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


                                    FORM 10-K

[X]      Annual  report  pursuant  to  Section  13 or  15(d)  of the Securities
         Exchange Act of 1934 for the fiscal year ended December 31, 2005

[ ]      Transition report pursuant to Section 13 or 15(d) of the
         Securities Exchange Act of 1934 for the transition period from   to


                                      Commission File Number 333-108395-11

                    Securitized Asset Backed Receivables LLC
            (as Depositor under the Pooling and Servicing Agreement,
              dated February 1, 2005, providing for the issuance of
                  First Franklin Mortgage Loan Trust 2005-FF1
              Mortgage Pass-Through Certificates, Series 2005-FF1)
             (Exact name of registrant as specified in its charter)

         Delaware                                            37-1472598
State or other jurisdiction of                           (I.R.S. Employer
incorporation or organization                            Identification No.)

200 Park Avenue, New York, New York                             10166
(Address of Principal Executive Offices)                      (Zip Code)

       Registrant's telephone number, including area code : (212) 412-4000


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 if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act.  Yes [  ]   No [X]

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. [X]

Indicate by check mark whether the registrant is a large  accelerated  filer, an
accelerated  filer, or a  non-accelerated  filer. See definition of "accelerated
filer and large accelerated filer" in Rule 12-b-2 of the Exchange Act.

Large accelerated filer [ ]   Accelerated filer [ ]   Non-accelerated filer [x]

Indicate by check mark whether the  registrant is a shell company (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:  None


<page>

PART I

Item 1.  Business.

         Not Applicable.

Item 1A. Risk Factors.

         Not Applicable.

Item 1B. Unresolved Staff Comments.

         None.

Item 2.  Properties.

         Not Applicable.

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.

         No matter was submitted to a vote or consent of Holders of the Offered
         Certificates during the fiscal year covered by this report.

PART II

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

         Currently, there is no established secondary market for the
         Certificates known to the Registrant. As of December 31, 2005, the
         number of holders of each class of offered certificates was 55 based on
         records provided by The Depository Trust Company.

Item 6.  Selected Financial Data

         Not Applicable.

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

         Not Applicable.

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

         Not Applicable.

Item 8.  Financial Statements and Supplementary Data.

         Not Applicable.

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.

         Not Applicable.

                                      -2-

<page>

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.

         No reportable transactions have occurred.

Item 14. Principal Accounting Fees and Services.

         Not applicable.

PART IV

Item 15. Exhibits, Financial Statement Schedules.

(a) The following documents are filed as part of this report:

    (1)  Financial Statements:

         Not Applicable.

    (2)  Financial Statement Schedules:

         Not Applicable.

    (3)  Exhibits:

         Rule 13a-14(a)/15d-14(a) Certification, filed as Exhibit 31.1 hereto.

         Report of Independent Registered Public Accounting Firm, filed as
         Exhibit 99.1 hereto.

         Management's Assertion, filed as Exhibit 99.2 hereto.

         Annual Statement as to Compliance, filed as Exhibit 99.3 hereto.

(b)  The exhibits required to be filed by Registrant pursuant to Item 601 of
     Regulation S-K are listed above and in the Exhibit Index that immediately
     follows the signature page hereof.

(c)  Not Applicable.


                                      -3-
<page>



SIGNATURE

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.

                         Securitized Asset Backed Receivables LLC, as Depositor

                     By:  /s/  Paul Menefee
                          -----------------------------
                   Name:  Paul Menefee
                  Title:  Chief Accounting Officer
                   Date:  March 28, 2006



                                      -4-
<PAGE>

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

(a)(2) 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.

                                      -5-
<PAGE>



                                 EXHIBIT INDEX

Exhibit   Description

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

99.1     Report of Independent Registered Public Accounting Firm

99.2     Management's Assertion

99.3     Annual Statement as to Compliance





                                      -6-
<page>

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

                                CERTIFICATION

Re:   First Franklin Mortgage Loan Trust 2005-FF1 (the "Trust"), Mortgage
      Pass-Through Certificates, Series 2005-FF1, issued pursuant to the
      Pooling and Servicing Agreement, dated as February 1, 2005 (the
      "Pooling and Servicing Agreement"), by and among Securitized Asset
      Backed Receivables LLC, as depositor, JPMorgan Chase Bank, National
      Association, as trustee (the "Trustee"), Saxon Mortgage Services, Inc.,
      as servicer (the "Servicer"), and MortgageRamp Inc., as loan performance
      advisor

I, Paul Menefee, certify that:

1.   I have reviewed this annual report on Form 10-K (the "Annual Report"),  and
     all reports on Form 8-K containing  distribution reports (collectively with
     this Annual Report,  the "Reports") filed in respect of periods included in
     the year covered by this Annual Report, of the Trust;

2.   Based on my knowledge,  the  information in the 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 or servicing  information required
     to be  provided  to the  Trustee  by the  Servicer  under the  Pooling  and
     Servicing  Agreement,  for  inclusion  in the  Reports is  included  in the
     Reports;

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

5.   The  Reports  disclose  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  procedure,  as set forth in the  Pooling  and
     Servicing Agreement, that is included in such report.

