8-K 1 abs05he3_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 ASSET BACKED SECURITIES CORP HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2005-HE3 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-122372-02 Pooling and Servicing Agreement) (Commission 54-2173084 (State or other File Number) 54-2173085 jurisdiction 54-2173086 of Incorporation) 54-2173087 54-2173088 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 ASSET BACKED SECURITIES CORP HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series 2005-HE3 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Pass-Through Certificates, Series 2005-HE3 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. ASSET BACKED SECURITIES CORP HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2005-HE3 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 Asset Backed Pass-Through Certificates, Series 2005-HE3 Trust, relating to the June 27, 2005 distribution. EX-99.1

Asset Backed Securities Corp Home Equity Loan Trust Asset Backed Pass-Through Certificates Record Date: 45/2931/052005 Distribution Date: 56/2527/052005 Asset Backed Securities Corp Home Equity Loan Trust Asset Backed Pass-Through Certificates Series 2005-HE3 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~~ R 04541GRH7 RES 0.00000% 0.00 0.00 ~~0.00~~ A1 04541GQN5 SEN 3.~~10000~~32000% ~~266~~262,~~900~~668,~~000~~710.0095 1799,~~172,135~~388.8344 ~~4,231,289.05~~ A2A 04541GQP0 SEN 3.~~08000~~30000% 19,~~600~~130,~~000~~737.0052 8557,~~521~~870.~~33 469,262.~~48 A2B 04541GQQ8 SEN 3.~~18000~~40000% 10,000,000.00 4531,~~050~~166.0067 ~~0.00~~ A3 04541GQR6 SEN 23.~~95000~~17000% ~~146~~140,~~400~~035,~~000~~253.0071 ~~611~~406,~~830~~919.0011 ~~6,364,746.29~~ A4 04541GQS4 SEN 3.~~07000~~29000% 145,900,000.00 ~~634~~440,~~543~~010.4208 ~~0.00~~ A5 04541GQT2 SEN 3.~~18000~~40000% 31,247,000.00 ~~140~~97,~~767~~386.7348 ~~0.00~~ M1 04541GQU9 MEZ 3.~~29000~~51000% 30,571,000.00 ~~142~~98,~~486~~362.3419 ~~0.00~~ M2 04541GQV7 MEZ 3.~~31000~~53000% 24,300,000.00 ~~113~~78,~~946~~630.75 ~~0.00~~ M3 04541GQW5 MEZ 3.~~34000~~56000% 14,894,000.00 7048,~~473~~604.4409 ~~0.00~~ M4 04541GQX3 MEZ 3.~~50000~~72000% 14,110,000.00 6948,~~962~~115.0810 ~~0.00~~ M5 04541GQY1 MEZ 3.~~54000~~76000% 12,150,000.00 6041,~~932~~877.~~25 0.~~00 M6 04541GQZ8 MEZ 3.~~59000~~81000% 12,150,000.00 6142,~~792~~433.8788 ~~0.00~~ M7 04541GRA2 MEZ 4.~~09000~~31000% 10,974,000.00 6343,~~585~~356.1944 ~~0.00~~ M8 04541GRB0 MEZ 4.~~17000~~39000% 9,015,000.00 5336,~~256~~277.1186 ~~0.00~~ M9 04541GRC8 MEZ 4.~~72000~~94000% 7,055,000.00 4731,~~174~~947.4339 ~~0.00~~ M10 04541GRD6 MEZ 5.~~37000~~59000% 5,487,000.00 4128,~~742~~116.3530 ~~0.00~~ M11 04541GRE4 MEZ 56.~~87000~~09000% 7,839,000.00 6543,~~187~~761.8222 ~~0.00~~ X 04541GRF1 SEN-OC 0.00000% 15,~~284~~285,~~880~~601.9013 ~~760~~1,~~236~~782,855.6140 ~~0.00~~ P 04541GRG9 SEN 0.00000% 100.00 0279,626.0009 ~~0.00~~ Totals ~~783~~772,~~876~~812,~~980~~403.9031 4,~~240~~436,~~624~~704.~~55 11,065,297.82~~97

