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-HE10, Asset-Backed Certificates, Series 2004-HE10, 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 5.06 of the Pooling and Servicing Agreement for the distribution on December 27, 2004.

(Exhibit No. Description)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LASALLE BANK NATIONAL ASSOCIATION, IN ITS CAPACITY AS TRUSTEE UNDER THE POOLING AND SERVICING AGREEMENT ON BEHALF OF BEAR STEARNS ASSET BACKED SECURITIES I LLC, REGISTRANT

By: /s/ Russell Goldenberg
Russell Goldenberg
Group Senior Vice President

Date: December 29, 2004

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

Reporting Package Table of Contents

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Administrator:

Megan Olson 312.904.6709
megan.olson@abnamro.com

Analyst:

David Ratner 714.259.6251
david.ratner@abnamro.com

Statement Date:

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

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

Rating Information

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

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

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

Page 17

Page 18-26
Page 27-35

Page 36-44
Page 45

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

BS04HE10

BS04HE10_200412_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

30-Nov-04
27-Dec-04

25-Dec-34

Parties to The Transaction

Issuer: Bear Stearns Asset Backed Securities, Inc.

Depositor: Bear Stearns Asset Backed Securities, Inc.

Underwriter: Bear Stearns Asset Backed Securities, Inc.

Master Servicer: EMC Mortgage Corporation

Rating Agency: Standard & Poor's Rating 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 45

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:

Next Index:

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

7.424620%

2.417500%

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE10

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

346

REMIC II

Statement Date:

ABN AMRO Acct: 722192.2

1000.000000000

46.226016283

0.000000000

953.773983717

1.770000000

2.597500000%

0.00

0.000000000

2.36000000%

0.000000000

073879ML9

I-A-1

123,194,000.00

5,694,767.85

0.00

117,499,232.15

218,053.38

1000.000000000

0.000000000

1000.000000000

1.890000000

2.757500000%

0.00

0.000000000

2.52000000%

0.000000000

073879MM7

I-A-2

67,888,000.00

0.00

67,888,000.00

128,308.32

1000.000000000

0.000000000

1000.000000000

2.025000000

2.937500000%

0.00

0.000000000

2.70000000%

0.000000000

073879MN5

I-A-3

37,948,000.00

0.00

37,948,000.00

76,844.70

1000.000000000

18.761826800

0.000000000

981.238173200

1.897499988

2.767500000%

0.00

0.000000000

2.53000000%

0.000000000

073879MP0

II-A-1

204,423,000.00

3,835,348.92

0.00

200,587,651.08

387,892.64

1000.000000000

18.761826791

0.000000000

981.238173209

1.935000000

2.817500000%

0.00

0.000000000

2.58000000%

0.000000000

073879MQ8

II-A-2

51,106,000.00

958,841.92

0.00

50,147,158.08

98,890.11

1000.000000000

0.000000000

1000.000000000

2.122500121

3.067500000%

0.00

0.000000000

2.83000000%

0.000000000

073879MR6

M-1

41,350,000.00

0.00

41,350,000.00

87,765.38

1000.000000000

0.000000000

1000.000000000

2.497500095

3.567500000%

0.00

0.000000000

3.33000000%

0.000000000

073879MS4

M-2

26,341,000.00

0.00

26,341,000.00

65,786.65

1000.000000000

0.000000000

1000.000000000

2.647500308

3.767500000%

0.00

0.000000000

3.53000000%

0.000000000

073879MT2

M-3

16,234,000.00

0.00

16,234,000.00

42,979.52

1000.000000000

0.000000000

1000.000000000

2.910000000

4.117500000%

0.00

0.000000000

3.88000000%

0.000000000

073879MU9

M-4

7,657,000.00

0.00

7,657,000.00

22,281.87

1000.000000000

0.000000000

1000.000000000

2.985000710

4.217500000%

0.00

0.000000000

3.98000000%

0.000000000

073879MV7

M-5

7,045,000.00

0.00

7,045,000.00

21,029.33

1000.000000000

0.000000000

1000.000000000

3.960000000

5.517500000%

0.00

0.000000000

5.28000000%

0.000000000

073879MW5

M-6

6,126,000.00

0.00

6,126,000.00

24,258.96

1000.000000000

0.000000000

1000.000000000

4.635000544

6.417500000%

0.00

0.000000000

6.18000000%

0.000000000

073879MX3

M-7

9,189,000.00

0.00

9,189,000.00

42,591.02

0.000000000

0.00

2,316,799.77

0.000000000

N/A

0.000000000

073879NP9

14,089,220.28

0.00

14,089,220.28

2,316,799.77

0.000000000

0.00

135,750.04

0.000000000

N/A

0.000000000

073879NN4

100.00

0.00

100.00

135,750.04

0.000000000

0.00

0.000000000

N/A

0.000000000

073879NQ7

R-1

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

073879NR5

R-2

0.00

Page 2 of 45

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:

Next Index:

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

7.424620%

2.417500%

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE10

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

346

REMIC II

Statement Date:

ABN AMRO Acct: 722192.2

Total P&I Payment

0.00

2,452,549.81

612,590,220.28

14,158,190.38

Total

602,101,261.59

10,488,958.69

0.00

3,669,231.69

Page 3 of 45

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:

Next Index:

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

7.424620%

2.417500%

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE10

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

346

REMIC III

Statement Date:

ABN AMRO Acct: 722192.2

1000.000000000

0.000000000

1000.000000000

164.437756239

0.00

2,316,799.77

164.437756239

N/A

0.000000000

073879NP9

14,089,220.28

0.00

14,089,220.28

2,316,799.77

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABST221

R-3

0.00

Total P&I Payment

0.00

2,316,799.77

14,089,220.28

2,316,799.77

Total

14,089,220.28

0.00

2,316,799.77

Page 4 of 45

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:

Next Index:

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

7.424620%

2.417500%

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Bear Stearns Asset Backed Securities Trust

Asset-Backed Certificates

Series 2004-HE10

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

346

REMIC IV

Statement Date:

ABN AMRO Acct: 722192.2

1000.000000000

0.000000000

1000.000000000

1357500.400000000

0.00

135,750.04

1357500.400000000

N/A

0.000000000

073879NN4

100.00

0.00

100.00

135,750.04

0.000000000

0.00

0.000000000

N/A

0.000000000

073879NS3

R-X

0.00

Total P&I Payment

0.00

135,750.04

0.00

135,750.04

Total

0.00

135,750.04

Page 5 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

Statement Date:

Cash Reconciliation Summary

Interest Summary

Total Trustee Fees

Available Interest

3,669,231.67

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

420,703.83

21,763.28

10,046,491.58

0.00
0.00
0.00

14,159,670.78

Pool Balance Summary

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

Balance/Amount

Count

612,590,220.28

420,703.83

10,068,254.86

0.00
0.00
0.00

602,101,261.59

3,861

0
0

3,807

244,245.29

Extra Principal

Trigger Event

0.00

10,488,958.69

Over Collateralization Amt

14,089,220.28

Less Extra Principal

Remittance Interest

0.00

3,669,231.67

0.00

10,068,254.86

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(1,480.43

3,670,712.09

Total Fees

245,725.71

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.09

0.00

1,480.43

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 6 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

Statement Date:

Cash Reconciliation Summary Group I Loans - Fixed 1st Lien

Interest Summary

Total Trustee Fees

Available Interest

340,412.99

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

61,856.19

2,777.11

803,408.74

0.00
0.00
0.00

1,208,606.17

Pool Balance Summary

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

Balance/Amount

Count

62,541,896.10

61,856.19

806,185.85

0.00
0.00
0.00

61,673,854.06

330

0
0

325

25,578.88

Extra Principal

Trigger Event

0.00

868,042.04

Over Collateralization Amt

14,089,220.28

Remittance Interest

340,412.99

0.00

806,185.85

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(151.14

340,564.13

Total Fees

25,730.02

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.09

0.00

151.14

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 7 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

