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-FR1, Asset-Backed Certificates, Series 2004-FR1, 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 I

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

Reporting Package Table of Contents

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Administrator:

Rita Lopez 312.904.0351
rita.lopez@abnamro.com

Analyst:

Christine Paidosh 714.259.6207
christine.paidosh@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
Historical REO Report
Realized Loss Detail

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

Page 17

Page 18-26
Page 27-35

Page 36-44
Page 45

Page 46

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

BS004FR1

BS004FR1_200412_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

30-Jul-04
25-Aug-04

25-Aug-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/Moody's Investors Service, Inc.

800.246.5761

LaSalle Factor Line

LaSalle Web Site

Servicer Web Site

www.emcmortgagecorp.com

www.etrustee.net

Page 1 of 46

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:
Current Index:
Next Index:

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

7.063079%

2.180000%
2.417500%

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Bear Stearns Asset Backed Securities I

Asset-Backed Certificiates

Series 2004-FR1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

343

REMIC II

Statement Date:

ABN AMRO Acct: 721973.2

842.531848516

43.022454888

0.000000000

799.509393628

1.733977327

2.627500000%

0.00

0.000000000

2.39000000%

0.000000000

073879DB1

I-A-1

160,545,000.00

135,264,275.62

6,907,040.02

0.00

128,357,235.60

278,381.39

1000.000000000

0.000000000

1000.000000000

2.307777644

2.917500000%

0.00

0.000000000

2.68000000%

0.000000000

073879DC9

I-A-2

24,843,000.00

0.00

24,843,000.00

57,332.12

913.146204023

44.430525618

0.000000000

868.715678406

1.930416460

2.692500000%

0.00

0.000000000

2.45500000%

0.000000000

073879DD7

II-A

185,420,000.00

169,315,569.15

8,238,308.06

0.00

161,077,261.09

357,937.82

1000.000000000

0.000000000

1000.000000000

2.385277934

3.007500000%

0.00

0.000000000

2.77000000%

0.000000000

073879DE5

M-1

30,241,000.00

0.00

30,241,000.00

72,133.19

1000.000000000

0.000000000

1000.000000000

2.480000000

3.117500000%

0.00

0.000000000

2.88000000%

0.000000000

073879DF2

M-2

9,305,000.00

0.00

9,305,000.00

23,076.40

1000.000000000

0.000000000

1000.000000000

2.910555519

3.617500000%

0.00

0.000000000

3.38000000%

0.000000000

073879DG0

M-3

15,121,000.00

0.00

15,121,000.00

44,010.51

1000.000000000

0.000000000

1000.000000000

3.125833214

3.867500000%

0.00

0.000000000

3.63000000%

0.000000000

073879DH8

M-4

6,979,000.00

0.00

6,979,000.00

21,815.19

1000.000000000

0.000000000

1000.000000000

3.814721458

4.667500000%

0.00

0.000000000

4.43000000%

0.000000000

073879DJ4

M-5

5,816,000.00

0.00

5,816,000.00

22,186.42

1000.000000000

0.000000000

1000.000000000

4.202221458

5.117500000%

0.00

0.000000000

4.88000000%

0.000000000

073879DK1

M-6

5,816,000.00

0.00

5,816,000.00

24,440.12

1000.000000000

0.000000000

1000.000000000

5.321665950

6.417500000%

0.00

0.000000000

6.18000000%

0.000000000

073879DL9

M-7

4,652,000.00

0.00

4,652,000.00

24,756.39

1000.000000000

0.000000000

1000.000000000

5.321667895

6.417500000%

0.00

0.000000000

6.18000000%

0.000000000

073879DX3

M-8A

4,071,000.00

0.00

4,071,000.00

21,664.51

1000.000000000

0.000000000

1000.000000000

5.321667895

6.417500000%

0.00

0.000000000

6.18000000%

0.000000000

073879DY1

M-8B

4,071,000.00

0.00

4,071,000.00

21,664.51

1000.000002388

0.000000000

1000.000002388

160.869574396

0.00

)

(178.75

)

