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 I LLC
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation)

333-113636
(Commission
File Number)

20-0842986
(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 I Trust 2004-FR2, Asset-Backed Certificates, Series 2004-FR2, 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 I LLC, REGISTRANT

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

Date: September 30, 2004

Bear Stearns Asset Backed Securities I LLC

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

Reporting Package Table of Contents

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

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

Analyst:
Julie Kang 714.259.6208
julie.kang@abnamro.com

Statement Date:

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

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

Bond Principal 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

Page 2-5
Page 6-14
Page 15
Page 16

Page 17

Page 18
Page 19-27

Page 28-36
Page 37-45

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

BS004FR2

BS004FR2_200409_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

31-Aug-04
27-Sep-04

25-Jan-29

Parties to The Transaction

Issuer: Bear Stearns & Co. Inc.

Depositor: Bear Stearns Asset Backed Securities, Inc.

Underwriter: Bear Stearns Asset Backed Securities, Inc.

Master Servicer: EMC Mortgage Corporation

Rating Agency: Standard & Poor's Ratings Services/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 45

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:

Next Index:

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

6.876875%

1.840000%

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Bear Stearns Asset Backed Securities I LLC

Asset-Backed Certificates

Series 2004-FR2

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

348

REMIC II

Statement Date:

ABN AMRO Acct: 722034.3

1000.000000000

17.086334259

0.000000000

982.913665741

1.380000000

2.050000000%

0.00

0.000000000

1.84000000%

0.000000000

073879FC7

I-A-1

96,889,000.00

1,655,477.84

0.00

95,233,522.16

133,706.82

1000.000000000

0.000000000

1000.000000000

1.612500077

2.360000000%

0.00

0.000000000

2.15000000%

0.000000000

073879FD5

I-A-2

32,363,000.00

0.00

32,363,000.00

52,185.34

1000.000000000

14.601406707

0.000000000

985.398593293

1.417500020

2.100000000%

0.00

0.000000000

1.89000000%

0.000000000

073879FE3

II-A

243,910,000.00

3,561,429.11

0.00

240,348,570.89

345,742.43

1000.000000000

0.000000000

1000.000000000

1.710000000

2.490000000%

0.00

0.000000000

2.28000000%

0.000000000

073879FF0

M-1

30,276,000.00

0.00

30,276,000.00

51,771.96

1000.000000000

0.000000000

1000.000000000

1.732500609

2.520000000%

0.00

0.000000000

2.31000000%

0.000000000

073879FG8

M-2

8,214,000.00

0.00

8,214,000.00

14,230.76

1000.000000000

0.000000000

1000.000000000

2.122500000

3.040000000%

0.00

0.000000000

2.83000000%

0.000000000

073879FH6

M-3

16,428,000.00

0.00

16,428,000.00

34,868.43

1000.000000000

0.000000000

1000.000000000

2.272499645

3.240000000%

0.00

0.000000000

3.03000000%

0.000000000

073879FJ2

M-4

7,041,000.00

0.00

7,041,000.00

16,000.67

1000.000000000

0.000000000

1000.000000000

2.535000852

3.590000000%

0.00

0.000000000

3.38000000%

0.000000000

073879FK9

M-5

5,867,000.00

0.00

5,867,000.00

14,872.85

1000.000000000

0.000000000

1000.000000000

2.647499574

3.740000000%

0.00

0.000000000

3.53000000%

0.000000000

073879FL7

M-6

5,867,000.00

0.00

5,867,000.00

15,532.88

1000.000000000

0.000000000

1000.000000000

3.960000000

5.490000000%

0.00

0.000000000

5.28000000%

0.000000000

073879FM5

M-7

4,694,000.00

0.00

4,694,000.00

18,588.24

1000.000000000

0.000000000

1000.000000000

4.222501065

5.840000000%

0.00

0.000000000

5.63000000%

0.000000000

073879FN3

M-8A

4,694,000.00

0.00

4,694,000.00

19,820.42

1000.000000000

0.000000000

1000.000000000

4.222501065

5.840000000%

0.00

0.000000000

5.63000000%

0.000000000

073879FP8

M-8B

4,694,000.00

0.00

4,694,000.00

19,820.42

