SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to ~~section~~Section 13 or 15(d) of the

ofSecurities ~~the~~Exchange ~~securities~~Act ~~exchange act~~ of 1934

Date of Report (Date of earliest event

Reported): October 25, 2002

Asset Backed Securities Corporation,

Home Equity Loan Trust, Series 2002-HE3

Asset Backed Pass-Through Certificates, Series 2002-HE3

ASSET BACKED SECURITIES CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	333-86750	13-3354848
New York	333-86750	13-3354848
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

11 Madison Avenue

New York, New York 10010

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code (212) 325-2000

Item 5. ~~Other Events~~

~~This~~Other Current Report on Form 8-K is being filed for the purposes of filing certain opinions of McKee Nelson LLP, counsel to the Registrant, in connection with the proposed offering of the Asset Backed Securities Corporation Home Equity Loan Trust, Series 2002-HE3, Asset Backed Pass-Through Certificates, Series 2002-HE3Events.

~~Item~~On 7October 25, 2002, Asset Backed Securities Corporation (the “Company”) entered into a Pooling and Servicing Agreement dated as of October 1, 2002 (the “Agreement”) among Asset Backed Securities Corporation, as depositor, (the “Depositor”), Long Beach Mortgage Company, as servicer (the “Servicer”), Federal National Mortgage Association (“Fannie Mae”), as guarantor of the Class I-A and Class I-AIO Certificates (the “Guarantor”) and U.S. Bank National Association, as trustee (the “Trustee”), providing for the issuance of the Company’s Asset Backed Pass-Through Certificates, Series 2002-HE3 (the “Certificates”). The Pooling and Servicing Agreement is annexed hereto as Exhibit 99.1.

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

Information and Exhibits.

(a)

Not applicable.

(b)

Not applicable.

(c)

Exhibits:

899.1.3

~~Tax~~The ~~Opinion~~Pooling and Servicing Agreement dated as of ~~McKee~~October ~~Nelson~~1, ~~LLP~~2002, by and

23among the Company, the Servicer, the Guarantor and the Trustee.1

Consent of McKee Nelson LLP (included in Exhibit 8.1.3)

SIGNATURES

~~Pursuant~~Filings toMade ~~the~~by ~~requirements of~~ the ~~Securities~~Registrant. The ~~Exchange Act of 1934, the~~ registrant has duly caused this ~~report~~form to be signed on its behalf by the undersigned, ~~hereunto~~thereunto duly authorized, in the City of New York, State of New York, on November 20, 2002.

ASSET BACKED SECURITIES CORPORATION

By: /s/ Joseph C. Little

/s/ Joseph C. Little

Name: Joseph C. Little

Title: Vice President

Dated: November 19, 2002

Exhibit Index

Exhibit

Page

899.1 The Pooling and Servicing Agreement dated as of October 1, 2002, by and among the Company, the Servicer, the Guarantor and the Trustee.3 6

~~Tax~~EXHIBIT ~~Opinion of McKee Nelson LLP~~99.1

23.1

Consent of McKee Nelson LLP (included in Exhibit 8.1.3)

Filing Compare · ASSET BACKED SEC CORP PASS THROUGH CERTIFICATES SER 2002-HE3