ABSC 05-HE2 Monthly Distribution Report

EX-99.1 CHARTER 2 ex991_1105.htm ABSC05HE2_EX991 ABSC 05-HE2 Monthly Distribution Report

	Asset Backed Securities Corporation Home Equity Loan Trust	Contact:
	2005-HE2	Susan Burdick
	Asset Backed Pass-Through Certificates, Series 2005-HE2	Account Administrator
		651-495-3840
	STATEMENT TO CERTIFICATEHOLDERS	susan.burdick@usbank.com
	Section 4.02 of the PSA, dated March 1, 2005
Distribution Date:	November 25, 2005

Original Beginning Interest Ending

Certificate Certificate Principal Interest Realized Loss Shortfall Total Certificate

Class Cusip Face Value Balance (1) Distribution Distribution (2) of Principal Amount Distribution Balance (1)

A-1 04541GPY2 $254,675,000.00 $110,848,020.28 $20,703,189.98 $395,889.09 N/A $0.00 $21,099,079.07 $90,144,830.30

A-2 04541GPZ9 $265,285,000.00 $265,285,000.00 $0.00 $979,435.90 N/A $0.00 $979,435.90 $265,285,000.00

A-3 04541GQA3 $30,000,000.00 $30,000,000.00 $0.00 $112,310.42 N/A $0.00 $112,310.42 $30,000,000.00

M-1 04541GQB1 $62,381,000.00 $62,381,000.00 $0.00 $241,054.91 $0.00 $0.00 $241,054.91 $62,381,000.00

M-2 04541GQC9 $16,850,000.00 $16,850,000.00 $0.00 $65,837.86 $0.00 $0.00 $65,837.86 $16,850,000.00

M-3 04541GQD7 $27,964,000.00 $27,964,000.00 $0.00 $114,801.93 $0.00 $0.00 $114,801.93 $27,964,000.00

M-4 04541GQE5 $8,246,000.00 $8,246,000.00 $0.00 $34,491.76 $0.00 $0.00 $34,491.76 $8,246,000.00

M-5 04541GQF2 $10,397,000.00 $10,397,000.00 $0.00 $47,338.84 $0.00 $0.00 $47,338.84 $10,397,000.00

M-6 04541GQG0 $5,736,000.00 $5,736,000.00 $0.00 $26,610.66 $0.00 $0.00 $26,610.66 $5,736,000.00

M-7 04541GQH8 $7,887,000.00 $7,887,000.00 $0.00 $42,362.50 $0.00 $0.00 $42,362.50 $7,887,000.00

M-8 04541GQJ4 $10,397,000.00 $10,397,000.00 $0.00 $58,530.06 $0.00 $0.00 $58,530.06 $10,397,000.00

P 04541GQL9 $100.00 $100.00 $0.00 $416,742.34 $0.00 $0.00 $416,742.34 $100.00

X 04541GQK1 $0.00 $17,208,648.23 $0.00 $1,066,713.40 N/A $0.00 $1,066,713.40 $17,208,648.23

R 04541GQM7 $0.00 $0.00 $0.00 $0.00 N/A $0.00 $0.00 $0.00

Total $699,818,100.00 $555,991,120.28 $20,703,189.98 $3,602,119.67 $0.00 $0.00 $24,305,309.65 $535,287,930.30

*Strip Amount for this period $0.00

Interest Ending Current Next*

Principal Interest Carry-forward Total Certificate Pass-Through Pass-Through

Class Distribution Distribution Amount Distribution Balance Class Interest Rate Interest Rate

