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~~December 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~~December 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~~December 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~~December 3029, 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-0427-Sep-04 25-Aug-04 25-Oct-04 24-Sep-04 Administrator: Christopher Lewis 312.904.7992christopher.lewis@abnamro.com Analyst: Dinsmore Sohn 714.259.6258 dinsmore.sohn@abnamro.com Statement Date: 135 S. LaSalle Street, Suite 1625Chicago, IL 60603USA Statements to CertificateholdersCash Reconciliation SummaryBond Interest ReconciliationShortfall Summary Report Rating Information Asset-Backed Facts ~ 15 Month Loan Status Summary Part IAsset-Backed Facts ~ 15 Month Loan Status Summary Part II Asset-Backed Facts ~ 15 Month Loan Payoff/Loss SummaryRealized Loss Detail Page 2-4Page 5-8Page 9Page 10 Page 11 Page 12-15Page 16-19 Page 20-23Page 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-0425-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 27-Sep-2004 - 09:10 (P827-P840) (c) 2004 LaSalle Bank N.A. Class CUSIP Original Opening Principal Principal Negative Closing Interest Interest Pass-Through Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Next Rate(3) WAC:WAMM:Current Index:Next Index: Payment Date:Prior Payment:Next Payment:Record Date: 7.628500% 1.615000%1.840000% 27-Sep-0427-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 0.00 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 0.000000000 1000.000000000 2.076249982 2.490000000% 0.00 0.00 0.000000000 2.26500000% 0.000000000 07384YQW9 I-A-2 142,314,000.00 142,314,000.00 0.00 0.00 142,314,000.00 295,479.44 752.864324301 68.907653993 0.000000000 683.956670308 1.314689283 2.130000000% 0.00 0.00 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 0.000000000 1000.000000000 2.030416642 2.440000000% 0.00 0.00 0.000000000 2.21500000% 0.000000000 07384YQY5 M-1 33,386,000.00 33,386,000.00 0.00 0.00 33,386,000.00 67,787.49 1000.000000000 0.000000000 0.000000000 1000.000000000 2.580416713 3.040000000% 0.00 0.00 0.000000000 2.81500000% 0.000000000 07384YQZ2 M-2 26,709,000.00 26,709,000.00 0.00 0.00 26,709,000.00 68,920.35 1000.000000000 0.000000000 0.000000000 1000.000000000 2.763750000 3.240000000% 0.00 0.00 0.000000000 3.01500000% 0.000000000 07384YRA6 M-3 8,656,000.00 8,656,000.00 0.00 0.00 8,656,000.00 23,923.02 1000.000000000 0.000000000 0.000000000 1000.000000000 3.084583204 3.590000000% 0.00 0.00 0.000000000 3.36500000% 0.000000000 07384YRB4 M-4 6,430,000.00 6,430,000.00 0.00 0.00 6,430,000.00 19,833.87 1000.000000000 0.000000000 0.000000000 1000.000000000 3.222083101 3.740000000% 0.00 0.00 0.000000000 3.51500000% 0.000000000 07384YRC2 M-5 7,172,000.00 7,172,000.00 0.00 0.00 7,172,000.00 23,108.78 1000.000000000 0.000000000 0.000000000 1000.000000000 4.459582659 5.090000000% 0.00 0.00 0.000000000 4.86500000% 0.000000000 07384YRD0 M-6 6,182,000.00 6,182,000.00 0.00 0.00 6,182,000.00 27,569.14 1000.000000000 0.000000000 0.000000000 1000.000000000 123.487719463 0.00 54,242.63 3.847931715 N/A 0.000000000 07384YRE8 CE 14,096,567.72 14,096,567.72 0.00 0.00 14,096,567.72 1,740,753.00 1000.000000000 0.000000000 0.000000000 1000.000000000 3438481.400000000 0.00 343,848.14 3438481.400000000 N/A 0.000000000 N 07384YRF5 P 100.00 100.00 0.00 0.00 100.00 343,848.14 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.00 0.00 0.000000000 N/A 0.000000000 07384YRG3 R-1 0.00 0.00 0.00 0.00 0.00 0.00 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.00 0.00 0.000000000 N/A 0.000000000 07384YRH1 R-2 0.00 0.00 0.00 0.00 0.00 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 27-Sep-2004 - 09:10 (P827-P840) (c) 2004 LaSalle Bank N.A. Page 2 of 24 Notes: (1) N denotes notional balance not included in total (2) Accrued Interest Plus/Minus Interest Adjustment Minus Deferred Interest equals Interest Payment (3) Estimated. * Denotes Controlling Class Class CUSIP Original Opening Principal Principal Negative Closing Interest Interest Pass-Through Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Next Rate(3) WAC:WAMM:Current Index:Next Index: Payment Date:Prior Payment:Next Payment:Record Date: 7.628500% 1.615000%1.840000% 27-Sep-0427-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 0.000000000 1000.000000000 123.487719463 0.00 1,740,753.00 123.487719463 N/A 0.000000000 CE 14,096,567.72 14,096,567.72 0.00 0.00 14,096,567.72 1,740,753.00 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.00 0.00 0.000000000 N/A 0.000000000 9ABSQ251 R-3 0.00 0.00 0.00 0.00 0.00 0.00 Total P&I Payment 0.00 1,740,753.00 14,096,567.72 14,096,567.72 1,740,753.00 Total 14,096,567.72 0.00 0.00 1,740,753.00 27-Sep-2004 - 09:10 (P827-P840) (c) 2004 LaSalle Bank N.A. Page 3 of 24 Notes: (1) N denotes notional balance not included in total (2) Accrued Interest Plus/Minus Interest Adjustment Minus Deferred Interest equals Interest Payment (3) Estimated. * Denotes Controlling Class Class CUSIP Original Opening Principal Principal Negative Closing Interest Interest Pass-Through Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Next Rate(3) WAC:WAMM:Current Index:Next Index: Payment Date:Prior Payment:Next Payment:Record Date: 7.628500% 1.615000%1.840000% 27-Sep-0427-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 0.000000000 1000.000000000 3438481.400000000 0.00 343,848.14 3438481.400000000 N/A 0.000000000 P 100.00 100.00 0.00 0.00 100.00 343,848.14 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.00 0.00 0.000000000 N/A 0.000000000 07384YRJ7 R-X 0.00 0.00 0.00 0.00 0.00 0.00 Total P&I Payment 0.00 343,848.14 100.00 100.00 343,848.14 Total 100.00 0.00 0.00 343,848.14 27-Sep-2004 - 09:10 (P827-P840) (c) 2004 LaSalle Bank N.A. Page 4 of 24 Notes: (1) N denotes notional balance not included in total (2) Accrued Interest Plus/Minus Interest Adjustment Minus Deferred Interest equals Interest Payment (3) Estimated. * Denotes Controlling Class Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-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 0.000.000.00 25,262,572.72 Pool Balance Summary Beginning PoolScheduled Principal DistributionUnscheduled Principal DistributionDeferred InterestLiquidationsRepurchasesEnding Pool Balance/Amount Count 422,967,353.86 350,015.08 22,001,864.54 0.000.000.00 400,615,474.24 2,819 123 00 2,696 157,831.36 Extra Principal Trigger Event No 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 - InterestClass II-A Policy - PrincipalOther Total Reimbursement Amt Rolling 3-Month Delinquency % 1.66 0 N/A 1,268.90 LPMI Fees 0.00 0.000.000.00 0.00 Page 5 of 24 27-Sep-2004 - 09:10 (P827-P840) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-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 0.000.000.00 6,067,385.50 Pool Balance Summary Beginning PoolScheduled Principal DistributionUnscheduled Principal DistributionDeferred InterestLiquidationsRepurchasesEnding Pool Balance/Amount Count 139,420,050.04 149,636.59 5,114,197.42 0.000.000.00 134,156,216.03 1,043 35 00 1,008 54,131.48 Extra Principal Trigger Event No 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 - InterestClass II-A Policy - PrincipalOther Total Reimbursement Amt Rolling 3-Month Delinquency % 1.66 0 N/A 418.26 LPMI Fees 0.00 0.000.000.00 0.00 Page 6 of 24 27-Sep-2004 - 09:10 (P827-P840) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-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 0.000.000.00 16,357,520.32 Pool Balance Summary Beginning PoolScheduled Principal DistributionUnscheduled Principal DistributionDeferred InterestLiquidationsRepurchasesEnding Pool Balance/Amount Count 261,794,740.94 183,651.14 14,586,493.47 0.000.000.00 247,024,596.33 1,651 78 00 1,573 96,401.92 Extra Principal Trigger Event No 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 - InterestClass II-A Policy - PrincipalOther Total Reimbursement Amt Rolling 3-Month Delinquency % 1.66 0 N/A 785.38 LPMI Fees 0.00 0.000.000.00 0.00 Page 7 of 24 27-Sep-2004 - 09:10 (P827-P840) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-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 0.000.000.00 2,439,576.13 Pool Balance Summary Beginning PoolScheduled Principal DistributionUnscheduled Principal DistributionDeferred InterestLiquidationsRepurchasesEnding Pool Balance/Amount Count 21,752,562.88 16,727.35 2,301,173.65 0.000.000.00 19,434,661.88 125 10 00 115 7,297.96 Extra Principal Trigger Event No 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 - InterestClass II-A Policy - PrincipalOther Total Reimbursement Amt Rolling 3-Month Delinquency % 1.66 0 N/A 65.26 LPMI Fees 0.00 0.000.000.00 0.00 Page 8 of 24 27-Sep-2004 - 09:10 (P827-P840) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Class Accrued Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-Sep-04 25-Aug-04 25-Oct-0424-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 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 RemainingInt. Carry- forward Amt Principal PrincipalPrincipal Extra Prepayments Shortfalls NetCap RateY/N 0.00 0.00 I-A-1 33 206,744.60 0.00 206,744.60 206,744.60 Act/360 0.00 0.00 0.00 17,270,934.05 N 0.00 0.00 0.00 0.00 0.00 0.00 I-A-2 33 295,479.44 0.00 295,479.44 295,479.44 Act/360 0.00 0.00 0.00 0.00 N 0.00 0.00 0.00 0.00 0.00 0.00 II-A 33 91,456.36 0.00 91,456.36 91,456.36 Act/360 0.00 0.00 0.00 4,730,930.49 N 0.00 0.00 0.00 0.00 0.00 0.00 M-1 33 67,787.49 0.00 67,787.49 67,787.49 Act/360 0.00 0.00 0.00 0.00 N 0.00 0.00 0.00 0.00 0.00 0.00 M-2 33 68,920.35 0.00 68,920.35 68,920.35 Act/360 0.00 0.00 0.00 0.00 N 0.00 0.00 0.00 0.00 0.00 0.00 M-3 33 23,923.02 0.00 23,923.02 23,923.02 Act/360 0.00 0.00 0.00 0.00 N 0.00 0.00 0.00 0.00 0.00 0.00 M-4 33 19,833.87 0.00 19,833.87 19,833.87 Act/360 0.00 0.00 0.00 0.00 N 0.00 0.00 0.00 0.00 0.00 0.00 M-5 33 23,108.78 0.00 23,108.78 23,108.78 Act/360 0.00 0.00 0.00 0.00 N 0.00 0.00 0.00 0.00 0.00 0.00 M-6 33 27,569.14 0.00 27,569.14 27,569.14 Act/360 0.00 0.00 0.00 0.00 N 0.00 0.00 0.00 0.00 54,242.63 0.00 CE 30 1,686,510.37 0.00 1,740,753.00 1,740,753.00 30/360 0.00 0.00 0.00 0.00 N 0.00 0.00 0.00 0.00 0.00 0.00 P 30 0.00 0.00 343,848.14 343,848.14 0.00 0.00 0.00 0.00 N 0.00 0.00 0.00 0.00 0.00 54,242.63 0.00 2,511,333.42 2,909,424.19 2,909,424.19 0.00 0.00 0.00 22,001,864.54 0.00 0.00 0.00 0.00 (2) Principal Prepayments include the Extra Principal Amount 27-Sep-2004 - 09:10 (P827-P840) (c) 2004 LaSalle Bank N.A. 