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) 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-HE3, Asset-Backed Certificates, Series 2004-HE3, which was made on 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 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: December 29, 2004

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE3

ABN AMRO Acct: 721746.1

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:
Megan Olson 312.904.6709
megan.olson@abnamro.com

Analyst:
James Macmillan 714.259.6217
james.macmillan@abnamro.com

Statement Date:

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

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

Bond Principal Reconciliation

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

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

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

Page 17

Page 18
Page 19-27

Page 28-36
Page 37-45

Page 46

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

BS004HE3

BS004HE3_200412_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

30-Mar-04
26-Apr-04

25-Apr-34

Parties to The Transaction

Depositor: Bear Stearns & Co. Inc.

Underwriter: Banc of America Securities LLC/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 46

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:

7.201817%

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-HE3

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

345

REMIC II

Statement Date:

ABN AMRO Acct: 721746.1

642.163292583

71.096900002

0.000000000

571.066392581

1.299488771

2.587500000%

0.00

0.000000000

2.35000000%

0.000000000

07384YRU2

I-A-1

241,555,000.00

155,117,754.14

17,173,811.68

0.00

137,943,942.46

313,898.01

1000.000000000

0.000000000

1000.000000000

2.264722284

2.867500000%

0.00

0.000000000

2.63000000%

0.000000000

07384YRV0

I-A-2

35,792,000.00

0.00

35,792,000.00

81,058.94

717.499170131

50.145570982

0.000000000

667.353599149

1.513723952

2.687500000%

0.00

0.000000000

2.45000000%

0.000000000

07384YRW8

II-A

114,741,000.00

82,326,572.28

5,753,752.96

0.00

76,572,819.32

173,686.20

1000.000000000

0.000000000

1000.000000000

2.350833359

2.967500000%

0.00

0.000000000

2.73000000%

0.000000000

07384YRX6

M-1

33,071,000.00

0.00

33,071,000.00

77,744.41

1000.000000000

0.000000000

1000.000000000

2.867500090

3.567500000%

0.00

0.000000000

3.33000000%

0.000000000

07384YRY4

M-2

27,809,000.00

0.00

27,809,000.00

79,742.31

1000.000000000

0.000000000

1000.000000000

3.082777701

3.817500000%

0.00

0.000000000

3.58000000%

0.000000000

07384YRZ1

M-3

7,265,000.00

0.00

7,265,000.00

22,396.38

1000.000000000

0.000000000

1000.000000000

3.341111388

4.117500000%

0.00

0.000000000

3.88000000%

0.000000000

07384YSA5

M-4

8,017,000.00

0.00

8,017,000.00

26,785.69

1000.000000000

0.000000000

1000.000000000

3.470278073

4.267500000%

0.00

0.000000000

4.03000000%

0.000000000

07384YSB3

M-5

7,516,000.00

0.00

7,516,000.00

26,082.61

1000.000000000

0.000000000

1000.000000000

4.891111604

5.917500000%

0.00

0.000000000

5.68000000%

0.000000000

07384YSC1

M-6

6,765,000.00

0.00

6,765,000.00

33,088.37

1000.000000000

0.000000000

1000.000000000

4.891111277

5.917500000%

0.00

0.000000000

5.68000000%

0.000000000

07384YSK3

M-7

11,023,578.68

0.00

11,023,578.68

53,917.55

1000.000000000

0.000000000

1000.000000000

157.734837135

0.00

1,185,544.50

157.734837135

N/A

0.000000000

07384YSQ0

7,516,060.00

0.00

7,516,060.00

1,185,544.50

1000.000000000

0.000000000

1000.000000000

4080303.900000000

0.00

408,030.39

4080303.900000000

N/A

0.000000000

07384YSP2

100.00

0.00

100.00

408,030.39

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YSS6

R-2

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YSR8

R-1

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSQ233

R-3

0.00

Page 2 of 46

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:

7.201817%

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-HE3

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

345

REMIC II

Statement Date:

ABN AMRO Acct: 721746.1

Total P&I Payment

0.00

1,593,574.89

501,070,738.68

382,219,065.10

25,409,540.00

Total

359,291,500.46

22,927,564.64

0.00

2,481,975.36

Page 3 of 46

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:

7.201817%

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-HE3

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

345

REMIC III

Statement Date:

ABN AMRO Acct: 721746.1

1000.000000000

0.000000000

1000.000000000

157.734837135

0.00

1,185,544.50

157.734837135

N/A

0.000000000

07384YSQ0

7,516,060.00

0.00

7,516,060.00

1,185,544.50

Total P&I Payment

0.00

1,185,544.50

7,516,060.00

1,185,544.50

Total

7,516,060.00

0.00

1,185,544.50

Page 4 of 46

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:

7.201817%

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-HE3

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

345

REMIC IV

Statement Date:

ABN AMRO Acct: 721746.1

1000.000000000

0.000000000

1000.000000000

4080303.900000000

0.00

408,030.39

4080303.900000000

N/A

0.000000000

07384YSP2

100.00

0.00

100.00

408,030.39

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YST4

R-X

0.00

Total P&I Payment

0.00

408,030.39

100.00

408,030.39

Total

100.00

0.00

408,030.39

Page 5 of 46

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-HE3

ABN AMRO Acct: 721746.1

Statement Date:

Cash Reconciliation Summary

Interest Summary

Total Trustee Fees

Available Interest

2,541,518.23

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

323,765.25

16,460.50

22,434,607.89

93,188.11

0.00
0.00

25,410,686.64

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

382,218,965.10

323,765.25

22,451,068.39

0.00

152,731.00

0.00

359,291,400.46

2,304

115

2
0

2,187

159,257.90

Extra Principal

Trigger Event

59,542.89

22,927,564.64

Over Collateralization Amt

7,516,060.00

Less Extra Principal

Remittance Interest

)

(59,542.89

2,481,975.34

0.00

22,603,799.39

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(1,146.66

2,542,664.89

Total Fees

160,404.56

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

2.74

0.00

1,146.66

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 6 of 46

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-HE3

ABN AMRO Acct: 721746.1

Statement Date:

Cash Reconciliation Summary Group I Loans - Fixed 1st Lien

Interest Summary

Total Trustee Fees

Available Interest

318,023.15

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

64,297.54

3,604.66

1,968,408.80

0.00
0.00
0.00

2,354,513.22

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

59,689,767.66

64,297.54

1,972,013.46

0.00
0.00
0.00

57,653,456.66

363

0
0

353

24,870.74

Extra Principal

Trigger Event

59,542.89

2,095,853.89

Over Collateralization Amt

7,516,060.00

Remittance Interest

258,480.26

0.00

2,031,556.35

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(179.07

318,202.22

Total Fees

25,049.81

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

2.74

0.00

179.07

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 7 of 46

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-HE3

ABN AMRO Acct: 721746.1

Statement Date:

Cash Reconciliation Summary Group I Loans - Fixed 2nd Lien

Interest Summary

Total Trustee Fees

Available Interest

23,374.19

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

1,284.74

)

(219.82

140,428.59

0.00
0.00
0.00

164,876.31

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

2,868,259.39

1,284.74

140,208.77

0.00
0.00
0.00

2,726,765.88

0
0

1,195.11

Extra Principal

Trigger Event

59,542.89

201,036.40

Over Collateralization Amt

7,516,060.00

Remittance Interest

)

(36,168.70

0.00

199,751.66

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(8.60

23,382.80

Total Fees

1,203.71

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

2.74

0.00

8.60

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 8 of 46

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-HE3

ABN AMRO Acct: 721746.1

Statement Date:

Cash Reconciliation Summary Group I Loans - ARM-228

Interest Summary

Total Trustee Fees

Available Interest

1,053,290.69

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

151,624.73

4,637.03

14,331,699.51

0.00
0.00
0.00

15,541,821.40

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

189,811,895.04

151,624.73

14,336,336.54

0.00
0.00
0.00

175,323,933.77

1,042

0
0

975

79,088.29

Extra Principal

Trigger Event

59,542.89

14,547,504.16

Over Collateralization Amt

7,516,060.00

Remittance Interest

993,747.80

0.00

14,395,879.43

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(569.44

1,053,860.13

Total Fees

79,657.73

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

2.74

0.00

569.44

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 9 of 46

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-HE3

ABN AMRO Acct: 721746.1

Statement Date:

Cash Reconciliation Summary Group I Loans - ARM-327

Interest Summary

Total Trustee Fees

Available Interest

82,067.70

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:
Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

11,214.27

815.59

436,473.15

0.00
0.00
0.00

530,617.60

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

15,629,881.98

11,214.27

437,288.74

0.00
0.00
0.00

15,181,378.97

0
0

6,512.45

Extra Principal

Trigger Event

59,542.89

508,045.90

Over Collateralization Amt

7,516,060.00

Remittance Interest

22,524.81

0.00

496,831.63

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(46.89

82,114.59

Total Fees

6,559.34

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

2.74

0.00

46.89

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 10 of 46

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-HE3

ABN AMRO Acct: 721746.1

Statement Date:

Cash Reconciliation Summary Group II Loans - Fixed 1st Lien

Interest Summary

Total Trustee Fees

Available Interest

149,623.96

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

28,776.54

2,096.19

1,444,119.98

0.00
0.00
0.00

1,624,698.70

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

27,340,952.11

28,776.54

1,446,216.17

0.00
0.00
0.00

25,865,959.40

178

0
0

171

11,392.06

Extra Principal

Trigger Event

59,542.89

1,534,535.60

Over Collateralization Amt

7,516,060.00

Remittance Interest

90,081.08

0.00

1,505,759.06

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(82.02

149,705.99

Total Fees

11,474.09

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

2.74

0.00

82.02

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 11 of 46

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-HE3

ABN AMRO Acct: 721746.1

Statement Date:

Cash Reconciliation Summary Group II Loans - Fixed 2nd Lien

Interest Summary

Total Trustee Fees

Available Interest

27,243.22

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

1,347.99

862.57

223,008.54

0.00
0.00
0.00

252,471.98

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

3,221,320.29

1,347.99

223,871.11

0.00
0.00
0.00

2,996,101.19

0
0

1,342.22

Extra Principal

Trigger Event

59,542.89

284,761.99

Over Collateralization Amt

7,516,060.00

Remittance Interest

)

(32,299.67

0.00

283,414.00

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(9.66

27,252.88

Total Fees

1,351.88

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

2.74

0.00

9.66

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 12 of 46

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-HE3

ABN AMRO Acct: 721746.1

Statement Date:

Cash Reconciliation Summary Group II Loans - ARM 228

Interest Summary

Total Trustee Fees

Available Interest

457,729.36

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:
Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

62,120.17

4,330.43

3,696,991.56

93,188.11

0.00
0.00

4,314,598.36

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

79,578,709.63

62,120.17

3,701,321.99

0.00

152,731.00

0.00

75,662,536.47

498

2
0

477

33,157.80

Extra Principal

Trigger Event

59,542.89

3,916,173.16

Over Collateralization Amt

7,516,060.00

Remittance Interest

398,186.47

0.00

3,854,052.99

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(238.74

457,968.09

Total Fees

33,396.53

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

2.74

0.00

238.74

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 13 of 46

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-HE3

ABN AMRO Acct: 721746.1

Statement Date:

Cash Reconciliation Summary Group II Loans - ARM 327

Interest Summary

Total Trustee Fees

Available Interest

22,135.56

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

3,099.27

333.85

193,477.76

0.00
0.00
0.00

219,058.68

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

4,078,179.00

3,099.27

193,811.61

0.00
0.00
0.00

3,881,268.12

0
0

1,699.24

Extra Principal

Trigger Event

59,542.89

256,453.77

Over Collateralization Amt

7,516,060.00

Remittance Interest

)

(37,407.32

0.00

253,354.50

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(12.23

22,147.80

Total Fees

1,711.48

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

2.74

0.00

12.23

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 14 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

408,030.39

408,030.39

Total Excess Allocated to the Bonds

408,030.39

0.00

Aggregate Interest Adjustment Allocated to the Bonds

0.00

408,030.39

0.00

Prepayment Interest Excess Due the Bonds

0.00

ARD Excess Interest

0.00

Net Prepayment Int. Shortfalls Allocated to the Bonds

Other Interest Loss

Page 15 of 46

Bear Stearns Asset Backed Securities Trust

Class

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-HE3

ABN AMRO Acct: 721746.1

Bond Interest Reconciliation

Additions

Accrual

Method Days

Statement Date:

Accrued

Certificate

Interest

Deposits
from YM

Agreement

Prior

Int Carry-Fwd

Shortfall

Prior

Shortfall

Reimbursement

Other

Interest

Proceeds

Other

Interest

Losses

Current

Int Carry-Fwd

Shortfall

Current Basis

Risk Carry-Fwd

Shortfall

Remaining

Int Carry-Fwd

Shortfall

Remaining Basis

Risk Carry-Fwd

Shortfall

Net Cap Rate

in Effect

Y/N

Distributable

Certificate

Interest

Payment

Amount

Deductions

Outstanding

0.00

1,185,544.50

30/360

0.00

1,185,544.50

0.00

I-A-1

313,898.01

Act/360

0.00

313,898.01

0.00

I-A-2

81,058.94

Act/360

0.00

81,058.94

0.00

II-A

173,686.20

Act/360

0.00

173,686.20

0.00

M-1

77,744.41

Act/360

0.00

77,744.41

0.00

M-2

79,742.31

Act/360

0.00

79,742.31

0.00

M-3

22,396.38

Act/360

0.00

22,396.38

0.00

M-4

26,785.69

Act/360

0.00

26,785.69

0.00

M-5

26,082.61

Act/360

0.00

26,082.61

0.00

M-6

33,088.37

Act/360

0.00

33,088.37

0.00

M-7

53,917.55

Act/360

0.00

53,917.55

0.00

408,030.39

30/360

0.00

R-2

0.00

30/360

0.00

1,185,544.50

0.00

888,400.47

2,481,975.36

0.00

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

Page 16 of 46

(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-HE3

ABN AMRO Acct: 721746.1

Bond Principal Reconciliation

Credit Support

Original

Current(4)

ABN AMRO

LaSalle Bank

N.A.

Statement Date:

Beginning

Class Balance

Unscheduled

Principal

Payment

Extra

Principal

Payment Amt

Prior

Loss

Reimburs.

Rated

Final

Maturity

Class

Current

Losses

Original

Class Balance

Scheduled

Principal

Payment

Ending

Class Balance

Cumulative

Losses

Interest on

Losses

Additions

Losses

I-A-1

21.75%

30.33%

4/25/2034

137,943,942.46

0.00

155,117,754.14

241,555,000.00

228,421.28

0.00

59,542.89

16,885,847.51

I-A-2

21.75%

30.33%

4/25/2034

35,792,000.00

0.00

35,792,000.00

0.00

II-A

21.75%

30.33%

4/25/2034

76,572,819.32

0.00

82,326,572.28

114,741,000.00

95,343.97

0.00

5,658,408.99

M-1

15.15%

21.13%

4/25/2034

33,071,000.00

0.00

33,071,000.00

0.00

M-2

9.60%

13.39%

4/25/2034

27,809,000.00

0.00

27,809,000.00

0.00

M-3

8.15%

11.37%

4/25/2034

7,265,000.00

0.00

7,265,000.00

0.00

M-4

6.55%

9.13%

4/25/2034

8,017,000.00

0.00

8,017,000.00

0.00

M-5

5.05%

7.04%

4/25/2034

7,516,000.00

0.00

7,516,000.00

0.00

M-6

3.70%

5.16%

4/25/2034

6,765,000.00

0.00

6,765,000.00

0.00

M-7

1.50%

2.09%

4/25/2034

11,023,578.68

0.00

11,023,578.68

0.00

R-2

4/25/2034

0.00

4/25/2034

7,516,060.00

0.00

7,516,060.00

0.00

4/25/2034

100.00

0.00

100.00

0.00

382,219,065.10

0.00

4/25/2034

0.00

323,765.25

0.00

22,544,256.50

59,542.89

501,070,738.68

359,291,500.46

Page 17 of 46

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

Bear Stearns Asset Backed Securities 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-HE3

