~~Delaware~~UNITED ~~333-113636~~STATES SECURITIES ~~20-0842986~~AND ~~--------~~EXCHANGE ~~---------- ---------- (STATE OR OTHER JURISDICTION (~~COMMISSION Washington, (ID.RC.S. ~~EMPLOYER OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.) 383 Madison Avenue New York, New York 10179 ------------------ ----- (ADDRESS OF PRINCIPAL (ZIP CODE) EXECUTIVE OFFICES)~~20549

~~Item~~FORM ~~601 (a) of Sequentially Exhibit Regulation S~~8-K ~~Numbered Number Exhibit No. Description Page ------ ----------- ----------- ---- 1 4 Pooling and Servicing Agreement 5~~

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-HE7, Asset-Backed Certificates, Series 2004-HE7, 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 Trust

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

Reporting Package Table of Contents

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Administrator:
Peter Sablich 312.904.8162
peter.sablich@abnamro.com

Analyst:
David Ratner 714.259.6251
david.ratner@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 2-5
Page 6-11
Page 12
Page 13

Page 14

Page 15-20
Page 21-26

Page 27-32
Page 33

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

BS004HE7

BS004HE7_200409_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

31-Aug-04
27-Sep-04

25-Sep-34

Parties to The Transaction

Depositor: Bear Stearns Asset Backed Securities, Inc.

Underwriter: Bear Stearns & Co. 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 33

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:

7.037799%

1.640000%
1.840000%

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE7

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

351

REMIC II

Statement Date:

ABN AMRO Acct: 722035.3

1000.000000000

29.473000483

0.000000000

970.526999517

1.335000000

1.980000000%

0.00

0.000000000

1.78000000%

0.000000000

073879EQ7

I-A-1

37,284,000.00

1,098,871.35

0.00

36,185,128.65

49,774.14

1000.000000000

0.000000000

1000.000000000

1.552499948

2.270000000%

0.00

0.000000000

2.07000000%

0.000000000

073879ER5

I-A-2

47,737,000.00

0.00

47,737,000.00

74,111.69

1000.000000000

12.924705072

0.000000000

987.075294928

1.515000000

2.220000000%

0.00

0.000000000

2.02000000%

0.000000000

073879ES3

I-A-3

207,000,000.00

2,675,413.95

0.00

204,324,586.05

313,605.00

1000.000000000

14.297239724

0.000000000

985.702760276

1.485000007

2.180000000%

0.00

0.000000000

1.98000000%

0.000000000

073879ET1

II-A

500,129,250.00

7,150,467.78

0.00

492,978,782.22

742,691.94

1000.000000000

0.000000000

1000.000000000

1.680000000

2.440000000%

0.00

0.000000000

2.24000000%

0.000000000

073879EU8

M-1

56,233,000.00

0.00

56,233,000.00

94,471.44

1000.000000000

0.000000000

1000.000000000

2.092499946

2.990000000%

0.00

0.000000000

2.79000000%

0.000000000

073879EV6

M-2

46,453,000.00

0.00

46,453,000.00

97,202.90

1000.000000000

0.000000000

1000.000000000

2.280000000

3.240000000%

0.00

0.000000000

3.04000000%

0.000000000

073879EW4

M-3

12,713,000.00

0.00

12,713,000.00

28,985.64

1000.000000000

0.000000000

1000.000000000

2.580000000

3.640000000%

0.00

0.000000000

3.44000000%

0.000000000

073879EX2

M-4

11,736,000.00

0.00

11,736,000.00

30,278.88

1000.000000000

0.000000000

1000.000000000

2.692500000

3.790000000%

0.00

0.000000000

3.59000000%

0.000000000

073879EY0

M-5

9,780,000.00

0.00

9,780,000.00

26,332.65

1000.000000000

0.000000000

1000.000000000

4.042500000

5.590000000%

0.00

0.000000000

5.39000000%

0.000000000

073879EZ7

M-6

8,312,000.00

0.00

8,312,000.00

33,601.26

1000.000000000

0.000000000

1000.000000000

4.230000660

5.840000000%

0.00

0.000000000

5.64000000%

0.000000000

073879FA1

M-7A

7,579,500.00

0.00

7,579,500.00

32,061.29

1000.000000000

0.000000000

1000.000000000

4.230000660

5.840000000%

0.00

0.000000000

5.64000000%

0.000000000

073879FB9

M-7B

7,579,500.00

0.00

7,579,500.00

32,061.29

1000.000000000

0.000000000

1000.000000000

148.323592385

0.00

0.000000000

N/A

0.000000000

25,427,258.33

0.00

25,427,258.33

3,771,462.30

1000.000000000

0.000000000

1000.000000000

1060909.600000000

0.00

106,090.96

1060909.600000000

N/A

0.000000000

100.00

0.00

100.00

106,090.96

0.000000000

0.00

0.000000000

N/A

0.000000000

073879FX1

R-1

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

R-2

0.00

Page 2 of 33

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:

7.037799%

1.640000%
1.840000%

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE7

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

351

REMIC II

Statement Date:

ABN AMRO Acct: 722035.3

Total P&I Payment

0.00

106,090.96

977,963,508.33

16,357,484.46

Total

967,038,755.25

10,924,753.08

0.00

5,432,731.38

Page 3 of 33

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:

7.037799%

1.640000%
1.840000%

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE7

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

351

REMIC III

Statement Date:

ABN AMRO Acct: 722035.3

1000.000000000

0.000000000

1000.000000000

148.323592385

0.00

3,771,462.30

148.323592385

N/A

0.000000000

073879FW3

25,427,258.33

0.00

25,427,258.33

3,771,462.30

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSS135

R-3

0.00

Total P&I Payment

0.00

3,771,462.30

25,427,258.33

3,771,462.30

Total

25,427,258.33

0.00

3,771,462.30

Page 4 of 33

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:

7.037799%

1.640000%
1.840000%

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE7

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

351

REMIC IV

Statement Date:

ABN AMRO Acct: 722035.3

1000.000000000

0.000000000

1000.000000000

1060909.600000000

0.00

106,090.96

1060909.600000000

N/A

0.000000000

073879FV5

100.00

0.00

100.00

106,090.96

0.000000000

0.00

0.000000000

N/A

0.000000000

073879FZ6

R-X

0.00

Total P&I Payment

0.00

106,090.96

100.00

106,090.96

Total

100.00

0.00

106,090.96

Page 5 of 33

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

Statement Date:

Cash Reconciliation Summary

Interest Summary

Total Trustee Fees

Available Interest

5,432,731.37

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

756,020.02

45,388.45

10,123,344.61

0.00
0.00
0.00

16,358,951.40

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

977,963,508.33

756,020.02

10,168,733.06

0.00
0.00
0.00

967,038,755.25

5,999

0
0

5,944

397,240.55

Extra Principal

Trigger Event

0.00

10,924,753.08

Over Collateralization Amt

25,427,258.33

Less Extra Principal

Remittance Interest

0.00

5,432,731.37

0.00

10,168,733.06

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(1,466.95

5,434,198.32

Total Fees

398,707.49

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.01

0.00

1,466.95

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 6 of 33

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

Statement Date:

Cash Reconciliation Summary First Lien Loans

Interest Summary

Total Trustee Fees

Available Interest

4,964,802.60

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

719,873.84

40,816.11

9,674,071.79

0.00
0.00
0.00

15,400,967.54

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

935,462,656.30

719,873.84

9,714,887.90

0.00
0.00
0.00

925,027,894.56

4,865

0
0

4,817

380,464.92

Extra Principal

Trigger Event

0.00

10,434,761.74

Over Collateralization Amt

25,427,258.33

Less Extra Principal

Remittance Interest

0.00

4,964,802.60

0.00

9,714,887.90

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(1,403.19

4,966,205.80

Total Fees

381,868.12

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.01

0.00

1,403.19

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 7 of 33

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

Statement Date:

Cash Reconciliation Summary Second Lien Loans

Interest Summary

Total Trustee Fees

Available Interest

361,837.81

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

36,146.18

4,572.34

449,272.82

0.00
0.00
0.00

851,892.90

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

42,500,852.03

36,146.18

453,845.16

0.00
0.00
0.00

42,010,860.69

1,134

0
0

1,127

16,775.62

Extra Principal

Trigger Event

0.00

489,991.34

Over Collateralization Amt

25,427,258.33

Less Extra Principal

Remittance Interest

0.00

361,837.81

0.00

453,845.16

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(63.75

361,901.56

Total Fees

16,839.37

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.01

0.00

63.75

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 8 of 33

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

Statement Date:

Cash Reconciliation Summary 228 ARM Loans

Interest Summary

Total Trustee Fees

Available Interest

3,418,586.24

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

425,582.77

11,945.72

8,178,346.98

0.00
0.00
0.00

12,035,413.32

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

634,411,012.62

425,582.77

8,190,292.70

0.00
0.00
0.00

625,795,137.15

3,268

0
0

3,229

256,148.39

Extra Principal

Trigger Event

0.00

8,615,875.47

Over Collateralization Amt

25,427,258.33

Less Extra Principal

Remittance Interest

0.00

3,418,586.24

0.00

8,190,292.70

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(951.62

3,419,537.85

Total Fees

257,100.00

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.01

0.00

951.62

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 9 of 33

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

Statement Date:

Cash Reconciliation Summary 327 ARM Loans

Interest Summary

Total Trustee Fees

Available Interest

248,885.38

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

35,663.54

586.75

401,254.47

0.00
0.00
0.00

686,464.09

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

49,301,972.65

35,663.54

401,841.22

0.00
0.00
0.00

48,864,467.89

232

0
0

230

20,542.49

Extra Principal

Trigger Event

0.00

437,504.76

Over Collateralization Amt

25,427,258.33

Less Extra Principal

Remittance Interest

0.00

248,885.38

0.00

401,841.22

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(73.95

248,959.33

Total Fees

20,616.44

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.01

0.00

73.95

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 10 of 33

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

Statement Date:

Cash Reconciliation Summary Fixed Loans

Interest Summary

Total Trustee Fees

Available Interest

1,659,168.80

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

294,773.71

32,855.98

1,543,743.16

0.00
0.00
0.00

3,530,983.02

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

294,250,523.06

294,773.71

1,576,599.14

0.00
0.00
0.00

292,379,150.21

2,499

0
0

2,485

120,549.67

Extra Principal

Trigger Event

0.00

1,871,372.85

Over Collateralization Amt

25,427,258.33

Less Extra Principal

Remittance Interest

0.00

1,659,168.80

0.00

1,576,599.14

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(441.38

1,659,610.17

Total Fees

120,991.05

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.01

0.00

441.38

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 11 of 33

Bear Stearns Asset Backed Securities Trust

Class

Accrued

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

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

Extra

Prepayments

Shortfalls

Net

Cap

Rate
Y/N

0.00

I-A-1

49,774.14

0.00

49,774.14

Act/360

0.00

1,016,300.66

0.00

I-A-2

74,111.69

0.00

74,111.69

Act/360

0.00

I-A-3

313,605.00

0.00

313,605.00

Act/360

0.00

2,474,379.69

0.00

II-A

742,691.94

0.00

742,691.94

Act/360

0.00

6,678,052.71

0.00

M-1

94,471.44

0.00

94,471.44

Act/360

0.00

M-2

97,202.90

0.00

97,202.90

Act/360

0.00

M-3

28,985.64

0.00

28,985.64

Act/360

0.00

M-4

30,278.88

0.00

30,278.88

Act/360

0.00

M-5

26,332.65

0.00

26,332.65

Act/360

0.00

M-6

33,601.26

0.00

33,601.26

Act/360

0.00

M-7A

32,061.29

0.00

32,061.29

Act/360

0.00

M-7B

32,061.29

0.00

32,061.29

Act/360

0.00

3,771,462.30

0.00

3,771,462.30

30/360

0.00

106,090.96

30/360

0.00

5,326,640.42

5,432,731.38

0.00

10,168,733.06

0.00

(2) Principal Prepayments include the Extra Principal Amount

Page 12 of 33

(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

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

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

106,090.96

106,090.96

Total Excess Allocated to the Bonds

106,090.96

0.00

Aggregate Interest Adjustment Allocated to the Bonds

0.00

106,090.96

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 13 of 33

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

Rating Information

Class

CUSIP

Fitch

Moody's

S&P

Fitch

Moody's

S&P

Original Ratings

Rating Change/Change Date(1)

Statement Date:

R-1

073879FX1

073879FW3

R-3

9ABSS135

073879FV5

R-X

073879FZ6

I-A-1

073879EQ7

Aaa

AAA

I-A-2

073879ER5

Aaa

AAA

I-A-3

073879ES3

Aaa

AAA

II-A

073879ET1

Aaa

AAA

M-1

073879EU8

Aa2

AA+

M-2

073879EV6

AA-

M-3

073879EW4

A+

M-4

073879EX2

Baa1

M-5

073879EY0

Baa2

A-

M-6

073879EZ7

Baa3

BBB+

M-7A

073879FA1

Ba2

BBB-

M-7B

073879FB9

Ba2

BBB-

R-2

073879FY9

Page 14 of 33

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

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

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

0.08%

0.00%

27-Sep-04

769,347

5,939

966,269,408

99.92%

Page 15 of 33

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

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

First Lien Loans

0.10%

0.08%

0.00%

27-Sep-04

769,347

4,812

924,258,548

99.90%

99.92%

Page 16 of 33

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

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

Second Lien Loans

0.00%

27-Sep-04

1,127

42,010,861

100.00%

Page 17 of 33

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

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

228 ARM Loans

0.15%

0.12%

0.00%

27-Sep-04

769,347

3,224

625,025,790

99.85%

99.88%

Page 18 of 33

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

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

327 ARM Loans

0.00%

27-Sep-04

230

48,864,468

100.00%

Page 19 of 33

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

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

Fixed Loans

0.00%

27-Sep-04

2,485

292,379,150

100.00%

Page 20 of 33

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

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%

0.02%

0.01%

84,687

0.00%

Page 21 of 33

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

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 - First Lien Loans

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Sep-04

0.00%

0.00% 0.00%

0.00%

0.02%

0.01%

84,687

0.00%

Page 22 of 33

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

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 - Second Lien Loans

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Sep-04

0.00%

0.00% 0.00%

0.00%

Page 23 of 33

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

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 - 228 ARM Loans

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Sep-04

0.00%

0.00% 0.00%

0.00%

0.03%

0.01%

84,687

0.00%

Page 24 of 33

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

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 - 327 ARM Loans

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Sep-04

0.00%

0.00% 0.00%

0.00%

Page 25 of 33

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

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 - Fixed Loans

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Sep-04

0.00%

0.00% 0.00%

0.00%

Page 26 of 33

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

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

5,944

99.08%

967,038,755

98.88%

0.92%

1.04%

0.00%

351

7.04%

6.54%

10,123,345

0.00

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

Page 27 of 33

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

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

First Lien Loans

27-Sep-04

4,817

80.30%

925,027,895

94.59%

0.99%

1.03%

0.00%

353

6.87%

6.37%

9,674,072

0.00

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

Page 28 of 33

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

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

Second Lien Loans

27-Sep-04

1,127

18.79%

42,010,861

4.30%

0.62%

1.06%

0.00%

296

10.72%

10.22%

449,273

0.00

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

Page 29 of 33

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

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

228 ARM Loans

27-Sep-04

3,229

53.83%

625,795,137

63.99%

1.19%

1.29%

0.00%

356

6.97%

6.47%

8,178,347

0.00

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

Page 30 of 33

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

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

327 ARM Loans

27-Sep-04

230

3.83%

48,864,468

5.00%

0.86%

0.81%

0.00%

356

6.56%

6.06%

401,254

0.00

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

Page 31 of 33

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

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

Fixed Loans

27-Sep-04

2,485

41.42%

292,379,150

29.90%

0.56%

0.52%

0.00%

337

7.27%

6.77%

1,543,743

0.00

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

Page 32 of 33

Bear Stearns Asset Backed Securities Trust

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

27-Sep-04
27-Sep-04

N/A

25-Oct-04

31-Aug-04

Asset-Backed Certificates

Series 2004-HE7

ABN AMRO Acct: 722035.3

Realized Loss Detail

Period

Disclosure

Control #

Appraisal

Date

Appraisal

Value

Beginning
Scheduled

Balance

Gross

Proceeds

Gross Proceeds

as a % of

Sched. Balance

Aggregate

Liquidation
Expenses *

Net

Liquidation

Proceeds

Net Proceeds

as a % of

Sched. Balance

Realized

Loss

Statement Date:

Current Total
Cumulative

Page 33 of 33

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

Filing Compare · BEAR STEARNS ASSET BACKED SECURITIES I TRUST 2004-HE7