.00 M3 10,620,000.00 10,620,000.00 0.00 0.00 0.00 0.00 M4 15,200,000.00 15,200,000.00 0.00 0.00 0.00 0.00 M5 9,112,000.00 9,112,000.00 0.00 0.00 0.00 0.00 X 0.01 0.01 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 Totals 606,752,100.01 ~~602~~594,~~248~~864,~~385~~752.6712 0.00 710,~~383~~794,~~633~~370.5520 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 A-INV-IO 0.00 0.00 0.00000000 0.00 A1 46,~~413~~497,~~887~~595.7206 ~~295~~289,~~887~~390,~~891~~296.1812 0.~~97717269~~95571432 46,~~413~~497,~~887~~595.7206 A2 24,~~969~~296,~~745~~775.8314 ~~191~~186,~~224~~927,~~760~~985.9379 0.~~97464200~~95274203 24,~~969~~296,~~745~~775.8314 M1 0.00 39,440,000.00 1.00000000 0.00 M2 0.00 33,380,000.00 1.00000000 0.00 M3 0.00 10,620,000.00 1.00000000 0.00 M4 0.00 15,200,000.00 1.00000000 0.00 M5 0.00 9,112,000.00 1.00000000 0.00 X 0.00 0.01 1.00000000 0.00 P 0.00 100.00 1.00000000 0.00 Totals 710,~~383~~794,~~633~~370.5520 ~~594~~584,~~864~~070,~~752~~381.1292 0.~~98040823~~96261782 710,~~383~~794,~~633~~370.5520

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 A-INV-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A1 302,800,000.00 ~~991~~977.~~74960007~~17269214 0.00000000 1421.~~57690793~~45837206 0.00000000 A2 196,200,000.00 ~~989~~974.~~77832192~~64200270 0.00000000 1521.~~13631922~~89997523 0.00000000 M1 39,440,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 33,380,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 10,620,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 15,200,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 9,112,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 0.01 0.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 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 A-INV-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A1 0.00000000 1421.~~57690793~~45837206 ~~977~~955.~~17269214~~71432008 0.~~97717269~~95571432 1421.~~57690793~~45837206 A2 0.00000000 1521.~~13631922~~89997523 ~~974~~952.~~64200270~~74202747 0.~~97464200~~95274203 1521.~~13631922~~89997523 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 M5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 0.00000000 1.00000000 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 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.

