UNITED STATES
                             SECURITIES AND EXCHANGE COMMISSION
                                   WASHINGTON, D.C. 20549



                                          FORM 10-K


  (Mark one)

  /X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934
      For the fiscal year ended December 31, 2004

      OR



  / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934


      Commission File Number:  333-111379-18


        Financial Asset Securities Corp.,as Depositor under the
        Pooling and Servicing Agreement dated as of July 1, 2004
        providing for the Issuance of First Franklin Mortgage Loan
        Trust 2004-FF5 Asset Backed Certificates, Series 2004-FF5

     (Exact name of registrant as specified in its charter)


   Delaware                                         06-1442101
  (State or other jurisdiction of                   (I.R.S Employer
  incorporation or organization)                    Identification No.)



  600 Steamboat Road
  Greenwich, CT                                  06830
  (Address of principal executive offices)     (Zip Code)


  Registrant's telephone number, including area code: (203) 625-2700


  Securities registered pursuant to Section 12(b) of the Act:

        NONE.


  Securities registered pursuant to Section 12(g) of the Act:

        NONE.


  Indicate by check mark whether the registrant (1) has filed all reports
  required to be filed by Section 13 or 15(d) of the Securities Exchange
  Act of 1934 during the preceding 12 months (or for such shorter period
  that the registrant was required to file such reports), and (2) has been
  subject to such filing requirements for the past 90 days.

        Yes  X       No ___


  Indicate by check mark if disclosure of delinquent filers pursuant to
  Item 405 of Regulation S-K ( 229.405 of this chapter) is not contained
  herein, and will not be contained, to the best of registrant's knowledge,
  in definitive proxy or information statements incorporated by reference
  in Part III of this Form 10-K or any amendment to this Form 10-K.

        Not applicable.


  Indicate by check mark whether the registrant is an accelerated filer
  (as defined in Exchange Act Rule 12b-2).

        Yes  ___     No  X


  State the aggregate market value of the voting and non-voting common
  equity held by non-affiliates computed by reference to the price at which
  the common equity was last sold, or the average bid and asked price of
  such common equity, as of the last business day of the registrant's most
  recently completed second fiscal quarter.

        Not applicable.


  Indicate the number of shares outstanding of each of the registrant's
  classes of common stock, as of the latest practicable date.

        Not applicable.


     Documents Incorporated by Reference

  List hereunder the following documents if incorporated by reference and
  the Part of the Form 10-K (e.g. Part I, Part II, etc.) into which the
  document is incorporated: (1)Any annual report to security holders; (2)
  Any proxy or information statement; and (3)Any prospectus filed pursuant
  to Rule 424(b) or (c) under the Securities Act of 1933. The listed
  documents should be clearly described for identification purposes (e.g.
  annual report to security holders for fiscal year ended December 24, 1980).

        Not applicable.


                                   PART I

  Item 1.  Business.

            Omitted.

  Item 2.  Properties.

            See Item 15(a), Exhibits 99.1, 99.2, and 99.3, for information
            provided in lieu of information required by Item 102 of
            Regulation S-K.


  Item 3.  Legal Proceedings.

            The registrant knows of no material pending legal proceedings
            involving the trust created under the Pooling and Servicing
            Agreement (the Trust), the Trustee, the Servicer or the
            registrant with respect to the Trust other than routine
            litigation incidental to the duties of the respective parties.


  Item 4.  Submission of Matters to a Vote of Security Holders.

            None.


                                PART II

  Item 5.  Market for registrant's Common Equity and Related Stockholder
           Matters and Issuer Purchases of Equity Securities.

            No established public trading market for the Certificates exists.

            Records provided to the Trust by the DTC and the Trustee
            indicate that as of December 31, 2004, the total number of holders
            of record for the Series of Certificates is 13.


  Item 6.  Selected Financial Data.

            Omitted.


  Item 7.  Management's Discussion and Analysis of Financial Condition and
           Results of Operation.

            Omitted.


  Item 7A. Quantitative and Qualitative Disclosures about Market Risk.

            Not applicable.


  Item 8.  Financial Statements and Supplementary Data.

