8-K 1 abs03he1.txt OCTOBER 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): October 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 54-2090849 Pooling and Servicing Agreement) (Commission 54-2090850 (State or other File Number) 54-2090851 jurisdiction 54-2090848 of Incorporation) 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 October 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 October 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: 10/16/03 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 October 15, 2003 distribution. EX-99.1

Asset Backed Securities Corp Home Equity Loan Trust Asset-BAcked ~~Backed~~ Pass-Through Certificates Record Date: 89/3130/03 Distribution Date: 910/15/03 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 ~~342~~333,~~083~~333.33 0.00 B-IO 00077SAB2 SUB IO 3.50000% 0.00 145,833.33 0.00 A1 04541GDE9 SEN 1.~~61000~~62000% ~~185~~177,~~330~~386,~~654~~700.6838 ~~256~~239,~~940~~472.3605 79,~~943~~437,~~954~~324.3115 A2 04541GDF6 SEN 1.~~61000~~62000% ~~121~~116,~~672~~237,~~938~~095.5571 ~~168~~156,~~686~~920.0108 56,~~435~~382,~~842~~913.8410 A3 04541GDG4 SEN 1.~~38000~~39000% ~~145~~135,~~730~~976,~~601~~494.6382 ~~173~~157,~~176~~506.5311 911,~~754~~453,~~106~~534.8198 A4 04541GDH2 SEN 1.~~70000~~71000% 72,600,000.00 ~~106~~103,~~278~~455.3300 0.00 M1 04541GDK5 MEZ 2.~~13000~~14000% 49,700,000.00 9188,~~158~~631.0867 0.00 M2 04541GDL3 MEZ 3.~~46000~~47000% 41,200,000.00 ~~122~~119,~~753~~136.1167 0.00 M3 04541GDM1 MEZ 4.~~61000~~62000% 28,800,000.00 ~~114~~110,~~328~~880.00 0.00 M4 04541GDN9 MEZ 5.~~61000~~62000% 11,242,900.00 5452,~~312~~654.5825 0.00 X 00077SAC0 SUB OC 0.00000% 0.01 2,~~558~~485,~~958~~376.6477 0.00 P 00077SAD8 SEN 0.00000% 100.00 ~~521~~590,~~968~~255.3997 0.00 CSFB SEN 0.00000% 0.00 0.00 0.00 Totals ~~656~~633,~~277~~143,~~194~~290.8792 4,~~656~~583,~~476~~455.69 23 27,~~133~~273,~~903~~772.9623

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-IO 0.00 0.00 ~~342~~333,~~083~~333.33 0.00 B-IO 0.00 0.00 145,833.33 0.00 A1 0.00 ~~177~~167,~~386~~949,~~700~~376.3823 89,~~200~~676,~~894~~796.6720 0.00 A2 0.00 ~~116~~109,~~237~~854,~~095~~182.7160 56,~~604~~539,~~528~~833.8518 0.00 A3 0.00 ~~135~~124,~~976~~522,~~494~~959.8283 911,~~927~~611,~~283~~041.3409 0.00 A4 0.00 72,600,000.00 ~~106~~103,~~278~~455.3300 0.00 M1 0.00 49,700,000.00 9188,~~158~~631.0867 0.00 M2 0.00 41,200,000.00 ~~122~~119,~~753~~136.1167 0.00 M3 0.00 28,800,000.00 ~~114~~110,~~328~~880.00 0.00 M4 0.00 11,242,900.00 5452,~~312~~654.5825 0.00 X 0.00 0.01 2,~~558~~485,~~958~~376.6477 0.00 P 0.00 100.00 ~~521~~590,~~968~~255.3997 0.00 CSFB 0.00 0.00 0.00 0.00 Totals 0.00 ~~633~~605,~~143~~869,~~290~~518.9267 2731,~~790~~857,~~380~~227.6546 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 ~~185~~177,~~330~~386,~~654~~700.6838 0.00 79,~~943~~437,~~954~~324.3115 0.00 0.00 A2 143,000,000.00 ~~121~~116,~~672~~237,~~938~~095.5571 0.00 56,~~435~~382,~~842~~913.8410 0.00 0.00 A3 184,000,000.00 ~~145~~135,~~730~~976,~~601~~494.6382 0.00 911,~~754~~453,~~106~~534.8198 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 ~~656~~633,~~277~~143,~~194~~290.8792 0.00 2327,~~133~~273,~~903~~772.9623 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 79,~~943~~437,~~954~~324.3115 ~~177~~167,~~386~~949,~~700~~376.3823 0.~~81557104~~77218104 79,~~943~~437,~~954~~324.3115 A2 56,~~435~~382,~~842~~913.8410 ~~116~~109,~~237~~854,~~095~~182.7160 0.~~81284682~~76821107 56,~~435~~382,~~842~~913.8410 A3 911,~~754~~453,~~106~~534.8198 ~~135~~124,~~976~~522,~~494~~959.8283 0.~~73900269~~67675522 911,~~754~~453,~~106~~534.8198 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 2327,~~133~~273,~~903~~772.9623 ~~633~~605,~~143~~869,~~290~~518.9267 0.~~84639959~~80993943 2327,~~133~~273,~~903~~772.9623