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-0427-Sep-04 25-Aug-04 25-Oct-0424-Sep-04 Asset-Backed Certificates Series 2004-HE2 ABN AMRO Acct: 721710.1 Interest Adjustments Summary Statement Date 0.00 0.00 0.00 0.00 Special Servicing Fees Workout Fees Liquidation Fees Legal Fees 0.00 0.00 Misc. Fees & Expenses Paid by/to Servicer Interest Paid to Servicer on Outstanding Advances 0.00 0.00 ASER Interest Advance Reduction Interest Not Advanced (Current Period) Recoup of Prior Advances by Servicer 0.00 0.00 Servicing Fees Paid Servicer on Loans Not Advanced Misc. Fees & Expenses Paid by Trust 0.00 0.00 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 0.00 Prepayment Interest Excess Due the Bonds 0.00 ARD Excess Interest 0.00 0.00 54,242.63 Net Prepayment Int. Shortfalls Allocated to the Bonds Other Interest Loss Page 10 of 24 27-Sep-2004 - 09:10 (P827-P840) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-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 NR NR I-A-1 07384YQV1 Aaa AAA I-A-2 07384YQW9 Aaa AAA II-A 07384YQX7 Aaa AAA M-1 07384YQY5 Aa2 AA M-2 07384YQZ2 A2 A M-3 07384YRA6 A3 A- M-4 07384YRB4 Baa1 BBB+ M-5 07384YRC2 Baa2 BBB M-6 07384YRD0 Baa3 BBB- CE 07384YRE8 NR NR P 07384YRF5 NR NR R-2 07384YRH1 NR NR R-3 9ABSQ251 NR NR R-X 07384YRJ7 NR NR Page 11 of 24 27-Sep-2004 - 09:10 (P827-P840) (c) 2004 LaSalle Bank N.A. NR - Designates that the class was not rated by the rating agency. (1) Changed ratings provided on this report are based on information provided by the applicable rating agency via electronic transmission. It shall be understood that this transmission will generally have been provided to LaSalle within 30 days of the payment date listed on this statement. Because ratings may 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 onthis report, LaSalle recommends that investors obtain current rating information directly from the rating agency. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-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 # Balance # Balance # Balance # Balance Delinquency Aging Categories 2.67% 2.25% 0.93% 0.81% 6 0.22% 662,104 0.17% 0.56% 0.51% 0.00% 0.00% 27-Sep-04 72 9,026,283 25 3,258,661 15 2,057,780 0 0 2,578 385,610,647 95.62% 96.25% 2.02% 1.72% 0.85% 0.81% 10 0.35% 731,222 0.17% 0.46% 0.36% 0.00% 0.00% 25-Aug-04 57 7,258,055 24 3,422,379 13 1,533,292 0 0 2,715 410,022,406 96.31% 96.94% 1.99% 1.76% 0.55% 0.47% 9 0.31% 901,850 0.20% 0.28% 0.22% 0.00% 0.00% 26-Jul-04 58 7,741,725 16 2,082,057 8 953,016 0 0 2,818 428,310,029 96.87% 97.35% 1.70% 1.42% 0.43% 0.30% 5 0.17% 674,457 0.15% 0.20% 0.15% 0.00% 0.00% 25-Jun-04 51 6,462,941 13 1,369,740 6 674,517 0 0 2,921 446,293,104 97.50% 97.98% 1.50% 1.29% 0.29% 0.25% 2 0.07% 215,652 0.05% 0.00% 0.00% 0.00% 0.00% 25-May-04 46 6,070,248 9 1,182,486 0 0 0 0 3,010 461,568,447 98.14% 98.41% 0.96% 0.90% 0.03% 0.03% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 26-Apr-04 30 4,304,851 1 125,709 0 0 0 0 3,089 474,032,496 99.01% 99.07% 0.09% 0.09% 0.00% 0.00% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 25-Mar-04 3 433,251 0 0 0 0 0 0 3,174 490,568,357 99.91% 99.91% Page 12 of 24 27-Sep-2004 - 09:10 (P827-P840) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-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 # Balance # Balance # Balance # Balance Delinquency Aging Categories Fixed Loans 2.18% 1.47% 0.69% 0.67% 3 0.30% 119,568 0.09% 0.20% 0.07% 0.00% 0.00% 27-Sep-04 22 1,972,334 7 893,345 2 93,612 0 0 974 131,077,357 96.63% 97.71% 1.73% 1.29% 0.48% 0.26% 5 0.48% 228,300 0.16% 0.10% 0.02% 0.00% 0.00% 25-Aug-04 18 1,799,028 5 359,608 1 23,985 0 0 1,014 137,009,129 97.22% 98.27% 1.22% 0.56% 0.28% 0.08% 2 0.19% 94,521 0.07% 0.19% 0.08% 0.00% 0.00% 26-Jul-04 13 797,411 3 112,895 2 117,063 0 0 1,047 142,247,030 98.13% 99.22% 1.20% 0.68% 0.65% 0.33% 0 0.00% 0 0.00% 0.09% 0.02% 0.00% 0.00% 25-Jun-04 13 987,069 7 487,513 1 24,103 0 0 1,064 144,605,330 98.06% 98.97% 1.27% 0.84% 0.18% 0.12% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 25-May-04 14 1,252,595 2 180,188 0 0 0 0 1,090 147,945,709 98.55% 99.04% 0.80% 0.66% 0.00% 0.00% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 26-Apr-04 9 1,000,005 0 0 0 0 0 0 1,111 150,850,554 99.20% 99.34% 0.18% 0.09% 0.00% 0.00% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 25-Mar-04 2 131,492 0 0 0 0 0 0 1,132 154,444,488 99.82% 99.91% Page 13 of 24 27-Sep-2004 - 09:10 (P827-P840) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-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 # Balance # Balance # Balance # Balance Delinquency Aging Categories 228 ARM Loans 3.05% 2.75% 1.14% 0.96% 3 0.19% 542,536 0.22% 0.76% 0.76% 0.00% 0.00% 27-Sep-04 48 6,802,117 18 2,365,315 12 1,876,429 0 0 1,492 235,438,199 94.85% 95.31% 2.30% 2.05% 1.15% 1.17% 5 0.30% 502,922 0.19% 0.61% 0.50% 0.00% 0.00% 25-Aug-04 38 5,363,237 19 3,062,771 10 1,313,990 0 0 1,579 251,551,821 95.64% 96.09% 2.57% 2.49% 0.70% 0.69% 7 0.41% 807,329 0.29% 0.29% 0.27% 0.00% 0.00% 26-Jul-04 44 6,819,553 12 1,881,306 5 728,370 0 0 1,646 264,083,773 96.03% 96.27% 2.08% 1.88% 0.28% 0.25% 5 0.28% 674,457 0.24% 0.22% 0.19% 0.00% 0.00% 25-Jun-04 37 5,387,957 5 721,135 4 542,768 0 0 1,728 278,925,578 97.13% 97.44% 1.59% 1.45% 0.38% 0.34% 2 0.11% 215,652 0.07% 0.00% 0.00% 0.00% 0.00% 25-May-04 29 4,285,373 7 1,002,298 0 0 0 0 1,786 289,943,335 97.92% 98.14% 1.13% 1.09% 0.05% 0.04% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 26-Apr-04 21 3,304,846 1 125,709 0 0 0 0 1,838 298,626,178 98.82% 98.86% 0.00% 0.00% 0.00% 0.00% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 25-Mar-04 0 0 0 0 0 0 0 0 1,899 310,532,686 100.00% 100.00% Page 14 of 24 27-Sep-2004 - 09:10 (P827-P840) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-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 # Balance # Balance # Balance # Balance Delinquency Aging Categories 327 ARM Loans 1.74% 1.30% 0.00% 0.00% 0 0.00% 0 0.00% 0.87% 0.45% 0.00% 0.00% 27-Sep-04 2 251,832 0 0 1 87,739 0 0 112 19,095,091 97.39% 98.25% 0.80% 0.44% 0.00% 0.00% 0 0.00% 0 0.00% 1.60% 0.90% 0.00% 0.00% 25-Aug-04 1 95,790 0 0 2 195,316 0 0 122 21,461,456 97.60% 98.66% 0.78% 0.56% 0.78% 0.39% 0 0.00% 0 0.00% 0.78% 0.48% 0.00% 0.00% 26-Jul-04 1 124,761 1 87,857 1 107,582 0 0 125 21,979,226 97.66% 98.56% 0.76% 0.38% 0.76% 0.70% 0 0.00% 0 0.00% 0.76% 0.47% 0.00% 0.00% 25-Jun-04 1 87,915 1 161,092 1 107,646 0 0 129 22,762,196 97.73% 98.46% 2.19% 2.20% 0.00% 0.00% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 25-May-04 3 532,280 0 0 0 0 0 0 134 23,679,402 97.81% 97.80% 0.00% 0.00% 0.00% 0.00% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 26-Apr-04 0 0 0 0 0 0 0 0 140 24,555,764 100.00% 100.00% 0.69% 1.17% 0.00% 0.00% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 25-Mar-04 1 301,759 0 0 0 0 0 0 143 25,591,184 99.31% 98.83% Page 15 of 24 27-Sep-2004 - 09:10 (P827-P840) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-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 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 Balance Balance Balance 27-Sep-04 0 0 0 0 5 373,553 1 194,493 15 2,057,780 0 0 0.00% 0.00% 0.00% 0.00% 0.56% 0.51% 0.19% 0.09% 0.04% 0.05% 0.00% 0.00% 0.00% 0.00% 0.48% 0.40% 0 0 13 1,593,744 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Aug-04 0 0 0 0 1 19,289 0 0 13 1,533,292 109,964 1 0.00% 0.00% 0.00% 0.00% 0.46% 0.36% 0.04% 0.00% 0.00% 0.00% 0.04% 0.03% 0.00% 0.00% 0.46% 0.39% 0 0 13 1,632,596 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 26-Jul-04 0 0 0 0 1 19,314 0 0 8 953,016 0 0 0.00% 0.00% 0.00% 0.00% 0.28% 0.22% 0.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.38% 0.32% 0 0 11 1,427,406 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Jun-04 0 0 1 107,646 1 19,338 0 0 5 566,871 0 0 0.00% 0.00% 0.03% 0.02% 0.17% 0.12% 0.