8-K 1 sab05fr1_10506.txt 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): June 27, 2005 SECURITIZED ASSET BACKED RECEIVABLES LLC TRUST Mortgage Pass-Through Certificates, Series 2005-FR1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-108395-14 Pooling and Servicing Agreement) (Commission 54-2173167 (State or other File Number) 54-2173168 jurisdiction 54-6658795 of Incorporation) IRS EIN 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 June 27, 2005 a distribution was made to holders of SECURITIZED ASSET BACKED RECEIVABLES LLC TRUST, Mortgage Pass-Through Certificates, Series 2005-FR1 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2005-FR1 Trust, relating to the June 27, 2005 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. SECURITIZED ASSET BACKED RECEIVABLES LLC TRUST Mortgage Pass-Through Certificates, Series 2005-FR1 Trust (Registrant) By: Wells Fargo Bank, N.A. as Trustee By: /s/ Beth Belfield as Officer By: Beth Belfield as Officer Date: 6/28/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2005-FR1 Trust, relating to the June 27, 2005 distribution. EX-99.1

Securitized Asset Backed Receivables Mortgage Pass-Through Certificates Record Date: 45/2931/2005 Distribution Date: 56/2527/2005 Securitized Asset Backed Receivables Mortgage Pass-Through Certificates Series Securities Asset Backed Receivables 2005-FR1 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 www.ctslink.com 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-1A 81375WDY9 SEN 3.~~46625~~53625% ~~367~~349,~~464~~715,~~000~~582.0072 1,~~061~~133,~~435~~624.0892 ~~17,748,417.28~~ A-1B 81375WDZ6 SEN 3.~~46640~~53640% 9187,~~865~~427,~~000~~943.0098 ~~265~~283,~~367~~415.3617 ~~4,437,056.02~~ A-2A 81375WDP8 SEN 3.~~11000~~18000% ~~114~~106,~~555~~675,~~000~~015.~~00 296,888.~~38 7310,~~879,984~~957.6267 A-2B 81375WDQ6 SEN 3.~~22000~~29000% 54,400,000.00 ~~145~~164,~~973~~061.33 ~~0.00~~ A-2C 81375WDR4 SEN 3.~~33000~~40000% 32,343,000.00 89100,~~751~~802.8235 ~~0.00~~ M-1 81375WDS2 MEZ 3.~~47000~~54000% 92,567,000.00 ~~267~~300,~~672~~379.9192 ~~0.00~~ M-2 81375WDT0 MEZ 3.~~67000~~74000% 46,283,000.00 ~~141~~158,~~548~~673.8455 ~~0.00~~ M-3 81375WDU7 MEZ 3.~~70000~~77000% 15,282,000.00 4752,~~119~~812.5004 ~~0.00~~ B-1 81375WDV5 JUN 4.~~20000~~27000% 10,479,000.00 3641,~~676~~016.5055 ~~0.00~~ B-2 81375WDW3 JUN 4.~~32000~~39000% 12,226,000.00 4449,~~013~~199.6046 ~~0.00~~ B-3 81375WDX1 JUN 4.~~72000~~79000% 9,169,000.00 3640,~~064~~259.7355 ~~0.00~~ B-4 81375WEA0 JUN 6.~~02000~~09000% 8,733,000.00 4348,~~810~~751.5597 ~~0.00~~ X SAB05FR1X SEN 0.00000% 17,902,~~316~~000.0048 2,~~442~~058,~~413~~843.2717 ~~0.00~~ P SAB05FR1P SEN 0.00000% 0.01 701,~~040~~169,133.1351 ~~0.00~~ R SAB05F1R1 RES 0.00000% 0.00 0.00 ~~0.00~~ Totals ~~873~~843,~~268~~202,~~316~~542.0157 45,~~988~~911,~~776~~931.~~00 30,065,457.92~~16

