ABSC 05-HE7 Monthly Distribution Report

EX-99.1 CHARTER 2 ex991_0905.htm ABSC 2005 HE7 REPORTS ABSC 05-HE7 Monthly Distribution Report

	Asset Backed Securities Corporation Home Equity Loan Trust	Contact:
	2005-HE7	Susan Burdick
	Asset Backed Pass-Through Certificates, Series 2005-HE7	Account Administrator
		651-495-3840
	STATEMENT TO CERTIFICATEHOLDERS	susan.burdick@usbank.com
	Section 4.02 of the PSA, dated July 1, 2005
Distribution Date:	September 26, 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 04541GTU6 $97,738,000.00 $94,774,266.22 $10,484,400.64 $315,177.09 N/A $0.00 $10,799,577.73 $84,289,865.58

A-2 04541GTV4 $97,411,000.00 $97,411,000.00 $0.00 $335,202.07 N/A $0.00 $335,202.07 $97,411,000.00

A-3 04541GTW2 $9,469,000.00 $9,469,000.00 $0.00 $33,762.25 N/A $0.00 $33,762.25 $9,469,000.00

M-1 04541GTX0 $17,028,000.00 $17,028,000.00 $0.00 $61,925.16 $0.00 $0.00 $61,925.16 $17,028,000.00

M-2 04541GTY8 $13,399,000.00 $13,399,000.00 $0.00 $49,085.00 $0.00 $0.00 $49,085.00 $13,399,000.00

M-3 04541GTZ5 $14,516,000.00 $14,516,000.00 $0.00 $55,370.48 $0.00 $0.00 $55,370.48 $14,516,000.00

M-4 04541GUA8 $8,654,000.00 $8,654,000.00 $0.00 $37,625.67 $0.00 $0.00 $37,625.67 $8,654,000.00

M-5 04541GUB6 $4,187,000.00 $4,187,000.00 $0.00 $18,762.41 $0.00 $0.00 $18,762.41 $4,187,000.00

M-6 04541GUC4 $3,210,000.00 $3,210,000.00 $0.00 $15,525.70 $0.00 $0.00 $15,525.70 $3,210,000.00

M-7 04541GUF7 $2,792,000.00 $2,792,000.00 $0.00 $15,241.22 $0.00 $0.00 $15,241.22 $2,792,000.00

M-8 04541GUG5 $2,792,000.00 $2,792,000.00 $0.00 $15,241.22 $0.00 $0.00 $15,241.22 $2,792,000.00

M-9 04541GUH3 $1,675,000.00 $1,675,000.00 $0.00 $9,143.64 $0.00 $0.00 $9,143.64 $1,675,000.00

P 04541GUE0 $100.00 $100.00 $0.00 $101,547.61 $0.00 $0.00 $101,547.61 $100.00

X 04541GUD2 $0.00 $6,281,048.29 $0.00 $723,048.73 N/A $0.00 $723,048.73 $6,281,048.29

R 04541GUJ9 $0.00 $0.00 $0.00 $0.00 N/A $0.00 $0.00 $0.00

Total $272,871,100.00 $269,907,366.22 $10,484,400.64 $1,786,658.25 $0.00 $0.00 $12,271,058.89 $259,422,965.58

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 $107.27046430 $3.22471393 $0.00000000 $110.49517823 $862.40628599 A-1 3.74125% 3.93000%

A-2 $0.00000000 $3.44111107 $0.00000000 $3.44111107 $1,000.00000000 A-2 3.87125% 4.06000%

A-3 $0.00000000 $3.56555602 $0.00000000 $3.56555602 $1,000.00000000 A-3 4.01125% 4.20000%

M-1 $0.00000000 $3.63666667 $0.00000000 $3.63666667 $1,000.00000000 M-1 4.09125% 4.28000%

M-2 $0.00000000 $3.66333308 $0.00000000 $3.66333308 $1,000.00000000 M-2 4.12125% 4.31000%

M-3 $0.00000000 $3.81444475 $0.00000000 $3.81444475 $1,000.00000000 M-3 4.29125% 4.48000%

M-4 $0.00000000 $4.34777791 $0.00000000 $4.34777791 $1,000.00000000 M-4 4.89125% 5.08000%

M-5 $0.00000000 $4.48111058 $0.00000000 $4.48111058 $1,000.00000000 M-5 5.04125% 5.23000%

M-6 $0.00000000 $4.83666667 $0.00000000 $4.83666667 $1,000.00000000 M-6 5.44125% 5.63000%

M-7 $0.00000000 $5.45888968 $0.00000000 $5.45888968 $1,000.00000000 M-7 6.14125% 6.33000%

M-8 $0.00000000 $5.45888968 $0.00000000 $5.45888968 $1,000.00000000 M-8 6.14125% 6.33000%

M-9 $0.00000000 $5.45888955 $0.00000000 $5.45888955 $1,000.00000000 M-9 6.14125% 6.33000%

P $0.00000000 $1,015,476.10000000 $0.00000000 $1,015,476.10000000 $1,000.00000000 P N/A N/A

X $0.00000000 $0.00000000 $0.00000000 $0.00000000 $0.00000000 X 3.14155% 3.14155%

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

1 Mo LIBOR 3.64125% 3.83000%

*estimated

Page 1

Asset Backed Securities Corporation Home Equity Loan Trust Contact:

2005-HE7 Susan Burdick

Asset Backed Pass-Through Certificates, Series 2005-HE7 Account Administrator

651-495-3840

STATEMENT TO CERTIFICATEHOLDERS susan.burdick@usbank.com

Section 4.02 of the PSA, dated July 1, 2005

Distribution Date: September 26, 2005

(i) Principal Distributions:

Beginning Balance 276,188,414.51

Scheduled Principal 177,531.46

Prepayments (Includes Curtailments) 10,306,869.18

Net Liquidation Proceeds 0.00

Loan Principal Purchase Prices 0.00

Total Principal Remittance 10,484,400.64

Net Realized Losses 0.00

Ending Balance 265,704,013.87

Ending Count 2,347

(ii) Aggregate Ending Collateral Balance 265,704,013.87

(iii) Ending Overcollateralization Amount 6,281,048.29

(iv) Number of Liquidated Loans 0.00

(v) Interest Distributions:

Scheduled Interest - Net of Servicing Fee, LPA Fee 1,685,108.32

Less Relief Act Interest Shortfall 0.00

Less Net Prepayment Interest Shortfall 0.00

1,685,108.32

(vi) Servicing Fee: 115,078.40

LPA Fee: 3,452.36

Advances

(vii) Current Aggregate Advances as of determination date Not Provided By Servicer

Outstanding Aggregate Advances as of end of prior calendar month Not Provided By Servicer

Page 2

(viii) Delinquency Information

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

Count Balance Count Balance Count Balance

Total 33 4,354,543.75 1 92,469.11 1 197,116.03

*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 2,347 265,704,013.87 0 0.00 7 1,295,587.27 0 0.00 0.00

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

M-9 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

(ix) Number of Loans for which Prepayment Premiums were collected 19

Number of Loans for which Prepayment Premiums were scheduled 59

Principal Balance of Loans for which Prepayment Premiums were collected 3,120,078.00

Current amount of Prepayment Premiums 101,547.61

Page 3

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

Cumulative Realized Losses since Startup Day 0.00

(xi) Weighted Average Term to Maturity of Mortgage Loans 335

Weighted Average Gross Coupon of Mortgage Loans 7.83661%

Weighted Average Net Coupon of Mortgage Loans 7.33661%

(xii) Aggregate number of Mortgage Loans in the pool 2,347

(xiii) Overcollateralization Target Amount 6,281,048.29

(xiv) Credit Enhancement Percentage 25.68761%

(xv) Overcollateralization Increase Amount 0.00

(xvi) Overcollateralization Release Amount 0.00

(xvii) Overcollateralization Deficiency Amount 0.00

(xviii) Excess Overcollateralized Amount 0.00

(xix) Payment from Senior Yield Maintenance Agreement 0.00

Payment from Subordinate Yield Maintenance Agreement 0.00

(xx) Net Monthly Excess Cash Flow 723,046.41

(xxi) Extra Ordinary Trust Fund Expenses 0.00

(xxii) Trigger Event Occurence NO

(xxiii) Step Down Date Occurred NO

(xxiv) Net WAC Rate 7.3216%

(xxv) Available Distribution Amount 12,274,508.93

(xxvi) Deposit to Net WAC Reserve Fund 2.32

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	04541GTU6	$97,738,000.00	$94,774,266.22	$10,484,400.64	$315,177.09	N/A	$0.00	$10,799,577.73	$84,289,865.58
A-2	04541GTV4	$97,411,000.00	$97,411,000.00	$0.00	$335,202.07	N/A	$0.00	$335,202.07	$97,411,000.00
A-3	04541GTW2	$9,469,000.00	$9,469,000.00	$0.00	$33,762.25	N/A	$0.00	$33,762.25	$9,469,000.00
M-1	04541GTX0	$17,028,000.00	$17,028,000.00	$0.00	$61,925.16	$0.00	$0.00	$61,925.16	$17,028,000.00
M-2	04541GTY8	$13,399,000.00	$13,399,000.00	$0.00	$49,085.00	$0.00	$0.00	$49,085.00	$13,399,000.00
M-3	04541GTZ5	$14,516,000.00	$14,516,000.00	$0.00	$55,370.48	$0.00	$0.00	$55,370.48	$14,516,000.00
M-4	04541GUA8	$8,654,000.00	$8,654,000.00	$0.00	$37,625.67	$0.00	$0.00	$37,625.67	$8,654,000.00
M-5	04541GUB6	$4,187,000.00	$4,187,000.00	$0.00	$18,762.41	$0.00	$0.00	$18,762.41	$4,187,000.00
M-6	04541GUC4	$3,210,000.00	$3,210,000.00	$0.00	$15,525.70	$0.00	$0.00	$15,525.70	$3,210,000.00
M-7	04541GUF7	$2,792,000.00	$2,792,000.00	$0.00	$15,241.22	$0.00	$0.00	$15,241.22	$2,792,000.00
M-8	04541GUG5	$2,792,000.00	$2,792,000.00	$0.00	$15,241.22	$0.00	$0.00	$15,241.22	$2,792,000.00
M-9	04541GUH3	$1,675,000.00	$1,675,000.00	$0.00	$9,143.64	$0.00	$0.00	$9,143.64	$1,675,000.00
P	04541GUE0	$100.00	$100.00	$0.00	$101,547.61	$0.00	$0.00	$101,547.61	$100.00
X	04541GUD2	$0.00	$6,281,048.29	$0.00	$723,048.73	N/A	$0.00	$723,048.73	$6,281,048.29
R	04541GUJ9	$0.00	$0.00	$0.00	$0.00	N/A	$0.00	$0.00	$0.00
Total		$272,871,100.00	$269,907,366.22	$10,484,400.64	$1,786,658.25	$0.00	$0.00	$12,271,058.89	$259,422,965.58

