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) ~~September~~December 27, 2004

LEHMAN ABS CORPORATION (as Depositor under the Trust Agreement dated as of March 1, 2004, providing for the issuance of Mortgage Pass-Through Certificates, Series 2004-1)
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation)

333-108503
(Commission
File Number)

13-3447441
(IRS Employer
Identification No.)

745 Seventh Avenue, 7th Floor, New York, New York
(Address of principal executive offices)

10019
(Zip Code)

Registrant's telephone number, including area code 212-526-7000

(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 Lehman ABS Corporation Mortgage Pass-Through Certificates, Series 2004-1, which was made on ~~September~~December 27, 2004.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

99.1 Monthly Distribution report pursuant to section 4.03 of the Trust Agreement for the distribution on ~~September~~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 TRUST AGREEMENT ON BEHALF OF LEHMAN ABS CORPORATION, REGISTRANT

By: /s/ Russell Goldenberg Russell Goldenberg Group Senior Vice President Date: ~~September~~December 3029, 2004

Lehman ABS Corporation Mortgage Pass-Through Certificates Series 2004-1 ABN AMRO Acct: 721741.1 Reporting Package Table of Contents Payment Date:Prior Payment:Next Payment:Record Date: 27-~~Sep~~Dec-0427-~~Sep~~Dec-04 2526-~~Aug~~Nov-04 25-~~Oct~~Jan-0405 3130-~~Aug~~Nov-04 Administrator: Megan Olson 312.904.6709megan.olson@abnamro.com Analyst: Christine Paidosh 714.259.6207 christine.paidosh@abnamro.com Statement Date: 135 S. LaSalle Street, Suite 1625Chicago, IL 60603USA Statements to CertificateholdersCash Reconciliation SummaryBond Interest ReconciliationShortfall Summary Report Asset-Backed Facts ~ 15 Month Loan Status Summary Asset-Backed Facts ~ 15 Month Loan Payoff/Loss SummaryOther Related Information Other Related InformationRealized Loss DetailHistorical REO Report Page 2-4Page 5-6Page 7Page 8 Page 9 Page 10Page 11 Page 12Page 13-14 Page 15 Page(s) Information is available for this issue from the following sources Issue Id: Monthly Data File Name: LHABS041 ~~LHABS041_200409_3~~LHABS041_200412_3.ZIP Closing Date: First Payment Date: Rated Final Payment: Date: 30-Mar-0426-Apr-04 25-Apr-39 Parties to The Transaction Depositor: Lehman ABS Corporation Underwriter: Lehman Brothers Inc. Master Servicer: Aurora Loan Services, Inc. Rating Agency: Moody's Investors Service, Inc./Standard & Poor's 800.246.5761 LaSalle Factor Line LaSalle Web Site Servicer Web Site www.alservices.com www.etrustee.net Page 1 of 15 23-~~Sep~~Dec-2004 - 0810:4628 (Q235-Q248) (c) 2004 LaSalle Bank N.A. Class CUSIP Original Opening Principal Principal Negative Closing Interest Interest Pass-Through Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Next Rate(3) WAC:WAMM:Current Index:Next Index: Payment Date:Prior Payment:Next Payment:Record Date: 6.~~092405~~081967% 12.~~615000~~180000%12.~~840000~~417500% 27-~~Sep~~Dec-0427-~~Sep~~Dec-04 2526-~~Aug~~Nov-04 25-~~Oct~~Jan-0405 3130-~~Aug~~Nov-04 Lehman ABS Corporation Mortgage Pass-Through Certificates Series 2004-1 Face Value (1) Balance Payment Adj. or Loss Amortization Balance Payment (2) Adjustment Rate ~~351~~347 REMIC III Statement Date: ABN AMRO Acct: 721741.1 ~~860~~703.~~178013500~~732398000 3179.~~371377500~~284204500 0.000000000 ~~828~~624.~~806636000~~448193500 1.~~360993000~~043869500 0.00 0.00 0.000000000 1.78000000% 0.000000000 525170BQ8 1-A1A 20,000,000.00 1714,~~203~~074,~~560~~647.2796 ~~627~~1,~~427~~585,684.5509 0.00 1612,~~576~~488,~~132~~963.7287 2720,~~219~~877.8639 ~~860~~703.