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.30% 0.25% 0 0 9 1,149,373 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-May-04 0 0 0 0 1 107,709 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.03% 0.02% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.23% 0.20% 0 0 7 924,108 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 26-Apr-04 0 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.06% 0.04% 0 0 2 182,014 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Mar-04 0 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 Page 16 of 24 27-Sep-2004 - 09:10 (P827-P840) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-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 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 Balance Balance Balance 27-Sep-04 0 0 0 0 3 76,553 0 0 2 93,612 0 0 0.00% 0.00% 0.00% 0.00% 0.20% 0.07% 0.30% 0.06% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.20% 0.10% 0 0 2 130,770 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Aug-04 0 0 0 0 1 19,289 0 0 1 23,985 0 0 0.00% 0.00% 0.00% 0.00% 0.10% 0.02% 0.10% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.38% 0.24% 0 0 4 328,176 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 26-Jul-04 0 0 0 0 1 19,314 0 0 2 117,063 0 0 0.00% 0.00% 0.00% 0.00% 0.19% 0.08% 0.09% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.37% 0.23% 0 0 4 328,646 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Jun-04 0 0 0 0 1 19,338 0 0 1 24,103 0 0 0.00% 0.00% 0.00% 0.00% 0.09% 0.02% 0.09% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.28% 0.19% 0 0 3 277,324 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-May-04 0 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.27% 0.19% 0 0 3 277,756 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 26-Apr-04 0 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.09% 0.02% 0 0 1 28,238 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Mar-04 0 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 Page 17 of 24 27-Sep-2004 - 09:10 (P827-P840) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-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 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 Balance Balance Balance 27-Sep-04 0 0 0 0 2 297,000 1 194,493 12 1,876,429 0 0 0.00% 0.00% 0.00% 0.00% 0.76% 0.76% 0.13% 0.12% 0.06% 0.08% 0.00% 0.00% 0.00% 0.00% 0.70% 0.59% 0 0 11 1,462,974 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Aug-04 0 0 0 0 0 0 0 0 10 1,313,990 109,964 1 0.00% 0.00% 0.00% 0.00% 0.61% 0.50% 0.00% 0.00% 0.00% 0.00% 0.06% 0.04% 0.00% 0.00% 0.55% 0.50% 0 0 9 1,304,419 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 26-Jul-04 0 0 0 0 0 0 0 0 5 728,370 0 0 0.00% 0.00% 0.00% 0.00% 0.29% 0.27% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.41% 0.40% 0 0 7 1,098,760 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Jun-04 0 0 0 0 0 0 0 0 4 542,768 0 0 0.00% 0.00% 0.00% 0.00% 0.22% 0.19% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.34% 0.30% 0 0 6 872,050 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-May-04 0 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.22% 0.22% 0 0 4 646,351 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 26-Apr-04 0 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.05% 0.05% 0 0 1 153,775 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Mar-04 0 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 Page 18 of 24 27-Sep-2004 - 09:10 (P827-P840) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-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 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 Balance Balance Balance 27-Sep-04 0 0 0 0 0 0 0 0 1 87,739 0 0 0.00% 0.00% 0.00% 0.00% 0.87% 0.45% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Aug-04 0 0 0 0 0 0 0 0 2 195,316 0 0 0.00% 0.00% 0.00% 0.00% 1.60% 0.90% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 26-Jul-04 0 0 0 0 0 0 0 0 1 107,582 0 0 0.00% 0.00% 0.00% 0.00% 0.78% 0.48% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Jun-04 0 0 1 107,646 0 0 0 0 0 0 0 0 0.00% 0.00% 0.76% 0.47% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-May-04 0 0 0 0 1 107,709 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.73% 0.44% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 26-Apr-04 0 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 25-Mar-04 0 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 Page 19 of 24 27-Sep-2004 - 09:10 (P827-P840) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-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 # Balance # Amount Life Coupon Remit Statement Date: Ending Arrearage (1) Balance Insurance Substitution Liquidation Proceeds Proceeds Proceeds 27-Sep-04 2,696 84.30% 400,615,474 81.00% 4.36% 5.20% 0 0.00% 0 0.00% 342 7.63% 7.12% 123 21,974,352 0.00 0.00 0.00 0.00 25-Aug-04 2,819 88.15% 422,967,354 85.52% 3.09% 3.78% 0 0.00% 0 0.00% 343 7.63% 7.13% 90 16,634,211 0.00 0.00 0.00 0.00 26-Jul-04 2,909 90.96% 439,988,677 88.96% 2.87% 3.29% 1 0.03% 43,483 0.01% 344 7.64% 7.13% 86 15,003,514 0.00 0.00 0.00 0.00 25-Jun-04 2,996 93.68% 455,474,759 92.09% 2.31% 2.80% 0 0.00% 0 0.00% 345 7.64% 7.13% 71 13,147,545 0.00 0.00 0.00 0.00 25-May-04 3,067 95.90% 469,036,832 94.83% 1.70% 1.88% 0 0.00% 0 0.00% 346 7.64% 7.13% 53 9,012,818 0.00 0.00 0.00 0.00 26-Apr-04 3,120 97.56% 478,463,056 96.74% 1.79% 2.47% 0 0.00% 0 0.00% 347 7.64% 7.14% 57 12,110,751 0.00 0.00 0.00 0.00 25-Mar-04 3,177 99.34% 491,001,608 99.27% 0.66% 0.65% 0 0.00% 0 0.00% 348 7.65% 7.14% 21 3,190,794 0.00 0.00 0.00 0.00 (1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period. Page 20 of 24 27-Sep-2004 - 09:10 (P827-P840) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-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 # Balance # Amount Life Coupon Remit Statement Date: Ending Arrearage (1) Balance Insurance Substitution Liquidation Proceeds Proceeds Proceeds Fixed Loans 27-Sep-04 1,008 31.52% 134,156,216 27.12% 3.36% 3.66% 0 0.00% 0 0.00% 324 7.42% 6.91% 35 5,096,523 0.00 0.00 0.00 0.00 25-Aug-04 1,043 32.61% 139,420,050 28.19% 2.25% 2.64% 0 0.00% 0 0.00% 324 7.42% 6.91% 24 3,785,081 0.00 0.00 0.00 0.00 26-Jul-04 1,067 33.36% 143,368,920 28.99% 1.57% 1.73% 1 0.09% 43,483 0.03% 326 7.42% 6.92% 17 2,525,119 0.00 0.00 0.00 0.00 25-Jun-04 1,085 33.93% 146,104,016 29.54% 1.90% 2.08% 0 0.00% 0 0.00% 327 7.43% 6.92% 21 3,102,269 0.00 0.00 0.00 0.00 25-May-04 1,106 34.58% 149,378,493 30.20% 1.25% 1.52% 0 0.00% 0 0.00% 328 7.43% 6.92% 14 2,303,813 0.00 0.00 0.00 0.00 26-Apr-04 1,120 35.02% 151,850,559 30.70% 1.23% 1.65% 0 0.00% 0 0.00% 329 7.42% 6.92% 14 2,548,816 0.00 0.00 0.00 0.00 25-Mar-04 1,134 35.46% 154,575,980 31.25% 0.44% 0.56% 0 0.00% 0 0.00% 330 7.42% 6.92% 5 865,598 0.00 0.00 0.00 0.00 (1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period. Page 21 of 24 27-Sep-2004 - 09:10 (P827-P840) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-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 # Balance # Amount Life Coupon Remit Statement Date: Ending Arrearage (1) Balance Insurance Substitution Liquidation Proceeds Proceeds Proceeds 228 ARM Loans 27-Sep-04 1,573 49.19% 247,024,596 49.94% 4.72% 5.57% 0 0.00% 0 0.00% 351 7.78% 7.27% 78 14,577,214 0.00 0.00 0.00 0.00 25-Aug-04 1,651 51.63% 261,794,741 52.93% 3.68% 4.49% 0 0.00% 0 0.00% 352 7.77% 7.27% 63 12,322,096 0.00 0.00 0.00 0.00 26-Jul-04 1,714 53.60% 274,320,331 55.46% 3.65% 4.08% 0 0.00% 0 0.00% 353 7.79% 7.28% 65 11,679,955 0.00 0.00 0.00 0.00 25-Jun-04 1,779 55.63% 286,251,894 57.87% 2.47% 3.04% 0 0.00% 0 0.00% 354 7.78% 7.28% 45 8,973,118 0.00 0.00 0.00 0.00 25-May-04 1,824 57.04% 295,446,658 59.73% 1.94% 2.11% 0 0.00% 0 0.00% 355 7.78% 7.28% 36 6,385,829 0.00 0.00 0.00 0.00 26-Apr-04 1,860 58.16% 302,056,733 61.07% 2.05% 2.66% 0 0.00% 0 0.00% 356 7.79% 7.28% 39 8,246,333 0.00 0.00 0.00 0.00 25-Mar-04 1,899 59.38% 310,532,686 62.78% 0.68% 0.66% 0 0.00% 0 0.00% 357 7.79% 7.29% 13 2,053,942 0.00 0.00 0.00 0.00 (1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period. Page 22 of 24 27-Sep-2004 - 09:10 (P827-P840) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-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 # Balance # Amount Life Coupon Remit Statement Date: Ending Arrearage (1) Balance Insurance Substitution Liquidation Proceeds Proceeds Proceeds 327 ARM Loans 27-Sep-04 115 3.60% 19,434,662 3.93% 8.00% 10.58% 0 0.00% 0 0.00% 350 7.21% 6.71% 10 2,300,616 0.00 0.00 0.00 0.00 25-Aug-04 125 3.91% 21,752,563 4.40% 2.34% 2.36% 0 0.00% 0 0.00% 351 7.20% 6.69% 3 527,034 0.00 0.00 0.00 0.00 26-Jul-04 128 4.00% 22,299,427 4.51% 3.03% 3.45% 0 0.00% 0 0.00% 352 7.22% 6.68% 4 798,440 0.00 0.00 0.00 0.00 25-Jun-04 132 4.13% 23,118,849 4.67% 3.65% 4.43% 0 0.00% 0 0.00% 353 7.21% 6.67% 5 1,072,158 0.00 0.00 0.00 0.00 25-May-04 137 4.28% 24,211,682 4.90% 2.14% 1.32% 0 0.00% 0 0.00% 354 7.22% 6.69% 3 323,175 0.00 0.00 0.00 0.00 26-Apr-04 140 4.38% 24,555,764 4.96% 2.78% 5.08% 0 0.00% 0 0.00% 355 7.22% 6.69% 4 1,315,602 0.00 0.00 0.00 0.00 25-Mar-04 144 4.50% 25,892,943 5.24% 2.04% 1.04% 0 0.00% 0 0.00% 356 7.22% 6.68% 3 271,254 0.00 0.00 0.00 0.00 (1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period. Page 23 of 24 27-Sep-2004 - 09:10 (P827-P840) (c) 2004 LaSalle Bank N.A. Bear Stearns Asset Backed Securities Trust Payment Date:Prior Payment:Next Payment:Record Date: 27-Sep-0427-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 BeginningScheduled 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. Not Avail. Current TotalCumulative 27-Sep-2004 - 09:10 (P827-P840) (c) 2004 LaSalle Bank N.A. Page 24 of 24 * Aggregate liquidation expenses also include outstanding P&I advances and unpaid servicing fees, unpaid trustee fees, etc..