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 ~~852~~815.~~09496405~~57103623 0.00000000 3643.~~52392786~~38999609 0.00000000 A2 143,000,000.00 ~~850~~812.~~85971014~~84682315 0.00000000 3844.~~01288699~~63575594 0.00000000 A3 184,000,000.00 ~~792~~739.~~01413929~~00268924 0.00000000 5362.~~01145005~~24747272 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 3643.~~52392786~~38999609 ~~815~~772.~~57103623~~18104014 0.~~81557104~~77218104 3643.~~52392786~~38999609 A2 0.00000000 3844.~~01288699~~63575594 ~~812~~768.~~84682315~~21106713 0.~~81284682~~76821107 3844.~~01288699~~63575594 A3 0.00000000 5362.~~01145005~~24747272 ~~739~~676.~~00268924~~75521647 0.~~73900269~~67675522 5362.~~01145005~~24747272 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.

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% 8280,~~100~~000,000.00 ~~342~~333,~~083~~333.33 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.~~61000~~62000% ~~185~~177,~~330~~386,~~654~~700.6838 ~~256~~239,~~940~~472.3605 0.00 0.00 A2 143,000,000.00 1.~~61000~~62000% ~~121~~116,~~672~~237,~~938~~095.5571 ~~168~~156,~~686~~920.0108 0.00 0.00 A3 184,000,000.00 1.~~38000~~39000% ~~145~~135,~~730~~976,~~601~~494.6382 ~~173~~157,~~176~~506.5311 0.00 0.00 A4 72,600,000.00 1.~~70000~~71000% 72,600,000.00 ~~106~~103,~~278~~455.3300 0.00 0.00 M1 49,700,000.00 2.~~13000~~14000% 49,700,000.00 9188,~~158~~631.0867 0.00 0.00 M2 41,200,000.00 3.~~46000~~47000% 41,200,000.00 ~~122~~119,~~753~~136.1167 0.00 0.00 M3 28,800,000.00 4.~~61000~~62000% 28,800,000.00 ~~114~~110,~~328~~880.00 0.00 0.00 M4 11,242,900.00 5.~~61000~~62000% 11,242,900.00 5452,~~312~~654.5825 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,~~575~~507,~~549~~822.6649 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 ~~342~~333,~~083~~333.33 0.00 8078,000,000.00 B-IO 0.00 0.00 145,833.33 0.00 50,000,000.00 A1 0.00 0.00 ~~256~~239,~~940~~472.3605 0.00 ~~177~~167,~~386~~949,~~700~~376.3823 A2 0.00 0.00 ~~168~~156,~~686~~920.0108 0.00 ~~116~~109,~~237~~854,~~095~~182.7160 A3 0.00 0.00 ~~173~~157,~~176~~506.5311 0.00 ~~135~~124,~~976~~522,~~494~~959.8283 A4 0.00 0.00 ~~106~~103,~~278~~455.3300 0.00 72,600,000.00 M1 0.00 0.00 9188,~~158~~631.0867 0.00 49,700,000.00 M2 0.00 0.00 ~~122~~119,~~753~~136.1167 0.00 41,200,000.00 M3 0.00 0.00 ~~114~~110,~~328~~880.00 0.00 28,800,000.00 M4 0.00 0.00 5452,~~312~~654.5825 0.00 11,242,900.00 X ~~616~~614.3586 0.00 2,~~558~~485,~~958~~376.6477 0.00 0.01 P 0.00 0.00 ~~521~~590,~~968~~255.3997 0.00 100.00 CSFB 0.00 0.00 0.00 0.00 0.00 Totals ~~616~~614.3586 0.00 4,~~656~~583,~~476~~455.6923 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 5.00000% ~~834~~813.~~34959350~~00813008 3.~~47645661~~38753384 0.00000000 0.00000000 B-IO 0.00 3.50000% 1000.00000000 2.91666660 0.00000000 0.00000000 A1 217,500,000.00 1.~~61000~~62000% ~~852~~815.~~09496405~~57103623 1.~~18133499~~10102092 0.00000000 0.00000000 A2 143,000,000.00 1.~~61000~~62000% ~~850~~812.~~85971014~~84682315 1.~~17962245~~09734322 0.00000000 0.00000000 A3 184,000,000.00 1.~~38000~~39000% ~~792~~739.~~01413929~~00268924 0.~~94117679~~85601147 0.00000000 0.00000000 A4 72,600,000.00 1.~~70000~~71000% 1000.00000000 1.~~46388884~~42500000 0.00000000 0.00000000 M1 49,700,000.00 2.~~13000~~14000% 1000.00000000 1.~~83416660~~78333340 0.00000000 0.00000000 M2 41,200,000.00 3.~~46000~~47000% 1000.00000000 2.~~97944442~~89166675 0.00000000 0.00000000 M3 28,800,000.00 4.~~61000~~62000% 1000.00000000 3.~~96972222~~85000000 0.00000000 0.00000000 M4 11,242,900.00 5.~~61000~~62000% 1000.00000000 4.~~83083368~~68333348 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 0.00000000 0.00000000 3.~~47645661~~38753384 0.00000000 ~~813~~792.~~00813008~~68292683 B-IO 0.00000000 0.00000000 2.91666660 0.00000000 1000.00000000 A1 0.00000000 0.00000000 1.~~18133499~~10102092 0.00000000 ~~815~~772.~~57103623~~18104014 A2 0.00000000 0.00000000 1.~~17962245~~09734322 0.00000000 ~~812~~768.~~84682315~~21106713 A3 0.00000000 0.00000000 0.~~94117679~~85601147 0.00000000 ~~739~~676.~~00268924~~75521647 A4 0.00000000 0.00000000 1.~~46388884~~42500000 0.00000000 1000.00000000 M1 0.00000000 0.00000000 1.~~83416660~~78333340 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~97944442~~89166675 0.00000000 1000.00000000 M3 0.00000000 0.00000000 3.~~96972222~~85000000 0.00000000 1000.00000000 M4 0.00000000 0.00000000 4.~~83083368~~68333348 0.00000000 1000.00000000 X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 ~~5219683~~5902559.~~90000000~~70000000 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 2731,~~562~~487,~~633~~743.5973 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~378~~466,~~726~~634.7823 Realized Loss (Gains, Subsequent Expenses & Recoveries) (1516,~~274~~261.4299) Prepayment Penalties ~~521~~590,~~968~~255.3997 Total Deposits 2832,~~448~~528,~~054~~371.3494 Withdrawals Reimbursement for Servicer Advances ~~355~~378,~~163~~726.5378 Payment of Service Fee ~~302~~292,~~510~~417.1670 Payment of Interest and Principal 2731,~~790~~857,~~380~~227.6546 Total Withdrawals (Pool Distribution Amount) 2832,~~448~~528,~~054~~371.3494 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 ~~616~~614.3586

SERVICING FEES Gross Servicing Fee ~~279~~269,~~200~~561.1630 Strip Amount 2322,~~310~~856.0040 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~302~~292,~~510~~417.1670

