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 2004-1, Asset-Backed Certificates, Series 2004-1, 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 2004-1

ABN AMRO Acct: 721757.2

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:
Rita Lopez 312.904.0351
rita.lopez@abnamro.com

Analyst:
Kevin Ma 714.259.6254
kevin.ma@abnamro.com

Statement Date:

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

Statements to Certificateholders
Cash Reconciliation Summary
Bond Interest Reconciliation
Other Related 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
Historical REO Report

Page 2-4
Page 5-7
Page 8
Page 9

Page 10

Page 11
Page 12

Page 13
Page 14

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

BSABS041

BSABS041_200412_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

8-Apr-04
26-Apr-04

26-Jun-34

Parties to The Transaction

Issuer: Bear Stearns Asset Backed Securities, Inc./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: Fitch Ratings/Standard & Poor's

800.246.5761

LaSalle Factor Line

LaSalle Web Site

Servicer Web Site

www.emcmortgagecorp.com

www.etrustee.net

Page 1 of 14

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:

8.909048%

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 2004-1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

264

REMIC III

Statement Date:

ABN AMRO Acct: 721757.2

612.817403992

44.990484338

0.000000000

567.826919654

1.245381125

2.597500000%

0.00

0.000000000

2.36000000%

0.000000000

07384YSV9

A-1

158,216,000.00

96,957,518.39

7,118,214.47

0.00

89,839,303.92

197,039.22

1000.000000000

0.000000000

1000.000000000

2.325000163

2.937500000%

0.00

0.000000000

2.70000000%

0.000000000

07384YSW7

A-2

30,761,000.00

0.00

30,761,000.00

71,519.33

1000.000000000

0.000000000

1000.000000000

4.166666813

Fixed

0.00

0.000000000

5.00000000%

0.000000000

07384YSX5

A-IO

22,837,000.00

0.00

22,837,000.00

95,154.17

1000.000000000

0.000000000

1000.000000000

2.436944460

3.067500000%

0.00

0.000000000

2.83000000%

0.000000000

07384YSY3

M-1

17,699,000.00

0.00

17,699,000.00

43,131.48

1000.000000000

0.000000000

1000.000000000

3.168889074

3.917500000%

0.00

0.000000000

3.68000000%

0.000000000

07384YSZ0

M-2

11,990,000.00

0.00

11,990,000.00

37,994.98

1000.000000000

0.000000000

1000.000000000

3.943888767

4.817500000%

0.00

0.000000000

4.58000000%

0.000000000

07384YTF3

M-3

4,567,000.00

0.00

4,567,000.00

18,011.74

1000.000000000

0.000000000

1000.000000000

4.245279547

5.167500000%

0.00

0.000000000

4.93000000%

0.000000000

07384YTA4

B-1

2,826,000.00

0.00

2,826,000.00

11,997.16

1000.000000000

0.000000000

1000.000000000

5.321668828

6.417500000%

0.00

0.000000000

6.18000000%

0.000000000

07384YTB2

B-2

2,313,000.00

0.00

2,313,000.00

12,309.02

0.000000000

0.351920013

0.00

80,368.99

0.351920013

N/A

0.000000000

B-IO

228,372,888.87

0.00

80,368.99

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSQ1758

R-I

50.00

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSQ1766

R-II

50.00

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSQ1774

R-III

50.00

0.00

Total P&I Payment

0.00

80,368.99

228,372,150.00

167,113,518.39

7,685,740.56

Total

159,995,303.92

7,118,214.47

0.00

567,526.09

Page 2 of 14

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:

8.909048%

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 2004-1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

264

Basis Risk Shortfall Distribution

Statement Date:

ABN AMRO Acct: 721757.2

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YSV9

A-1

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YSW7

A-2

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YSX5

A-IO

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YSY3

M-1

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YSZ0

M-2

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YTF3

M-3

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YTA4

B-1

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

07384YTB2

B-2

0.00

Total P&I Payment

0.00

Total

0.00

Page 3 of 14

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:

8.909048%

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 2004-1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

264

Yield Maintenance Account Payment

Statement Date:

ABN AMRO Acct: 721757.2

0.000000000

0.00

0.000000000

N/A

0.000000000

A-1

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

A-2

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

M-1

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

M-2

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

M-3

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

B-1

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

B-2

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

Excess YM

0.00

Total P&I Payment

0.00

Total

0.00

Page 4 of 14

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 2004-1

ABN AMRO Acct: 721757.2

Statement Date:

Cash Reconciliation Summary

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

881,264.48

0.00

)

(26,476.24

Less ASER Interest Adv Reduction

0.00

Less Other Adjustment

0.00

Total

1,243,521.08

Unscheduled Interest:
Prepayment Penalties

0.00

Yield Maintenance Penalties

0.00

Other Interest Proceeds

26.60

Total

26.60

Less Fees & Expenses Paid By/To Servicer

Less Fee Paid To Servicer
Less Fee Strips Paid by Servicer

Special Servicing Fees

Interest Due Serv on Advances

Recoup of Prior Advances

Misc. Fees & Expenses

Total Unscheduled Fees & Expenses
Total Interest Due Trust

Less Fees & Expenses Paid By/To Trust
Trustee Fee
Fee Strips
Misc. Fees
Interest Reserve Withholding

Plus Interest Reserve Deposit
Total

Total Interest Due Certs

Principal Summary

Scheduled Principal:

Current
Advanced

Total Scheduled

Unscheduled Principal:

Curtailments

Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds

Other Principal Proceeds
Total Unscheduled

Remittance Principal

Remittance P&I Due Trust

Remittance P&I Due Certs

Pool Balance Summary

Beginning Pool
Scheduled Principal
Unscheduled Principal
Deferred Interest
Liquidations
Repurchases

Ending Pool

Balance

Count

Principal

Interest

Prior Outstanding
Plus Current Period
Less Recovered

Ending Outstanding

Servicing Fee Summary

Current Servicing Fees
Plus Fees Advanced for PPIS
Less Reduction for PPIS
Plus Delinquent Servicing Fees

Total Servicing Fees

PPIS Summary

Gross PPIS
Reduced by PPIE
Reduced by Shortfalls in Fees
Reduced by Other Amounts

PPIS Reducing Scheduled
Interest

PPIS Reducing Servicing Fee
PPIS Due Certificate

0.00

0.00
0.00

0.00

1,219,391.54

)

(2,175.09

0.00
0.00
0.00

)

(2,175.09

229,176.42

89,399.79

318,576.21

22,607.50

6,093,943.01

33,397.38

0.00
0.00

6,149,947.89
6,468,524.10

7,687,915.64

7,685,740.54

174,007,563.24

2,689

318,576.21

6,116,550.51

0.00

155,013.71

0.00

167,417,422.81

2,622

184,001.04

957,002.60

89,399.79

388,732.84

200,791.96

1,008,959.60

50,632.38

0.00

)

(26,476.24

21,870.78

46,026.91

26,476.24

0.00
0.00
0.00

26,476.24
26,476.24

0.00

Advance Summary (Advance Made by Servicer)

)

(24,156.14

1,217,216.44

Interest Not Advanced (

Current Period

)

0.00

388,732.84

Workout Fees
Liquidation Fees

0.00
0.00

Less Non Recovered

)

(336,775.83

)

(72,608.87

0.00

Current

121,616.33

Cumulative

152,238.45

% of Cutoff Balance

0.07

Realized Loss

Distribution

Cumulative

749,463.96

2,344,640.19

3,094,104.15

803,926.29

56,830,506.42

55,823.38

0.00
0.00

60,784,360.24

57,690,256.09

Page 5 of 14

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 2004-1

ABN AMRO Acct: 721757.2

Statement Date:

Cash Reconciliation Summary Fixed Rate Mortgage Loans

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

470,048.74

0.00

)

