8-K 1 fld04002_jul.txt JULY 8-K 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 26, 2004 FIELDSTONE MORTGAGE INVESTMENT CORP Mortgage Backed Notes, Series 2004-2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-109307-06 N/A Pooling and Servicing Agreement) (Commission IRS EIN (State or other File Number) jurisdiction of Incorporation) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (240)884-2000 (Former name or former address, if changed since last report) ITEM 5. Other Events On July 26, 2004 a distribution was made to holders of FIELDSTONE MORTGAGE INVESTMENT CORP, Mortgage Backed Notes, Series 2004-2 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 Mortgage Backed Notes, Series 2004-2 Trust, relating to the July 26, 2004 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. FIELDSTONE MORTGAGE INVESTMENT CORP Mortgage Backed Notes, Series 2004-2 Trust By: Wells Fargo Bank, N.A. as Trust Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 8/3/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Backed Notes, Series 2004-2 Trust, relating to the July 26, 2004 distribution. EX-99.1

~~SECURITIES~~Fieldstone ~~AND~~Mortgage ~~EXCHANGE~~Company ~~COMMISSION~~Mortgage Backed Notes Record Date: 6/30/2004 Distribution Date: 7/26/2004 FLD Series: 2004-2 Contact: Customer Service - CTSLink Wells Fargo Bank, 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 1-A 31659TAW5 SEN 1.54000% 349,378,322.58 463,314.48 7,614,415.58 2-A 31659TAX3 SEN 1.56000% 242,023,708.09 325,118.52 6,176,637.89 2-A1 31659TBF1 SEN 1.46000% 84,805,290.16 106,619.10 2,628,777.08 2-A2 31659TBG9 SEN 1.72000% 18,200,000.00 26,956.22 0.00 A-IO 31659TAY1 SEN 4.00000% 0.00 867,753.34 0.00 M1 31659TAZ8 MEZ 1.85000% 54,120,000.00 86,216.17 0.00 M2 31659TBA2 MEZ 2.45000% 41,800,000.00 88,186.39 0.00 M3 31659TBB0 MEZ 2.70000% 13,200,000.00 30,690.00 0.00 M4 31659TBC8 MEZ 3.30000% 11,000,000.00 31,258.33 0.00 M5 31659TBD6 MEZ 3.45000% 11,000,000.00 32,679.17 0.00 M6 31659TBE4 MEZ 4.55000% 13,200,000.00 51,718.33 0.00 Owner Cert IELDS042OTC SEN 0.00000% 0.01 2,812,003.65 0.00 Totals 838,727,320.84 4,922,513.70 16,419,830.55