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 2528 32 1 2931 3,~~950~~791,~~376~~198.8275 ~~693~~223,~~439~~986.3577 37,~~169~~143.8162 4,~~680~~052,~~985~~329.9814 30 Days ~~129~~155 12 5 0 ~~135~~162 1825,~~277~~129,~~069~~773.8640 33169,~~959~~875.5045 ~~611~~1,~~945~~040,864.9906 0.00 1826,~~922~~340,~~975~~512.3591 60 Days 4746 52 86 0 6054 86,~~590~~847,~~667~~516.7861 1448,~~073,436~~667.3740 1524,~~283,780~~593.4869 0.00 107,~~947~~820,~~884~~777.6370 90 Days 2735 1321 92114 3 ~~135~~173 46,~~825~~444,~~874~~142.0710 23,~~275~~642,~~820~~307.2091 1218,~~735~~079,~~992~~618.4270 334,~~941~~739.0713 2028,~~172~~500,~~627~~807.7684 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 ~~203~~236 4453 ~~108~~127 4 ~~359~~420 3138,~~693~~421,~~611~~432.7111 78,~~333~~052,~~592~~049.8951 1519,~~325~~869,~~158~~063.2422 ~~372~~371,~~110~~882.8875 5466,~~724~~714,~~473~~427.7259 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.~~582479~~675350% 0.~~069897~~048239% 0.~~023299~~024120% 0.~~675676~~747709% 0.~~609972~~611109% 0.~~107073~~036105% 0.~~005739~~005987% 0.~~722784~~653201% 30 Days 3.~~005592~~738543% 0.~~023299~~048239% 0.~~116496~~120598% 0.000000% 3.~~145387~~907381% 24.~~822136~~050707% 0.~~005244~~027382% 0.~~094490~~167778% 0.000000% 24.~~921869~~245868% 60 Days 1.~~095061~~109503% 0.~~116496~~048239% 0.~~186393~~144718% 0.000000% 1.~~397950~~302460% 1.~~326473~~103762% 0.~~165748~~072321% 0.~~198227~~084560% 0.000000% 1.~~690447~~260643% 90 Days 0.~~629077~~844187% 0.~~302889~~506512% 2.~~143523~~749638% 0.~~069897~~072359% 34.~~145387~~172697% 01.~~745156~~038741% 0.~~351406~~587109% 12.~~966546~~914282% 0.~~051718~~053957% 34.~~114826~~594089% 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 45.~~729730~~692233% 1.~~025163~~278341% 23.~~516309~~063193% 0.~~093197~~096479% 810.~~364399~~130246% 46.~~893765~~193210% 1.~~132369~~297922% 23.~~366336~~202725% 0.~~057457~~059944% 810.~~449927~~753802%

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 11 2 1 14 1,~~818~~701,~~199~~197.5228 ~~439~~223,~~703~~986.6377 37,~~169~~143.8162 21,~~295~~962,~~072~~327.9667 30 Days 5971 0 1 2 0 6272 89,~~240~~272,~~981~~763.4611 ~~33,959~~0.5000 ~~121~~297,~~922~~615.3556 0.00 89,~~396~~570,~~863~~378.3167 60 Days 1922 30 46 0 2628 3,~~189~~321,~~010~~039.1889 ~~281,482~~0.1500 ~~374~~524,~~673~~593.2769 0.00 3,845,~~165~~633.6058 90 Days 810 26 3649 2 4867 1,~~305~~529,~~440~~257.9560 ~~211~~610,~~077~~645.9368 46,~~154~~464,~~138~~098.3940 254,~~456~~291.6529 58,~~925~~858,~~113~~292.9297 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 86103 17 4458 3 ~~150~~181 1214,~~735~~123,~~432~~060.5960 2,~~344~~311,~~719~~842.1096 57,~~090~~510,~~437~~294.6442 291,~~626~~434.4691 2024,~~462~~236,~~215~~632.7989 0-29 Days 4.~~089219~~166667% 0.~~743494~~757576% 0.~~371747~~378788% 5.~~204461~~303030% 5.~~231438~~024531% 10.