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) September 27, 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.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 8 - Other Events

Item 8.01. Other 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-HE2, Asset Backed Certificates, Series 2004-HE2 , which was made on September 27, 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 September 27, 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

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

Date: September 30, 2004

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

Reporting Package Table of Contents

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

27-Sep-04
27-Sep-04

25-Aug-04

25-Oct-04

24-Sep-04

Administrator:

Christopher Lewis 312.904.7992
christopher.lewis@abnamro.com

Analyst:

Dinsmore Sohn 714.259.6258
dinsmore.sohn@abnamro.com

Statement Date:

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

Statements to Certificateholders
Cash Reconciliation Summary
Bond Interest Reconciliation
Shortfall Summary Report

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 2-4
Page 5-8
Page 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:

BS004HE2

BS004HE2_200409_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

27-Feb-04
25-Mar-04

27-Mar-34

Parties to The Transaction

Underwriter: Bear Stearns & Co. Inc.

Master Servicer: EMC Mortgage Corporation

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

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:

7.628500%

1.615000%
1.840000%

27-Sep-04
27-Sep-04

25-Aug-04

25-Oct-04

24-Sep-04

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE2

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

342

REMIC II

Statement Date:

ABN AMRO Acct: 721710.1

697.665058773

97.492593907

0.000000000

600.172464867

1.147949739

2.020000000%

0.00

0.000000000

1.79500000%

0.000000000

07384YQV1

I-A-1

180,099,000.00

125,648,779.42

17,558,318.67

0.00

108,090,460.75

206,744.60

1000.000000000

0.000000000

1000.000000000

2.076249982

2.490000000%

0.00

0.000000000

2.26500000%

0.000000000

07384YQW9

I-A-2

142,314,000.00

0.00

142,314,000.00

295,479.44

752.864324301

68.907653993

0.000000000

683.956670308

1.314689283

2.130000000%

0.00

0.000000000

1.90500000%

0.000000000

07384YQX7

II-A

69,565,000.00

52,373,006.72

4,793,560.95

0.00

47,579,445.77

91,456.36

1000.000000000

0.000000000

1000.000000000

2.030416642

2.440000000%

0.00

0.000000000

2.21500000%

0.000000000

07384YQY5

M-1

33,386,000.00

0.00

33,386,000.00

67,787.49

1000.000000000

0.000000000

1000.000000000

2.580416713

3.040000000%

0.00

0.000000000

2.81500000%

0.000000000

07384YQZ2

M-2

26,709,000.00

0.00

26,709,000.00

68,920.35

1000.000000000

0.000000000

1000.000000000

2.763750000

3.240000000%

0.00

0.000000000

3.01500000%

0.000000000

07384YRA6

M-3

8,656,000.00

0.00

8,656,000.00

23,923.02

1000.000000000

0.000000000

1000.000000000

3.084583204

3.590000000%

0.00

0.000000000

3.36500000%

0.000000000

07384YRB4

M-4

6,430,000.00

0.00

6,430,000.00

19,833.87

1000.000000000

0.000000000

1000.000000000

3.222083101

3.740000000%

0.00

0.000000000

3.51500000%

0.000000000

07384YRC2

M-5

7,172,000.00

0.00

7,172,000.00

23,108.78

1000.000000000

0.000000000

1000.000000000

4.459582659

5.090000000%

0.00

0.000000000

4.86500000%

0.000000000

07384YRD0

M-6

6,182,000.00

0.00

6,182,000.00

27,569.14

1000.000000000

0.000000000

1000.000000000

123.487719463

0.00

54,242.63

3.847931715

N/A

0.000000000

07384YRE8

14,096,567.72

0.00

14,096,567.72

1,740,753.00

1000.000000000

0.000000000

1000.000000000

3438481.400000000

0.00

343,848.14

3438481.400000000

N/A

0.000000000

07384YRF5

100.00

0.00

100.00

343,848.14

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YRG3

R-1

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YRH1

R-2

0.00

Total P&I Payment

0.00

398,090.77

494,609,567.72

422,967,353.86

25,261,303.81

Total

400,615,474.24

22,351,879.62

0.00

2,909,424.19

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:

7.628500%

1.615000%
1.840000%

27-Sep-04
27-Sep-04

25-Aug-04

25-Oct-04

24-Sep-04

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE2

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

342

REMIC III

Statement Date:

ABN AMRO Acct: 721710.1

1000.000000000

0.000000000

1000.000000000

123.487719463

0.00

1,740,753.00

123.487719463

N/A

0.000000000

14,096,567.72

0.00

14,096,567.72

1,740,753.00

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSQ251

R-3

0.00

Total P&I Payment

0.00

1,740,753.00

14,096,567.72

1,740,753.00

Total

14,096,567.72

0.00

1,740,753.00

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:

7.628500%

1.615000%
1.840000%

27-Sep-04
27-Sep-04

25-Aug-04

25-Oct-04

24-Sep-04

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE2

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

342

REMIC IV

Statement Date:

ABN AMRO Acct: 721710.1

1000.000000000

0.000000000

1000.000000000

3438481.400000000

0.00

343,848.14

3438481.400000000

N/A

0.000000000

100.00

0.00

100.00

343,848.14

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YRJ7

R-X

0.00

Total P&I Payment

0.00

343,848.14

100.00

343,848.14

Total

100.00

0.00

343,848.14

Page 4 of 24

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

25-Aug-04

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

Statement Date:

Cash Reconciliation Summary

Interest Summary

Total Trustee Fees

Available Interest

2,909,424.19

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

350,015.08

27,512.46

21,974,352.08

0.00
0.00
0.00

25,262,572.72

Pool Balance Summary

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

Balance/Amount

Count

422,967,353.86

350,015.08

22,001,864.54

0.00
0.00
0.00

400,615,474.24

2,819

123

0
0

2,696

157,831.36

Extra Principal

Trigger Event

0.00

22,351,879.62

Over Collateralization Amt

14,096,567.72

Less Extra Principal

Remittance Interest

0.00

2,909,424.19

0.00

22,001,864.54

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(1,268.90

2,910,693.10

Total Fees

159,100.26

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.66

N/A

1,268.90

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 5 of 24

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

25-Aug-04

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

Statement Date:

Cash Reconciliation Summary Fixed Loans

Interest Summary

Total Trustee Fees

Available Interest

803,133.22

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

149,636.59

17,674.50

5,096,522.92

0.00
0.00
0.00

6,067,385.50

Pool Balance Summary

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

Balance/Amount

Count

139,420,050.04

149,636.59

5,114,197.42

0.00
0.00
0.00

134,156,216.03

1,043

0
0

1,008

54,131.48

Extra Principal

Trigger Event

0.00

5,263,834.01

Over Collateralization Amt

14,096,567.72

Less Extra Principal

Remittance Interest

0.00

803,133.22

0.00

5,114,197.42

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(418.26

803,551.49

Total Fees

54,549.74

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.66

N/A

418.26

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:

27-Sep-04
27-Sep-04

25-Aug-04

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

Statement Date:

Cash Reconciliation Summary 228 ARM Loans

Interest Summary

Total Trustee Fees

Available Interest

1,586,590.33

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

183,651.14

9,279.85

14,577,213.62

0.00
0.00
0.00

16,357,520.32

Pool Balance Summary

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

Balance/Amount

Count

261,794,740.94

183,651.14

14,586,493.47

0.00
0.00
0.00

247,024,596.33

1,651

0
0

1,573

96,401.92

Extra Principal

Trigger Event

0.00

14,770,144.61

Over Collateralization Amt

14,096,567.72

Less Extra Principal

Remittance Interest

0.00

1,586,590.33

0.00

14,586,493.47

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(785.38

1,587,375.71

Total Fees

97,187.30

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.66

N/A

785.38

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:

27-Sep-04
27-Sep-04

25-Aug-04

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

Statement Date:

Cash Reconciliation Summary 327 ARM Loans

Interest Summary

Total Trustee Fees

Available Interest

121,609.87

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

16,727.35

558.11

2,300,615.54

0.00
0.00
0.00

2,439,576.13

Pool Balance Summary

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

Balance/Amount

Count

21,752,562.88

16,727.35

2,301,173.65

0.00
0.00
0.00

19,434,661.88

125

0
0

115

7,297.96

Extra Principal

Trigger Event

0.00

2,317,901.00

Over Collateralization Amt

14,096,567.72

Less Extra Principal

Remittance Interest

0.00

121,609.87

0.00

2,301,173.65

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(65.26

121,675.13

Total Fees

7,363.21

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.66

N/A

65.26

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 8 of 24

Bear Stearns Asset Backed Securities Trust

Class

Accrued

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

27-Sep-04
27-Sep-04

25-Aug-04

25-Oct-04
24-Sep-04

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

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

206,744.60

0.00

206,744.60

Act/360

0.00

17,270,934.05

0.00

I-A-2

295,479.44

0.00

295,479.44

Act/360

0.00

II-A

91,456.36

0.00

91,456.36

Act/360

0.00

4,730,930.49

0.00

M-1

67,787.49

0.00

67,787.49

Act/360

0.00

M-2

68,920.35

0.00

68,920.35

Act/360

0.00

M-3

23,923.02

0.00

23,923.02

Act/360

0.00

M-4

19,833.87

0.00

19,833.87

Act/360

0.00

M-5

23,108.78

0.00

23,108.78

Act/360

0.00

M-6

27,569.14

0.00

27,569.14

Act/360

0.00

54,242.63

0.00

1,686,510.37

0.00

1,740,753.00

30/360

0.00

343,848.14

0.00

54,242.63

0.00

2,511,333.42

2,909,424.19

0.00

22,001,864.54

0.00

(2) Principal Prepayments include the Extra Principal Amount

Page 9 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:

27-Sep-04
27-Sep-04

25-Aug-04

25-Oct-04
24-Sep-04

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

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

398,090.77

398,090.77

Total Excess Allocated to the Bonds

398,090.77

0.00

Aggregate Interest Adjustment Allocated to the Bonds

0.00

343,848.14

0.00

Prepayment Interest Excess Due the Bonds

0.00

ARD Excess Interest

0.00

54,242.63

Net Prepayment Int. Shortfalls Allocated to the Bonds

Other Interest Loss

Page 10 of 24

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

25-Aug-04

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

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

07384YRG3

I-A-1

07384YQV1

Aaa

AAA

I-A-2

07384YQW9

Aaa

AAA

II-A

07384YQX7

Aaa

AAA

M-1

07384YQY5

Aa2

M-2

07384YQZ2

M-3

07384YRA6

A-

M-4

07384YRB4

Baa1

BBB+

M-5

07384YRC2

Baa2

BBB

M-6

07384YRD0

Baa3

BBB-

07384YRE8

07384YRF5

R-2

07384YRH1

R-3

9ABSQ251

R-X

07384YRJ7

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:

27-Sep-04
27-Sep-04

25-Aug-04

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

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

2.67%

2.25%

0.93%

0.81%

0.22%

662,104

0.17%

0.56%

0.51%

0.00%

27-Sep-04

9,026,283

3,258,661

2,057,780

2,578

385,610,647

95.62%

96.25%

2.02%

1.72%

0.85%

0.81%

0.35%

731,222

0.17%

0.46%

0.36%

0.00%

25-Aug-04

7,258,055

3,422,379

1,533,292

2,715

410,022,406

96.31%

96.94%

1.99%

1.76%

0.55%

0.47%

0.31%

901,850

0.20%

0.28%

0.22%

0.00%

26-Jul-04

7,741,725

2,082,057

953,016

2,818

428,310,029

96.87%

97.35%

1.70%

1.42%

0.43%

0.30%

0.17%

674,457

0.15%

0.20%

0.15%

0.00%

25-Jun-04

6,462,941

1,369,740

674,517

2,921

446,293,104

97.50%

97.98%

1.50%

1.29%

0.29%

0.25%

0.07%

215,652

0.05%

0.00%

25-May-04

6,070,248

1,182,486

3,010

461,568,447

98.14%

98.41%

0.96%

0.90%

0.03%

0.00%

26-Apr-04

4,304,851

125,709

3,089

474,032,496

99.01%

99.07%

0.09%

0.00%

25-Mar-04

433,251

3,174

490,568,357

99.91%

Page 12 of 24

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

25-Aug-04

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

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

2.18%

1.47%

0.69%

0.67%

0.30%

119,568

0.09%

0.20%

0.07%

0.00%

27-Sep-04

1,972,334

893,345

93,612

974

131,077,357

96.63%

97.71%

1.73%

1.29%

0.48%

0.26%

0.48%

228,300

0.16%

0.10%

0.02%

0.00%

25-Aug-04

1,799,028

359,608

23,985

1,014

137,009,129

97.22%

98.27%

1.22%

0.56%

0.28%

0.08%

0.19%

94,521

0.07%

0.19%

0.08%

0.00%

26-Jul-04

797,411

112,895

117,063

1,047

142,247,030

98.13%

99.22%

1.20%

0.68%

0.65%

0.33%

0.00%

0.09%

0.02%

0.00%

25-Jun-04

987,069

487,513

24,103

1,064

144,605,330

98.06%

98.97%

1.27%

0.84%

0.18%

0.12%

0.00%

25-May-04

1,252,595

180,188

1,090

147,945,709

98.55%

99.04%

0.80%

0.66%

0.00%

26-Apr-04

1,000,005

1,111

150,850,554

99.20%

99.34%

0.18%

0.09%

0.00%

25-Mar-04

131,492

1,132

154,444,488

99.82%

99.91%

Page 13 of 24

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

25-Aug-04

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

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

3.05%

2.75%

1.14%

0.96%

0.19%

542,536

0.22%

0.76%

0.00%

27-Sep-04

6,802,117

2,365,315

1,876,429

1,492

235,438,199

94.85%

95.31%

2.30%

2.05%

1.15%

1.17%

0.30%

502,922

0.19%

0.61%

0.50%

0.00%

25-Aug-04

5,363,237

3,062,771

1,313,990

1,579

251,551,821

95.64%

96.09%

2.57%

2.49%

0.70%

0.69%

0.41%

807,329

0.29%

0.27%

0.00%

26-Jul-04

6,819,553

1,881,306

728,370

1,646

264,083,773

96.03%

96.27%

2.08%

1.88%

0.28%

0.25%

0.28%

674,457

0.24%

0.22%

0.19%

0.00%

25-Jun-04

5,387,957

721,135

542,768

1,728

278,925,578

97.13%

97.44%

1.59%

1.45%

0.38%

0.34%

0.11%

215,652

0.07%

0.00%

25-May-04

4,285,373

1,002,298

1,786

289,943,335

97.92%

98.14%

1.13%

1.09%

0.05%

0.04%

0.00%

26-Apr-04

3,304,846

125,709

1,838

298,626,178

98.82%

98.86%

0.00%

25-Mar-04

1,899

310,532,686

100.00%

Page 14 of 24

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

25-Aug-04

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

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

1.74%

1.30%

0.00%

0.87%

0.45%

0.00%

27-Sep-04

251,832

87,739

112

19,095,091

97.39%

98.25%

0.80%

0.44%

0.00%

1.60%

0.90%

0.00%

25-Aug-04

95,790

195,316

122

21,461,456

97.60%

98.66%

0.78%

0.56%

0.78%

0.39%

0.00%

0.78%

0.48%

0.00%

26-Jul-04

124,761

87,857

107,582

125

21,979,226

97.66%

98.56%

0.76%

0.38%

0.76%

0.70%

0.00%

0.76%

0.47%

0.00%

25-Jun-04

87,915

161,092

107,646

129

22,762,196

97.73%

98.46%

2.19%

2.20%

0.00%

25-May-04

532,280

134

23,679,402

97.81%

97.80%

0.00%

26-Apr-04

140

24,555,764

100.00%

0.69%

1.17%

0.00%

25-Mar-04

301,759

143

25,591,184

99.31%

98.83%

Page 15 of 24

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

25-Aug-04

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