~~178014165~~732398438 3179.~~371377397~~284204694 0.000000000 ~~828~~624.~~806636768~~448193744 1.~~352271555~~381661248 0.00 0.00 0.000000000 12.~~71500000~~28000000% 0.000000000 525170BR6 1-A1B 53,514,000.00 4637,~~031~~659,~~566~~535.2557 14,~~678~~242,~~807~~814.8993 0.00 4433,~~352~~416,~~758~~720.3664 7273,~~365~~938.4622 1000.000000000 0.000000000 0.000000000 1000.000000000 3.525000034 0.00 0.00 0.000000000 4.23000000% 0.000000000 525170BS4 1-A2 146,779,000.00 146,779,000.00 0.00 0.00 146,779,000.00 517,395.98 ~~809~~693.~~342958553~~631114729 2488.~~320983979~~897444651 0.000000000 ~~785~~604.~~021974574~~733670078 21.~~035947183~~635813333 0.00 0.00 0.000000000 2.83000000% 0.000000000 525170BT2 2-A1 96,750,000.00 7867,~~303~~108,~~931~~810.2435 28,~~353~~600,~~055~~827.2077 0.00 7558,~~950~~507,~~876~~982.0458 ~~196~~158,~~977~~264.8994 1000.000000000 0.000000000 0.000000000 1000.000000000 3.191666692 0.00 0.00 0.000000000 3.83000000% 0.000000000 525170BU9 2-A2 195,345,000.00 195,345,000.00 0.00 0.00 195,345,000.00 623,476.13 1000.000000000 0.000000000 0.000000000 1000.000000000 3.975000000 0.00 0.00 0.000000000 4.77000000% 0.000000000 525170BV7 M1 10,008,000.00 10,008,000.00 0.00 0.00 10,008,000.00 39,781.80 1000.000000000 0.000000000 0.000000000 1000.000000000 0.066666667 0.00 0.00 0.000000000 0.08000000% 0.000000000 N 525170BX3 M1-IO 10,008,000.00 10,008,000.00 0.00 0.00 10,008,000.00 667.20 1000.000000000 0.000000000 0.000000000 1000.000000000 4.125000000 0.00 0.00 0.000000000 4.95000000% 0.000000000 525170BW5 M2 6,426,000.00 6,426,000.00 0.00 0.00 6,426,000.00 26,507.25 1000.000000000 0.000000000 0.000000000 1000.000000000 0.041666667 0.00 0.00 0.000000000 0.05000000% 0.000000000 N 525170BY1 M2-IO 6,426,000.00 6,426,000.00 0.00 0.00 6,426,000.00 267.75 1000.000000000 0.000000000 0.000000000 1000.000000000 ~~44000~~399532.~~000000000~~300000000 0.00 439,~~400~~953.0023 ~~44000~~399532.~~000000000~~300000000 N/A 0.000000000 9ABSQ244 P 100.00 100.00 0.00 0.00 100.00 439,~~400~~953.0023 ~~949~~906.~~179577846~~261500753 0.000000000 0.000000000 ~~940~~878.~~368896137~~975758042 1.~~775944389~~641332491 0.00 5,~~568~~664.8198 0.~~010530576~~010712432 2.~~23192390~~15913848% 0.000000000 N 9ABSQ245 X 528,822,944.02 ~~501~~479,~~947~~251,~~938~~874.7688 0.00 0.00 ~~497~~464,~~288~~822,~~648~~548.1209 ~~939~~867,~~160~~974.1428 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.00 0.00 0.000000000 N/A 0.000000000 9ABSQ246 R 0.00 0.00 0.00 0.00 0.00 0.00 Total P&I Payment 0.00 945,~~968~~618.8121 528,822,100.00 ~~500~~477,~~097~~401,~~157~~093.7688 716,~~107~~798,~~510~~430.1096 Total ~~495~~462,~~437~~971,~~867~~767.1209 414,~~659~~429,~~290~~326.6479 0.00 2,~~448~~369,~~219~~104.4617 23-~~Sep~~Dec-2004 - 0810:4628 (Q235-Q248) (c) 2004 LaSalle Bank N.A. Page 2 of 15 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 Principal Negative Closing Interest Interest Pass-Through Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Next Rate(3) WAC:WAMM:Current Index:Next Index: Payment Date:Prior Payment:Next Payment:Record Date: 6.~~092405~~081967% 12.~~615000~~180000%12.