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~~August 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~~Check 5the 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. ~~Other~~2. ~~Events~~below): [ ] ~~and~~Written ~~Regulation~~communications FDpursuant ~~Disclosure~~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))

~~This~~Section ~~current report on Form~~ 8-K ~~relates to the monthly distribution reported to the holders of Bear Stearns Asset Backed Securities Trust 2004~~-~~HE1,~~ ~~Asset~~Other ~~Backed Certificates, Series 2004-HE1, which was made on May 25, 2004.~~Events

Item 78. ~~Financial~~01. Other ~~Statements and Exhibits~~Events.

This current report on Form 8-K relates to the monthly distribution reported to the holders of Bear Stearns Asset Backed Securities Trust 2004-HE1, Asset Backed Certificates, Series 2004-HE1, which was made on August 25, 2004.

Section 9 - Financial Statements and Exhibits

Item 9.01 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~~August 25, 2004. ~~(Exhibit No. Description)~~

(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 Date: August 30, 2004

Bear Stearns Asset Backed Securities Trust Asset-Backed Certificates Series 2004-HE1 ABN AMRO Acct: 721675.1 Reporting Package Table of Contents Payment Date:Prior Payment:Next Payment:Record Date: 25-May-0425-May-04 26-Apr-04 25-Jun-04 24-May-04 Administrator:Megan Olson 312.904.6709megan.olson@abnamro.com Analyst:Elizabeth Kwon 714.238.6752 elizabeth.kwon@abnamro.com Statement Date: 135 S. LaSalle Street, Suite 1625Chicago, IL 60603USA Statements to CertificateholdersCash Recon Summary - BS003HE1Bond Interest Reconciliation BS003HE1Rating Information Asset-Backed Facts ~ 15 Month Status Summary Part I Asset-Backed Facts ~ 15 Month Status Summary Part IIAsset-Backed Facts ~ 15 Month Payoff/Loss Summary Realized Loss Detail Page 2-5Page 6-9Page 10Page 11 Page 12-15 Page 16-19Page 20-23 Page 24 Page(s) Information is available for this issue from the following sources Issue Id: Monthly Data FileName: BS004HE1 BS004HE1_200405_3.ZIP Closing Date: First Payment Date: Rated Final Payment: Date: 30-Jan-0425-Feb-04 27-Feb-34 Parties to The Transaction Underwriter: Bear Stearns & Co. Inc. Master Servicer: EMC Mortgage Corporation Rating Agency: Standard & Poor's Rating Services/Moody's Investors Service, Inc. 800.246.5761 LaSalle Factor Line LaSalle Web SiteServicer Web Site www.emcmortgagecorp.com www.etrustee.net Page 1 of 24 24-May-2004 - 09:53 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Class CUSIP Original Opening Principal Principal Negative Closing Interest Interest Pass-Through Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Next Rate(3) WAC:WAMM:Current Index:Next Index: Payment Date:Prior Payment:Next Payment:Record Date: 7.526976% 1.100000%1.100000% 25-May-0425-May-04 26-Apr-04 25-Jun-04 24-May-04 Bear Stearns Asset Backed Securities Trust Asset-Backed Certificates Series 2004-HE1 Face Value (1) Balance Payment Adj. or Loss Amortization Balance Payment (2) Adjustment Rate 340 REMIC II Statement Date: ABN AMRO Acct: 721675.1 862.674571198 66.715605158 0.000000000 795.958966041 0.903412047 1.300000000% 0.00 0.00 0.000000000 1.30000000% 0.000000000 07384YPS9 I-A-1 53,358,000.00 46,030,589.77 3,559,811.26 0.00 42,470,778.51 48,204.26 1000.000000000 0.000000000 0.000000000 1000.000000000 1.409722229 1.750000000% 0.00 0.00 0.000000000 1.75000000% 0.000000000 07384YPT7 I-A-2 42,697,000.00 42,697,000.00 0.00 0.00 42,697,000.00 60,190.91 912.587065622 23.023893596 0.000000000 889.563172026 1.043898201 1.420000000% 0.00 0.00 0.000000000 1.42000000% 0.000000000 07384YPU4 II-A-1 136,799,000.00 124,840,997.99 3,149,645.62 0.00 121,691,352.37 142,804.23 912.587066254 23.023893677 0.000000000 889.563172577 1.139466412 1.550000000% 0.00 0.00 0.000000000 1.55000000% 0.000000000 07384YPV2 II-A-2 15,199,000.00 13,870,410.82 349,940.16 0.00 13,520,470.66 17,318.75 946.946050489 45.200130340 0.000000000 901.745920149 1.083201074 1.420000000% 0.00 0.00 0.000000000 1.42000000% 0.000000000 07384YPW0 III-A 149,378,000.00 141,452,907.13 6,751,905.07 0.00 134,701,002.06 161,806.41 1000.000000000 0.000000000 0.000000000 1000.000000000 1.409722312 1.750000000% 0.00 0.00 0.000000000 1.75000000% 0.000000000 07384YPX8 M-1 33,851,000.00 33,851,000.00 0.00 0.00 33,851,000.00 47,720.51 1000.000000000 0.000000000 0.000000000 1000.000000000 1.933333333 2.400000000% 0.00 0.00 0.000000000 2.40000000% 0.000000000 07384YPY6 M-2 27,081,000.00 27,081,000.00 0.00 0.00 27,081,000.00 52,356.60 1000.000000000 0.000000000 0.000000000 1000.000000000 2.094443938 2.600000000% 0.00 0.00 0.000000000 2.60000000% 0.000000000 07384YPZ3 M-3 8,776,000.00 8,776,000.00 0.00 0.00 8,776,000.00 18,380.84 1000.000000000 0.000000000 0.000000000 1000.000000000 2.295833717 2.850000000% 0.00 0.00 0.000000000 2.85000000% 0.000000000 07384YQA7 M-4 6,519,000.00 6,519,000.00 0.00 0.00 6,519,000.00 14,966.54 1000.000000000 0.000000000 0.000000000 1000.000000000 2.497222222 3.100000000% 0.00 0.00 0.000000000 3.10000000% 0.000000000 07384YQB5 M-5 7,272,000.00 7,272,000.00 0.00 0.00 7,272,000.00 18,159.80 1000.000000000 0.000000000 0.000000000 1000.000000000 4.108332802 5.100000000% 0.00 0.00 0.000000000 5.10000000% 0.000000000 07384YQC3 M-6 6,268,000.00 6,268,000.00 0.00 0.00 6,268,000.00 25,751.03 1000.000000000 0.000000000 0.000000000 1000.000000000 150.671454634 0.00 0.00 0.000000000 N/A 0.000000000 07384YQD1 CE 14,292,725.09 14,292,725.09 0.00 0.00 14,292,725.09 2,153,505.68 1000.000000000 0.000000000 0.000000000 1000.000000000 2591412.700000000 0.00 259,141.27 2591412.700000000 N/A 0.000000000 N 07384YQE9 P 100.00 100.00 0.00 0.00 