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-FR3 Asset-Backed Certificates, Series 2004-FR3, 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 LLC

Asset-Backed Certificates

Series 2004-FR3

ABN AMRO Acct: 722123.3

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:
Peter Sablich 312.904.8162
peter.sablich@abnamro.com

Analyst:
Julie Kang 714.259.6208
julie.kang@abnamro.com

Statement Date:

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

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

Bond Principal Reconciliation

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

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

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

Page 17

Page 18
Page 19-27

Page 28-36
Page 37-45

Page 46

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

BS004FR3

BS004FR3_200412_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

29-Oct-04
26-Nov-04

25-Sep-34

Parties to The Transaction

Depositor: Bear Stearns & Co. Inc.

Underwriter: Banc of America Securities LLC/Bear Stearns & Co. Inc./Thacher Proffitt & Wood

Master Servicer: EMC Mortgage Corporation

Rating Agency: Standard & Poor's Ratings Services/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:

7.076021%

2.180000%
2.417500%

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Bear Stearns Asset Backed Securities I LLC

Asset-Backed Certificates

Series 2004-FR3

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

350

REMIC II

Statement Date:

ABN AMRO Acct: 722123.3

973.918946842

42.553675912

0.000000000

931.365270931

2.037925381

2.667500000%

0.00

0.000000000

2.43000000%

0.000000000

073879KM9

I-A-1

212,010,000.00

206,480,555.92

9,021,804.83

0.00

197,458,751.09

432,060.56

1000.000000000

0.000000000

1000.000000000

2.325000068

2.937500000%

0.00

0.000000000

2.70000000%

0.000000000

073879KN7

I-A-2

73,077,000.00

0.00

73,077,000.00

169,904.03

987.520553281

31.048148759

0.000000000

956.472404523

2.108905007

2.717500000%

0.00

0.000000000

2.48000000%

0.000000000

073879KP2

II-A

767,512,000.00

757,933,874.89

23,829,826.75

0.00

734,104,048.14

1,618,609.90

1000.000000000

0.000000000

1000.000000000

2.454166710

3.087500000%

0.00

0.000000000

2.85000000%

0.000000000

073879KQ0

M-1

76,588,000.00

0.00

76,588,000.00

187,959.72

1000.000000000

0.000000000

1000.000000000

2.884722226

3.587500000%

0.00

0.000000000

3.35000000%

0.000000000

073879KR8

M-2

66,115,000.00

0.00

66,115,000.00

190,723.41

1000.000000000

0.000000000

1000.000000000

3.082777778

3.817500000%

0.00

0.000000000

3.58000000%

0.000000000

073879KS6

M-3

19,638,000.00

0.00

19,638,000.00

60,539.59

1000.000000000

0.000000000

1000.000000000

3.427222092

4.217500000%

0.00

0.000000000

3.98000000%

0.000000000

073879KT4

M-4

17,020,000.00

0.00

17,020,000.00

58,331.32

1000.000000000

0.000000000

1000.000000000

3.513333546

4.317500000%

0.00

0.000000000

4.08000000%

0.000000000

073879KU1

M-5

15,710,000.00

0.00

15,710,000.00

55,194.47

1000.000000000

0.000000000

1000.000000000

4.675833333

5.667500000%

0.00

0.000000000

5.43000000%

0.000000000

073879KV9

M-6

13,092,000.00

0.00

13,092,000.00

61,216.01

1000.000000000

0.000000000

1000.000000000

5.321666512

6.417500000%

0.00

0.000000000

6.18000000%

0.000000000

073879KW7

M-7

21,602,000.00

0.00

21,602,000.00

114,958.64

1000.000000000

0.000000000

1000.000000000

152.867764075

0.00

4,102,758.91

152.867764075

N/A

0.000000000

26,838,613.98

0.00

26,838,613.98

4,102,758.91

1000.000000000

0.000000000

1000.000000000

6136477.300000000

0.00

613,647.73

6136477.300000000

N/A

0.000000000

100.00

0.00

100.00

613,647.73

0.000000000

0.00

0.000000000

N/A

0.000000000

073879LJ5

R-I

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

073879LK2

R-II

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSS820

R-III

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:

7.076021%

2.180000%
2.417500%

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Bear Stearns Asset Backed Securities I LLC