Certificateholder Distribution Summary (continued) Current Ending Cumulative Principal Realized Certificate Total Realized Class Distribution Loss Balance Distribution Losses R 0.00 0.00 0.00 0.00 0.00 A1 8,770,449.45 0.00 ~~262~~253,~~668~~898,~~710~~261.9550 59,~~403~~569,~~424~~837.8889 0.00 A2A 972,668.80 0.00 1918,~~130~~158,~~737~~068.5272 ~~554~~1,~~783~~030,539.8128 0.00 A2B 0.00 0.00 10,000,000.00 4531,~~050~~166.0067 0.00 A3 9,270,256.80 0.00 ~~140~~130,~~035~~764,~~253~~996.7191 69,~~976~~677,~~576~~175.2991 0.00 A4 0.00 0.00 145,900,000.00 ~~634~~440,~~543~~010.4208 0.00 A5 0.00 0.00 31,247,000.00 ~~140~~97,~~767~~386.7348 0.00 M1 0.00 0.00 30,571,000.00 ~~142~~98,~~486~~362.3419 0.00 M2 0.00 0.00 24,300,000.00 ~~113~~78,~~946~~630.75 0.00 M3 0.00 0.00 14,894,000.00 7048,~~473~~604.4409 0.00 M4 0.00 0.00 14,110,000.00 6948,~~962~~115.0810 0.00 M5 0.00 0.00 12,150,000.00 6041,~~932~~877.2500 0.00 M6 0.00 0.00 12,150,000.00 6142,~~792~~433.8788 0.00 M7 0.00 0.00 10,974,000.00 6343,~~585~~356.1944 0.00 M8 0.00 0.00 9,015,000.00 5336,~~256~~277.1186 0.00 M9 0.00 0.00 7,055,000.00 4731,~~174~~947.4339 0.00 M10 0.00 0.00 5,487,000.00 4128,~~742~~116.3530 0.00 M11 0.00 0.00 7,839,000.00 6543,~~187~~761.8222 0.00 X 0.00 0.00 15,285,601.13 ~~760~~1,~~236~~782,855.6140 0.00 P 0.00 ~~100~~0.00 0100.00 279,626.09 0.00 Totals 19,013,375.05 0.00 ~~772~~753,~~812~~799,~~403~~028.3126 1523,~~305~~450,~~922~~080.3702 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) R 0.00 0.00 0.00 0.00 0.00 0.00 A1 266,900,000.00 ~~266~~262,~~900~~668,~~000~~710.0095 0.00 48,~~231~~770,~~289~~449.0545 0.00 0.00 A2A 19,600,000.00 19,~~600~~130,~~000~~737.0052 0.00 ~~469~~972,~~262~~668.4880 0.00 0.00 A2B 10,000,000.00 10,000,000.00 0.00 0.00 0.00 0.00 A3 146,400,000.00 ~~146~~140,~~400~~035,~~000~~253.0071 0.00 69,~~364~~270,~~746~~256.2980 0.00 0.00 A4 145,900,000.00 145,900,000.00 0.00 0.00 0.00 0.00 A5 31,247,000.00 31,247,000.00 0.00 0.00 0.00 0.00 M1 30,571,000.00 30,571,000.00 0.00 0.00 0.00 0.00 M2 24,300,000.00 24,300,000.00 0.00 0.00 0.00 0.00 M3 14,894,000.00 14,894,000.00 0.00 0.00 0.00 0.00 M4 14,110,000.00 14,110,000.00 0.00 0.00 0.00 0.00 M5 12,150,000.00 12,150,000.00 0.00 0.00 0.00 0.00 M6 12,150,000.00 12,150,000.00 0.00 0.00 0.00 0.00 M7 10,974,000.00 10,974,000.00 0.00 0.00 0.00 0.00 M8 9,015,000.00 9,015,000.00 0.00 0.00 0.00 0.00 M9 7,055,000.00 7,055,000.00 0.00 0.00 0.00 0.00 M10 5,487,000.00 5,487,000.00 0.00 0.00 0.00 0.00 M11 7,839,000.00 7,839,000.00 0.00 0.00 0.00 0.00 X 15,284,880.90 15,~~284~~285,~~880~~601.9013 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 Totals 783,876,980.90 ~~783~~772,~~876~~812,~~980~~403.9031 0.00 1119,~~065~~013,~~297~~375.8205 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 R 0.00 0.00 0.00000000 0.00 A1 48,~~231~~770,~~289~~449.0545 ~~262~~253,~~668~~898,~~710~~261.9550 0.~~98414654~~95128611 48,~~231~~770,~~289~~449.0545 A2A ~~469~~972,~~262~~668.4880 1918,~~130~~158,~~737~~068.5272 0.~~97605804~~92643208 ~~469~~972,~~262~~668.4880 A2B 0.00 10,000,000.00 1.00000000 0.00 A3 69,~~364~~270,~~746~~256.2980 ~~140~~130,~~035~~764,~~253~~996.7191 0.