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 4.00000% 4645,400,000.00 ~~154~~151,~~666~~333.6733 0.00 0.00 B-IO 0.00 3.50000% 52,000,000.00 151,666.67 0.00 0.00 A-INV-IO 0.00 0.~~20312~~20000% ~~574~~550,~~600~~200,000.00 ~~100~~94,~~502~~756.6567 0.00 0.00 A1 302,800,000.00 1.~~43688~~44000% ~~300~~295,~~301~~887,~~778~~891.9018 ~~371~~366,~~567~~900.4099 0.00 0.00 A2 196,200,000.00 1.~~45688~~46000% ~~194~~191,~~194~~224,~~506~~760.7693 ~~243~~240,~~623~~412.9102 0.00 0.00 M1 39,440,000.00 1.~~93688~~94000% 39,440,000.00 65,~~780~~886.7571 0.00 0.00 M2 33,380,000.00 3.~~10688~~11000% 33,380,000.00 89,~~303~~393.8149 0.00 0.00 M3 10,620,000.00 3.~~45688~~46000% 10,620,000.00 31,~~613~~641.1770 0.00 0.00 M4 15,200,000.00 5.~~10688~~11000% 15,200,000.00 66,~~843~~884.3822 0.00 0.00 M5 9,112,000.00 5.~~10688~~11000% 9,112,000.00 40,~~070~~095.8533 0.00 0.00 X 0.01 0.00000% 0.01 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 606,752,100.01 1,~~315~~298,~~639~~971.2613 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 0.00 0.00 ~~154~~151,~~666~~333.6733 0.00 4544,400,000.00 B-IO 0.00 0.00 151,666.67 0.00 52,000,000.00 A-INV-IO 0.00 0.00 ~~100~~94,~~502~~756.6567 0.00 ~~550~~526,~~200~~900,000.00 A1 0.00 0.00 ~~371~~366,~~567~~900.4099 0.00 ~~295~~289,~~887~~390,~~891~~296.1812 A2 0.00 0.00 ~~243~~240,~~623~~412.9102 0.00 ~~191~~186,~~224~~927,~~760~~985.9379 M1 0.00 0.00 65,~~780~~886.7571 0.00 39,440,000.00 M2 0.00 0.00 89,~~303~~393.8149 0.00 33,380,000.00 M3 0.00 0.00 31,~~613~~641.1770 0.00 10,620,000.00 M4 0.00 0.00 66,~~843~~884.3822 0.00 15,200,000.00 M5 0.00 0.00 40,~~070~~095.8533 0.00 9,112,000.00 X 0.00 0.00 0.4745 0.00 0.01 P 0.00 0.00 86174,~~302~~159.4756 0.00 100.00 Totals 0.00 0.00 1,~~401~~473,~~942~~131.2014 0.00 (4) Amount Does Not Include Excess Special Hazard, 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 4.00000% ~~976~~955.~~84210526~~78947368 3.~~25614042~~18596484 0.00000000 0.00000000 B-IO 0.00 3.50000% 1000.00000000 2.91666673 0.00000000 0.00000000 A-INV-IO 0.00 0.~~20312~~20000% ~~957~~917.~~66666667~~00000000 0.~~16750442~~15792778 0.00000000 0.00000000 A1 302,800,000.00 1.~~43688~~44000% ~~991~~977.~~74960007~~17269214 1.~~22710502~~21169415 0.00000000 0.00000000 A2 196,200,000.00 1.~~45688~~46000% ~~989~~974.~~77832192~~64200270 1.~~24171208~~22534159 0.00000000 0.00000000 M1 39,440,000.00 1.~~93688~~94000% 1000.00000000 1.~~66786891~~67055553 0.00000000 0.00000000 M2 33,380,000.00 3.~~10688~~11000% 1000.00000000 2.~~67536878~~67805542 0.00000000 0.00000000 M3 10,620,000.00 3.~~45688~~46000% 1000.00000000 2.~~97675800~~97944444 0.00000000 0.00000000 M4 15,200,000.00 5.~~10688~~11000% 1000.00000000 4.~~39759079~~40027763 0.00000000 0.00000000 M5 9,112,000.00 5.~~10688~~11000% 1000.00000000 4.~~39759109~~40027766 0.00000000 0.00000000 X 0.01 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 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 0.00000000 0.00000000 3.~~25614042~~18596484 0.00000000 ~~955~~934.~~78947368~~73684211 B-IO 0.00000000 0.00000000 2.91666673 0.00000000 1000.00000000 A-INV-IO 0.00000000 0.00000000 0.~~16750442~~15792778 0.00000000 ~~917~~878.~~00000000~~16666667 A1 0.00000000 0.00000000 1.~~22710502~~21169415 0.00000000 ~~977~~955.~~17269214~~71432008 A2 0.00000000 0.00000000 1.~~24171208~~22534159 0.00000000 ~~974~~952.~~64200270~~74202747 M1 0.00000000 0.00000000 1.~~66786891~~67055553 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~67536878~~67805542 0.00000000 1000.00000000 M3 0.00000000 0.00000000 2.~~97675800~~97944444 0.00000000 1000.00000000 M4 0.00000000 0.00000000 4.~~39759079~~40027763 0.00000000 1000.00000000 M5 0.00000000 0.00000000 4.~~39759109~~40027766 0.00000000 1000.00000000 X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 ~~863024~~1741595.~~70000000~~60000000 0.00000000 1000.00000000 (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 812,~~903~~312,~~675~~923.8758 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 93133,~~197~~675.1264 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 86174,~~302~~159.4756 Total Deposits 912,~~083~~620,~~175~~758.4678 Withdrawals Reimbursement for Servicer Advances 3593,~~171~~197.2312 Payment of Service Fee ~~262~~260,~~428~~060.4832 Payment of Interest and Principal 812,~~785~~267,~~575~~501.7534 Total Withdrawals (Pool Distribution Amount) 912,~~083~~620,~~175~~758.4678 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~250~~248,~~936~~813.9832 Strip Amount 11,~~491~~247.5000 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~262~~260,~~428~~060.4832

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 1,000.00 0.4745 0.4745 1,000.00