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

Reporting Package Table of Contents

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Administrator:

Amanda Hellyer 312.904.6299
amanda.hellyer@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 5-11
Page 12
Page 13

Page 14

Page 15-21
Page 22-28

Page 29-35
Page 36

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

BS004HE2

BS004HE2_200412_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 36

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:

7.612755%

2.180000%
2.417500%

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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

339

REMIC II

Statement Date:

ABN AMRO Acct: 721710.1

443.625191089

98.005111800

0.000000000

345.620079290

0.901544984

2.597500000%

0.00

0.000000000

2.36000000%

0.000000000

07384YQV1

I-A-1

180,099,000.00

79,896,453.29

17,650,622.63

0.00

62,245,830.66

162,367.35

1000.000000000

0.000000000

1000.000000000

2.436944433

3.067500000%

0.00

0.000000000

2.83000000%

0.000000000

07384YQW9

I-A-2

142,314,000.00

0.00

142,314,000.00

346,811.31

600.132375907

37.236997341

0.000000000

562.895378567

1.276448214

2.707500000%

0.00

0.000000000

2.47000000%

0.000000000

07384YQX7

II-A

69,565,000.00

41,748,208.73

2,590,391.72

0.00

39,157,817.01

88,796.12

1000.000000000

0.000000000

1000.000000000

2.393888756

3.017500000%

0.00

0.000000000

2.78000000%

0.000000000

07384YQY5

M-1

33,386,000.00

0.00

33,386,000.00

79,922.37

1000.000000000

0.000000000

1000.000000000

2.910555618

3.617500000%

0.00

0.000000000

3.38000000%

0.000000000

07384YQZ2

M-2

26,709,000.00

0.00

26,709,000.00

77,738.03

1000.000000000

0.000000000

1000.000000000

3.082777264

3.817500000%

0.00

0.000000000

3.58000000%

0.000000000

07384YRA6

M-3

8,656,000.00

0.00

8,656,000.00

26,684.52

1000.000000000

0.000000000

1000.000000000

3.384166407

4.167500000%

0.00

0.000000000

3.93000000%

0.000000000

07384YRB4

M-4

6,430,000.00

0.00

6,430,000.00

21,760.19

1000.000000000

0.000000000

1000.000000000

3.513333798

4.317500000%

0.00

0.000000000

4.08000000%

0.000000000

07384YRC2

M-5

7,172,000.00

0.00

7,172,000.00

25,197.63

1000.000000000

0.000000000

1000.000000000

4.675833064

5.667500000%

0.00

0.000000000

5.43000000%

0.000000000

07384YRD0

M-6

6,182,000.00

0.00

6,182,000.00

28,906.00

1000.000000000

0.000000000

1000.000000000

95.116033678

0.00

27,204.29

1.929852042

N/A

0.000000000

07384YRE8

14,096,567.72

0.00

14,096,567.72

1,340,809.61

1000.000000000

0.000000000

1000.000000000

3668074.600000000

0.00

366,807.46

3668074.600000000

N/A

0.000000000

07384YRF5

100.00

0.00

100.00

366,807.46

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YRH1

R-2

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YRG3

R-1

0.00

Total P&I Payment

0.00

394,011.75

494,609,567.72

366,590,229.74

22,806,814.94

Total

346,349,215.39

20,241,014.35

0.00

2,565,800.59

Page 2 of 36

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:

7.612755%

2.180000%
2.417500%

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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

339

REMIC III

Statement Date:

ABN AMRO Acct: 721710.1

1000.000000000

0.000000000

1000.000000000

95.116033678

0.00

1,340,809.61

95.116033678

N/A

0.000000000

14,096,567.72

0.00

14,096,567.72

1,340,809.61

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSQ251

R-3

0.00

Total P&I Payment

0.00

1,340,809.61

14,096,567.72

1,340,809.61

Total

14,096,567.72

0.00

1,340,809.61

Page 3 of 36

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:

7.612755%

2.180000%
2.417500%

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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

339

REMIC IV

Statement Date:

ABN AMRO Acct: 721710.1

1000.000000000

0.000000000

1000.000000000

3668074.600000000

0.00

366,807.46

3668074.600000000

N/A

0.000000000

100.00

0.00

100.00

366,807.46

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YRJ7

R-X

0.00

Total P&I Payment

0.00

366,807.46

100.00

366,807.46

Total

100.00

0.00

366,807.46

Page 4 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

Statement Date:

Cash Reconciliation Summary

Interest Summary

Total Trustee Fees

Available Interest

2,565,800.60

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

309,574.27

18,248.16

19,913,191.92

0.00
0.00
0.00

22,807,914.72

Pool Balance Summary

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

Balance/Amount

Count

366,590,229.74

309,574.27

19,931,440.08

0.00
0.00
0.00

346,349,215.39

2,490

119

0
0

2,371

137,890.14

Extra Principal

Trigger Event

0.00

20,241,014.35

Over Collateralization Amt

14,096,567.72

Less Extra Principal

Remittance Interest

0.00

2,565,800.60

0.00

19,931,440.08

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(1,099.77

2,566,900.37

Total Fees

138,989.91

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

3.25

N/A

1,099.77

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 5 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

Statement Date:

Cash Reconciliation Summary Fixed Group 1

Interest Summary

Total Trustee Fees

Available Interest

620,676.32

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

112,164.00

5,640.29

5,386,323.64

0.00
0.00
0.00

6,125,128.33

Pool Balance Summary

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

Balance/Amount

Count

108,025,832.77

112,164.00

5,391,963.93

0.00
0.00
0.00

102,521,704.84

800

0
0

759

42,228.66

Extra Principal

Trigger Event

0.00

5,504,127.93

Over Collateralization Amt

14,096,567.72

Remittance Interest

620,676.32

0.00

5,391,963.93

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(324.08

621,000.40

Total Fees

42,552.74

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

3.25

N/A

324.08

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 6 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

Statement Date:

Cash Reconciliation Summary 228 ARM Group 1

Interest Summary

Total Trustee Fees

Available Interest

1,132,633.29

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

130,690.98

9,481.35

10,677,574.72

0.00
0.00
0.00

11,950,938.43

Pool Balance Summary

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

Balance/Amount

Count

186,031,331.67

130,690.98

10,687,056.07

0.00
0.00
0.00

175,213,584.62

1,192

0
0

1,136

68,427.01

Extra Principal

Trigger Event

0.00

10,817,747.05

Over Collateralization Amt

14,096,567.72

Remittance Interest

1,132,633.29

0.00

10,687,056.07

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(558.09

1,133,191.38

Total Fees

68,985.10

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

3.25

N/A

558.09

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 7 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

Statement Date:

Cash Reconciliation Summary 327 ARM Group 1

Interest Summary

Total Trustee Fees

Available Interest

69,393.11

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

9,857.36

186.86

1,318,703.43

0.00
0.00
0.00

1,398,178.44

Pool Balance Summary

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

Balance/Amount

Count

12,558,501.15

9,857.36

1,318,890.29

0.00
0.00
0.00

11,229,753.50

0
0

3,544.88

Extra Principal

Trigger Event

0.00

1,328,747.65

Over Collateralization Amt

14,096,567.72

Remittance Interest

69,393.11

0.00

1,318,890.29

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(37.68

69,430.79

Total Fees

3,582.55

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

3.25

N/A

37.68

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 8 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

Statement Date:

Cash Reconciliation Summary Fixed Group 2

Interest Summary

Total Trustee Fees

Available Interest

99,818.01

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

24,111.37

1,959.58

614,676.44

0.00
0.00
0.00

740,618.54

Pool Balance Summary

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

Balance/Amount

Count

17,711,771.51

24,111.37

616,636.02

0.00
0.00
0.00

17,071,024.12

141

0
0

135

7,157.91

Extra Principal

Trigger Event

0.00

640,747.39

Over Collateralization Amt

14,096,567.72

Remittance Interest

99,818.01

0.00

616,636.02

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(53.14

99,871.15

Total Fees

7,211.05

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

3.25

N/A

53.14

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 9 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

Statement Date:

Cash Reconciliation Summary 228 ARM Group 2

Interest Summary

Total Trustee Fees

Available Interest

218,717.89

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

27,959.50

897.25

1,915,913.69

0.00
0.00
0.00

2,163,598.78

Pool Balance Summary

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

Balance/Amount

Count

36,817,924.05

27,959.50

1,916,810.94

0.00
0.00
0.00

34,873,153.61

252

0
0

242

14,262.99

Extra Principal

Trigger Event

0.00

1,944,770.44

Over Collateralization Amt

14,096,567.72

Remittance Interest

218,717.89

0.00

1,916,810.94

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(110.45

218,828.34

Total Fees

14,373.44

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

3.25

N/A

110.45

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 10 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE2

ABN AMRO Acct: 721710.1

Statement Date:

Cash Reconciliation Summary 327 ARM Group 2

Interest Summary

Total Trustee Fees

Available Interest

30,550.23

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

4,791.06

82.83

0.00
0.00
0.00
0.00

35,440.46

Pool Balance Summary

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

Balance/Amount

Count

5,444,868.59

4,791.06

82.83

0.00
0.00
0.00

5,439,994.70

0
0

2,268.70

Extra Principal

Trigger Event

0.00

4,873.89

Over Collateralization Amt

14,096,567.72

Remittance Interest

30,550.23

0.00

82.83

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(16.33

30,566.57

Total Fees

2,285.03

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

3.25

N/A

16.33

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 11 of 36

Bear Stearns Asset Backed Securities Trust

Class

Accrued

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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

162,367.35

0.00

162,367.35

Act/360

0.00

17,397,910.29

0.00

I-A-2

346,811.31

0.00

346,811.31

Act/360

0.00

II-A

88,796.12

0.00

88,796.12

Act/360

0.00

2,533,529.79

0.00

M-1

79,922.37

0.00

79,922.37

Act/360

0.00

M-2

77,738.03

0.00

77,738.03

Act/360

0.00

M-3

26,684.52

0.00

26,684.52

Act/360

0.00

M-4

21,760.19

0.00

21,760.19

Act/360

0.00

M-5

25,197.63

0.00

25,197.63

Act/360

0.00

M-6

28,906.00

0.00

28,906.00

Act/360

0.00

27,204.29

0.00

1,313,605.32

0.00

1,340,809.61

30/360

0.00

366,807.46

0.00

R-2

0.00

27,204.29

0.00

2,171,788.84

2,565,800.59

0.00

19,931,440.08

0.00

(2) Principal Prepayments include the Extra Principal Amount

Page 12 of 36

(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-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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

394,011.75

394,011.75

Total Excess Allocated to the Bonds

394,011.75

0.00

Aggregate Interest Adjustment Allocated to the Bonds

0.00

366,807.46

0.00

Prepayment Interest Excess Due the Bonds

0.00

ARD Excess Interest

0.00

27,204.29

Net Prepayment Int. Shortfalls Allocated to the Bonds

Other Interest Loss

Page 13 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 14 of 36

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-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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

3.29%

2.97%

1.43%

1.26%

1.10%

2,714,467

0.78%

1.27%

1.15%

0.08%

0.10%

27-Dec-04

10,296,153

4,375,489

3,990,845

343,586

2,201

324,628,674

92.83%

93.73%

2.69%

2.65%

1.41%

1.21%

0.92%

2,743,993

0.75%

0.76%

0.64%

0.04%

26-Nov-04

9,711,946

4,424,243

2,332,506

138,067

2,345

347,239,474

94.18%

94.72%

3.11%

3.04%

1.34%

1.02%

0.46%

1,343,304

0.35%

0.69%

0.63%

0.04%

25-Oct-04

11,735,915

3,918,266

2,444,856

138,155

2,456

366,043,918

94.35%

94.92%

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 15 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 1