~~95652496~~89320353 69,~~364~~270,~~746~~256.2980 A4 0.00 145,900,000.00 1.00000000 0.00 A5 0.00 31,247,000.00 1.00000000 0.00 M1 0.00 30,571,000.00 1.00000000 0.00 M2 0.00 24,300,000.00 1.00000000 0.00 M3 0.00 14,894,000.00 1.00000000 0.00 M4 0.00 14,110,000.00 1.00000000 0.00 M5 0.00 12,150,000.00 1.00000000 0.00 M6 0.00 12,150,000.00 1.00000000 0.00 M7 0.00 10,974,000.00 1.00000000 0.00 M8 0.00 9,015,000.00 1.00000000 0.00 M9 0.00 7,055,000.00 1.00000000 0.00 M10 0.00 5,487,000.00 1.00000000 0.00 M11 0.00 7,839,000.00 1.00000000 0.00 X 0.00 15,285,601.13 1.00004712 0.00 P 0.00 100.00 1.00000000 0.00 Totals 1119,~~065~~013,~~297~~375.8205 ~~772~~753,~~812~~799,~~403~~028.3126 0.~~98588480~~96162924 1119,~~065~~013,~~297~~375.8205

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A1 266,900,000.00 ~~1000~~984.~~00000000~~14653784 0.00000000 1532.~~85346216~~86043256 0.00000000 A2A 19,600,000.00 ~~1000~~976.~~00000000~~05803673 0.00000000 2349.~~94196327~~62595918 0.00000000 A2B 10,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A3 146,400,000.00 ~~1000~~956.~~00000000~~52495704 0.00000000 4363.~~47504296~~32142623 0.00000000 A4 145,900,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A5 31,247,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M1 30,571,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 24,300,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 14,894,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 14,110,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 12,150,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M6 12,150,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M7 10,974,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M8 9,015,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M9 7,055,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M10 5,487,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M11 7,839,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 15,284,880.90 1000.~~00000000~~04712042 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 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 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A1 0.00000000 1532.~~85346216~~86043256 ~~984~~951.~~14653784~~28610528 0.~~98414654~~95128611 1532.~~85346216~~86043256 A2A 0.00000000 2349.~~94196327~~62595918 ~~976~~926.~~05803673~~43207755 0.~~97605804~~92643208 2349.~~94196327~~62595918 A2B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A3 0.00000000 4363.~~47504296~~32142623 ~~956~~893.~~52495704~~20353081 0.~~95652496~~89320353 4363.~~47504296~~32142623 A4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A5 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 M5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M9 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M10 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M11 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 1,000.04712042 1.00004712 0.00000000 P 0.00000000 0.00000000 1,000.00000000 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.