ABN AMRO Acct: 721746.1

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

07384YSR8

I-A-1

07384YRU2

Aaa

AAA

I-A-2

07384YRV0

Aaa

AAA

II-A

07384YRW8

Aaa

AAA

M-1

07384YRX6

Aa2

M-2

07384YRY4

M-3

07384YRZ1

A-

M-4

07384YSA5

Baa1

BBB+

M-5

07384YSB3

Baa2

BBB

M-6

07384YSC1

Baa3

BBB-

M-7

07384YSK3

R-2

07384YSS6

07384YSQ0

R-3

9ABSQ233

07384YSP2

R-X

07384YST4

Page 18 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

3.16%

2.88%

1.10%

1.13%

0.87%

2,284,158

0.64%

1.78%

1.42%

0.05%

0.02%

27-Dec-04

10,361,663

4,050,686

5,110,107

72,964

2,035

337,411,823

93.05%

93.91%

2.65%

2.68%

0.69%

0.62%

1.00%

2,846,028

0.74%

1.26%

1.23%

0.09%

0.05%

26-Nov-04

10,243,122

2,388,824

4,685,188

174,257

2,173

361,881,546

94.31%

94.68%

2.33%

2.51%

0.71%

0.74%

1.00%

2,389,788

0.59%

0.83%

0.87%

0.00%

25-Oct-04

10,080,575

2,980,969

3,515,699

2,289

382,983,561

95.14%

95.28%

2.08%

1.96%

1.20%

1.04%

0.40%

1,074,065

0.25%

0.68%

0.65%

0.00%

27-Sep-04

8,277,266

4,376,365

2,740,143

2,395

406,011,230

95.65%

96.10%

2.40%

2.28%

0.53%

0.29%

0.38%

1,498,564

0.34%

0.61%

0.68%

0.00%

25-Aug-04

10,134,620

1,279,006

3,025,936

2,517

428,765,795

96.07%

96.42%

1.89%

1.81%

0.81%

1.00%

0.15%

579,694

0.13%

0.11%

0.08%

0.00%

26-Jul-04

8,408,528

4,635,397

379,119

2,623

449,690,751

97.04%

96.98%

19.33%

16.37%

0.57%

0.48%

0.00%

25-Jun-04

538

78,663,662

2,286,620

2,229

399,492,123

80.09%

83.15%

0.60%

0.49%

0.04%

0.03%

0.00%

25-May-04

2,400,590

161,522

2,798

484,722,474

99.36%

99.47%

0.00%

26-Apr-04

2,850

494,326,896

100.00%

Page 19 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

Group I Loans - Fixed 1st Lien

1.98%

2.23%

0.28%

0.09%

0.57%

507,115

0.88%

0.57%

0.38%

0.28%

0.13%

27-Dec-04

1,286,383

53,774

219,843

72,964

340

55,513,377

96.32%

96.29%

1.65%

1.85%

0.00%

0.83%

682,329

1.14%

0.28%

0.08%

0.28%

0.12%

26-Nov-04

1,103,067

45,240

73,004

352

57,786,127

96.97%

96.81%

0.82%

0.83%

0.54%

0.47%

0.82%

553,213

0.91%

0.27%

0.12%

0.00%

25-Oct-04

503,651

285,500

73,044

359

59,622,076

97.55%

97.68%

1.06%

0.83%

1.33%

1.44%

0.27%

117,303

0.19%

0.27%

0.12%

0.00%

27-Sep-04

520,087

903,567

73,083

366

61,047,612

97.08%

97.42%

1.54%

1.80%

0.51%

0.29%

0.00%

0.26%

0.11%

0.00%

25-Aug-04

1,172,646

190,497

71,949

381

63,568,311

97.69%

97.79%

0.75%

0.65%

0.00%

0.25%

0.11%

0.00%

26-Jul-04

433,298

71,993

395

66,664,046

99.00%

99.25%

7.14%

5.20%

0.00%

25-Jun-04

3,576,563

377

65,254,143

92.86%

94.80%

0.24%

0.08%

0.00%

25-May-04

59,252

410

69,710,042

99.76%

99.92%

0.00%

26-Apr-04

414

70,390,600

100.00%

Page 20 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

Group I Loans - Fixed 2nd Lien

10.81%

12.04%

0.00%

27-Dec-04

328,412

2,398,354

89.19%

87.96%

2.56%

2.71%

0.00%

26-Nov-04

77,662

2,790,598

97.44%

97.29%

0.00%

25-Oct-04

3,098,457

100.00%

0.00%

2.13%

105,656

3.07%

0.00%

27-Sep-04

3,336,763

97.87%

96.93%

2.04%

1.91%

0.00%

4.08%

125,028

3.53%

0.00%

25-Aug-04

67,812

3,348,438

93.88%

94.55%

0.00%

4.00%

3.48%

0.00%

26-Jul-04

125,106

3,472,497

96.00%

96.52%

57.69%

69.21%

0.00%

25-Jun-04

2,601,008

1,157,112

42.31%

30.79%

0.00%

25-May-04

3,759,696

100.00%

0.00%

26-Apr-04

3,761,454

100.00%

Page 21 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

Group I Loans - ARM-228

3.79%

3.08%

1.54%

1.65%

1.13%

1,290,162

0.74%

1.54%

1.15%

0.00%

27-Dec-04

5,408,046

2,890,646

2,011,095

897

163,723,985

92.00%

93.38%

3.17%

3.02%

1.06%

0.92%

1.06%

1,220,983

0.64%

1.06%

1.20%

0.10%

0.05%

26-Nov-04

5,734,431

1,740,126

2,278,215

101,253

975

178,736,886

93.57%

94.17%

3.10%

3.26%

0.46%

0.54%

0.82%

826,285

0.41%

1.00%

1.13%

0.00%

25-Oct-04

6,560,133

1,079,854

2,272,230

1,038

190,326,222

94.62%

94.66%

2.62%

2.40%

1.05%

0.80%

0.44%

710,505

0.33%

0.79%

0.92%

0.00%

27-Sep-04

5,109,376

1,697,601

1,952,929

1,090

203,557,708

95.11%

95.55%

2.75%

2.39%

0.50%

0.29%

0.42%

967,421

0.43%

0.92%

1.09%

0.00%

25-Aug-04

5,370,744

644,097

2,443,466

1,145

215,470,154

95.42%

95.81%

2.01%

2.18%

1.13%

1.55%

0.24%

405,371

0.17%

0.08%

0.00%

26-Jul-04

5,143,572

3,657,225

188,469

1,200

227,087,248

96.54%

96.03%

6.07%

7.65%

0.78%

0.57%

0.00%

25-Jun-04

18,804,964

1,393,224

1,196

225,681,436

93.15%

91.79%

0.77%

0.58%

0.08%

0.06%

0.00%

25-May-04

1,447,286

161,522

1,294

248,804,469

99.16%

99.36%

0.00%

26-Apr-04

1,327

254,879,732

100.00%

Page 22 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

Group I Loans - ARM-327

1.43%

0.76%

0.00%

1.43%

0.47%

0.00%

27-Dec-04

115,697

70,996

14,994,686

97.14%

98.77%

0.00%

1.35%

0.74%

0.00%

2.70%

3.15%

0.00%

26-Nov-04

115,785

492,782

15,021,315

95.95%

96.11%

2.60%

2.53%

1.30%

2.57%

0.00%

1.30%

0.43%

0.00%

25-Oct-04

415,253

422,057

71,079

15,535,943

94.81%

94.48%

1.23%

2.40%

0.00%

1.23%

0.40%

0.00%

27-Sep-04

422,366

71,120

17,121,503

97.53%

