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

Delaware
(State or other jurisdiction
of incorporation)

333-113636
(Commission
File Number)

20-0842986
(IRS Employer
Identification No.)

383 Madison Avenue, New York, New York
(Address of principal executive offices)

10179
(Zip Code)

Registrant's telephone number, including area code 212-272-2000

(Former name or former address, if changed since last report.)

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

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

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

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

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

Section 8 - Other Events

Item 8.01. Other Events.

This current report on Form 8-K relates to the monthly distribution reported to the holders of Bear Stearns Asset Backed Securities I Trust 2004-HE5 Asset-Backed Certificates, Series 2004-HE5, 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 I LLC, 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-HE5

ABN AMRO Acct: 721913.3

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:

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 2-5
Page 6-17
Page 18
Page 19

Page 20

Page 21-32
Page 33-44

Page 45-56
Page 57

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

BS004HE5

BS004HE5_200412_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

30-Jun-04
26-Jul-04

25-Jul-34

Parties to The Transaction

Issuer: Bear Stearns Asset Backed Securities, Inc.

Depositor: Bear Stearns Asset Backed Securities, Inc.

Underwriter: Bear Stearns & Co. Inc.

Master Servicer: EMC Mortgage Corporation

Rating Agency: Standard & Poor's

800.246.5761

LaSalle Factor Line

LaSalle Web Site

Servicer Web Site

www.emcmortgagecorp.com

www.etrustee.net

Page 1 of 57

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:

7.040773%

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-HE5

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

347

REMIC II

Statement Date:

ABN AMRO Acct: 721913.3

782.951291921

77.527049277

0.000000000

705.424242644

1.597873085

2.607500000%

0.00

0.000000000

2.37000000%

0.000000000

073879BY3

I-A-1

126,935,000.00

99,383,922.24

9,840,896.00

0.00

89,543,026.24

202,826.02

1000.000000000

0.000000000

1000.000000000

2.307777831

2.917500000%

0.00

0.000000000

2.68000000%

0.000000000

073879BZ0

I-A-2

20,777,000.00

0.00

20,777,000.00

47,948.70

777.949523987

58.722119015

0.000000000

719.227404972

1.631208863

2.672500000%

0.00

0.000000000

2.43500000%

0.000000000

073879CA4

II-A

166,214,000.00

129,306,102.18

9,760,438.29

0.00

119,545,663.89

271,129.75

872.509731411

47.442366555

0.000000000

825.067364856

1.844509805

2.692500000%

0.00

0.000000000

2.45500000%

0.000000000

073879CB2

III-A

532,859,000.00

464,924,662.97

25,280,092.00

0.00

439,644,570.97

982,863.65

1000.000000000

0.000000000

1000.000000000

2.368055591

2.987500000%

0.00

0.000000000

2.75000000%

0.000000000

073879CC0

M-1

62,744,000.00

0.00

62,744,000.00

148,581.28

1000.000000000

0.000000000

1000.000000000

2.953611040

3.667500000%

0.00

0.000000000

3.43000000%

0.000000000

073879CD8

M-2

50,617,000.00

0.00

50,617,000.00

149,502.93

1000.000000000

0.000000000

1000.000000000

3.211944366

3.967500000%

0.00

0.000000000

3.73000000%

0.000000000

073879CE6

M-3

14,236,000.00

0.00

14,236,000.00

45,725.24

1000.000000000

0.000000000

1000.000000000

3.556389049

4.367500000%

0.00

0.000000000

4.13000000%

0.000000000

073879CF3

M-4

12,127,000.00

0.00

12,127,000.00

43,128.33

1000.000000000

0.000000000

1000.000000000

3.728610716

4.567500000%

0.00

0.000000000

4.33000000%

0.000000000

073879CG1

M-5

10,545,000.00

0.00

10,545,000.00

39,318.20

1000.000000000

0.000000000

1000.000000000

5.106388810

6.167500000%

0.00

0.000000000

5.93000000%

0.000000000

073879CH9

M-6

10,545,000.00

0.00

10,545,000.00

53,846.87

1000.000000000

0.000000000

1000.000000000

5.321666847

6.417500000%

0.00

0.000000000

6.18000000%

0.000000000

073879CJ5

M-7

18,454,000.00

0.00

18,454,000.00

98,206.04

1000.000000000

0.000000000

1000.000000000

103.263401000

0.00

)

(1,592.95

)

(0.055945543

N/A

0.000000000

073879CL0

28,473,224.41

0.00

28,473,224.41

2,940,241.99

1000.000000000

0.000000000

1000.000000000

8594756.200000000

0.00

859,475.62

8594756.200000000

N/A

0.000000000

073879CK2

100.00

0.00

100.00

859,475.62

0.000000000

0.00

0.000000000

N/A

0.000000000

073879CM8

R-1

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

073879CN6

R-2

0.00

Page 2 of 57

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:

7.040773%

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-HE5

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

347

REMIC II

Statement Date:

ABN AMRO Acct: 721913.3

Total P&I Payment

0.00

857,882.67

1,054,526,224.41

922,132,911.80

50,764,220.91

Total

877,251,485.51

44,881,426.29

0.00

5,882,794.62

Page 3 of 57

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:

7.040773%

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-HE5

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

347

REMIC III

Statement Date:

ABN AMRO Acct: 721913.3

1000.000000000

0.000000000

1000.000000000

103.263401000

0.00

2,940,241.99

103.263401000

N/A

0.000000000

073879CL0

28,473,224.41

0.00

28,473,224.41

2,940,241.99

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSR197

R-3

0.00

Total P&I Payment

0.00

2,940,241.99

28,473,224.41

2,940,241.99

Total

28,473,224.41

0.00

2,940,241.99

Page 4 of 57

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:

7.040773%

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-HE5

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

347

REMIC IV

Statement Date:

ABN AMRO Acct: 721913.3

1000.000000000

0.000000000

1000.000000000

8594756.200000000

0.00

859,475.62

8594756.200000000

N/A

0.000000000

073879CK2

100.00

0.00

100.00

859,475.62

0.000000000

0.00

0.000000000

N/A

0.000000000

073879CP1

R-X

0.00

Total P&I Payment

0.00

859,475.62

100.00

859,475.62

Total

100.00

0.00

859,475.62

Page 5 of 57

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-HE5

ABN AMRO Acct: 721913.3

Statement Date:

Cash Reconciliation Summary

Interest Summary

Total Trustee Fees

Available Interest

5,884,387.58

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

779,846.77

36,341.89

43,956,357.14

107,287.54

0.00
0.00

50,765,527.28

Pool Balance Summary

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

Balance/Amount

Count

922,132,911.80

779,846.77

43,992,699.03

0.00

108,880.49

0.00

877,251,485.51

5,563

210

1
0

5,352

352,734.17

Extra Principal

Trigger Event

1,592.95

44,881,426.29

Over Collateralization Amt

28,471,631.46

Less Extra Principal

Remittance Interest

)

(1,592.95

5,882,794.63

0.00

44,101,579.52

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(1,306.35

5,885,693.94

Total Fees

354,040.52

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.38

0.00

1,306.35

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 6 of 57

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-HE5

ABN AMRO Acct: 721913.3

Statement Date:

Cash Reconciliation Summary Fixed First Lien Group 1

Interest Summary

Total Trustee Fees

Available Interest

196,815.04

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

38,429.52

747.56

464,188.48

0.00
0.00
0.00

700,235.70

Pool Balance Summary

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

Balance/Amount

Count

38,899,462.58

38,429.52

464,936.04

0.00
0.00
0.00

38,396,097.02

124

0
0

122

15,905.33

Extra Principal

Trigger Event

1,592.95

504,958.51

Over Collateralization Amt

28,471,631.46

Remittance Interest

195,222.09

0.00

466,528.99

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(55.11

196,870.14

Total Fees

15,960.44

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.38

0.00

55.11

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 7 of 57

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-HE5

ABN AMRO Acct: 721913.3

Statement Date:

Cash Reconciliation Summary Fixed Second Lien Group 1

Interest Summary

Total Trustee Fees

Available Interest

8,745.31

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

388.98

1.29

58,784.49

0.00
0.00
0.00

67,921.46

Pool Balance Summary

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

Balance/Amount

Count

983,650.02

388.98

58,785.78

0.00
0.00
0.00

924,475.26

0
0

409.85

Extra Principal

Trigger Event

1,592.95

60,767.71

Over Collateralization Amt

28,471,631.46

Remittance Interest

7,152.36

0.00

60,378.73

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(1.39

8,746.70

Total Fees

411.25

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.38

0.00

1.39

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 8 of 57

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-HE5

ABN AMRO Acct: 721913.3

Statement Date:

Cash Reconciliation Summary 228 ARM First Lien Group 1

Interest Summary

Total Trustee Fees

Available Interest

598,716.86

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

81,027.12

4,557.11

9,188,247.05

0.00
0.00
0.00

9,872,705.27

Pool Balance Summary

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

Balance/Amount

Count

110,913,696.28

81,027.12

9,192,804.16

0.00
0.00
0.00

101,639,865.00

348

0
0

323

40,107.25

Extra Principal

Trigger Event

1,592.95

9,275,424.23

Over Collateralization Amt

28,471,631.46

Remittance Interest

597,123.91

0.00

9,194,397.11

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(157.13

598,873.99

Total Fees

40,264.38

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.38

0.00

157.13

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 9 of 57

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-HE5

ABN AMRO Acct: 721913.3

Statement Date:

Cash Reconciliation Summary 327 ARM Loans First Lien Group 1

Interest Summary

Total Trustee Fees

Available Interest

27,244.55

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

4,276.00

)

(100.88

0.00
0.00
0.00
0.00

31,427.61

Pool Balance Summary

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

Balance/Amount

Count

5,602,195.96

4,276.00

)

(100.88

0.00
0.00
0.00

5,598,020.84

0
0

2,334.25

Extra Principal

Trigger Event

1,592.95

5,768.07

Over Collateralization Amt

28,471,631.46

Remittance Interest

25,651.60

0.00

1,492.07

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(7.94

27,252.49

Total Fees

2,342.18

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.38

0.00

7.94

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 10 of 57

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-HE5

ABN AMRO Acct: 721913.3

Statement Date:

Cash Reconciliation Summary Fixed First Lien Group 2

Interest Summary

Total Trustee Fees

Available Interest

293,481.66

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

66,068.73

7,639.91

2,658,855.58

0.00
0.00
0.00

3,026,127.21

Pool Balance Summary

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

Balance/Amount

Count

57,411,177.58

66,068.73

2,666,495.49

0.00
0.00
0.00

54,678,613.36

334

0
0

321

22,287.91

Extra Principal

Trigger Event

1,592.95

2,734,157.17

Over Collateralization Amt

28,471,631.46

Remittance Interest

291,888.71

0.00

2,668,088.44

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(81.33

293,562.99

Total Fees

22,369.25

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.38

0.00

81.33

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 11 of 57

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-HE5

ABN AMRO Acct: 721913.3

Statement Date:

Cash Reconciliation Summary 228 ARM First Lien Group 2

Interest Summary

Total Trustee Fees

Available Interest

606,206.04

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

82,505.17

2,199.04

6,701,193.25

0.00
0.00
0.00

7,392,254.39

Pool Balance Summary

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

Balance/Amount

Count

106,512,276.90

82,505.17

6,703,392.29

0.00
0.00
0.00

99,726,379.44

634

0
0

601

38,455.20

Extra Principal

Trigger Event

1,592.95

6,787,490.41

Over Collateralization Amt

28,471,631.46

Remittance Interest

604,613.09

0.00

6,704,985.24

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(150.89

606,356.93

Total Fees

38,606.09

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.38

0.00

150.89

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 12 of 57

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-HE5

ABN AMRO Acct: 721913.3

Statement Date:

Cash Reconciliation Summary 327 ARM Loans First Lien Group 2

Interest Summary

Total Trustee Fees

Available Interest

32,451.09

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

5,365.27

28.48

236,236.44

0.00
0.00
0.00

274,090.01

Pool Balance Summary

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

Balance/Amount

Count

6,160,013.02

5,365.27

236,264.92

0.00
0.00
0.00

5,918,382.83

0
0

2,566.67

Extra Principal

Trigger Event

1,592.95

243,223.14

Over Collateralization Amt

28,471,631.46

Remittance Interest

30,858.14

0.00

237,857.87

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(8.73

32,459.82

Total Fees

2,575.40

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.38

0.00

8.73

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 13 of 57

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-HE5

ABN AMRO Acct: 721913.3

Statement Date:

Cash Reconciliation Summary Fixed First Lien Group 3

Interest Summary

Total Trustee Fees

Available Interest

817,449.81

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:

Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

165,193.82

14,738.54

3,786,676.26

0.00
0.00
0.00

4,784,274.40

Pool Balance Summary

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

Balance/Amount

Count

152,444,233.04

165,193.82

3,801,414.80

0.00
0.00
0.00

148,477,624.42

1,110

0
0

1,086

62,354.15

Extra Principal

Trigger Event

1,592.95

3,968,201.57

Over Collateralization Amt

28,471,631.46

Remittance Interest

815,856.86

0.00

3,803,007.75

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(215.96

817,665.78

Total Fees

62,570.11

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.38

0.00

215.96

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 14 of 57

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-HE5

ABN AMRO Acct: 721913.3

Statement Date:

Cash Reconciliation Summary Fixed Second Lien Group 3

Interest Summary

Total Trustee Fees

Available Interest

8,394.27

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

494.39

12.27

0.00
0.00
0.00
0.00

8,902.33

Pool Balance Summary

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

Balance/Amount

Count

987,810.45

494.39

12.27

0.00
0.00
0.00

987,303.79

0
0

411.59

Extra Principal

Trigger Event

1,592.95

2,099.61

Over Collateralization Amt

28,471,631.46

Remittance Interest

6,801.32

0.00

1,605.22

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(1.40

8,395.67

Total Fees

412.99

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.38

0.00

1.40

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 15 of 57

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-HE5

ABN AMRO Acct: 721913.3

Statement Date:

Cash Reconciliation Summary 228 ARM First Lien Group 3

Interest Summary

Total Trustee Fees

Available Interest

2,263,743.54

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

311,019.64

4,825.54

19,691,932.90

107,287.54

0.00
0.00

22,379,388.58

Pool Balance Summary

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

Balance/Amount

Count

409,003,812.69

311,019.64

19,696,758.44

0.00

108,880.49

0.00

388,887,154.12

2,694

105

1
0

2,588

155,798.58

Extra Principal

Trigger Event

1,592.95

20,116,658.57

Over Collateralization Amt

28,471,631.46

Remittance Interest

2,262,150.59

0.00

19,805,638.93

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(579.42

2,264,322.96

Total Fees

156,378.01

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.38

0.00

579.42

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 16 of 57

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-HE5

ABN AMRO Acct: 721913.3

Statement Date:

Cash Reconciliation Summary 327 ARM Loans First Lien Group 3

Interest Summary

Total Trustee Fees

Available Interest

171,663.79

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

25,078.13

1,693.03

1,170,242.69

0.00
0.00
0.00

1,368,724.70

Pool Balance Summary

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

Balance/Amount

Count

33,214,583.28

25,078.13

1,171,935.72

0.00
0.00
0.00

32,017,569.43

220

0
0

214

12,103.37

Extra Principal

Trigger Event

1,592.95

1,198,606.80

Over Collateralization Amt

28,471,631.46

Remittance Interest

170,070.84

0.00

1,173,528.67

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(47.05

171,710.85

Total Fees

12,150.43

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.38

0.00

47.05

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 17 of 57

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-HE5

ABN AMRO Acct: 721913.3

Bond Interest Reconciliation

Prior

Other

Additions

Interest

Losses

Current

Cumulative

Accrual

Risk Carry-

Fwd Amt

Interest

Payment

Amount

Interest

Certificate

Interest

Losses

Shortfall

Int. Carry-

Proceeds

Risk Carry-

Certificate

Agreement

Amt Deposited

From YM

Method Days

Basis

Remaining

Statement Date:

Distributable

Prior

Applied Realized

Remaining
Int. Carry-

forward Amt

Principal

Principal
Principal

Extra

Prepayments

Shortfalls

Net
Cap

Rate
Y/N

0.00

I-A-1

202,826.02

0.00

202,826.02

Act/360

349.28

0.00

9,716,774.38

0.00

I-A-2

47,948.70

0.00

47,948.70

Act/360

0.00

II-A

271,129.75

0.00

271,129.75

Act/360

346.42

0.00

9,606,499.12

0.00

III-A

982,863.65

0.00

982,863.65

Act/360

897.25

0.00

24,778,306.02

0.00

M-1

148,581.28

0.00

148,581.28

Act/360

0.00

M-2

149,502.93

0.00

149,502.93

Act/360

0.00

M-3

45,725.24

0.00

45,725.24

Act/360

0.00

M-4

43,128.33

0.00

43,128.33

Act/360

0.00

M-5

39,318.20

0.00

39,318.20

Act/360

0.00

M-6

53,846.87

0.00

53,846.87

Act/360

0.00

M-7

98,206.04

0.00

98,206.04

Act/360

0.00

2,941,834.94

0.00

2,941,834.94

2,940,241.99

0.00

859,475.62

0.00

5,024,911.95

5,884,387.57

5,882,794.62

1,592.95

0.00

44,101,579.52

0.00

(2) Principal Prepayments include the Extra Principal Amount

Page 18 of 57

(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-HE5

ABN AMRO Acct: 721913.3

Interest Adjustments Summary

Statement Date

0.00

Special Servicing Fees

Workout Fees

Liquidation Fees

Legal Fees

0.00

Misc. Fees & Expenses Paid by/to Servicer

Interest Paid to Servicer on Outstanding Advances

0.00

ASER Interest Advance Reduction

Interest Not Advanced (Current Period)

Recoup of Prior Advances by Servicer

0.00

Servicing Fees Paid Servicer on Loans Not Advanced

Misc. Fees & Expenses Paid by Trust

0.00

Shortfall Due to Rate Modification

Total Shortfall Allocated to the Bonds

Total Interest Adjustment to the Bonds

0.00

Shortfall Allocated to the Bonds:

Excess Allocated to the Bonds:

Other Interest Proceeds Due the Bonds

Yield Maintenance Penalties Due the Bonds

Prepayment Penalties Due the Bonds

Recovered ASER Interest Due the Bonds

Recovered Interest Due the Bonds

Less Total Shortfall Allocated to the Bonds

Total Excess Allocated to the Bonds

859,475.62

859,475.62

Total Excess Allocated to the Bonds

859,475.62

0.00

Aggregate Interest Adjustment Allocated to the Bonds

0.00

859,475.62

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 19 of 57

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-HE5

ABN AMRO Acct: 721913.3

Rating Information

Class

CUSIP

Fitch

Moody's

S&P

Fitch

Moody's

S&P

Original Ratings

Rating Change/Change Date(1)

Statement Date:

R-1

073879CM8

073879CL0

R-3

9ABSR197

073879CK2

R-X

073879CP1

I-A-1

073879BY3

Aaa

AAA

I-A-2

073879BZ0

Aaa

AAA

II-A

073879CA4

Aaa

AAA

III-A

073879CB2

Aaa

AAA

M-1

073879CC0

Aa2

AA+

M-2

073879CD8

AA-

M-3

073879CE6

M-4

073879CF3

Baa1

A-

M-5

073879CG1

Baa2

BBB+

M-6

073879CH9

Baa3

BBB

M-7

073879CJ5

Ba2

BBB-

R-2

073879CN6

Page 20 of 57

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-HE5

ABN AMRO Acct: 721913.3

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

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

3.61%

3.53%

0.86%

0.83%

0.24%

1,814,305

0.21%

0.69%

0.64%

0.02%

27-Dec-04

193

30,973,863

7,290,296

5,646,740

179,599

5,062

831,346,682

94.58%

94.77%

2.57%

2.41%

0.63%

0.58%

0.18%

1,508,816

0.16%

0.50%

0.45%

0.00%

26-Nov-04

143

22,204,299

5,319,305

4,175,550

5,347

888,924,942

96.12%

96.40%

1.87%

1.79%

0.59%

0.56%

0.12%

787,733

0.08%

0.24%

0.23%

0.00%

25-Oct-04

107

17,049,774

5,381,196

2,188,498

5,567

929,641,948

97.17%

97.34%

1.43%

1.49%

0.49%

0.40%

0.00%

0.02%

0.01%

0.00%

27-Sep-04

14,692,723

3,973,918

51,863

5,774

970,646,361

98.06%

98.11%

1.26%

1.20%

0.05%

0.06%

0.00%

25-Aug-04

12,256,834

594,731

5,944

1,006,854,175

98.69%

98.74%

0.18%

0.24%

0.02%

0.01%

0.00%

26-Jul-04

2,497,044

126,396

6,113

1,039,609,400

99.80%

99.75%

Page 21 of 57

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-HE5

ABN AMRO Acct: 721913.3

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

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

Fixed First Lien Group 1

0.00%

27-Dec-04

122

38,396,097

100.00%

0.00%

26-Nov-04

124

38,899,463

100.00%

0.00%

0.79%

0.25%

0.00%

25-Oct-04

98,797

125

39,437,227

99.21%

99.75%

0.76%

0.24%

0.00%

27-Sep-04

98,879

131

41,425,628

99.24%

99.76%

0.00%

25-Aug-04

135

42,532,129

100.00%

0.00%

26-Jul-04

137

43,055,484

100.00%

Page 22 of 57

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-HE5

ABN AMRO Acct: 721913.3

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

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

Fixed Second Lien Group 1

5.88%

11.12%

5.88%

2.54%

0.00%

27-Dec-04

102,804

23,508

798,164

88.24%

86.34%

5.56%

2.39%

0.00%

26-Nov-04

23,518

960,132

94.44%

97.61%

0.00%

25-Oct-04

1,002,933

100.00%

0.00%

27-Sep-04

1,003,361

100.00%

5.26%

5.86%

0.00%

25-Aug-04

58,867

944,927

94.74%

94.14%

0.00%

26-Jul-04

1,004,428

100.00%

Page 23 of 57

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-HE5

ABN AMRO Acct: 721913.3

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

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

228 ARM First Lien Group 1

5.26%

5.49%

1.24%

1.68%

1.24%

963,126

0.95%

1.24%

0.92%

0.00%

27-Dec-04

5,584,856

1,710,254

931,808

294

92,449,821

91.02%

90.96%

2.59%

2.96%

1.44%

0.98%

0.29%

526,092

0.47%

0.86%

0.53%

0.00%

26-Nov-04

3,282,741

1,082,387

586,548

330

105,435,928

94.83%

95.06%

2.78%

2.52%

0.83%

0.88%

0.00%

0.56%

0.54%

0.00%

25-Oct-04

2,901,756

1,009,725

620,943

345

110,503,744

95.83%

96.06%

2.66%

3.00%

0.27%

0.08%

0.00%

27-Sep-04

3,642,826

94,500

365

117,828,825

97.07%

96.93%

1.28%

0.26%

0.31%

0.00%

25-Aug-04

1,631,185

392,119

385

125,865,474

98.47%

98.42%

0.25%

0.30%

0.00%

26-Jul-04

392,529

401

132,034,099

99.75%

99.70%

Page 24 of 57

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-HE5

ABN AMRO Acct: 721913.3

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

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

327 ARM Loans First Lien Group 1

0.00%

27-Dec-04

5,598,021

100.00%

0.00%

4.76%

6.13%

0.00%

26-Nov-04

343,462

5,258,734

95.24%

93.87%

4.76%

6.13%

0.00%

25-Oct-04

343,751

5,262,799

95.24%

93.87%

4.55%

5.65%

0.00%

27-Sep-04

336,242

5,610,885

95.45%

94.35%

4.55%

5.65%

0.00%

25-Aug-04

336,541

5,615,195

95.45%

94.35%

0.00%

26-Jul-04

5,956,221

100.00%

Page 25 of 57

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-HE5

ABN AMRO Acct: 721913.3

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

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

Fixed First Lien Group 2

0.62%

0.51%

0.00%

0.62%

0.41%

0.00%

27-Dec-04

278,405

222,170

317

54,178,038

98.75%

99.08%

0.00%

0.60%

0.39%

0.00%

26-Nov-04

222,494

332

57,188,684

99.40%

99.61%

0.59%

0.61%

0.59%

0.38%

0.00%

25-Oct-04

353,379

222,815

334

57,598,937

98.82%

99.01%

0.58%

0.38%

0.29%

0.17%

0.00%

27-Sep-04

223,133

102,626

342

58,860,376

99.13%

99.45%

