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) May 25, 2004

BEAR STEARNS ASSET BACKED SECURITIES INC.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation)

333-91334
(Commission
File Number)

13-3836437
(IRS Employer
Identification No.)

383 Madison Avenue, New York, New York
(Address of principal executive offices)

10179
(Zip Code)

Registrant's telephone number, including area code 212-272-2000

(Former name or former address, if changed since last report.)

Item 5. Other Events and Regulation FD Disclosure.

This current report on Form 8-K relates to the monthly distribution reported to the holders of Bear Stearns Asset Backed Securities Trust 2004-HE3, Asset-Backed Certificates, Series 2004-HE3, which was made on May 25, 2004.

Item 7. Financial Statements and Exhibits.

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.

LASALLE BANK NATIONAL ASSOCIATION IN ITS CAPACITY AS TRUSTEE UNDER THE POOLING AND SERVICING AGREEMENT ON BEHALF OF BEAR STEARNS ASSET BACKED SECURITIES, INC., REGISTRANT

Date: May 27, 2004

By: /s/ Russell Goldenberg
Russell Goldenberg
Group Senior Vice President

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE3

ABN AMRO Acct: 721746.1

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:
Megan Olson 312.904.6709
megan.olson@abnamro.com

Analyst:
James Macmillan 714.238.6717
james.macmillan@abnamro.com

Statement Date:

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

Statements to Certificateholders
Cash Recon Summary - BS003HE1
Shortfall Summary Report
Bond Recon Int EMC

Bond Recon Prin EMC

Rating Information
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

Page 2-5
Page 6-12
Page 13
Page 14

Page 15

Page 16
Page 17-23

Page 24-30
Page 31-37

Page 38

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

BS004HE3

BS004HE3_200405_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

30-Mar-04
26-Apr-04

25-Apr-34

Parties to The Transaction

Underwriter: Banc of America Securities LLC/Bear, Stearns & Co., Inc.

Master Servicer: EMC Mortgage Corporation

Rating Agency: Moody's Investors Service, Inc./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 38

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:
Current Index:

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

7.239476%

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-HE3

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

353

REMIC II

Statement Date:

ABN AMRO Acct: 721746.1

977.496321003

21.128591708

0.000000000

956.367729296

1.000033036

1.270000000%

0.00

0.000000000

1.27000000%

0.000000000

07384YRU2

I-A-1

241,555,000.00

236,119,123.82

5,103,716.97

0.00

231,015,406.85

241,562.98

1000.000000000

0.000000000

1000.000000000

1.611111142

1.550000000%

0.00

0.000000000

2.00000000%

0.000000000

07384YRV0

I-A-2

35,792,000.00

0.00

35,792,000.00

57,664.89

988.601576158

16.895379507

0.000000000

971.706196652

1.306052501

1.370000000%

0.00

0.000000000

1.64000000%

0.000000000

07384YRW8

II-A

114,741,000.00

113,433,133.45

1,938,592.74

0.00

111,494,540.71

149,857.77

1000.000000000

0.000000000

1000.000000000

1.550694566

1.650000000%

0.00

0.000000000

1.92500000%

0.000000000

07384YRX6

M-1

33,071,000.00

0.00

33,071,000.00

51,283.02

1000.000000000

0.000000000

1000.000000000

2.275694559

2.250000000%

0.00

0.000000000

2.82500000%

0.000000000

07384YRY4

M-2

27,809,000.00

0.00

27,809,000.00

63,284.79

1000.000000000

0.000000000

1000.000000000

2.577778390

2.500000000%

0.00

0.000000000

3.20000000%

0.000000000

07384YRZ1

M-3

7,265,000.00

0.00

7,265,000.00

18,727.56

1000.000000000

0.000000000

1000.000000000

2.940278159

2.800000000%

0.00

0.000000000

3.65000000%

0.000000000

07384YSA5

M-4

8,017,000.00

0.00

8,017,000.00

23,572.21

1000.000000000

0.000000000

1000.000000000

3.121527408

2.950000000%

0.00

0.000000000

3.87500000%

0.000000000

07384YSB3

M-5

7,516,000.00

0.00

7,516,000.00

23,461.40

1000.000000000

0.000000000

1000.000000000

5.115277162

4.600000000%

0.00

0.000000000

6.35000000%

0.000000000

07384YSC1

M-6

6,765,000.00

0.00

6,765,000.00

34,604.85

1000.000000000

0.000000000

1000.000000000

5.115278045

4.600000000%

0.00

0.000000000

6.35000000%

0.000000000

07384YSK3

M-7

11,023,578.68

0.00

11,023,578.68

56,388.67

1000.000000000

0.000000000

1000.000000000

273.329678049

0.00

2,054,362.26

273.329678049

N/A

0.000000000

7,516,060.00

0.00

7,516,060.00

2,054,362.26

1000.000000000

0.000000000

1000.000000000

846705.500000000

0.00

84,670.55

846705.500000000

N/A

0.000000000

100.00

0.00

100.00

84,670.55

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YSS6

R-2

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YSR8

R-1

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSQ233

R-3

0.00

Page 2 of 38

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:

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

7.239476%

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-HE3

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

353

REMIC II

Statement Date:

ABN AMRO Acct: 721746.1

Total P&I Payment

0.00

2,139,032.81

501,070,738.68

494,326,995.95

9,901,750.66

Total

487,284,686.24

7,042,309.71

0.00

2,859,440.95

Page 3 of 38

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:
Current Index:

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

7.239476%

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-HE3

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

353

REMIC III

Statement Date:

ABN AMRO Acct: 721746.1

1000.000000000

0.000000000

1000.000000000

273.329678049

0.00

2,054,362.26

273.329678049

N/A

0.000000000

07384YSQ0

7,516,060.00

0.00

7,516,060.00

2,054,362.26

Total P&I Payment

0.00

2,054,362.26

7,516,060.00

2,054,362.26

Total

7,516,060.00

0.00

2,054,362.26

Page 4 of 38

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:
Current Index:

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

7.239476%

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-HE3

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

353

REMIC IV

Statement Date:

ABN AMRO Acct: 721746.1

1000.000000000

0.000000000

1000.000000000

846705.500000000

0.00

84,670.55

846705.500000000

N/A

0.000000000

07384YSP2

100.00

0.00

100.00

84,670.55

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YST4

R-X

0.00

Total P&I Payment

0.00

84,670.55

100.00

84,670.55

Total

100.00

0.00

84,670.55

Page 5 of 38

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-HE3

ABN AMRO Acct: 721746.1

Statement Date:

Cash Reconciliation Summary

Interest Summary

Total Trustee Fees

Available Interest

2,859,440.94

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:
Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

412,206.18

35,130.48

6,594,973.05

0.00
0.00
0.00

9,903,233.64

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

494,326,895.95

412,206.18

6,630,103.53

0.00
0.00
0.00

487,284,586.24

2,850

0
0

2,816

205,969.54

Extra Principal

Trigger Event

0.00

7,042,309.71

Over Collateralization Amt

0.00

Less Extra Principal

Remittance Interest

0.00

2,859,440.94

0.00

6,630,103.53

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(1,482.98

2,860,923.93

Total Fees

207,452.52

Insurance Premium

Reimbursement Amt

Class II-A Policy - Interest
Class II-A Policy - Principal
Other

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.15

0.00

1,482.98

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 6 of 38

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-HE3

ABN AMRO Acct: 721746.1

Statement Date:

Cash Reconciliation Summary Group I Fixed 1st Lien Loans

Interest Summary

Total Trustee Fees

Available Interest

375,939.15

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:
Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

71,950.23

5,892.63

543,463.03

0.00
0.00
0.00

997,456.21

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

70,390,600.24

71,950.23

549,355.66

0.00
0.00
0.00

69,769,294.35

414

0
0

411

29,329.42

Extra Principal

Trigger Event

0.00

621,305.89

Over Collateralization Amt

0.00

Less Extra Principal

Remittance Interest

0.00

375,939.15

0.00

549,355.66

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(211.17

376,150.32

Total Fees

29,540.59

Insurance Premium

Reimbursement Amt

Class II-A Policy - Interest
Class II-A Policy - Principal
Other

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.15

0.00

211.17

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 7 of 38

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-HE3

ABN AMRO Acct: 721746.1

Statement Date:

Cash Reconciliation Summary Group I Fixed 2nd Lien Loans

Interest Summary

Total Trustee Fees

Available Interest

30,637.08

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:
Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

1,710.87

46.92

0.00
0.00
0.00
0.00

32,406.16

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

3,761,453.62

1,710.87

46.92

0.00
0.00
0.00

3,759,695.83

0
0

1,567.27

Extra Principal

Trigger Event

0.00

1,757.79

Over Collateralization Amt

0.00

Less Extra Principal

Remittance Interest

0.00

30,637.08

0.00

46.92

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(11.28

30,648.37

Total Fees

1,578.56

Insurance Premium

Reimbursement Amt

Class II-A Policy - Interest
Class II-A Policy - Principal
Other

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.15

0.00

11.28

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 8 of 38

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-HE3

ABN AMRO Acct: 721746.1

Statement Date:

Cash Reconciliation Summary Group I ARM Loans

Interest Summary

Total Trustee Fees

Available Interest

1,530,693.62

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:
Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

218,830.77

10,548.98

4,251,273.54

0.00
0.00
0.00

6,012,171.46

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

274,849,119.89

218,830.77

4,261,822.52

0.00
0.00
0.00

270,368,466.60

1,418

0
0

1,396

114,520.47

Extra Principal

Trigger Event

0.00

4,480,653.29

Over Collateralization Amt

0.00

Less Extra Principal

Remittance Interest

0.00

1,530,693.62

0.00

4,261,822.52

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(824.55

1,531,518.17

Total Fees

115,345.01

Insurance Premium

Reimbursement Amt

Class II-A Policy - Interest
Class II-A Policy - Principal
Other

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.15

0.00

824.55

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 9 of 38

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-HE3

ABN AMRO Acct: 721746.1

Statement Date:

Cash Reconciliation Summary Group II Fixed 1st Lien Loans

Interest Summary

Total Trustee Fees

Available Interest

176,322.48

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:
Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

33,898.02

10,786.21

535,886.76

0.00
0.00
0.00

756,990.23

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

32,251,133.70

33,898.02

546,672.97

0.00
0.00
0.00

31,670,562.71

205

0
0

202

13,437.97

Extra Principal

Trigger Event

0.00

580,570.99

Over Collateralization Amt

0.00

Less Extra Principal

Remittance Interest

0.00

176,322.48

0.00

546,672.97

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(96.75

176,419.24

Total Fees

13,534.73

Insurance Premium

Reimbursement Amt

Class II-A Policy - Interest
Class II-A Policy - Principal
Other

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.15

0.00

96.75

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 10 of 38

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-HE3

ABN AMRO Acct: 721746.1

Statement Date:

Cash Reconciliation Summary Group II Fixed 2nd Lien Loans

Interest Summary

Total Trustee Fees

Available Interest

35,048.65

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:
Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

1,820.80

0.00
0.00
0.00
0.00
0.00

36,881.94

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

4,163,756.38

1,820.80

0.00
0.00
0.00
0.00

4,161,935.58

110

0
0

110

1,734.90

Extra Principal

Trigger Event

0.00

1,820.80

Over Collateralization Amt

0.00

Less Extra Principal

Remittance Interest

0.00

35,048.65

0.00

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(12.49

35,061.14

Total Fees

1,747.39

Insurance Premium

Reimbursement Amt

Class II-A Policy - Interest
Class II-A Policy - Principal
Other

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.15

0.00

12.49

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 11 of 38

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-HE3

ABN AMRO Acct: 721746.1

Statement Date:

Cash Reconciliation Summary Group II ARM Loans

Interest Summary

Total Trustee Fees

Available Interest

626,129.41

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:
Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

83,995.49

7,855.74

1,264,349.72

0.00
0.00
0.00

1,982,657.09

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

108,910,832.12

83,995.49

1,272,205.46

0.00
0.00
0.00

107,554,631.17

651

0
0

645

45,379.51

Extra Principal

Trigger Event

0.00

1,356,200.95

Over Collateralization Amt

0.00

Less Extra Principal

Remittance Interest

0.00

626,129.41

0.00

1,272,205.46

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(326.73

626,456.14

Total Fees

45,706.25

Insurance Premium

Reimbursement Amt

Class II-A Policy - Interest
Class II-A Policy - Principal
Other

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.15

0.00

326.73

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 12 of 38

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-HE3

ABN AMRO Acct: 721746.1

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

84,670.55

84,670.55

Total Excess Allocated to the Bonds

84,670.55

0.00

Aggregate Interest Adjustment Allocated to the Bonds

0.00

84,670.55

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 13 of 38

Bear Stearns Asset Backed Securities Trust

Class

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-HE3

ABN AMRO Acct: 721746.1

Bond Interest Reconciliation

Additions

Accrual

Method Days

Statement Date:

Accrued

Certificate

Interest

Deposits
from YM

Agreement

Prior

Int Carry-Fwd

Shortfall

Prior

Shortfall

Reimbursement

Other

Interest

Proceeds

Other

Interest

Losses

Current

Int Carry-Fwd

Shortfall

Current Basis

Risk Carry-Fwd

Shortfall

Remaining

Int Carry-Fwd

Shortfall

Remaining Basis

Risk Carry-Fwd

Shortfall

Net Cap Rate

in Effect

Y/N

Distributable

Certificate

Interest

Payment

Amount

Deductions

Outstanding

0.00

2,054,362.26

30/360

0.00

2,054,362.26

0.00

I-A-1

241,562.98

Act/360

0.00

241,562.98

0.00

I-A-2

57,664.89

Act/360

0.00

57,664.89

0.00

II-A

149,857.77

Act/360

0.00

149,857.77

0.00

M-1

51,283.02

Act/360

0.00

51,283.02

0.00

M-2

63,284.79

Act/360

0.00

63,284.79

0.00

M-3

18,727.56

Act/360

0.00

18,727.56

0.00

M-4

23,572.21

Act/360

0.00

23,572.21

0.00

M-5

23,461.40

Act/360

0.00

23,461.40

0.00

M-6

34,604.85

Act/360

0.00

34,604.85

0.00

M-7

56,388.67

Act/360

0.00

56,388.67

0.00

84,670.55

30/360

0.00

84,670.55

0.00

R-2

0.00

30/360

0.00

2,139,032.81

0.00

720,408.14

2,859,440.95

0.00

(2) Interest Carry-Forward Shortfall is unpaid interest with interest thereon
(3) Basis Risk Carry-Forward Shortfall - difference between LIBOR plus margin and the Net Rate Cap.

Page 14 of 38

(1) Other Interest Proceeds are additional interest amounts specifically allocated to the bond(s) and used in determining the bonds Distributable Interest.

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-HE3

ABN AMRO Acct: 721746.1

Bond Principal Reconciliation

Credit Support

Original

Current(4)

ABN AMRO

LaSalle Bank

N.A.

Statement Date:

Beginning

Class Balance

Unscheduled

Principal

Payment

Extra

Principal

Payment Amt

Prior

Loss

Reimburs.

Rated

Final

Maturity

Class

Current

Losses

Original

Class Balance

Scheduled

Principal

Payment

Ending

Class Balance

Cumulative

Losses

Interest on

Losses

Additions

Losses

I-A-1

21.75%

22.37%

4/25/2034

231,015,406.85

0.00

236,119,123.82

241,555,000.00

292,491.87

4,811,225.10

0.00

I-A-2

21.75%

22.37%

4/25/2034

35,792,000.00

0.00

35,792,000.00

0.00

II-A

21.75%

22.37%

4/25/2034

111,494,540.71

0.00

113,433,133.45

114,741,000.00

119,714.31

1,818,878.43

0.00

M-1

15.15%

15.58%

4/25/2034

33,071,000.00

0.00

33,071,000.00

0.00

M-2

9.60%

9.87%

4/25/2034

27,809,000.00

0.00

27,809,000.00

0.00

M-3

8.15%

8.38%

4/25/2034

7,265,000.00

0.00

7,265,000.00

0.00

M-4

6.55%

6.74%

4/25/2034

8,017,000.00

0.00

8,017,000.00

0.00

M-5

5.05%

5.19%

4/25/2034

7,516,000.00

0.00

7,516,000.00

0.00

M-6

3.70%

3.80%

4/25/2034

6,765,000.00

0.00

6,765,000.00

0.00

M-7

1.50%

1.54%

4/25/2034

11,023,578.68

0.00

11,023,578.68

0.00

R-2

4/25/2034

0.00

4/25/2034

7,516,060.00

0.00

7,516,060.00

0.00

4/25/2034

100.00

0.00

100.00

0.00

494,326,995.95

0.00

4/25/2034

487,284,686.24

0.00

6,630,103.53

412,206.18

501,070,738.68

0.00

Page 15 of 38

(1) Extra Principal Amounts: the lessor of (i) the excess, if any, of the overcollateralization Target Amount over the Overcollateralization Amount.