1.32%

0.99%

0.79%

0.56%

1.45%

632,659

0.62%

0.92%

0.93%

0.00%

27-Dec-04

1,016,412

576,263

954,372

725

99,341,998

95.52%

96.90%

1.38%

1.39%

1.00%

0.83%

1.38%

916,918

0.85%

0.25%

0.15%

0.00%

26-Nov-04

1,505,361

898,187

156,688

768

104,548,679

96.00%

96.78%

1.81%

1.24%

1.08%

0.71%

0.72%

450,816

0.40%

0.24%

0.08%

0.00%

25-Oct-04

1,383,007

794,013

93,511

799

109,210,437

96.15%

97.57%

2.34%

1.51%

0.70%

0.71%

0.35%

119,568

0.10%

0.23%

0.08%

0.00%

27-Sep-04

1,729,315

817,385

93,612

825

111,925,636

96.38%

97.59%

1.81%

1.32%

0.57%

0.30%

0.57%

228,300

0.19%

0.11%

0.02%

0.00%

25-Aug-04

1,571,409

359,608

23,985

857

116,440,490

96.95%

98.16%

1.44%

0.65%

0.33%

0.09%

0.22%

94,521

0.08%

0.22%

0.10%

0.00%

26-Jul-04

797,411

112,895

117,063

885

120,994,017

97.79%

99.08%

1.20%

0.63%

0.76%

0.39%

0.00%

0.11%

0.02%

0.00%

25-Jun-04

785,726

487,513

24,103

900

122,908,014

97.93%

98.96%

1.50%

0.99%

0.21%

0.14%

0.00%

25-May-04

1,252,595

180,188

920

125,480,445

98.29%

98.87%

0.74%

0.69%

0.00%

26-Apr-04

883,220

937

127,354,520

99.26%

99.31%

0.10%

0.07%

0.00%

25-Mar-04

93,351

956

130,773,146

99.90%

99.93%

Page 16 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 1

4.75%

4.43%

2.20%

1.87%

1.14%

1,844,949

1.05%

1.67%

1.48%

0.18%

0.20%

27-Dec-04

7,763,010

3,281,072

2,591,955

343,586

1,023

159,389,012

90.05%

90.97%

3.69%

3.48%

1.93%

1.69%

0.92%

1,722,508

0.93%

1.09%

0.93%

0.08%

0.07%

26-Nov-04

6,481,560

3,150,119

1,731,046

138,067

1,100

172,808,033

92.28%

92.89%

4.32%

4.51%

1.60%

1.19%

0.40%

816,584

0.41%

1.12%

1.05%

0.08%

0.07%

25-Oct-04

8,922,176

2,359,185

2,082,422

138,155

1,157

183,417,392

92.49%

92.76%

3.23%

2.84%

1.08%

0.93%

0.23%

542,536

0.26%

0.85%

0.82%

0.00%

27-Sep-04

5,873,685

1,930,972

1,695,119

1,231

197,101,328

94.62%

95.15%

2.34%

2.09%

1.24%

1.23%

0.37%

502,922

0.23%

0.59%

0.53%

0.00%

25-Aug-04

4,592,087

2,695,773

1,154,464

1,304

210,404,900

95.46%

95.92%

2.48%

2.35%

0.78%

0.42%

752,473

0.33%

0.35%

0.32%

0.00%

26-Jul-04

5,381,034

1,776,576

728,370

1,356

220,200,541

95.97%

96.23%

2.05%

1.93%

0.34%

0.30%

0.27%

548,849

0.23%

0.27%

0.23%

0.00%

25-Jun-04

4,595,886

721,135

542,768

1,421

232,213,524

97.06%

97.31%

1.61%

1.50%

0.47%

0.41%

0.07%

89,993

0.04%

0.00%

25-May-04

3,684,900

1,002,298

1,463

240,125,885

97.86%

98.05%

1.19%

1.24%

0.00%

26-Apr-04

3,103,655

1,500

246,221,309

98.81%

98.76%

0.00%

25-Mar-04

1,552

256,668,132

100.00%

Page 17 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 1

0.00%

1.59%

1.51%

0.00%

1.59%

0.78%

0.00%

27-Dec-04

169,450

87,560

10,972,744

96.83%

97.71%

2.90%

2.08%

1.45%

0.79%

0.00%

1.45%

0.70%

0.00%

26-Nov-04

260,683

99,453

87,620

12,110,745

94.20%

96.43%

2.74%

1.50%

1.37%

1.24%

0.00%

1.37%

0.68%

0.00%

25-Oct-04

195,173

160,460

87,680

12,528,857

94.52%

96.58%

2.74%

1.94%

0.00%

1.37%

0.68%

0.00%

27-Sep-04

251,832

87,739

12,645,255

95.89%

97.38%

1.28%

0.67%

0.00%

2.56%

1.36%

0.00%

25-Aug-04

95,790

195,316

14,107,255

96.15%

97.98%

0.00%

1.27%

0.61%

0.00%

1.27%

0.74%

0.00%

26-Jul-04

87,857

107,582

14,314,483

97.47%

98.65%

1.22%

0.58%

1.22%

1.06%

0.00%

1.22%

0.71%

0.00%

25-Jun-04

87,915

161,092

107,646

14,794,174

96.34%

97.65%

1.19%

0.68%

0.00%

25-May-04

107,709

15,777,735

98.81%

99.32%

0.00%

26-Apr-04

16,101,151

100.00%

0.00%

25-Mar-04

16,991,565

100.00%

Page 18 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 2

4.44%

4.15%

0.00%

0.74%

0.44%

0.00%

27-Dec-04

707,873

75,791

128

16,287,360

94.81%

95.41%

2.13%

2.56%

0.00%

0.71%

0.43%

0.00%

26-Nov-04

454,014

75,848

137

17,181,910

97.16%

97.01%

1.38%

1.56%

0.00%

0.69%

75,904

0.41%

0.00%

25-Oct-04

285,843

142

17,958,238

97.93%

98.03%

1.32%

1.25%

0.66%

0.39%

0.00%

27-Sep-04

243,018

75,960

149

19,151,721

98.03%

98.36%

1.26%

1.09%

0.00%

25-Aug-04

227,619

157

20,568,638

98.74%

98.91%

0.00%

26-Jul-04

162

21,253,013

100.00%

1.20%

0.92%

0.00%

25-Jun-04

201,343

164

21,697,316

98.80%

99.08%

0.00%

25-May-04

170

22,465,264

100.00%

1.14%

0.49%

0.00%

26-Apr-04

116,785

174

23,496,035

98.86%

99.51%

0.56%

0.16%

0.00%

25-Mar-04

38,141

176

23,671,341

99.44%

99.84%

Page 19 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 2

3.31%

2.32%

0.41%

0.67%

0.83%

236,859

0.68%

0.83%

0.81%

0.00%

27-Dec-04

808,859

233,364

281,166

229

33,312,905

94.63%

95.53%

1.98%

2.09%

1.19%

0.75%

0.40%

104,568

0.28%

0.79%

0.76%

0.00%

26-Nov-04

770,519

276,484

281,304

241

35,385,049

95.63%

96.11%

3.03%

2.45%

1.89%

1.56%

0.00%

0.38%

0.47%

0.00%

25-Oct-04

949,715

604,608

181,244

250

36,961,588

94.70%

95.51%

2.21%

2.33%

1.47%

1.09%

0.00%

0.37%

0.45%

0.00%

27-Sep-04

928,433

434,343

181,310

261

38,336,871

95.96%

96.13%

2.11%

1.82%

0.70%

0.86%

0.00%

0.70%

0.38%

0.00%

25-Aug-04

771,150

366,998

159,526

275

41,146,921

96.49%

96.94%

2.99%

3.16%

0.33%

0.23%

0.33%

54,856

0.12%

0.00%

26-Jul-04

1,438,519

104,730

290

43,883,232

96.35%

96.49%

2.22%

1.66%

0.00%

0.32%

125,608

0.26%

0.00%

25-Jun-04

792,071

307

46,712,054

97.46%

98.07%

1.52%

1.19%

0.00%

0.30%

125,659

0.25%

0.00%

25-May-04

600,473

323

49,817,450

98.18%

98.56%

0.88%

0.38%

0.29%

0.24%

0.00%

26-Apr-04

201,191

125,709

338

52,404,869

98.83%

99.38%

0.00%

25-Mar-04

347

53,864,554

100.00%

Page 20 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 2

0.00%

2.78%

2.12%

0.00%

27-Dec-04

115,339

5,324,656

97.22%

97.88%

5.56%

4.40%

0.00%

26-Nov-04

239,809

5,205,059

94.44%

95.60%

0.00%

25-Oct-04

5,967,406

100.00%

0.00%

27-Sep-04

6,449,836

100.00%

0.00%

25-Aug-04

7,354,201

100.00%

2.04%

1.60%

0.00%

26-Jul-04

124,761

7,664,743

97.96%

98.40%

0.00%

25-Jun-04

7,968,022

100.00%

3.77%

5.10%

0.00%

25-May-04

424,571

7,901,667

96.23%

94.90%

0.00%

26-Apr-04

8,454,613

100.00%

1.79%

3.39%

0.00%

25-Mar-04

301,759

8,599,619

98.21%

96.61%

Page 21 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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-Dec-04