100.00 259,141.27 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.00 0.00 0.000000000 N/A 0.000000000 07384YQF6 R-I 0.00 0.00 0.00 0.00 0.00 0.00 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.00 0.00 0.000000000 N/A 0.000000000 07384YQG4 R-II 0.00 0.00 0.00 0.00 0.00 0.00 24-May-2004 - 09:53 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Page 2 of 24 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 Principal Negative Closing Interest Interest Pass-Through Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Next Rate(3) WAC:WAMM:Current Index:Next Index: Payment Date:Prior Payment:Next Payment:Record Date: 7.526976% 1.100000%1.100000% 25-May-0425-May-04 26-Apr-04 25-Jun-04 24-May-04 Bear Stearns Asset Backed Securities Trust Asset-Backed Certificates Series 2004-HE1 Face Value (1) Balance Payment Adj. or Loss Amortization Balance Payment (2) Adjustment Rate 340 REMIC II Statement Date: ABN AMRO Acct: 721675.1 Total P&I Payment 0.00 259,141.27 501,490,725.09 472,951,630.80 16,831,608.94 Total 459,140,328.69 13,811,302.11 0.00 3,020,306.83 24-May-2004 - 09:53 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Page 3 of 24 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 Principal Negative Closing Interest Interest Pass-Through Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Next Rate(3) WAC:WAMM:Current Index:Next Index: Payment Date:Prior Payment:Next Payment:Record Date: 7.526976% 1.100000%1.100000% 25-May-0425-May-04 26-Apr-04 25-Jun-04 24-May-04 Bear Stearns Asset Backed Securities Trust Asset-Backed Certificates Series 2004-HE1 Face Value (1) Balance Payment Adj. or Loss Amortization Balance Payment (2) Adjustment Rate 340 REMIC III Statement Date: ABN AMRO Acct: 721675.1 1000.000000000 0.000000000 0.000000000 1000.000000000 150.671454634 0.00 2,153,505.68 150.671454634 N/A 0.000000000 07384YQD1 CE 14,292,725.09 14,292,725.09 0.00 0.00 14,292,725.09 2,153,505.68 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.00 0.00 0.000000000 N/A 0.000000000 9ABSP747 R-III 0.00 0.00 0.00 0.00 0.00 0.00 Total P&I Payment 0.00 2,153,505.68 14,292,725.09 14,292,725.09 2,153,505.68 Total 14,292,725.09 0.00 0.00 2,153,505.68 24-May-2004 - 09:53 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Page 4 of 24 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 Principal Negative Closing Interest Interest Pass-Through Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Next Rate(3) WAC:WAMM:Current Index:Next Index: Payment Date:Prior Payment:Next Payment:Record Date: 7.526976% 1.100000%1.100000% 25-May-0425-May-04 26-Apr-04 25-Jun-04 24-May-04 Bear Stearns Asset Backed Securities Trust Asset-Backed Certificates Series 2004-HE1 Face Value (1) Balance Payment Adj. or Loss Amortization Balance Payment (2) Adjustment Rate 340 REMIC IV Statement Date: ABN AMRO Acct: 721675.1 1000.000000000 0.000000000 0.000000000 1000.000000000 2591412.700000000 0.00 259,141.27 2591412.700000000 N/A 0.000000000 07384YQE9 P 100.00 100.00 0.00 0.00 100.00 259,141.27 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.00 0.00 0.000000000 N/A 0.000000000 07384YQH2 RX 0.00 0.00 0.00 0.00 0.00 0.00 Total P&I Payment 0.00 259,141.27 100.00 100.00 259,141.27 Total 100.00 0.00 0.00 259,141.27 24-May-2004 - 09:53 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Page 5 of 24 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 Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 25-May-0425-May-04 26-Apr-04 25-Jun-04 24-May-04 Asset-Backed Certificates Series 2004-HE1 ABN AMRO Acct: 721675.1 Statement Date: Cash Reconciliation Summary Interest Summary Total Trustee Fees Available Interest 3,027,143.71 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 399,264.51 22,191.03 13,389,846.57 0.000.000.00 16,839,864.68 Pool Balance Summary Beginning PoolScheduled Principal Distribution Unscheduled PrincipalDistribution Deferred InterestLiquidationsRepurchasesEnding Pool Balance/Amount Count 472,951,630.80 399,264.51 13,412,037.60 0.000.000.00 459,140,328.69 3,136 74 00 3,062 190,758.86 Extra Principal Trigger Event No 0.00 13,811,302.11 Over Collateralization Amt 14,292,725.09 Less Extra Principal Remittance Interest 0.00 3,027,143.71 0.00 13,412,037.60 Less Mod Losses Interest Due Trust Total Trustee Fees ) (1,418.85 3,028,562.57 Total Fees 192,273.08 Insurance Premium Reimbursement Amt Class II-A Policy - InterestClass II-A Policy - PrincipalOther Total Reimbursement Amt Rolling 3-Month Delinquency % 0.44 0 6,836.89 1,418.85 LPMI Fees 95.36 0.000.000.00 0.00 Page 6 of 24 24-May-2004 - 09:53 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 25-May-0425-May-04 26-Apr-04 25-Jun-04 24-May-04 Asset-Backed Certificates Series 2004-HE1 ABN AMRO Acct: 721675.1 Statement Date: Cash Reconciliation Summary Fixed Loans Interest Summary Total Trustee Fees Available Interest 904,890.81 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 149,507.33 11,801.31 3,037,398.03 0.000.000.00 4,104,025.18 Pool Balance Summary Beginning PoolScheduled Principal Distribution Unscheduled PrincipalDistribution Deferred InterestLiquidationsRepurchasesEnding Pool Balance/Amount Count 142,567,029.69 149,507.33 3,049,199.34 0.000.000.00 139,368,323.02 1,260 14 00 1,246 58,960.42 Extra Principal Trigger Event No 0.00 3,198,706.67 Over Collateralization Amt 14,292,725.09 Less Extra Principal Remittance Interest 0.00 904,890.81 0.00 3,049,199.34 Less Mod Losses Interest Due Trust Total Trustee Fees ) (427.70 905,318.51 Total Fees 59,388.12 Insurance Premium Reimbursement Amt Class II-A Policy - InterestClass II-A Policy - PrincipalOther Total Reimbursement Amt Rolling 3-Month Delinquency % 0.44 0 0.00 427.70 LPMI Fees 0.00 0.000.000.00 