0.56%

0.26%

0.00%

25-Aug-04

160,492

352

60,963,059

99.44%

99.74%

0.00%

26-Jul-04

360

62,310,925

100.00%

Page 26 of 57

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-HE5

ABN AMRO Acct: 721913.3

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

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

228 ARM First Lien Group 2

3.83%

3.88%

0.67%

0.72%

0.00%

0.33%

0.17%

0.00%

27-Dec-04

3,864,627

722,821

167,390

572

94,971,542

95.17%

95.23%

2.84%

2.91%

0.32%

0.23%

0.00%

0.47%

0.28%

0.00%

26-Nov-04

3,098,209

249,670

302,671

611

102,861,727

96.37%

96.57%

1.62%

1.66%

0.29%

0.35%

0.15%

135,279

0.12%

0.15%

0.07%

0.00%

25-Oct-04

1,919,525

399,911

84,579

663

112,964,462

97.79%

97.80%

1.40%

1.47%

0.42%

0.30%

0.00%

27-Sep-04

1,802,481

372,403

701

120,613,555

98.18%

98.23%

1.08%

0.89%

0.00%

25-Aug-04

1,148,536

736

127,646,629

98.92%

99.11%

0.13%

0.19%

0.00%

26-Jul-04

259,157

765

132,711,220

99.87%

99.81%

Page 27 of 57

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-HE5

ABN AMRO Acct: 721913.3

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

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

327 ARM Loans First Lien Group 2

3.03%

1.96%

3.03%

2.10%

0.00%

27-Dec-04

116,140

124,248

5,677,996

93.94%

95.94%

0.00%

2.94%

2.02%

0.00%

26-Nov-04

124,333

6,035,680

97.06%

97.98%

5.88%

6.37%

0.00%

25-Oct-04

392,947

5,772,762

94.12%

93.63%

0.00%

27-Sep-04

6,410,152

100.00%

0.00%

25-Aug-04

7,036,622

100.00%

0.00%

26-Jul-04

7,307,582

100.00%

Page 28 of 57

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-HE5

ABN AMRO Acct: 721913.3

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

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

Fixed First Lien Group 3

1.93%

1.90%

1.01%

0.92%

0.18%

232,997

0.16%

0.00%

27-Dec-04

2,826,758

1,358,597

1,052

144,059,272

96.87%

97.02%

2.16%

1.85%

0.00%

0.18%

233,189

0.15%

0.18%

0.30%

0.00%

26-Nov-04

2,827,288

461,407

1,082

148,922,349

97.48%

97.69%

0.62%

0.37%

0.35%

0.38%

0.27%

391,891

0.25%

0.18%

0.23%

0.00%

25-Oct-04

566,527

593,796

362,997

1,111

152,939,534

98.58%

98.76%

0.61%

0.55%

0.35%

0.44%

0.00%

27-Sep-04

863,176

695,728

1,132

156,630,687

99.04%

99.01%

0.69%

0.63%

0.00%

25-Aug-04

1,012,442

1,147

159,253,957

99.31%

99.37%

0.09%

0.15%

0.00%

26-Jul-04

239,545

1,157

160,613,036

99.91%

99.85%

Page 29 of 57

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-HE5

ABN AMRO Acct: 721913.3

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

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

Fixed Second Lien Group 3

0.00%

27-Dec-04

987,304

100.00%

0.00%

26-Nov-04

987,810

100.00%

0.00%

3.70%

58,242

5.53%

0.00%

25-Oct-04

995,321

96.30%

94.47%

3.70%

5.53%

0.00%

27-Sep-04

58,265

995,754

96.30%

94.47%

0.00%

25-Aug-04

1,055,219

100.00%

0.00%

26-Jul-04

1,056,023

100.00%

Page 30 of 57

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-HE5

ABN AMRO Acct: 721913.3

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

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

228 ARM First Lien Group 3

4.75%

4.56%

0.93%

0.85%

0.27%

618,183

0.16%

1.08%

1.10%

0.04%

0.05%

27-Dec-04

123

17,734,284

3,295,713

4,260,196

179,599

2,405

362,799,180

92.93%

93.29%

3.23%

3.09%

0.97%

0.86%

0.26%

749,535

0.18%

0.63%

0.62%

0.00%

26-Nov-04

12,624,117

3,519,452

2,537,201

2,557

389,573,508

94.91%

95.25%

2.59%

2.45%

0.72%

0.68%

0.07%

202,321

0.05%

0.32%

0.26%

0.00%

25-Oct-04

10,373,798

2,904,910

1,119,979

2,672

409,576,915

96.29%

96.56%

1.65%

1.66%

0.70%

0.62%

0.00%

0.04%

0.01%

0.00%

27-Sep-04

7,269,353

2,708,661

51,863

2,778

426,763,382

97.61%

97.70%

1.72%

1.75%

0.07%

0.05%

0.00%

25-Aug-04

7,849,732

202,612

2,853

440,401,840

98.21%

98.20%

0.27%

0.35%

0.03%

0.00%

26-Jul-04

1,605,813

126,396

2,951

457,629,082

99.70%

99.62%

Page 31 of 57

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-HE5

ABN AMRO Acct: 721913.3

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

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

327 ARM Loans First Lien Group 3

2.34%

1.46%

0.47%

0.17%

0.00%

0.47%

0.20%

0.00%

27-Dec-04

465,990

55,156

65,176

207

31,431,247

96.73%

98.17%

1.82%

1.05%

0.00%

0.45%

0.20%

0.00%

26-Nov-04

348,426

65,230

215

32,800,927

97.73%

98.75%

0.89%

0.58%

0.89%

0.45%

0.00%

25-Oct-04

198,092

151,242

220

33,587,315

98.21%

98.97%

2.18%

1.14%

0.00%

27-Sep-04

398,367

224

34,503,756

97.82%

98.86%

0.43%

0.17%

0.00%

25-Aug-04

59,039

232

35,539,126

99.57%

99.83%

0.00%

26-Jul-04

235

35,931,300

100.00%

Page 32 of 57

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-HE5

ABN AMRO Acct: 721913.3

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

5,646,740

151,279

0.00%

0.69%

0.64%

0.00%

0.00% 0.00%

0.00% 0.04%

0.02%

0.00%

0.13%

0.14%

1,267,343

179,599

0.00%

0.02%

0.00%

0.02%

26-Nov-04

4,175,550

151,415

0.00%

0.50%

0.45%

0.00%

0.00% 0.00%

0.00% 0.04%

0.02%

0.00%

0.11%

0.13%

1,162,757

0.00%

25-Oct-04

2,188,498

93,086

0.00%

0.24%

0.23%

0.00%

0.00% 0.00%

0.00% 0.02%

0.01%

0.00%

0.10%

967,515

0.00%

27-Sep-04

93,173