~~840000~~417500% 27-~~Sep~~Dec-0427-~~Sep~~Dec-04 2526-~~Aug~~Nov-04 25-~~Oct~~Jan-0405 3130-~~Aug~~Nov-04 Lehman ABS Corporation Mortgage Pass-Through Certificates Series 2004-1 Face Value (1) Balance Payment Adj. or Loss Amortization Balance Payment (2) Adjustment Rate ~~351~~347 Grantor Trust Statement Date: ABN AMRO Acct: 721741.1 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.00 0.00 0.000000000 N/A 0.000000000 9ABSQ247 E 0.00 0.00 0.00 0.00 0.00 0.00 Total P&I Payment 0.00 0.00 0.00 0.00 0.00 Total 0.00 0.00 0.00 0.00 23-~~Sep~~Dec-2004 - 0810:4628 (Q235-Q248) (c) 2004 LaSalle Bank N.A. Page 3 of 15 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 Principal Negative Closing Interest Interest Pass-Through Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Next Rate(3) WAC:WAMM:Current Index:Next Index: Payment Date:Prior Payment:Next Payment:Record Date: 6.~~092405~~081967% 12.~~615000~~180000%12.~~840000~~417500% 27-~~Sep~~Dec-0427-~~Sep~~Dec-04 2526-~~Aug~~Nov-04 25-~~Oct~~Jan-0405 3130-~~Aug~~Nov-04 Lehman ABS Corporation Mortgage Pass-Through Certificates Series 2004-1 Face Value (1) Balance Payment Adj. or Loss Amortization Balance Payment (2) Adjustment Rate ~~351~~347 Net Funds Cap Shortfalls Statement Date: ABN AMRO Acct: 721741.1 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.00 0.00 0.000000000 N/A 0.000000000 1-A1A 0.00 0.00 0.00 0.00 0.00 0.00 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.00 0.00 0.000000000 N/A 0.000000000 1-A1B 0.00 0.00 0.00 0.00 0.00 0.00 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.00 0.00 0.000000000 N/A 0.000000000 1-A2 0.00 0.00 0.00 0.00 0.00 0.00 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.00 0.00 0.000000000 N/A 0.000000000 2-A1 0.00 0.00 0.00 0.00 0.00 0.00 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.00 0.00 0.000000000 N/A 0.000000000 2-A2 0.00 0.00 0.00 0.00 0.00 0.00 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.00 0.00 0.000000000 N/A 0.000000000 M1 0.00 0.00 0.00 0.00 0.00 0.00 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.00 0.00 0.000000000 N/A 0.000000000 N M1-IO 0.00 0.00 0.00 0.00 0.00 0.00 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.00 0.00 0.000000000 N/A 0.000000000 M2 0.00 0.00 0.00 0.00 0.00 0.00 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.00 0.00 0.000000000 N/A 0.000000000 N M2-IO 0.00 0.00 0.00 0.00 0.00 0.00 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.00 0.00 0.000000000 N/A 0.000000000 X 0.00 0.00 0.00 0.00 0.00 0.00 Total P&I Payment 0.00 0.00 0.00 0.00 0.00 Total 0.00 0.00 0.00 0.00 23-~~Sep~~Dec-2004 - 0810:4628 (Q235-Q248) (c) 2004 LaSalle Bank N.A. Page 4 of 15 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 Lehman ABS Corporation Payment Date:Prior Payment:Next Payment:Record Date: 27-~~Sep~~Dec-0427-~~Sep~~Dec-04 2526-~~Aug~~Nov-04 25-~~Oct~~Jan-0405 3130-~~Aug~~Nov-04 Mortgage Pass-Through Certificates Series 2004-1 ABN AMRO Acct: 721741.1 Statement Date: Cash Reconciliation Summary Pool Group 1 Current Scheduled Interest Interest Summary Less Deferred Interest Plus Gross Advance Interest Less PPIS Reducing Scheduled Int ~~277~~253,~~767~~014.4614 0.~~000.~~00 ) (179.79 Less ASER Interest Adv Reduction 0.00 Less Other Adjustment 0.00 Total 1,~~075~~014,~~593~~967.5472 Unscheduled Interest:Prepayment Penalties 42,~~400~~779.0032 Yield Maintenance Penalties 0.00 Other Interest Proceeds 0.00 Total 42,~~400~~779.0032 Less Fees & Expenses Paid By/To Servicer Less Fee Paid To Servicer Less Fee Strips Paid by Servicer Special Servicing Fees Interest Due Serv on AdvancesRecoup of Prior AdvancesMisc. Fees & Expenses Total Unscheduled Fees & Expenses Total Interest Due Trust Less Fees & Expenses Paid By/To TrustTrustee FeeFee StripsMisc. FeesInterest Reserve WithholdingPlus Interest Reserve DepositTotal Total Interest Due Certs Principal Summary Scheduled Principal:Current Scheduled PrincipalAdvanced Scheduled PrincipalScheduled