A-1 $81.29258851 $1.55448744 $0.00000000 $82.84707596 $353.96026426 A-1 4.14750% 4.30375%

A-2 $0.00000000 $3.69201387 $0.00000000 $3.69201387 $1,000.00000000 A-2 4.28750% 4.44375%

A-3 $0.00000000 $3.74368067 $0.00000000 $3.74368067 $1,000.00000000 A-3 4.34750% 4.50375%

M-1 $0.00000000 $3.86423607 $0.00000000 $3.86423607 $1,000.00000000 M-1 4.48750% 4.64375%

M-2 $0.00000000 $3.90729139 $0.00000000 $3.90729139 $1,000.00000000 M-2 4.53750% 4.69375%

M-3 $0.00000000 $4.10534723 $0.00000000 $4.10534723 $1,000.00000000 M-3 4.76750% 4.92375%

M-4 $0.00000000 $4.18284744 $0.00000000 $4.18284744 $1,000.00000000 M-4 4.85750% 5.01375%

M-5 $0.00000000 $4.55312494 $0.00000000 $4.55312494 $1,000.00000000 M-5 5.28750% 5.44375%

M-6 $0.00000000 $4.63923640 $0.00000000 $4.63923640 $1,000.00000000 M-6 5.38750% 5.54375%

M-7 $0.00000000 $5.37118042 $0.00000000 $5.37118042 $1,000.00000000 M-7 6.23750% 6.39375%

M-8 $0.00000000 $5.62951428 $0.00000000 $5.62951428 $1,000.00000000 M-8 6.53750% 6.68475%

P $0.00000000 $4,167,423.40000000 $0.00000000 $4,167,423.40000000 $1,000.00000000 P N/A N/A

X $0.00000000 $0.00000000 $0.00000000 $0.00000000 $0.00000000 X 2.23318% 2.23318%

R $0.00000000 $0.00000000 $0.00000000 $0.00000000 $0.00000000 R 0.00000% 0.00000%

1 Mo LIBOR 4.03750% 4.19375%

*estimated

Page 1

Asset Backed Securities Corporation Home Equity Loan Trust Contact:

2005-HE2 Susan Burdick

Asset Backed Pass-Through Certificates, Series 2005-HE2 Account Administrator

651-495-3840

STATEMENT TO CERTIFICATEHOLDERS susan.burdick@usbank.com

Section 4.02 of the PSA, dated March 1, 2005

Distribution Date: November 25, 2005

(i) Principal Distributions:

Beginning Balance 573,199,768.51

Scheduled Principal 430,786.01

Prepayments (Includes Curtailments) 20,272,403.97

Net Liquidation Proceeds 0.00

Loan Principal Purchase Prices 0.00

Total Principal Remittance 20,703,189.98

Net Realized Losses 0.00

Ending Balance 552,496,578.53

Ending Count 3,163

(ii) Aggregate Ending Collateral Balance 552,496,578.53

(iii) Ending Overcollateralization Amount 17,208,648.23

(iv) Number of Liquidated Loans 0.00

(v) Interest Distributions:

Scheduled Interest - Net of Servicing Fee 3,185,374.62

Less Relief Act Interest Shortfall 0.07

Less Net Prepayment Interest Shortfall 0.00

3,185,374.69

(vi) Servicing Fee: 238,833.12

Advances

(vii) Current Aggregate Advances as of determination date 536,415.23

Outstanding Aggregate Advances as of end of prior calendar month 2,250,545.38

Page 2

(ix) Delinquency Information

30-59 days delinquent 60-89 days delinquent 90 or more days delinquent

Count Balance Count Balance Count Balance

Total 68 11,284,123.77 37 6,321,734.44 8 1,081,855.19

*Note: The above statistics do not include loans in foreclosure or bankruptcy proceedings or REO properties.

Outstanding Loans Foreclosure Bankruptcy REO

Count Balance Count Balance Count Balance Count Balance Market Value

Total 3,163 552,496,578.53 58 9,419,357.59 25 3,139,399.74 5 864,650.75 3,424,208.02

Interest Shortfall

Total Realized Prepayment Relief Act Net

Unpaid Losses Interest Interest WAC Rate

Shortfall Shortfall Carryover

A-1 0.00 0.00 0.00 0.00 0.00

A-2 0.00 0.00 0.00 0.00 0.00

A-3 0.00 0.00 0.00 0.00 0.00

M-1 0.00 0.00 0.00 0.00 0.00

M-2 0.00 0.00 0.00 0.00 0.00

M-3 0.00 0.00 0.00 0.00 0.00

M-4 0.00 0.00 0.00 0.00 0.00

M-5 0.00 0.00 0.00 0.00 0.00

M-6 0.00 0.00 0.00 0.00 0.00

M-7 0.00 0.00 0.00 0.00 0.00

M-8 0.00 0.00 0.00 0.00 0.00

P 0.00 0.00 0.00 0.00 0.00

X 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

(x) Number of Loans for which Prepayment Premiums were collected 72

Number of Loans for which Prepayment Premiums were scheduled 110

Principal Balance of Loans for which Prepayment Premiums were collected 11,920,761.00