~~265143~~661551% 0.~~106947~~109705% 65.~~603528~~795786% 30 Days 2126.~~933086~~893939% 0.~~371747~~000000% 0.~~743494~~378788% 0.000000% 2327.~~048327~~272727% 2327.~~711469~~387348% 0.~~097710~~000000% 0.~~350803~~879015% 0.000000% 2428.~~159982~~266363% 60 Days 78.~~063197~~333333% 10.~~115242~~000000% 12.~~486989~~272727% 0.000000% 910.~~665428~~606061% 9.~~175620~~808778% 0.~~809898~~000000% 1.~~078033~~549401% 0.000000% 11.~~063552~~358179% 90 Days 23.~~973978~~787879% 02.~~743494~~272727% 1318.~~382900~~560606% 0.~~743494~~757576% 1725.~~843866~~378788% 34.~~756097~~516702% 01.~~607327~~803558% 1119.~~952548~~091883% 0.~~732139~~751056% 1726.~~048110~~163199% 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 3139.~~970260~~015152% 6.~~319703~~439394% 1621.~~356877~~969697% 1.~~115242~~136364% 5568.~~762082~~560606% 3641.~~643186~~712828% 6.~~746373~~828088% 1422.~~646527~~181850% 0.~~839086~~860761% 5871.~~875172~~583527% 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 1417 10 0 1517 2,~~132~~090,~~177~~001.3047 ~~253,735~~0.7200 0.00 2,~~385~~090,~~913~~001.0247 30 Days 7084 02 34 0 7390 1015,~~036~~857,~~088~~010.4029 0169,875.0045 ~~490~~743,~~023~~248.6450 0.00 1016,~~526~~770,~~112~~134.0424 60 Days 2824 2 40 0 3426 53,~~401~~526,~~657~~476.6072 ~~791~~448,~~954~~667.2240 ~~909,107~~0.2100 0.00 73,~~102~~975,~~719~~144.0312 90 Days 1925 1115 5665 1 87106 34,~~520~~914,~~433~~884.1250 23,~~064~~031,~~742~~662.2723 811,~~581~~615,~~854~~520.0330 80,~~484~~447.4284 1419,~~247~~642,~~513~~514.8487 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 ~~117~~133 2736 6469 1 ~~209~~239 1824,~~958~~298,~~179~~371.1251 45,~~988~~740,~~873~~206.7955 1012,~~234~~358,~~720~~768.6080 80,~~484~~447.4284 3442,~~262~~477,~~257~~794.9370 0-29 Days 1.~~103231~~376518% 0.~~078802~~000000% 0.000000% 1.~~182033~~376518% 1.~~403657~~434660% 0.~~167040~~000000% 0.000000% 1.~~570697~~434660% 30 Days 56.~~516154~~801619% 0.~~000000~~161943% 0.~~236407~~323887% 0.000000% 57.~~752561~~287449% 610.~~606968~~884878% 0.~~000000~~116609% 0.~~322593~~510195% 0.000000% 611.~~929561~~511682% 60 Days 21.~~206462~~943320% 0.~~157604~~161943% 0.~~315209~~000000% 0.000000% 2.~~679275~~105263% 32.~~556025~~420713% 0.~~521360~~307983% 0.~~598484~~000000% 0.000000% 42.~~675870~~728696% 90 Days 12.~~497242~~024291% 01.~~866824~~214575% 45.~~412924~~263158% 0.~~078802~~080972% 68.~~855792~~582996% 23.~~317575~~373771% 12.~~359263~~081053% 57.~~649615~~973352% 0.~~052985~~055223% 913.~~379438~~483398% 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 910.~~219858~~769231% 2.~~127660~~914980% 5.~~043341~~587045% 0.~~078802~~080972% 1619.~~469661~~352227% 1216.~~480569~~679361% 3.~~284281~~940304% 68.~~737732~~483547% 0.~~052985~~055223% 2229.~~555566~~158435% 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 ~~378~~466,~~726~~634.7823