(0.021343199

N/A

0.000000000

073879DT2

8,375,033.16

8,375,033.18

0.00

8,375,033.18

1,347,288.02

1000.000000000

0.000000000

1000.000000000

3433000.200000000

0.00

343,300.02

3433000.200000000

N/A

0.000000000

073879DS4

100.00

0.00

100.00

343,300.02

0.000000000

0.00

0.000000000

N/A

0.000000000

073879DU9

R-I

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

073879DV7

R-II

0.00

Page 2 of 46

Notes: (1) N denotes notional balance not included in total (2) Accrued Interest Plus/Minus Interest Adjustment Minus Deferred Interest equals Interest Payment (3) Estimated. * Denotes Controlling Class

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:
Current Index:
Next Index:

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

7.063079%

2.180000%
2.417500%

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Bear Stearns Asset Backed Securities I

Asset-Backed Certificiates

Series 2004-FR1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

343

REMIC II

Statement Date:

ABN AMRO Acct: 721973.2

Total P&I Payment

0.00

343,121.27

465,255,133.16

423,869,977.95

17,805,334.69

Total

408,724,629.87

15,145,348.08

0.00

2,659,986.61

Page 3 of 46

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:
Current Index:
Next Index:

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

7.063079%

2.180000%
2.417500%

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Bear Stearns Asset Backed Securities I

Asset-Backed Certificiates

Series 2004-FR1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

343

REMIC III

Statement Date:

ABN AMRO Acct: 721973.2

1000.000002388

0.000000000

1000.000002388

160.869574396

0.00

1,347,288.02

160.869574396

N/A

0.000000000

073879DT2

8,375,033.16

8,375,033.18

0.00

8,375,033.18

1,347,288.02

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSR379

R-III

0.00

Total P&I Payment

0.00

1,347,288.02

8,375,033.16

8,375,033.18

1,347,288.02

Total

8,375,033.18

0.00

1,347,288.02

Page 4 of 46

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:
Current Index:
Next Index:

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

7.063079%

2.180000%
2.417500%

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Bear Stearns Asset Backed Securities I

Asset-Backed Certificiates

Series 2004-FR1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

343

REMIC IV

Statement Date:

ABN AMRO Acct: 721973.2

1000.000000000

0.000000000

1000.000000000

3433000.200000000

0.00

343,300.02

3433000.200000000

N/A

0.000000000

073879DS4

100.00

0.00

100.00

343,300.02

0.000000000

0.00

0.000000000

N/A

0.000000000

073879DW5

R-X

0.00

Total P&I Payment

0.00

343,300.02

100.00

343,300.02

Total

100.00

0.00

343,300.02

Page 5 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

Statement Date:

Cash Reconciliation Summary

Interest Summary

Total Trustee Fees

Available Interest

2,659,986.61

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

339,106.45

16,544.28

14,789,697.35

0.00
0.00
0.00

17,806,712.27

Pool Balance Summary

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

Balance/Amount

Count

423,869,877.95

339,106.45

14,806,241.63

0.00
0.00
0.00

408,724,529.87

2,465

0
0

2,382

165,399.28

Extra Principal

Trigger Event

0.00

15,145,348.08

Over Collateralization Amt

8,375,033.18

Less Extra Principal

Remittance Interest

0.00

2,659,986.61

0.00

14,806,241.63

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(1,377.58

2,661,364.19

Total Fees

166,776.86

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.14

0.00

1,377.58

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 6 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

Statement Date:

Cash Reconciliation Summary Group 1 Loans - Fixed Rate - First Lien

Interest Summary

Total Trustee Fees

Available Interest

708,559.59

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

89,484.86

3,110.99

4,888,462.72

0.00
0.00
0.00

5,690,066.95

Pool Balance Summary

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

Balance/Amount

Count

138,087,782.33

89,484.86

4,891,573.71

0.00
0.00
0.00

133,106,723.76

554

0
0

537

52,936.44

Extra Principal

Trigger Event

0.00

4,981,058.57

Over Collateralization Amt

8,375,033.18

Remittance Interest

708,559.59

0.00

4,891,573.71

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(448.79

709,008.38

Total Fees

53,385.23

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.14

0.00

448.79

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 7 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

Statement Date:

Cash Reconciliation Summary Group 1 Loans - Fixed Rate - Second Lien

Interest Summary

Total Trustee Fees

Available Interest

57,951.43

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

7,850.58

405.76

196,786.31

0.00
0.00
0.00

263,032.98

Pool Balance Summary

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

Balance/Amount

Count

11,967,399.38

7,850.58

197,192.07

0.00
0.00
0.00

11,762,356.73

0
0

4,986.42

Extra Principal

Trigger Event

0.00

205,042.65

Over Collateralization Amt

8,375,033.18

Remittance Interest

57,951.43

0.00

197,192.07

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(38.89

57,990.33

Total Fees

5,025.31

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.14

0.00

38.89

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 8 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