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 R 0.00 0.00000% 0.00 0.00 0.00 0.00 A1 266,900,000.00 3.~~10000~~32000% ~~266~~262,~~900~~668,~~000~~710.0095 1799,~~172,135~~388.8344 0.00 0.00 A2A 19,600,000.00 3.~~08000~~30000% 19,~~600~~130,~~000~~737.0052 8557,~~521~~870.3348 0.00 0.00 A2B 10,000,000.00 3.~~18000~~40000% 10,000,000.00 4531,~~050~~166.0067 0.00 0.00 A3 146,400,000.00 23.~~95000~~17000% ~~146~~140,~~400~~035,~~000~~253.0071 ~~611~~406,~~830~~919.0011 0.00 0.00 A4 145,900,000.00 3.~~07000~~29000% 145,900,000.00 ~~634~~440,~~543~~010.4208 0.00 0.00 A5 31,247,000.00 3.~~18000~~40000% 31,247,000.00 ~~140~~97,~~767~~386.7448 0.00 0.00 M1 30,571,000.00 3.~~29000~~51000% 30,571,000.00 ~~142~~98,~~486~~362.3419 0.00 0.00 M2 24,300,000.00 3.~~31000~~53000% 24,300,000.00 ~~113~~78,~~946~~630.75 0.00 0.00 M3 14,894,000.00 3.~~34000~~56000% 14,894,000.00 7048,~~473~~604.4409 0.00 0.00 M4 14,110,000.00 3.~~50000~~72000% 14,110,000.00 6948,~~962~~115.0810 0.00 0.00 M5 12,150,000.00 3.~~54000~~76000% 12,150,000.00 6041,~~932~~877.2500 0.00 0.00 M6 12,150,000.00 3.~~59000~~81000% 12,150,000.00 6142,~~792~~433.88 0.00 0.00 M7 10,974,000.00 4.~~09000~~31000% 10,974,000.00 6343,~~585~~356.1944 0.00 0.00 M8 9,015,000.00 4.~~17000~~39000% 9,015,000.00 5336,~~256~~277.1186 0.00 0.00 M9 7,055,000.00 4.~~72000~~94000% 7,055,000.00 4731,~~174~~947.4339 0.00 0.00 M10 5,487,000.00 5.~~37000~~59000% 5,487,000.00 4128,~~742~~116.3530 0.00 0.00 M11 7,839,000.00 56.~~87000~~09000% 7,839,000.00 6543,~~187~~761.8222 0.00 0.00 X 15,284,880.90 0.00000% 15,~~284~~285,~~880~~601.9013 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 783,876,980.90 32,~~480~~374,~~387~~223.9648 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 R 0.00 0.00 0.00 0.00 0.00 A1 0.00 0.00 1799,~~172,135~~388.8344 0.00 ~~262~~253,~~668~~898,~~710~~261.9550 A2A 0.00 0.00 8557,~~521~~870.3348 0.00 1918,~~130~~158,~~737~~068.5272 A2B 0.00 0.00 4531,~~050~~166.0067 0.00 10,000,000.00 A3 0.00 0.00 ~~611~~406,~~830~~919.0011 0.00 ~~140~~130,~~035~~764,~~253~~996.7191 A4 0.00 0.00 ~~634~~440,~~543~~010.4208 0.00 145,900,000.00 A5 0.00 0.00 ~~140~~97,~~767~~386.7348 0.00 31,247,000.00 M1 0.00 0.00 ~~142~~98,~~486~~362.3419 0.00 30,571,000.00 M2 0.00 0.00 ~~113~~78,~~946~~630.75 0.00 24,300,000.00 M3 0.00 0.00 7048,~~473~~604.4409 0.00 14,894,000.00 M4 0.00 0.00 6948,~~962~~115.0810 0.00 14,110,000.00 M5 0.00 0.00 6041,~~932~~877.2500 0.00 12,150,000.00 M6 0.00 0.00 6142,~~792~~433.8788 0.00 12,150,000.00 M7 0.00 0.00 6343,~~585~~356.1944 0.00 10,974,000.00 M8 0.00 0.00 5336,~~256~~277.1186 0.00 9,015,000.00 M9 0.00 0.00 4731,~~174~~947.4339 0.00 7,055,000.00 M10 0.00 0.00 4128,~~742~~116.3530 0.00 5,487,000.00 M11 0.00 0.00 6543,~~187~~761.8222 0.00 7,839,000.00 X 0.00 0.00 ~~760~~1,~~236~~782,855.6140 0.00 15,285,601.13 P 0.00 0.00 0279,626.0009 0.00 100.00 Totals 0.00 0.00 4,~~240~~436,~~624~~704.5597 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 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 A1 266,900,000.00 3.~~10000~~32000% ~~1000~~984.~~00000000~~14653784 42.~~39166665~~99508595 0.00000000 0.00000000 A2A 19,600,000.00 3.~~08000~~30000% ~~1000~~976.~~00000000~~05803673 42.