Statement Date:

Cash Reconciliation Summary Group I Loans - Fixed 2nd Lien

Interest Summary

Total Trustee Fees

Available Interest

133,878.28

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

9,839.92

3,476.19

327,088.09

0.00
0.00
0.00

474,321.58

Pool Balance Summary

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

Balance/Amount

Count

16,178,324.35

9,839.92

330,564.28

0.00
0.00
0.00

15,837,920.15

337

0
0

333

6,299.10

Extra Principal

Trigger Event

0.00

340,404.20

Over Collateralization Amt

14,089,220.28

Remittance Interest

133,878.28

0.00

330,564.28

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(39.10

133,917.38

Total Fees

6,338.20

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.09

0.00

39.10

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 8 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

Statement Date:

Cash Reconciliation Summary Group I Loans - ARM-228

Interest Summary

Total Trustee Fees

Available Interest

1,033,876.40

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

104,028.90

6,876.81

3,138,015.49

0.00
0.00
0.00

4,283,234.40

Pool Balance Summary

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

Balance/Amount

Count

180,742,303.82

104,028.90

3,144,892.30

0.00
0.00
0.00

177,493,382.62

882

0
0

869

74,487.27

Extra Principal

Trigger Event

0.00

3,248,921.20

Over Collateralization Amt

14,089,220.28

Remittance Interest

1,033,876.40

0.00

3,144,892.30

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(436.79

1,034,313.20

Total Fees

74,924.06

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.09

0.00

436.79

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 9 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

Statement Date:

Cash Reconciliation Summary Group I Loans - ARM-327

Interest Summary

Total Trustee Fees

Available Interest

179,322.03

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

16,201.87

)

(193.47

1,221,392.01

0.00
0.00
0.00

1,416,795.14

Pool Balance Summary

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

Balance/Amount

Count

30,082,758.96

16,201.87

1,221,198.54

0.00
0.00
0.00

28,845,358.55

155

0
0

151

10,670.34

Extra Principal

Trigger Event

0.00

1,237,400.41

Over Collateralization Amt

14,089,220.28

Remittance Interest

179,322.03

0.00

1,221,198.54

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(72.70

179,394.73

Total Fees

10,743.04

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.09

0.00

72.70

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 10 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

Statement Date:

Cash Reconciliation Summary Group II Loans - Fixed 1st Lien

Interest Summary

Total Trustee Fees

Available Interest

256,184.40

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

48,038.25

1,152.80

508,867.03

0.00
0.00
0.00

814,353.10

Pool Balance Summary

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

Balance/Amount

Count

45,775,114.17

48,038.25

510,019.83

0.00
0.00
0.00

45,217,056.09

291

0
0

289

18,519.38

Extra Principal

Trigger Event

0.00

558,058.08

Over Collateralization Amt

14,089,220.28

Remittance Interest

256,184.40

0.00

510,019.83

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(110.62

256,295.02

Total Fees

18,630.01

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.09

0.00

110.62

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 11 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

Statement Date:

Cash Reconciliation Summary Group II Loans - Fixed 2nd Lien

Interest Summary

Total Trustee Fees

Available Interest

75,231.37

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

7,820.36

693.26

138,416.97

0.00
0.00
0.00

222,183.47

Pool Balance Summary

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

Balance/Amount

Count

8,901,076.09

7,820.36

139,110.23

0.00
0.00
0.00

8,754,145.50

265

0
0

262

3,442.90

Extra Principal

Trigger Event

0.00

146,930.59

Over Collateralization Amt

14,089,220.28

Remittance Interest

75,231.37

0.00

139,110.23

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(21.51

75,252.88

Total Fees

3,464.41

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.09

0.00

21.51

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 12 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

Statement Date:

Cash Reconciliation Summary Group II Loans - ARM 228

Interest Summary

Total Trustee Fees

Available Interest

1,272,921.88

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

143,984.00

6,283.52

3,253,579.93

0.00
0.00
0.00

4,677,312.17

Pool Balance Summary

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

Balance/Amount

Count

224,624,228.98

143,984.00

3,259,863.45

0.00
0.00
0.00

221,220,381.53

1,327

0
0

1,308

87,130.92

Extra Principal

Trigger Event

0.00

3,403,847.45

Over Collateralization Amt

14,089,220.28

Remittance Interest

1,272,921.88

0.00

3,259,863.45

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(542.84

1,273,464.72

Total Fees

87,673.77

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.09

0.00

542.84

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 13 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

Statement Date:

Cash Reconciliation Summary Group II Loans - ARM 327

Interest Summary

Total Trustee Fees

Available Interest

241,654.27

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:

Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

28,934.34

697.06

655,723.32

0.00
0.00
0.00

927,114.71

Pool Balance Summary

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

Balance/Amount

Count

43,744,517.81

28,934.34

656,420.38

0.00
0.00
0.00

43,059,163.09

274

0
0

270

18,116.49

Extra Principal

Trigger Event

0.00

685,354.72

Over Collateralization Amt

14,089,220.28

Remittance Interest

241,654.27

0.00

656,420.38

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(105.72

241,759.99

Total Fees

18,222.21

Insurance Premium

Reimbursement Amt

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

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.09

0.00

105.72

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 14 of 45

Bear Stearns Asset Backed Securities Trust

Class

Accrued

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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

218,053.38

0.00

218,053.38

Act/360

0.00

5,502,840.97

0.00

I-A-2

128,308.32

0.00

128,308.32

Act/360

0.00

I-A-3

76,844.70

0.00

76,844.70

Act/360

0.00

II-A-1

387,892.64

0.00

387,892.64

Act/360

0.00

3,652,327.54

0.00

II-A-2

98,890.11

0.00

98,890.11

Act/360

0.00

913,086.35

0.00

M-1

87,765.38

0.00

87,765.38

Act/360

0.00

M-2

65,786.65

0.00

65,786.65

Act/360

0.00

M-3

42,979.52

0.00

42,979.52

Act/360

0.00

M-4

22,281.87

0.00

22,281.87

Act/360

0.00

M-5

21,029.33

0.00

21,029.33

Act/360

0.00

M-6

24,258.96

0.00

24,258.96

Act/360

0.00

M-7

42,591.02

0.00

42,591.02

Act/360

0.00

2,316,799.77

30/360

0.00

135,750.04

30/360

0.00

1,216,681.88

1,352,431.92

3,669,231.69

0.00

10,068,254.86

0.00

(2) Principal Prepayments include the Extra Principal Amount

Page 15 of 45

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

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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

135,750.04

135,750.04

Total Excess Allocated to the Bonds

135,750.04

0.00

Aggregate Interest Adjustment Allocated to the Bonds

0.00

135,750.04

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 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

Rating Information

Class

CUSIP

Fitch

Moody's

S&P

Fitch

Moody's

S&P

Original Ratings

Rating Change/Change Date(1)

Statement Date:

R-1

073879NQ7

I-A-1

073879ML9

Aaa

AAA

I-A-2

073879MM7

Aaa

AAA

I-A-3

073879MN5

Aaa

AAA

II-A-1

073879MP0

Aaa

AAA

II-A-2

073879MQ8

Aaa

AAA

M-1

073879MR6

Aa2

M-2

073879MS4

M-3

073879MT2

A-

M-4

073879MU9

Baa1

BBB+

M-5

073879MV7

Baa2

BBB

M-6

073879MW5

Baa3

BBB-

M-7

073879MX3

R-2

073879NR5

073879NP9

R-3

9ABST221

073879NN4

R-X

073879NS3

Page 17 of 45

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

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

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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

0.53%

0.05%

0.08%

274,375

0.05%

0.00%

27-Dec-04

3,181,823

282,683

3,782

598,362,380

99.34%

99.38%

Page 18 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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 I Loans - Fixed 1st Lien