Statement Date:

Cash Reconciliation Summary Group 1 Loans - Adjustable Rate (2/6) - First Lien

Interest Summary

Total Trustee Fees

Available Interest

205,681.06

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:

Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

35,958.64

1,664.50

908,293.09

0.00
0.00
0.00

1,151,722.17

Pool Balance Summary

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

Balance/Amount

Count

38,425,172.77

35,958.64

909,957.59

0.00
0.00
0.00

37,479,256.54

148

0
0

143

14,309.63

Extra Principal

Trigger Event

0.00

945,916.23

Over Collateralization Amt

8,375,033.18

Remittance Interest

205,681.06

0.00

909,957.59

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(124.88

205,805.94

Total Fees

14,434.51

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.14

0.00

124.88

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 9 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

Statement Date:

Cash Reconciliation Summary Group 1 Loans - Adjustable Rate (3/6) - First Lien

Interest Summary

Total Trustee Fees

Available Interest

162,681.57

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

32,232.90

2,441.00

740,348.67

0.00
0.00
0.00

937,765.39

Pool Balance Summary

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

Balance/Amount

Count

18,846,440.57

32,232.90

742,789.67

0.00
0.00
0.00

18,071,418.00

435

0
0

416

6,963.65

Extra Principal

Trigger Event

0.00

775,022.57

Over Collateralization Amt

8,375,033.18

Remittance Interest

162,681.57

0.00

742,789.67

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(61.25

162,742.82

Total Fees

7,024.90

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.14

0.00

61.25

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 10 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

Statement Date:

Cash Reconciliation Summary Group 2 Loans - Fixed Rate - First Lien

Interest Summary

Total Trustee Fees

Available Interest

808,103.32

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:

Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

98,704.54

5,408.47

6,063,341.82

0.00
0.00
0.00

6,976,030.94

Pool Balance Summary

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

Balance/Amount

Count

145,472,333.85

98,704.54

6,068,750.29

0.00
0.00
0.00

139,304,879.02

809

0
0

780

57,451.53

Extra Principal

Trigger Event

0.00

6,167,454.83

Over Collateralization Amt

8,375,033.18

Remittance Interest

808,103.32

0.00

6,068,750.29

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(472.79

808,576.11

Total Fees

57,924.31

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.14

0.00

472.79

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 11 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

Statement Date:

Cash Reconciliation Summary Group 2 Loans - Fixed Rate - Second Lien

Interest Summary

Total Trustee Fees

Available Interest

42,489.62

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

4,543.37

173.48

840,841.35

0.00
0.00
0.00

888,074.02

Pool Balance Summary

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

Balance/Amount

Count

8,061,736.65

4,543.37

841,014.83

0.00
0.00
0.00

7,216,178.45

0
0

2,676.48

Extra Principal

Trigger Event

0.00

845,558.20

Over Collateralization Amt

8,375,033.18

Remittance Interest

42,489.62

0.00

841,014.83

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(26.20

42,515.82

Total Fees

2,702.68

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.14

0.00

26.20

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 12 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

Statement Date:

Cash Reconciliation Summary Group 2 Loans - Adjustable Rate (2/6) - First Lien

Interest Summary

Total Trustee Fees

Available Interest

308,900.01

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:

Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

64,517.27

3,120.19

1,121,620.81

0.00
0.00
0.00

1,498,355.05

Pool Balance Summary

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

Balance/Amount

Count

60,545,418.91

64,517.27

1,124,741.00

0.00
0.00
0.00

59,356,160.64

321

0
0

315

25,055.21

Extra Principal

Trigger Event

0.00

1,189,258.27

Over Collateralization Amt

8,375,033.18

Remittance Interest

308,900.01

0.00

1,124,741.00

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(196.77

309,096.78

Total Fees

25,251.99

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.14

0.00

196.77

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 13 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

Statement Date:

Cash Reconciliation Summary Group 2 Loans - Adjustable Rate (3/6) - First Lien

Interest Summary

Total Trustee Fees

Available Interest

22,498.74

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

5,814.29

219.89

30,002.58

0.00
0.00
0.00

58,543.51

Pool Balance Summary

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

Balance/Amount

Count

2,463,593.49

5,814.29

30,222.47

0.00
0.00
0.00

2,427,556.73

115

0
0

113

1,019.91

Extra Principal

Trigger Event

0.00

36,036.76

Over Collateralization Amt

8,375,033.18

Remittance Interest

22,498.74

0.00

30,222.47

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(8.01

22,506.75

Total Fees

1,027.92

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

1.14

0.00

8.01

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 14 of 46

Bear Stearns Asset Backed Securities I

Class

Accrued

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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

278,381.39

0.00

278,381.39

Act/360

0.00

6,741,513.04

0.00

I-A-2

57,332.12

0.00

57,332.12

Act/360

0.00

II-A

357,937.82

0.00

357,937.82

Act/360

0.00

8,064,728.59

0.00

M-1

72,133.19

0.00

72,133.19

Act/360

0.00

M-2

23,076.40

0.00

23,076.40

Act/360

0.00

M-3

44,010.51

0.00

44,010.51

Act/360

0.00

M-4

21,815.19

0.00

21,815.19

Act/360

0.00

M-5

22,186.42

0.00

22,186.42

Act/360

0.00

M-6

24,440.12

0.00

24,440.12

Act/360

0.00

M-7

24,756.39

0.00

24,756.39

Act/360

0.00

M-8A

21,664.51

0.00

21,664.51

Act/360

0.00

M-8B

21,664.51

0.00

21,664.51

Act/360

0.00

1,347,466.77

0.00

1,347,466.77

1,347,288.02

0.00

178.75

0.00

343,300.02

30/360

0.00

2,316,865.34

2,660,165.36

2,659,986.61

0.00

14,806,241.63

0.00

178.75

0.00

(2) Principal Prepayments include the Extra Principal Amount

Page 15 of 46

(1) Other Interest Proceeds are additional interest amounts specifically allocated to the bond(s) and used in determining the bonds Distributable Interest.

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

Interest Adjustments Summary

Statement Date

0.00

Special Servicing Fees

Workout Fees

Liquidation Fees

Legal Fees

0.00

178.75

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

178.75

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

343,300.02

343,300.02

Total Excess Allocated to the Bonds

343,121.27

)

(178.75

Aggregate Interest Adjustment Allocated to the Bonds

0.00

343,300.02

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 16 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

Rating Information

Class

CUSIP

Fitch

Moody's

S&P

Fitch

Moody's

S&P

Original Ratings

Rating Change/Change Date(1)

Statement Date:

R-I

073879DU9

I-A-1

073879DB1

Aaa

AAA

I-A-2

073879DC9

Aaa

AAA

II-A

073879DD7

Aaa

AAA

M-1

073879DE5

Aa2

AA+

M-2

073879DF2

Aa3

M-3

073879DG0

A+

M-4

073879DH8

M-5

073879DJ4

Baa1

M-6

073879DK1

Baa2

A-

M-7

073879DL9

Baa3

BBB+

M-8A

073879DX3

M-8B

073879DY1

R-II

073879DV7

073879DT2

R-III

9ABSR379

073879DS4

R-X

073879DW5

Page 17 of 46

NR - Designates that the class was not rated by the rating agency.

(1) Changed ratings provided on this report are based on information provided by the applicable rating agency via electronic transmission. It shall be
understood that this transmission will generally have been provided to LaSalle within 30 days of the payment date listed on this statement. Because ratings may have changed during the 30
day window, or may not be being provided by the rating agency in an electronic format and therefore not being updated on
this report, LaSalle recommends that investors obtain current rating information directly from the rating agency.