1000.000000000

0.000000000

1000.000000000

206.497625509

0.00

1,744,703.97

206.497625509

N/A

0.000000000

073879FQ6

8,449,026.79

0.00

8,449,026.79

1,744,703.97

1000.000000000

0.000000000

1000.000000000

0.000000000

0.00

0.000000000

N/A

0.000000000

073879FR4

100.00

0.00

100.00

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

073879FT0

R-II

0.00

Page 2 of 45

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:

Next Index:

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

6.876875%

1.840000%

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Bear Stearns Asset Backed Securities I LLC

Asset-Backed Certificates

Series 2004-FR2

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

348

REMIC II

Statement Date:

ABN AMRO Acct: 722034.3

Total P&I Payment

0.00

1,744,703.97

469,386,126.79

7,698,752.14

Total

464,169,219.84

5,216,906.95

0.00

2,481,845.19

Page 3 of 45

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:

Next Index:

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

6.876875%

1.840000%

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Bear Stearns Asset Backed Securities I LLC

Asset-Backed Certificates

Series 2004-FR2

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

348

REMIC III

Statement Date:

ABN AMRO Acct: 722034.3

1000.000000000

0.000000000

1000.000000000

206.497625509

0.00

1,744,703.97

206.497625509

N/A

0.000000000

073879FQ6

8,449,026.79

0.00

8,449,026.79

1,744,703.97

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSR858

R-III

0.00

Total P&I Payment

0.00

1,744,703.97

0.00

1,744,703.97

Total

0.00

1,744,703.97

Page 4 of 45

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:

Next Index:

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

6.876875%

1.840000%

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Bear Stearns Asset Backed Securities I LLC

Asset-Backed Certificates

Series 2004-FR2

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

348

REMIC IV

Statement Date:

ABN AMRO Acct: 722034.3

1000.000000000

0.000000000

1000.000000000

0.000000000

0.00

0.000000000

N/A

0.000000000

073879FR4

100.00

0.00

100.00

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

073879FU7

R-X

0.00

Total P&I Payment

0.00

100.00

0.00

Total

100.00

0.00

Page 5 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

Statement Date:

Cash Reconciliation Summary

Interest Summary

Total Trustee Fees

Available Interest

2,492,821.12

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

358,887.09

0.00

4,858,019.86

0.00
0.00
0.00

7,711,253.57

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

469,386,026.79

358,887.09

4,858,019.86

0.00
0.00
0.00

464,169,119.84

2,745

0
0

2,723

195,577.51

Extra Principal

Trigger Event

0.00

5,216,906.95

Over Collateralization Amt

8,449,026.79

Less Extra Principal

Remittance Interest

0.00

2,492,821.12

0.00

4,858,019.86

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(1,525.50

2,494,346.62

Total Fees

197,103.02

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.00

10,975.95

1,525.50

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 6 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

Statement Date:

Cash Reconciliation Summary Group I Loans - Fixed 1st Lien

Interest Summary

Total Trustee Fees

Available Interest

243,929.61

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

48,891.62

0.00
0.00
0.00
0.00
0.00

292,978.91

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

48,515,115.19

48,891.62

0.00
0.00
0.00
0.00

48,466,223.57

187

0
0

187

20,214.63

Extra Principal

Trigger Event

0.00

48,891.62

Over Collateralization Amt

8,449,026.79

Less Extra Principal

Remittance Interest

0.00

243,929.61

0.00

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(157.67

244,087.29

Total Fees

20,372.31

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.00

10,975.95

157.67

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 7 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

Statement Date:

