`Wachovia Asset Securitization Issuance, LLC
Series 2004-HE1
2004 Annual Statement to Securityholders
Distribution Summary

                                            Original         Beginning                                                  Current                        Ending
                               Certificate  Certificate        Certificate                                                Realized     Total            Certificate
     Class             Cusip      Rate        Balance           Balance               Interest         Principal           Loss      Distribution        Balance
         A           92975NAA5 2.400630%    1,000,000,000.00 1,000,000,000.00          9,664,060.01    113,115,195.29           0.00 122,779,255.30     886,884,804.71
Factors per Thousand                                            1000.00000000           9.66406001       113.11519529                  122.77925530       886.88480471

 Certificate            n/a    0.000000%                0.00               0.00        4,335,189.94                0.00         0.00   4,335,189.94       3,703,522.46




Totals                                      1,000,000,000.00 1,000,000,000.00        13,999,249.95     113,115,195.29           0.00 127,114,445.24     886,884,804.71




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                       Collection Activity


Interest
Interest Collected                            20,690,003.47
(Additional Balance Interest)                          0.00
(Relief Act Shortfalls)                                0.00
Total Interest Collected                      20,690,003.47

Principal
Principal Collected                          263,378,364.19
Net Liquidation Proceeds                               0.00
Substitute Adjustment Amount                           0.00
Other Principal Collected                              0.00
(Additional Balance Increase)                          0.00
(Draw Amounts)                               (154,056,927.57)
Total Principal Collected                    109,321,436.62

Additional Funds
Additional Funds from the Funding Account     59,856,138.84
Draws from the Policy                                  0.00
Yield Maintenance Payment                              0.00
Total Additional Funds Collected              59,856,138.84

Fees
Enhancer Premium                                 631,790.83
Servicing Fee                                  2,381,175.83
Trustee Fee                                            0.00
Total Fees Paid                                3,012,966.66

Total Available Collections                  127,114,445.24




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                      Collateral Information


                           Periodic Information
Beginning Collateral Balance                      1,000,002,326.52
Ending Collateral Balance                          890,588,327.17
Cumulative Liquidation Loss Amounts                  94,923.62
WAC                                                   4.810%
WAM                                                     210




                           Original Information
Collateral Balance                                1,000,002,326.52
Number of Loans                                       19,310




Delinquent:
30-59 Days                                              555,801.26
60-89 Days                                               73,695.04
90-119 Days                                                   0.00
120-149 Days                                                  0.00
150-179 Days                                             10,052.39
180+ Days                                                     0.00
Total

Foreclosure:                                             10,052.39

REO:                                                          0.00




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            Additional Account Activity


                      Funding Account
Beginning Balance                                   0.00
Interest Earnings                             115,971.81
Deposits                                   59,740,167.03
Withdrawal                                 -59,740,167.03
Interest Earnings to Collection Account      -115,971.81
Ending Balance                                      0.00




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