97.20%

1.14%

2.19%

0.00%

1.14%

212,000

1.10%

1.14%

0.37%

0.00%

25-Aug-04

422,674

71,161

18,609,744

96.59%

96.35%

0.00%

2.27%

1.47%

0.00%

26-Jul-04

283,202

19,046,963

97.73%

98.53%

3.37%

3.43%

0.00%

25-Jun-04

670,393

18,882,024

96.63%

96.57%

0.00%

25-May-04

19,955,189

100.00%

0.00%

26-Apr-04

19,969,388

100.00%

Page 23 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

Group II Loans - Fixed 1st Lien

1.75%

1.90%

0.58%

0.77%

0.00%

1.17%

0.60%

0.00%

27-Dec-04

492,110

198,642

155,586

165

25,019,622

96.49%

96.73%

2.25%

1.96%

0.00%

0.56%

0.18%

0.00%

26-Nov-04

534,864

50,210

173

26,755,878

97.19%

97.86%

2.21%

2.13%

0.55%

0.38%

0.55%

50,232

0.18%

0.00%

25-Oct-04

592,168

105,536

175

27,099,794

96.69%

97.31%

1.58%

0.72%

0.53%

0.17%

0.00%

27-Sep-04

213,180

50,254

186

29,158,143

97.89%

99.10%

1.05%

0.41%

0.00%

0.52%

0.59%

0.00%

25-Aug-04

122,008

174,172

188

29,333,973

98.43%

99.00%

0.52%

0.17%

0.52%

0.76%

0.52%

174,323

0.58%

0.00%

26-Jul-04

50,296

228,949

191

29,828,670

98.45%

98.50%

32.84%

31.19%

1.99%

1.67%

0.00%

25-Jun-04

9,789,445

523,572

131

21,074,027

65.17%

67.14%

1.98%

1.65%

0.00%

25-May-04

523,976

198

31,146,587

98.02%

98.35%

0.00%

26-Apr-04

205

32,251,134

100.00%

Page 24 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

Group II Loans - Fixed 2nd Lien

2.41%

3.68%

1.20%

1.73%

3.61%

97,786

3.26%

2.41%

2.67%

0.00%

27-Dec-04

110,392

51,778

80,004

2,656,141

90.36%

88.65%

1.14%

1.61%

1.14%

1.06%

3.41%

88,638

2.75%

1.14%

1.71%

0.00%

26-Nov-04

51,798

34,103

55,134

2,991,647

93.18%

92.87%

2.17%

2.42%

1.09%

0.74%

4.35%

145,825

4.31%

0.00%

25-Oct-04

81,962

24,918

3,132,733

92.39%

92.54%

2.11%

1.67%

2.11%

2.32%

1.05%

24,920

0.70%

1.05%

1.10%

0.00%

27-Sep-04

59,065

82,098

38,872

3,333,221

93.68%

94.21%

1.98%

2.18%

0.99%

1.03%

0.99%

24,932

0.66%

0.00%

25-Aug-04

82,133

38,891

3,618,292

96.04%

96.12%

5.61%

6.74%

0.93%

0.62%

0.00%

26-Jul-04

271,937

24,944

100

3,740,361

93.46%

92.65%

70.91%

72.46%

0.00%

25-Jun-04

3,014,550

1,145,549

29.09%

27.54%

0.00%

25-May-04

110

4,161,936

100.00%

0.00%

26-Apr-04

110

4,163,756

100.00%

Page 25 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

Group II Loans - ARM 228

3.14%

3.46%

1.26%

1.13%

0.63%

389,095

0.51%

3.35%

3.20%

0.00%

27-Dec-04

2,620,622

855,846

2,422,671

437

69,374,302

91.61%

91.69%

3.01%

3.14%

0.60%

0.63%

1.20%

854,077

1.07%

2.41%

2.03%

0.00%

26-Nov-04

2,500,760

498,811

1,613,631

462

74,111,431

92.77%

93.13%

1.91%

2.04%

1.15%

1.08%

1.34%

814,233

0.97%

1.34%

1.30%

0.00%

25-Oct-04

1,719,217

913,070

1,099,347

493

79,731,633

94.26%

94.61%

2.03%

1.95%

1.66%

1.70%

0.37%

115,681

0.13%

0.92%

0.69%

0.00%

27-Sep-04

1,712,280

1,492,751

604,139

514

83,782,015

95.01%

95.53%

2.97%

2.84%

0.87%

0.43%

0.17%

169,183

0.18%

0.35%

0.28%

0.00%

25-Aug-04

2,655,507

405,521

265,187

548

89,881,155

95.64%

96.26%

2.54%

2.33%

0.34%

0.33%

0.00%

0.17%

0.12%

0.00%

26-Jul-04

2,257,713

315,971

118,656

573

94,305,944

96.95%

97.22%

39.51%

37.57%

0.33%

0.37%

0.00%

25-Jun-04

241

37,971,395

369,825

367

62,731,425

60.16%

62.07%

0.33%

0.36%

0.00%

25-May-04

370,077

612

101,378,286

99.67%

99.64%

0.00%

26-Apr-04

620

103,099,775

100.00%

Page 26 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

Group II Loans - ARM 327

0.00%

4.76%

3.86%

0.00%

27-Dec-04

149,913

3,731,355

95.24%

96.14%

4.55%

5.90%

0.00%

4.55%

3.68%

0.00%

26-Nov-04

240,541

149,974

3,687,664

90.91%

90.42%

3.85%

4.34%

3.85%

3.13%

0.00%

25-Oct-04

208,191

150,035

4,436,702

92.31%

92.53%

3.70%

4.76%

3.70%

2.96%

0.00%

27-Sep-04

240,912

150,095

4,674,265

92.59%

92.28%

3.57%

4.66%

0.00%

25-Aug-04

241,096

4,935,727

96.43%

95.34%

3.23%

4.34%

0.00%

26-Jul-04

251,711

5,545,023

96.77%

95.66%

41.94%

38.53%

0.00%

25-Jun-04

2,235,344

3,566,407

58.06%

61.47%

0.00%

25-May-04

5,806,268

100.00%

0.00%

26-Apr-04

5,811,058

100.00%

Page 27 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

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

105,397

108,208

5,004,709

1,167,139

0.00%

0.05%

0.03%

1.74%

1.39%

0.05%

0.03% 0.00%

0.00% 0.27%

0.32%

0.00%

0.55%

0.29%

1,050,124

72,964

0.00%

0.05%

0.00%

0.02%

26-Nov-04

117,157

4,685,188

1,065,783

0.00%

1.26%

1.23%

0.00%

0.00% 0.04%

0.03% 0.26%

0.28%

0.00%

0.56%

0.31%

1,176,137

174,257

0.00%

0.09%

0.00%

0.05%

25-Oct-04

229,826

3,515,699

864,512

0.00%

0.83%

0.87%

0.08%

0.06% 0.00%

0.00% 0.17%

0.22%

0.00%

-0.00%

0.33%

0.16%

624,292

0.00%

27-Sep-04

117,370

266,688

2,740,143

177,231

0.00%

0.68%

0.65%

0.04%

0.03% 0.04%

0.06% 0.08%

0.04%

0.00%

-0.00%

0.24%

0.14%

585,265

0.00%

25-Aug-04

3,025,936

61,006

0.00%

0.61%

0.68%

0.00%

0.00% 0.00%

0.00% 0.04%

0.01%

0.00%

0.23%

0.14%

633,846

0.00%

26-Jul-04

125,546

379,119

61,039

0.00%

0.11%

0.08%

0.04%

0.03% 0.00%

0.00% 0.04%