Cash Reconciliation Summary Group I Loans - Fixed 2nd Lien

Interest Summary

Total Trustee Fees

Available Interest

90,201.28

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

17,644.28

0.00

87,021.50

0.00
0.00
0.00

194,902.17

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

10,802,949.51

17,644.28
87,021.50

0.00
0.00
0.00

10,698,283.73

274

0
0

272

4,501.23

Extra Principal

Trigger Event

0.00

104,665.78

Over Collateralization Amt

8,449,026.79

Less Extra Principal

Remittance Interest

0.00

90,201.28

0.00

87,021.50

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(35.11

90,236.39

Total Fees

4,536.34

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.00

10,975.95

35.11

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 8 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

Statement Date:

Cash Reconciliation Summary Group I Loans - ARM-228

Interest Summary

Total Trustee Fees

Available Interest

450,550.32

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

39,040.83

0.00

1,458,363.51

0.00
0.00
0.00

1,948,259.63

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

93,834,805.31

39,040.83

1,458,363.51

0.00
0.00
0.00

92,337,400.97

290

0
0

285

39,097.84

Extra Principal

Trigger Event

0.00

1,497,404.34

Over Collateralization Amt

8,449,026.79

Less Extra Principal

Remittance Interest

0.00

450,550.32

0.00

1,458,363.51

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(304.96

450,855.29

Total Fees

39,402.80

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.00

10,975.95

304.96

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 9 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

Statement Date:

Cash Reconciliation Summary Group I Loans - ARM-327

Interest Summary

Total Trustee Fees

Available Interest

44,403.71

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

4,516.10

0.00
0.00
0.00
0.00
0.00

48,950.46

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

9,428,452.67

4,516.10

0.00
0.00
0.00
0.00

9,423,936.57

0
0

3,928.52

Extra Principal

Trigger Event

0.00

4,516.10

Over Collateralization Amt

8,449,026.79

Less Extra Principal

Remittance Interest

0.00

44,403.71

0.00

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(30.64

44,434.36

Total Fees

3,959.16

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.00

10,975.95

30.64

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 10 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

Statement Date:

Cash Reconciliation Summary Group II Loans - Fixed 1st Lien

Interest Summary

Total Trustee Fees

Available Interest

319,441.30

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

62,170.96

0.00
0.00
0.00
0.00
0.00

381,815.83

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

62,638,103.58

62,170.96

0.00
0.00
0.00
0.00

62,575,932.62

319

0
0

319

26,099.21

Extra Principal

Trigger Event

0.00

62,170.96

Over Collateralization Amt

8,449,026.79

Less Extra Principal

Remittance Interest

0.00

319,441.30

0.00

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(203.57

319,644.87

Total Fees

26,302.78

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.00

10,975.95

203.57

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 11 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

Statement Date:

Cash Reconciliation Summary Group II Loans - Fixed 2nd Lien

Interest Summary

Total Trustee Fees

Available Interest

102,158.28

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

21,639.26

0.00

40,765.33

0.00
0.00
0.00

164,601.91

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

12,010,975.23

21,639.26
40,765.33

0.00
0.00
0.00

11,948,570.64

425

0
0

423

5,004.57

Extra Principal

Trigger Event

0.00

62,404.59

Over Collateralization Amt

8,449,026.79

Less Extra Principal

Remittance Interest

0.00

102,158.28

0.00

40,765.33

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(39.04

102,197.32

Total Fees

5,043.61

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.00

10,975.95

39.04

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 12 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

Statement Date:

Cash Reconciliation Summary Group II Loans - ARM 228

Interest Summary

Total Trustee Fees

Available Interest

1,155,836.47

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

152,841.56

0.00

3,271,869.52

0.00
0.00
0.00

4,581,244.41

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

214,420,071.80

152,841.56

3,271,869.52

0.00
0.00
0.00

210,995,360.72

1,131

0
0

1,118

89,341.70

Extra Principal

Trigger Event

0.00

3,424,711.08

Over Collateralization Amt

8,449,026.79

Less Extra Principal

Remittance Interest

0.00

1,155,836.47

0.00

3,271,869.52

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(696.87

1,156,533.33

Total Fees

90,038.56

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.00

10,975.95

696.87

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 13 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