PrincipalUnscheduled Principal:CurtailmentsPrepayments in FullLiquidation ProceedsRepurchase ProceedsOther Principal ProceedsTotal Unscheduled Principal Remittance Principal Remittance P&I Due Trust Remittance P&I Due Certs Pool Balance Summary Beginning PoolScheduled PrincipalUnscheduled PrincipalDeferred InterestLiquidationsRepurchases Ending Pool Balance Count Principal Interest Prior Outstanding Plus Current Period Less Recovered Ending Outstanding Servicing Fee Summary Current Servicing FeesPlus Fees Advanced for PPISLess Reduction for PPISPlus Delinquent Servicing Fees Total Servicing Fees PPIS Summary Gross PPISReduced by PPIEReduced by Shortfalls in FeesReduced by Other AmountsPPIS Reducing Scheduled InterestPPIS Reducing Servicing Fee PPIS Due Certificate 0.00 0.00 0.000.00 0.00 0.00 1,~~068~~007,~~591~~583.5083 0.000.000.000.00 0.00 35,~~300~~583.3270 ~~115~~109,~~875~~135.~~05151~~11144,~~175~~718.3781 5322,~~401~~136.6747 25,~~101~~661,~~658~~643.4074 0.000.000.00 25,~~155~~683,~~060~~780.~~072~~215,~~306~~828,~~235~~499.4402 36,~~374~~836,~~826~~082.9485 36,~~374~~836,~~826~~082.9485 ~~218~~206,~~211~~710,~~052~~109.5253 ~~365~~347 ~~151~~144,~~175~~718.3781 25,~~155~~683,~~060~~780.0721 611 0.000.00 0 0.00 0 ~~215~~200,~~904~~881,~~817~~610.0851 ~~359~~336 ~~106~~118,~~649~~241.6298 ~~742~~808,~~064~~095.6766 ~~115~~109,~~875~~135.0511 ~~797~~762,~~826~~133.0838 ~~115~~117,~~226~~617.6197 ~~783~~797,~~597~~147.6487 1110,~~402~~343.0401 0.~~000.~~00 34) (179.79 32,~~058~~721.5960 4542,~~460~~884.6481 179.79 0.000.000.~~000~~00 179.~~000~~79179.~~000.00~~79 0.00 ~~Advance Summary (Advance Made by Servicer~~) ) (1110,~~402~~163.0421 1,~~068~~007,~~591~~583.5083 Interest Not Advanced ( Current Period ) 0.00 ~~797~~762,~~826~~133.0838 Workout FeesLiquidation Fees 0.000.00 Less Non Recovered ) (~~756~~773,~~293~~081.1118 ) (~~107~~109,~~298~~759.0612 0.00 0.00 0.00 Advance Summary (Advance Made by Servicer) Page 5 of 15 23-~~Sep~~Dec-2004 - 0810:4628 (Q235-Q248) (c) 2004 LaSalle Bank N.A. Lehman ABS Corporation Payment Date:Prior Payment:Next Payment:Record Date: 27-~~Sep~~Dec-0427-~~Sep~~Dec-04 2526-~~Aug~~Nov-04 25-~~Oct~~Jan-0405 3130-~~Aug~~Nov-04 Mortgage Pass-Through Certificates Series 2004-1 ABN AMRO Acct: 721741.1 Statement Date: Cash Reconciliation Summary Pool Group 2 Current Scheduled Interest Interest Summary Less Deferred Interest Plus Gross Advance Interest Less PPIS Reducing Scheduled Int ~~355~~346,~~019~~327.9248 0.~~000.~~00 ) (449.92 Less ASER Interest Adv Reduction 0.00 Less Other Adjustment 0.00 Total 1,~~394~~337,~~216~~986.9705 Unscheduled Interest:Prepayment Penalties 037,173.0091 Yield Maintenance Penalties 0.00 Other Interest Proceeds 0.00 Total 037,173.0091 Less Fees & Expenses Paid By/To Servicer Less Fee Paid To Servicer Less Fee Strips Paid by Servicer Special Servicing Fees Interest Due Serv on AdvancesRecoup of Prior AdvancesMisc. Fees & Expenses Total Unscheduled Fees & Expenses Total Interest Due Trust Less Fees & Expenses Paid By/To TrustTrustee FeeFee StripsMisc. FeesInterest Reserve WithholdingPlus Interest Reserve DepositTotal Total Interest Due Certs Principal Summary Scheduled Principal:Current Scheduled PrincipalAdvanced Scheduled PrincipalScheduled PrincipalUnscheduled Principal:CurtailmentsPrepayments in FullLiquidation ProceedsRepurchase ProceedsOther Principal ProceedsTotal Unscheduled Principal Remittance Principal Remittance P&I Due Trust Remittance P&I Due Certs Pool Balance Summary Beginning PoolScheduled PrincipalUnscheduled PrincipalDeferred InterestLiquidationsRepurchases