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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

3.23%

2.96%

1.09%

0.96%

0.29%

522,008

0.13%

0.42%

0.47%

0.00%

27-Dec-04

12,116,747

3,915,678

1,916,040

2,262

390,254,058

94.96%

95.48%

3.45%

3.18%

1.01%

0.85%

0.16%

252,813

0.06%

0.12%

0.00%

25-Nov-04

13,465,094

3,581,955

505,343

2,348

406,064,674

95.25%

95.80%

1.69%

1.72%

0.59%

0.52%

0.04%

162,026

0.04%

0.00%

25-Oct-04

7,572,873

2,265,602

2,486

429,221,803

97.68%

97.72%

0.84%

0.60%

0.04%

0.02%

0.04%

162,107

0.04%

0.00%

27-Sep-04

2,716,092

77,192

2,594

448,742,998

99.08%

99.35%

0.00%

25-Aug-04

2,657

460,246,535

100.00%

Page 18 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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

Group 1 Loans - Fixed Rate - First Lien

2.42%

2.49%

1.12%

0.88%

0.00%

0.74%

0.66%

0.00%

27-Dec-04

3,318,625

1,174,897

878,258

514

127,734,943

95.72%

95.96%

3.79%

3.08%

0.72%

0.82%

0.36%

153,487

0.11%

0.18%

0.13%

0.00%

25-Nov-04

4,250,334

1,137,901

184,000

526

132,362,061

94.95%

95.85%

1.73%

2.12%

1.04%

0.84%

0.00%

25-Oct-04

3,090,868

1,230,993

562

141,583,132

97.23%

97.04%

1.34%

0.93%

0.00%

27-Sep-04

1,408,619

588

150,041,342

98.66%

99.07%

0.00%

25-Aug-04

608

155,196,227

100.00%

Page 19 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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

Group 1 Loans - Fixed Rate - Second Lien

0.00%

27-Dec-04

11,762,357

100.00%

2.44%

2.13%

0.00%

25-Nov-04

254,913

11,712,486

97.56%

97.87%

0.00%

25-Oct-04

12,063,044

100.00%

0.00%

27-Sep-04

12,071,298

100.00%

0.00%

25-Aug-04

12,079,826

100.00%

Page 20 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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

Group 1 Loans - Adjustable Rate (2/6) - First Lien

3.50%

3.11%

2.10%

1.55%

0.00%

27-Dec-04

1,165,231

581,206

135

35,732,819

94.41%

95.34%

2.70%

1.83%

0.68%

0.95%

0.00%

25-Nov-04

703,728

366,910

143

37,354,535

96.62%

97.21%

2.68%

2.59%

0.67%

0.17%

0.00%

25-Oct-04

998,672

64,783

144

37,521,749

96.64%

97.24%

1.31%

0.47%

0.00%

27-Sep-04

186,998

151

39,676,196

98.69%

99.53%

0.00%

25-Aug-04

154

40,150,662

100.00%

Page 21 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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

Group 1 Loans - Adjustable Rate (3/6) - First Lien

3.13%

3.30%

0.96%

1.21%

1.20%

261,021

1.44%

0.00%

27-Dec-04

596,564

219,273

394

16,994,560

94.71%

94.04%

2.30%

2.23%

2.30%

2.13%

0.23%

59,531

0.32%

0.00%

25-Nov-04

420,255

402,051

414

17,964,603

95.17%

95.32%

2.62%

2.78%

0.44%

0.45%

0.00%

25-Oct-04

557,955

89,711

444

19,442,679

96.94%

96.78%

0.62%

0.66%

0.21%

0.36%

0.00%

27-Sep-04

139,532

77,192

477

20,952,149

99.17%

98.98%

0.00%

25-Aug-04

486

21,563,018

100.00%

Page 22 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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

Group 2 Loans - Fixed Rate - First Lien

4.36%

4.13%

1.15%

1.17%

0.00%

0.64%

0.72%

0.00%

27-Dec-04

5,749,215

1,636,475

998,023

732

130,921,167

93.85%

93.98%

3.96%

4.18%

0.74%

0.81%

0.00%

0.25%

0.22%

0.00%

25-Nov-04

6,078,185

1,178,027

321,343

769

137,894,779

95.06%

94.79%

1.32%

1.43%

0.48%

0.39%

0.12%

162,026

0.11%

0.00%

25-Oct-04

2,142,024

586,527

815

147,059,014

98.07%

0.47%

0.38%

0.00%

0.12%

162,107

0.11%

0.00%

27-Sep-04

586,956

842

152,636,078

99.41%

99.51%

0.00%

25-Aug-04

863

156,629,971

100.00%

Page 23 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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

Group 2 Loans - Fixed Rate - Second Lien

2.63%

3.24%

0.00%

27-Dec-04

234,000

6,982,178

97.37%

96.76%

2.38%

2.21%

0.00%

25-Nov-04

178,230

7,883,506

97.62%

97.79%

2.33%

2.13%

0.00%

25-Oct-04

178,414

8,208,175

97.67%

97.87%

0.00%

27-Sep-04

8,391,613

100.00%

0.00%

25-Aug-04

8,683,748

100.00%

Page 24 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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

