UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM 8-K

CURRENT REPORT ~~PURSUANT~~Pursuant TOto ~~SECTION~~Section 13 OR 15(d) OFof ~~THE SECURITIES~~The ~~AND~~Securities ~~EXCHANGE~~Exchange ~~ACT~~Act OFof 1934 ~~Date of Report (Date of earliest event reported) April 8, 2004 BEAR STEARNS ASSET BACKED SECURITIES INC.~~

~~Delaware~~Date ~~(State~~of orReport ~~other~~(Date ~~jurisdiction~~ of ~~incorporation)~~earliest ~~333-91334~~event ~~(Commission file number~~reported) May ~~13-3836437~~25, ~~(I.R.S. employer identification no.)~~2004

~~383~~Bear ~~Madison~~Stearns ~~Avenue New~~Asset ~~York,~~Backed ~~New~~Securities ~~York 10179~~Inc. (~~Address~~Exact name of ~~principal~~registrant ~~executive~~as ~~offices) (ZIP~~specified ~~Code~~in its charter)

Delaware (~~212~~State or other jurisdiction of incorporation) ~~272~~333-~~2000 Registrant's~~91334 ~~telephone~~(CommissionFile ~~number,~~Number) ~~including~~13-3836437 ~~area~~(IRS ~~code~~EmployerIdentification No.)

~~Item~~383 ~~5. Other~~Madison ~~Events.~~Avenue, New York, New York (Address of principal executive offices) 10179 (Zip Code)

~~Bear~~Registrant's ~~Stearns~~telephone ~~Asset Backed Securities~~number, ~~Inc.,~~including asarea ~~depositor (the “Depositor”) registered issuances of Asset~~code 212-~~Backed Certificates 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~~272-3 (Registration File No. 333-91334) (as amended, the “Registration Statement”). Pursuant to the Registration Statement, the Depositor caused Bear Stearns Asset Backed Securities, Inc., Asset-Backed Certificates, Series 2004-1 to issue $228,372,150 principal amount of Asset-Backed Certificates, Series 2004-1 (the “ Certificates”), on April 8, 2004 (the “Closing Date”). 2000

~~The Certificates were issued pursuant to a pooling and servicing agreement~~ (~~the~~Former ~~“Pooling~~name ~~and~~or ~~Servicing~~former ~~Agreement”)~~address, ~~dated~~if aschanged ofsince ~~March 1,~~last ~~2004 (the “Cut-Off Date”), among the Depositor, EMC Mortgage Corporation, as Seller and Master Servicer and LaSalle Bank National Association, as Trustee~~report. )

~~Capitalized~~Item ~~terms~~5. Other ~~not~~Events ~~defined herein have the meanings assigned in the Pooling~~ and ~~Servicing~~Regulation ~~Agreement~~FD ~~attached hereto as Exhibit 4~~Disclosure.1.

~~Item~~This 7.current ~~Financial~~report ~~statements~~on Form 8-K relates to the monthly distribution reported to the holders of Bear Stearns Asset Backed Securities Trust 2004-1, ~~Pro~~Asset-Backed ~~Forma Financial~~Certificates, ~~Information~~Series ~~and~~2004-1, ~~Exhibits~~which was made on May 25, 2004.

~~(c)~~Item ~~Exhibits Exhibit No~~7. Financial ~~1.1~~Statements ~~Underwriting Agreement 4.1 Pooling~~ and ~~Servicing Agreement 99~~Exhibits.~~1 Yield Maintenance Agreement~~

99.1 Monthly Distribution Report pursuant to Section 5.05 of the Pooling and Servicing Agreement for the distribution on May 25, 2004.
(Exhibit No. Description)

SIGNATURES

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.

~~BEAR~~LASALLE ~~STEARNS~~BANK ~~ASSET~~NATIONAL ~~BACKED~~ASSOCIATION ~~SECURITIES,~~IN ~~INC.~~ITS ByCAPACITY ~~/s/~~AS ~~Joseph~~TRUSTEE T.UNDER ~~Jurkowski,~~THE ~~Jr.~~POOLING ~~Name:~~AND ~~Joseph~~SERVICING T.AGREEMENT ~~Jurkowski,~~ON ~~Jr.~~BEHALF ~~Title:~~OF ~~Vice~~BEAR ~~President~~STEARNS ASSET BACKED SECURITIES INC., REGISTRANT

Date: ~~April~~May 3027, 2004 By: /s/ Russell Goldenberg Russell Goldenberg Group Senior Vice President