Ending Pool Balance Count Principal Interest Prior Outstanding Plus Current Period Less Recovered Ending Outstanding Servicing Fee Summary Current Servicing FeesPlus Fees Advanced for PPISLess Reduction for PPISPlus Delinquent Servicing Fees Total Servicing Fees PPIS Summary Gross PPISReduced by PPIEReduced by Shortfalls in FeesReduced by Other AmountsPPIS Reducing Scheduled InterestPPIS Reducing Servicing Fee PPIS Due Certificate 0.00 0.00 0.000.00 0.00 0.00 1,~~379~~361,~~627~~520.9434 0.000.000.000.00 0.00 5248,~~865~~394.7110 ~~158~~156,~~407~~386.~~15211~~79204,~~272~~780.8689 5042,~~448~~650.8055 28,~~091~~353,~~333~~396.5433 0.000.000.00 28,~~141~~396,~~782~~046.~~342~~888,~~353~~600,~~055~~827.2077 39,~~732~~962,~~683~~348.1411 39,~~732~~962,~~683~~348.1411 ~~283~~272,~~736~~541,~~886~~765.2435 ~~506~~492 ~~211~~204,~~272~~780.8689 28,~~141~~396,~~782~~046.3488 317 0.000.00 0 0.00 0 ~~281~~263,~~383~~940,~~831~~937.0458 ~~503~~475 ~~142~~139,~~746~~552.7955 ~~891~~883,~~641~~379.7441 ~~158~~156,~~407~~386.1579 1992,~~039,197~~108.0548 ~~139~~138,~~938~~339.0102 ~~909~~860,~~769~~064.1473 14,~~589~~089.0354 0.~~000.~~00 44) (449.92 42,~~522~~690.8200 5956,~~111~~329.8562 449.92 0.000.000.~~000~~00 449.~~000~~92449.~~000.00~~92 0.00 ~~Advance Summary (Advance Made by Servicer~~) ) (1413,~~589~~639.0362 1,~~379~~361,~~627~~520.9434 Interest Not Advanced ( Current Period ) 0.00 1992,~~039,197~~108.0548 Workout FeesLiquidation Fees 0.000.00 Less Non Recovered ) (1,~~021~~015,~~069~~423.6517 ) (~~161~~157,~~215~~600.9332 0.00 0.00 0.00 Advance Summary (Advance Made by Servicer) Page 6 of 15 23-~~Sep~~Dec-2004 - 0810:4628 (Q235-Q248) (c) 2004 LaSalle Bank N.A. Lehman ABS Corporation Class Accrued Payment Date:Prior Payment:Next Payment:Record Date: 27-~~Sep~~Dec-0427-~~Sep~~Dec-04 2526-~~Aug~~Nov-04 25-~~Oct~~Jan-0405 3130-~~Aug~~Nov-04 Mortgage Pass-Through Certificates Series 2004-1 ABN AMRO Acct: 721741.1Bond Interest Reconciliation Deductions Allocable Deferred & Prior Prepay- Other Additions Interest Credit Support Original Current(4) Accrual Int. Short- falls Due ment Interest Interest (2) Payment Amount PPIS Interest Certificate Accretion Interest Loss/Exp Interest Penalties Proceeds (1) Interest Shortfalls Certificate Rate PassThru Method Days Outstanding Remaining Statement Date: Distributable Current Period (Shortfall)/ Recovery Int Accrual on Prior Shortfall (3) 0.00 0.00 0.00 0.00 0.00 E 30 0.00 0.00 0.00 0.00 NA NA 0.000000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1-A1A 3230 2720,~~219~~877.8639 2720,~~219~~877.8639 2720,~~219~~877.8639 0.00 NA NA 30/360 1.780000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1-A1B 3331 7273,~~365~~938.4622 7273,~~365~~938.4622 7273,~~365~~938.4622 0.00 NA NA Act/360 12.~~715000000~~280000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1-A2 30 517,395.98 517,395.98 517,395.98 0.00 NA NA 30/360 4.230000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2-A1 3230 ~~196~~158,~~977~~264.8994 ~~196~~158,~~977~~264.8994 ~~196~~158,~~977~~264.8994 0.00 NA NA 30/360 2.830000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2-A2 30 623,476.13 623,476.13 623,476.13 0.00 NA NA 30/360 3.830000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 M1 30 39,781.80 39,781.80 39,781.80 0.00 NA NA 30/360 4.770000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 M1-IO 30 667.20 667.20 667.20 0.00 NA NA 30/360 0.080000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 M2 30 26,507.25 26,507.25 26,507.25 0.00 NA NA 30/360 4.950000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 M2-IO 30 267.75 267.75 267.75 0.00 NA NA 30/360 0.050000000% 0.00 0.00 0.00 0.00 439,~~400~~953.0023 0.00 0.00 0.00 P 30 0.00 439,~~400~~953.0023 439,~~400~~953.0023 0.00 NA NA 30/360 0.000000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 X 30 ~~933~~862,~~591~~309.3330 2,~~764~~668,~~083~~728.3082 ~~939~~867,~~160~~974.1428 1,~~824~~808,~~923~~193.1673 NA NA 30/360 2.