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



                                      FORM 10-K/A

                                   Amendment No. 1


  (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, 2002

      OR



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


      Commission File Number:  333-86750-01


        Asset Backed Securities Corp Home Equity Loan Trust
        Asset-Backed Pass-Through Certificates
        Series 2002-HE2 Trust

       (Exact name of registrant as specified in its charter)



   New York                                       52-2365566
                                                  52-2365567
                                                  52-2365568
                                                  52-2365569
                                                  52-2365570
  (State or other jurisdiction of                 (I.R.S. Employer
  incorporation or organization)                  Identification No.)

   c/o Wells Fargo Bank Minnesota, N.A.
   9062 Old Annapolis Road
   Columbia, MD                                21045
  (Address of principal executive offices)     (Zip Code)


  Registrant's telephone number, including area code: (410) 884-2000


  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.






  State the aggregate market value of the voting and non-voting common
  equity held by non-affiliates of the registrant. The aggregate market
  value shall be computed by reference to the price at which the common
  equity was sold, or the average bid and asked prices of such common
  equity, as of a specified date within 60 days prior to the date of
  filing. (See definition of affiliate in Rule 405, 17 CFR 230.405.)

         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.



  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 14(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 trusts created under the Pooling and Servicing
            Agreement (the Trusts), the Trustee, the Servicer or the
            registrant with respect to the Trusts 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.


            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, 2002, the number of holders of
            record for each class of Certificate were as follows:


             Class A1                          9
             Class A2                          1
             Class A-IO                        9
             Class B                           3
             Class B-IO                        1
             Class M1                          2
             Class M2                         11
             Class P                           1
             Class R                           1
             Class X                           1

             Total:                           39


  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 14(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.


                               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. Controls and Procedures.

            Not applicable.

                               PART IV


  Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

   (a) Exhibits

    (99.1) Annual Independent Accountants' Servicing Reports concerning
           servicing activities for the year ended December 31, 2002.

       <TABLE>

       
        <c>
       a) Fairbankscapital Corp, as Servicer <F1>
       </TABLE>

    (99.2) Report of Management as to Compliance with Minimum Servicing
           Standards for the year ended December 31, 2002.

       <TABLE>

       
        <c>
       a) Fairbankscapital Corp, as Servicer <F1>
       </TABLE>

    (99.3) Annual Statements of Compliance under the Pooling and Servicing
           Agreements for the year ended December 31, 2002.

       <TABLE>

       
         <c>
       a) Fairbankscapital Corp, as Servicer <F1>
       </TABLE>


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


   (b)  On October 29, 2002, November 26, 2002, and December 30, 2002
        reports on Form 8-K were filed by the Company in order to provide
        the statements for the monthly distributions to holders of the
        Certificates. No other reports on Form 8-K have been filed during
        the last quarter of the period covered by this report.

   (c) Not applicable.

   (d) Omitted.



  <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:



    Asset Backed Securities Corp Home Equity Loan Trust
    Asset-Backed Pass-Through Certificates
    Series 2002-HE2 Trust
    (Registrant)



  Signed:  Asset Backed Securities Corporation as Depositor


  By:   Greg Richter, Vice President

  By: /s/  Greg Richter

  Dated: July 18, 2003

  Sarbanes-Oxley Certification


I, Greg Richter, certify that:


1.   I have reviewed this annual report on Form 10-K, and all reports on Form
     8-K containing distribution or servicing reports filed in respect of
     periods included in the year covered by this annual report, of Asset
     Backed Securities Corp Home Equity Loan Trust Asset-Backed Pass-Through
     Certificates Series 2002-HE2 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 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 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, 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:
     Fairbankscapital Corp, as Servicer.

      Date: July 18, 2003


      /s/ Greg Richter
      Signature


      Vice President
      Title








  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.

  Ex-99.1 (a)


Ernst & Young

Ernst & Young LLP
725 South Figueroa Street
Los Angeles, California 90017

Phone: (213) 977-3200
www.ey.com


Report on Management's Assertion on Compliance with the Minimum
Servicing Standards Set Forth in the Uniform Single Attestation
Program for Mortgage Bankers


Report of Independent Accountants

Board of Directors
Fairbanks Capital Corp.

We have examined management's assertion, included in the accompanying
report titled Report of Management, that Fairbanks Capital Corp., a
wholly owned subsidiary of Fairbanks Capital Holding Corp., (the
"Company") complied with the minimum servicing standards set forth
in the Mortgage Bankers Association of America's Uniform Single
Attestation Program for Mortgage Bankers ("USAP") during the year
ended December 31, 2002.  Management is responisble for the Company's
compliance with those requirements.  Our responsibility is to express
an opinion on management's assertion about the Company's compliance
based on our examination.

Our examination was made in accordance with standards established
by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about
the Company's compliance with those requirements 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 specified
requirements.

In our opinion, management's assertion that the Company complied
with the aforementioned requirements during the year ended
December 31, 2002, is fairly stated, in all material respects.

/s/ Ernst & Young LLP

January, 20 2003

Ernst & Young LLP is a member of Ernst & Young International, Ltd.

  Ex-99.2 (a)



Fairbanks Capital Corp.

