8-K 1 abf04he1_nov.txt NOVEMBER 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): November 26, 2004 ASSET BACKED FUNDING CORPORATION Asset Backed Certificates, Series 2004-HE1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-108551-10 54-6636485 Pooling and Servicing Agreement) (Commission 54-6636486 (State or other File Number) 54-6636411 jurisdiction IRS EIN 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: (410) 884-2000 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On November 26, 2004 a distribution was made to holders of ASSET BACKED FUNDING CORPORATION, Asset Backed Certificates, Series 2004-HE1 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2004-HE1 Trust, relating to the November 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. ASSET BACKED FUNDING CORPORATION Asset Backed Certificates, Series 2004-HE1 Trust (Registrant) By: Wells Fargo Bank, N.A. as Master Servicer By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 12/2/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2004-HE1 Trust, relating to the November 26, 2004 distribution. EX-99.1

Asset Backed Funding Corporation Mortgage Pass-Through Certificates Record Date: 810/31/2004 Distribution Date: 911/2726/2004 ABFC Series: 2004-HE1 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 A-1 04542BJK9 SEN 12.~~75500~~06250% ~~306~~278,~~897~~242,~~000~~849.0065 ~~478~~510,~~759~~052.3259 1225,~~000~~620,~~442~~892.8862 A-2 04542BJL7 SEN 12.~~94500~~25250% 346,754,000.00 ~~599~~694,~~499~~197.1486 0.00 A-3 04542BJM5 SEN 2.~~15500~~46250% 68,976,000.00 ~~132~~150,~~127~~963.3625 0.00 M-1 04542BJP8 SUB 2.~~22500~~53250% 45,594,000.00 90102,~~174~~625.8023 0.00 M-2 04542BJQ6 SUB 23.~~77500~~08250% 36,131,000.00 8998,~~123~~987.1343 0.00 M-3 04542BJR4 SUB 23.~~97500~~28250% 9,033,000.00 2326,~~887~~353.2722 0.00 M-4 04542BJS2 SUB 3.~~32500~~63250% 8,603,000.00 2527,~~426~~774.6490 0.00 M-5 04542BJT0 SUB 3.~~47500~~78250% 8,603,000.00 2628,~~573~~921.7184 0.00 M-6 04542BJU7 SUB 5.~~12500~~43250% 8,603,000.00 3941,~~191~~538.4410 0.00 M-7 04542BJV5 SUB 5.~~12500~~43250% 2,581,000.00 1112,~~757~~461.8991 0.00 M-8 04542BJW3 SUB 5.~~12500~~43250% 6,022,000.00 2729,~~433~~076.5619 0.00 M-9 04542BJX1 SUB 5.~~12500~~43250% 5,161,000.00 2324,~~511~~919.2200 0.00 CE ABF4HE1CE SEN 0.00000% 7,~~313~~312,~~227~~305.7744 2,~~627~~300,~~860~~739.8139 0.00 R-1 ABF4HE1R1 SEN 0.00000% 0.00 0.00 0.00 R-2 ABF4HE1R2 SEN 0.00000% 0.00 0.00 0.00 P ABF04HE1P SEN 0.00000% 0.00 81373,~~098~~885.2829 0.00 Totals ~~860~~831,~~271~~616,~~227~~155.7709 4,~~276~~422,~~424~~496.5720 1225,~~000~~620,~~442~~892.8862