~~36333316~~95257551 0.00000000 0.00000000 A2B 10,000,000.00 3.~~18000~~40000% 1000.00000000 43.~~50500000~~11666700 0.00000000 0.00000000 A3 146,400,000.00 23.~~95000~~17000% ~~1000~~956.~~00000000~~52495704 42.~~17916667~~77950212 0.00000000 0.00000000 A4 145,900,000.00 3.~~07000~~29000% 1000.00000000 43.~~34916669~~01583331 0.00000000 0.00000000 A5 31,247,000.00 3.~~18000~~40000% 1000.00000000 43.~~50500016~~11666656 0.00000000 0.00000000 M1 30,571,000.00 3.~~29000~~51000% 1000.00000000 43.~~66083347~~21749992 0.00000000 0.00000000 M2 24,300,000.00 3.~~31000~~53000% 1000.00000000 43.~~68916667~~23583333 0.00000000 0.00000000 M3 14,894,000.00 3.~~34000~~56000% 1000.00000000 43.~~73166644~~26333356 0.00000000 0.00000000 M4 14,110,000.00 3.~~50000~~72000% 1000.00000000 43.~~95833310~~41000000 0.00000000 0.00000000 M5 12,150,000.00 3.~~54000~~76000% 1000.00000000 53.~~01500000~~44666667 0.00000000 0.00000000 M6 12,150,000.00 3.~~59000~~81000% 1000.00000000 53.~~08583374~~49250041 0.00000000 0.00000000 M7 10,974,000.00 4.~~09000~~31000% 1000.00000000 53.~~79416712~~95083288 0.00000000 0.00000000 M8 9,015,000.00 4.~~17000~~39000% 1000.00000000 54.~~90749972~~02416639 0.00000000 0.00000000 M9 7,055,000.00 4.~~72000~~94000% 1000.00000000 64.~~68666619~~52833310 0.00000000 0.00000000 M10 5,487,000.00 5.~~37000~~59000% 1000.00000000 75.~~60749954~~12416621 0.00000000 0.00000000 M11 7,839,000.00 56.~~87000~~09000% 1000.00000000 85.~~31583365~~58250032 0.00000000 0.00000000 X 15,284,880.90 0.00000% 1000.~~00000000~~04712042 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 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 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A1 0.00000000 0.00000000 42.~~39166665~~99508595 0.00000000 ~~984~~951.~~14653784~~28610528 A2A 0.00000000 0.00000000 42.~~36333316~~95257551 0.00000000 ~~976~~926.~~05803673~~43207755 A2B 0.00000000 0.00000000 43.~~50500000~~11666700 0.00000000 1000.00000000 A3 0.00000000 0.00000000 42.~~17916667~~77950212 0.00000000 ~~956~~893.~~52495704~~20353081 A4 0.00000000 0.00000000 43.~~34916669~~01583331 0.00000000 1000.00000000 A5 0.00000000 0.00000000 43.~~50499984~~11666656 0.00000000 1000.00000000 M1 0.00000000 0.00000000 43.~~66083347~~21749992 0.00000000 1000.00000000 M2 0.00000000 0.00000000 43.~~68916667~~23583333 0.00000000 1000.00000000 M3 0.00000000 0.00000000 43.~~73166644~~26333356 0.00000000 1000.00000000 M4 0.00000000 0.00000000 43.~~95833310~~41000000 0.00000000 1000.00000000 M5 0.00000000 0.00000000 53.~~01500000~~44666667 0.00000000 1000.00000000 M6 0.00000000 0.00000000 53.~~08583292~~49250041 0.00000000 1000.00000000 M7 0.00000000 0.00000000 53.~~79416712~~95083288 0.00000000 1000.00000000 M8 0.00000000 0.00000000 54.~~90749972~~02416639 0.00000000 1000.00000000 M9 0.00000000 0.00000000 64.~~68666619~~52833310 0.00000000 1000.00000000 M10 0.00000000 0.00000000 75.~~60749954~~12416621 0.00000000 1000.00000000 M11 0.00000000 0.00000000 85.~~31583365~~58250032 0.00000000 1000.00000000 X 0.00000000 0.00000000 49116.~~73781706~~64175937 0.00000000 1000.04712042 P 0.00000000 0.00000000 02796260.