Statement Date:

Cash Reconciliation Summary Group II Loans - ARM 327

Interest Summary

Total Trustee Fees

Available Interest

86,300.14

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

12,142.48

0.00
0.00
0.00
0.00
0.00

98,500.26

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

17,735,553.50

12,142.48

0.00
0.00
0.00
0.00

17,723,411.02

0
0

7,389.81

Extra Principal

Trigger Event

0.00

12,142.48

Over Collateralization Amt

8,449,026.79

Less Extra Principal

Remittance Interest

0.00

86,300.14

0.00

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(57.64

86,357.78

Total Fees

7,447.45

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.00

10,975.95

57.64

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 14 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04
24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

Interest Adjustments Summary

Statement Date:

0.00

Special Servicing Fees

Workout Fees

Liquidation Fees

Legal Fees

0.00

Misc. Fees & Expenses Paid by/to Servicer

Interest Paid to Servicer on Outstanding Advances

0.00

ASER Interest Advance Reduction

Interest Not Advanced (Current Period)

Recoup of Prior Advances by Servicer

0.00

Servicing Fees Paid Servicer on Loans Not Advanced

Misc. Fees & Expenses Paid by Trust

0.00

Shortfall Due to Rate Modification

Total Shortfall Allocated to the Bonds

Total Interest Adjustment to the Bonds

0.00

Shortfall Allocated to the Bonds:

Excess Allocated to the Bonds:

Other Interest Proceeds Due the Bonds

Yield Maintenance Penalties Due the Bonds

Prepayment Penalties Due the Bonds

Recovered ASER Interest Due the Bonds

Recovered Interest Due the Bonds

Less Total Shortfall Allocated to the Bonds

Total Excess Allocated to the Bonds

0.00

0.00

Total Excess Allocated to the Bonds

0.00

0.00

Aggregate Interest Adjustment Allocated to the Bonds

0.00

Prepayment Interest Excess Due the Bonds

0.00

ARD Excess Interest

0.00

Net Prepayment Int. Shortfalls Allocated to the Bonds

Other Interest Loss

Page 15 of 45

Bear Stearns Asset Backed Securities I LLC

Class

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04
24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

Bond Interest Reconciliation

Additions

Accrual

Method Days

Statement Date:

Accrued

Certificate

Interest

Deposits
from YM

Agreement

Prior

Int Carry-Fwd

Shortfall

Prior

Shortfall

Reimbursement

Other

Interest

Proceeds

Other

Interest

Losses

Current

Int Carry-Fwd

Shortfall

Current Basis

Risk Carry-Fwd

Shortfall

Remaining

Int Carry-Fwd

Shortfall

Remaining Basis

Risk Carry-Fwd

Shortfall

Net Cap Rate

in Effect

Y/N

Distributable

Certificate

Interest

Payment

Amount

Deductions

Outstanding

0.00

1,744,703.97

30/360

0.00

1,744,703.97

0.00

I-A-1

133,706.82

Act/360

0.00

133,706.82

0.00

I-A-2

52,185.34

Act/360

0.00

52,185.34

0.00

II-A

345,742.43

Act/360

0.00

345,742.43

0.00

M-1

51,771.96

Act/360

0.00

51,771.96

0.00

M-2

14,230.76

Act/360

0.00

14,230.76

0.00

M-3

34,868.43

Act/360

0.00

34,868.43

0.00

M-4

16,000.67

Act/360

0.00

16,000.67

0.00

M-5

14,872.85

Act/360

0.00

14,872.85

0.00

M-6

15,532.88

Act/360

0.00

15,532.88

0.00

M-7

18,588.24

Act/360

0.00

18,588.24

0.00

M-8A

19,820.42

Act/360

0.00

19,820.42

0.00

M-8B

19,820.42

Act/360

0.00

19,820.42

0.00

30/360

0.00

1,744,703.97

0.00

737,141.22

2,481,845.19

0.00

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

Page 16 of 45

(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 I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

Bond Principal Reconciliation

Credit Support

Original

Current(4)

ABN AMRO

LaSalle Bank

N.A.