            See Item 15(a), Exhibits 99.1, 99.2, 99.3, for information
            provided in lieu of information required by Item 302 of
            Regulation S-K.


  Item 9.  Changes in and Disagreements with Accountants on Accounting and
           Financial Disclosure.

            None.


  Item 9A. Controls and Procedures.

            Not applicable.


  Item 9B. Other Information.

            None.


                                PART III

  Item 10. Directors and Executive Officers of the Registrant.

            Not applicable.


  Item 11. Executive Compensation.

            Not applicable.


  Item 12. Security Ownership of Certain Beneficial Owners and Management.

            Not applicable.

  Item 13. Certain Relationships and Related Transactions.

            Not applicable.


  Item 14. Principal Accounting Fees and Services.

            Not applicable.


                                PART IV

  Item 15. Exhibits, Financial Statement Schedules.

   (a) Exhibits

     (31.1) Rule 13a-14(a)/15d-14(a) Certification

     (99.1) Report of Independent Registered Public Accounting Firm

      <TABLE>

      
         <c>
      a) Saxon Mortgage Services, Inc. as Servicer <F1>

      </TABLE>

     (99.2) Report of Management as to Compliance with Minimum Servicing
            Standards

      <TABLE>

      
        <c>
      a) Saxon Mortgage Services, Inc. as Servicer <F1>

      </TABLE>

     (99.3) Annual Statements of Compliance under the Pooling and Servicing
            Agreements

      <TABLE>

      
         <c>
      a) Saxon Mortgage Services, Inc. as Servicer <F1>

      </TABLE>


     (99.4) Aggregate Statement of Principal and Interest Distributions to
            Certificate Holders.


   (b) Not applicable.

   (c) N/A.


  <F1> Filed herewith.


                                SIGNATURES

  Pursuant to the requirements of Section 13 or 15(d) of the Securities
  Exchange Act of 1934, the registrant has duly caused this report to be
  signed on its behalf by the undersigned, thereunto duly authorized:



    First Franklin Mortgage Loan Trust
    Asset Backed Certificates
    Series 2004-FF5
    (Registrant)


  Signed: Financial Asset Securities Corporation as Depositor

  By: /s/ Robert McGinnis
  By: Robert McGinnis, President

  Dated: March 30, 2005


  SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO
  SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED
  SECURITIES PURSUANT TO SECTION 12 OF THE ACT.


  (a)(i) No annual report is provided to the Certificateholders other than
  with respect to aggregate principal and interest distributions.


  (a)(ii) No proxy statement, form of proxy or other proxy soliciting
  material has been sent to any Certificateholder with respect to any
  annual or other meeting of Certificateholders.



  Exhibit Index

  Exhibit No.

  Ex-31.1 Rule 13a-14(a)/15d-14(a) Certification

  I,  Robert McGinnis, certify that:

  1. I have reviewed this annual report on Form 10-K, and all reports on
     Form 8-K containg distribution or servicing reports filed in respect
     of periods included in the year covered by this annual report, of
     First Franklin Mortgage Loan Trust Asset Backed Certificates,
     Series 2004-FF5 Trust;

  2. Based on my knowledge, the information in these reports, taken as a
     whole, does not contain any untrue statement of a material fact or
     omit to state a material fact necessary to make the statements made,
     in light of the circumstances under which such statements were made,
     not misleading as of the last day of the period covered by this
     annual report;

  3. Based on my knowledge, the distribution information or servicing
     information required to be provided to the Trustee by the Servicer
     under the Pooling and Servicing, or similar, agreement, for inclusion
     in these reports is included in these reports;

  4. Based on my knowledge and upon the annual compliance statement
     included in the report and required to be delivered to the Trustee in
     accordance with the terms of the Pooling and Servicing, or similar,
     Agreement, and except as disclosed in the reports, the Servicer has
     fulfilled its obligations under the Servicing Agreement; and

  5. The reports disclosed all significant deficiencies relating to the
     Servicer's compliance with the minimum servicing standards based upon
     the report provided by an independent public accountant, after conducting
     a review in compliance with the Uniform Single Attestation Program for
     Mortgage Bankers or similar, agreement,that is included in these reports.