~~00000000~~90000000 0.00000000 1000.00000000 (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 1523,~~634~~798,~~548~~493.5817 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 0.00 Total Deposits 1523,~~634~~798,~~548~~493.5817 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~328~~348,~~626~~413.2115 Payment of Interest and Principal 1523,~~305~~450,~~922~~080.3702 Total Withdrawals (Pool Distribution Amount) 1523,~~634~~798,~~548~~493.5817 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~326~~322,~~615~~005.4116 Strip Amount 226,~~010~~407.8099 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~328~~348,~~626~~413.2115

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 5272 0 0 0 5272 1015,~~746~~174,~~395~~316.9712 0.00 0.00 0.00 1015,~~746~~174,~~395~~316.9712 60 Days 331 0 0 0 331 ~~483~~5,~~505~~845,209.7074 0.00 0.00 0.00 ~~483~~5,~~505~~845,209.7074 90 Days 02 0 0 0 02 0381,818.0088 0.00 0.00 0.00 0381,818.0088 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 55105 0 0 0 55105 1121,~~229~~401,~~901~~344.6774 0.00 0.00 0.00 1121,~~229~~401,~~901~~344.6774 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 1.~~233397~~745032% 0.000000% 0.000000% 0.000000% 1.~~233397~~745032% 12.~~390557~~013045% 0.000000% 0.000000% 0.000000% 12.~~390557~~013045% 60 Days 0.~~071157~~751333% 0.000000% 0.000000% 0.000000% 0.~~071157~~751333% 0.~~062564~~775433% 0.000000% 0.000000% 0.000000% 0.~~062564~~775433% 90 Days 0.~~000000~~048473% 0.000000% 0.000000% 0.000000% 0.~~000000~~048473% 0.~~000000~~050653% 0.000000% 0.000000% 0.000000% 0.~~000000~~050653% 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 12.~~304554~~544838% 0.000000% 0.000000% 0.000000% 12.~~304554~~544838% 12.~~453121~~839131% 0.000000% 0.000000% 0.000000% 12.~~453121~~839131%

~~Delinquency~~OTHER ~~Status~~INFORMATION ByCurrent ~~Groups~~Period ~~DELINQUENT~~Class ~~BANKRUPTCY~~A ~~FORECLOSURE~~Insufficient ~~REO~~Funds ~~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 2 0 0 0 2 100,274.62 0.00 0.00 0.00 100,274.62 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 2 0 0 0 2 100,274.62 0.00 0.00 0.00 100,274.62 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.510204% 0.000000% 0.000000% 0.000000% 0.510204% 0.221161% 0.000000% 0.000000% 0.000000% 0.221161% 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 0.510204% 0.000000% 0.000000% 0.000000% 0.510204% 0.221161% 0.000000% 0.000000% 0.000000% 0.221161% 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 3,060,858.54 0.00 0.00 0.00 3,060,858.54 60 Days 1 0 0 0 1 101,650.00 0.00 0.00 0.00 101,650.00 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 14 0 0 0 14 3,162,508.54 0.00 0.00 0.00 3,162,508.54 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.844704% 0.000000% 0.000000% 0.000000% 0.844704% 0.942249% 0.000000% 0.000000% 0.000000% 0.942249% 60 Days 0.064977% 0.000000% 0.000000% 0.000000% 0.064977% 0.031292% 0.000000% 0.000000% 0.000000% 0.031292% 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 0.909682% 0.000000% 0.000000% 0.000000% 0.909682% 0.973541% 0.000000% 0.000000% 0.000000% 0.973541% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 3 No of ~~Loans~~Contaminated NoProperties ~~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~~Periodic ~~0.00~~Advance ~~0.00 30 Days 14 0 0 0 14 957~~137,~~336~~202.34 0.00 0.00 0.00 957,336.34 60 Days 