553,416

19,190

3,990,845

459,163

0.00%

1.27%

1.15%

0.13%

0.16% 0.04%

0.01% 0.30%

0.13%

0.00%

0.51%

0.35%

1,200,533

343,586

0.00%

0.08%

0.00%

0.10%

26-Nov-04

336,800

48,405

2,332,506

612,132

0.00%

0.76%

0.64%

0.12%

0.09% 0.08%

0.01% 0.24%

0.17%

0.00%

0.48%

0.40%

1,468,739

138,067

0.00%

0.04%

0.00%

0.04%

25-Oct-04

422,777

415,688

2,444,856

0.00%

0.69%

0.63%

0.19%

0.11% 0.15%

0.11% 0.00%

0.00%

0.46%

0.39%

1,511,510

138,155

0.00%

0.04%

0.00%

0.04%

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 22 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 1

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

19,190

954,372

145,136

0.00%

0.92%

0.93%

0.00%

0.00% 0.13%

0.02% 0.53%

0.14%

0.00%

0.26%

0.07%

70,819

0.00%

26-Nov-04

19,247

48,405

156,688

432,750

0.00%

0.25%

0.15%

0.13%

0.02% 0.25%

0.04% 0.50%

0.40%

0.00%

0.25%

0.12%

130,209

0.00%

25-Oct-04

47,258

359,006

93,511

0.00%

0.24%

0.08%

0.24%

0.04% 0.36%

0.32% 0.00%

0.00%

0.24%

0.12%

130,490

0.00%

27-Sep-04

76,553

93,612

0.00%

0.23%

0.08%

0.35%

0.07% 0.00%

0.00% 0.00%

0.00%

0.23%

0.11%

130,770

0.00%

25-Aug-04

19,289

23,985

0.00%

0.11%

0.02%

0.11%

0.02% 0.00%

0.00% 0.00%

0.00%

0.45%

0.28%

328,176

0.00%

26-Jul-04

19,314

117,063

0.00%

0.22%

0.10%

0.11%

0.02% 0.00%

0.00% 0.00%

0.00%

0.44%

0.27%

328,646

0.00%

25-Jun-04

19,338

24,103

0.00%

0.11%

0.02%

0.11%

0.02% 0.00%

0.00% 0.00%

0.00%

0.33%

0.22%

277,324

0.00%

25-May-04

0.00%

0.00% 0.00%

0.00%

0.32%

0.22%

277,756

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

0.11%

0.02%

28,238

0.00%

25-Mar-04

0.00%

0.00% 0.00%

0.00%

Page 23 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 1

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

553,416

2,591,955

314,027

0.00%

1.67%

1.48%

0.26%

0.32% 0.00%

0.00% 0.26%

0.18%

0.00%

0.62%

0.42%

743,131

343,586

0.00%

0.18%

0.00%

0.20%

26-Nov-04

317,553

1,731,046

179,382

0.00%

1.09%

0.93%

0.17%

0.17% 0.00%

0.00% 0.17%

0.10%

0.00%

0.59%

0.51%

951,542

138,067

0.00%

0.08%

0.00%

0.07%

25-Oct-04

375,519

56,681

2,082,422

0.00%

1.12%

1.05%

0.24%

0.19% 0.08%

0.03% 0.00%

0.00%

0.48%

0.44%

877,585

138,155

0.00%

0.08%

0.00%

0.07%

27-Sep-04

297,000

194,493

1,695,119

0.00%

0.85%

0.82%

0.15%

0.14% 0.08%

0.09% 0.00%

0.00%

0.61%

0.52%

1,069,482

0.00%

25-Aug-04

1,154,464

109,964

0.00%

0.59%

0.53%

0.00%

0.00% 0.00%

0.00% 0.07%

0.05%

0.00%

0.44%

0.38%

832,651

0.00%

26-Jul-04

728,370

0.00%

0.35%

0.32%

0.00%

0.00% 0.00%

0.00%

0.35%

0.34%

776,426

0.00%

25-Jun-04

542,768

0.00%

0.27%

0.23%

0.00%

0.00% 0.00%

0.00%

0.27%

0.22%

524,292

0.00%

25-May-04

0.00%

0.00% 0.00%

0.00%

0.13%

0.12%

298,322

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 24 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 1

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

87,560

0.00%

1.59%

0.78%

0.00%

0.00% 0.00%

0.00%

26-Nov-04

87,620

0.00%

1.45%

0.70%

0.00%

0.00% 0.00%

0.00%

25-Oct-04

87,680

0.00%

1.37%

0.68%

0.00%

0.00% 0.00%

0.00%

27-Sep-04

87,739

0.00%

1.37%

0.68%

0.00%

0.00% 0.00%

0.00%

25-Aug-04

195,316

0.00%

2.56%

1.36%

0.00%

0.00% 0.00%

0.00%

26-Jul-04

107,582

0.00%

1.27%

0.74%

0.00%

0.00% 0.00%

0.00%

25-Jun-04

107,646

0.00%

1.22%

0.71%

0.00%

0.00% 0.00%

0.00%

25-May-04

107,709

0.00%

1.19%

0.68% 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 25 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 2

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

75,791

0.00%

0.74%

0.44%

0.00%

0.00% 0.00%

0.00%

26-Nov-04

75,848

0.00%

0.71%

0.43%

0.00%

0.00% 0.00%

0.00%

25-Oct-04

0.00%

0.00% 0.00%

0.00%

27-Sep-04

0.00%

0.00% 0.00%

0.00%

25-Aug-04

0.00%

0.00% 0.00%

0.00%

26-Jul-04

0.00%

0.00% 0.00%

0.00%

25-Jun-04

0.00%

0.00% 0.00%

0.00%

25-May-04

0.00%

0.00% 0.00%

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

25-Mar-04

0.00%

0.00% 0.00%

0.00%

Page 26 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 2

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

281,166

0.00%

0.83%

0.81%

0.00%

0.00% 0.00%

0.00%

0.83%

0.79%

276,540

0.00%

26-Nov-04

281,304

0.00%

0.79%

0.76%

0.00%

0.00% 0.00%

0.00%

0.79%

0.75%

276,811

0.00%

25-Oct-04

181,244

0.00%

0.38%

0.47%

0.00%

0.00% 0.00%

0.00%

1.14%

1.02%

393,126

0.00%

27-Sep-04

181,310

0.00%

0.37%

0.45%

0.00%

0.00% 0.00%

0.00%

1.10%

0.99%

393,492

0.00%

25-Aug-04

159,526

0.00%

0.70%

0.38%

0.00%

0.00% 0.00%

0.00%

1.05%

1.11%

471,769

0.00%

26-Jul-04

0.00%

0.00% 0.00%

0.00%

0.66%

0.71%

322,334

0.00%

25-Jun-04

0.00%

0.00% 0.00%

0.00%

0.63%

0.73%

347,758

0.00%

25-May-04

0.00%

0.00% 0.00%

0.00%

0.61%

0.69%

348,029

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

0.29%

153,775

0.00%

25-Mar-04

0.00%

0.00% 0.00%

0.00%

Page 27 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 2

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

0.00%

0.00% 0.00%

0.00%

2.78%

2.02%

110,044

0.00%

26-Nov-04

0.00%

0.00% 0.00%

0.00%

2.78%

2.02%

110,177

0.00%

25-Oct-04

0.00%

0.00% 0.00%

0.00%

2.56%

1.85%

110,309

0.00%

27-Sep-04

0.00%

0.00% 0.00%

0.00%

25-Aug-04

0.00%

0.00% 0.00%

0.00%

26-Jul-04

0.00%

0.00% 0.00%

0.00%

25-Jun-04

0.00%

0.00% 0.00%

0.00%

25-May-04

0.00%

0.00% 0.00%

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

25-Mar-04

0.00%

0.00% 0.00%

0.00%

Page 28 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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-Dec-04

2,371

74.14%

346,349,215

70.02%

4.78%

5.43%

0.00%

339

7.61%

7.11%

119

19,913,192

0.00

26-Nov-04

2,490

77.86%

366,590,230

74.12%

4.30%

4.84%

0.04%

27,205

0.01%

340

7.61%

7.11%

112

18,652,482

0.00

(2,030.33)

25-Oct-04

2,603

81.39%

385,624,414

77.97%

3.45%

3.65%

0.00%

341

7.61%

7.11%

14,630,697

0.00

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 29 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 1

27-Dec-04

759

23.73%

102,521,705

20.73%

5.13%

4.99%

0.00%

325

7.40%

6.89%

5,386,324

0.00

26-Nov-04

800

25.02%

108,025,833

21.84%

3.61%

3.35%

0.12%

27,205

0.02%

327

7.41%

6.91%

3,744,138

0.00

(2,030.33)