(13,086.51

Less ASER Interest Adv Reduction

0.00

Less Other Adjustment

0.00

Total

652,134.77

Unscheduled Interest:
Prepayment Penalties

0.00

Yield Maintenance Penalties

0.00

Other Interest Proceeds

26.60

Total

26.60

Less Fees & Expenses Paid By/To Servicer

Less Fee Paid To Servicer
Less Fee Strips Paid by Servicer

Special Servicing Fees

Interest Due Serv on Advances

Recoup of Prior Advances

Misc. Fees & Expenses

Total Unscheduled Fees & Expenses
Total Interest Due Trust

Less Fees & Expenses Paid By/To Trust
Trustee Fee
Fee Strips
Misc. Fees
Interest Reserve Withholding

Plus Interest Reserve Deposit
Total

Total Interest Due Certs

Principal Summary

Scheduled Principal:

Current
Advanced

Total Scheduled

Unscheduled Principal:

Curtailments

Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds

Other Principal Proceeds
Total Unscheduled

Remittance Principal

Remittance P&I Due Trust

Remittance P&I Due Certs

Pool Balance Summary

Beginning Pool
Scheduled Principal
Unscheduled Principal
Deferred Interest
Liquidations
Repurchases

Ending Pool

Balance

Count

Principal

Interest

Prior Outstanding
Plus Current Period
Less Recovered

Ending Outstanding

Servicing Fee Summary

Current Servicing Fees
Plus Fees Advanced for PPIS
Less Reduction for PPIS
Plus Delinquent Servicing Fees

Total Servicing Fees

PPIS Summary

Gross PPIS
Reduced by PPIE
Reduced by Shortfalls in Fees
Reduced by Other Amounts

PPIS Reducing Scheduled
Interest

PPIS Reducing Servicing Fee
PPIS Due Certificate

0.00

0.00
0.00

0.00

639,687.02

)

(1,070.97

0.00
0.00
0.00

)

(1,070.97

160,522.17

58,520.96

219,043.13

15,127.82

2,623,790.50

0.00
0.00
0.00

2,638,918.32
2,857,961.45

3,497,648.47

3,496,577.51

85,677,225.23

1,703

219,043.13

2,638,918.32

0.00
0.00

0.00

82,819,263.78

1,664

112,299.69

450,854.58

58,520.96

195,172.54

125,711.56

480,720.59

25,560.86

0.00

)

(13,086.51

10,137.99

22,612.33

13,086.51

0.00
0.00
0.00

13,086.51
13,086.51

0.00

Advance Summary (Advance Made by Servicer)

)

(12,474.34

638,616.06

Interest Not Advanced (

Current Period

)

0.00

195,172.54

Workout Fees
Liquidation Fees

0.00
0.00

Less Non Recovered

)

(165,306.54

)

(45,109.09

0.00

Current

0.00

Cumulative

29,581.88

% of Cutoff Balance

0.01

Realized Loss

Distribution

Cumulative

481,229.32

1,606,387.34

2,087,616.66

181,184.20

23,820,304.24

22,426.00

0.00
0.00

26,111,531.10

24,023,914.44

Page 6 of 14

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 2004-1

ABN AMRO Acct: 721757.2

Statement Date:

Cash Reconciliation Summary Adjustable Rate Mortgage Loans

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

411,215.74

0.00

)

(13,389.72

Less ASER Interest Adv Reduction

0.00

Less Other Adjustment

0.00

Total

591,386.31

Unscheduled Interest:
Prepayment Penalties

0.00

Yield Maintenance Penalties

0.00

Other Interest Proceeds

0.00

Total

0.00

Less Fees & Expenses Paid By/To Servicer

Less Fee Paid To Servicer
Less Fee Strips Paid by Servicer

Special Servicing Fees

Interest Due Serv on Advances

Recoup of Prior Advances

Misc. Fees & Expenses

Total Unscheduled Fees & Expenses
Total Interest Due Trust

Less Fees & Expenses Paid By/To Trust
Trustee Fee
Fee Strips
Misc. Fees
Interest Reserve Withholding

Plus Interest Reserve Deposit
Total

Total Interest Due Certs

Principal Summary

Scheduled Principal:

Current
Advanced

Total Scheduled

Unscheduled Principal:

Curtailments

Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds

Other Principal Proceeds
Total Unscheduled

Remittance Principal

Remittance P&I Due Trust

Remittance P&I Due Certs

Pool Balance Summary

Beginning Pool
Scheduled Principal
Unscheduled Principal
Deferred Interest
Liquidations
Repurchases