     In giving the certifications above, I have reasonably relied on
     information provided to me by the following unaffiliated parties:
     Saxon Mortgage Services as Servicer, Wells Fargo Bank N.A.
     as Trustee.


     Date: March 30, 2005

     /s/ Robert McGinnis
     Signature

     President
     Title


  EX-99.1
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Board of Directors of
Saxon Mortgage Services, Inc.:


We have examined Saxon Mortgage Services, Inc.'s (the "Company")
compliance with its established minimum servicing standards described in
the accompanying Management's Assertion, dated March 15, 2005, as of and
for the year ended December 31, 2004. Management is responsible for
compliance with those minimum servicing standards. Our responsibility is
to express an opinion on the Company's compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants, as
adopted by the Public Company Accounting Oversight Board and accordingly,
included examining, on a test basis, evidence about the Company's compliance
with its minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on the Company's compliance with the minimum servicing
standards.

Our examination disclosed the following material noncompliance with the
timely refunding of escrow on paid-in-full loans and interest payments on escrow
accounts in certain states during the year ended December 31,2004. In 4 of the
65 paid-in-full loans selected for testing in July 2004, the escrow balance had
not been refunded within the 30-day requirement. In 4 of the 75 paid-in-full
loans selected for testing in December 2004, the escrow balance had not been
refunded within the 30-day requirement. In 42 of the 65 escrow balances in
states requiring interest to be paid on escrow selected for testing in July
2004, the interest was not paid. In 3 of the 65 escrow balances in states
requiring interest to be paid on escrow selected for testing in December 2004,
the interest was not paid.

In our opinion, except for the material noncompliance described in the
preceding paragraph, the Company complied, in all material respects, with
the aforementioned minimum servicing standards as of and for the year ended
December 31, 2004, as set forth in Appendix I.


/s/ Deloitte & Touche LLP

Princeton, NJ
March 15, 2005




(logo)
Saxon Mortgage Services, Inc.


March 15, 2005


As of and for the year ended December 31, 2004, Saxon Mortgage Services, Inc.
(the "Company") has complied in all material respects with the minimum servicing
standards set forth in the Mortgage Bankers Association of America's Uniform
Single Attestation Program for Mortgage Bankers except as noted in the following
paragraphs.

In 4 of 65 paid-in-full loans selected for testing in July 2004, the escrow
balance had not been refunded within the 30-day requirement. In 4 of 75
paid-in-full loans selected for testing in December 2004,the escrow had not been
refunded within the 30-day requirement (Section I.4).

In 42 of the 65 escrow balances in states requiring interest to be paid on
escrow selected for testing in July 2004, the interest was not paid. In 3 of the
65 escrow balances in states requiring interest to be paid on escrow selected
for testing in December 2004, the interest was not paid (Section V.4).


As of and for the year ended December 31, 2004, the Company had in effect a
fidelity bond in the aggregate amount of $30 million and a per loss amount of
$15 million, and an errors and omissions policy in the amount of $15 million.



/s/ David L. Dill
David L. Dill
Executive Vice President

Saxon Mortgage Services, Inc. 4708 Mercantile Drive North Fort Worth, TX
76137-3605 P.O. Box 161489 Fort Worth, TX 76161-1489 (817) 665-7200
Fax (817) 665-7400





APPENDIX I

MINIMUM SERVICING STANDARDS AS SET FORTH IN THE MORTGAGE BANKERS
ASSOCIATION OF AMERICA'S UNIFORM SINGLE ATTESTATION PROGRAM FOR
MORTGAGE BANKERS

I. CUSTODIAL BANK ACCOUNTS

1. Reconciliations shall be prepared on a monthly basis for all custodial bank
   accounts and related bank clearing accounts. These reconciliations shall:
   * be mathematically accurate;
   * be prepared within forty-five (45) calendar days after
     the cutoff date;
   * be reviewed and approved by someone other than the person who prepared the
     reconciliation; and
   * document explanations for reconciling items. These reconciling items shall
     be resolved within ninety (90) calendar days of their original
     identification.