0.01%

0.00%

0.26%

0.15%

692,110

0.00%

25-Jun-04

0.00%

0.00% 0.00%

0.00%

0.32%

0.25%

1,197,746

0.00%

25-May-04

0.00%

0.00% 0.00%

0.00%

0.25%

0.20%

954,421

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

0.11%

0.07%

334,167

0.00%

Page 28 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

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

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

108,208

219,843

390,034

0.00%

0.57%

0.38%

0.28%

0.19% 0.00%

0.00% 0.28%

0.68%

0.00%

0.85%

0.43%

250,453

72,964

0.00%

0.28%

0.00%

0.13%

26-Nov-04

45,240

390,324

0.00%

0.28%

0.08%

0.00%

0.00% 0.00%

0.00% 0.28%

0.65%

0.00%

1.10%

0.60%

359,036

73,004

0.00%

0.28%

0.00%

0.12%

25-Oct-04

73,044

390,613

0.00%

0.27%

0.12%

0.00%

0.00% 0.00%

0.00% 0.27%

0.64%

0.00%

0.82%

0.41%

250,936

0.00%

27-Sep-04

73,083

0.00%

0.27%

0.12%

0.00%

0.00% 0.00%

0.00%

0.27%

0.11%

70,267

0.00%

25-Aug-04

71,949

0.00%

0.26%

0.11%

0.00%

0.00% 0.00%

0.00%

0.26%

0.11%

70,309

0.00%

26-Jul-04

71,993

0.00%

0.25%

0.11%

0.00%

0.00% 0.00%

0.00%

0.25%

0.10%

70,352

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%

Page 29 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

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

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

0.00%

0.00% 0.00%

0.00%

2.70%

0.65%

17,835

0.00%

26-Nov-04

0.00%

0.00% 0.00%

0.00%

2.56%

0.62%

17,841

0.00%

25-Oct-04

0.00%

0.00% 0.00%

0.00%

2.38%

0.58%

17,848

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%

Page 30 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

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

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

2,011,095

687,775

0.00%

1.54%

1.15%

0.00%

0.00% 0.00%

0.00% 0.41%

0.39%

0.00%

0.41%

0.17%

295,768

0.00%

26-Nov-04

117,157

2,278,215

173,364

0.00%

1.06%

1.20%

0.00%

0.00% 0.10%

0.06% 0.19%

0.09%

0.00%

0.38%

0.16%

312,951

101,253

0.00%

0.10%

0.00%

0.05%

25-Oct-04

229,826

2,272,230

60,939

0.00%

1.00%

1.13%

0.18%

0.11% 0.00%

0.00% 0.09%

0.03%

0.00%

0.27%

0.11%

218,902

0.00%

27-Sep-04

117,370

1,952,929

177,231

0.00%

0.79%

0.92%

0.09%

0.06% 0.00%

0.00% 0.17%

0.08%

0.00%

0.26%

0.12%

260,125

0.00%

25-Aug-04

2,443,466

61,006

0.00%

0.92%

1.09%

0.00%

0.00% 0.00%

0.00% 0.08%

0.03%

0.00%

0.25%

0.14%

308,488

0.00%

26-Jul-04

125,546

188,469

61,039

0.00%

0.08%

0.05% 0.00%

0.00% 0.08%

0.03%

0.00%

0.32%

0.15%

366,536

0.00%

25-Jun-04

0.00%

0.00% 0.00%

0.00%

0.47%

0.33%

817,608

0.00%

25-May-04

0.00%

0.00% 0.00%

0.00%

0.38%

0.28%

692,585

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

0.23%

0.13%

334,167

0.00%

Page 31 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

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

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

70,996

0.00%

1.43%

0.47%

0.00%

0.00% 0.00%

0.00%

1.43%

0.92%

139,632

0.00%

26-Nov-04

492,782

0.00%

2.70%

3.15%

0.00%

0.00% 0.00%

0.00%

1.35%

0.89%

139,632

0.00%

25-Oct-04

71,079

0.00%

1.30%

0.43%

0.00%

0.00% 0.00%

0.00%

27-Sep-04

71,120

0.00%

1.23%

0.40%

0.00%

0.00% 0.00%

0.00%

25-Aug-04

71,161

0.00%

1.14%

0.37%

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%

Page 32 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

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

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

105,397

50,188

0.00%

0.58%

0.41%

0.58%

0.19%

0.00%

0.00% 0.00%

0.00%

26-Nov-04

50,210

0.00%

0.56%

0.18%

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

174,172

0.00%

0.52%

0.59%

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%

Page 33 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

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

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

80,004

0.00%

2.41%

2.67%

0.00%

0.00% 0.00%

0.00%

26-Nov-04

55,134

0.00%

1.14%

1.71%

0.00%

0.00% 0.00%

0.00%

25-Oct-04

0.00%

0.00% 0.00%

0.00%

27-Sep-04

38,872

0.00%

1.05%

1.10%

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%

Page 34 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

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

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

2,422,671

89,331

0.00%

3.35%

3.20%

0.00%

0.00% 0.00%

0.00% 0.21%

0.12%

0.00%

-0.00%

0.42%

0.38%

288,250

0.00%

26-Nov-04

1,613,631

502,095

0.00%

2.41%

2.03%

0.00%

0.00% 0.00%

0.00% 0.60%

0.63%

0.00%

0.40%

0.36%

288,459

0.00%

25-Oct-04

1,099,347

412,960

0.00%

1.34%

1.30%

0.00%

0.00% 0.00%

0.00% 0.38%

0.49%

0.00%

0.19%

0.16%

136,605

0.00%

27-Sep-04

266,688

604,139

0.00%

0.92%

0.69%

0.00%

0.00% 0.18%

0.30% 0.00%

0.00%

0.37%

0.29%

254,873

0.00%

25-Aug-04

265,187

0.00%

0.35%

0.28%

0.00%

0.00% 0.00%

0.00%

0.35%

0.27%

255,048

0.00%

26-Jul-04

118,656

0.00%

0.17%

0.12%

0.00%

0.00% 0.00%

0.00%

0.34%

0.26%

255,222

0.00%

25-Jun-04

0.00%

0.00% 0.00%

0.00%

0.49%

0.38%

380,138

0.00%

25-May-04