51,863

0.00%

0.02%

0.01%

0.00%

0.00% 0.02%

0.01% 0.00%

0.00%

0.10%

968,314

0.00%

25-Aug-04

0.00%

0.00% 0.00%

0.00%

0.02%

0.01%

109,277

0.00%

26-Jul-04

0.00%

0.00% 0.00%

0.00%

0.02%

0.01%

109,358

0.00%

Page 33 of 57

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-HE5

ABN AMRO Acct: 721913.3

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 First Lien Group 1

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

0.00%

0.00% 0.00%

0.00%

0.82%

0.77%

295,200

0.00%

26-Nov-04

0.00%

0.00% 0.00%

0.00%

0.81%

0.76%

295,200

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%

Page 34 of 57

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-HE5

ABN AMRO Acct: 721913.3

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 Second Lien Group 1

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

0.00%

0.00% 0.00%

0.00%

26-Nov-04

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%

Page 35 of 57

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-HE5

ABN AMRO Acct: 721913.3

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 First Lien Group 1

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

931,808

0.00%

1.24%

0.92%

0.00%

0.00% 0.00%

0.00%

26-Nov-04

586,548

0.00%

0.86%

0.53%

0.00%

0.00% 0.00%

0.00%

25-Oct-04

620,943

0.00%

0.56%

0.54%

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%

Page 36 of 57

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-HE5

ABN AMRO Acct: 721913.3

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days 90 + Days
# Balance # Balance # Balance # Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - 327 ARM Loans First Lien Group 1

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

0.00%

0.00% 0.00%

0.00%

26-Nov-04

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%

Page 37 of 57

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-HE5

ABN AMRO Acct: 721913.3

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 First Lien Group 2

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

222,170

0.00%

0.62%

0.41%

0.00%

0.00% 0.00%

0.00%

0.31%

0.19%

103,026

0.00%

26-Nov-04

222,494

0.00%

0.60%

0.39%

0.00%

0.00% 0.00%

0.00%

0.30%

0.18%

103,234

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%

Page 38 of 57

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-HE5

ABN AMRO Acct: 721913.3

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 First Lien Group 2

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

167,390

0.00%

0.33%

0.17%

0.00%

0.00% 0.00%

0.00%

0.17%

0.19%

190,619

0.00%

26-Nov-04

302,671

0.00%

0.47%

0.28%

0.00%

0.00% 0.00%

0.00%

0.32%

0.35%

369,583

0.00%

25-Oct-04

84,579

0.00%

0.15%

0.07%

0.00%

0.00% 0.00%

0.00%

0.29%

0.32%

369,917

0.00%

27-Sep-04

0.00%

0.00% 0.00%

0.00%

0.28%

0.30%

370,248

0.00%

25-Aug-04

0.00%

0.00% 0.00%

0.00%

26-Jul-04

0.00%

0.00% 0.00%

0.00%

Page 39 of 57

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-HE5

ABN AMRO Acct: 721913.3

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days 90 + Days
# Balance # Balance # Balance # Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - 327 ARM Loans First Lien Group 2

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

0.00%

0.00% 0.00%

0.00%

26-Nov-04

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%

Page 40 of 57

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-HE5

ABN AMRO Acct: 721913.3

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 First Lien Group 3

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

92,911

0.00%

0.00% 0.00%

0.00% 0.09%

0.06%

0.00%

26-Nov-04

461,407

92,999

0.00%

0.18%

0.30%

0.00%

0.00% 0.00%

0.00% 0.09%

0.06%

0.00%

25-Oct-04

362,997

93,086

0.00%

0.18%

0.23%

0.00%

0.00% 0.00%

0.00% 0.09%

0.06%

0.00%

27-Sep-04

93,173

0.00%

0.00% 0.09%

0.06% 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%

Page 41 of 57

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-HE5

ABN AMRO Acct: 721913.3

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 Second Lien Group 3

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

0.00%

0.00% 0.00%

0.00%

26-Nov-04

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%

Page 42 of 57

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-HE5

ABN AMRO Acct: 721913.3

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 First Lien Group 3

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

4,260,196

58,368

0.00%

1.08%

1.10%

0.00%

0.00% 0.00%

0.00% 0.04%

0.02%

0.00%

0.15%

0.17%

678,498

179,599

0.00%

0.04%

0.00%

0.05%

26-Nov-04

2,537,201

58,417

0.00%

0.63%

0.62%

0.00%

0.00% 0.00%

0.00% 0.04%

0.01%

0.00%

0.07%

0.10%

394,740

0.00%

25-Oct-04

1,119,979

0.00%

0.32%

0.26%

0.00%

0.00% 0.00%

0.00%

0.14%

597,598

0.00%

27-Sep-04

51,863

0.00%

0.04%

0.01%

0.00%

0.00% 0.00%

0.00%

0.14%

598,066

0.00%

25-Aug-04

0.00%

0.00% 0.00%

0.00%

0.03%

0.02%

109,277

0.00%

26-Jul-04

0.00%

0.00% 0.00%

0.00%

0.03%

0.02%

109,358

0.00%

Page 43 of 57

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-HE5

ABN AMRO Acct: 721913.3

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days 90 + Days
# Balance # Balance # Balance # Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - 327 ARM Loans First Lien Group 3