Current amount of Prepayment Premiums 416,742.34

Page 3

(xi) Realized Losses incurred during the related Due Period 0.00

Cumulative Realized Losses since Startup Day 0.00

Bankruptcy Losses 0.00

(xii) Weighted Average Term to Maturity of Mortgage Loans 345

Weighted Average Gross Coupon of Mortgage Loans 7.16862%

Weighted Average Net Coupon of Mortgage Loans 6.66862%

(xiii) Aggregate number of Mortgage Loans in the pool 3,163

(xiv) Overcollateralization Target Amount 17,208,648.23

(xv) Credit Enhancement Percentage 30.23849%

(xvi) Overcollateralization Increase Amount 0.00

(xvii) Overcollateralization Release Amount 0.00

(xviii) Overcollateralization Deficiency Amount 0.00

(xix) Excess Overcollateralized Amount 0.00

(xx) Payment from Yield Maintenance Agreement 0.00

(xxi) Net Monthly Excess Cash Flow 1,066,710.76

(xxii) Extra Ordinary Trust Fund Expenses 0.00

(xxiii) Trigger Event Occurence NO

(xxiv) Step Down Date Occurred NO

(xxv) Net WAC Rate 6.6847%

(xxvi) Available Distribution Amount 24,305,307.01

(xxvii) Deposit to Net WAC Reserve Fund 2.64

Page 4

		Original	Beginning				Interest		Ending
		Certificate	Certificate	Principal	Interest	Realized Loss	Shortfall	Total	Certificate
Class	Cusip	Face Value	Balance (1)	Distribution	Distribution (2)	of Principal	Amount	Distribution	Balance (1)
A-1	04541GPY2	$254,675,000.00	$110,848,020.28	$20,703,189.98	$395,889.09	N/A	$0.00	$21,099,079.07	$90,144,830.30
A-2	04541GPZ9	$265,285,000.00	$265,285,000.00	$0.00	$979,435.90	N/A	$0.00	$979,435.90	$265,285,000.00
A-3	04541GQA3	$30,000,000.00	$30,000,000.00	$0.00	$112,310.42	N/A	$0.00	$112,310.42	$30,000,000.00
M-1	04541GQB1	$62,381,000.00	$62,381,000.00	$0.00	$241,054.91	$0.00	$0.00	$241,054.91	$62,381,000.00
M-2	04541GQC9	$16,850,000.00	$16,850,000.00	$0.00	$65,837.86	$0.00	$0.00	$65,837.86	$16,850,000.00
M-3	04541GQD7	$27,964,000.00	$27,964,000.00	$0.00	$114,801.93	$0.00	$0.00	$114,801.93	$27,964,000.00
M-4	04541GQE5	$8,246,000.00	$8,246,000.00	$0.00	$34,491.76	$0.00	$0.00	$34,491.76	$8,246,000.00
M-5	04541GQF2	$10,397,000.00	$10,397,000.00	$0.00	$47,338.84	$0.00	$0.00	$47,338.84	$10,397,000.00
M-6	04541GQG0	$5,736,000.00	$5,736,000.00	$0.00	$26,610.66	$0.00	$0.00	$26,610.66	$5,736,000.00
M-7	04541GQH8	$7,887,000.00	$7,887,000.00	$0.00	$42,362.50	$0.00	$0.00	$42,362.50	$7,887,000.00
M-8	04541GQJ4	$10,397,000.00	$10,397,000.00	$0.00	$58,530.06	$0.00	$0.00	$58,530.06	$10,397,000.00
P	04541GQL9	$100.00	$100.00	$0.00	$416,742.34	$0.00	$0.00	$416,742.34	$100.00
X	04541GQK1	$0.00	$17,208,648.23	$0.00	$1,066,713.40	N/A	$0.00	$1,066,713.40	$17,208,648.23
R	04541GQM7	$0.00	$0.00	$0.00	$0.00	N/A	$0.00	$0.00	$0.00
Total		$699,818,100.00	$555,991,120.28	$20,703,189.98	$3,602,119.67	$0.00	$0.00	$24,305,309.65	$535,287,930.30
*Strip Amount for this period		$0.00