2. Funds of the servicing entity shall be advanced in cases where there
   is an overdraft in an investor's or a mortgagor's account.

3. Each custodial account shall be maintained at a federally insured
   depository institution in trust for the applicable investor.

4.Escrow funds held in trust for a mortgagor shall be returned to the
  mortgagor within thirty (30) calendar days of payoff of the mortgage
  loan.

II MORTGAGE PAYMENTS

I. Mortgage payments shall be deposited into the custodial bank accounts
   and related bank clearing accounts within two business days of
   receipt.

2. Mortgage payments made in accordance with the mortgagor's loan
   documents shall be posted to the applicable mortgagor records within
   two business days of receipt.

3. Mortgage payments shall be allocated to principal, interest,
   insurance, taxes or other escrow items in accordance with the
   mortgagor's loan documents.

4. Mortgage payments identified as loan payoffs shall be allocated in
   accordance with the mortgagor's loan documents.

III. DISBURSEMENTS

1. Disbursements made via wire transfer on behalf of a mortgagor or
   investor shall be made only by authorized personnel.

2. Disbursements made on behalf of a mortgagor or investor shall be
   posted within two business days to the mortgagor's or investor's
   records maintained by the servicing entity.

3. Tax and insurance payments shall be made on or before the penalty or
   insurance policy expiration dates, as indicated on tax bills and
   insurance premium notices, respectively, provided that such support
   has been received by the servicing entity at least thirty (30)
   calendar days prior to these dates.

4. Any late payment penalties paid in conjunction with the payment of
   any tax bill or insurance premium notice shall be paid from the
   servicing entity's funds and not charged to the mortgagor, unless the
   late payment was due to the mortgagor's error or omission.

5. Amounts remitted to investors per the servicer's investor reports
   shall agree with cancelled checks, or other form of payment, or
   custodial bank statements.

6. Unused checks shall be safeguarded so as to prevent unauthorized
   access.

IV. INVESTOR ACCOUNTING AND REPORTING

1. The servicing entity's investor reports shall agree with, or
   reconcile to, investors' records on a monthly basis as to the total
   unpaid principal balance and number of loans serviced by the
   servicing entity.

V. MORTGAGOR LOAN ACCOUNTING

1. The servicing entity's mortgage loan records shall agree with, or
   reconcile to, the records of mortgagors with respect to the unpaid
   principal balance on a monthly basis.
2. Adjustments on ARM loans shall be computed based on the related
   mortgage note and any ARM rider.
3. Escrow accounts shall be analyzed, in accordance with the mortgagor's
   loan documents, on at least an annual basis.

4. Interest on escrow accounts shall be paid, or credited, to mortgagors
   in accordance with the applicable state laws.

VI. DELINQUENCIES

1. Records documenting collection efforts shall be maintained during the
   period a loan is in default and shall be updated at least monthly.
   Such records shall describe the entity's activities in monitoring
   delinquent loans including, for example, phone calls, letters and
   mortgage payment rescheduling plans in cases where the delinquency is
   deemed temporary (e.g., illness or unemployment).

VII. INSURANCE POLICIES
1. A fidelity bond and errors and omissions policy shall be in effect on
   the servicing entity throughout the reporting period in the amount of
   coverage represented to Investors in management's assertion.





  EX-99.2
(logo)
Saxon Mortgage Services, Inc.


March 15, 2005


As of and for the year ended December 31, 2004, Saxon Mortgage Services, Inc.
(the "Company") has complied in all material respects with the minimum servicing
standards set forth in the Mortgage Bankers Association of America's Uniform
Single Attestation Program for Mortgage Bankers except as noted in the following
paragraphs.

In 4 of 65 paid-in-full loans selected for testing in July 2004, the escrow
balance had not been refunded within the 30-day requirement. In 4 of 75
paid-in-full loans selected for testing in December 2004,the escrow had not been
refunded within the 30-day requirement (Section I.4).

In 42 of the 65 escrow balances in states requiring interest to be paid on
escrow selected for testing in July 2004, the interest was not paid. In 3 of the
65 escrow balances in states requiring interest to be paid on escrow selected
for testing in December 2004, the interest was not paid (Section V.4).