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

65,176

0.00%

0.47%

0.20%

0.00%

0.00% 0.00%

0.00%

26-Nov-04

65,230

0.00%

0.45%

0.20%

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%

Page 44 of 57

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-HE5

ABN AMRO Acct: 721913.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

27-Dec-04

5,352

86.62%

877,251,486

83.19%

3.77%

4.77%

0.02%

1,593

0.00%

347

7.04%

6.54%

210

43,956,357

0.00

107,287.54

26-Nov-04

5,563

90.03%

922,132,912

87.45%

2.90%

3.36%

0.00%

348

7.05%

6.54%

166

32,066,389

0.00

25-Oct-04

5,729

92.72%

955,049,149

90.57%

2.70%

3.36%

0.00%

349

7.05%

6.55%

159

33,258,101

0.00

27-Sep-04

5,888

95.29%

989,364,865

93.82%

2.24%

2.89%

0.00%

350

7.06%

6.55%

135

29,443,584

0.00

25-Aug-04

6,023

97.48%

1,019,705,741

96.70%

1.67%

2.07%

0.00%

351

7.06%

6.56%

102

21,592,960

0.00

26-Jul-04

6,125

99.13%

1,042,232,841

98.83%

0.87%

1.08%

0.00%

352

7.07%

6.56%

11,352,617

0.00

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

Page 45 of 57

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-HE5

ABN AMRO Acct: 721913.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Fixed First Lien Group 1

27-Dec-04

122

1.97%

38,396,097

3.64%

1.61%

1.19%

0.00%

344

6.57%

6.07%

464,188

0.00

26-Nov-04

124

2.01%

38,899,463

3.69%

1.59%

1.51%

0.00%

345

6.56%

6.06%

596,657

0.00

25-Oct-04

126

2.04%

39,536,024

3.75%

4.55%

4.69%

0.00%

347

6.58%

6.07%

1,947,807

0.00

27-Sep-04

132

2.14%

41,524,506

3.94%

2.22%

2.27%

0.00%

348

6.59%

6.09%

964,603

0.00

25-Aug-04

135

2.18%

42,532,129

4.03%

1.46%

1.11%

0.00%

349

6.61%

6.11%

479,738

0.00

26-Jul-04

137

2.22%

43,055,484

4.08%

0.00%

350

6.61%

6.11%

0.00

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

Page 46 of 57

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-HE5

ABN AMRO Acct: 721913.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Fixed Second Lien Group 1

27-Dec-04

0.28%

924,475

0.09%

5.56%

5.98%

0.00%

172

11.17%

10.67%

58,784

0.00

26-Nov-04

0.29%

983,650

0.09%

5.26%

1.88%

0.00%

183

11.21%

10.71%

18,868

0.00

25-Oct-04

0.31%

1,002,933

0.10%

0.00%

185

11.21%

10.71%

0.00

27-Sep-04

0.31%

1,003,361

0.10%

0.00%

186

11.21%

10.71%

0.00

25-Aug-04

0.31%

1,003,794

0.10%

0.00%

187

11.21%

10.71%

0.00

26-Jul-04

0.31%

1,004,428

0.10%

0.00%

188

11.21%

10.71%

0.00

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

Page 47 of 57

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-HE5

ABN AMRO Acct: 721913.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

228 ARM First Lien Group 1

27-Dec-04

323

5.23%

101,639,865

9.64%

7.18%

8.28%

0.00%

351

6.98%

6.48%

9,188,247

0.00

26-Nov-04

348

5.63%

110,913,696

10.52%

3.33%

3.50%

0.00%

352

6.98%

6.48%

4,031,858

0.00

25-Oct-04

360

5.83%

115,036,168

10.91%

4.26%

5.30%

0.00%

353

6.99%

6.49%

6,437,991

0.00

27-Sep-04

376

6.09%

121,566,152

11.53%

3.84%

4.87%

0.00%

354

6.99%

6.49%

6,222,232

0.00

25-Aug-04

391

6.33%

127,888,777

12.13%

2.74%

3.35%

0.00%

355

6.99%

6.49%

4,435,028

0.00

26-Jul-04

402

6.51%

132,426,628

12.56%

0.50%

0.63%

0.00%

356

7.00%

6.50%

838,094

0.00

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

Page 48 of 57

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-HE5

ABN AMRO Acct: 721913.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

327 ARM Loans First Lien Group 1

27-Dec-04

0.34%

5,598,021

0.53%

0.00%

352

6.34%

5.84%

0.00

26-Nov-04

0.34%

5,602,196

0.53%

0.00%

353

6.34%

5.84%

0.00

25-Oct-04

0.34%

5,606,550

0.53%

4.55%

5.65%

0.00%

354

6.36%

5.86%

336,242

0.00

27-Sep-04

0.36%

5,947,128

0.56%

0.00%

355

6.36%

5.86%

0.00

25-Aug-04

0.36%

5,951,736

0.56%

0.00%

356

6.36%

5.86%

0.00

26-Jul-04

0.36%

5,956,221

0.56%

4.35%

7.96%

0.00%

357

6.33%

5.83%

515,196

0.00

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

Page 49 of 57

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-HE5

ABN AMRO Acct: 721913.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Fixed First Lien Group 2