Certificateholder Distribution Summary (continued) Current Ending Cumulative Principal Realized Certificate Total Realized Class Distribution Loss Balance Distribution Losses A-1A 16,118,689.39 0.00 ~~349~~333,~~715~~596,~~582~~893.7233 1817,~~809~~252,~~852~~314.3631 0.00 A-1B 4,029,628.48 0.00 8783,~~427~~398,~~943~~315.9850 4,~~702~~313,~~423~~043.3865 0.00 A-2A 6,028,831.21 0.00 ~~106~~100,~~675~~646,~~015~~184.3817 86,~~176~~339,~~873~~788.0088 0.00 A-2B 0.00 0.00 54,400,000.00 ~~145~~164,~~973~~061.33 0.00 A-2C 0.00 0.00 32,343,000.00 89100,~~751~~802.8235 0.00 M-1 0.00 0.00 92,567,000.00 ~~267~~300,~~672~~379.9192 0.00 M-2 0.00 0.00 46,283,000.00 ~~141~~158,~~548~~673.8455 0.00 M-3 0.00 0.00 15,282,000.00 4752,~~119~~812.5004 0.00 B-1 0.00 0.00 10,479,000.00 3641,~~676~~016.5055 0.00 B-2 0.00 0.00 12,226,000.00 4449,~~013~~199.6046 0.00 B-3 0.00 0.00 9,169,000.00 3640,~~064~~259.7355 0.00 B-4 0.00 0.00 8,733,000.00 4348,~~810~~751.5597 0.00 X 0.00 0.00 17,902,000.48 2,~~442~~058,~~413~~843.2717 0.00 P 0.00 0.00 0.01 701,~~040~~169,133.1351 0.00 R 0.00 0.00 0.00 0.00 0.00 Totals 26,177,149.08 0.00 ~~843~~817,~~202~~025,~~542~~393.5749 3532,~~054~~089,~~233~~080.9224 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-1A 367,464,000.00 ~~367~~349,~~464~~715,~~000~~582.0072 0.00 1716,~~748~~118,~~417~~689.2839 0.00 0.00 A-1B 91,865,000.00 9187,~~865~~427,~~000~~943.0098 0.00 4,~~437~~029,~~056~~628.0248 0.00 0.00 A-2A 114,555,000.00 ~~114~~106,~~555~~675,~~000~~015.0038 0.00 76,~~879~~028,~~984~~831.6221 0.00 0.00 A-2B 54,400,000.00 54,400,000.00 0.00 0.00 0.00 0.00 A-2C 32,343,000.00 32,343,000.00 0.00 0.00 0.00 0.00 M-1 92,567,000.00 92,567,000.00 0.00 0.00 0.00 0.00 M-2 46,283,000.00 46,283,000.00 0.00 0.00 0.00 0.00 M-3 15,282,000.00 15,282,000.00 0.00 0.00 0.00 0.00 B-1 10,479,000.00 10,479,000.00 0.00 0.00 0.00 0.00 B-2 12,226,000.00 12,226,000.00 0.00 0.00 0.00 0.00 B-3 9,169,000.00 9,169,000.00 0.00 0.00 0.00 0.00 B-4 8,733,000.00 8,733,000.00 0.00 0.00 0.00 0.00 X 17,902,316.00 17,902,~~316~~000.0048 0.00 0.00 0.00 0.00 P 0.01 0.01 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 873,268,316.01 ~~873~~843,~~268~~202,~~316~~542.0157 0.00 3026,~~065~~177,~~457~~149.9208 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-1A 1716,~~748~~118,~~417~~689.2839 ~~349~~333,~~715~~596,~~582~~893.7233 0.~~95170026~~90783558 1716,~~748~~118,~~417~~689.2839 A-1B 4,~~437~~029,~~056~~628.0248 8783,~~427~~398,~~943~~315.9850 0.~~95170026~~90783558 4,~~437~~029,~~056~~628.0248 A-2A 76,~~879~~028,~~984~~831.6221 ~~106~~100,~~675~~646,~~015~~184.3817 0.~~93121222~~87858395 76,~~879~~028,~~984~~831.6221 A-2B 0.00 54,400,000.00 1.00000000 0.00 A-2C 0.00 32,343,000.00 1.00000000 0.00 M-1 0.00 92,567,000.00 1.00000000 0.00 M-2 0.00 46,283,000.00 1.00000000 0.00 M-3 0.00 15,282,000.00 1.00000000 0.00 B-1 0.00 10,479,000.00 1.00000000 0.00 B-2 0.00 12,226,000.00 1.00000000 0.00 B-3 0.00 9,169,000.00 1.00000000 0.00 B-4 0.00 8,733,000.00 1.00000000 0.00 X 0.00 17,902,000.48 0.99998238 0.00 P 0.00 0.01 1.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 3026,~~065~~177,~~457~~149.9208 ~~843~~817,~~202~~025,~~542~~393.5749 0.~~96557098~~93559491 3026,~~065~~177,~~457~~149.9208