1 0 0 0 1 76,255.69 0.00 0.00 0.00 76,255.69 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 15 0 0 0 15 1,033,592.03 0.00 0.00 0.00 1,033,592.03 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.124498% 0.000000% 0.000000% 0.000000% 1.124498% 0.994658% 0.000000% 0.000000% 0.000000% 0.994658% 60 Days 0.080321% 0.000000% 0.000000% 0.000000% 0.080321% 0.079229% 0.000000% 0.000000% 0.000000% 0.079229% 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 1.204819% 0.000000% 0.000000% 0.000000% 1.204819% 1.073887% 0.000000% 0.000000% 0.000000% 1.073887% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 4 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 23 0 0 0 23 6,627,926.47 0.00 0.00 0.00 6,627,926.47 60 Days 1 0 0 0 1 305,600.01 0.00 0.00 0.00 305,600.01 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 24 0 0 0 24 6,933,526.48 0.00 0.00 0.00 6,933,526.48 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 2.211538% 0.000000% 0.000000% 0.000000% 2.211538% 2.163314% 0.000000% 0.000000% 0.000000% 2.163314% 60 Days 0.096154% 0.000000% 0.000000% 0.000000% 0.096154% 0.099746% 0.000000% 0.000000% 0.000000% 0.099746% 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 2.307692% 0.000000% 0.000000% 0.000000% 2.307692% 2.263060% 0.000000% 0.000000% 0.000000% 2.263060%04

~~OTHER~~COLLATERAL ~~INFORMATION~~STATEMENT ~~Current~~Collateral ~~Period~~Description ~~Class~~Fixed AMixed ~~Insufficient~~& ~~Funds~~ARM & Balloon Weighted Average Gross Coupon 6.992870% Weighted Average Net Coupon 6.492870% Weighted Average Pass-Through Rate 6.489791% Weighted Average Maturity(Stepdown Calculation) 337 Beginning Scheduled Collateral Loan Count 4,216 Number Of Loans Paid In Full 90 Ending Scheduled Collateral Loan Count 4,126 Beginning Scheduled Collateral Balance 772,812,403.30 Ending Scheduled Collateral Balance 753,799,028.25 Ending Actual Collateral Balance at 31-May-2005 753,799,028.25 Monthly P&I Constant 4,943,670.91 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal ~~Balance~~440,190.04 ofUnscheduled ~~Contaminated~~Principal ~~Properties~~18,573,185.01 Required Overcollateralization Amount 0.00 ~~Periodic~~Overcollateralized ~~Advance~~Increase 73Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 15,~~830~~285,601.6213 Overcollateralized Amount 15,285,601.13 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 0.00

~~COLLATERAL~~Miscellaneous ~~STATEMENT~~Reporting ~~Collateral Description Fixed Mixed & ARM & Balloon Weighted Average Gross Coupon 6.995951% Weighted Average Net Coupon 6.495951% Weighted Average Pass-Through Rate 6.492873% Weighted Average Maturity(~~Stepdown ~~Calculation~~NO )Trigger ~~338~~Event Beginning Scheduled Collateral Loan Count 4,263 Number Of Loans Paid In Full 47 Ending Scheduled Collateral Loan Count 4,216 Beginning Scheduled Collateral Balance 783,876,980.90 Ending Scheduled Collateral Balance 772,812,403.30 Ending Actual Collateral Balance at 29-Apr-2005 772,812,403.30 Monthly P &I Constant 5,017,760.32 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal 447,789.50 Unscheduled Principal 10,616,788.10 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 720.23 Overcollateralized reduction Amount 0.00 Specified O/C Amount 15,285,601.13 Overcollateralized Amount 15,285,601.13 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 720.23 Excess Cash Amount 0.00NO