27-Dec-04

321

5.20%

54,678,613

5.19%

3.89%

4.63%

0.00%

330

6.64%

6.13%

2,658,856

0.00

26-Nov-04

334

5.41%

57,411,178

5.44%

1.18%

1.19%

0.00%

332

6.64%

6.13%

689,914

0.00

25-Oct-04

338

5.47%

58,175,131

5.52%

2.03%

1.58%

0.00%

333

6.65%

6.14%

935,619

0.00

27-Sep-04

345

5.58%

59,186,135

5.61%

2.54%

3.04%

0.00%

334

6.65%

6.15%

1,860,748

0.00

25-Aug-04

354

5.73%

61,123,550

5.80%

1.67%

1.78%

0.00%

336

6.66%

6.16%

1,109,540

0.00

26-Jul-04

360

5.83%

62,310,925

5.91%

1.10%

1.27%

0.00%

337

6.66%

6.16%

802,460

0.00

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

Page 50 of 57

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-HE5

ABN AMRO Acct: 721913.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

228 ARM First Lien Group 2

27-Dec-04

601

9.73%

99,726,379

9.46%

5.21%

6.29%

0.00%

351

7.33%

6.83%

6,701,193

0.00

26-Nov-04

634

10.26%

106,512,277

10.10%

6.49%

7.70%

0.00%

352

7.35%

6.84%

8,899,311

0.00

25-Oct-04

678

10.97%

115,503,755

10.95%

5.04%

5.85%

0.00%

353

7.35%

6.85%

7,188,884

0.00

27-Sep-04

714

11.56%

122,788,439

11.64%

4.03%

4.58%

0.00%

354

7.36%

6.86%

5,903,841

0.00

25-Aug-04

744

12.04%

128,795,165

12.21%

2.87%

3.06%

0.00%

355

7.37%

6.87%

4,066,049

0.00

26-Jul-04

766

12.40%

132,970,377

12.61%

2.05%

2.33%

0.00%

356

7.38%

6.88%

3,171,741

0.00

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

Page 51 of 57

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-HE5

ABN AMRO Acct: 721913.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

327 ARM Loans First Lien Group 2

27-Dec-04

0.53%

5,918,383

0.56%

2.94%

3.83%

0.00%

351

6.82%

6.32%

236,236

0.00

26-Nov-04

0.55%

6,160,013

0.58%

0.00%

352

6.82%

6.32%

0.00

25-Oct-04

0.55%

6,165,709

0.58%

2.86%

3.73%

0.00%

353

6.84%

6.34%

238,846

0.00

27-Sep-04

0.57%

6,410,152

0.61%

7.89%

8.82%

0.00%

354

6.73%

6.23%

620,637

0.00

25-Aug-04

0.61%

7,036,622

0.67%

2.56%

3.62%

0.00%

355

6.73%

6.23%

264,577

0.00

26-Jul-04

0.63%

7,307,582

0.69%

2.50%

3.20%

0.00%

356

6.74%

6.24%

241,644

0.00

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

Page 52 of 57

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-HE5

ABN AMRO Acct: 721913.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Fixed First Lien Group 3

27-Dec-04

1,086

17.58%

148,477,624

14.08%

2.16%

2.48%

0.00%

334

6.94%

6.43%

3,786,676

0.00

26-Nov-04

1,110

17.96%

152,444,233

14.46%

1.51%

1.44%

0.00%

335

6.94%

6.44%

2,231,997

0.00

25-Oct-04

1,127

18.24%

154,854,745

14.68%

1.40%

1.90%

0.00%

336

6.95%

6.45%

2,999,056

0.00

27-Sep-04

1,143

18.50%

158,189,591

15.00%

1.04%

1.18%

0.00%

338

6.95%

6.44%

1,897,748

0.00

25-Aug-04

1,155

18.69%

160,266,399

15.20%

0.26%

0.25%

0.00%

338

6.95%

6.45%

402,204

0.00

26-Jul-04

1,158

18.74%

160,852,581

15.25%

0.77%

0.96%

0.00%

339

6.95%

6.44%

1,566,970

0.00

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

Page 53 of 57

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-HE5

ABN AMRO Acct: 721913.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Fixed Second Lien Group 3

27-Dec-04

0.42%

987,304

0.09%

0.00%

175

10.70%

10.20%

0.00

26-Nov-04

0.42%

987,810

0.09%

3.70%

6.19%

0.00%

176

10.73%

10.22%

65,261

0.00

25-Oct-04

0.44%

1,053,563

0.10%

0.00%

177

10.73%

10.22%

0.00

27-Sep-04

0.44%

1,054,019

0.10%

0.00%

178

10.72%

10.22%

0.00

25-Aug-04

0.44%

1,055,219

0.10%

0.00%

179

10.72%

10.22%

0.00

26-Jul-04

0.44%

1,056,023

0.10%

0.00%

180

10.72%

10.22%

0.00

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

Page 54 of 57

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-HE5

ABN AMRO Acct: 721913.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

228 ARM First Lien Group 3

27-Dec-04

2,588

41.88%

388,887,154

36.88%

3.90%

4.81%

0.04%

1,593

0.00%

352

7.14%

6.64%

105

19,691,933

0.00

107,287.54

26-Nov-04

2,694

43.60%

409,003,813

38.79%

2.92%

3.50%

0.00%

353

7.14%

6.64%

14,839,423

0.00

25-Oct-04

2,775

44.91%

424,177,924

40.22%

2.49%

2.80%

0.00%

354

7.15%

6.65%

12,235,768

0.00

27-Sep-04

2,846

46.06%

436,793,258

41.42%

2.03%

2.52%

0.00%

355

7.15%

6.65%

11,307,026

0.00

25-Aug-04

2,905

47.01%

448,454,185

42.53%

1.86%

2.29%

0.00%

356

7.16%

6.66%

10,536,678

0.00

26-Jul-04

2,960

47.90%

459,361,291

43.56%

0.70%

0.91%

0.00%

357

7.16%

6.66%

4,216,512

0.00

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

Page 55 of 57

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-HE5

ABN AMRO Acct: 721913.3

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

327 ARM Loans First Lien Group 3

27-Dec-04

214

3.46%

32,017,569

3.04%

2.73%

3.52%

0.00%

352

6.70%

6.20%

1,170,243

0.00

26-Nov-04

220

3.56%

33,214,583

3.15%

1.79%

2.04%

0.00%

353

6.70%

6.20%

693,100

0.00

25-Oct-04

224

3.63%

33,936,648

3.22%

2.18%

2.69%

0.00%

354

6.69%

6.19%

937,888

0.00

27-Sep-04

229

3.71%

34,902,123

3.31%

1.72%

1.87%

0.00%

355

6.68%

6.18%

666,749

0.00

25-Aug-04

233

3.77%

35,598,165

3.38%

0.85%

0.83%

0.00%

356

6.68%

6.18%

299,145

0.00

26-Jul-04

235

3.80%

35,931,300

3.41%

0.00%

357

6.68%

6.18%

0.00

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

Page 56 of 57

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-HE5

ABN AMRO Acct: 721913.3

Realized Loss Detail

Period

Disclosure

Control #

Appraisal

Date

Appraisal

Value

Beginning
Scheduled

Balance

Gross

Proceeds

Gross Proceeds

as a % of

Sched. Balance

Aggregate

Liquidation

Expenses *

Net

Liquidation

Proceeds

Net Proceeds

as a % of

Sched. Balance

Realized

Loss

Statement Date:

200412

9737974

108,880.49

0.00

1,366.42

107,287.54

1,592.95

0.00%

98.54%

Not Avail.

140,000.00

108,880.49

0.00

1,366.42

107,287.54

1,592.95

108,880.49

1,592.95

107,287.54

1,366.42

0.00

Current Total
Cumulative

Page 57 of 57

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

BEAR STEARNS ASSET BACKED SECURITIES I LLC 2004-HE5 8-K