25-Oct-04

831

25.98%

111,931,783

22.63%

2.92%

2.29%

0.00%

327

7.41%

6.91%

2,626,090

0.00

27-Sep-04

856

26.77%

114,685,517

23.19%

3.17%

3.20%

0.00%

327

7.42%

6.92%

3,800,334

0.00

25-Aug-04

884

27.64%

118,623,793

23.98%

2.32%

2.75%

0.00%

327

7.41%

6.91%

3,357,003

0.00

26-Jul-04

905

28.30%

122,115,907

24.69%

1.41%

1.54%

0.11%

43,483

0.04%

329

7.42%

6.91%

1,908,184

0.00

25-Jun-04

919

28.74%

124,205,357

25.11%

1.82%

2.02%

0.00%

330

7.42%

6.92%

2,567,248

0.00

25-May-04

936

29.27%

126,913,228

25.66%

0.85%

0.93%

0.00%

331

7.42%

6.92%

1,186,410

0.00

26-Apr-04

944

29.52%

128,237,739

25.93%

1.36%

1.90%

0.00%

332

7.42%

6.91%

2,484,178

0.00

25-Mar-04

957

29.92%

130,866,497

26.46%

0.31%

0.43%

0.00%

333

7.42%

6.91%

561,754

0.00

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

Page 30 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 1

27-Dec-04

1,136

35.52%

175,213,585

35.42%

4.70%

5.74%

0.00%

348

7.81%

7.31%

10,677,575

0.00

26-Nov-04

1,192

37.27%

186,031,332

37.61%

4.72%

5.85%

0.00%

349

7.80%

7.29%

11,559,534

0.00

25-Oct-04

1,251

39.12%

197,735,914

39.98%

3.84%

4.47%

0.00%

350

7.79%

7.29%

9,252,782

0.00

27-Sep-04

1,301

40.68%

207,143,639

41.88%

4.76%

5.49%

0.00%

351

7.80%

7.30%

12,046,413

0.00

25-Aug-04

1,366

42.71%

219,350,146

44.35%

3.33%

4.07%

0.00%

352

7.81%

7.30%

9,319,669

0.00

26-Jul-04

1,413

44.18%

228,838,994

46.27%

3.48%

4.01%

0.00%

353

7.81%

7.31%

9,569,388

0.00

25-Jun-04

1,464

45.78%

238,622,161

48.24%

2.07%

2.49%

0.00%

354

7.81%

7.30%

6,099,108

0.00

25-May-04

1,495

46.75%

244,903,076

49.51%

1.52%

1.70%

0.00%

355

7.81%

7.31%

4,237,837

0.00

26-Apr-04

1,518

47.47%

249,324,964

50.41%

2.19%

2.79%

0.00%

356

7.82%

7.32%

7,155,614

0.00

25-Mar-04

1,552

48.53%

256,668,132

51.89%

0.58%

0.53%

0.00%

357

7.83%

7.32%

1,359,586

0.00

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

Page 31 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 1

27-Dec-04

1.97%

11,229,754

2.27%

8.70%

10.50%

0.00%

348

7.13%

6.63%

1,318,703

0.00

26-Nov-04

2.16%

12,558,501

2.54%

5.48%

3.10%

0.00%

349

7.15%

6.65%

401,793

0.00

25-Oct-04

2.28%

12,972,170

2.62%

0.00%

350

7.15%

6.65%

0.00

27-Sep-04

2.28%

12,984,826

2.63%

6.41%

9.74%

0.00%

351

7.19%

6.69%

1,401,973

0.00

25-Aug-04

2.44%

14,398,362

2.91%

1.27%

0.68%

0.00%

352

7.19%

6.69%

98,578

0.00

26-Jul-04

2.47%

14,509,922

2.93%

3.66%

4.14%

0.00%

353

7.22%

6.67%

627,296

0.00

25-Jun-04

2.56%

15,150,827

3.06%

2.38%

4.54%

0.00%

354

7.18%

6.63%

720,962

0.00

25-May-04

2.63%

15,885,444

3.21%

2.33%

1.25%

0.00%

355

7.19%

6.64%

202,064

0.00

26-Apr-04

2.69%

16,101,151

3.26%

2.27%

5.16%

0.00%

356

7.17%

6.63%

876,438

0.00

25-Mar-04

2.75%

16,991,565

3.44%

1.12%

0.26%

0.00%

357

7.17%

6.62%

44,764

0.00

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

Page 32 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 2

27-Dec-04

135

4.22%

17,071,024

3.45%

4.26%

3.47%

0.00%

300

7.27%

6.76%

614,676

0.00

26-Nov-04

141

4.41%

17,711,772

3.58%

2.76%

3.17%

0.00%

299

7.29%

6.78%

581,552

0.00

25-Oct-04

145

4.53%

18,319,985

3.70%

4.61%

5.77%

0.00%

301

7.34%

6.84%

1,122,866

0.00

27-Sep-04

152

4.75%

19,470,699

3.94%

4.40%

6.23%

0.00%

305

7.40%

6.90%

1,296,189

0.00

25-Aug-04

159

4.97%

20,796,257

4.20%

1.85%

2.01%

0.00%

308

7.45%

6.95%

428,078

0.00

26-Jul-04

162

5.07%

21,253,013

4.30%

2.41%

2.82%

0.00%

310

7.43%

6.93%

616,935

0.00

25-Jun-04

166

5.19%

21,898,659

4.43%

2.35%

2.38%

0.00%

311

7.44%

6.94%

535,021

0.00

25-May-04

170

5.32%

22,465,264

4.54%

3.41%

4.73%

0.00%

312

7.44%

6.94%

1,117,404

0.00

26-Apr-04

176

5.50%

23,612,820

4.77%

0.56%

0.27%

0.00%

313

7.44%

6.93%

64,638

0.00

25-Mar-04

177

5.53%

23,709,482

4.79%

1.12%

1.26%

0.00%

314

7.44%

6.94%

303,843

0.00

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

Page 33 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 2

27-Dec-04

242

7.57%

34,873,154

7.05%

3.97%

5.20%

0.00%

346

7.63%

7.13%

1,915,914

0.00

26-Nov-04

252

7.88%

36,817,924

7.44%

4.55%

4.77%

0.00%

347

7.62%

7.12%

1,847,765

0.00

25-Oct-04

264

8.26%

38,697,156

7.82%

2.94%

2.89%

0.00%

348

7.64%

7.14%

1,151,815

0.00

27-Sep-04

272

8.51%

39,880,958

8.06%

4.56%

5.96%

0.00%

349

7.64%

7.14%

2,530,800

0.00

25-Aug-04

285

8.91%

42,444,595

8.58%

5.32%

6.60%

0.00%

350

7.62%

7.12%

3,002,427

0.00

26-Jul-04

301

9.41%

45,481,337

9.20%

4.44%

4.43%

0.00%

351

7.64%

7.14%

2,110,567

0.00

25-Jun-04

315

9.85%

47,629,733

9.63%

4.26%

5.69%

0.00%

352

7.64%

7.13%

2,874,010

0.00

25-May-04

329

10.29%

50,543,582

10.22%

3.80%

4.07%

0.00%

353

7.63%

7.13%

2,147,992

0.00

26-Apr-04

342

10.69%

52,731,769

10.66%

1.44%

2.02%

0.00%

354

7.63%

7.13%

1,090,719

0.00

25-Mar-04

347

10.85%

53,864,554

10.89%

1.14%

1.27%

0.00%

355

7.64%

7.13%

694,356

0.00

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

Page 34 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 Group 2

27-Dec-04

1.13%

5,439,995

1.10%

0.00%

346

7.24%

6.73%

0.00

26-Nov-04

1.13%

5,444,869

1.10%

7.69%

8.68%

0.00%

347

7.20%

6.70%

517,699

0.00

25-Oct-04

1.22%

5,967,406

1.21%

7.14%

7.40%

0.00%

348

7.20%

6.70%

477,144

0.00

27-Sep-04

1.31%

6,449,836

1.30%

10.64

12.22%

0.00%

349

7.25%

6.75%

898,642

0.00

25-Aug-04

1.47%

7,354,201

1.49%

4.08%

5.50%

0.00%

350

7.20%

6.70%

428,456

0.00

26-Jul-04

1.53%

7,789,505

1.57%

2.00%

2.15%

0.00%

351

7.22%

6.71%

171,144

0.00

25-Jun-04

1.56%

7,968,022

1.61%

5.66%

4.22%

0.00%

352

7.27%

6.77%

351,196

0.00

25-May-04

1.66%

8,326,238

1.68%

1.85%

1.43%

0.00%

353

7.28%

6.77%

121,111

0.00

26-Apr-04

1.69%

8,454,613

1.71%

3.57%

4.93%

0.00%

354

7.30%

6.80%

439,164

0.00

25-Mar-04

1.75%

8,901,378

1.80%

3.45%

2.48%

0.00%

355

7.29%

6.79%

226,490

0.00

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

Page 35 of 36

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-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 36 of 36

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

Filing Compare · BEAR STEARNS ASSET BACKED CERTIFICATES SERIES 2004-HE2