~~Washington~~Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses 1-A 0.00 341,763,907.00 D8,077,730.C06 0. ~~20549~~00 2-A 0.00 235,847,070.20 6,501,756.41 0.00 2-A1 0.00 82,176,513.08 2,735,396.18 0.00 2-A2 0.00 18,200,000.00 26,956.22 0.00 A-IO 0.00 0.00 867,753.34 0.00 M1 0.00 54,120,000.00 86,216.17 0.00 M2 0.00 41,800,000.00 88,186.39 0.00 M3 0.00 13,200,000.00 30,690.00 0.00 M4 0.00 11,000,000.00 31,258.33 0.00 M5 0.00 11,000,000.00 32,679.17 0.00 M6 0.00 13,200,000.00 51,718.33 0.00 Owner Cert 0.00 0.01 2,812,003.65 0.00 Totals 0.00 822,307,490.29 21,342,344.25 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) 1-KA 356,400,000.00 349,378,322.58 0.00 7,614,415.58 0.00 0.00 2-A 250,000,000.00 242,023,708.09 0.00 6,176,637.89 0.00 0.00 2-A1 88,200,000.00 84,805,290.16 0.00 2,628,777.08 0.00 0.00 2-A2 18,200,000.00 18,200,000.00 0.00 0.00 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M1 54,120,000.00 54,120,000.00 0.00 0.00 0.00 0.00 M2 41,800,000.00 41,800,000.00 0.00 0.00 0.00 0.00 M3 13,200,000.00 13,200,000.00 0.00 0.00 0.00 0.00 M4 11,000,000.00 11,000,000.00 0.00 0.00 0.00 0.00 M5 11,000,000.00 11,000,000.00 0.00 0.00 0.00 0.00 M6 13,200,000.00 13,200,000.00 0.00 0.00 0.00 0.00 Owner Cert 0.01 0.01 0.00 0.00 0.00 0.00 Totals 857,120,000.01 838,727,320.84 0.00 16,419,830.55 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 1-A 7,614,415.58 341,763,907.00 0.95893352 7,614,415.58 2-A 6,176,637.89 235,847,070.20 0.94338828 6,176,637.89 2-A1 2,628,777.08 82,176,513.08 0.93170650 2,628,777.08 2-A2 0.00 18,200,000.00 1.00000000 0.00 A-IO 0.00 0.00 0.00000000 0.00 M1 0.00 54,120,000.00 1.00000000 0.00 M2 0.00 41,800,000.00 1.00000000 0.00 M3 0.00 13,200,000.00 1.00000000 0.00 M4 0.00 11,000,000.00 1.00000000 0.00 M5 0.00 11,000,000.00 1.00000000 0.00 M6 0.00 13,200,000.00 1.00000000 0.00 Owner Cert 0.00 0.01 1.00000000 0.00 Totals 16,419,830.55 822,307,490.29 0.95938432 16,419,830.55

~~Pursuant~~Principal toDistribution ~~Section~~Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion 1-A 356,400,000.00 980.29832374 0.00000000 21.36480241 0.00000000 2-A 250,000,000.00 968.09483236 0.00000000 24.70655156 0.00000000 2-A1 88,200,000.00 961.51122630 0.00000000 29.80472880 0.00000000 2-A2 18,200,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M1 54,120,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 41,800,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 13,200,000.00 or1000.00000000 150.00000000 0.00000000 0.00000000 M4 11,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 11,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M6 13,200,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 Owner Cert 0.01 0.00000000 0.00000000 0.00000000 0.00000000 (d2) ofAll ~~the~~Classes are per $1,000 denomination

~~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 1-A 0.00000000 21.36480241 958.93352132 0.95893352 21.36480241 2-A 0.00000000 24.70655156 943.38828080 0.94338828 24.70655156 2-A1 0.00000000 29.80472880 931.70649751 0.93170650 29.80472880 2-A2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 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 M5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 Owner Cert 0.00000000 0.00000000 0.00000000 1.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

~~Date~~Interest Distribution Statement Beginning Payment of ~~Report: April~~Original 29Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall 1-A 356,400,000.00 ~~2004~~1.54000% 349,378,322.58 463,314.48 0.00 0.00 2-A 250,000,000.00 1.56000% 242,023,708.09 325,118.51 0.00 0.00 2-A1 88,200,000.00 1.46000% 84,805,290.16 106,619.10 0.00 0.00 2-A2 18,200,000.00 1.72000% 18,200,000.00 26,956.22 0.00 0.00 A-IO 0.00 4.00000% 260,326,000.00 867,753.33 0.00 0.00 M1 54,120,000.00 1.85000% 54,120,000.00 86,216.17 0.00 0.00 M2 41,800,000.00 2.45000% 41,800,000.00 88,186.39 0.00 0.00 M3 13,200,000.00 2.70000% 13,200,000.00 30,690.00 0.00 0.00 M4 11,000,000.00 3.30000% 11,000,000.00 31,258.33 0.00 0.00 M5 11,000,000.00 3.45000% 11,000,000.00 32,679.17 0.00 0.00 M6 13,200,000.00 4.55000% 13,200,000.00 51,718.33 0.00 0.00 Owner Cert 0.01 0.00000% 0.01 0.00 0.00 0.00 Totals 857,120,000.01 2,110,510.03 0.00 0.00