Ending Pool

Balance

Count

Principal

Interest

Prior Outstanding
Plus Current Period
Less Recovered

Ending Outstanding

Servicing Fee Summary

Current Servicing Fees
Plus Fees Advanced for PPIS
Less Reduction for PPIS
Plus Delinquent Servicing Fees

Total Servicing Fees

PPIS Summary

Gross PPIS
Reduced by PPIE
Reduced by Shortfalls in Fees
Reduced by Other Amounts

PPIS Reducing Scheduled
Interest

PPIS Reducing Servicing Fee
PPIS Due Certificate

0.00

0.00
0.00

0.00

579,704.52

)

(1,104.13

0.00
0.00
0.00

)

(1,104.13

68,654.25

30,878.83

99,533.08

7,479.68

3,470,152.51

33,397.38

0.00
0.00

3,511,029.57
3,610,562.65

4,190,267.17

4,189,163.04

88,330,338.01

986

99,533.08

3,477,632.19

0.00

155,013.71

0.00

84,598,159.03

958

71,701.35

506,148.01

30,878.83

193,560.30

75,080.40

528,239.01

25,071.52

0.00

)

(13,389.72

11,732.79

23,414.58

13,389.72

0.00
0.00
0.00

13,389.72
13,389.72

0.00

Advance Summary (Advance Made by Servicer)

)

(11,681.79

578,600.39

Interest Not Advanced (

Current Period

)

0.00

193,560.30

Workout Fees
Liquidation Fees

0.00
0.00

Less Non Recovered

)

(171,469.30

)

(27,499.78

0.00

Current

121,616.33

Cumulative

122,656.57

% of Cutoff Balance

0.05

Realized Loss

Distribution

Cumulative

268,234.64

738,252.85

1,006,487.49

622,742.09

33,010,202.18

33,397.38

0.00
0.00

34,672,829.14

33,666,341.65

Page 7 of 14

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 2004-1

ABN AMRO Acct: 721757.2

Bond Interest Reconciliation

Interest

Losses

Current

Cumulative

Accrual

Interest

Payment

Amount

Interest

Certificate

Forward

Carry-

Certificate

Method Days

Statement Date:

Distributable

Applied Realized

Remainin

Int. Carry-

forward

PTR

Sched

Prin

Unsched

Prin

Extra

Prin

Capping

Subsequent

Recovery

Liquidation

Proceeds

Principal Allocation

Allocation

of Excess

Remaining

Carry

Forward

Total

Carry

Forward

Basis Risk

Total Int.

0.00

A-1

197,039.22

Act/360

0.00

318,576.21

0.00

6,149,947.89

649,690.37

0.00

A-2

71,519.33

Act/360

0.00

A-IO

95,154.17

30/360

0.00

M-1

43,131.48

Act/360

0.00

M-2

37,994.98

Act/360

0.00

M-3

18,011.74

Act/360

0.00

B-1

11,997.16

Act/360

0.00

B-2

12,309.02

Act/360

0.00

487,157.10

0.00

318,576.21

0.00

6,149,947.89

649,690.37

Page 8 of 14

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 2004-1

ABN AMRO Acct: 721757.2

Other Related Information

Statement Date:

Excess Cashflow

Excess Yield Maintenance

80,368.99

Trigger Event

0.00

3 month Rolling Delinquency Rate

16.08

$7,422,118.89

Overcollateralization Amount

Target Overcollateralization

$7,422,118.89

Page 9 of 14

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 2004-1

ABN AMRO Acct: 721757.2

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

7.51%

7.30%

2.40%

2.62%

3.51%

5,617,179

3.36%

4.57%

0.11%

0.18%

27-Dec-04

197

12,224,868

4,380,100

7,643,935

294,084

2,179

137,257,257

83.10%

81.99%

7.40%

7.88%

3.09%

3.16%

3.38%

5,995,782

3.45%

2.31%

3.10%

0.15%

0.26%

26-Nov-04

199

13,719,368

5,505,912

5,393,076

449,354

2,250

142,944,071

83.67%

82.15%

7.43%

8.04%

2.94%

3.39%

3.15%

5,030,344

2.79%

1.89%

2.68%

0.11%

0.23%

25-Oct-04

205

14,491,805

6,101,110

4,824,652

417,130

2,330

149,327,075

84.48%

82.87%

7.01%

7.28%

2.62%

2.90%

2.65%

3,987,614

2.15%

1.66%

2.29%

0.11%

0.23%

27-Sep-04

198

13,503,396

5,385,618

4,250,973

417,511

2,429

157,946,424

85.95%

85.15%

6.62%

7.10%

2.59%

2.88%

2.08%

3,173,398

1.62%

1.40%

2.30%

0.03%

25-Aug-04

194

13,889,677

5,628,312

4,496,464

49,958

2,558

168,481,434

87.27%

86.08%

7.01%

7.39%

2.19%

2.51%

1.53%

3,046,061

1.50%

1.03%

1.18%

0.00%

26-Jul-04

211

14,963,366

5,074,915

2,392,081

2,656

176,974,224

88.24%

87.42%

5.52%

5.86%

2.53%

2.47%

1.04%

2,595,004

1.24%

0.65%

0.69%

0.00%

25-Jun-04

170

12,247,204

5,168,040

1,444,643

2,782

187,438,099

90.27%

89.73%

5.47%

5.03%

1.65%

1.99%

0.54%

856,653

0.40%

0.29%

0.58%

0.00%

25-May-04

172

10,843,591

4,292,731

1,241,650

2,892

198,174,248

92.04%

92.00%

5.37%

5.76%

1.65%

1.57%

0.06%

449,481

0.20%

0.03%

0.02%

0.00%

26-Apr-04

173

12,863,795

3,503,681

47,274

2,990

206,635,058

92.89%

92.45%

Page 10 of 14

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 2004-1

ABN AMRO Acct: 721757.2

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

39,772

1,281,569

1,044,871

7,525,781

1,898,175

0.00%

0.04%

0.02%

3.28%

4.50%

0.76%

0.77% 0.50%

0.62% 1.41%

1.13%

0.04%

0.05%

5.95%

4.82%

78,382

156

8,074,785

294,084

0.00%

0.11%

0.00%

0.18%

26-Nov-04

53,801

1,412,634

1,004,214

5,339,275

1,817,582

0.00%

0.07%

0.03%

2.23%

3.07%

0.67%

0.81% 0.56%

0.58% 1.30%

1.04%

0.00%

6.02%

4.71%

162

8,195,481

449,354

0.00%

0.15%

0.00%

0.26%

25-Oct-04

63,178

1,758,399

929,242

4,436,686

1,451,054

0.00%

0.07%

0.04%

1.78%

2.46%

0.98%

0.98% 0.62%

0.52% 1.12%

0.81%

0.04%

0.18%

5.87%

4.65%

324,788

162

8,372,304

417,130

0.00%

0.11%

0.00%

0.23%

27-Sep-04

130,649

2,046,871

920,266

4,097,202

1,159,226

0.00%

0.11%

0.07%

1.52%

2.21%

1.10%

1.10% 0.53%

0.50% 0.92%

0.62%

0.04%

0.01%

6.19%

4.75%

23,122

175

8,809,338

417,511

0.00%

0.11%

0.00%

0.23%

25-Aug-04

18,279

1,876,864

705,701

4,478,185

1,356,401

0.00%

0.03%

0.01%

1.36%

2.29%

1.06%

0.96% 0.44%

0.36% 0.78%

0.69%

0.00%

-0.00%

6.69%

5.25%

196 10,277,411

49,958

0.00%

0.03%

0.00%

0.03%

26-Jul-04

18,411

2,315,589

764,867

2,373,670

1,189,707

0.03%

0.01%

0.00%

1.00%

1.17%

1.06%

1.14% 0.40%

0.38% 0.53%

0.59%

0.00%

6.91%

5.41%

208 10,955,868

0.00%

25-Jun-04

138,099