EXHIBIT INDEX

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-1

ABN AMRO Acct: 721757.2

Reporting Package Table of Contents

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Administrator:
Rita Lopez 312.904.0351
rita.lopez@abnamro.com

Analyst:
Elizabeth Kwon 714.238.6752
elizabeth.kwon@abnamro.com

Statement Date:

135 S. LaSalle Street, Suite 1625
Chicago, IL 60603
USA

Statements to Certificateholders
Cash Reconciliation Summary BSABS041
Bond Recon Reconciliation BSABS041
Shortfall Summary Report

Other Related Information - BSABS041

Asset-Backed Facts ~ 15 Month Status Summary Part I
Asset-Backed Facts ~ 15 Month Status Summary Part II

Asset-Backed Facts ~ 15 Month Payoff/Loss Summary
Realized Loss Detail
Historical REO Report

Page 2-4
Page 5-7
Page 8
Page 9

Page 10

Page 11
Page 12

Page 13
Page 14

Page 15

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

BSABS041

BSABS041_200405_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

8-Apr-04
26-Apr-04

26-Jun-34

Parties to The Transaction

Issuer: Bear Stearns Asset Backed Securities, Inc./Bear Stearns Asset Backed Securities, Inc.

Depositor: Bear Stearns Asset Backed Securities, Inc.

Underwriter: Bear Stearns & Co. Inc.

Master Servicer: EMC Mortgage Corporation

Rating Agency: Fitch Ratings/Standard & Poor's Rating Services

800.246.5761

LaSalle Factor Line

LaSalle Web Site
Servicer Web Site

www.emcmortgagecorp.com

www.etrustee.net

Page 1 of 15

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:
Current Index:
Next Index:

Payment Date:
Prior Payment:
Next Payment:
Record Date:

8.920177%

1.100000%
1.100000%

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

274

REMIC III

Statement Date:

ABN AMRO Acct: 721757.2

969.196543144

58.542698716

0.000000000

910.653844428

0.999349307

1.280000000%

0.00

0.000000000

1.28000000%

0.000000000

07384YSV9

A-1

158,216,000.00

153,342,400.27

9,262,391.62

0.00

144,080,008.65

158,113.05

1000.000000000

0.000000000

1000.000000000

1.305000163

1.620000000%

0.00

0.000000000

1.62000000%

0.000000000

07384YSW7

A-2

30,761,000.00

0.00

30,761,000.00

40,143.11

1000.000000000

0.000000000

1000.000000000

4.166666813

Fixed

0.00

0.000000000

5.00000000%

0.000000000

07384YSX5

A-IO

22,837,000.00

0.00

22,837,000.00

95,154.17

1000.000000000

0.000000000

1000.000000000

1.409722018

1.750000000%

0.00

0.000000000

1.75000000%

0.000000000

07384YSY3

M-1

17,699,000.00

0.00

17,699,000.00

24,950.67

1000.000000000

0.000000000

1000.000000000

2.094444537

2.600000000%

0.00

0.000000000

2.60000000%

0.000000000

07384YSZ0

M-2

11,990,000.00

0.00

11,990,000.00

25,112.39

1000.000000000

0.000000000

1000.000000000

2.819443836

3.500000000%

0.00

0.000000000

3.50000000%

0.000000000

07384YTF3

M-3

4,567,000.00

0.00

4,567,000.00

12,876.40

1000.000000000

0.000000000

1000.000000000

3.101390658

3.850000000%

0.00

0.000000000

3.85000000%

0.000000000

07384YTA4

B-1

2,826,000.00

0.00

2,826,000.00

8,764.53

1000.000000000

0.000000000

1000.000000000

4.108335495

5.100000000%

0.00

0.000000000

5.10000000%

0.000000000

07384YTB2

B-2

2,313,000.00

0.00

2,313,000.00

9,502.58

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSQ174

B-IO

888.87

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSQ175

R-I

50.00

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSQ176

R-II

50.00

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSQ177

R-III

50.00

0.00

Total P&I Payment

0.00

228,373,038.87

223,498,400.27

9,637,008.52

Total

214,236,008.65

9,262,391.62

0.00

374,616.90

Page 2 of 15

Notes: (1) N denotes notional balance not included in total (2) Accrued Interest Plus/Minus Interest Adjustment Minus Deferred Interest equals Interest Payment (3) Estimated. * Denotes Controlling Class