Interest Distribution Statement (~~date~~continued) ofRemaining ~~earliest~~Ending ~~event~~Non-Supported ~~reported~~Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance 1-A 0.00 0.00 463,314.48 0.00 341,763,907.00 2-A 0.00 0.00 325,118.52 0.00 235,847,070.20 2-A1 0.00 0.00 106,619.10 0.00 82,176,513.08 2-A2 0.00 0.00 26,956.22 0.00 18,200,000.00 A-IO 0.00 0.00 867,753.34 0.00 260,326,000.00 M1 0.00 0.00 86,216.17 0.00 54,120,000.00 M2 0.00 0.00 88,186.39 0.00 41,800,000.00 M3 0.00 0.00 30,690.00 0.00 13,200,000.00 M4 0.00 0.00 31,258.33 0.00 11,000,000.00 M5 0.00 0.00 32,679.17 0.00 11,000,000.00 M6 0.00 0.00 51,718.33 0.00 13,200,000.00 Owner Cert 0.00 0.00 2,812,003.65 0.00 0.01 Totals 0.00 0.00 4,922,513.70 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

~~Fieldstone~~Interest ~~Mortgage~~Distribution ~~Investment~~Factors ~~Trust~~Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall 1-A 356,400,000.00 ~~Series~~1.54000% ~~2004~~980.29832374 1.29998451 0.00000000 0.00000000 2-A 250,000,000.00 1.56000% 968.09483236 1.30047404 0.00000000 0.00000000 2-A1 88,200,000.00 1.46000% 961.51122630 1.20883333 0.00000000 0.00000000 2-A2 18,200,000.00 1.72000% 1000.00000000 1.48111099 0.00000000 0.00000000 A-IO 0.00 4.00000% 1000.00000000 3.33333332 0.00000000 0.00000000 M1 54,120,000.00 1.85000% 1000.00000000 1.59305562 0.00000000 0.00000000 M2 41,800,000.00 2.45000% 1000.00000000 2.10972225 0.00000000 0.00000000 M3 13,200,000.00 2.70000% 1000.00000000 2.32500000 0.00000000 0.00000000 M4 11,000,000.00 3.30000% 1000.00000000 2.84166636 0.00000000 0.00000000 M5 11,000,000.00 3.45000% 1000.00000000 2.97083364 0.00000000 0.00000000 M6 13,200,000.00 4.55000% 1000.00000000 3.91805530 0.00000000 0.00000000 Owner Cert 0.01 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes per $1000.00 denomination

~~Mortgage~~Interest ~~Backed~~Distribution ~~Notes~~Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance 1-A 0.00000000 0.00000000 1.29998451 0.00000000 958.93352132 2-A 0.00000000 0.00000000 1.30047408 0.00000000 943.38828080 2-A1 0.00000000 0.00000000 1.20883333 0.00000000 931.70649751 2-A2 0.00000000 0.00000000 1.48111099 0.00000000 1000.00000000 A-IO 0.00000000 0.00000000 3.33333336 0.00000000 1000.00000000 M1 0.00000000 0.00000000 1.59305562 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.10972225 0.00000000 1000.00000000 M3 0.00000000 0.00000000 2.32500000 0.00000000 1000.00000000 M4 0.00000000 0.00000000 2.84166636 0.00000000 1000.00000000 M5 0.00000000 0.00000000 2.97083364 0.00000000 1000.00000000 M6 0.00000000 0.00000000 3.91805530 0.00000000 1000.00000000 Owner Cert 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,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)
Delaware	333-109307	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~~PREPAYMENT/CURTAILMENT 5INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0. ~~Other~~00 ~~Events~~Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00