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-HE3

ABN AMRO Acct: 721746.1

Rating Information

Class

CUSIP

Fitch

Moody's

S&P

Fitch

Moody's

S&P

Original Ratings

Rating Change/Change Date(1)

Statement Date:

R-1

07384YSR8

I-A-1

07384YRU2

Aaa

AAA

I-A-2

07384YRV0

Aaa

AAA

II-A

07384YRW8

Aaa

AAA

M-1

07384YRX6

Aa2

M-2

07384YRY4

M-3

07384YRZ1

A-

M-4

07384YSA5

Baa1

BBB+

M-5

07384YSB3

Baa2

BBB

M-6

07384YSC1

Baa3

BBB-

M-7

07384YSK3

R-2

07384YSS6

07384YSQ0

R-3

9ABSQ233

07384YSP2

R-X

07384YST4

Page 16 of 38

NR - Designates that the class was not rated by the rating agency.

(1) Changed ratings provided on this report are based on information provided by the applicable rating agency via electronic transmission. It shall be
understood that this transmission will generally have been provided to LaSalle within 30 days of the payment date listed on this statement. Because ratings may have
changed during the 30 day window, or may not be being provided by the rating agency in an electronic format and therefore not being updated on
this report, LaSalle recommends that investors obtain current rating information directly from the rating agency.

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-HE3

ABN AMRO Acct: 721746.1

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

0.60%

0.49%

0.04%

0.03%

0.00%

25-May-04

2,400,590

161,522

2,798

484,722,474

99.36%

99.47%

0.00%

26-Apr-04

2,850

494,326,896

100.00%

Page 17 of 38

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-HE3

ABN AMRO Acct: 721746.1

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

Group I Fixed 1st Lien Loans

0.24%

0.08%

0.00%

25-May-04

59,252

410

69,710,042

99.76%

99.92%

0.00%

26-Apr-04

414

70,390,600

100.00%

Page 18 of 38

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-HE3

ABN AMRO Acct: 721746.1

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

Group I Fixed 2nd Lien Loans

0.00%

25-May-04

3,759,696

100.00%

0.00%

26-Apr-04

3,761,454

100.00%

Page 19 of 38

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-HE3

ABN AMRO Acct: 721746.1

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

Group I ARM Loans

0.72%

0.54%

0.07%

0.06%

0.00%

25-May-04

1,447,286

161,522

1,385

268,759,659

99.21%

99.40%

0.00%

26-Apr-04

1,418

274,849,120

100.00%

Page 20 of 38

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-HE3

ABN AMRO Acct: 721746.1

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

Group II Fixed 1st Lien Loans

1.98%

1.65%

0.00%

25-May-04

523,976

198

31,146,587

98.02%

98.35%

0.00%

26-Apr-04

205

32,251,134

100.00%

Page 21 of 38

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-HE3

ABN AMRO Acct: 721746.1

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

Group II Fixed 2nd Lien Loans

0.00%

25-May-04

110

4,161,936

100.00%

0.00%

26-Apr-04

110

4,163,756

100.00%

Page 22 of 38

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-HE3

ABN AMRO Acct: 721746.1

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

Group II ARM Loans

0.31%

0.34%

0.00%

25-May-04

370,077

643

107,184,554

99.69%

99.66%

0.00%

26-Apr-04

651

108,910,832

100.00%

Page 23 of 38

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-HE3

ABN AMRO Acct: 721746.1

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

0.00%

0.00% 0.00%

0.00%

0.25%

0.20%

954,421

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

0.11%

0.07%

334,167

0.00%

Page 24 of 38

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-HE3

ABN AMRO Acct: 721746.1

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 - Group I Fixed 1st Lien Loans