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1A 367,464,000.00 ~~1000~~951.~~00000000~~70025559 0.00000000 4843.~~29974441~~86467624 0.00000000 A-1B 91,865,000.00 ~~1000~~951.~~00000000~~70025559 0.00000000 4843.~~29974441~~86467621 0.00000000 A-2A 114,555,000.00 ~~1000~~931.~~00000000~~21221579 0.00000000 6852.~~78778421~~62826773 0.00000000 A-2B 54,400,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-2C 32,343,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 92,567,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 46,283,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 15,282,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-1 10,479,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-2 12,226,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-3 9,169,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-4 8,733,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 17,902,316.00 ~~1000~~999.~~00000000~~98237546 0.00000000 0.00000000 0.00000000 P 0.01 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 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-1A 0.00000000 4843.~~29974441~~86467624 ~~951~~907.~~70025559~~83557935 0.~~95170026~~90783558 4843.~~29974441~~86467624 A-1B 0.00000000 4843.~~29974441~~86467621 ~~951~~907.~~70025559~~83557938 0.~~95170026~~90783558 4843.~~29974441~~86467621 A-2A 0.00000000 6852.~~78778421~~62826773 ~~931~~878.~~21221579~~58394806 0.~~93121222~~87858395 6852.~~78778421~~62826773 A-2B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-2C 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 B-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 999.98237546 0.99998238 0.00000000 P 0.00000000 0.00000000 0.00000000 1.00000000 0.00000000 R 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-1A 367,464,000.00 3.~~46625~~53625% ~~367~~349,~~464~~715,~~000~~582.0072 1,~~061~~133,~~435~~624.0892 0.00 0.00 A-1B 91,865,000.00 3.~~46640~~53640% 9187,~~865~~427,~~000~~943.0098 ~~265~~283,~~367~~415.3617 0.00 0.00 A-2A 114,555,000.00 3.~~11000~~18000% ~~114~~106,~~555~~675,~~000~~015.0038 ~~296~~310,~~888~~957.3867 0.00 0.00 A-2B 54,400,000.00 3.~~22000~~29000% 54,400,000.00 ~~145~~164,~~973~~061.33 0.00 0.00 A-2C 32,343,000.00 3.~~33000~~40000% 32,343,000.00 89100,~~751~~802.8235 0.00 0.00 M-1 92,567,000.00 3.~~47000~~54000% 92,567,000.00 ~~267~~300,~~672~~379.9192 0.00 0.00 M-2 46,283,000.00 3.~~67000~~74000% 46,283,000.00 ~~141~~158,~~548~~673.8455 0.00 0.00 M-3 15,282,000.00 3.~~70000~~77000% 15,282,000.00 4752,~~119~~812.5004 0.00 0.00 B-1 10,479,000.00 4.~~20000~~27000% 10,479,000.00 3641,~~676~~016.5055 0.00 0.00 B-2 12,226,000.00 4.~~32000~~39000% 12,226,000.00 4449,~~013~~199.6046 0.00 0.00 B-3 9,169,000.00 4.~~72000~~79000% 9,169,000.00 3640,~~064~~259.7355 0.00 0.00 B-4 8,733,000.00 6.~~02000~~09000% 8,733,000.00 4348,~~810~~751.5597 0.00 0.00 X 17,902,316.00 0.00000% 17,902,~~316~~000.0048 0.00 0.00 0.00 P 0.01 0.00000% 0.01 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 873,268,316.01 2,~~476~~683,~~322~~954.6048 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-1A 0.00 0.00 1,~~061~~133,~~435~~624.0892 0.00 ~~349~~333,~~715~~596,~~582~~893.7233 A-1B 0.00 0.00 ~~265~~283,~~367~~415.3617 0.00 8783,~~427~~398,~~943~~315.9850 A-2A 0.00 0.00 ~~296~~310,~~888~~957.3867 0.00 ~~106~~100,~~675~~646,~~015~~184.3817 A-2B 0.00 0.00 ~~145~~164,~~973~~061.33 0.00 54,400,000.00 A-2C 0.00 0.00 89100,~~751~~802.8235 0.00 32,343,000.00 M-1 0.00 0.00 ~~267~~300,~~672~~379.9192 0.00 92,567,000.00 M-2 0.00 0.00 ~~141~~158,~~548~~673.8455 0.00 46,283,000.00 M-3 0.00 0.00 4752,~~119~~812.5004 0.00 15,282,000.00 B-1 0.00 0.00 3641,~~676~~016.5055 0.00 10,479,000.00 B-2 0.00 0.00 4449,~~013~~199.6046 0.00 12,226,000.00 B-3 0.00 0.00 3640,~~064~~259.7355 0.00 9,169,000.00 B-4 0.00 0.00 4348,~~810~~751.5597 0.00 8,733,000.00 X 0.00 0.00 2,~~442~~058,~~413~~843.2717 0.00 17,902,000.48 P 0.00 0.00 701,~~040~~169,133.1351 0.00 0.01 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 45,~~988~~911,~~776~~931.0016 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-1A 367,464,000.00 3.~~46625~~53625% ~~1000~~951.~~00000000~~70025559 23.~~88854168~~08499586 0.00000000 0.00000000 A-1B 91,865,000.00 3.~~46640~~53640% ~~1000~~951.~~00000000~~70025559 23.~~88866663~~08512676 0.00000000 0.00000000 A-2A 114,555,000.00 3.~~11000~~18000% ~~1000~~931.~~00000000~~21221579 2.~~59166671~~71448361 0.00000000 0.00000000 A-2B 54,400,000.00 3.~~22000~~29000% 1000.00000000 23.~~68333327~~01583327 0.00000000 0.00000000 A-2C 32,343,000.00 3.~~33000~~40000% 1000.00000000 23.~~77499985~~11666667 0.00000000 0.00000000 M-1 92,567,000.00 3.~~47000~~54000% 1000.00000000 23.~~89166668~~24500005 0.00000000 0.00000000 M-2 46,283,000.00 3.~~67000~~74000% 1000.00000000 3.~~05833330~~42833330 0.00000000 0.00000000 M-3 15,282,000.00 3.~~70000~~77000% 1000.00000000 3.~~08333333~~45583301 0.00000000 0.00000000 B-1 10,479,000.00 4.~~20000~~27000% 1000.00000000 3.~~50000000~~91416643 0.00000000 0.00000000 B-2 12,226,000.00 4.~~32000~~39000% 1000.00000000 34.~~60000000~~02416653 0.00000000 0.00000000 B-3 9,169,000.00 4.~~72000~~79000% 1000.00000000 34.~~93333297~~39083324 0.00000000 0.00000000 B-4 8,733,000.00 6.~~02000~~09000% 1000.00000000 5.~~01666667~~58249971 0.00000000 0.00000000 X 17,902,316.00 0.00000% ~~1000~~999.~~00000000~~98237546 0.00000000 0.00000000 0.00000000 P 0.01 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R 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-1A 0.00000000 0.00000000 23.~~88854168~~08499586 0.00000000 ~~951~~907.~~70025559~~83557935 A-1B 0.00000000 0.00000000 23.~~88866663~~08512676 0.00000000 ~~951~~907.~~70025559~~83557938 A-2A 0.00000000 0.00000000 2.~~59166671~~71448361 0.00000000 ~~931~~878.~~21221579~~58394806 A-2B 0.00000000 0.00000000 23.~~68333327~~01583327 0.00000000 1000.00000000 A-2C 0.00000000 0.00000000 23.~~77499985~~11666667 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 23.~~89166668~~24500005 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 3.~~05833330~~42833330 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 3.~~08333333~~45583301 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 3.~~50000000~~91416643 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 34.~~60000000~~02416653 0.00000000 1000.00000000 B-3 0.00000000 0.00000000 34.~~93333297~~39083324 0.00000000 1000.00000000 B-4 0.00000000 0.00000000 5.~~01666667~~58249971 0.00000000 1000.00000000 X 0.00000000 0.00000000 ~~136~~115.