~~The~~SERVICING ~~Registrant~~FEES ~~registered~~Gross ~~issuances~~Servicing ofFee ~~its Fieldstone Mortgage Investment Trust~~359,003.05 ~~Series~~Indenture ~~2004-2~~Trustee ~~Mortgage~~Fee ~~Backed Notes on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, as amended (the “Act”), by a Registration Statement on Form S~~-3 ~~(Registration~~HSBC ~~File~~Bank ~~No.~~USA ~~333-109307) (the “Registration Statement”)~~0. ~~Pursuant~~00 toOwner ~~the~~Trustee ~~Registration~~Fee ~~Statement, the Registrant issued $857,120,000 aggregate principal amount of Class 1~~-A, ~~Class~~US ~~2-A,~~Bank ~~Class 2-A1, Class 2-A2, Class A-IO, Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Notes of its Fieldstone Mortgage Investment~~ Trust, ~~Series~~NA ~~2004-2 on April 21, 2004~~0. ~~This~~00 ~~Current~~Supported ~~Report~~Prepayment/Curtailment onInterest ~~Form~~Shortfall ~~8-K~~0.00 isNet being filed to satisfy an undertaking, contained in the definitive Prospectus dated March 30, 2004, as supplemented by the Prospectus Supplement dated April 16, 2004 (the “Prospectus Supplement”), to file a copy of the Transfer and Servicing ~~Agreement~~Fee ~~and the Indenture (as defined below)~~359,003.05

~~The~~OTHER ~~Notes~~ACCOUNTS ~~were~~Beginning ~~issued~~Current ~~pursuant~~Current toEnding anAccount ~~Indenture~~Type ~~(the~~Balance ~~“Indenture”)~~Withdrawals ~~dated~~Deposits asBalance ofReserve ~~April~~Fund ~~21,~~0.00 ~~2004,~~0.00 ~~among~~0.00 ~~Fieldstone~~0.00 ~~Mortgage~~SWAP ~~Investment~~Counterparty ~~Trust,~~Account ~~Series~~0.00 ~~2004-2, as issuer (the “Issuer”), Wells Fargo Bank, N~~0.~~A.,~~00 ~~as trust administrator (the “Trust Administrator”) and HSBC Bank USA~~493, ~~as indenture trustee (the “Indenture Trustee”)~~742. ~~The~~60 ~~Indenture is attached hereto as Exhibit 4~~0.1. 00

~~The~~LOAN ~~Notes~~STATUS ~~are~~STRATIFICATION/CREDIT ~~secured~~ENHANCEMENT bySTATEMENT ~~the~~DELINQUENCY ~~assets~~STATUS ofDELINQUENT aBANKRUPTCY ~~trust~~FORECLOSURE ~~estate~~REO ~~(the~~Total ~~“Trust~~No ~~Estate”)~~of ~~that~~Loans ~~consists~~No ~~primarily~~of Loans No of aLoans ~~pool~~No of ~~first~~Loans ~~lien,~~No ~~conventional,~~of ~~adjustable~~Loans ~~rate~~Principal ~~mortgage~~Balance ~~loans~~Principal ~~(the~~Balance ~~“Mortgage~~Principal ~~Loans”)~~Balance ~~with~~Principal anBalance ~~aggregate~~Principal ~~outstanding~~Balance ~~principal~~0-29 ~~balance~~Days of0 ~~approximately~~0 ~~$660~~0 0 0.00 0.00 0.00 0.00 30 Days 25 0 0 0 25 4,~~025~~042,~~018~~522.63 as0.00 of0.00 ~~April~~0.00 4,042,522.63 60 Days 9 0 2 0 11 1,532,967.22 ~~2004~~0.00 ~~and~~200,500.00 ~~amounts~~0.00 on1,733,467.22 ~~deposit~~90 inDays a0 ~~pre-funding~~0 ~~account~~2 of0 ~~approximately~~2 ~~$219~~0.00 0.00 315,~~974~~900.00 0.00 315,~~982~~900.00 120 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 34 0 4 0 38 5,575,489.85 ~~together~~0.00 ~~with~~516,400.00 ~~certain~~0.00 ~~other~~6,091,889.85 ~~assets~~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 0.547405% 0.000000% 0.000000% 0.000000% 0.547405% 0.478243% 0.000000% 0.000000% 0.000000% 0.478243% 60 Days 0.197066% 0.000000% 0.043792% 0.000000% 0.240858% 0.181355% 0.000000% 0.023720% 0.000000% 0.205074% 90 Days 0.000000% 0.000000% 0.043792% 0.000000% 0.043792% 0.000000% 0.000000% 0.037372% 0.000000% 0.037372% 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 0.744471% 0.000000% 0.087585% 0.000000% 0.832056% 0.659598% 0.000000% 0.061092% 0.000000% 0.720689%