0.00%

0.00% 0.00%

0.00%

0.33%

0.26%

261,836

0.00%

26-Apr-04

0.00%

0.00% 0.00%

0.00%

Page 35 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

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

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

149,913

0.00%

4.76%

3.86%

0.00%

0.00% 0.00%

0.00%

4.76%

1.50%

58,186

0.00%

26-Nov-04

149,974

0.00%

4.55%

3.68%

0.00%

0.00% 0.00%

0.00%

4.55%

1.43%

58,218

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%

Page 36 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

2,187

75.99%

359,291,400

71.70%

4.99%

5.87%

0.09%

59,543

0.02%

345

7.20%

6.70%

115

22,434,608

0.00

93,188.11

26-Nov-04

2,304

80.06%

382,218,965

76.28%

4.24%

4.82%

0.00%

346

7.20%

6.70%

102

19,377,621

0.00

25-Oct-04

2,406

83.60%

401,950,592

80.22%

3.91%

4.77%

0.00%

347

7.21%

6.70%

20,156,417

0.00

27-Sep-04

2,504

87.00%

422,479,069

84.32%

4.39%

4.84%

0.04%

52,218

0.01%

348

7.22%

6.72%

115

21,536,240

0.00

249,563.19

25-Aug-04

2,620

91.04%

444,703,921

88.75%

3.07%

4.01%

0.00%

349

7.23%

6.72%

18,591,936

0.00

26-Jul-04

2,703

93.92%

463,693,489

92.54%

2.87%

3.40%

0.00%

350

7.24%

6.73%

16,323,648

0.00

25-Jun-04

2,783

96.70%

480,442,405

95.88%

1.17%

1.32%

0.00%

352

7.24%

6.74%

6,417,517

0.00

25-May-04

2,816

97.85%

487,284,586

97.25%

1.19%

1.33%

0.00%

353

7.24%

6.74%

6,594,973

0.00

26-Apr-04

2,850

99.03%

494,326,896

98.65%

0.97%

1.26%

0.00%

354

7.24%

6.74%

6,303,283

0.00

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

Page 37 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

Group I Loans - Fixed 1st Lien

27-Dec-04

353

12.27%

57,653,457

11.51%

2.75%

3.30%

0.00%

333

6.90%

6.39%

1,968,409

0.00

26-Nov-04

363

12.61%

59,689,768

11.91%

1.36%

2.10%

0.00%

335

6.90%

6.39%

1,279,121

0.00

25-Oct-04

368

12.79%

61,037,484

12.18%

2.39%

2.48%

0.00%

336

6.90%

6.40%

1,555,608

0.00

27-Sep-04

377

13.10%

62,661,651

12.51%

3.33%

3.49%

0.00%

337

6.92%

6.41%

2,271,106

0.00

25-Aug-04

390

13.55%

65,003,404

12.97%

2.26%

3.12%

0.00%

339

6.92%

6.41%

2,093,961

0.00

26-Jul-04

399

13.86%

67,169,338

13.41%

1.72%

2.29%

0.00%

340

6.91%

6.41%

1,575,738

0.00

25-Jun-04

406

14.11%

68,830,706

13.74%

1.22%

1.23%

0.00%

341

6.91%

6.41%

860,856

0.00

25-May-04

411

14.28%

69,769,294

13.92%

0.72%

0.77%

0.00%

343

6.91%

6.41%

543,463

0.00

26-Apr-04

414

14.38%

70,390,600

14.05%

0.72%

0.96%

0.00%

344

6.92%

6.41%

686,237

0.00

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

Page 38 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

Group I Loans - Fixed 2nd Lien

27-Dec-04

1.29%

2,726,766

0.54%

5.13%

4.90%

0.00%

316

10.28%

9.78%

140,429

0.00

26-Nov-04

1.36%

2,868,259

0.57%

7.14%

7.37%

0.00%

319

10.27%

9.76%

228,358

0.00

25-Oct-04

1.46%

3,098,457

0.62%

10.64%

9.93%

0.00%

320

10.28%

9.78%

341,923

0.00

27-Sep-04

1.63%

3,442,419

0.69%

4.08%

2.74%

0.00%

320

10.28%

9.77%

97,121

0.00

25-Aug-04

1.70%

3,541,278

0.71%

2.00%

1.51%

0.00%

322

10.28%

9.78%

54,185

0.00

26-Jul-04

1.74%

3,597,602

0.72%

3.85%

4.22%

0.00%

322

10.28%

9.78%

158,660

0.00

25-Jun-04

1.81%

3,758,120

0.75%

0.00%

324

10.28%

9.78%

0.00

25-May-04

1.81%

3,759,696

0.75%

0.00%

325

10.28%

9.78%

0.00

26-Apr-04

1.81%

3,761,454

0.75%

0.00%

326

10.28%

9.78%

0.00

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

Page 39 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

Group I Loans - ARM-228

27-Dec-04

975

33.88%

175,323,934

34.99%

6.43%

7.55%

0.00%

349

7.16%

6.66%

14,331,700

0.00

26-Nov-04

1,042

36.21%

189,811,895

37.88%

5.01%

5.51%

0.00%

350

7.16%

6.65%

11,086,448

0.00

25-Oct-04

1,097

38.12%

201,064,724

40.13%

4.28%

5.53%

0.00%

351

7.16%

6.66%

11,783,885

0.00

27-Sep-04

1,146

39.82%

213,028,118

42.51%

4.42%

5.06%

0.08%

52,218

0.02%

352

7.18%

6.67%

11,378,668

0.00

249,563.19

25-Aug-04

1,200

41.70%

224,895,882

44.88%

3.46%

4.82%

0.00%

353

7.19%

6.68%

11,391,109

0.00

26-Jul-04

1,243

43.19%

236,481,886

47.20%

3.19%

3.74%

0.00%

354

7.20%

6.70%

9,199,524

0.00

25-Jun-04

1,284

44.61%

245,879,624

49.07%

1.61%

1.73%

0.00%

355

7.20%

6.70%

4,324,875

0.00

25-May-04

1,305

45.34%

250,413,277

49.98%

1.66%

1.67%

0.00%

356

7.21%

6.70%

4,251,274

0.00

26-Apr-04

1,327

46.11%

254,879,732

50.87%

1.26%

1.71%

0.00%

357

7.21%

6.71%

4,437,085

0.00

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

Page 40 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

Group I Loans - ARM-327

27-Dec-04

2.43%

15,181,379

3.03%

5.41%

2.79%

0.00%

349

6.80%

6.30%

436,473

0.00

26-Nov-04

2.57%

15,629,882

3.12%

3.90%

4.88%

0.00%

350

6.83%

6.32%

802,109

0.00

25-Oct-04

2.68%

16,444,332

3.28%

4.94%

6.58%

0.00%

351

6.87%

6.36%

1,158,457

0.00

27-Sep-04

2.81%

17,614,989

3.52%

7.95%

8.73%

0.00%

352

6.91%

6.41%

1,686,260

0.00

25-Aug-04

3.06%

19,315,579

3.85%

0.00%

353

6.91%