0.00 Page 7 of 24 24-May-2004 - 09:53 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 25-May-0425-May-04 26-Apr-04 25-Jun-04 24-May-04 Asset-Backed Certificates Series 2004-HE1 ABN AMRO Acct: 721675.1 Statement Date: Cash Reconciliation Summary 228 ARM Loans Interest Summary Total Trustee Fees Available Interest 2,038,441.32 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 237,338.38 8,974.23 10,258,152.93 0.000.000.00 12,543,853.52 Pool Balance Summary Beginning PoolScheduled Principal Distribution Unscheduled PrincipalDistribution Deferred InterestLiquidationsRepurchasesEnding Pool Balance/Amount Count 315,552,447.13 237,338.38 10,267,127.16 0.000.000.00 305,047,981.59 1,795 59 00 1,736 125,618.38 Extra Principal Trigger Event No 0.00 10,504,465.54 Over Collateralization Amt 14,292,725.09 Less Extra Principal Remittance Interest 0.00 2,038,441.32 0.00 10,267,127.16 Less Mod Losses Interest Due Trust Total Trustee Fees ) (946.66 2,039,387.98 Total Fees 126,660.40 Insurance Premium Reimbursement Amt Class II-A Policy - InterestClass II-A Policy - PrincipalOther Total Reimbursement Amt Rolling 3-Month Delinquency % 0.44 0 0.00 946.66 LPMI Fees 95.36 0.000.000.00 0.00 Page 8 of 24 24-May-2004 - 09:53 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 25-May-0425-May-04 26-Apr-04 25-Jun-04 24-May-04 Asset-Backed Certificates Series 2004-HE1 ABN AMRO Acct: 721675.1 Statement Date: Cash Reconciliation Summary 327 ARM Loans Interest Summary Total Trustee Fees Available Interest 83,811.58 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 12,418.80 1,415.49 94,295.61 0.000.000.00 191,985.98 Pool Balance Summary Beginning PoolScheduled Principal Distribution Unscheduled PrincipalDistribution Deferred InterestLiquidationsRepurchasesEnding Pool Balance/Amount Count 14,832,153.98 12,418.8095,711.10 0.000.000.00 14,724,024.08 81 1 00 80 6,180.06 Extra Principal Trigger Event No 0.00 108,129.90 Over Collateralization Amt 14,292,725.09 Less Extra Principal Remittance Interest 0.00 83,811.58 0.00 95,711.10 Less Mod Losses Interest Due Trust Total Trustee Fees ) (44.50 83,856.08 Total Fees 6,224.56 Insurance Premium Reimbursement Amt Class II-A Policy - InterestClass II-A Policy - PrincipalOther Total Reimbursement Amt Rolling 3-Month Delinquency % 0.44 0 0.00 44.50 LPMI Fees 0.00 0.000.000.00 0.00 Page 9 of 24 24-May-2004 - 09:53 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Class Accrued Payment Date:Prior Payment:Next Payment:Record Date: 25-May-0425-May-04 26-Apr-04 25-Jun-04 24-May-04 Asset-Backed Certificates Series 2004-HE1 ABN AMRO Acct: 721675.1 Bond Interest Reconciliation Prior Other Additions Interest Losses Current Cumulative Accrual Risk Carry- forward Amt Interest Interest Payment Amount Interest Certificate Interest Losses Shortfall Int. Carry- Proceeds Risk Carry- Certificate Agreement Amt Deposited From YM Method Days Basis Remaining Statement Date: Distributable Prior Applied Realized Remaining Int. Carry- forward Amt Principal Principal Extra Prepayments Shortfalls Net Cap RateY/N 0.00 0.00 0.00 I-A-1 29 48,204.26 0.00 48,204.26 48,204.26 Act/360 0.00 0.00 0.00 0.00 3,460,281.47 N 0.00 0.00 0.00 0.00 0.00 I-A-2 29 60,190.91 0.00 60,190.91 60,190.91 Act/360 0.00 0.00 0.00 0.00 0.00 N 0.00 0.00 0.00 0.00 0.00 II-A-1 29 142,804.23 0.00 142,804.23 142,804.23 Act/360 0.00 0.00 0.00 0.00 3,008,957.39 N 0.00 0.00 0.00 0.00 0.00 II-A-2 29 17,318.75 0.00 17,318.75 17,318.75 Act/360 0.00 0.00 0.00 0.00 334,309.05 N 0.00 0.00 0.00 0.00 0.00 III-A 29 161,806.41 0.00 161,806.41 161,806.41 Act/360 0.00 0.00 0.00 0.00 6,608,489.69 N 0.00 0.00 0.00 0.00 0.00 M-1 29 47,720.51 0.00 47,720.51 47,720.51 Act/360 0.00 0.00 0.00 0.00 0.00 N 0.00 0.00 0.00 0.00 0.00 M-2 29 52,356.60 0.00 52,356.60 52,356.60 Act/360 0.00 0.00 0.00 0.00 0.00 N 0.00 0.00 0.00 0.00 0.00 M-3 29 18,380.84 0.00 18,380.84 18,380.84 Act/360 0.00 0.00 0.00 0.00 0.00 N 0.00 0.00 0.00 0.00 0.00 M-4 29 14,966.54 0.00 14,966.54 14,966.54 Act/360 0.00 0.00 0.00 0.00 0.00 N 0.00 0.00 0.00 0.00 0.00 M-5 29 18,159.80 0.00 18,159.80 18,159.80 Act/360 0.00 0.00 0.00 0.00 0.00 N 0.00 0.00 0.00 0.00 0.00 M-6 29 25,751.03 0.00 25,751.03 25,751.03 Act/360 0.00 0.00 0.00 0.00 0.00 N 0.00 0.00 0.00 0.00 0.00 P 30 0.00 0.00 259,141.27 259,141.27 0.00 0.00 0.00 0.00 0.00 N 0.00 0.00 0.00 0.00 0.00 CE 30 2,153,505.68 0.00 2,153,505.68 2,153,505.68 0.00 0.00 0.00 0.00 0.00 N 0.00 0.00 0.00 0.00 0.00 0.00 2,761,165.56 3,020,306.83 3,020,306.83 0.00 0.00 0.00 0.00 13,412,037.60 0.00 0.00 (2) Principal Prepayments include the Extra Principal Amount 24-May-2004 - 09:53 (P707-P722, P747-P748) (c) 2004 LaSalle BankN.A. Page 10 of 24 (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-0425-May-04 26-Apr-04 25-Jun-04 24-May-04 Asset-Backed Certificates Series 2004-HE1 ABN AMRO Acct: 721675.1 Rating Information Class CUSIP Fitch Moody's S&P Fitch Moody's S&P Original Ratings Rating Change/Change Date(1) Statement Date: R-I 07384YQF6 NR NR NR I-A-1 07384YPS9 NR Aaa AAA I-A-2 07384YPT7 NR Aaa AAA II-A-1 07384YPU4 NR Aaa AAA II-A-2 07384YPV2 NR Aaa AAA III-A 07384YPW0 NR Aaa AAA M-1 07384YPX8 NR Aa2 AA M-2 07384YPY6 NR A2 A M-3 07384YPZ3 NR A3 A- M-4 07384YQA7 NR Baa1 BBB+ M-5 07384YQB5 NR Baa2 BBB M-6 07384YQC3 NR Baa3 BBB- CE 07384YQD1 NR NR NR P 07384YQE9 NR NR NR R-II 07384YQG4 NR NR NR CE 07384YQD1 NR NR NR R-III 9ABSP747 NR NR NR P 07384YQE9 NR NR NR RX 07384YQH2 NR NR NR Page 11 of 24 24-May-2004 - 09:53 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. 