Delinquency Status By Groups

~~The~~DELINQUENT ~~Mortgage~~BANKRUPTCY FORECLOSURE REO Total 1 No of Loans ~~will~~No beof ~~master~~Loans ~~serviced~~No byof ~~Wells~~Loans ~~Fargo~~No ~~Bank,~~of NLoans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.A00 0.00 ~~(the~~0.00 ~~“Master~~0.00 ~~Servicer”)~~30 Days 12 0 0 0 12 1,267,562.16 ~~pursuant~~0.00 to0.00 ~~the~~0.00 ~~terms~~1,267,562.16 of60 aDays ~~Transfer~~7 ~~and~~0 ~~Servicing~~1 ~~Agreement~~0 ~~dated~~8 as1,069,603.91 of0.00 ~~April~~128,250.00 0.00 1,197,853.91 ~~2004~~90 ~~(the~~Days ~~“Transfer~~0 ~~and~~0 ~~Servicing~~1 ~~Agreement”)~~0 ~~among~~1 ~~the~~0.00 ~~Issuer~~0.00 230,400.00 ~~the~~0.00 ~~Registrant~~230,400.00 ~~the~~120 ~~Trust~~Days ~~Administrator/Master~~0 ~~Servicer~~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 19 0 2 0 21 2,337,166.07 ~~Fieldstone~~0.00 ~~Servicing~~358,650.00 ~~Corp~~0.00 2,695,816.07 as0-29 ~~Servicer~~Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.472813% 0.000000% 0.000000% 0.000000% 0.472813% 0.297967% 0.000000% 0.000000% 0.000000% 0.297967% 60 Days 0.275808% 0.000000% 0.039401% 0.000000% 0.315209% 0.251433% 0.000000% 0.030148% 0.000000% 0.281581% 90 Days 0.000000% 0.000000% 0.039401% 0.000000% 0.039401% 0.000000% 0.000000% 0.054160% 0.000000% 0.054160% 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 0.748621% 0.000000% 0.078802% 0.000000% 0.827423% 0.549400% 0.000000% 0.084308% 0.000000% 0.633709% 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 13 0 0 0 13 2,774,960.47 ~~Chase~~0.00 ~~Manhattan~~0.00 ~~Mortgage~~0.00 ~~Corporation~~2,774,960.47 as60 ~~Subservicer~~Days 2 0 1 0 3 463,363.31 ~~Fieldstone~~0.00 ~~Investment~~72,250.00 ~~Corporation~~0.00 535,613.31 as90 ~~Seller~~Days ~~and~~0 ~~the~~0 ~~Indenture~~1 ~~Trustee~~0 1 0. A00 ~~copy~~0.00 of85,500.00 ~~the~~0.00 ~~Transfer~~85,500.00 ~~and~~120 ~~Servicing~~Days ~~Agreement~~0 is0 ~~attached~~0 ~~hereto~~0 as0 ~~Exhibit~~0.00 990.100 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 15 0 2 0 17 3,238,323.78 0.00 157,750.00 0.00 3,396,073.78 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.640710% 0.000000% 0.000000% 0.000000% 0.640710% 0.660888% 0.000000% 0.000000% 0.000000% 0.660888% 60 Days 0.098571% 0.000000% 0.049285% 0.000000% 0.147856% 0.110355% 0.000000% 0.017207% 0.000000% 0.127562% 90 Days 0.000000% 0.000000% 0.049285% 0.000000% 0.049285% 0.000000% 0.000000% 0.020363% 0.000000% 0.020363% 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 0.739280% 0.000000% 0.098571% 0.000000% 0.837851% 0.771243% 0.000000% 0.037570% 0.000000% 0.808813%