Group 2 Loans - Adjustable Rate (2/6) - First Lien

2.22%

1.73%

0.63%

0.40%

0.32%

253,400

0.43%

0.00%

27-Dec-04

1,027,104

235,697

305

57,839,960

96.83%

97.45%

2.80%

2.43%

0.93%

0.81%

0.00%

25-Nov-04

1,469,634

489,442

309

58,586,342

96.26%

96.76%

1.22%

0.97%

0.31%

0.41%

0.00%

25-Oct-04

597,279

253,757

322

60,890,477

98.47%

98.62%

0.30%

0.40%

0.00%

27-Sep-04

253,934

331

62,500,297

99.70%

99.60%

0.00%

25-Aug-04

335

63,314,985

100.00%

Page 25 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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

Group 2 Loans - Adjustable Rate (3/6) - First Lien

3.54%

1.07%

1.77%

2.81%

0.88%

7,587

0.31%

0.88%

1.64%

0.00%

27-Dec-04

26,009

68,130

39,759

105

2,286,073

92.92%

94.17%

6.09%

4.46%

0.87%

0.31%

0.87%

39,795

1.62%

0.00%

25-Nov-04

109,814

7,624

106

2,306,360

92.17%

93.62%

0.85%

0.31%

0.85%

1.59%

0.00%

25-Oct-04

7,661

39,831

115

2,453,534

98.29%

98.10%

3.23%

5.36%

0.00%

27-Sep-04

140,054

120

2,474,025

96.77%

94.64%

0.00%

25-Aug-04

125

2,628,098

100.00%

Page 26 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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

1,916,040

76,138

0.00%

0.42%

0.47%

0.00%

0.00% 0.00%

0.00% 0.04%

0.02%

0.00%

0.13%

0.09%

373,777

0.00%

25-Nov-04

76,249

505,343

0.00%

0.12%

0.00%

0.00% 0.04%

0.02% 0.00%

0.00%

0.08%

360,220

0.00%

25-Oct-04

76,359

0.00%

0.04%

0.02% 0.00%

0.00% 0.00%

0.00%

0.08%

360,329

0.00%

27-Sep-04

0.00%

0.00% 0.00%

0.00%

25-Aug-04

0.00%

0.00% 0.00%

0.00%

Page 27 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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 - Group 1 Loans - Fixed Rate - First Lien

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

878,258

0.00%

0.74%

0.66%

0.00%

0.00% 0.00%

0.00%

0.19%

0.08%

104,111

0.00%

25-Nov-04

184,000

0.00%

0.18%

0.13%

0.00%

0.00% 0.00%

0.00%

0.18%

0.08%

104,220

0.00%

25-Oct-04

0.00%

0.00% 0.00%

0.00%

0.17%

0.07%

104,329

0.00%

27-Sep-04

0.00%

0.00% 0.00%

0.00%

25-Aug-04

0.00%

0.00% 0.00%

0.00%

Page 28 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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 - Group 1 Loans - Fixed Rate - Second Lien

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

0.00%

0.00% 0.00%

0.00%

25-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%

Page 29 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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 - Group 1 Loans - Adjustable Rate (2/6) - First Lien

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

0.00%

0.00% 0.00%

0.00%

25-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%

Page 30 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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 - Group 1 Loans - Adjustable Rate (3/6) - First Lien

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

76,138

0.00%

0.00% 0.00%

0.00% 0.24%

0.42%

0.00%

25-Nov-04

76,249

0.00%

0.00% 0.23%

0.40% 0.00%

0.00%

25-Oct-04

76,359

0.00%

0.22%

0.38% 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%

Page 31 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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 - Group 2 Loans - Fixed Rate - First Lien

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

998,023

0.00%

0.64%

0.72%

0.00%

0.00% 0.00%

0.00%

0.13%

0.18%

256,000

0.00%

25-Nov-04

321,343

0.00%

0.25%

0.22%

0.00%

0.00% 0.00%

0.00%

0.12%

0.18%

256,000

0.00%

25-Oct-04

0.00%

0.00% 0.00%

0.00%

0.12%

0.17%

256,000

0.00%

27-Sep-04

0.00%

0.00% 0.00%

0.00%

25-Aug-04

0.00%

0.00% 0.00%

0.00%

Page 32 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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 - Group 2 Loans - Fixed Rate - Second Lien