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 havechanged during the 30 day window, or may not be being provided by the rating agency in an electronic format and therefore not being updated onthis 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-0425-May-04 26-Apr-04 25-Jun-04 24-May-04 Asset-Backed Certificates Series 2004-HE1 ABN AMRO Acct: 721675.1 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 # Balance # Balance # Balance # Balance Delinquency Aging Categories 1.44% 1.54% 0.49% 0.43% 2 0.07% 419,175 0.09% 0.16% 0.13% 0.00% 0.00% 25-May-04 44 7,068,704 15 1,985,482 5 593,207 0 0 2,996 449,073,762 97.84% 97.81% 1.08% 1.02% 0.41% 0.38% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 26-Apr-04 34 4,846,369 13 1,801,524 0 0 0 0 3,089 466,303,738 98.50% 98.59% 1.41% 1.24% 0.03% 0.08% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 25-Mar-04 45 6,015,084 1 363,144 0 0 0 0 3,143 477,717,335 98.56% 98.68% 0.06% 0.06% 0.03% 0.06% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 25-Feb-04 2 272,225 1 289,131 0 0 0 0 3,233 493,287,206 99.91% 99.89% Page 12 of 24 24-May-2004 - 09:53 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 25-May-0425-May-04 26-Apr-04 25-Jun-04 24-May-04 Asset-Backed Certificates Series 2004-HE1 ABN AMRO Acct: 721675.1 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 # Balance # Balance # Balance # Balance Delinquency Aging Categories Fixed Loans 1.36% 1.27% 0.64% 0.40% 1 0.08% 56,585 0.04% 0.08% 0.05% 0.00% 0.00% 25-May-04 17 1,775,765 8 557,514 1 64,804 0 0 1,219 136,913,655 97.83% 98.24% 1.15% 1.00% 0.52% 0.30% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 26-Apr-04 11 1,058,222 5 321,873 0 0 0 0 938 104,220,274 98.32% 98.69% 2.08% 1.59% 0.00% 0.00% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 25-Mar-04 20 1,700,996 0 0 0 0 0 0 942 105,510,141 97.92% 98.41% 0.00% 0.00% 0.08% 0.20% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 25-Feb-04 0 0 1 289,131 0 0 0 0 1,286 147,449,389 99.92% 99.80% Page 13 of 24 24-May-2004 - 09:53 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 25-May-0425-May-04 26-Apr-04 25-Jun-04 24-May-04 Asset-Backed Certificates Series 2004-HE1 ABN AMRO Acct: 721675.1 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 # Balance # Balance # Balance # Balance Delinquency Aging Categories 228 ARM Loans 1.56% 1.74% 0.40% 0.47% 1 0.06% 362,590 0.12% 0.23% 0.17% 0.00% 0.00% 25-May-04 27 5,292,939 7 1,427,967 4 528,403 0 0 1,697 297,436,083 97.75% 97.50% 0.77% 0.88% 0.22% 0.48% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 26-Apr-04 7 1,592,580 2 860,817 0 0 0 0 899 178,124,867 99.01% 98.64% 0.97% 1.11% 0.11% 0.20% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 25-Mar-04 9 2,057,619 1 363,144 0 0 0 0 916 182,581,964 98.92% 98.69% 0.11% 0.08% 0.00% 0.00% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 25-Feb-04 2 272,225 0 0 0 0 0 0 1,861 329,920,659 99.89% 99.92% Page 14 of 24 24-May-2004 - 09:53 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 25-May-0425-May-04 26-Apr-04 25-Jun-04 24-May-04 Asset-Backed Certificates Series 2004-HE1 ABN AMRO Acct: 721675.1 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 # Balance # Balance # Balance # Balance Delinquency Aging Categories 327 ARM Loans 0.00% 0.00% 0.00% 0.00% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 25-May-04 0 0 0 0 0 0 0 0 80 14,724,024 100.00% 100.00% 0.00% 0.00% 0.00% 0.00% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 26-Apr-04 0 0 0 0 0 0 0 0 7 3,111,854 100.00% 100.00% 0.00% 0.00% 0.00% 0.00% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 25-Mar-04 0 0 0 0 0 0 0 0 7 3,114,526 100.00% 100.00% 0.00% 0.00% 0.00% 0.00% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 25-Feb-04 0 0 0 0 0 0 0 0 86 15,917,158 100.00% 100.00% Page 15 of 24 24-May-2004 - 09:53 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 25-May-0425-May-04 26-Apr-04 25-Jun-04 24-May-04 Asset-Backed Certificates Series 2004-HE1 ABN AMRO Acct: 721675.1 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 # 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 0 0 0 0 0 1 64,586 5 593,207 0 0 0.00% 0.00% 0.00% 0.00% 0.16% 0.13% 0.00% 0.00% 0.03% 0.01% 0.00% 0.00% 0.00% 0.00% 0.26% 0.11% 0 0 8 496,307 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 26-Apr-04 0 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.19% 0.10% 0 0 6 452,665 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Mar-04 0 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Feb-04 0 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 Page 16 of 24 24-May-2004 - 09:53 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 25-May-0425-May-04 26-Apr-04 25-Jun-04 24-May-04 Asset-Backed Certificates Series 2004-HE1 ABN AMRO Acct: 721675.1 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 # Balance In Foreclosure and Delinquent In Bankruptcy and Delinquent In REO and Delinquent Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - Fixed Loans 25-May-04 0 0 0 0 0 0 1 64,586 1 64,804 0 0 0.00% 0.00% 0.00% 0.00% 0.08% 0.05% 0.00% 0.00% 0.08% 0.05% 0.00% 0.00% 0.00% 0.00% 0.40% 0.11% 0 0 5 154,659 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 26-Apr-04 0 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.10% 0.02% 0 0 1 23,252 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Mar-04 0 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Feb-04 0 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 Page 17 of 24 24-May-2004 - 09:53 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 25-May-0425-May-04 26-Apr-04 25-Jun-04 24-May-04 Asset-Backed Certificates Series 2004-HE1 ABN AMRO Acct: 721675.1 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 # Balance In Foreclosure and Delinquent In Bankruptcy and Delinquent In REO and Delinquent Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - 228 ARM Loans 25-May-04 