~~Item~~OTHER 7INFORMATION Current Period Class A Insufficient Funds 0. ~~Financial~~00 ~~Statements;~~Principal ~~Pro~~Balance ~~Forma~~of ~~Financial~~Contaminated ~~Information~~Properties ~~and~~0.00 ~~Exhibits~~Periodic Advance 38,773.93

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 6.834089% Weighted Average Net Coupon 6.334089% Weighted Average Pass-Through Rate 6.334480% Weighted Average Maturity(aStepdown Calculation ) 1 Beginning Scheduled Collateral Loan Count 4,648 Number Of Loans Paid In Full 81 Ending Scheduled Collateral Loan Count 4,567 Beginning Scheduled Collateral Balance 861,607,320.83 Ending Scheduled Collateral Balance 845,187,490.28 Ending Actual Collateral Balance at 30-Jun-2004 845,286,651.97 Monthly P &I Constant 5,249,351.32 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 845,187,490.28 Scheduled Principal 338,592.01 Unscheduled Principal 16,755,769.66

~~Not~~Prepayment ~~applicable~~Premiums $189,968.90 Libor Rate 1.30%

~~(b)~~Miscellaneous Reporting Overcollateralization Deficiency 0.00 Required Overcollateralization 22,880,000.00

~~Not~~Group ~~applicable~~Level Collateral Statement Group 1 2 Total Collateral Description Mixed Fixed Mixed ARM Fixed & Mixed ARM Weighted Average Coupon Rate 6.849773 6.818252 6.834089 Weighted Average Net Rate 6.349773 6.318252 6.334089 Weighted Average Maturity 355 355 1 Beginning Loan Count 2,576 2,072 4,648 Loans Paid In Full 38 43 81 Ending Loan Count 2,538 2,029 4,567 Beginning Scheduled Balance 432,898,856.39 428,708,464.44 861,607,320.83 Ending scheduled Balance 425,352,815.69 419,834,674.59 845,187,490.28 Record Date 06/30/2004 06/30/2004 06/30/2004 Principal And Interest Constant 2,661,311.53 2,588,039.79 5,249,351.32 Scheduled Principal 188,305.99 150,286.02 338,592.01 Unscheduled Principal 7,700,475.82 9,055,293.84 16,755,769.66 Scheduled Interest 2,473,005.54 2,437,753.77 4,910,759.31 Servicing Fees 180,374.51 178,628.54 359,003.05 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 2,292,631.03 2,259,125.23 4,551,756.26 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.350169 6.318639 6.334480

(c)

Exhibits:

4.1

Indenture dated as of April 21, 2004, among Fieldstone Mortgage Investment Trust, Series 2004-2, as Issuer, Wells Fargo Bank, N.A., as Trust Administrator, and HSBC Bank USA, as Indenture Trustee.

99.1

Transfer and Servicing Agreement dated as of April 1, 2004, among Fieldstone Mortgage Investment Trust, Series 2004-2, as Issuer, Asset Backed Securities Corporation, as Depositor, Wells Fargo Bank, N.A., as Trust Administrator and Master Servicer, Fieldstone Servicing Corp., as Servicer, Chase Manhattan Mortgage Corp., as Subservicer, Fieldstone Investment Corporation, as Seller, and HSBC Bank USA, as Indenture Trustee.

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 April 29, 2004.

ASSET BACKED SECURITIES CORPORATION

By: /s/ Joseph Donovan

Name: Joseph Donovan

Title: Vice President

EXHIBIT INDEX

Exhibit No.

Description

4.1

Indenture dated as of April 21, 2004, among Fieldstone Mortgage Investment Trust, Series 2004-2, as Issuer, Wells Fargo Bank, N.A., as Trust Administrator, and HSBC Bank USA, as Indenture Trustee.

99.1

Filing Compare · ASSET BACKED SEC CORP FIELDSTONE MORT INV TR SER 2004-2