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

0.00%

0.00% 0.00%

0.00%

25-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%

Page 33 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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 - Group 2 Loans - Adjustable Rate (2/6) - First Lien

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

0.00%

0.00% 0.00%

0.00%

25-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%

Page 34 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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 - Group 2 Loans - Adjustable Rate (3/6) - First Lien

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

39,759

0.00%

0.88%

1.64%

0.00%

0.00% 0.00%

0.00%

0.88%

0.56%

13,666

0.00%

25-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%

Page 35 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

27-Dec-04

2,382

88.95%

408,724,530

87.85%

3.37%

3.49%

0.00%

343

7.06%

6.56%

14,789,697

0.00

25-Nov-04

2,465

92.05%

423,869,878

91.10%

3.14%

3.41%

0.00%

344

7.08%

6.57%

14,964,664

0.00

25-Oct-04

2,545

95.03%

439,222,304

94.40%

2.79%

2.68%

0.00%

344

7.08%

6.58%

12,100,979

0.00

27-Sep-04

2,618

97.76%

451,698,388

97.09%

1.47%

1.77%

0.00%

345

7.08%

6.58%

8,140,590

0.00

25-Aug-04

2,657

99.22%

460,246,535

98.92%

0.78%

1.00%

0.00%

346

7.09%

6.58%

4,637,871

0.00

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

Page 36 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Group 1 Loans - Fixed Rate - First Lien

27-Dec-04

537

20.05%

133,106,724

28.61%

3.07%

3.54%

0.00%

352

6.66%

6.16%

4,888,463

0.00

25-Nov-04

554

20.69%

138,087,782

29.68%

4.15%

5.29%

0.00%

353

6.67%

6.17%

7,717,516

0.00

25-Oct-04

578

21.58%

145,904,993

31.36%

3.02%

3.59%

0.00%

354

6.66%

6.16%

5,441,847

0.00

27-Sep-04

596

22.26%

151,449,961

32.55%

1.97%

2.34%

0.00%

355

6.67%

6.16%

3,632,500

0.00

25-Aug-04

608

22.70%

155,196,227

33.36%

1.14%

1.81%

0.00%

356

6.67%

6.17%

2,864,108

0.00

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

Page 37 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Group 1 Loans - Fixed Rate - Second Lien

27-Dec-04

1.49%

11,762,357

2.53%

2.44%

1.64%

0.00%

352

6.31%

5.81%

196,786

0.00

25-Nov-04

1.53%

11,967,399

2.57%

2.38%

0.73%

0.00%

353

6.33%

5.82%

87,607

0.00

25-Oct-04

1.57%

12,063,044

2.59%

0.00%

354

6.33%

5.82%

0.00

27-Sep-04

1.57%

12,071,298

2.59%

0.00%

355

6.33%

5.82%

0.00

25-Aug-04

1.57%

12,079,826

2.60%

0.00%

356

6.33%

5.82%

0.00

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

Page 38 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Group 1 Loans - Adjustable Rate (2/6) - First Lien

27-Dec-04

143

5.34%

37,479,257

8.06%

3.38%

2.36%

0.00%

347

6.93%

6.42%

908,293

0.00

25-Nov-04

148

5.53%

38,425,173

8.26%

0.67%

0.32%

0.00%

348

6.94%

6.43%

123,619

0.00

25-Oct-04

149

5.56%

38,585,204

8.29%

2.61%

3.11%

0.00%

349

6.93%

6.43%

1,239,650

0.00

27-Sep-04

153

5.71%

39,863,194

8.57%

0.65%

0.62%

0.00%

350

6.93%

6.43%

249,171

0.00

25-Aug-04

154

5.75%

40,150,662

8.63%

0.65%

0.76%

0.00%

351

6.93%

6.43%

308,633

0.00

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

Page 39 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Group 1 Loans - Adjustable Rate (3/6) - First Lien