Statement Date:

Beginning

Class Balance

Unscheduled

Principal

Payment

Extra

Principal

Payment Amt

Prior

Loss

Reimburs.

Rated

Final

Maturity

Class

Current

Losses

Original

Class Balance

Scheduled

Principal

Payment

Ending

Class Balance

Cumulative

Losses

Interest on

Losses

Additions

Losses

6/26/2034

8,449,026.79

0.00

8,449,026.79

0.00

6/26/2034

100.00

0.00

100.00

0.00

I-A-1

59.52%

59.63%

1/25/2029

95,233,522.16

0.00

96,889,000.00

110,092.83

0.00

1,545,385.01

I-A-2

59.52%

59.63%

6/26/2034

32,363,000.00

0.00

32,363,000.00

0.00

II-A

59.52%

59.63%

6/26/2034

240,348,570.89

0.00

243,910,000.00

248,794.26

0.00

3,312,634.85

M-1

56.24%

56.31%

6/26/2034

30,276,000.00

0.00

30,276,000.00

0.00

M-2

55.35%

55.41%

6/26/2034

8,214,000.00

0.00

8,214,000.00

0.00

M-3

53.56%

53.60%

6/26/2034

16,428,000.00

0.00

16,428,000.00

0.00

M-4

52.80%

52.83%

6/26/2034

7,041,000.00

0.00

7,041,000.00

0.00

M-5

52.16%

52.19%

6/26/2034

5,867,000.00

0.00

5,867,000.00

0.00

M-6

51.53%

51.55%

6/26/2034

5,867,000.00

0.00

5,867,000.00

0.00

M-7

51.02%

51.03%

6/26/2034

4,694,000.00

0.00

4,694,000.00

0.00

M-8A

50.51%

50.52%

12/26/2030

4,694,000.00

0.00

4,694,000.00

0.00

M-8B

50.00%

6/26/2034

4,694,000.00

0.00

4,694,000.00

0.00

469,386,126.79

0.00

6/26/2034

0.00

358,887.09

0.00

4,858,019.86

0.00

460,937,100.00

455,720,193.05

Page 17 of 45

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

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

073879FS2

R-II

073879FT0

073879FQ6

R-III

9ABSR858

073879FR4

R-X

073879FU7

I-A-1

073879FC7

Aaa

AAA

I-A-2

073879FD5

Aaa

AAA

II-A

073879FE3

Aaa

AAA

M-1

073879FF0

Aa2

AA+

M-2

073879FG8

Aa3

M-3

073879FH6

AA-

M-4

073879FJ2

A+

M-5

073879FK9

Baa1

M-6

073879FL7

Baa2

BBB+

M-7

073879FM5

Baa3

BBB

M-8A

073879FN3

Ba2

BB+

M-8B

073879FP8

Ba2

BB+

Cert-Insurance

Page 18 of 45

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 I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