2,132,795

534,613

1,278,379

1,010,004

0.00%

0.10%

0.07%

0.52%

0.61%

0.97%

1.02% 0.32%

0.26% 0.45%

0.48%

0.03%

0.01%

6.98%

5.47%

28,165

215 11,427,494

0.00%

25-May-04

2,003,360

831,357

1,117,864

418,175

0.00%

0.25%

0.52%

1.02%

0.93% 0.48%

0.39% 0.22%

0.19%

0.03%

0.06%

7.00%

5.46%

123,786

220 11,751,432

0.00%

26-Apr-04

2,158,133

715,013

47,274

0.00%

0.03%

0.02%

0.96%

0.97% 0.43%

0.32% 0.00%

0.00%

6.99%

5.25%

225 11,742,929

0.00%

Page 11 of 14

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

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Penalties

Appraisal Reduct. (2)

Liquidations (2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Amort

ABN AMRO Acct: 721757.2

Series 2004-1

27-Dec-04

2,622

80.36%

167,417,423

73.31%

2.45%

3.50%

0.00%

0.04%

155,014

0.09%

0.04%

121,616

0.07%

264

275

8.91%

8.39%

6,093,943

26-Nov-04

2,689

82.41%

174,007,563

76.19%

2.47%

3.23%

0.00%

0.04%

13,915

0.01%

0.04%

6,574

0.00%

265

276

8.92%

8.40%

5,825,859

25-Oct-04

2,758

84.52%

180,192,118

78.90%

2.37%

2.65%

0.00%

0.04%

27,674

0.01%

0.04%

23,008

0.01%

267

277

8.93%

8.42%

4,916,414

27-Sep-04

2,826

86.61%

185,491,536

81.22%

3.58%

5.05%

0.00%

268

278

8.93%

8.42%

105

9,874,755

25-Aug-04

2,931

89.83%

195,719,243

85.70%

2.59%

3.07%

0.00%

0.03%

1,040

0.00%

0.03%

1,040

0.00%

270

280

8.93%

8.42%

6,220,925

26-Jul-04

3,010

92.25%

202,450,647

88.65%

2.34%

2.83%

0.00%

272

282

8.93%

8.42%

5,901,984

25-Jun-04

3,082

94.45%

208,892,990

91.47%

1.91%

2.81%

0.00%

273

283

8.93%

8.42%

6,044,172

25-May-04

3,142

96.29%

215,408,872

94.32%

2.36%

3.34%

0.00%

0.03%

29,286

0.01%

0.00%

)

(18,867

-0.01%

274

285

8.92%

8.41%

7,456,474

26-Apr-04

3,219

98.65%

223,499,289

97.87%

1.35%

1.97%

0.00%

0.03%

)

(17,827

-0.01%

275

286

8.93%

8.42%

4,495,981

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

Page 12 of 14

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 2004-1

ABN AMRO Acct: 721757.2

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

000000000000567

155,013.71

50,330.86

16,933.48

33,397.38

121,616.33

32.47%

21.54%

Not Avail.

200411

000000000001476

13,915.02

8,300.00

170.30

7,341.36

6,573.66

59.65%

52.76%

Not Avail.

200410

000000000001659

27,673.74

10,000.00

2,445.94

4,665.52

23,008.22

36.14%

16.86%

Not Avail.

200408

000000000000820

1,040.24

0.00

1,862.84

0.00

1,040.24

0.00%

Not Avail.

200405

000000000000133

29,286.49

0.00

48,153.86

)

(18,867.37

0.00%

Not Avail.

226,929.20

68,630.86

21,412.56

93,558.12

133,371.08

155,013.71

121,616.33

33,397.38

16,933.48

50,330.86

Current Total
Cumulative

Page 13 of 14

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

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 2004-1

Historical Collateral Level REO Report

Property

Type

Statement Date:

State

Actual

Balance

Scheduled

Balance

Recent

Appraisal

Value

Appraisal

Reduction

Amount

Date

Liquidated

Liquidation

Proceeds

Liquidation

Expenses

Realized

Loss

Disclosure

Control #

REO

Date

City

Appraisal

Date

ABN AMRO Acct: 721757.2

Page 14 of 14

BEAR STEARNS ASSET BACKED SEC INC SERIES 2004 1 8-K