Asset-Backed Certificates

Series 2004-FR3

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

350

REMIC II

Statement Date:

ABN AMRO Acct: 722123.3

Total P&I Payment

0.00

4,716,406.64

1,309,202,713.98

1,294,095,144.79

40,517,535.87

Total

1,261,243,513.21

32,851,631.58

0.00

7,665,904.29

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:

7.076021%

2.180000%
2.417500%

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Bear Stearns Asset Backed Securities I LLC

Asset-Backed Certificates

Series 2004-FR3

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

350

REMIC III

Statement Date:

ABN AMRO Acct: 722123.3

1000.000000000

0.000000000

1000.000000000

152.867764075

0.00

4,102,758.91

152.867764075

N/A

0.000000000

073879LH9

26,838,613.98

0.00

26,838,613.98

4,102,758.91

Total P&I Payment

0.00

4,102,758.91

0.00

4,102,758.91

Total

0.00

4,102,758.91

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:

7.076021%

2.180000%
2.417500%

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Bear Stearns Asset Backed Securities I LLC

Asset-Backed Certificates

Series 2004-FR3

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

350

REMIC IV

Statement Date:

ABN AMRO Acct: 722123.3

1000.000000000

0.000000000

1000.000000000

6136477.300000000

0.00

613,647.73

6136477.300000000

N/A

0.000000000

073879LG1

100.00

0.00

100.00

613,647.73

0.000000000

0.00

0.000000000

N/A

0.000000000

073879LL0

0.00

Total P&I Payment

0.00

613,647.73

100.00

613,647.73

Total

100.00

0.00

613,647.73

Page 5 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

Statement Date:

Cash Reconciliation Summary

Interest Summary

Total Trustee Fees

Available Interest

7,703,800.97

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

873,304.34

124,417.44

31,853,909.80

0.00
0.00
0.00

40,556,942.33

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

1,294,095,044.79

873,304.34

31,978,327.24

0.00
0.00
0.00

1,261,243,413.21

7,106

161

0
0

6,945

487,727.59

Extra Principal

Trigger Event

0.00

32,851,631.58

Over Collateralization Amt

26,838,613.98

Less Extra Principal

Remittance Interest

0.00

7,703,800.97

0.00

31,978,327.24

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(1,509.78

7,705,310.75

Total Fees

489,237.37

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.04

37,896.69

1,509.78

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 6 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

Statement Date:

Cash Reconciliation Summary Group I Loans - Fixed 1st Lien

Interest Summary

Total Trustee Fees

Available Interest

269,767.79

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

45,296.53

1,215.24

1,179,810.27

0.00
0.00
0.00

1,496,150.27

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

51,811,818.85

45,296.53

1,181,025.51

0.00
0.00
0.00

50,585,496.81

124

0
0

121

20,464.70

Extra Principal

Trigger Event

0.00

1,226,322.04

Over Collateralization Amt

26,838,613.98

Remittance Interest

269,767.78

0.00

1,181,025.51

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(60.45

269,828.23

Total Fees

20,525.15

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.04

37,896.69

60.45

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 7 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

Statement Date:

Cash Reconciliation Summary Group I Loans - Fixed 2nd Lien

Interest Summary

Total Trustee Fees

Available Interest

201,623.95

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

17,864.87

3,987.14

478,713.84

0.00
0.00
0.00

702,218.23

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

24,375,918.43

17,864.87

482,700.98

0.00
0.00
0.00

23,875,352.58

348

0
0

340

9,367.31

Extra Principal

Trigger Event

0.00

500,565.85

Over Collateralization Amt

26,838,613.98

Remittance Interest

201,623.95

0.00

482,700.98

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(28.44

201,652.38

Total Fees

9,395.75

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.04

37,896.69

28.44

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 8 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

Statement Date:

Cash Reconciliation Summary Group I Loans - ARM-228

Interest Summary

Total Trustee Fees

Available Interest

1,238,576.37

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

119,730.59

6,447.07

6,794,020.19

0.00
0.00
0.00

8,159,062.59

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

247,169,655.41

119,730.59

6,800,467.26

0.00
0.00
0.00

240,249,457.56

599

0
0

582

93,209.85

Extra Principal

Trigger Event

0.00

6,920,197.85

Over Collateralization Amt

26,838,613.98

Remittance Interest

1,238,576.37

0.00

6,800,467.26

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(288.36

1,238,864.74

Total Fees

93,498.22

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.04

37,896.69

288.36

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 9 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