			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	$107.27046430	$3.22471393	$0.00000000	$110.49517823	$862.40628599	A-1	3.74125%	3.93000%
A-2	$0.00000000	$3.44111107	$0.00000000	$3.44111107	$1,000.00000000	A-2	3.87125%	4.06000%
A-3	$0.00000000	$3.56555602	$0.00000000	$3.56555602	$1,000.00000000	A-3	4.01125%	4.20000%
M-1	$0.00000000	$3.63666667	$0.00000000	$3.63666667	$1,000.00000000	M-1	4.09125%	4.28000%
M-2	$0.00000000	$3.66333308	$0.00000000	$3.66333308	$1,000.00000000	M-2	4.12125%	4.31000%
M-3	$0.00000000	$3.81444475	$0.00000000	$3.81444475	$1,000.00000000	M-3	4.29125%	4.48000%
M-4	$0.00000000	$4.34777791	$0.00000000	$4.34777791	$1,000.00000000	M-4	4.89125%	5.08000%
M-5	$0.00000000	$4.48111058	$0.00000000	$4.48111058	$1,000.00000000	M-5	5.04125%	5.23000%
M-6	$0.00000000	$4.83666667	$0.00000000	$4.83666667	$1,000.00000000	M-6	5.44125%	5.63000%
M-7	$0.00000000	$5.45888968	$0.00000000	$5.45888968	$1,000.00000000	M-7	6.14125%	6.33000%
M-8	$0.00000000	$5.45888968	$0.00000000	$5.45888968	$1,000.00000000	M-8	6.14125%	6.33000%
M-9	$0.00000000	$5.45888955	$0.00000000	$5.45888955	$1,000.00000000	M-9	6.14125%	6.33000%
P	$0.00000000	$1,015,476.10000000	$0.00000000	$1,015,476.10000000	$1,000.00000000	P	N/A	N/A
X	$0.00000000	$0.00000000	$0.00000000	$0.00000000	$0.00000000	X	3.14155%	3.14155%
R	$0.00000000	$0.00000000	$0.00000000	$0.00000000	$0.00000000	R	0.00000%	0.00000%
						1 Mo LIBOR	3.64125%	3.83000%
								*estimated

(i)	Principal Distributions:
	Beginning Balance	276,188,414.51
	Scheduled Principal	177,531.46
	Prepayments (Includes Curtailments)	10,306,869.18
	Net Liquidation Proceeds	0.00
	Loan Principal Purchase Prices	0.00
	Total Principal Remittance	10,484,400.64
	Net Realized Losses	0.00
	Ending Balance	265,704,013.87
	Ending Count	2,347

(v)	Interest Distributions:
	Scheduled Interest - Net of Servicing Fee, LPA Fee	1,685,108.32
	Less Relief Act Interest Shortfall	0.00
	Less Net Prepayment Interest Shortfall	0.00
		1,685,108.32

	Advances
(vii)	Current Aggregate Advances as of determination date	Not Provided By Servicer
	Outstanding Aggregate Advances as of end of prior calendar month	Not Provided By Servicer

	30-59 days delinquent		60-89 days delinquent		90 or more days delinquent
	Count	Balance	Count	Balance	Count	Balance
Total	33	4,354,543.75	1	92,469.11	1	197,116.03
*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	2,347	265,704,013.87	0	0.00	7	1,295,587.27	0	0.00	0.00

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
M-9	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

(ix)	Number of Loans for which Prepayment Premiums were collected	19
	Number of Loans for which Prepayment Premiums were scheduled	59
	Principal Balance of Loans for which Prepayment Premiums were collected	3,120,078.00
	Current amount of Prepayment Premiums	101,547.61

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

(xi)	Weighted Average Term to Maturity of Mortgage Loans	335
	Weighted Average Gross Coupon of Mortgage Loans	7.83661%
	Weighted Average Net Coupon of Mortgage Loans	7.33661%

	(xix)	Payment from Senior Yield Maintenance Agreement					0.00
		Payment from Subordinate Yield Maintenance Agreement					0.00