0.62%

0.27%

0.00%

27-Dec-04

163,442

323

61,510,412

99.38%

99.73%

Page 19 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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 I Loans - Fixed 2nd Lien

0.00%

0.30%

0.62%

0.00%

27-Dec-04

97,616

332

15,740,304

99.70%

99.38%

Page 20 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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 I Loans - ARM-228

0.92%

0.66%

0.12%

0.10%

0.00%

27-Dec-04

1,175,431

185,067

860

176,132,885

98.96%

99.23%

Page 21 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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 I Loans - ARM-327

2.65%

3.23%

0.00%

27-Dec-04

931,000

147

27,914,359

97.35%

96.77%

Page 22 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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 II Loans - Fixed 1st Lien

0.00%

27-Dec-04

289

45,217,056

100.00%

Page 23 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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 II Loans - Fixed 2nd Lien

0.38%

0.44%

0.00%

27-Dec-04

38,530

261

8,715,616

99.62%

99.56%

Page 24 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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 II Loans - ARM 228

0.31%

0.30%

0.00%

0.23%

274,375

0.12%

0.00%

27-Dec-04

665,886

1,301

220,280,120

99.46%

99.57%

Page 25 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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 II Loans - ARM 327

0.37%

0.48%

0.00%

27-Dec-04

207,535

269

42,851,628

99.63%

99.52%

Page 26 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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

0.00%

0.00% 0.00%

0.00%

0.08%

0.05%

315,084

0.00%

Page 27 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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 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%

Page 28 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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 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%

Page 29 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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 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%

Page 30 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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 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%

Page 31 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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 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%

Page 32 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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 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%

Page 33 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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 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%

0.15%

0.08%

183,793

0.00%

Page 34 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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 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%

0.37%

0.30%

131,291

0.00%

Page 35 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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

3,807

98.60%

602,101,262

98.29%

1.40%

1.64%

0.00%

346

7.42%

6.92%

10,046,492

0.00

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

Page 36 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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 I Loans - Fixed 1st Lien

27-Dec-04

325

8.42%

61,673,854

10.07%

1.52%

1.28%

0.00%

338

7.03%

6.53%

803,409

0.00

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

Page 37 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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 I Loans - Fixed 2nd Lien

27-Dec-04

333

8.62%

15,837,920

2.59%

1.19%

2.02%

0.00%

211

10.43%

9.93%

327,088

0.00

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

Page 38 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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 I Loans - ARM-228

27-Dec-04

869

22.51%

177,493,383

28.97%

1.47%

1.74%

0.00%

355

7.37%

6.86%

3,138,015

0.00

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

Page 39 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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 I Loans - ARM-327

27-Dec-04

151

3.91%

28,845,359

4.71%

2.58%

4.06%

0.00%

355

7.66%

7.15%

1,221,392

0.00

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

Page 40 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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 II Loans - Fixed 1st Lien

27-Dec-04

289

7.49%

45,217,056

7.38%

0.69%

1.11%

0.00%

333

7.22%

6.72%

508,867

0.00

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

Page 41 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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 II Loans - Fixed 2nd Lien

27-Dec-04

262

6.79%

8,754,146

1.43%

1.13%

1.56%

0.00%

219

10.65%

10.14%

138,417

0.00

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

Page 42 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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 II Loans - ARM 228

27-Dec-04

1,308

33.88%

221,220,382

36.11%

1.43%

1.45%

0.00%

356

7.30%

6.80%

3,253,580

0.00

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

Page 43 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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 II Loans - ARM 327

27-Dec-04

270

6.99%

43,059,163

7.03%

1.46%

1.50%

0.00%

355

7.13%

6.63%

655,723

0.00

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

Page 44 of 45

Bear Stearns Asset Backed Securities Trust

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

27-Dec-04
27-Dec-04

N/A

25-Jan-05

24-Dec-04

Asset-Backed Certificates

Series 2004-HE10

ABN AMRO Acct: 722192.2

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 45 of 45

* 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-HE10 8-K