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:
Current Index:
Next Index:

Payment Date:
Prior Payment:
Next Payment:
Record Date:

8.920177%

1.100000%
1.100000%

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

274

Basis Risk Shortfall Distribution

Statement Date:

ABN AMRO Acct: 721757.2

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YSV9

A-1

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YSW7

A-2

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YSX5

A-IO

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YSY3

M-1

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YSZ0

M-2

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YTF3

M-3

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YTA4

B-1

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YTB2

B-2

0.00

Total P&I Payment

0.00

Total

0.00

Page 3 of 15

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:
Current Index:
Next Index:

Payment Date:
Prior Payment:
Next Payment:
Record Date:

8.920177%

1.100000%
1.100000%

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

274

Yield Maintenance Account Payment

Statement Date:

ABN AMRO Acct: 721757.2

0.000000000

0.00

0.000000000

N/A

0.000000000

A-1

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

A-2

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

M-1

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

M-2

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

M-3

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

B-1

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

B-2

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

Excess YM

0.00

Total P&I Payment

0.00

Total

0.00

Page 4 of 15

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-1

ABN AMRO Acct: 721757.2

Statement Date:

Cash Reconciliation Summary

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

1,274,175.06

0.00

)

(13,408.64

Less ASER Interest Adv Reduction

0.00

Less Other Adjustment

0.00

Total

1,627,576.44

Unscheduled Interest:
Prepayment Penalties

0.00

Yield Maintenance Penalties

0.00

Other Interest Proceeds

0.00

Total

0.00

Less Fees & Expenses Paid By/To Servicer

Less Fee Paid To Servicer
Less Fee Strips Paid by Servicer

Special Servicing Fees

Interest Due Serv on Advances

Recoup of Prior Advances

Misc. Fees & Expenses

Total Unscheduled Fees & Expenses
Total Interest Due Trust

Less Fees & Expenses Paid By/To Trust
Trustee Fee
Fee Strips
Misc. Fees
Interest Reserve Withholding

Plus Interest Reserve Deposit
Total

Total Interest Due Certs

Principal Summary

Scheduled Principal:

Current
Advanced

Total Scheduled

Unscheduled Principal:

Curtailments

Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds

Other Principal Proceeds
Total Unscheduled

Remittance Principal

Remittance P&I Due Trust

Remittance P&I Due Certs

Pool Balance Summary

Beginning Pool
Scheduled Principal
Unscheduled Principal
Deferred Interest
Liquidations
Repurchases

Ending Pool

Balance

Count

Principal

Interest

Prior Outstanding
Plus Current Period
Less Recovered

Ending Outstanding

Servicing Fee Summary

Current Servicing Fees
Plus Fees Advanced for PPIS
Less Reduction for PPIS
Plus Delinquent Servicing Fees

Total Servicing Fees

PPIS Summary

Gross PPIS
Reduced by PPIE
Reduced by Shortfalls in Fees
Reduced by Other Amounts

PPIS Reducing Scheduled
Interest

PPIS Reducing Servicing Fee
PPIS Due Certificate

0.00

0.00
0.00

0.00

1,568,252.93

)

(2,793.74

0.00
0.00
0.00

)

(2,793.74

284,069.44

74,950.56

359,020.00

245,636.35

7,456,473.85

10,419.12

0.00
0.00

7,712,529.32
8,071,549.32

9,639,802.25

9,637,008.51

223,499,289.14

3,219

359,020.00

7,702,110.20

0.00

29,286.49

0.00

215,408,872.45

3,142

73,789.32

349,851.70

74,950.56

366,810.02

99,594.04

494,621.60

72,732.15

0.00

)

(13,408.64

20,392.55

79,716.06

13,408.64

0.00
0.00
0.00

13,408.64
13,408.64

0.00

Advance Summary (Advance Made by Servicer)

)

(59,323.50

1,565,459.19

Interest Not Advanced (

Current Period

)

0.00

366,810.02

Workout Fees
Liquidation Fees

0.00
0.00

Less Non Recovered

)

(222,040.12

)

(49,145.84

0.00

Current

0.00

Cumulative

0.00

% of Cutoff Balance

0.00

Realized Loss

Distribution

Cumulative

148,739.88

588,083.73

736,823.61

245,450.98

11,952,455.34

10,419.12

0.00
0.00

12,945,149.05

12,208,325.44

Page 5 of 15

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-1

ABN AMRO Acct: 721757.2

Statement Date:

Cash Reconciliation Summary Fixed Rate Mortgage Loans

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

655,502.90

0.00

)

(7,971.84

Less ASER Interest Adv Reduction

0.00

Less Other Adjustment

0.00

Total

829,272.46

Unscheduled Interest:
Prepayment Penalties

0.00

Yield Maintenance Penalties

0.00

Other Interest Proceeds

0.00

Total

0.00

Less Fees & Expenses Paid By/To Servicer

Less Fee Paid To Servicer
Less Fee Strips Paid by Servicer

Special Servicing Fees

Interest Due Serv on Advances

Recoup of Prior Advances

Misc. Fees & Expenses

Total Unscheduled Fees & Expenses
Total Interest Due Trust

Less Fees & Expenses Paid By/To Trust
Trustee Fee
Fee Strips
Misc. Fees
Interest Reserve Withholding

Plus Interest Reserve Deposit
Total

Total Interest Due Certs

Principal Summary

Scheduled Principal:

Current
Advanced

Total Scheduled

Unscheduled Principal:

Curtailments

Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds

Other Principal Proceeds
Total Unscheduled

Remittance Principal

Remittance P&I Due Trust

Remittance P&I Due Certs

Pool Balance Summary

Beginning Pool
Scheduled Principal
Unscheduled Principal
Deferred Interest
Liquidations
Repurchases

Ending Pool

Balance

Count

Principal

Interest

Prior Outstanding
Plus Current Period
Less Recovered

Ending Outstanding

Servicing Fee Summary

Current Servicing Fees
Plus Fees Advanced for PPIS
Less Reduction for PPIS
Plus Delinquent Servicing Fees

Total Servicing Fees

PPIS Summary

Gross PPIS
Reduced by PPIE
Reduced by Shortfalls in Fees
Reduced by Other Amounts

PPIS Reducing Scheduled
Interest

PPIS Reducing Servicing Fee
PPIS Due Certificate

0.00

0.00
0.00

0.00

802,089.62

)

(1,337.37

0.00
0.00
0.00

)

(1,337.37

190,408.16

50,066.44

240,474.60

29,962.80

3,129,957.35

10,419.12

0.00
0.00

3,170,339.27
3,410,813.87

4,212,903.49

4,211,566.13

106,989,477.88

2,022

240,474.60

3,159,920.15

0.00

29,286.49

0.00

103,559,796.64

1,974

48,085.88

170,807.70

50,066.44

181,741.40

66,392.59

242,450.49

35,154.68

0.00

)

(7,971.84

9,424.27

36,607.11

7,971.84

0.00
0.00
0.00

7,971.84
7,971.84

0.00

Advance Summary (Advance Made by Servicer)

)

(27,182.84

800,752.26

Interest Not Advanced (

Current Period

)

0.00

181,741.40

Workout Fees
Liquidation Fees

0.00
0.00

Less Non Recovered

)

(110,098.61

)

(31,759.73

0.00

Current

0.00

Cumulative

0.00

% of Cutoff Balance

0.00

Realized Loss

Distribution

Cumulative

98,152.32

391,927.20

490,079.52

28,309.04

4,871,772.44

10,419.12

0.00
0.00

5,400,580.12

4,910,500.60

Page 6 of 15

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-1

ABN AMRO Acct: 721757.2

Statement Date:

Cash Reconciliation Summary Adjustable Rate Mortgage Loans

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

618,672.16

0.00

)

(5,436.81

Less ASER Interest Adv Reduction

0.00

Less Other Adjustment

0.00

Total

798,303.98

Unscheduled Interest:
Prepayment Penalties

0.00

Yield Maintenance Penalties

0.00

Other Interest Proceeds

0.00

Total

0.00

Less Fees & Expenses Paid By/To Servicer

Less Fee Paid To Servicer
Less Fee Strips Paid by Servicer

Special Servicing Fees

Interest Due Serv on Advances

Recoup of Prior Advances

Misc. Fees & Expenses

Total Unscheduled Fees & Expenses
Total Interest Due Trust

Less Fees & Expenses Paid By/To Trust
Trustee Fee
Fee Strips
Misc. Fees
Interest Reserve Withholding

Plus Interest Reserve Deposit
Total

Total Interest Due Certs

Principal Summary

Scheduled Principal:

Current
Advanced

Total Scheduled

Unscheduled Principal:

Curtailments

Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds

Other Principal Proceeds
Total Unscheduled

Remittance Principal

Remittance P&I Due Trust

Remittance P&I Due Certs

Pool Balance Summary

Beginning Pool
Scheduled Principal
Unscheduled Principal
Deferred Interest
Liquidations
Repurchases

Ending Pool

Balance

Count

Principal

Interest

Prior Outstanding
Plus Current Period
Less Recovered

Ending Outstanding

Servicing Fee Summary

Current Servicing Fees
Plus Fees Advanced for PPIS
Less Reduction for PPIS
Plus Delinquent Servicing Fees

Total Servicing Fees

PPIS Summary

Gross PPIS
Reduced by PPIE
Reduced by Shortfalls in Fees
Reduced by Other Amounts

PPIS Reducing Scheduled
Interest

PPIS Reducing Servicing Fee
PPIS Due Certificate

0.00

0.00
0.00

0.00

766,163.31

)

(1,456.37

0.00
0.00
0.00

)

(1,456.37

93,661.28

24,884.12

118,545.40

215,673.55

4,326,516.50

0.00
0.00
0.00

4,542,190.05
4,660,735.45

5,426,898.76

5,425,442.38

116,509,811.26

1,197

118,545.40

4,542,190.05

0.00
0.00

0.00

111,849,075.81

1,168

25,703.44

179,044.00

24,884.12

185,068.62

33,201.45

252,171.11

37,577.47

0.00

)

(5,436.81

10,968.28

43,108.95

5,436.81

0.00
0.00
0.00

5,436.81
5,436.81

0.00

Advance Summary (Advance Made by Servicer)

)

(32,140.67

764,706.93

Interest Not Advanced (

Current Period

)

0.00

185,068.62

Workout Fees
Liquidation Fees

0.00
0.00

Less Non Recovered

)

(111,941.50

)

(17,386.11

0.00

Current

0.00

Cumulative

0.00

% of Cutoff Balance

0.00

Realized Loss

Distribution

Cumulative

50,587.56

196,156.53

246,744.09

217,141.94

7,080,682.90

0.00
0.00
0.00

7,544,568.93

7,297,824.84

Page 7 of 15

Bear Stearns Asset Backed Securities Trust

Class

Accrued

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-1

ABN AMRO Acct: 721757.2

Bond Interest Reconciliation

Interest

Losses

Current

Cumulative

Accrual

Interest

Payment

Amount

Interest

Certificate

Forward

Int. Carry-

Certificate

Method Days

Statement Date:

Distributable

Applied Realized

Remaining

Int. Carry-

forward

PTR

Sched

Prin

Unsched

Prin

Extra

Prin

Capping

Subsequent

Recovery

Liquidation

Proceeds

Principal Allocation

Allocation

of Excess

Remaining

Carry

Forward

Total

Carry

Forward

Basis Risk

Total

0.00

A-1

158,113.05

Act/360

0.00

359,020.00 8,903,371.62

0.00

A-2

40,143.11

Act/360

0.00

A-IO

95,154.17

30/360

0.00

M-1

24,950.67

Act/360

0.00

M-2

25,112.39

Act/360

0.00

M-3

12,876.40

Act/360

0.00

B-1

8,764.53

Act/360

0.00

B-2

9,502.58

Act/360

0.00

B-IO

0.00

374,616.90

0.00

359,020.00 8,903,371.62

0.00

Page 8 of 15

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-1

ABN AMRO Acct: 721757.2

Interest Adjustments Summary

Statement Date:

0.00

Special Servicing Fees

Workout Fees

Liquidation Fees

Legal Fees

0.00

Misc. Fees & Expenses Paid by/to Servicer

Interest Paid to Servicer on Outstanding Advances

0.00

ASER Interest Advance Reduction

Interest Not Advanced (Current Period)

Recoup of Prior Advances by Servicer

0.00

Servicing Fees Paid Servicer on Loans Not Advanced

Misc. Fees & Expenses Paid by Trust

0.00

Shortfall Due to Rate Modification

Total Shortfall Allocated to the Bonds

Total Interest Adjustment to the Bonds

0.00

Shortfall Allocated to the Bonds:

Excess Allocated to the Bonds:

Other Interest Proceeds Due the Bonds

Yield Maintenance Penalties Due the Bonds

Prepayment Penalties Due the Bonds

Recovered ASER Interest Due the Bonds

Recovered Interest Due the Bonds

Less Total Shortfall Allocated to the Bonds

Total Excess Allocated to the Bonds

0.00

0.00

Total Excess Allocated to the Bonds

0.00

0.00

Aggregate Interest Adjustment Allocated to the Bonds

0.00

Prepayment Interest Excess Due the Bonds

0.00

ARD Excess Interest

0.00

Other Interest Loss

0.00

Net Prepayment Int. Shortfalls Allocated to the Bonds

Page 9 of 15

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-1

ABN AMRO Acct: 721757.2

Other Related Information

Statement Date:

Excess Cashflow:

Excess Yield Maintenance:

0.00

Trigger Event:

0.00

3 month Rolling Delinquency Rate:

8.83

Page 10 of 15

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-1

ABN AMRO Acct: 721757.2

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part I

Distribution

Date

REO

Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

Balance

Delinquency Aging Categories

5.47%

5.03%

1.65%

1.99%

0.54%

856,653

0.40%

0.29%

0.58%

0.00%

25-May-04

172

10,843,591

4,292,731

1,241,650

2,892

198,174,248

92.04%

92.00%

5.37%

5.76%

1.65%

1.57%

0.06%

449,481

0.20%

0.03%

0.02%

0.00%

26-Apr-04

173

12,863,795

3,503,681

47,274

2,990

206,635,058

92.89%

92.45%

Page 11 of 15

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-1

ABN AMRO Acct: 721757.2

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance # Balance

# Balance

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance # Balance

# Balance

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance

# Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II

25-May-04

2,003,360

831,357

1,117,864

418,175

0.00%

0.25%

0.52%

1.02%

0.93% 0.48%

0.39% 0.22%

0.19%

0.03%

0.06%

7.00%

5.46%

123,786

220 11,751,432

0.00%

26-Apr-04

2,158,133

715,013

47,274

0.00%

0.03%

0.02%

0.96%

0.97% 0.43%

0.32% 0.00%

0.00%

6.99%

5.25%

225 11,742,929

0.00%

Page 12 of 15

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

Distribution

Date

Ending Pool (1)

Payoffs(2)

Penalties

Appraisal Reduct. (2)

Liquidations (2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Amort

ABN AMRO Acct: 721757.2

Series 2004-1

25-May-04

3,142

96.29%

215,408,872

94.32%

2.36%

3.34%

0.00%

0.03%

29,286

0.01%

0.00%

)

(18,867

-0.01%

274

285

8.92%

8.41%

7,456,474

26-Apr-04

3,219

98.65%

223,499,289

97.87%

1.35%

1.97%

0.00%

275

286

8.93%

8.42%

4,495,981

(1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period.

Page 13 of 15

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-1

ABN AMRO Acct: 721757.2

Realized Loss Detail

Period

Disclosure

Control #

Appraisal

Date

Appraisal

Value

Beginning
Scheduled

Balance

Gross

Proceeds

Gross Proceeds

as a % of

Sched. Balance

Aggregate

Liquidation
Expenses *

Net

Liquidation

Proceeds

Net Proceeds

as a % of

Sched. Balance

Realized

Loss

Statement Date:

Current Total
Cumulative

Page 14 of 15

* Aggregate liquidation expenses also include outstanding P&I advances and unpaid servicing fees, unpaid trustee fees, etc..

Bear Stearns Asset Backed Securities Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-04
25-May-04

26-Apr-04

25-Jun-04

24-May-04

Asset-Backed Certificates

Series 2004-1

Historical Collateral Level REO Report

Property

Type

Statement Date:

State

Actual

Balance

Scheduled

Balance

Recent

Appraisal

Value

Appraisal

Reduction

Amount

Date

Liquidated

Liquidation

Proceeds

Liquidation

Expenses

Realized

Loss

Disclosure

Control #

REO

Date

City

Appraisal

Date

ABN AMRO Acct: 721757.2

Page 15 of 15

Exhibit Number Description

1.1 Underwriting Agreement among the Depositor, Bear, Stearns & Co. Inc. and Banc of America Securities LLC (each an “Underwriter” and together the “Underwriters”) dated as of April 6, 2004.

4.1 Pooling and Servicing Agreement, among the Depositor, EMC Mortgage Corporation, as Seller and Master Servicer and LaSalle Bank National Association, as Trustee, dated as of March 1, 2004.

99.1 Yield Maintenance Agreement between Bear Stearns Financial Products, Inc. ("BSFP") and the Trustee, dated as of April 8, 2004.

Filing Compare · BEAR STEARNS ASSET BACKED SEC INC SERIES 2004 1