As of and for the year ended December 31, 2004, the Company had in effect a
fidelity bond in the aggregate amount of $30 million and a per loss amount of
$15 million, and an errors and omissions policy in the amount of $15 million.



/s/ David L. Dill
David L. Dill
Executive Vice President

Saxon Mortgage Services, Inc. 4708 Mercantile Drive North Fort Worth, TX
76137-3605 P.O. Box 161489 Fort Worth, TX 76161-1489 (817) 665-7200
Fax (817) 665-7400


Appendix I

Minimum Servicing Standards as set forth in the Mortgage Bankers Association of
America's Uniform Single Attestation Program for Mortgage Bankers.

I. CUSTODIAL BANK ACCOUNTS

1. Reconciliations shall be prepared on a monthly basis for all custodial bank
   accounts and related bank clearing accounts. These reconciliations shall:
  * Be mathematically accurate;
  * Be prepared within forty-five (45) calendar days after the cutoff date;
  * Be reviewed and approved by someone other than the person who prepared the
    reconciliation; and
  * Document explanations for reconciling items. These reconciling items shall
    be resolved within ninety (90) calendar days of their original
    identification.

2. Funds of the servicing entity shall be advanced in cases where there is an
   overdraft in an investor's or a mortgagor's account.

3. Each custodial account shall be maintained at a federally insured depository
   institution in trust for the applicable investor.

4. Escrow funds held in trust for a mortgagor shall be returned to the mortgagor
   within thirty (30) calendar days of payoff of the mortgage loan.


II. MORTGAGE PAYMENTS

1. Mortgage payments shall be deposited into the custodial bank accounts and
   related bank clearing accounts within two business days of receipt.

2. Mortgage payments made in accordance with the mortgagor's loan documents
   shall be posted to the applicable mortgagor records within two business days
   of receipt.

3. Mortgage payments shall be allocated to principal, interest, insurance, taxes
   or other escrow items in accordance with the mortgagor's loan documents.

4. Mortgage payments identified as loan payoffs shall be allocated in accordance
   with the mortgagor's loan documents.


III. DISBURSEMENTS

1. Disbursements made via wire transfer on behalf of a mortgagor or investor
   shall be made only by authorized personnel.

2. Disbursements made on behalf of a mortgagor or investor shall be posted
   within two business days to the mortgagor's or investor's records maintained
   by the servicing entity.

3. Tax and insurance payments shall be made on or before the penalty or
   insurance policy expiration dates, as indicated on tax bills and insurance
   premium notices, respectively, provided that such support has been received
   by the servicing entity at least thirty (30) calendar days prior to these
   dates.

4. Any late payment penalties paid in conjunction with the payment of any tax
   bill or insurance premium notice shall be paid from the servicing entity's
   funds and not charged to the mortgagor, unless the late payment was due to
   the mortgagor's error or omission.

5. Amounts remitted to investors per the servicer's investor reports shall agree
   with cancelled checks, or other form of payment, or custodial bank
   statements.

6. Unused checks shall be safeguarded so as to prevent unauthorized access.


IV. INVESTOR ACCOUNTING AND REPORTING

1. The servicing entity's investor reports shall agree with, or reconcile to,
   investors' records on a monthly basis as to the total unpaid principal
   balance and number of loans serviced by the servicing entity.


V. MORTGAGOR LOAN ACCOUNTING

1. The servicing entity's mortgage loan records shall agree with, or reconcile
   to, the records of mortgagors with respect to the unpaid principal balance on
   a monthly basis.

2. Adjustments on ARM loans shall be computed based on the related mortgage note
   and any ARM rider.

3. Escrow accounts shall be analyzed, in accordance with the mortgagor's loan
   documents, on at least an annual basis.

4. Interest on escrow accounts shall be paid, or credited, to mortgagors in
   accordance with the applicable state laws.

VI. DELINQUENCIES

1. Reports documenting collection efforts shall be maintained during the period
   a loan is in default and shall be updated at least monthly. Such records
   shall describe the entity's activities in monitoring delinquent loans
   including, for example, phone calls, letters and mortgage payment
   rescheduling plans in cases where the delinquency is deemed temporary
   (e.g., illness or unemployment).