~~231923899~~159138478% 5) (1,~~568~~774.8121 1,~~830~~806,~~491~~419.9752 0.00 0.00 0.00 0.00 439,~~400~~953.0023 0.00 2,~~438~~323,~~250~~485.6596 4,~~273~~169,~~142~~858.6271 2,~~448~~369,~~219~~104.4617 1,~~824~~808,~~923~~193.1673 5) (1,~~568~~774.8121 1,~~830~~806,~~491~~419.9752 0.00 (2) Accrued - Deductions + Additions Interest (3) Includes interest accrued on outstanding Interest Shortfalls and/or Loss Allocations. Where applicable. 23-~~Sep~~Dec-2004 - 0810:4628 (Q235-Q248) (c) 2004 LaSalle Bank N.A. Page 7 of 15 (1) Other Interest Proceeds are additional interest amounts specifically allocated to the bond(s) and used in determining the bonds Distributable Interest. (4) Determined as follows: (A) the ending balance of all the classes less (B) the sum of (i) the ending balance of the class and (ii) the ending balance of all classes which are not subordinate to the class divided by (A). Lehman ABS Corporation Payment Date:Prior Payment:Next Payment:Record Date: 27-~~Sep~~Dec-0427-~~Sep~~Dec-04 2526-~~Aug~~Nov-04 25-~~Oct~~Jan-0405 3130-~~Aug~~Nov-04 Mortgage Pass-Through Certificates Series 2004-1 ABN AMRO Acct: 721741.1 Interest Adjustments Summary Statement Date 0.00 0.00 0.00 0.00 Special Servicing Fees Workout Fees Liquidation Fees Legal Fees 0.00 0.00 Misc. Fees & Expenses Paid by/to Servicer Interest Paid to Servicer on Outstanding Advances 0.00 0.00 ASER Interest Advance Reduction Interest Not Advanced (Current Period) Recoup of Prior Advances by Servicer 0.00 0.00 Servicing Fees Paid Servicer on Loans Not Advanced Misc. Fees & Expenses Paid by Trust 0.00 0.00 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 439,~~400~~953.0023 439,~~400~~953.0023 Total Excess Allocated to the Bonds 439,~~400~~953.0023 0.00 Aggregate Interest Adjustment Allocated to the Bonds 0.00 439,~~400~~953.0023 0.00 0.00 Prepayment Interest Excess Due the Bonds 0.00 ARD Excess Interest 0.00 0.00 0.00 Net Prepayment Int. Shortfalls Allocated to the Bonds Other Interest Loss Page 8 of 15 23-~~Sep~~Dec-2004 - 0810:4628 (Q235-Q248) (c) 2004 LaSalle Bank N.A. Lehman ABS Corporation Payment Date:Prior Payment:Next Payment:Record Date: 27-~~Sep~~Dec-0427-~~Sep~~Dec-04 2526-~~Aug~~Nov-04 25-~~Oct~~Jan-0405 3130-~~Aug~~Nov-04 Mortgage Pass-Through Certificates Series 2004-1 Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Distribution Date Delinq 1 Month Delinq 2 Months Delinq 3+ Months Foreclosure REO Modifications Specially Serviced Bankruptcy # Balance # Balance # Balance # Balance # Balance # Balance # Balance # Balance Delinquency Aging Categories Special Event Categories (1) Statement Date: ABN AMRO Acct: 721741.1 0.37% 0.14% 0.00% 0.00% 3 0.37% 3,847,686 0.83% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 27-Dec-04 3 669,475 0 0 0 0 0 0 0 0 0 0 0 0 0.60% 0.49% 0.12% 0.03% 3 0.36% 3,851,233 0.80% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 26-Nov-04 5 2,371,350 1 142,399 0 0 0 0 0 0 0 0 0 0 0.35% 0.51% 0.12% 0.30% 2 0.23% 2,366,648 0.48% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 25-Oct-04 3 2,492,399 1 1,488,112 0 0 0 0 0 0 0 0 0 0 0.58% 0.52% 0.12% 0.08% 2 0.23% 2,388,149 