Group Level Collateral Statement Group 1 2 3 Collateral Description Mixed ARM and Balloon Mixed ARM and Balloon Mixed ARM and Balloon Weighted Average Coupon Rate 7.~~432789~~432286 6.~~637760~~637333 9.~~179441~~169755 Weighted Average Net Rate 6.~~932789~~932286 6.~~137760~~137333 8.~~679441~~669755 Weighted Average Maturity ~~316~~315 ~~357~~356 ~~222~~221 Beginning Loan Count ~~396~~392 1,~~556~~539 1,~~259~~245 Loans Paid In Full 48 1740 1421 Ending Loan Count ~~392~~384 1,~~539~~499 1,~~245~~224 Beginning Scheduled Balance 4645,~~176~~340,~~102~~134.6560 ~~328~~324,~~710~~846,~~328~~051.9138 9796,~~117~~247,~~991~~774.7653 Ending ~~scheduled~~Scheduled Balance 4544,~~340~~357,~~134~~894.6071 ~~324~~316,~~846~~085,~~051~~173.3802 9694,~~247~~544,~~774~~188.5317 Record Date 0405/2931/2005 0405/2931/2005 0405/2931/2005 Principal And Interest Constant ~~328~~323,~~560~~395.0354 2,~~026~~001,~~889~~583.4688 ~~802~~795,~~636~~065.8477 Scheduled Principal 42,~~545~~578.6916 ~~208~~204,~~639~~824.1744 59,~~729~~591.4298 Unscheduled Principal ~~793~~939,~~422~~661.3673 38,~~655~~556,~~638~~053.3692 ~~810~~1,~~487~~643,994.8138 Scheduled Interest ~~286~~280,~~014~~817.3438 1,~~818~~796,~~250~~759.2944 ~~742~~735,~~907~~473.4279 Servicing Fees 1918,~~240~~891.0472 ~~136~~135,~~962~~352.6452 40,~~465~~103.8324 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 ~~157~~154.0016 1,~~117~~104.6248 ~~174~~173.8125 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 ~~266~~261,~~617~~771.3050 1,~~680~~660,~~170~~302.0344 ~~702~~695,~~266~~197.7830 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.~~928709~~928206 6.~~133680~~133253 8.~~677281~~667595

Group Level Collateral Statement Group 4 Total Collateral Description Mixed ARM and Balloon ~~Fixed~~xed Mixed & ARM & Balloon Weighted Average Coupon Rate 6.~~628857~~620950 6.~~995951~~992870 Weighted Average Net Rate 6.~~128857~~120950 6.~~495951~~492870 Weighted Average Maturity ~~357~~356 ~~338~~337 Beginning Loan Count 1,~~052~~040 4,~~263~~216 Loans Paid In Full 1221 4790 Ending Loan Count 1,~~040~~019 4,~~216~~126 Beginning Scheduled Balance ~~311~~306,~~872~~378,~~557~~442.5879 ~~783~~772,~~876~~812,~~980~~403.9030 Ending scheduled Balance ~~306~~298,~~378~~811,~~442~~772.7935 ~~772~~753,~~812~~799,~~403~~028.3025 Record Date 0405/2931/2005 0405/2931/2005 Principal And Interest Constant 1,~~859~~823,~~673~~625.9972 54,~~017~~943,~~760~~670.3291 Scheduled Principal ~~136~~133,~~875~~195.2246 ~~447~~440,~~789~~190.5004 Unscheduled Principal 57,~~357~~433,~~239~~474.5798 1018,~~616~~573,~~788~~185.1001 Scheduled Interest 1,~~722~~690,~~798~~430.7726 4,~~569~~503,~~970~~480.8287 Servicing Fees ~~129~~127,~~946~~657.9068 ~~326~~322,~~615~~005.4116 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 ~~561~~551.3748 21,~~010~~983.8037 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,~~592~~562,~~290~~221.5010 4,~~241~~179,~~344~~492.6134 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.~~126697~~118790 6.~~492873~~489791

Filing Compare · Asset Backed Pass-Through Certificates, Series 2005-HE3