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 13 20 0 3 31262,~~868~~801.4566 ~~462,942~~0.8200 0.00 ~~494~~262,~~811~~801.2766 30 Days 6766 0 0 0 6766 910,~~195~~209,~~967~~596.8645 0.00 0.00 0.00 910,~~195~~209,~~967~~596.8645 60 Days 1836 0 10 0 1936 25,~~638~~125,~~751~~239.6902 0.00 ~~136,277~~0.6600 0.00 25,~~775~~125,~~029~~239.3502 90 Days 414 0 01 0 415 ~~513~~2,~~863~~255,377.3539 0.00 0117,534.0014 0.00 ~~513~~2,~~863~~372,911.3553 120 Days 0 0 04 0 04 0.00 0.00 0513,630.0028 0.00 0513,630.0028 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 89116 1 3 5 0 93124 1217,~~348~~590,~~582~~212.9086 31262,~~868~~801.4566 ~~599~~631,~~220~~164.4842 0.00 1218,~~979~~484,~~671~~178.8394 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.~~026212~~079470% 0.~~052425~~000000% 0.000000% 0.~~078637~~079470% 0.~~005337~~044646% 0.~~077525~~000000% 0.000000% 0.~~082862~~044646% 30 Days 1.~~756225~~748344% 0.000000% 0.000000% 0.000000% 1.~~756225~~748344% 1.~~539971~~734468% 0.000000% 0.000000% 0.000000% 1.~~539971~~734468% 60 Days 0.~~471822~~953642% 0.000000% 0.~~026212~~000000% 0.000000% 0.~~498034~~953642% 0.~~441889~~870707% 0.000000% 0.~~022821~~000000% 0.000000% 0.~~464711~~870707% 90 Days 0.~~104849~~370861% 0.000000% 0.~~000000~~026490% 0.000000% 0.~~104849~~397351% 0.~~086052~~383157% 0.000000% 0.~~000000~~019967% 0.000000% 0.~~086052~~403125% 120 Days 0.000000% 0.000000% 0.~~000000~~105960% 0.000000% 0.~~000000~~105960% 0.000000% 0.000000% 0.~~000000~~087259% 0.000000% 0.~~000000~~087259% 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 23.~~332896~~072848% 0.~~026212~~079470% 0.~~078637~~132450% 0.000000% 23.~~437746~~284768% 2.~~067913~~988332% 0.~~005337~~044646% 0.~~100346~~107226% 0.000000% 23.~~173596~~140205%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 93133,~~197~~675.1264

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 7.~~700888~~698936% Weighted Average Net Coupon 7.~~200888~~198936% Weighted Average Pass-Through Rate 7.~~200888~~198936% Weighted Average Maturity(Stepdown Calculation ) ~~351~~350 Beginning Scheduled Collateral Loan Count 3,~~841~~815 Number Of Loans Paid In Full 2640 Ending Scheduled Collateral Loan Count 3,~~815~~775 Beginning Scheduled Collateral Balance ~~602~~597,~~248~~151,~~773~~947.2436 Ending Scheduled Collateral Balance ~~597~~588,~~151~~629,~~947~~741.3600 Ending Actual Collateral Balance at 31-~~Jul~~Aug-2003 ~~597~~588,~~151~~629,~~947~~741.3600 Monthly P &I Constant 4,~~343~~309,~~965~~682.3566 Special Servicing Fee 0.00 Prepayment Penalties 86174,~~302~~159.4756 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~597~~588,~~151~~629,~~947~~741.3600 Scheduled Principal ~~479~~478,~~032~~487.2238 Unscheduled Principal 48,~~617~~043,~~793~~718.6698 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 14,258,683.44 Overcollateralized Amount ~~387~~2,287,195.5825 Overcollateralized Deficiency Amount 1411,~~258~~971,~~295~~488.8620 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 2,~~286~~272,~~807~~163.6784

Miscellaneous Reporting Overcollateralized Amount ~~387~~2,287,195.5825 Overcollateralization Deficiency Amount 1411,~~258~~971,~~295~~488.8620 Overcollateralization Release Amount 0.00 Overcollateralization Target Amount 14,258,683.44 A1 PTR (excl CAP) for Next Distribution 1.~~440~~450% A2 PTR (excl CAP) for Next Distribution 1.~~460~~470% M1 PTR (excl CAP) for Next Distribution 1.~~940~~950% M2 PTR (excl CAP) for Next Distribution 3.~~110~~120% M3 PTR (excl CAP) for Next Distribution 3.~~460~~470% M4 PTR (excl CAP) for Next Distribution 5.~~110~~120% M5 PTR (excl CAP) for Next Distribution 5.~~110~~120% Overcollateralization Increase $2,~~286~~272,~~807~~163.6784 Percentage of PPP being passed 9390.~~750~~9091% Has a Stepdown Date occurred? If so, wh NO Did a Trigger Event occur? NO