     In giving the certifications above, I have reasonably relied on information
provided  to me by the  following  unaffiliated  parties:  the  Trustee  and the
Servicer.

                                Securitized Asset Backed Receivables LLC

                            By:  /s/ Paul Menefee
                                 -----------------------------
                          Name:  Paul Menefee
                         Title:  Chief Accounting Officer
                          Date:  March 28, 2006


                                      -7-
<page>


                                  EXHIBIT 99.1
            Report of Independent Registered Public Accounting Firm
                                ---------------


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors of
Saxon Capital, Inc.

We have examined management's assertion that Saxon Mortgage Services,  Inc.
(the  "Company")  has  complied as of and for the year ended  December 31, 2005,
with its established  minimum servicing  standards described in the accompanying
Management's  Assertion  dated February 28, 2006.  Management is responsible for
the  Company's   compliance  with  those  minimum   servicing   standards.   Our
responsibility  is to express an opinion  on  management's  assertion  about 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 its minimum
servicing standards.

In our opinion, management's assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended December
31, 2005, is fairly stated, in all material respects based on the criteria set
forth in Appendix I.

/s/ Deloitte & Touche LLP
--------------------------

February 28, 2006

                                      -8-

<page>



Management's Assertion

As of and for the year ended December 31, 2005,  Saxon Mortgage  Services,  Inc.
(the  "Company")  has  complied,  in all material  respects,  with the Company's
established  minimum servicing  standards for residential  mortgage loans as set
forth in Appendix I (the  "Standards").  The Standards are based on the Mortgage
Banker's  Association  of  America's  Uniform  Single  Attestation  Program  for
Mortgage Bankers.

As of and for this same period, the Company had in effect a fidelity bond in the
form of a Form 15 Financial  Institutions Bond with an aggregate coverage amount
of $32 million,  and an errors and  omissions  policy in the form of a Mortgagee
Protection Policy with mortgagee  interest coverage of $20 million and mortgagee
liability coverage of $10 million.


/s/ Michael L. Sawyer
----------------------------------------------------
(Michael L. Sawyer, Chief Executive Officer)


/s/ David Dill
----------------------------------------------------
(David Dill, President, Saxon Mortgage Services, Inc)

February 28, 2006


                                      -9-
<page>

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

      .  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.   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.



                                      -10-

<page>

                                  EXHIBIT 99.2
                             Management's Assertion
                              -------------------



Management's Assertion

As of and for the year ended December 31, 2005,  Saxon Mortgage  Services,  Inc.
(the  "Company")  has  complied,  in all material  respects,  with the Company's
established  minimum servicing  standards for residential  mortgage loans as set
forth in Appendix I (the  "Standards").  The Standards are based on the Mortgage
Banker's  Association  of  America's  Uniform  Single  Attestation  Program  for
Mortgage Bankers.

As of and for this same period, the Company had in effect a fidelity bond in the
form of a Form 15 Financial  Institutions Bond with an aggregate coverage amount
of $32 million,  and an errors and  omissions  policy in the form of a Mortgagee
Protection Policy with mortgagee  interest coverage of $20 million and mortgagee
liability coverage of $10 million.


/s/ Michael L. Sawyer
----------------------------------------------------
(Michael L. Sawyer, Chief Executive Officer)


/s/ David Dill
----------------------------------------------------
(David Dill, President, Saxon Mortgage Services, Inc)

February 28, 2006




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

      .  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.   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.


                                      -11-

<page>
                                  EXHIBIT 99.3
                        Annual Statement as to Compliance
                              -------------------


Saxon Mortgage Services, Inc.


RE: Officer's Certificate 2005 Annual Reporting

First Franklin Mortgage Loan Trust 2005-FF1, Mortgage Pass-Through Certificates
  2005-FF1
Securitized Asset Backed Receivables, LLC Trust 2005-FR1, Mortgage Pass-Through
  Certificates 2005-FR1
Securitized Asset Backed Receivables, LLC Trust 2005-FR1, Mortgage Pass-Through
  Certificates 2005-FR2


The undersigned Officer certifies the following for the 2005 fiscal year:

(A)  I have reviewed the activities and  performance of the Servicer  during the
     2005  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  and the
     nature and status  thereof has been  reported as  reflected on the attached
     Exhibit "A".

(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
Title: President
Date: 3/15/06



Saxon Mortgage Services, Inc.

                             2005 Annual Reporting

                                   Exhibit A

No Defaults Reported

                                      -12-