Statement Date:

Cash Reconciliation Summary Group I Loans - ARM-327

Interest Summary

Total Trustee Fees

Available Interest

117,774.07

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

14,207.23

1,311.86

359,200.00

0.00
0.00
0.00

492,523.14

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

25,699,352.33

14,207.23

360,511.86

0.00
0.00
0.00

25,324,633.24

0
0

9,255.30

Extra Principal

Trigger Event

0.00

374,719.09

Over Collateralization Amt

26,838,613.98

Remittance Interest

117,774.07

0.00

360,511.86

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(29.98

117,804.05

Total Fees

9,285.28

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.04

37,896.69

29.98

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 10 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

Statement Date:

Cash Reconciliation Summary Group II Loans - Fixed 1st Lien

Interest Summary

Total Trustee Fees

Available Interest

912,969.75

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

155,225.62

4,980.55

2,450,068.93

0.00
0.00
0.00

3,523,440.21

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

167,454,821.57

155,225.62

2,455,049.48

0.00
0.00
0.00

164,844,546.47

895

0
0

881

65,801.25

Extra Principal

Trigger Event

0.00

2,610,275.10

Over Collateralization Amt

26,838,613.98

Remittance Interest

912,969.75

0.00

2,455,049.48

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(195.36

913,165.11

Total Fees

65,996.62

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.04

37,896.69

195.36

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 11 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

Statement Date:

Cash Reconciliation Summary Group II Loans - Fixed 2nd Lien

Interest Summary

Total Trustee Fees

Available Interest

305,200.94

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

53,776.51

12,643.99

709,213.68

0.00
0.00
0.00

1,080,877.28

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

36,135,853.26

53,776.51

721,857.67

0.00
0.00
0.00

35,360,219.08

1,176

0
0

1,155

13,692.56

Extra Principal

Trigger Event

0.00

775,634.18

Over Collateralization Amt

26,838,613.98

Remittance Interest

305,200.94

0.00

721,857.67

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(42.16

305,243.10

Total Fees

13,734.72

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.04

37,896.69

42.16

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 12 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

Statement Date:

Cash Reconciliation Summary Group II Loans - ARM 228

Interest Summary

Total Trustee Fees

Available Interest

3,815,039.73

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

439,695.64

90,981.43

19,209,743.56

0.00
0.00
0.00

23,556,273.47

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

696,951,315.47

439,695.64

19,300,724.99

0.00
0.00
0.00

677,210,894.84

3,678

0
0

3,584

258,251.32

Extra Principal

Trigger Event

0.00

19,740,420.63

Over Collateralization Amt

26,838,613.98

Remittance Interest

3,815,039.73

0.00

19,300,724.99

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(813.11

3,815,852.84

Total Fees

259,064.43

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.04

37,896.69

813.11

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 13 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

Statement Date:

Cash Reconciliation Summary Group II Loans - ARM 327

Interest Summary

Total Trustee Fees

Available Interest

229,200.65

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

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

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

27,507.35

2,850.16

673,139.33

0.00
0.00
0.00

932,749.40

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution

Unscheduled Principal
Distribution

Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

44,496,309.47

27,507.35

675,989.49

0.00
0.00
0.00

43,792,812.63

225

0
0

222

17,685.30

Extra Principal

Trigger Event

0.00

703,496.84

Over Collateralization Amt

26,838,613.98

Remittance Interest

229,200.65

0.00

675,989.49

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(51.91

229,252.56

Total Fees

17,737.21

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.04

37,896.69

51.91

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 14 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

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

613,647.73

613,647.73

Total Excess Allocated to the Bonds

613,647.73

0.00

Aggregate Interest Adjustment Allocated to the Bonds

0.00

613,647.73

0.00

Prepayment Interest Excess Due the Bonds

0.00

ARD Excess Interest

0.00

Net Prepayment Int. Shortfalls Allocated to the Bonds

Other Interest Loss

Page 15 of 46

Bear Stearns Asset Backed Securities I LLC

Class

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

27-Dec-04
27-Dec-04

26-Nov-04

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-FR3

ABN AMRO Acct: 722123.3

Bond Interest Reconciliation

Additions

Accrual

Method Days

Statement Date:

Accrued

Certificate

Interest

Deposits
from YM

Agreement

Prior

Int Carry-Fwd

Shortfall

Prior

Shortfall

Reimbursement

Other

Interest

Proceeds

Other

Interest

Losses

Current

Int Carry-Fwd

Shortfall

Current Basis

Risk Carry-Fwd

Shortfall

Remaining

Int Carry-Fwd

Shortfall

Remaining Basis

Risk Carry-Fwd

Shortfall

Net Cap Rate

in Effect

Y/N

Distributable

Certificate

Interest

Payment

Amount

Deductions

Outstanding

0.00

4,102,758.91

30/360

0.00

I-A-1

432,060.56

Act/360

0.00

432,060.56

0.00

I-A-2

169,904.03

Act/360

0.00

169,904.03

0.00

II-A

1,618,609.90

Act/360

0.00

1,618,609.90

0.00

M-1

187,959.72

Act/360

0.00

187,959.72

0.00

M-2

190,723.41

Act/360

0.00

190,723.41

0.00

M-3

60,539.59

Act/360

0.00

60,539.59

0.00

M-4

58,331.32

Act/360

0.00

58,331.32

0.00

M-5

55,194.47

Act/360

0.00

55,194.47

0.00

M-6

61,216.01

Act/360

0.00

61,216.01

0.00

M-7

114,958.64

Act/360

0.00

114,958.64

0.00

613,647.73

30/360

0.00

2,949,497.65

3,563,145.38

7,665,904.29

0.00

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

Page 16 of 46

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

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

Bond Principal Reconciliation

Credit Support

Original

Current(4)

ABN AMRO

LaSalle Bank

N.A.

Statement Date:

Beginning

Class Balance

Unscheduled

Principal

Payment

Extra

Principal

Payment Amt

Prior

Loss

Reimburs.

Rated

Final

Maturity

Class

Current

Losses

Original

Class Balance

Scheduled

Principal

Payment

Ending

Class Balance

Cumulative

Losses

Interest on

Losses

Additions

Losses

I-A-1

17.92%

18.61%

9/25/2034

197,458,751.09

0.00

206,480,555.92

212,010,000.00

197,099.22

0.00

8,824,705.61

I-A-2

17.92%

18.61%

9/25/2034

73,077,000.00

0.00

73,077,000.00

0.00

II-A

17.92%

18.61%

9/25/2034

734,104,048.14

0.00

757,933,874.89

767,512,000.00

676,205.12

0.00

23,153,621.63

M-1

11.94%

12.41%

9/25/2034

76,588,000.00

0.00

76,588,000.00

0.00

M-2

6.79%

7.05%

9/25/2034

66,115,000.00

0.00

66,115,000.00

0.00

M-3

5.26%

5.46%

9/25/2034

19,638,000.00

0.00

19,638,000.00

0.00

M-4

3.93%

4.08%

9/25/2034

17,020,000.00

0.00

17,020,000.00

0.00

M-5

2.71%

2.81%

9/25/2034

15,710,000.00

0.00

15,710,000.00

0.00

M-6

1.68%

1.75%

9/25/2034

13,092,000.00

0.00

13,092,000.00

0.00

M-7

0.00%

9/25/2034

21,602,000.00

0.00

21,602,000.00

0.00

9/25/2034

26,838,613.98

0.00

26,838,613.98

0.00

9/25/2034

100.00

0.00

100.00

0.00

1,294,095,144.79

0.00

9/25/2034

0.00

873,304.34

0.00

31,978,327.24

0.00

1,282,364,100.00

1,234,404,899.23

Page 17 of 46

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

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

Rating Information

Class

CUSIP

Fitch

Moody's

S&P

Fitch

Moody's

S&P

Original Ratings

Rating Change/Change Date(1)

Statement Date:

R-I

073879LJ5

I-A-1

073879KM9

Aaa

AAA

I-A-2

073879KN7

Aaa

AAA

II-A

073879KP2

Aaa

AAA

M-1

073879KQ0

Aa2

AA+

M-2

073879KR8

M-3

073879KS6

AA-

M-4

073879KT4

Baa1

A+

M-5

073879KU1

Baa2

M-6

073879KV9

Baa3

A-

M-7

073879KW7

BBB

R-II

073879LK2

073879LH9

R-III

9ABSS820

073879LG1

073879LL0

Page 18 of 46

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

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

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

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

1.61%

1.50%

0.09%

0.07%

0.00%

27-Dec-04

112

18,909,524

891,322

6,827

1,241,442,567

98.30%

98.43%

0.15%

0.16%

0.01%

0.00%

26-Nov-04

2,064,676

118,690

7,094

1,291,911,678

99.83%

Page 19 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

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

Group I Loans - Fixed 1st Lien

0.83%

0.69%

0.00%

27-Dec-04

349,079

120

50,236,418

99.17%

99.31%

0.00%

26-Nov-04

124

51,811,819

100.00%

Page 20 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

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

Group I Loans - Fixed 2nd Lien

2.65%

1.62%

0.29%

0.10%

0.00%

27-Dec-04

387,090

23,117

330

23,465,145

97.06%

98.28%

0.29%

0.09%

0.00%

26-Nov-04

22,089

347

24,353,830

99.71%

99.91%

Page 21 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

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

Group I Loans - ARM-228

1.55%

1.58%

0.00%

27-Dec-04

3,793,187

573

236,456,270

98.45%

98.42%

0.00%

26-Nov-04

599

247,169,655

100.00%

Page 22 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

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

Group I Loans - ARM-327

1.67%

1.85%

0.00%

27-Dec-04

469,277

24,855,356

98.33%

98.15%

0.00%

26-Nov-04

25,699,352

100.00%

Page 23 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

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

Group II Loans - Fixed 1st Lien

0.57%

0.44%

0.00%

27-Dec-04

720,398

876

164,124,148

99.43%

99.56%

0.00%

26-Nov-04

895

167,454,822

100.00%

Page 24 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

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

Group II Loans - Fixed 2nd Lien

1.47%

1.04%

0.09%

0.02%

0.00%

27-Dec-04

369,113

5,331

1,137

34,985,776

98.44%

98.94%

0.09%

0.01%

0.00%

26-Nov-04

5,355

1,175

36,130,498

99.91%

99.99%

Page 25 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

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

Group II Loans - ARM 228

1.79%

1.74%

0.11%

0.13%

0.00%

27-Dec-04

11,767,475

862,875

3,516

664,580,546

98.10%

98.13%

0.22%

0.25%

0.03%

0.02%

0.00%

26-Nov-04

1,723,276

118,690

3,669

695,109,349

99.76%

99.74%

Page 26 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

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

Group II Loans - ARM 327

2.70%

2.41%

0.00%

27-Dec-04

1,053,906

216

42,738,907

97.30%

97.59%

0.44%

0.71%

0.00%

26-Nov-04

313,956

224

44,182,353

99.56%

99.29%

Page 27 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

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

0.00%

0.00% 0.00%

0.00%

0.01%

0.00%

34,574

0.00%

26-Nov-04

0.00%

0.00% 0.00%

0.00%

Page 28 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance # Balance

# Balance

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance

# Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

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

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

0.00%

0.00% 0.00%

0.00%

26-Nov-04

0.00%

0.00% 0.00%

0.00%

Page 29 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance # Balance

# Balance

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance

# Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

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

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

0.00%

0.00% 0.00%

0.00%

26-Nov-04

0.00%

0.00% 0.00%

0.00%

Page 30 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance # Balance

# Balance

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance

# Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

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

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

0.00%

0.00% 0.00%

0.00%

26-Nov-04

0.00%

0.00% 0.00%

0.00%

Page 31 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance # Balance

# Balance

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance

# Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

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

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

0.00%

0.00% 0.00%

0.00%

26-Nov-04

0.00%

0.00% 0.00%

0.00%

Page 32 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance # Balance

# Balance

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance

# Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

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

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

0.00%

0.00% 0.00%

0.00%

26-Nov-04

0.00%

0.00% 0.00%

0.00%