			Interest		Ending		Current	Next*
	Principal	Interest	Carry-forward	Total	Certificate		Pass-Through	Pass-Through
Class	Distribution	Distribution	Amount	Distribution	Balance	Class	Interest Rate	Interest Rate
A-1	$81.29258851	$1.55448744	$0.00000000	$82.84707596	$353.96026426	A-1	4.14750%	4.30375%
A-2	$0.00000000	$3.69201387	$0.00000000	$3.69201387	$1,000.00000000	A-2	4.28750%	4.44375%
A-3	$0.00000000	$3.74368067	$0.00000000	$3.74368067	$1,000.00000000	A-3	4.34750%	4.50375%
M-1	$0.00000000	$3.86423607	$0.00000000	$3.86423607	$1,000.00000000	M-1	4.48750%	4.64375%
M-2	$0.00000000	$3.90729139	$0.00000000	$3.90729139	$1,000.00000000	M-2	4.53750%	4.69375%
M-3	$0.00000000	$4.10534723	$0.00000000	$4.10534723	$1,000.00000000	M-3	4.76750%	4.92375%
M-4	$0.00000000	$4.18284744	$0.00000000	$4.18284744	$1,000.00000000	M-4	4.85750%	5.01375%
M-5	$0.00000000	$4.55312494	$0.00000000	$4.55312494	$1,000.00000000	M-5	5.28750%	5.44375%
M-6	$0.00000000	$4.63923640	$0.00000000	$4.63923640	$1,000.00000000	M-6	5.38750%	5.54375%
M-7	$0.00000000	$5.37118042	$0.00000000	$5.37118042	$1,000.00000000	M-7	6.23750%	6.39375%
M-8	$0.00000000	$5.62951428	$0.00000000	$5.62951428	$1,000.00000000	M-8	6.53750%	6.68475%
P	$0.00000000	$4,167,423.40000000	$0.00000000	$4,167,423.40000000	$1,000.00000000	P	N/A	N/A
X	$0.00000000	$0.00000000	$0.00000000	$0.00000000	$0.00000000	X	2.23318%	2.23318%
R	$0.00000000	$0.00000000	$0.00000000	$0.00000000	$0.00000000	R	0.00000%	0.00000%
						1 Mo LIBOR	4.03750%	4.19375%
								*estimated

(i)	Principal Distributions:
	Beginning Balance	573,199,768.51
	Scheduled Principal	430,786.01
	Prepayments (Includes Curtailments)	20,272,403.97
	Net Liquidation Proceeds	0.00
	Loan Principal Purchase Prices	0.00
	Total Principal Remittance	20,703,189.98
	Net Realized Losses	0.00
	Ending Balance	552,496,578.53
	Ending Count	3,163

(v)	Interest Distributions:
	Scheduled Interest - Net of Servicing Fee	3,185,374.62
	Less Relief Act Interest Shortfall	0.07
	Less Net Prepayment Interest Shortfall	0.00
		3,185,374.69

	Advances
(vii)	Current Aggregate Advances as of determination date	536,415.23
	Outstanding Aggregate Advances as of end of prior calendar month	2,250,545.38

	30-59 days delinquent		60-89 days delinquent		90 or more days delinquent
	Count	Balance	Count	Balance	Count	Balance
Total	68	11,284,123.77	37	6,321,734.44	8	1,081,855.19
*Note: The above statistics do not include loans in foreclosure or bankruptcy proceedings or REO properties.

	Outstanding Loans		Foreclosure		Bankruptcy		REO
	Count	Balance	Count	Balance	Count	Balance	Count	Balance	Market Value
Total	3,163	552,496,578.53	58	9,419,357.59	25	3,139,399.74	5	864,650.75	3,424,208.02

Interest Shortfall
	Total	Realized	Prepayment	Relief Act	Net
	Unpaid	Losses	Interest	Interest	WAC Rate
			Shortfall	Shortfall	Carryover
A-1	0.00	0.00	0.00	0.00	0.00
A-2	0.00	0.00	0.00	0.00	0.00
A-3	0.00	0.00	0.00	0.00	0.00
M-1	0.00	0.00	0.00	0.00	0.00
M-2	0.00	0.00	0.00	0.00	0.00
M-3	0.00	0.00	0.00	0.00	0.00
M-4	0.00	0.00	0.00	0.00	0.00
M-5	0.00	0.00	0.00	0.00	0.00
M-6	0.00	0.00	0.00	0.00	0.00
M-7	0.00	0.00	0.00	0.00	0.00
M-8	0.00	0.00	0.00	0.00	0.00
P	0.00	0.00	0.00	0.00	0.00
X	0.00	0.00	0.00	0.00	0.00
	0.00	0.00	0.00	0.00	0.00

(x)	Number of Loans for which Prepayment Premiums were collected	72
	Number of Loans for which Prepayment Premiums were scheduled	110
	Principal Balance of Loans for which Prepayment Premiums were collected	11,920,761.00
	Current amount of Prepayment Premiums	416,742.34

	(xi)	Realized Losses incurred during the related Due Period					0.00
		Cumulative Realized Losses since Startup Day					0.00
		Bankruptcy Losses					0.00

(xii)	Weighted Average Term to Maturity of Mortgage Loans	345
	Weighted Average Gross Coupon of Mortgage Loans	7.16862%
	Weighted Average Net Coupon of Mortgage Loans	6.66862%