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~294~~252,~~896~~621,~~557~~957.1203 1226,~~479~~130,~~202~~945.2021 0.00 A-2 0.00 346,754,000.00 ~~599~~694,~~499~~197.1486 0.00 A-3 0.00 68,976,000.00 ~~132~~150,~~127~~963.3625 0.00 M-1 0.00 45,594,000.00 90102,~~174~~625.8023 0.00 M-2 0.00 36,131,000.00 8998,~~123~~987.1343 0.00 M-3 0.00 9,033,000.00 2326,~~887~~353.2722 0.00 M-4 0.00 8,603,000.00 2527,~~426~~774.6490 0.00 M-5 0.00 8,603,000.00 2628,~~573~~921.7184 0.00 M-6 0.00 8,603,000.00 3941,~~191~~538.4410 0.00 M-7 0.00 2,581,000.00 1112,~~757~~461.8991 0.00 M-8 0.00 6,022,000.00 2729,~~433~~076.5619 0.00 M-9 0.00 5,161,000.00 2324,~~511~~919.2200 0.00 CE 0.00 7,312,305.44 2,~~627~~300,~~860~~739.8139 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 P 0.00 0.00 81373,~~098~~885.2829 0.00 Totals 0.00 ~~848~~805,~~269~~995,~~862~~262.5647 1630,~~276~~043,~~867~~388.4582 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-1 306,897,000.00 ~~306~~278,~~897~~242,~~000~~849.0065 0.00 1225,~~000~~620,~~442~~892.8862 0.00 0.00 A-2 346,754,000.00 346,754,000.00 0.00 0.00 0.00 0.00 A-3 68,976,000.00 68,976,000.00 0.00 0.00 0.00 0.00 M-1 45,594,000.00 45,594,000.00 0.00 0.00 0.00 0.00 M-2 36,131,000.00 36,131,000.00 0.00 0.00 0.00 0.00 M-3 9,033,000.00 9,033,000.00 0.00 0.00 0.00 0.00 M-4 8,603,000.00 8,603,000.00 0.00 0.00 0.00 0.00 M-5 8,603,000.00 8,603,000.00 0.00 0.00 0.00 0.00 M-6 8,603,000.00 8,603,000.00 0.00 0.00 0.00 0.00 M-7 2,581,000.00 2,581,000.00 0.00 0.00 0.00 0.00 M-8 6,022,000.00 6,022,000.00 0.00 0.00 0.00 0.00 M-9 5,161,000.00 5,161,000.00 0.00 0.00 0.00 0.00 CE 7,313,227.77 7,~~313~~312,~~227~~305.7744 0.00 0.00 0.00 0.00 R-1 0.00 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 0.00 P 0.00 0.00 0.00 0.00 0.00 0.00 Totals 860,271,227.77 ~~860~~831,~~271~~616,~~227~~155.7709 0.00 1225,~~000~~620,~~442~~892.8862 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-1 1225,~~000~~620,~~442~~892.8862 ~~294~~252,~~896~~621,~~557~~957.1203 0.~~96089749~~82314899 1225,~~000~~620,~~442~~892.8862 A-2 0.00 346,754,000.00 1.00000000 0.00 A-3 0.00 68,976,000.00 1.00000000 0.00 M-1 0.00 45,594,000.00 1.00000000 0.00 M-2 0.00 36,131,000.00 1.00000000 0.00 M-3 0.00 9,033,000.00 1.00000000 0.00 M-4 0.00 8,603,000.00 1.00000000 0.00 M-5 0.00 8,603,000.00 1.00000000 0.00 M-6 0.00 8,603,000.00 1.00000000 0.00 M-7 0.00 2,581,000.00 1.00000000 0.00 M-8 0.00 6,022,000.00 1.00000000 0.00 M-9 0.00 5,161,000.00 1.00000000 0.00 CE 0.00 7,312,305.44 0.99987388 0.00 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 P 0.00 0.00 0.00000000 0.00 Totals 1225,~~000~~620,~~442~~892.8862 ~~848~~805,~~269~~995,~~862~~262.5647 0.~~98604932~~93690831 1225,~~000~~620,~~442~~892.8862

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 306,897,000.00 ~~1000~~906.~~00000000~~63268018 0.00000000 3983.~~10250957~~48368547 0.00000000 A-2 346,754,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-3 68,976,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 45,594,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 36,131,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 9,033,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 8,603,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5 8,603,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-6 8,603,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-7 2,581,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-8 6,022,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-9 5,161,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 7,313,227.77 ~~1000~~999.~~00000000~~87388195 0.00000000 0.00000000 0.00000000 R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1 0.00000000 3983.~~10250957~~48368547 ~~960~~823.~~89749043~~14899471 0.~~96089749~~82314899 3983.~~10250957~~48368547 A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-9 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 0.00000000 999.87388195 0.99987388 0.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 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.