Page 33 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance # Balance

# Balance

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance

# Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

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

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

0.00%

0.00% 0.00%

0.00%

0.09%

0.10%

34,574

0.00%

26-Nov-04

0.00%

0.00% 0.00%

0.00%

Page 34 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance # Balance

# Balance

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance

# Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

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

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

0.00%

0.00% 0.00%

0.00%

26-Nov-04

0.00%

0.00% 0.00%

0.00%

Page 35 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance # Balance

# Balance

Current 31 - 60 Days 61 - 90 Days

90 + Days

# Balance # Balance

# Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

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

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

27-Dec-04

0.00%

0.00% 0.00%

0.00%

26-Nov-04

0.00%

0.00% 0.00%

0.00%

Page 36 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

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

6,945

96.79%

1,261,243,413

96.34%

2.27%

2.46%

0.00%

350

7.08%

6.57%

161

31,853,910

0.00

0.00%

0.00

26-Nov-04

7,106

99.04%

1,294,095,045

98.85%

0.96%

1.08%

0.00%

351

7.08%

6.58%

14,181,987

0.00

0.00%

0.00

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

Page 37 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

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

Group I Loans - Fixed 1st Lien

27-Dec-04

121

1.69%

50,585,497

3.86%

2.42%

2.28%

0.00%

355

6.75%

6.25%

1,179,810

0.00

0.00%

0.00

26-Nov-04

124

1.73%

51,811,819

3.96%

0.00%

356

6.75%

6.25%

0.00

0.00%

0.00

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

Page 38 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

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

Group I Loans - Fixed 2nd Lien

27-Dec-04

340

4.74%

23,875,353

1.82%

2.30%

1.96%

0.00%

321

10.43%

9.93%

478,714

0.00

0.00%

0.00

26-Nov-04

348

4.85%

24,375,918

1.86%

0.29%

0.10%

0.00%

322

10.43%

9.93%

24,852

0.00

0.00%

0.00

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

Page 39 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

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

Group I Loans - ARM-228

27-Dec-04

582

8.11%

240,249,458

18.35%

2.84%

2.75%

0.00%

355

6.51%

6.01%

6,794,020

0.00

0.00%

0.00

26-Nov-04

599

8.35%

247,169,655

18.88%

1.96%

1.95%

0.00%

356

6.53%

6.02%

4,921,798

0.00

0.00%

0.00

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

Page 40 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

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

Group I Loans - ARM-327

27-Dec-04

0.84%

25,324,633

1.93%

1.64%

1.40%

0.00%

355

6.00%

5.50%

359,200

0.00

0.00%

0.00

26-Nov-04

0.85%

25,699,352

1.96%

1.61%

1.43%

0.00%

356

6.00%

5.50%

372,000

0.00

0.00%

0.00

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

Page 41 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

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

Group II Loans - Fixed 1st Lien

27-Dec-04

881

12.28%

164,844,546

12.59%

1.56%

1.46%

0.00%

347

7.04%

6.54%

2,450,069

0.00

0.00%

0.00

26-Nov-04

895

12.47%

167,454,822

12.79%

1.00%

1.08%

0.00%

348

7.05%

6.55%

1,834,454

0.00

0.00%

0.00

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

Page 42 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

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

Group II Loans - Fixed 2nd Lien

27-Dec-04

1,155

16.10%

35,360,219

2.70%

1.79%

1.96%

0.00%

250

10.64%

10.14%

709,214

0.00

0.00%

0.00

26-Nov-04

1,176

16.39%

36,135,853

2.76%

0.76%

0.63%

0.00%

252

10.64%

10.14%

230,439

0.00

0.00%

0.00

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

Page 43 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

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

Group II Loans - ARM 228

27-Dec-04

3,584

49.95%

677,210,895

51.73%

2.56%

2.76%

0.00%

355

7.07%

6.57%

19,209,744

0.00

0.00%

0.00

26-Nov-04

3,678

51.26%

696,951,315

53.23%

0.94%

0.91%

0.00%

356

7.07%

6.57%

6,373,115

0.00

0.00%

0.00

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

Page 44 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

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

Group II Loans - ARM 327

27-Dec-04

222

3.09%

43,792,813

3.34%

1.33%

1.51%

0.00%

355

6.68%

6.18%

673,139

0.00

0.00%

0.00

26-Nov-04

225

3.14%

44,496,309

3.40%

0.88%

0.95%

0.00%

356

6.69%

6.19%

425,329

0.00

0.00%

0.00

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

Page 45 of 46

Bear Stearns Asset Backed Securities I LLC

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-FR3

ABN AMRO Acct: 722123.3

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:

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-FR3 8-K