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

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Sep-04

373,553

194,493

2,057,780

0.00%

0.56%

0.51%

0.19%

0.09% 0.04%

0.05% 0.00%

0.00%

0.48%

0.40%

1,593,744

0.00%

25-Aug-04

19,289

1,533,292

109,964

0.00%

0.46%

0.36%

0.04%

0.00% 0.00%

0.00% 0.04%

0.03%

0.00%

0.46%

0.39%

1,632,596

0.00%

26-Jul-04

19,314

953,016

0.00%

0.28%

0.22%

0.03%

0.00% 0.00%

0.00%

0.38%

0.32%

1,427,406

0.00%

25-Jun-04

107,646

19,338

566,871

0.00%

0.03%

0.02%

0.17%

0.12%

0.03%

0.00% 0.00%

0.00%

0.30%

0.25%

1,149,373

0.00%

25-May-04

107,709

0.00%

0.03%

0.02% 0.00%

0.00% 0.00%

0.00%

0.23%

0.20%

924,108

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

0.06%

0.04%

182,014

0.00%

25-Mar-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:

27-Sep-04
27-Sep-04

25-Aug-04

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

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

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Sep-04

76,553

93,612

0.00%

0.20%

0.07%

0.30%

0.06% 0.00%

0.00% 0.00%

0.00%

0.20%

0.10%

130,770

0.00%

25-Aug-04

19,289

23,985

0.00%

0.10%

0.02%

0.10%

0.01% 0.00%

0.00% 0.00%

0.00%

0.38%

0.24%

328,176

0.00%

26-Jul-04

19,314

117,063

0.00%

0.19%

0.08%

0.09%

0.01% 0.00%

0.00% 0.00%

0.00%

0.37%

0.23%

328,646

0.00%

25-Jun-04

19,338

24,103

0.00%

0.09%

0.02%

0.09%

0.01% 0.00%

0.00% 0.00%

0.00%

0.28%

0.19%

277,324

0.00%

25-May-04

0.00%

0.00% 0.00%

0.00%

0.27%

0.19%

277,756

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

0.09%

0.02%

28,238

0.00%

25-Mar-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:

27-Sep-04
27-Sep-04

25-Aug-04

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

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

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Sep-04

297,000

194,493

1,876,429

0.00%

0.76%

0.13%

0.12% 0.06%

0.08% 0.00%

0.00%

0.70%

0.59%

1,462,974

0.00%

25-Aug-04

1,313,990

109,964

0.00%

0.61%

0.50%

0.00%

0.00% 0.00%

0.00% 0.06%

0.04%

0.00%

0.55%

0.50%

1,304,419

0.00%

26-Jul-04

728,370

0.00%

0.29%

0.27%

0.00%

0.00% 0.00%

0.00%

0.41%

0.40%

1,098,760

0.00%

25-Jun-04

542,768

0.00%

0.22%

0.19%

0.00%

0.00% 0.00%

0.00%

0.34%

0.30%

872,050

0.00%

25-May-04

0.00%

0.00% 0.00%

0.00%

0.22%

646,351

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

0.05%

153,775

0.00%

25-Mar-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:

27-Sep-04
27-Sep-04

25-Aug-04

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

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

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Sep-04

87,739

0.00%

0.87%

0.45%

0.00%

0.00% 0.00%

0.00%

25-Aug-04

195,316

0.00%

1.60%

0.90%

0.00%

0.00% 0.00%

0.00%

26-Jul-04

107,582

0.00%

0.78%

0.48%

0.00%

0.00% 0.00%

0.00%

25-Jun-04

107,646

0.00%

0.76%

0.47%

0.00%

0.00% 0.00%

0.00%

25-May-04

107,709

0.00%

0.73%

0.44% 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%

Page 19 of 24

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

25-Aug-04

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

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

27-Sep-04

2,696

84.30%

400,615,474

81.00%

4.36%

5.20%

0.00%

342

7.63%

7.12%

123

21,974,352

0.00

25-Aug-04

2,819

88.15%

422,967,354

85.52%

3.09%

3.78%

0.00%

343

7.63%

7.13%

16,634,211

0.00

26-Jul-04

2,909

90.96%

439,988,677

88.96%

2.87%

3.29%

0.03%

43,483

0.01%

344

7.64%

7.13%

15,003,514

0.00

25-Jun-04

2,996

93.68%

455,474,759

92.09%

2.31%

2.80%

0.00%

345

7.64%

7.13%

13,147,545

0.00

25-May-04

3,067

95.90%

469,036,832

94.83%

1.70%

1.88%

0.00%

346

7.64%

7.13%

9,012,818

0.00

26-Apr-04

3,120

97.56%

478,463,056

96.74%

1.79%

2.47%

0.00%

347

7.64%

7.14%

12,110,751

0.00

25-Mar-04

3,177

99.34%

491,001,608

99.27%

0.66%

0.65%

0.00%

348

7.65%

7.14%

3,190,794

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:

27-Sep-04
27-Sep-04

25-Aug-04

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

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

27-Sep-04

1,008

31.52%

134,156,216

27.12%

3.36%

3.66%

0.00%

324

7.42%

6.91%

5,096,523

0.00

25-Aug-04

1,043

32.61%

139,420,050

28.19%

2.25%

2.64%

0.00%

324

7.42%

6.91%

3,785,081

0.00

26-Jul-04

1,067

33.36%

143,368,920

28.99%

1.57%

1.73%

0.09%

43,483

0.03%

326

7.42%

6.92%

2,525,119

0.00

25-Jun-04

1,085

33.93%

146,104,016

29.54%

1.90%

2.08%

0.00%

327

7.43%

6.92%

3,102,269

0.00

25-May-04

1,106

34.58%

149,378,493

30.20%

1.25%

1.52%

0.00%

328

7.43%

6.92%

2,303,813

0.00

26-Apr-04

1,120

35.02%

151,850,559

30.70%

1.23%

1.65%

0.00%

329

7.42%

6.92%

2,548,816

0.00

25-Mar-04

1,134

35.46%

154,575,980

31.25%

0.44%

0.56%

0.00%

330

7.42%

6.92%

865,598

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:

27-Sep-04
27-Sep-04

25-Aug-04

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

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

27-Sep-04

1,573

49.19%

247,024,596

49.94%

4.72%

5.57%

0.00%

351

7.78%

7.27%

14,577,214

0.00

25-Aug-04

1,651

51.63%

261,794,741

52.93%

3.68%

4.49%

0.00%

352

7.77%

7.27%

12,322,096

0.00

26-Jul-04

1,714

53.60%

274,320,331

55.46%

3.65%

4.08%

0.00%

353

7.79%

7.28%

11,679,955

0.00

25-Jun-04

1,779

55.63%

286,251,894

57.87%

2.47%

3.04%

0.00%

354

7.78%

7.28%

8,973,118

0.00

25-May-04

1,824

57.04%

295,446,658

59.73%

1.94%

2.11%

0.00%

355

7.78%

7.28%

6,385,829

0.00

26-Apr-04

1,860

58.16%

302,056,733

61.07%

2.05%

2.66%

0.00%

356

7.79%

7.28%

8,246,333

0.00

25-Mar-04

1,899

59.38%

310,532,686

62.78%

0.68%

0.66%

0.00%

357

7.79%

7.29%

2,053,942

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:

27-Sep-04
27-Sep-04

25-Aug-04

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

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

27-Sep-04

115

3.60%

19,434,662

3.93%

8.00%

10.58%

0.00%

350

7.21%

6.71%

2,300,616

0.00

25-Aug-04

125

3.91%

21,752,563

4.40%

2.34%

2.36%

0.00%

351

7.20%

6.69%

527,034

0.00

26-Jul-04

128

4.00%

22,299,427

4.51%

3.03%

3.45%

0.00%

352

7.22%

6.68%

798,440

0.00

25-Jun-04

132

4.13%

23,118,849

4.67%

3.65%

4.43%

0.00%

353

7.21%

6.67%

1,072,158

0.00

25-May-04

137

4.28%

24,211,682

4.90%

2.14%

1.32%

0.00%

354

7.22%

6.69%

323,175

0.00

26-Apr-04

140

4.38%

24,555,764

4.96%

2.78%

5.08%

0.00%

355

7.22%

6.69%

1,315,602

0.00

25-Mar-04

144

4.50%

25,892,943

5.24%

2.04%

1.04%

0.00%

356

7.22%

6.68%

271,254

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:

27-Sep-04
27-Sep-04

25-Aug-04

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

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..

BEAR STEARNS ASSET BACKED CERTIFICATES SERIES 2004-HE2 8-K