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-1 306,897,000.00 12.~~75500~~06250% ~~306~~278,~~897~~242,~~000~~849.0065 ~~478~~510,~~759~~111.3289 0.00 0.00 A-2 346,754,000.00 12.~~94500~~25250% 346,754,000.00 ~~599~~694,~~499~~278.1456 0.00 0.00 A-3 68,976,000.00 2.~~15500~~46250% 68,976,000.00 ~~132~~150,~~127~~980.3680 0.00 0.00 M-1 45,594,000.00 2.~~22500~~53250% 45,594,000.00 90102,~~174~~637.8016 0.00 0.00 M-2 36,131,000.00 23.~~77500~~08250% 36,131,000.00 8998,~~123~~998.1394 0.00 0.00 M-3 9,033,000.00 23.~~97500~~28250% 9,033,000.00 2326,~~887~~356.2729 0.00 0.00 M-4 8,603,000.00 3.~~32500~~63250% 8,603,000.00 2527,~~426~~778.6413 0.00 0.00 M-5 8,603,000.00 3.~~47500~~78250% 8,603,000.00 2628,~~573~~925.7120 0.00 0.00 M-6 8,603,000.00 5.~~12500~~43250% 8,603,000.00 3941,~~191~~542.4493 0.00 0.00 M-7 2,581,000.00 5.~~12500~~43250% 2,581,000.00 1112,~~757~~463.8936 0.00 0.00 M-8 6,022,000.00 5.~~12500~~43250% 6,022,000.00 2729,~~433~~079.5657 0.00 0.00 M-9 5,161,000.00 5.~~12500~~43250% 5,161,000.00 2324,~~511~~921.2290 0.00 0.00 CE 7,313,227.77 0.00000% 7,~~313~~312,~~227~~305.7744 0.00 0.00 0.00 R-1 0.00 0.00000% 0.00 0.00 0.00 0.00 R-2 0.00 0.00000% 0.00 0.00 0.00 0.00 P 0.00 0.00000% 0.01 0.00 0.00 0.00 Totals 860,271,227.77 1,~~567~~748,~~465~~074.4873 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-1 059.0030 0.00 ~~478~~510,~~759~~052.3259 0.00 ~~294~~252,~~896~~621,~~557~~957.1203 A-2 080.0071 0.00 ~~599~~694,~~499~~197.1486 0.00 346,754,000.00 A-3 017.0055 0.00 ~~132~~150,~~127~~963.3625 0.00 68,976,000.00 M-1 011.0093 0.00 90102,~~174~~625.8023 0.00 45,594,000.00 M-2 011.0051 0.00 8998,~~123~~987.1343 0.00 36,131,000.00 M-3 03.0006 0.00 2326,~~887~~353.2722 0.00 9,033,000.00 M-4 03.0023 0.00 2527,~~426~~774.6490 0.00 8,603,000.00 M-5 03.0036 0.00 2628,~~573~~921.7184 0.00 8,603,000.00 M-6 04.0083 0.00 3941,~~191~~538.4410 0.00 8,603,000.00 M-7 01.0045 0.00 1112,~~757~~461.8991 0.00 2,581,000.00 M-8 03.0038 0.00 2729,~~433~~076.5619 0.00 6,022,000.00 M-9 02.0090 0.00 2324,~~511~~919.2200 0.00 5,161,000.00 CE 0.00 0.00 2,~~627~~300,~~860~~739.8139 0.00 7,312,305.44 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 P 0.00 0.00 81373,~~098~~885.2829 0.00 0.01 Totals 0203.0021 0.00 4,~~276~~422,~~424~~496.5720 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.