0.48% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 27-Sep-04 5 2,601,004 1 384,655 0 0 0 0 0 0 0 0 0 0 1.15% 0.59% 0.23% 0.11% 1 0.11% 1,985,950 0.40% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 25-Aug-04 10 2,944,213 2 567,000 0 0 0 0 0 0 0 0 0 0 1.03% 0.69% 0.11% 0.39% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 26-Jul-04 9 3,479,853 1 1,987,741 0 0 0 0 0 0 0 0 0 0 1.59% 2.00% 0.00% 0.00% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 25-Jun-04 14 10,139,766 0 0 0 0 0 0 0 0 0 0 0 0 0.22% 0.11% 0.11% 0.39% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 25-May-04 2 560,098 1 1,991,293 0 0 0 0 0 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 26-Apr-04 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (1) Note: Modification, Specially Serviced & Bankruptcy Totals are Included in the Appropriate Delinquency Aging Category Page 9 of 15 23-~~Sep~~Dec-2004 - 0810:4628 (Q235-Q248) (c) 2004 LaSalle Bank N.A. Lehman ABS Corporation Payment Date:Prior Payment:Next Payment:Record Date: 27-~~Sep~~Dec-0427-~~Sep~~Dec-04 2526-~~Aug~~Nov-04 25-~~Oct~~Jan-0405 3130-~~Aug~~Nov-04 Mortgage Pass-Through Certificates Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary Distribution Date Ending Pool (1) Payoffs(2) Penalties Appraisal Reduct. (2) Liquidations (2) Realized Losses (2) Remaining Term Curr Weighted Avg. # Balance # Balance # Amount # Balance # Balance # Amount Life Coupon Remit Statement Date: Amort ABN AMRO Acct: 721741.1 Series 2004-1 27-Dec-04 811 88.34% 464,822,548 87.90% 3.34% 2.92% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 347 348 6.08% 5.83% 4 39,953 28 14,015,040 26-Nov-04 839 91.39% 479,251,875 90.63% 1.53% 2.46% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 349 349 6.09% 5.84% 1 43,224 13 12,093,584 25-Oct-04 852 92.81% 491,779,677 93.00% 1.16% 0.97% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 350 350 6.09% 5.84% 0 0 10 4,839,916 27-Sep-04 862 93.90% 497,288,648 94.04% 1.03% 0.84% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 351 351 6.09% 5.84% 1 4,400 9 4,192,992 25-Aug-04 871 94.88% 501,947,939 94.92% 0.46% 0.23% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 352 352 6.09% 5.84% 0 0 4 1,161,969 26-Jul-04 875 95.32% 503,549,063 95.22% 0.79% 0.80% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 353 353 6.10% 5.85% 1 14,590 7 4,070,368 25-Jun-04 882 96.08% 508,133,487 96.09% 0.90% 0.66% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 354 354 6.10% 5.85% 0 0 8 3,363,789 25-May-04 890 96.95% 512,244,825 96.87% 1.55% 1.53% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 355 355 6.10% 5.85% 1 24,940 14 7,973,312 26-Apr-04 905 98.58% 521,266,381 98.57% 1.42% 1.35% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 356 356 6.10% 5.85% 0 0 13 7,152,907 (1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period. Page 10 of 15 23-~~Sep~~Dec-2004 - 0810:4628 (Q235-Q248) (c) 2004 LaSalle Bank N.A. Lehman ABS Corporation Payment Date:Prior Payment:Next Payment:Record Date: 27-~~Sep~~Dec-0427-~~Sep~~Dec-04 2526-~~Aug~~Nov-04 25-~~Oct~~Jan-0405 3130-~~Aug~~Nov-04 Mortgage Pass-Through Certificates Series 2004-1 ABN AMRO Acct: 721741.1 Other Reporting Information Statement Date: Class 1-A1A Class 1-A1B Class 1-A2Class 2-A1 Deferred Amounts: Class 2-A2 Class M1Class M2 Pool 1 Overcollateralization: Pool 2 Overcollateralization: Pool 1 Overcollateralization Deficiency: Pool 2 Overcollateralization Deficiency: Pool Group 1 Interest Remittance Amount: Pool Group 2 Interest Remittance Amount: Pool Group 1 Principal Remittance Amount: Pool Group 2 Principal Remittance Amount: Pool Group 1 Principal Distribution Amount: Pool Group 2 Principal Distribution Amount: Aggregate OverCollateralization Release Amount: 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,~~379~~324,~~627~~346.9443 25,~~306~~828,~~235~~499.4402 28,~~353~~600,~~055~~827.2077 25,~~306~~828,~~235~~499.4402 28,~~353~~600,~~055~~827.2077 0.00 796,926.00 1,053,955.00 1,~~064~~004,~~191~~804.5051 Page 11 of 15 23-~~Sep~~Dec-2004 - 0810:4628 (Q235-Q248) (c) 2004 LaSalle Bank N.A. Lehman ABS Corporation Payment Date:Prior Payment:Next Payment:Record Date: 27-~~Sep~~Dec-0427-~~Sep~~Dec-04 2526-~~Aug~~Nov-04 25-~~Oct~~Jan-0405 3130-~~Aug~~Nov-04 Mortgage Pass-Through Certificates Series 2004-1 ABN AMRO Acct: 721741.1 Other Reporting Information Statement Date: Aggregate Distributions to Classes X, P, R, E: Class XClass PClass RClass E Current Distribution Net Funds Cap Shortfalls: Class 1-A1AClass 1-A1BClass 1-A2Class 2-1A Unpaid Net Funds Cap Shortfalls: Class 1-A1AClass 1-A1BClass 1-A2Class 2-A1Class 2-A2Class M1Class M2 Class 2-A2Class M1Class M2Class M1-IOClass M2-IO Class M1-IO Class M2-IO ~~939~~867,~~160~~974.1428 439,~~400~~953.0023 0.00 0.00 0.000.000.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.000.000.000.000.00 0.00 0.00 Page 12 of 15 23-~~Sep~~Dec-2004 - 0810:4628 (Q235-Q248) (c) 2004 LaSalle Bank N.A. Lehman ABS Corporation Payment Date:Prior Payment:Next Payment:Record Date: 27-~~Sep~~Dec-0427-~~Sep~~Dec-04 2526-~~Aug~~Nov-04 25-~~Oct~~Jan-0405 3130-~~Aug~~Nov-04 Mortgage Pass-Through Certificates Series 2004-1 ABN AMRO Acct: 721741.1 Realized Loss Detail Period Disclosure Control # Appraisal Date Appraisal Value BeginningScheduled Balance Gross Proceeds Gross Proceeds as a % of Sched. Balance Aggregate LiquidationExpenses * Net Liquidation Proceeds Net Proceeds as a % of Sched. Balance Realized Loss Statement Date: Pool Group 1 Current TotalCumulative 23-~~Sep~~Dec-2004 - 0810:4628 (Q235-Q248) (c) 2004 LaSalle Bank N.A. Page 13 of 15 * Aggregate liquidation expenses also include outstanding P&I advances and unpaid servicing fees, unpaid trustee fees, etc.. Lehman ABS Corporation Payment Date:Prior Payment:Next Payment:Record Date: 27-~~Sep~~Dec-0427-~~Sep~~Dec-04 2526-~~Aug~~Nov-04 25-~~Oct~~Jan-0405 3130-~~Aug~~Nov-04 Mortgage Pass-Through Certificates Series 2004-1 ABN AMRO Acct: 721741.1 Realized Loss Detail Period Disclosure Control # Appraisal Date Appraisal Value BeginningScheduled Balance Gross Proceeds Gross Proceeds as a % of Sched. Balance Aggregate LiquidationExpenses * Net Liquidation Proceeds Net Proceeds as a % of Sched. Balance Realized Loss Statement Date: Pool Group 2 Current TotalCumulative 23-~~Sep~~Dec-2004 - 0810:4628 (Q235-Q248) (c) 2004 LaSalle Bank N.A. Page 14 of 15 * Aggregate liquidation expenses also include outstanding P&I advances and unpaid servicing fees, unpaid trustee fees, etc.. Lehman ABS Corporation Payment Date:Prior Payment:Next Payment:Record Date: 27-~~Sep~~Dec-0427-~~Sep~~Dec-04 2526-~~Aug~~Nov-04 25-~~Oct~~Jan-0405 3130-~~Aug~~Nov-04 Mortgage Pass-Through Certificates Series 2004-1 Historical Collateral Level REO Report Property Type Statement Date: State Actual Balance Scheduled Balance Recent Appraisal Value Appraisal Reduction Amount Date Liquidated Liquidation Proceeds Liquidation Expenses Realized Loss Disclosure Control # REO Date City Appraisal Date ABN AMRO Acct: 721741.1 23-~~Sep~~Dec-2004 - 0810:4628 (Q235-Q248) (c) 2004 LaSalle Bank N.A. Page 15 of 15

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