25-May-04

0.00%

0.00% 0.00%

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

Page 25 of 38

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-HE3

ABN AMRO Acct: 721746.1

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 - Group I Fixed 2nd Lien Loans

25-May-04

0.00%

0.00% 0.00%

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

Page 26 of 38

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-HE3

ABN AMRO Acct: 721746.1

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 - Group I ARM Loans

25-May-04

0.00%

0.00% 0.00%

0.00%

0.36%

0.26%

692,585

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

0.21%

0.12%

334,167

0.00%

Page 27 of 38

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-HE3

ABN AMRO Acct: 721746.1

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 - Group II Fixed 1st Lien Loans

25-May-04

0.00%

0.00% 0.00%

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

Page 28 of 38

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-HE3

ABN AMRO Acct: 721746.1

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 - Group II Fixed 2nd Lien Loans

25-May-04

0.00%

0.00% 0.00%

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

Page 29 of 38

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-HE3

ABN AMRO Acct: 721746.1

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 - Group II ARM Loans

25-May-04

0.00%

0.00% 0.00%

0.00%

0.31%

0.24%

261,836

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

Page 30 of 38

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-HE3

ABN AMRO Acct: 721746.1

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

25-May-04

2,816

97.85%

487,284,586

97.25%

1.19%

1.33%

0.00%

353

7.24%

6.74%

6,594,973

0.00

26-Apr-04

2,850

99.03%

494,326,896

98.65%

0.97%

1.26%

0.00%

354

7.24%

6.74%

6,303,283

0.00

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

Page 31 of 38

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-HE3

ABN AMRO Acct: 721746.1

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Group I Fixed 1st Lien Loans

25-May-04

411

14.28%

69,769,294

13.92%

0.72%

0.77%

0.00%

343

6.91%

6.41%

543,463

0.00

26-Apr-04

414

14.38%

70,390,600

14.05%

0.72%

0.96%

0.00%

344

6.92%

6.41%

686,237

0.00

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

Page 32 of 38

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-HE3

ABN AMRO Acct: 721746.1

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Group I Fixed 2nd Lien Loans

25-May-04

1.81%

3,759,696

0.75%

0.00%

325

10.28%

9.78%

0.00

26-Apr-04

1.81%

3,761,454

0.75%

0.00%

326

10.28%

9.78%

0.00

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

Page 33 of 38

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-HE3

ABN AMRO Acct: 721746.1

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Group I ARM Loans

25-May-04

1,396

48.51%

270,368,467

53.96%

1.55%

0.00%

356

7.19%

6.68%

4,251,274

0.00

26-Apr-04

1,418

49.27%

274,849,120

54.85%

1.18%

1.59%

0.00%

357

7.19%

6.69%

4,437,085

0.00

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

Page 34 of 38

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-HE3

ABN AMRO Acct: 721746.1

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Group II Fixed 1st Lien Loans

25-May-04

202

7.02%

31,670,563

6.32%

1.46%

1.66%

0.00%

337

7.07%

6.56%

535,887

0.00

26-Apr-04

205

7.12%

32,251,134

6.44%

0.97%

0.51%

0.00%

339

7.07%

6.57%

166,142

0.00

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

Page 35 of 38

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-HE3

ABN AMRO Acct: 721746.1

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Group II Fixed 2nd Lien Loans

25-May-04

110

3.82%

4,161,936

0.83%

0.00%

353

10.60%

10.10%

0.00

26-Apr-04

110

3.82%

4,163,756

0.83%

0.90%

0.71%

0.00%

354

10.60%

10.10%

29,987

0.00

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

Page 36 of 38

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-HE3

ABN AMRO Acct: 721746.1

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

25-May-04

645

22.41%

107,554,631

21.46%

0.92%

1.16%

0.00%

357

7.40%

6.90%

1,264,350

0.00

26-Apr-04

651

22.62%

108,910,832

21.74%

0.76%

0.89%

0.00%

358

7.41%

6.90%

983,832

0.00

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

Page 37 of 38

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-HE3

ABN AMRO Acct: 721746.1

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 38 of 38

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

BEAR STEARNS ASSET-BACKED CERTIFICATES SERIES 2004-HE3 8-K