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-1 306,897,000.00 12.~~75500~~06250% ~~1000~~906.~~00000000~~63268018 1.~~56000000~~66215991 0.00000000 0.00000000 A-2 346,754,000.00 12.~~94500~~25250% 1000.00000000 12.~~72888890~~00222221 0.00000000 0.00000000 A-3 68,976,000.00 2.~~15500~~46250% 1000.00000000 12.~~91555556~~18888889 0.00000000 0.00000000 M-1 45,594,000.00 2.~~22500~~53250% 1000.00000000 12.~~97777778~~25111111 0.00000000 0.00000000 M-2 36,131,000.00 23.~~77500~~08250% 1000.00000000 2.~~46666657~~74000000 0.00000000 0.00000000 M-3 9,033,000.00 23.~~97500~~28250% 1000.00000000 2.~~64444481~~91777815 0.00000000 0.00000000 M-4 8,603,000.00 3.~~32500~~63250% 1000.00000000 23.~~95555504~~22888876 0.00000000 0.00000000 M-5 8,603,000.00 3.~~47500~~78250% 1000.00000000 3.~~08888876~~36222248 0.00000000 0.00000000 M-6 8,603,000.00 5.~~12500~~43250% 1000.00000000 4.~~55555504~~82888876 0.00000000 0.00000000 M-7 2,581,000.00 5.~~12500~~43250% 1000.00000000 4.~~55555599~~82888803 0.00000000 0.00000000 M-8 6,022,000.00 5.~~12500~~43250% 1000.00000000 4.~~55555629~~82888907 0.00000000 0.00000000 M-9 5,161,000.00 5.~~12500~~43250% 1000.00000000 4.~~55555512~~82888975 0.00000000 0.00000000 CE 7,313,227.77 0.00000% ~~1000~~999.~~00000000~~87388195 0.00000000 0.00000000 0.00000000 R-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes are per $1,000 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-1 0.~~00000000~~00019322 0.00000000 1.~~56000000~~66196669 0.00000000 ~~960~~823.~~89749043~~14899471 A-2 0.~~00000000~~00023276 0.00000000 12.~~72888890~~00198948 0.00000000 1000.00000000 A-3 0.~~00000000~~00025444 0.00000000 12.~~91555556~~18863445 0.00000000 1000.00000000 M-1 0.~~00000000~~00026166 0.00000000 12.~~97777778~~25084945 0.00000000 1000.00000000 M-2 0.~~00000000~~00031856 0.00000000 2.~~46666657~~73968144 0.00000000 1000.00000000 M-3 0.~~00000000~~00033876 0.00000000 2.~~64444481~~91743828 0.00000000 1000.00000000 M-4 0.~~00000000~~00037545 0.00000000 23.~~95555504~~22851331 0.00000000 1000.00000000 M-5 0.~~00000000~~00039056 0.00000000 3.~~08888876~~36183192 0.00000000 1000.00000000 M-6 0.~~00000000~~00056143 0.00000000 4.~~55555504~~82832733 0.00000000 1000.00000000 M-7 0.~~00000000~~00056180 0.00000000 4.~~55555599~~82832623 0.00000000 1000.00000000 M-8 0.~~00000000~~00056128 0.00000000 4.~~55555629~~82832780 0.00000000 1000.00000000 M-9 0.~~00000000~~00056191 0.00000000 4.~~55555512~~82832784 0.00000000 1000.00000000 CE 0.00000000 0.00000000 ~~359~~314.~~32981888~~59971744 0.00000000 999.87388195 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 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.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 1629,~~534~~997,~~618~~524.1752 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 81373,~~098~~885.2829 Total Deposits 1630,~~615~~371,~~716~~409.4581 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~338~~328,~~849~~020.0099 Payment of Interest and Principal 1630,~~276~~043,~~867~~388.4582 Total Withdrawals (Pool Distribution Amount) 1630,~~615~~371,~~716~~409.4581 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 0204.0050