0 0 0 0 0 0 0 0 4 528,403 0 0 0.00% 0.00% 0.00% 0.00% 0.23% 0.17% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.17% 0.11% 0 0 3 341,647 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 26-Apr-04 0 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.33% 0.20% 0 0 3 368,941 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Mar-04 0 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Feb-04 0 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 Page 18 of 24 24-May-2004 - 09:53 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 25-May-0425-May-04 26-Apr-04 25-Jun-04 24-May-04 Asset-Backed Certificates Series 2004-HE1 ABN AMRO Acct: 721675.1 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 # Balance In Foreclosure and Delinquent In Bankruptcy and Delinquent In REO and Delinquent Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - 327 ARM Loans 25-May-04 0 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 26-Apr-04 0 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Mar-04 0 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Feb-04 0 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 Page 19 of 24 24-May-2004 - 09:53 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 25-May-0425-May-04 26-Apr-04 25-Jun-04 24-May-04 Asset-Backed Certificates Series 2004-HE1 ABN AMRO Acct: 721675.1 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 # Balance # Amount Life Coupon Remit Statement Date: Ending Arrearage (1) Balance Insurance Substitution Liquidation Proceeds Proceeds Proceeds 25-May-04 3,062 92.62% 459,140,329 91.56% 2.36% 2.83% 0 0.00% 0 0.00% 340 7.53% 7.02% 74 13,389,847 0.00 0.00% 0.00 0.00 0.00 26-Apr-04 3,136 94.86% 472,951,631 94.31% 1.66% 2.21% 0 0.00% 0 0.00% 341 7.53% 7.02% 53 10,681,573 0.00 0.00% 0.00 0.00 0.00 25-Mar-04 3,189 96.46% 484,095,563 96.53% 1.45% 1.88% 0 0.00% 0 0.00% 342 7.52% 7.02% 47 9,286,564 0.00 0.00% 0.00 0.00 0.00 25-Feb-04 3,236 97.88% 493,848,561 98.48% 2.12% 1.44% 0 0.00% 0 0.00% 343 7.53% 7.03% 70 7,219,912 0.00 0.00% 0.00 0.00 0.00 (1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period. Page 20 of 24 24-May-2004 - 09:53 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 25-May-0425-May-04 26-Apr-04 25-Jun-04 24-May-04 Asset-Backed Certificates Series 2004-HE1 ABN AMRO Acct: 721675.1 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 # Balance # Amount Life Coupon Remit Statement Date: Ending Arrearage (1) Balance Insurance Substitution Liquidation Proceeds Proceeds Proceeds Fixed Loans 25-May-04 1,246 37.69% 139,368,323 27.79% 1.11% 2.13% 0 0.00% 0 0.00% 307 7.78% 7.28% 14 3,037,398 0.00 0.00% 0.00 0.00 0.00 26-Apr-04 954 28.86% 105,600,369 21.06% 0.83% 1.37% 0 0.00% 0 0.00% 301 7.82% 7.32% 8 1,471,189 0.00 0.00% 0.00 0.00 0.00 25-Mar-04 962 29.10% 107,211,137 21.38% 1.23% 2.09% 0 0.00% 0 0.00% 303 7.81% 7.30% 12 2,295,355 0.00 0.00% 0.00 0.00 0.00 25-Feb-04 1,287 38.93% 147,738,520 29.46% 1.61% 1.05% 0 0.00% 0 0.00% 311 7.78% 7.28% 21 1,570,372 0.00 0.00% 0.00 0.00 0.00 (1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period. Page 21 of 24 24-May-2004 - 09:53 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 25-May-0425-May-04 26-Apr-04 25-Jun-04 24-May-04 Asset-Backed Certificates Series 2004-HE1 ABN AMRO Acct: 721675.1 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 # Balance # Amount Life Coupon Remit Statement Date: Ending Arrearage (1) Balance Insurance Substitution Liquidation Proceeds Proceeds Proceeds 228 ARM Loans 25-May-04 1,736 52.51% 305,047,982 60.83% 3.29% 3.25% 0 0.00% 0 0.00% 354 7.43% 6.93% 59 10,258,153 0.00 0.00% 0.00 0.00 0.00 26-Apr-04 908 27.47% 180,578,264 36.01% 1.94% 2.31% 0 0.00% 0 0.00% 355 7.33% 6.82% 18 4,266,591 0.00 0.00% 0.00 0.00 0.00 25-Mar-04 926 28.01% 185,002,728 36.89% 1.80% 2.26% 0 0.00% 0 0.00% 356 7.33% 6.82% 17 4,286,344 0.00 0.00% 0.00 0.00 0.00 25-Feb-04 1,863 56.35% 330,192,884 65.84% 2.51% 1.64% 0 0.00% 0 0.00% 357 7.44% 6.93% 48 5,524,747 0.00 0.00% 0.00 0.00 0.00 (1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period. Page 22 of 24 24-May-2004 - 09:53 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 25-May-0425-May-04 26-Apr-04 25-Jun-04 24-May-04 Asset-Backed Certificates Series 2004-HE1 ABN AMRO Acct: 721675.1 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 # Balance # Amount Life Coupon Remit Statement Date: Ending Arrearage (1) Balance Insurance Substitution Liquidation Proceeds Proceeds Proceeds 327 ARM Loans 25-May-04 80 2.42% 14,724,024 2.94% 1.23% 0.64% 0 0.00% 0 0.00% 353 7.11% 6.61% 1 94,296 0.00 0.00% 0.00 0.00 0.00 26-Apr-04 7 0.21% 3,111,854 0.62% 0.00% 0.00% 0 0.00% 0 0.00% 355 6.98% 6.48% 0 0 0.00 0.00% 0.00 0.00 0.00 25-Mar-04 7 0.21% 3,114,526 0.62% 12.50% 9.82% 0 0.00% 0 0.00% 356 7.02% 6.52% 1 339,484 0.00 0.00% 0.00 0.00 0.00 25-Feb-04 86 2.60% 15,917,158 3.17% 1.15% 0.78% 0 0.00% 0 0.00% 356 7.13% 6.62% 1 124,792 0.00 0.00% 0.00 0.00 0.00 (1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period. Page 23 of 24 24-May-2004 - 09:53 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 25-May-0425-May-04 26-Apr-04 25-Jun-04 24-May-04 Asset-Backed Certificates Series 2004-HE1 ABN AMRO Acct: 721675.1 Realized Loss Detail Period Disclosure Control # Appraisal Date Appraisal Value BeginningScheduled Balance Gross Proceeds Gross Proceeds as a % of Sched. Balance Aggregate LiquidationExpenses * Net Liquidation Proceeds Net Proceeds as a % of Sched. Balance Realized Loss Statement Date: Current TotalCumulative 24-May-2004 - 09:53 (P707-P722, P747-P748) (c) 2004 LaSalle Bank N.A. Page 24 of 24 * Aggregate liquidation expenses also include outstanding P&I advances and unpaid servicing fees, unpaid trustee fees, etc..