VII. INSURANCE POLICIES

1. A fidelity bond and errors and omissions policy shall be in effect on the
   servicing entity throughout the reporting period in the amount of coverage
   represented to investors in management's assertion.





  EX-99.3
(logo) Saxon
Mortgage Services, Inc.


RE: Officer's Certificate 2004 Annual Reporting

The undersigned Officer certifies the following for the 2004 fiscal year:

(A) I have reviewed the activities and performance of the Servicer during the
preceding fiscal year under the terms of the Servicing Agreement, Trust
Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide and
to the best of these Officers' knowledge, the Servicer has fulfilled all of
its duties, responsibilities or obligations under these Agreements
throughout such year, or if there has been a default or failure of the
servicer to perform any of such duties, responsibilities or obligations, a
description of each default or failure and the nature and status thereof has
been reported.

(B) I have confirmed that the Servicer is currently an approved FNMA or FHLMC
servicer in good standing;

(C) I have confirmed that the Fidelity Bond, the Errors and Omissions
Insurance Policy and any other bonds required under the terms of the
Servicing Agreement, Trust Agreement, Pooling and Servicing Agreement and/or
Seller/Servicer Guide are in full force and effect;

(D) All premiums for each Hazard Insurance Policy, Flood Insurance Policy (if
applicable) and Primary Mortgage Insurance Policy (if applicable), with
respect to each Mortgaged Property, have been paid and that all such
insurance policies are in full force and effect;

(E) All real estate taxes, governmental assessments and any other expenses
accrued and due, that if not paid could result in a lien or encumbrance on
any Mortgaged Property, have been paid, or if any such costs or expenses
have not been paid with respect to any Mortgaged Property, the reason for
the non-payment has been reported.

(F) All Custodial Accounts have been reconciled and are properly funded; and

(G) All annual reports of Foreclosure and Abandonment of Mortgage Property
required per section 6050H, 6050J and 6050P of the Internal Revenue Code,
respectively, have been prepared and filed.

Certified By:

/s/ David Dill
Officer: David Dill

/s/ President
Title: President

/s/ 3-21-05
Date


We are a debt collector. Any information obtained will be used
for that purpose.

Saxon Mortgage Services, Inc. * 4708 Mercantile Drive North * Fort Worth,
TX 76137-3605 P.O. Box 161489 * Fort Worth, TX 76161-1489 * (817) 665-7200 *
Fax (817) 665-7400





  Ex-99.4

   Schedule of Year-To-Date Principal and Interest Distributions to
   Certificateholders


   <TABLE>

   Class                              Interest             Principal               Losses             Ending Balance
   
                       <c>                    <c>                  <c>                 <c>
   A-1                            5,605,959.06         33,542,858.06                 0.00             592,157,141.95
   A-2                              449,824.52          3,122,194.24                 0.00              46,877,805.77
   A-3A                             685,115.71         17,428,088.20                 0.00              69,571,911.80
   A-3B                           1,461,780.15                  0.00                 0.00             160,300,000.00
   A-3C                             308,658.75                  0.00                 0.00              31,800,000.00
   B                                111,057.98                  0.00                 0.00               5,500,000.00
   C                             15,426,428.28                  0.00                 0.00              10,450,000.00
   M-1                              445,530.55                  0.00                 0.00              44,000,000.00
   M-2                              260,992.19                  0.00                 0.00              24,750,000.00
   M-3                              120,610.42                  0.00                 0.00              11,000,000.00
   M-4                              143,679.86                  0.00                 0.00              11,000,000.00
   M-5                              148,293.75                  0.00                 0.00              11,000,000.00
   M-6                              102,389.00                  0.00                 0.00               7,150,000.00
   M-7                              139,332.57                  0.00                 0.00               7,700,000.00
   M-8                              144,375.39                  0.00                 0.00               7,150,000.00
   M-9                              111,057.98                  0.00                 0.00               5,500,000.00
   P                                752,619.87                  0.00                 0.00                     100.00
   R                                      0.00                  0.00                 0.00                       0.00
   </TABLE>