Group Level Collateral Statement Group Sub Group 1 Sub Group 1 Sub Group 1 Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM Weighted Average Coupon Rate 7.~~686721~~684172 7.~~559362~~559492 7.~~941582~~934004 Weighted Average Net Rate 7.~~186721~~184172 7.~~059362~~059492 7.~~441582~~434004 Weighted Average Maturity (23) (23) (23) Beginning Loan Count 1,~~904~~889 103 ~~473~~471 Loans Paid In Full 1524 01 23 Ending Loan Count 1,~~889~~865 ~~103~~102 ~~471~~468 Beginning Scheduled Balance ~~292~~289,~~237~~701,~~954~~298.6360 14,~~909~~897,~~645~~814.1900 58,~~521~~023,~~844~~482.6073 Ending scheduled Balance ~~289~~285,~~701~~424,~~298~~188.6098 14,~~897~~632,~~814~~878.0011 5857,~~023~~435,~~482~~646.7319 Record Date 0708/31/2003 0708/31/2003 0708/31/2003 Principal And Interest Constant 2,~~089~~072,~~873~~808.4804 105,~~277~~340.5085 ~~442~~439,~~888~~304.4473 Scheduled Principal 217,~~913~~712.8158 11,~~354~~490.6693 55,~~591~~672.7661 Unscheduled Principal 24,~~318~~059,~~742~~397.2204 ~~476~~253,444.5396 ~~442~~532,~~770~~163.1193 Scheduled Interest 1,~~871~~855,~~959~~095.6746 93,~~922~~849.8492 ~~387~~383,~~296~~632.6812 Servicing Fees ~~121~~120,~~765~~708.8288 6,~~212~~207.3542 24,~~384~~176.1046 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 1,~~750~~734,~~193~~386.8558 87,~~710~~642.4950 ~~362~~359,~~912~~455.5866 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.~~186721~~184172 7.~~059362~~059492 7.~~441582~~434004

Group Level Collateral Statement Group Sub Group 2 Sub Group 2 Sub Group 2 Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM Weighted Average Coupon Rate 7.~~479759~~479184 7.~~379049~~346615 8.~~177914~~176592 Weighted Average Net Rate 6.~~979759~~979184 6.~~879050~~846615 7.~~677914~~676592 Weighted Average Maturity (23) (23) (23) Beginning Loan Count ~~762~~755 3332 ~~566~~565 Loans Paid In Full 710 1 1 Ending Loan Count ~~755~~745 3231 ~~565~~564 Beginning Scheduled Balance ~~165~~164,~~915~~031,~~410~~275.8317 5,~~991~~919,~~019~~051.2906 64,~~672~~579,~~898~~025.7080 Ending scheduled Balance ~~164~~161,~~031~~204,~~275~~128.1718 5,~~919~~496,~~051~~002.0600 64,~~579~~436,~~025~~897.8054 Record Date 0708/31/2003 0708/31/2003 0708/31/2003 Principal And Interest Constant 1,~~162~~149,~~342~~553.4153 4140,~~571~~968.4840 ~~502~~501,~~012~~707.0411 Scheduled Principal ~~128~~127,~~169~~203.6651 4,~~731~~730.4691 61,~~270~~676.8784 Unscheduled Principal 12,~~755~~699,~~966~~943.0048 67418,~~236~~318.7715 3280,~~602~~451.0342 Scheduled Interest 1,~~034~~022,~~172~~350.7502 36,~~840~~237.0249 440,~~741~~030.1727 Servicing Fees 6968,~~131~~346.4237 2,~~496~~466.2527 26,~~947~~907.0492 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 ~~965~~954,~~041~~003.3365 3433,~~343~~771.7722 413,~~794~~122.1335 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 6.~~979759~~979184 6.~~879049~~846615 7.~~677914~~676592

Group Level Collateral Statement Group Total Collateral Description Fixed & Mixed ARM Weighted Average Coupon Rate 7.~~700888~~698936 Weighted Average Net Rate 7.~~200888~~198936 Weighted Average Maturity ~~351~~350.00 Record Date 0708/31/2003 Principal And Interest Constant 4,~~343~~309,~~965~~682.3566 Beginning Loan Count 3,~~841~~815 Loans Paid In Full 2640 Ending Loan Count 3,~~815~~775 Beginning Scheduled Balance ~~602~~597,~~248~~151,~~773~~947.2436 Ending Scheduled Balance ~~597~~588,~~151~~629,~~947~~741.3600 Scheduled Principal ~~479~~478,~~032~~487.2238 Unscheduled Principal 48,~~617~~043,~~793~~718.6698 Scheduled Interest 3,~~864~~831,~~933~~195.1328 Servicing Fee ~~250~~248,~~936~~813.9832 Master Servicing Fee 0.00 Trustee Fee 0.00 Fry Amount 0.00 Special Hazard Fee 0.00 Other Fee 0.00 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 3,~~613~~582,~~996~~381.1596 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Percentage of Cumulative Losses 0.00 Prepayment Penalties 0.00 Special Servicing Fee 0.00 Pass-Through Rate 7.~~200888~~198936

Filing Compare · ABSC HOME EQUITY LOAN TRUST SERIES 2003-HE3