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Reporting Package Table of Contents

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Administrator:

Megan Olson 312.904.6709
megan.olson@abnamro.com

Analyst:

Christine Paidosh 714.259.6207
christine.paidosh@abnamro.com

Statement Date:

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

Statements to Certificateholders
Cash Reconciliation Summary
Bond Interest Reconciliation
Rating Information

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

Asset-Backed Facts ~ 15 Month Loan Status Summary Part II
Asset-Backed Facts ~ 15 Month Loan Payoff/Loss Summary

Realized Loss Detail

Page 2-5
Page 6-9
Page 10
Page 11

Page 12-15

Page 16-19
Page 20-23

Page 24

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

BS004HE1

BS004HE1_200408_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

30-Jan-04
25-Feb-04

27-Feb-34

Parties to The Transaction

Underwriter: Bear Stearns & Co. Inc.

Master Servicer: EMC Mortgage Corporation

Rating Agency: Standard & Poor's/Moody's Investors Service, Inc.

800.246.5761

LaSalle Factor Line

LaSalle Web Site

Servicer Web Site

www.emcmortgagecorp.com

www.etrustee.net

Page 1 of 24

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:

7.521699%

1.450000%
1.615000%

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

336

REMIC II

Statement Date:

ABN AMRO Acct: 721675.1

679.400716106

54.341458076

0.000000000

625.059258031

0.934175944

1.815000000%

0.00

0.000000000

1.65000000%

0.000000000

07384YPS9

I-A-1

53,358,000.00

36,251,463.41

2,899,551.52

0.00

33,351,911.89

49,845.76

1000.000000000

0.000000000

1000.000000000

1.750000000

2.265000000%

0.00

0.000000000

2.10000000%

0.000000000

07384YPT7

I-A-2

42,697,000.00

0.00

42,697,000.00

74,719.75

803.935098795

33.849964108

0.000000000

770.085134687

1.185804282

1.935000000%

0.00

0.000000000

1.77000000%

0.000000000

07384YPU4

II-A-1

136,799,000.00

109,977,517.58

4,630,641.24

0.00

105,346,876.34

162,216.84

803.935099020

33.849964471

0.000000000

770.085134548

1.272897559

2.065000000%

0.00

0.000000000

1.90000000%

0.000000000

07384YPV2

II-A-2

15,199,000.00

12,219,009.57

514,485.61

0.00

11,704,523.96

19,346.77

820.521936028

34.880961052

0.000000000

785.640974976

1.210269852

1.935000000%

0.00

0.000000000

1.77000000%

0.000000000

07384YPW0

III-A

149,378,000.00

122,567,925.76

5,210,448.20

0.00

117,357,477.56

180,787.69

1000.000000000

0.000000000

1000.000000000

1.750000000

2.265000000%

0.00

0.000000000

2.10000000%

0.000000000

07384YPX8

M-1

33,851,000.00

0.00

33,851,000.00

59,239.25

1000.000000000

0.000000000

1000.000000000

2.291666851

2.915000000%

0.00

0.000000000

2.75000000%

0.000000000

07384YPY6

M-2

27,081,000.00

0.00

27,081,000.00

62,060.63

1000.000000000

0.000000000

1000.000000000

2.458332954

3.115000000%

0.00

0.000000000

2.95000000%

0.000000000

07384YPZ3

M-3

8,776,000.00

0.00

8,776,000.00

21,574.33

1000.000000000

0.000000000

1000.000000000

2.666666667

3.365000000%

0.00

0.000000000

3.20000000%

0.000000000

07384YQA7

M-4

6,519,000.00

0.00

6,519,000.00

17,384.00

1000.000000000

0.000000000

1000.000000000

2.875000000

3.615000000%

0.00

0.000000000

3.45000000%

0.000000000

07384YQB5

M-5

7,272,000.00

0.00

7,272,000.00

20,907.00

1000.000000000

0.000000000

1000.000000000

4.541667198

5.615000000%

0.00

0.000000000

5.45000000%

0.000000000

07384YQC3

M-6

6,268,000.00

0.00

6,268,000.00

28,467.17

1000.000000000

0.000000000

1000.000000000

125.870284265

0.00

0.000000000

N/A

0.000000000

07384YQD1

14,292,725.09

0.00

14,292,725.09

1,799,029.37

1000.000000000

0.000000000

1000.000000000

2031744.000000000

0.00

203,174.40

2031744.000000000

N/A

0.000000000

07384YQE9

100.00

0.00

100.00

203,174.40

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YQF6

R-I

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YQG4

R-II

0.00

Page 2 of 24

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:

7.521699%

1.450000%
1.615000%

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

336

REMIC II

Statement Date:

ABN AMRO Acct: 721675.1

Total P&I Payment

0.00

203,174.40

501,490,725.09

427,772,641.41

15,953,879.53

Total

414,517,514.84

13,255,126.57

0.00

2,698,752.96

Page 3 of 24

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:

7.521699%

1.450000%
1.615000%

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

336

REMIC III

Statement Date:

ABN AMRO Acct: 721675.1

1000.000000000

0.000000000

1000.000000000

125.870284265

0.00

1,799,029.37

125.870284265

N/A

0.000000000

07384YQD1

14,292,725.09

0.00

14,292,725.09

1,799,029.37

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSP747

R-III

0.00

Total P&I Payment

0.00

1,799,029.37

14,292,725.09

1,799,029.37

Total

14,292,725.09

0.00

1,799,029.37

Page 4 of 24

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:

7.521699%

1.450000%
1.615000%

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

336

REMIC IV

Statement Date:

ABN AMRO Acct: 721675.1

1000.000000000

0.000000000

1000.000000000

2031744.000000000

0.00

203,174.40

2031744.000000000

N/A

0.000000000

07384YQE9

100.00

0.00

100.00

203,174.40

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YQH2

0.00

Total P&I Payment

0.00

203,174.40

100.00

203,174.40

Total

100.00

0.00

203,174.40

Page 5 of 24

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Statement Date:

Cash Reconciliation Summary

Interest Summary

Total Trustee Fees

Available Interest

2,704,677.07

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

371,091.74

27,692.44

12,856,342.39

0.00
0.00
0.00

15,961,086.96

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution
Unscheduled Principal Distribution
Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

427,772,641.41

371,091.74

12,884,034.83

0.00
0.00
0.00

414,517,514.84

2,886

0
0

2,795

171,255.91

Extra Principal

Trigger Event

0.00

13,255,126.57

Over Collateralization Amt

14,292,725.09

Less Extra Principal

Remittance Interest

0.00

2,704,677.07

0.00

12,884,034.83

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(1,283.32

2,705,960.39

Total Fees

172,539.23

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.86

5,924.12

1,283.32

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 6 of 24

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Statement Date:

Cash Reconciliation Summary Fixed Loans

Interest Summary

Total Trustee Fees

Available Interest

842,856.08

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

143,389.81

13,467.42

3,641,494.29

0.00
0.00
0.00

4,641,605.90

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution
Unscheduled Principal Distribution
Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

132,766,661.85

143,389.81

3,654,961.71

0.00
0.00
0.00

128,968,310.33

1,198

0
0

1,166

53,872.75

Extra Principal

Trigger Event

0.00

3,798,351.52

Over Collateralization Amt

14,292,725.09

Less Extra Principal

Remittance Interest

0.00

842,856.08

0.00

3,654,961.71

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(398.30

843,254.38

Total Fees

54,271.05

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.86

0.00

398.30

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 7 of 24

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Statement Date:

Cash Reconciliation Summary 228 ARM Loans

Interest Summary

Total Trustee Fees

Available Interest

1,778,189.49

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

215,979.42

13,513.49

8,879,687.03

0.00
0.00
0.00

10,888,212.16

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution
Unscheduled Principal Distribution
Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

280,911,658.61

215,979.42

8,893,200.52

0.00
0.00
0.00

271,802,478.67

1,611

0
0

1,554

111,630.31

Extra Principal

Trigger Event

0.00

9,109,179.94

Over Collateralization Amt

14,292,725.09

Less Extra Principal

Remittance Interest

0.00

1,778,189.49

0.00

8,893,200.52

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(842.73

1,779,032.22

Total Fees

112,473.04

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.86

0.00

842.73

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 8 of 24

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Statement Date:

Cash Reconciliation Summary 327 ARM Loans

Interest Summary

Total Trustee Fees

Available Interest

83,921.16

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

11,722.51

711.53

335,161.07

0.00
0.00
0.00

431,558.55

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution
Unscheduled Principal Distribution
Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

14,094,320.95

11,722.51

335,872.60

0.00
0.00
0.00

13,746,725.84

0
0

5,752.85

Extra Principal

Trigger Event

0.00

347,595.11

Over Collateralization Amt

14,292,725.09

Less Extra Principal

Remittance Interest

0.00

83,921.16

0.00

335,872.60

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(42.28

83,963.44

Total Fees

5,795.13

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.86

0.00

42.28

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 9 of 24

Bear Stearns Asset Backed Securities Trust

Class

Accrued

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Bond Interest Reconciliation

Prior

Other

Additions

Interest

Losses

Current

Cumulative

Accrual

Risk Carry-

Fwd Amt

Interest

Payment

Amount

Interest

Certificate

Interest

Losses

Shortfall

Int. Carry-

Proceeds

Risk Carry-

Certificate

Agreement

Amt Deposited

From YM

Method Days

Basis

Remaining

Statement Date:

Distributable

Prior

Applied Realized

Remaining
Int. Carry-

forward Amt

Principal

Principal
Principal

Extra

Prepayments

Shortfalls

Net
Cap

Rate
Y/N

0.00

I-A-1

49,845.76

0.00

49,845.76

Act/360

0.00

2,805,255.12

0.00

I-A-2

74,719.75

0.00

74,719.75

Act/360

0.00

II-A-1

162,216.84

0.00

162,216.84

Act/360

0.00

4,501,313.43

0.00

II-A-2

19,346.77

0.00

19,346.77

Act/360

0.00

500,116.69

0.00

III-A

180,787.69

0.00

180,787.69

Act/360

0.00

5,077,349.59

0.00

M-1

59,239.25

0.00

59,239.25

Act/360

0.00

M-2

62,060.63

0.00

62,060.63

Act/360

0.00

M-3

21,574.33

0.00

21,574.33

Act/360

0.00

M-4

17,384.00

0.00

17,384.00

Act/360

0.00

M-5

20,907.00

0.00

20,907.00

Act/360

0.00

M-6

28,467.17

0.00

28,467.17

Act/360

0.00

203,174.40

0.00

1,799,029.37

0.00

1,799,029.37

0.00

2,495,578.56

2,698,752.96

0.00

12,884,034.83

0.00

(2) Principal Prepayments include the Extra Principal Amount

Page 10 of 24

(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-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Rating Information