27-Dec-04

416

15.53%

18,071,418

3.88%

4.37%

3.93%

0.00%

217

10.86%

10.36%

740,349

0.00

25-Nov-04

435

16.24%

18,846,441

4.05%

5.02%

5.98%

0.00%

218

10.85%

10.35%

1,200,742

0.00

25-Oct-04

458

17.10%

20,090,344

4.32%

4.78%

4.91%

0.00%

219

10.85%

10.34%

1,040,190

0.00

27-Sep-04

481

17.96%

21,168,872

4.55%

1.03%

1.64%

0.00%

220

10.84%

10.33%

353,198

0.00

25-Aug-04

486

18.15%

21,563,018

4.63%

0.82%

1.20%

0.00%

221

10.84%

10.34%

261,428

0.00

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

Page 40 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Group 2 Loans - Fixed Rate - First Lien

27-Dec-04

780

29.13%

139,304,879

29.94%

3.58%

4.17%

0.00%

352

7.17%

6.67%

6,063,342

0.00

25-Nov-04

809

30.21%

145,472,334

31.27%

2.65%

2.91%

0.00%

353

7.19%

6.68%

4,367,618

0.00

25-Oct-04

831

31.03%

149,949,591

32.23%

1.89%

2.17%

0.00%

354

7.20%

6.69%

3,327,686

0.00

27-Sep-04

847

31.63%

153,385,141

32.97%

1.85%

2.00%

0.00%

355

7.21%

6.70%

3,128,013

0.00

25-Aug-04

863

32.23%

156,629,971

33.67%

0.92%

0.74%

0.00%

356

7.21%

6.71%

1,167,490

0.00

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

Page 41 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Group 2 Loans - Fixed Rate - Second Lien

27-Dec-04

1.42%

7,216,178

1.55%

9.52%

10.43%

0.00%

352

6.83%

6.32%

840,841

0.00

25-Nov-04

1.57%

8,061,737

1.73%

2.33%

3.81%

0.00%

353

6.81%

6.30%

319,500

0.00

25-Oct-04

1.61%

8,386,589

1.80%

0.00%

354

6.81%

6.30%

0.00

27-Sep-04

1.61%

8,391,613

1.80%

2.27%

3.30%

0.00%

355

6.79%

6.28%

286,291

0.00

25-Aug-04

1.64%

8,683,748

1.87%

0.00%

356

6.79%

6.28%

0.00

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

Page 42 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Group 2 Loans - Adjustable Rate (2/6) - First Lien

27-Dec-04

315

11.76%

59,356,161

12.76%

1.87%

1.85%

0.00%

340

6.63%

6.12%

1,121,621

0.00

25-Nov-04

321

11.99%

60,545,419

13.01%

1.83%

1.81%

0.00%

340

6.62%

6.12%

1,116,776

0.00

25-Oct-04

327

12.21%

61,741,513

13.27%

1.51%

1.50%

0.00%

341

6.62%

6.12%

944,416

0.00

27-Sep-04

332

12.40%

62,754,231

13.49%

0.90%

0.76%

0.00%

342

6.62%

6.11%

484,087

0.00

25-Aug-04

335

12.51%

63,314,985

13.61%

0.00%

343

6.62%

6.11%

0.00

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

Page 43 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Group 2 Loans - Adjustable Rate (3/6) - First Lien

27-Dec-04

113

4.22%

2,427,557

0.52%

1.74%

1.22%

0.00%

196

11.46%

10.96%

30,003

0.00

25-Nov-04

115

4.29%

2,463,593

0.53%

1.71%

1.25%

0.00%

197

11.45%

10.95%

31,285

0.00

25-Oct-04

117

4.37%

2,501,025

0.54%

5.65%

4.10%

0.00%

198

11.47%

10.96%

107,191

0.00

27-Sep-04

124

4.63%

2,614,079

0.56%

0.80%

0.28%

0.00%

198

11.47%

10.96%

7,331

0.00

25-Aug-04

125

4.67%

2,628,098

0.56%

0.79%

1.36%

0.00%

198

11.45%

10.95%

36,212

0.00

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

Page 44 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

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: 721973.2

Page 45 of 46

Bear Stearns Asset Backed Securities I

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

27-Dec-04
27-Dec-04

25-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificiates

Series 2004-FR1

ABN AMRO Acct: 721973.2

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:

Not Avail.

Current Total
Cumulative

Page 46 of 46

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

BEAR STEARNS ASSET BACKED SECURITIES I TRUST 2004-FR1 8-K