~~43001665~~00429162 0.00000000 999.98237546 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 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 3531,~~358~~253,~~322~~844.1434 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 231,~~104~~486.7692 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 701,~~040~~169,133.1351 Total Deposits 3532,~~430~~454,~~467~~464.0377 Withdrawals Reimbursement for Servicer Advances 02,104.0076 Payment of Service Fee ~~376~~363,~~233~~279.1177 Payment of Interest and Principal 3532,~~054~~089,~~233~~080.9224 Total Withdrawals (Pool Distribution Amount) 3532,~~430~~454,~~467~~464.0377 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~363~~351,~~862~~334.0240 Loan Performance Advisor Fee 10,~~915~~540.8503 Wells Fargo Bank, N.A. 1,~~455~~405.2434 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~376~~363,~~233~~279.1177

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 48 1 0 59 ~~460~~1,~~532~~085,894.8355 5,~~426~~401.8105 0.00 ~~465~~1,~~959~~091,295.6460 30 Days 120 0 0 0 120 ~~340~~3,~~793~~624,892.8386 0.00 0.00 0.00 ~~340~~3,~~793~~624,892.8386 60 Days 04 0 0 0 04 0802,843.0040 0.00 0.00 0.00 0802,843.0040 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 124 48 1 0 633 ~~340~~4,~~793~~427,736.8326 ~~460~~1,~~532~~085,894.8355 5,~~426~~401.8105 0.00 ~~806~~5,~~753~~519,031.4786 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.~~089989~~184928% 0.~~022497~~023116% 0.000000% 0.~~112486~~208044% 0.~~054617~~132908% 0.~~000644~~000661% 0.000000% 0.~~055261~~133569% 30 Days 0.~~022497~~462321% 0.000000% 0.000000% 0.000000% 0.~~022497~~462321% 0.~~040417~~443670% 0.000000% 0.000000% 0.000000% 0.~~040417~~443670% 60 Days 0.~~000000~~092464% 0.000000% 0.000000% 0.000000% 0.~~000000~~092464% 0.~~000000~~098264% 0.000000% 0.000000% 0.000000% 0.~~000000~~098264% 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.~~022497~~554785% 0.~~089989~~184928% 0.~~022497~~023116% 0.000000% 0.~~134983~~762829% 0.~~040417~~541934% 0.~~054617~~132908% 0.~~000644~~000661% 0.000000% 0.~~095677~~675503%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 231,~~104~~486.7692

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.~~275638~~266692% Weighted Average Net Coupon 6.~~775638~~766692% Weighted Average Pass-Through Rate 6.~~773638~~764692% Weighted Average Maturity(Stepdown Calculation ) ~~359~~358 Beginning Scheduled Collateral Loan Count 4,~~596~~445 Number Of Loans Paid In Full ~~151~~119 Ending Scheduled Collateral Loan Count 4,~~445~~326 Beginning Scheduled Collateral Balance ~~873~~843,~~268~~202,~~316~~542.0156 Ending Scheduled Collateral Balance ~~843~~817,~~202~~025,~~542~~393.5648 Ending Actual Collateral Balance at 2931-~~Apr~~May-2005 ~~843~~817,~~202~~025,~~542~~393.5648 Monthly P &I Constant 5,~~931~~728,~~441~~193.7780 Special Servicing Fee 0.00 Prepayment Penalties 701,~~040~~169,133.1351 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal ~~636~~622,~~788~~116.6721 Unscheduled Principal 2925,~~428~~555,~~985~~032.1387

Miscellaneous Reporting Credit Enhancement Percentage 2526.~~218296~~026241% Delinquency Trigger Event NO Cumulative Loss Trigger Event NO Trigger Event NO Stepdown NO Total Monthly Excess Spread 2,~~442~~058,~~097~~843.3917 Specified Subordinated Amount 17,902,000.49 Subordinated Deficiency Amount 0.00 Extra Principal Distribution Amount 0.00 Subordinated Increase Amount 0.00 Excess Subordinated Amount 0.00 Subordinated Reduction Amount ~~315~~0.8700 Subordinated Amount 17,902,000.49 Cap Agreement Payment (Class A-2) 0.00 Cap Agreement Payment (Class B-1) 0.00 Cap Agreement Payment (Class M-1) 0.00 Cap Agreement Payment (Class X) 0.00