Class

CUSIP

Fitch

Moody's

S&P

Fitch

Moody's

S&P

Original Ratings

Rating Change/Change Date(1)

Statement Date:

R-I

07384YQF6

I-A-1

07384YPS9

Aaa

AAA

I-A-2

07384YPT7

Aaa

AAA

II-A-1

07384YPU4

Aaa

AAA

II-A-2

07384YPV2

Aaa

AAA

III-A

07384YPW0

Aaa

AAA

M-1

07384YPX8

Aa2

M-2

07384YPY6

M-3

07384YPZ3

A-

M-4

07384YQA7

Baa1

BBB+

M-5

07384YQB5

Baa2

BBB

M-6

07384YQC3

Baa3

BBB-

R-II

07384YQG4

07384YQD1

R-III

9ABSP747

07384YQE9

07384YQH2

Page 11 of 24

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-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

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

2.50%

2.64%

0.86%

0.97%

0.43%

1,557,104

0.38%

0.72%

0.74%

0.00%

25-Aug-04

10,939,753

4,002,545

3,071,476

2,669

394,946,636

95.49%

95.28%

2.15%

2.43%

1.00%

0.99%

0.31%

561,949

0.13%

0.35%

0.37%

0.00%

26-Jul-04

10,379,150

4,235,217

1,583,606

2,776

411,012,720

96.19%

96.08%

2.11%

2.05%

0.57%

0.45%

0.23%

509,000

0.11%

0.23%

0.25%

0.00%

25-Jun-04

9,103,848

1,997,643

1,108,082

2,885

432,296,461

96.84%

97.14%

1.44%

1.54%

0.49%

0.43%

0.07%

419,175

0.09%

0.16%

0.13%

0.00%

25-May-04

7,068,704

1,985,482

593,207

2,997

449,073,762

97.85%

97.81%

1.08%

1.02%

0.41%

0.38%

0.00%

26-Apr-04

4,846,369

1,801,524

3,090

466,303,738

98.50%

98.59%

1.41%

1.24%

0.03%

0.08%

0.00%

25-Mar-04

6,015,084

363,144

3,143

477,717,335

98.56%

98.68%

0.06%

0.03%

0.06%

0.00%

25-Feb-04

272,225

289,131

3,233

493,287,206

99.91%

99.89%

Page 12 of 24

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

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

Fixed Loans

1.89%

2.07%

0.51%

0.36%

0.60%

363,658

0.28%

0.51%

0.31%

0.00%

25-Aug-04

2,672,357

468,312

401,552

1,125

125,062,431

96.48%

96.97%

1.42%

1.07%

0.42%

0.27%

0.67%

401,822

0.30%

0.25%

0.13%

0.00%

26-Jul-04

1,422,721

364,017

178,220

1,165

130,399,881

97.25%

98.22%

1.47%

1.07%

0.49%

0.36%

0.57%

509,000

0.37%

0.16%

0.08%

0.00%

25-Jun-04

1,458,962

492,833

109,639

1,189

133,799,005

97.30%

98.12%

1.36%

1.27%

0.64%

0.40%

0.08%

56,585

0.04%

0.08%

0.05%

0.00%

25-May-04

1,775,765

557,514

64,804

1,219

136,913,655

97.83%

98.24%

1.19%

1.13%

0.56%

0.29%

0.00%

26-Apr-04

1,606,135

411,930

1,238

140,548,965

98.25%

98.58%

1.89%

1.45%

0.00%

25-Mar-04

2,095,309

1,249

142,824,696

98.11%

98.55%

0.00%

0.08%

0.20%

0.00%

25-Feb-04

289,131

1,286

147,449,389

99.92%

99.80%

Page 13 of 24

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

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

228 ARM Loans

3.02%

3.01%

1.09%

1.26%

0.32%

1,193,446

0.44%

0.90%

0.98%

0.00%

25-Aug-04

8,171,946

3,430,011

2,669,924

1,471

256,337,152

94.66%

94.31%

2.73%

3.15%

1.43%

1.34%

0.06%

160,127

0.06%

0.43%

0.50%

0.00%

26-Jul-04

8,860,915

3,766,894

1,405,386

1,536

266,718,336

95.34%

94.95%

2.56%

2.52%

0.66%

0.51%

0.00%

0.30%

0.34%

0.00%

25-Jun-04

7,426,703

1,504,810

998,443

1,620

284,526,124

96.49%

96.63%

1.56%

1.74%

0.40%

0.47%

0.06%

362,590

0.12%

0.23%

0.17%

0.00%

25-May-04

5,292,939

1,427,967

528,403

1,697

297,436,083

97.75%

97.50%

1.00%

0.33%

0.44%

0.00%

26-Apr-04

3,144,535

1,389,594

1,771

311,018,318

98.66%

98.56%

1.15%

1.21%

0.05%

0.11%

0.00%

25-Mar-04

3,919,775

363,144

1,810

319,441,588

98.80%

98.68%

0.11%

0.08%

0.00%

25-Feb-04

272,225

1,861

329,920,659

99.89%

99.92%

Page 14 of 24

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

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

327 ARM Loans

1.33%

0.69%

1.33%

0.76%

0.00%

25-Aug-04

95,450

104,222

13,547,053

97.33%

98.55%

1.30%

0.68%

1.30%

0.74%

0.00%

26-Jul-04

95,513

104,305

13,894,503

97.40%

98.58%

2.56%

1.54%

0.00%

25-Jun-04

218,184

13,971,332

97.44%

98.46%

0.00%

25-May-04

14,724,024

100.00%

1.22%

0.65%

0.00%

26-Apr-04

95,699

14,736,455

98.78%

99.35%

0.00%

25-Mar-04

15,451,051

100.00%

0.00%

25-Feb-04

15,917,158

100.00%

Page 15 of 24

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days 90 + Days
# Balance # 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-Aug-04

380,103

116,252

3,071,476

714,550

0.00%

0.72%

0.74%

0.04%

0.09% 0.04%

0.03% 0.14%

0.17%

0.00%

0.43%

0.31%

1,268,414

0.00%

26-Jul-04

1,583,606

224,649

0.00%

0.35%

0.37%

0.00%

0.00% 0.00%

0.00% 0.07%

0.05%

0.00%

0.42%

0.30%

1,265,730

0.00%

25-Jun-04

160,242

1,108,082

64,554

0.00%

0.23%

0.25%

0.00%

0.00% 0.03%

0.04% 0.03%

0.01%

0.00%

0.44%

0.25%

1,099,042

0.00%

25-May-04

64,586

593,207

0.00%

0.16%

0.13%

0.00%

0.00% 0.03%

0.01% 0.00%

0.00%

0.26%

0.11%

496,307

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

25-Mar-04

0.00%

0.00% 0.00%

0.00%

25-Feb-04

0.00%

0.00% 0.00%

0.00%

Page 16 of 24

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days 90 + Days
# Balance # 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 - Fixed Loans

25-Aug-04

380,103

401,552

64,489

0.00%

0.51%

0.31%

0.09%

0.29% 0.00%

0.00% 0.09%

0.05%

0.00%

0.77%

0.43%

560,935

0.00%

26-Jul-04

178,220

64,522

0.00%

0.25%

0.13%

0.00%

0.00% 0.00%

0.00% 0.08%

0.05%

0.00%

0.67%

0.32%

420,165

0.00%

25-Jun-04

109,639

64,554

0.00%

0.16%

0.08%

0.00%

0.00% 0.00%

0.00% 0.08%

0.05%

0.00%

0.74%

0.33%

443,826

0.00%

25-May-04

64,586

64,804

0.00%

0.08%

0.05%

0.00%

0.00% 0.08%

0.05% 0.00%

0.00%

0.40%

0.11%

154,659

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

25-Mar-04

0.00%

0.00% 0.00%

0.00%

25-Feb-04

0.00%

0.00% 0.00%

0.00%

Page 17 of 24

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days 90 + Days
# Balance # 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 - 228 ARM Loans