Management's Assertion on Compliance with the Minimum
Servicing Standards Set Forth in the Uniform Single
Attestation Program for Mortgage Bankers

Report of Management

We, as members of management of Fairbanks Capital Corp.
(the "Company"), are responsible for complying with the
minimum servicing standards as set forth in the Mortgage
Bankers Association of America's Uniform Single Attestation
Program for Mortgage Bankers ("USAP").  We are also
responsible for establishing and maintaining effective
internal control over compliance with these standards.  We
have performed an evaluation of the Bank's compliance with the
minimum servicing standards as set forth in the USAP as of
December 31, 2002 and for the year then ended.  Based on
this evaluation, we assert that during the year ended
December, 31 2002, the Company complied, in all material
respects, with the minimum servicing standards set forth in
the USAP.

As of and for the same period, the Bank had in effect a fidelity
bond in the amount of $38,000,000 and an errors and omissions
policy in the amount of $10,000,000.

/s/ Thomas D. Basmajian
Thomas D. Basmajian
Chief Executive Officer

/s/ Anthony O'Boyle Beirne
Anthony O'Boyle Beirne
Executive Vice President and
Chief Financial Officer

/s/ Barbara K. Wing
Barbara K. Wing
Controller

January, 20 2003

3815 South West Temple * Salt Lake City, Utah 84115-4417
P.O. Box 65250 * Salt Lake City, Utah 84165-0250
Telephone (801) 293-1883 * Fax (801) 293-1297

  Ex-99.3 (a)


FAIRBANKS CAPITAL CORP. (logo)

Agreement: Loan Agreements Listed in Schedule Wells Fargo

Dated: See Attached Schedule


ANNUAL STATEMENT AS TO COMPLIANCE

In accordance with the applicable section in each of the Pooling and Servicing
Agreement specified:

i. a review of the activities of the Servicer during the year ended December 31,
2002 and of performance under this Agreement has been made under such officers'
supervision; and

ii. to the best of such officers' knowledge, based on such review, the Servicer
has fulfilled all of its obligations under this Agreement throughout such year.

March 11, 2003

/s/ William P. Garland
William P. Garland
President
Fairbanks Capital Corp.


3815 SOUTH WEST TEMPLE. SALT LAKE CITY, UTAH 84115-4412
P.O. BOX 65250. SALT LAKE CITY, UTAH 84165-0250
TELEPHONE (801) 293-1883. FACSIMILE (801) 293-1297



Schedule Wells Fargo

Fairbanks Capital Corp. as Servicer, Lehman Capital as Seller and Wells Fargo
Bank, MN NA, as Master Servicer - Amortizing Residential Collateral Mortgage
Pass-Through Certificates, Series 2001-BC6
10/01/2001

Assignment and Assumption Agreement by and among Fidelity Funding Mortgage
Corp., Fairbanks Capital Corp., and Cargill Financial Services Corporation
relating to Fidelity Funding Home Equity Loan Trust 1997-1
06/01/1999

Sale and Servicing Agreement among ITLA Mortgage Loan Securitization 2002-1,
L.L.C., Issuer, ITLA Capital Corporation, Seller and Master Servicer, Fairbanks
Capital Corp., Servicer, Wells Fargo Bank Minnesota, National Association,
Trustee and Wells Fargo Bank Minnesota, National Association, Backup Servicer
03/01/2002

Pooling and Servicing Agreement - Asset Backed Securities Corporation,
Depositor, DLJ Mortgage Capital, Inc., Seller, Fairbanks Capital Corp.,
Servicer, and Wells Fargo Bank Minnesota NA, Trustee-Asset Backed Securities
Corporation Home Equity Loan Trust 2002-HE2
05/01/2002

DLJ Mortgage Acceptance Corp., Depositor, PNC Mortgage Securities Corp., Seller
and Servicer, DLJ Mortgage Capital, Inc., Seller, Calmco Servicing L.P.,
Servicer and Special Servicer, Old Kent Mortgage Company, Servicer, and Wells
Fargo Bank Minnesota, N.A., Trustee - Pooling and Servicing Agreement - DLJ ABS
Trust 2000-3
09/01/2000


  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>
   A1                          3,976,750.71        28,890,412.81                0.00            329,057,587.20
   A2                          3,980,704.73        33,431,886.51                0.00            324,516,113.49
   A-IO                        3,944,308.33                 0.00                0.00                      0.00
   B                             743,153.24                 0.00                0.00             34,295,390.00
   B-IO                        1,327,083.35                 0.00                0.00                      0.00
   CSFB                        3,094,893.04                 0.00                0.00                      0.00
   M1                            846,237.01                 0.00                0.00             62,161,000.00
   M2                            720,433.51                 0.00                0.00             45,020,000.00
   P                             732,032.83                 0.00                0.00                    100.00
   R                                   0.00                 0.00                0.00                      0.00
   RII                                 0.00                 0.00                0.00                      0.00
   RIII                                0.00                 0.00                0.00                      0.00
   RIV                                 0.00                 0.00                0.00                      0.00
   RV                                  0.00                 0.00                0.00                      0.00
   STRIP                         202,873.14                 0.00                0.00                      0.00
   X                           5,874,439.03                 0.00                0.00             15,004,019.00
   </TABLE>