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 7.~~974006~~980116% Weighted Average Net Coupon 7.~~474006~~480143% Weighted Average Pass-Through Rate 7.~~432264~~437750% Weighted Average Maturity(Stepdown Calculation ) ~~344~~343 Beginning Scheduled Collateral Loan Count 4,~~419~~292 Number Of Loans Paid In Full ~~127~~146 Ending Scheduled Collateral Loan Count 4,~~292~~146 Beginning Scheduled Collateral Balance ~~670~~646,~~115~~982,~~990~~086.8690 Ending Scheduled Collateral Balance ~~646~~619,~~982~~708,~~086~~314.9067 Ending Actual Collateral Balance at 3130-~~Aug~~Sep-2003 ~~647~~620,~~632~~379,~~516~~929.3857 Monthly P &I Constant 4,~~995~~828,~~043~~524.2288 Special Servicing Fee 0.00 Prepayment Penalties ~~521~~590,~~968~~255.3997 Realized Loss Amount 1516,~~274~~261.4299 Cumulative Realized Loss 3046,~~298~~560.9493 Ending Scheduled Balance for Premium Loans ~~646~~619,~~982~~708,~~086~~314.9067 Scheduled Principal ~~540~~526,~~682~~031.7137 Unscheduled Principal 2226,~~593~~747,~~221~~740.2586 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 13,~~823~~822,~~521~~534.5801 Overcollateralized Deficiency Amount 1516,~~274~~261.4299 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 1516,~~274~~261.4299 Excess Cash Amount 2,~~574~~502,~~849~~253.4162