6.41%

0.00

26-Jul-04

3.06%

19,330,165

3.86%

1.12%

1.07%

0.00%

354

6.91%

6.41%

208,292

0.00

25-Jun-04

3.09%

19,552,417

3.90%

2.20%

1.94%

0.00%

355

6.92%

6.41%

387,600

0.00

25-May-04

3.16%

19,955,189

3.98%

0.00%

356

6.92%

6.41%

0.00

26-Apr-04

3.16%

19,969,388

3.99%

0.00%

357

6.92%

6.41%

0.00

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

Page 41 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

Group II Loans - Fixed 1st Lien

27-Dec-04

171

5.94%

25,865,959

5.16%

3.93%

5.28%

0.00%

330

7.08%

6.57%

1,444,120

0.00

26-Nov-04

178

6.18%

27,340,952

5.46%

1.66%

1.70%

0.00%

330

7.06%

6.56%

474,416

0.00

25-Oct-04

181

6.29%

27,847,730

5.56%

4.74%

5.24%

0.00%

331

7.08%

6.57%

1,540,731

0.00

27-Sep-04

190

6.60%

29,421,577

5.87%

0.52%

0.59%

0.00%

332

7.07%

6.57%

174,172

0.00

25-Aug-04

191

6.64%

29,630,154

5.91%

1.55%

2.03%

0.00%

333

7.06%

6.56%

616,204

0.00

26-Jul-04

194

6.74%

30,282,238

6.04%

3.48%

3.41%

0.00%

335

7.06%

6.56%

1,070,432

0.00

25-Jun-04

201

6.98%

31,387,044

6.26%

0.50%

0.78%

0.00%

336

7.06%

6.56%

247,416

0.00

25-May-04

202

7.02%

31,670,563

6.32%

1.46%

1.66%

0.00%

337

7.07%

6.56%

535,887

0.00

26-Apr-04

205

7.12%

32,251,134

6.44%

0.97%

0.51%

0.00%

339

7.07%

6.57%

166,142

0.00

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

Page 42 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

Group II Loans - Fixed 2nd Lien

27-Dec-04

2.88%

2,996,101

0.60%

5.68%

6.92%

0.00%

347

10.65%

10.15%

223,009

0.00

26-Nov-04

3.06%

3,221,320

0.64%

4.35%

4.80%

0.00%

348

10.68%

10.18%

162,520

0.00

25-Oct-04

3.20%

3,385,439

0.68%

3.16%

4.26%

0.00%

348

10.67%

10.16%

150,649

0.00

27-Sep-04

3.30%

3,538,177

0.71%

5.94%

5.96%

0.00%

350

10.66%

10.15%

224,371

0.00

25-Aug-04

101

3.51%

3,764,248

0.75%

5.61%

6.74%

0.00%

351

10.62%

10.11%

271,932

0.00

26-Jul-04

107

3.72%

4,037,241

0.81%

2.73%

2.91%

0.00%

351

10.60%

10.10%

120,867

0.00

25-Jun-04

110

3.82%

4,160,099

0.83%

0.00%

352

10.60%

10.10%

0.00

25-May-04

110

3.82%

4,161,936

0.83%

0.00%

353

10.60%

10.10%

0.00

26-Apr-04

110

3.82%

4,163,756

0.83%

0.90%

0.71%

0.00%

354

10.60%

10.10%

29,987

0.00

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

Page 43 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

Group II Loans - ARM 228

27-Dec-04

477

16.57%

75,662,536

15.10%

3.82%

4.65%

0.40%

59,543

0.07%

350

7.41%

6.90%

3,696,992

0.00

93,188.11

26-Nov-04

498

17.30%

79,578,710

15.88%

4.78%

5.50%

0.00%

351

7.41%

6.91%

4,631,194

0.00

25-Oct-04

523

18.17%

84,277,500

16.82%

3.33%

3.83%

0.00%

352

7.40%

6.90%

3,358,702

0.00

27-Sep-04

541

18.80%

87,706,866

17.50%

5.58%

5.99%

0.00%

353

7.41%

6.90%

5,597,006

0.00

25-Aug-04

573

19.91%

93,376,554

18.64%

3.05%

3.66%

0.00%

354

7.41%

6.90%

3,548,707

0.00

26-Jul-04

591

20.54%

96,998,284

19.36%

3.11%

3.95%

0.00%

355

7.42%

6.92%

3,990,135

0.00

25-Jun-04

610

21.20%

101,072,645

20.17%

0.65%

0.59%

0.00%

356

7.42%

6.92%

596,771

0.00

25-May-04

614

21.33%

101,748,363

20.31%

0.97%

1.23%

0.00%

357

7.42%

6.91%

1,264,350

0.00

26-Apr-04

620

21.54%

103,099,775

20.58%

0.64%

0.82%

0.00%

358

7.42%

6.92%

850,942

0.00

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

Page 44 of 46

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-HE3

ABN AMRO Acct: 721746.1

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

Group II Loans - ARM 327

27-Dec-04

0.73%

3,881,268

0.77%

4.55%

4.74%

0.00%

350

7.02%

6.51%

193,478

0.00

26-Nov-04

0.76%

4,078,179

0.81%

15.38%

14.88%

0.00%

351

7.08%

6.58%

713,455

0.00

25-Oct-04

0.90%

4,794,927

0.96%

3.70%

5.26%

0.00%

352

7.13%

6.62%

266,462

0.00

27-Sep-04

0.94%

5,065,272

1.01%

3.57%

2.08%

0.00%

353

7.14%

6.64%

107,535

0.00

25-Aug-04

0.97%

5,176,823

1.03%

9.68%

10.62%

0.00%

354

7.12%

6.62%

615,838

0.00

26-Jul-04

1.08%

5,796,734

1.16%

0.00%

355

7.12%

6.62%

0.00

25-Jun-04

1.08%

5,801,751

1.16%

0.00%

356

7.12%

6.62%

0.00

25-May-04

1.08%

5,806,268

1.16%

0.00%

357

7.12%

6.62%

0.00

26-Apr-04

1.08%

5,811,058

1.16%

3.13%

2.23%

0.00%

358

7.12%

6.62%

132,891

0.00

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

Page 45 of 46

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-HE3

ABN AMRO Acct: 721746.1

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:

200412

9666777

100,782.22

104,551.00

1,849.23

99,436.26

1,345.96

103.74%

98.66%

Not Avail.

126,900.00

200412

9668435

51,948.78

0.00

3,450.11

)

(6,248.15

58,196.93

0.00%

-12.03%

Not Avail.

58,000.00

200409

9596768

301,781.52

263,575.20

1,048.99

263,550.52

52,218.33

87.34%

87.33%

Not Avail.

337,000.00

454,512.52

368,126.20

6,348.33

356,738.63

111,761.22

152,731.00

59,542.89

93,188.11

5,299.34

104,551.00

Current Total
Cumulative

Page 46 of 46

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

BEAR STEARNS ASSET-BACKED CERTIFICATES SERIES 2004-HE3 8-K