Group Level Collateral Statement Group Group 1 Group 2 Group 3 Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM Weighted Average Coupon Rate 7.~~333771~~333059 7.~~317539~~309966 9.~~126818~~089184 Weighted Average Net Rate 6.~~833771~~833059 6.~~817539~~809966 8.~~626818~~589184 Weighted Average Maturity ~~359~~358 ~~359~~358 ~~359~~358 Beginning Loan Count ~~323~~313 32,~~014~~913 ~~793~~768 Loans Paid In Full 103 ~~101~~91 2511 Ending Loan Count ~~313~~310 2,~~913~~822 ~~768~~757 Beginning Scheduled Balance 5654,~~760~~659,~~832~~076.6873 ~~550~~530,~~415~~331,~~935~~984.1874 4443,~~725~~615,~~390~~026.8415 Ending ~~scheduled~~Scheduled Balance 5453,~~659~~894,~~076~~733.7348 ~~530~~510,~~331~~948,~~984~~010.7412 43,~~615~~347,~~026~~044.1505 Record Date 0405/2931/2005 0405/2931/2005 0405/2931/2005 Principal And Interest Constant ~~396~~383,~~746~~188.0965 3,~~750~~613,~~262~~431.3649 ~~384~~375,~~719~~024.2103 Scheduled Principal 49,~~853~~173.6246 ~~393~~382,~~853~~840.9893 44,~~552~~669.1186 Unscheduled Principal 2715,~~051,902~~169.3379 19,~~690~~001,~~096~~133.4669 1223,~~065,812~~312.5824 Scheduled Interest ~~346~~334,~~892~~015.4719 3,~~356~~230,~~408~~590.3856 ~~340~~330,~~167~~354.1017 Servicing Fees 2322,~~650~~774.3562 ~~229~~220,~~339~~971.9766 18,~~635~~172.5893 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 9491.6010 ~~917~~883.3689 7472.5469 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 ~~323~~311,~~147~~149.5247 3,~~126~~008,~~151~~735.0501 ~~321~~312,~~456~~108.9855 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.~~831771~~831059 6.~~815539~~807966 8.~~624818~~587184

Group Level Collateral Statement Group Group 4 Total Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm Weighted Average Coupon Rate 6.~~782528~~772438 7.~~275638~~266692 Weighted Average Net Rate 6.~~282528~~272438 6.~~775638~~766692 Weighted Average Maturity ~~359~~358 ~~359~~358 Beginning Loan Count ~~466~~451 4,~~596~~445 Loans Paid In Full 1514 ~~151~~119 Ending Loan Count ~~451~~437 4,~~445~~326 Beginning Scheduled Balance ~~221~~214,~~366~~596,~~157~~454.6694 ~~873~~843,~~268~~202,~~316~~542.3656 Ending scheduled Balance ~~214~~208,~~596~~835,~~454~~605.9483 ~~843~~817,~~202~~025,~~542~~393.5648 Record Date 0405/2931/2005 0405/2931/2005 Principal And Interest Constant 1,~~399~~356,~~714~~549.1163 5,~~931~~728,~~441~~193.7780 Scheduled Principal ~~148~~145,~~528~~431.96 ~~636~~622,~~788~~116.6721 Unscheduled Principal 65,~~621~~615,~~173~~417.7615 2925,~~428~~555,~~985~~032.1387 Scheduled Interest 1,~~251~~211,~~185~~117.1567 5,~~294~~106,~~653~~077.1059 Servicing Fees 9289,~~235~~415.9019 ~~363~~351,~~861~~334.8040 Master Servicing Fees 0.00 0.00 Trustee Fee ~~368~~357.9466 1,~~455~~405.4434 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,~~158~~121,~~580~~344.3182 4,~~929~~753,~~335~~337.8685 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 6.~~280528~~270438 6.~~773638~~764692

Filing Compare · SABR TRUST 2005-FR1