Miscellaneous Reporting Credit Enhancement Percentage 2223.~~375646~~360254% Payment under the CAP Agreement 0.00 A1 PTR (excl CAP) for Next Distribution 1.62 A2 PTR (excl CAP) for Next Distribution 1.62 A3 PTR (excl CAP) for Next Distribution 1.39 A4 PTR (excl CAP) for Next Distribution 1.71 M1 PTR (excl CAP) for Next Distribution 2.14 M2 PTR (excl CAP) for Next Distribution 3.47 M3 PTR (excl CAP) for Next Distribution 4.62 M4 PTR (excl CAP) for Next Distribution 5.62 ~~Overcollateralization~~OC Increase 1516,~~274~~261.4299 % of Prepayment Penalties Being Passed 9794.0602

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 8.~~020408~~024336 7.~~948706~~955970 7.~~959919~~964159 Weighted Average Net Rate 7.~~520408~~524413 7.~~448706~~455969 7.~~459919~~464159 Weighted Average Maturity ~~349~~348 ~~349~~348 ~~349~~348 Beginning Loan Count ~~276~~269 1,~~440~~398 1,~~307~~269 Loans Paid In Full 75 4251 3834 Ending Loan Count ~~269~~264 1,~~398~~347 1,~~269~~235 Beginning Scheduled Balance 3534,~~711~~718,~~023~~574.1760 ~~200~~193,~~739~~792,~~125~~864.1954 ~~158~~151,~~394~~733,~~843~~959.6893 Ending scheduled Balance 3433,~~718~~819,~~574~~356.6084 ~~193~~185,~~792~~260,~~864~~385.5416 ~~151~~145,~~733~~505,~~959~~927.93 Record Date 0809/3130/2003 0809/3130/2003 0809/3130/2003 Principal And Interest Constant ~~270~~263,~~984~~570.3506 1,~~490~~439,~~606~~783.4379 1,~~208~~159,~~045~~375.6925 Scheduled Principal 3433,~~168~~571.3782 ~~145~~141,~~630~~738.4428 ~~157~~152,~~370~~347.5649 Unscheduled Principal ~~958~~865,~~280~~645.2094 68,~~800~~390,~~630~~741.2110 6,~~503~~075,~~513~~684.1951 Scheduled Interest ~~236~~229,~~815~~998.9824 1,~~344~~298,~~975~~045.9951 1,~~050~~007,~~675~~027.1376 Servicing Fees 14,~~879~~466.6007 8380,~~641~~747.3002 6563,~~997~~222.8548 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 ~~221~~215,~~936~~532.3817 1,~~261~~217,~~334~~298.6949 ~~984~~943,~~677~~805.28 Realized Loss Amount 0.00 0.00 1510,~~274~~533.4281 Cumulative Realized Loss 0.00 0.00 1525,~~274~~808.4223 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.~~478666~~482020 7.~~406964~~413576 7.~~459919~~464159

Group Level Collateral Statement Group 2 Total Collateral Description Fixed 15/30 & ARM Fixed & Mixed ARM Weighted Average Coupon Rate 7.~~942254~~951311 7.~~974006~~980116 Weighted Average Net Rate 7.~~442254~~451311 7.~~474006~~480143 Weighted Average Maturity ~~345~~ 344 343 Beginning Loan Count 1,~~396~~356 4,~~419~~292 Loans Paid In Full 4056 ~~127~~146 Ending Loan Count 1,~~356~~300 4,~~292~~146 Beginning Scheduled Balance ~~275~~266,~~270~~736,~~998~~687.8283 ~~670~~646,~~115~~982,~~990~~086.8690 Ending scheduled Balance ~~266~~255,~~736~~122,~~687~~644.8374 ~~646~~619,~~982~~708,~~086~~314.9067 Record Date 0809/3130/2003 0809/3130/2003 Principal And Interest Constant 21,~~025~~965,~~406~~795.7578 4,~~995~~828,~~043~~524.2288 Scheduled Principal ~~203~~198,~~513~~373.3478 ~~540~~526,~~682~~031.7137 Unscheduled Principal 811,~~330~~415,~~797~~669.6531 2226,~~593~~747,~~221~~740.2586 Scheduled Interest 1,~~821~~767,~~893~~422.4100 4,~~454~~302,~~360~~493.51 Servicing Fees ~~114~~111,~~696~~140.2528 ~~279~~269,~~215~~575.0085 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,~~707~~656,~~197~~281.1672 4,~~175~~032,~~145~~917.5166 Realized Loss Amount 05,728.0018 1516,~~274~~261.4299 Cumulative Realized Loss 1520,~~024~~752.5270 3046,~~298~~560.9493 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.~~442254~~451311 7.~~432264~~437750

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