Distribution

Date

REO

Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

Balance

Delinquency Aging Categories

0.22%

0.32%

0.00%

27-Sep-04

1,505,320

2,717

462,663,800

99.78%

99.68%

Page 19 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

Distribution

Date

REO

Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

Balance

Delinquency Aging Categories

Group I Loans - Fixed 1st Lien

0.00%

27-Sep-04

187

48,466,224

100.00%

Page 20 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

Distribution

Date

REO

Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

Balance

Delinquency Aging Categories

Group I Loans - Fixed 2nd Lien

0.00%

27-Sep-04

272

10,698,284

100.00%

Page 21 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

Distribution

Date

REO

Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

Balance

Delinquency Aging Categories

Group I Loans - ARM-228

0.70%

0.97%

0.00%

27-Sep-04

896,202

283

91,441,199

99.30%

99.03%

Page 22 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

Distribution

Date

REO

Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

Balance

Delinquency Aging Categories

Group I Loans - ARM-327

0.00%

27-Sep-04

9,423,937

100.00%

Page 23 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

Distribution

Date

REO

Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

Balance

Delinquency Aging Categories

Group II Loans - Fixed 1st Lien

0.00%

27-Sep-04

319

62,575,933

100.00%

Page 24 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

Distribution

Date

REO

Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

Balance

Delinquency Aging Categories

Group II Loans - Fixed 2nd Lien

0.00%

27-Sep-04

423

11,948,571

100.00%

Page 25 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

Distribution

Date

REO

Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

Balance

Delinquency Aging Categories

Group II Loans - ARM 228

0.36%

0.29%

0.00%

27-Sep-04

609,118

1,114

210,386,243

99.64%

99.71%

Page 26 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

Distribution

Date

REO

Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

Balance

Delinquency Aging Categories

Group II Loans - ARM 327

0.00%

27-Sep-04

17,723,411

100.00%

Page 27 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

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

0.00%

0.00% 0.00%

0.00%

Page 28 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - Group I Loans - Fixed 1st Lien

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Sep-04

0.00%

0.00% 0.00%

0.00%

Page 29 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - Group I Loans - Fixed 2nd Lien

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Sep-04

0.00%

0.00% 0.00%

0.00%

Page 30 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - Group I Loans - ARM-228

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Sep-04

0.00%

0.00% 0.00%

0.00%

Page 31 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - Group I Loans - ARM-327

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Sep-04

0.00%

0.00% 0.00%

0.00%

Page 32 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - Group II Loans - Fixed 1st Lien

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Sep-04

0.00%

0.00% 0.00%

0.00%

Page 33 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - Group II Loans - Fixed 2nd Lien

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Sep-04

0.00%

0.00% 0.00%

0.00%

Page 34 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - Group II Loans - ARM 228

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Sep-04

0.00%

0.00% 0.00%

0.00%

Page 35 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - Group II Loans - ARM 327

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Sep-04

0.00%

0.00% 0.00%

0.00%

Page 36 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

2,723

99.20%

464,169,120

98.89%

0.80%

1.03%

0.00%

348

6.88%

6.37%

4,858,020

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 37 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Group I Loans - Fixed 1st Lien

27-Sep-04

187

6.81%

48,466,224

10.33%

0.00%

349

6.54%

6.03%

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 38 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Group I Loans - Fixed 2nd Lien

27-Sep-04

272

9.91%

10,698,284

2.28%

0.73%

0.81%

0.00%

236

10.52%

10.02%

87,022

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 39 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Group I Loans - ARM-228

27-Sep-04

285

10.38%

92,337,401

19.67%

1.72%

1.55%

0.00%

356

6.27%

5.76%

1,458,364

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 40 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Group I Loans - ARM-327

27-Sep-04

1.17%

9,423,937

2.01%

0.00%

356

6.16%

5.65%

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 41 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Group II Loans - Fixed 1st Lien

27-Sep-04

319

11.62%

62,575,933

13.33%

0.00%

349

6.62%

6.12%

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 42 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Group II Loans - Fixed 2nd Lien

27-Sep-04

423

15.41%

11,948,571

2.55%

0.47%

0.34%

0.00%

220

10.71%

10.21%

40,765

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 43 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Group II Loans - ARM 228

27-Sep-04

1,118

40.73%

210,995,361

44.95%

1.15%

1.53%

0.00%

356

6.97%

6.47%

3,271,870

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 44 of 45

Bear Stearns Asset Backed Securities I LLC

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

24-Sep-04

Asset-Backed Certificates

Series 2004-FR2

ABN AMRO Acct: 722034.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Group II Loans - ARM 327

27-Sep-04

3.17%

17,723,411

3.78%

0.00%

356

6.34%

5.84%

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 45 of 45

BEAR STEARNS ASSET BACKED SECURITIES I TRUST 2004-FR2 8-K