SERVICING FEES Gross Servicing Fee ~~327~~316,~~378~~932.7277 Credit Risk Manager Fee 11,~~470~~088.2822 Trustee Fee 0.00 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~338~~328,~~849~~020.0099

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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 2366 0 0 0 2366 59,~~020~~786,~~838~~477.3586 0.00 0.00 0.00 59,~~020~~786,~~838~~477.3586 60 Days 519 0 0 0 519 ~~965~~3,~~689~~332,427.5854 0.00 0.00 0.00 ~~965~~3,~~689~~332,427.5854 90 Days 010 0 0 0 010 01,731,546.0063 0.00 0.00 0.00 01,731,546.0063 120 Days 01 0 0 0 01 010,995.00 0.00 0.00 0.00 010,995.00 150 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 2896 0 0 0 2896 514,~~986~~861,~~527~~447.9303 0.00 0.00 0.00 514,~~986~~861,~~527~~447.9303 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 01.~~519539~~554770% 0.000000% 0.000000% 0.000000% 01.~~519539~~554770% 01.~~591457~~213203% 0.000000% 0.000000% 0.000000% 01.~~591457~~213203% 60 Days 0.~~112943~~447585% 0.000000% 0.000000% 0.000000% 0.~~112943~~447585% 0.~~113759~~413112% 0.000000% 0.000000% 0.000000% 0.~~113759~~413112% 90 Days 0.~~000000~~235571% 0.000000% 0.000000% 0.000000% 0.~~000000~~235571% 0.~~000000~~214655% 0.000000% 0.000000% 0.000000% 0.~~000000~~214655% 120 Days 0.~~000000~~023557% 0.000000% 0.000000% 0.000000% 0.~~000000~~023557% 0.~~000000~~001363% 0.000000% 0.000000% 0.000000% 0.~~000000~~001363% 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 02.~~632482~~261484% 0.000000% 0.000000% 0.000000% 02.~~632482~~261484% 01.~~705216~~842333% 0.000000% 0.000000% 0.000000% 01.~~705216~~842333%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 3397,~~221~~935.8917

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 6.~~323474~~315656% Weighted Average Net Coupon 5.~~866811~~858330% Weighted Average Pass-Through Rate 5.~~866811~~858330% Weighted Average Maturity (Stepdown Calculation ) ~~352~~351 Beginning Scheduled Collateral Loan Count 4,~~476~~353 Number Of Loans Paid In Full 49108 Ending Scheduled Collateral Loan Count 4,~~427~~245 Beginning Scheduled Collateral Balance ~~860~~831,~~271~~616,~~227~~155.7709 Ending Scheduled Collateral Balance ~~848~~805,~~269~~995,~~862~~262.5647 Ending Actual Collateral Balance at 31-~~Aug~~Oct-2004 ~~848~~806,~~893~~664,~~363~~578.3207 Monthly P &I Constant 5,~~258~~085,~~894~~504.4414 Special Servicing Fee 0.00 Prepayment Penalties 81373,~~098~~885.2829 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal ~~725~~708,~~641~~669.6915 Unscheduled Principal 1124,~~275~~912,~~723~~223.5247 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount ~~922~~0.3300 Specified O/C Amount 7,312,305.44 Overcollateralized Amount 7,312,305.44 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 2,~~626~~300,~~938~~534.4789

Miscellaneous Reporting Available Funds 1,~~828~~918,~~618~~797.6073 Available Funds 1428,~~459~~135,~~719~~678.1301 Cap Carryover Amount 0.00

Filing Compare · ABFC Asset-Backed Certificates, Series 2004-HE1