25-Aug-04

116,252

2,669,924

650,061

0.00%

0.90%

0.98%

0.00%

0.00% 0.06%

0.04% 0.19%

0.24%

0.00%

0.19%

0.26%

707,479

0.00%

26-Jul-04

1,405,386

160,127

0.00%

0.43%

0.50%

0.00%

0.00% 0.00%

0.00% 0.06%

0.06%

0.00%

0.25%

0.30%

845,565

0.00%

25-Jun-04

160,242

998,443

0.00%

0.30%

0.34%

0.00%

0.00% 0.06%

0.05% 0.00%

0.00%

0.24%

0.22%

655,215

0.00%

25-May-04

528,403

0.00%

0.23%

0.17%

0.00%

0.00% 0.00%

0.00%

0.17%

0.11%

341,647

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

25-Mar-04

0.00%

0.00% 0.00%

0.00%

25-Feb-04

0.00%

0.00% 0.00%

0.00%

Page 18 of 24

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days 90 + Days
# Balance # 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 - 327 ARM Loans

25-Aug-04

0.00%

0.00% 0.00%

0.00%

26-Jul-04

0.00%

0.00% 0.00%

0.00%

25-Jun-04

0.00%

0.00% 0.00%

0.00%

25-May-04

0.00%

0.00% 0.00%

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

25-Mar-04

0.00%

0.00% 0.00%

0.00%

25-Feb-04

0.00%

0.00% 0.00%

0.00%

Page 19 of 24

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

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-Aug-04

2,795

84.54%

414,517,515

82.66%

3.15%

3.01%

0.00%

336

7.52%

7.02%

12,856,342

0.00

0.00%

0.00

26-Jul-04

2,886

87.30%

427,772,641

85.30%

3.12%

3.78%

0.00%

337

7.52%

7.02%

16,842,475

0.00

0.00%

0.00

25-Jun-04

2,979

90.11%

445,015,035

88.74%

2.74%

3.03%

0.00%

338

7.53%

7.02%

13,933,075

0.00

0.00%

0.00

25-May-04

3,063

92.65%

459,140,329

91.56%

2.36%

2.83%

0.00%

340

7.53%

7.02%

13,389,847

0.00

0.00%

0.00

26-Apr-04

3,137

94.89%

472,951,631

94.31%

1.63%

2.17%

0.00%

341

7.53%

7.02%

10,480,731

0.00

0.00%

0.00

25-Mar-04

3,189

96.46%

484,095,563

96.53%

1.45%

1.88%

0.00%

342

7.52%

7.02%

9,286,564

0.00

0.00%

0.00

25-Feb-04

3,236

97.88%

493,848,561

98.48%

2.12%

1.44%

0.00%

343

7.53%

7.03%

7,219,912

0.00

0.00%

0.00

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

Page 20 of 24

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

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

Fixed Loans

25-Aug-04

1,166

35.27%

128,968,310

25.72%

2.67%

2.74%

0.00%

303

7.78%

7.28%

3,641,494

0.00

0.00%

0.00

26-Jul-04

1,198

36.24%

132,766,662

26.47%

1.96%

2.53%

0.00%

304

7.79%

7.28%

3,446,979

0.00

0.00%

0.00

25-Jun-04

1,222

36.96%

136,369,439

27.19%

1.93%

2.05%

0.00%

306

7.79%

7.29%

2,856,901

0.00

0.00%

0.00

25-May-04

1,246

37.69%

139,368,323

27.79%

1.11%

2.13%

0.00%

307

7.78%

7.28%

3,037,398

0.00

0.00%

0.00

26-Apr-04

1,260

38.11%

142,567,030

28.43%

1.02%

1.49%

0.00%

308

7.78%

7.28%

2,166,517

0.00

0.00%

0.00

25-Mar-04

1,273

38.51%

144,920,005

28.90%

1.09%

1.78%

0.00%

310

7.77%

7.27%

2,633,658

0.00

0.00%

0.00

25-Feb-04

1,287

38.93%

147,738,520

29.46%

1.61%

1.05%

0.00%

311

7.78%

7.28%

1,570,372

0.00

0.00%

0.00

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

Page 21 of 24

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

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

228 ARM Loans

25-Aug-04

1,554

47.01%

271,802,479

54.20%

3.54%

3.16%

0.00%

351

7.42%

6.91%

8,879,687

0.00

0.00%

0.00

26-Jul-04

1,611

48.73%

280,911,659

56.02%

4.05%

4.52%

0.00%

352

7.42%

6.91%

13,313,708

0.00

0.00%

0.00

25-Jun-04

1,679

50.79%

294,456,080

58.72%

3.28%

3.39%

0.00%

353

7.43%

6.92%

10,353,382

0.00

0.00%

0.00

25-May-04

1,736

52.51%

305,047,982

60.83%

3.29%

3.25%

0.00%

354

7.43%

6.93%

10,258,153

0.00

0.00%

0.00

26-Apr-04

1,795

54.30%

315,552,447

62.92%

2.02%

2.44%

0.00%

355

7.43%

6.93%

7,909,441

0.00

0.00%

0.00

25-Mar-04

1,832

55.41%

323,724,507

64.55%

1.66%

1.88%

0.00%

356

7.43%

6.93%

6,200,291

0.00

0.00%

0.00

25-Feb-04

1,863

56.35%

330,192,884

65.84%

2.51%

1.64%

0.00%

357

7.44%

6.93%

5,524,747

0.00

0.00%

0.00

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

Page 22 of 24

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

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

327 ARM Loans

25-Aug-04

2.27%

13,746,726

2.74%

2.60%

2.38%

0.00%

350

7.16%

6.66%

335,161

0.00

0.00%

0.00

26-Jul-04

2.33%

14,094,321

2.81%

1.28%

0.58%

0.00%

351

7.15%

6.65%

81,787

0.00

0.00%

0.00

25-Jun-04

2.36%

14,189,516

2.83%

3.70%

4.91%

0.00%

352

7.12%

6.61%

722,793

0.00

0.00%

0.00

25-May-04

2.45%

14,724,024

2.94%

1.22%

0.64%

0.00%

353

7.11%

6.61%

94,296

0.00

0.00%

0.00

26-Apr-04

2.48%

14,832,154

2.96%

2.38%

2.62%

0.00%

354

7.13%

6.63%

404,773

0.00

0.00%

0.00

25-Mar-04

2.54%

15,451,051

3.08%

2.33%

2.84%

0.00%

355

7.13%

6.63%

452,615

0.00

0.00%

0.00

25-Feb-04

2.60%

15,917,158

3.17%

1.15%

0.78%

0.00%

356

7.13%

6.62%

124,792

0.00

0.00%

0.00

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

Page 23 of 24

Bear Stearns Asset Backed Securities Trust

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

25-Aug-04
25-Aug-04

26-Jul-04

27-Sep-04

24-Aug-04

Asset-Backed Certificates

Series 2004-HE1

ABN AMRO Acct: 721675.1

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:

Not Avail.

Current Total
Cumulative

Page 24 of 24

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

Filing Compare · ASSET-BACKED CERTIFICATES SERIES 2004-HE1