**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 |
|---|-----------------------------------------------------------------------------------------------------------------------------------|

**December      31**
**2005**

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

**333-115371-04**

**POPULAR      ABS, INC.**

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**(as      depositor under a certain Pooling and Servicing Agreement dated as of March      1,      2005, **

**providing      for the issuance of Mortgage Pass-Through Certificates, Series      2005-2)**

|  **Delaware**                                                                                  |   |  **52-2029487**                                              |
|-----------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------|
| (State                or other jurisdiction ofincorporation                or organization)         |   | (I.R.S.                EmployerIdentification                No.) |
|                                                                                                |   |                                                              |
| **103                Springer Building, 3411 Silverside Road, Wilmington,                Delaware** |   |  **19803**                                                   |
| (Address                of principal executive offices)                                             |   | (Zip                Code)                                         |

**(302)      478-6160**

**None**

**None**

**  **
**  **

***      The closing date for the transaction was March 30, 2005.**

**Not      applicable**

**Not      applicable**

**Not      applicable**

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**PART      I**

**ITEM      1. BUSINESS**

**ITEM      1A. RISK FACTORS**

**ITEM      1B. UNRESOLVED STAFF COMMENTS**

**ITEM      2. PROPERTIES**

|  **Location**                                    |   |  **Type                of Property** |   |  **Loan                Number** |   | **Stated****Principal                Balance** |   |  **Acquisition                Date** |
|-------------------------------------------------------|--------|-------------------------------------------|--------|--------------------------------------|--------|------------------------------------------------|--------|-------------------------------------------|
| 1795                Janjolin Way,Conley, GA 30288     |   | Residential                               |   | 7005540                              |   | $111,903.57                                    |   | 12/1/05                                   |
|                                                  |   |                                      |   |                                 |   |                                           |   |                                      |
| 4366                Mt. Olive Road Commerce, GA 30529 |   | Residential                               |   | 169836                               |   | $106,058.30                                    |   | 10/17/05                                  |

**ITEM      3. LEGAL PROCEEDINGS**

** **

**ITEM      4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**

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**PART      II**

**ITEM      5. MARKET FOR REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDER      MATTERS**

| (a) | No                established public trading market for the Certificates                exists. |
|-----|-------------------------------------------------------------------------------------------------|

| (b) | As                of December 31, 2005, the number of holders of record of the publicly                offered Certificates was 68. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Omitted                pursuant to the No-Action Letter. |
|-----|----------------------------------------------------------|

**ITEM      6. SELECTED CONSOLIDATED FINANCIAL DATA**

**ITEM      7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF      OPERATIONS**

**ITEM      7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET      RISK**

**ITEM      8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

**ITEM      9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL      DISCLOSURE.**

**ITEM      9A. CONTROLS AND PROCEDURES**

**ITEM      9B. OTHER INFORMATION**

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**PART      III**

**ITEM      10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT**

**ITEM      11. EXECUTIVE COMPENSATION**

**ITEM      12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED      STOCK HOLDER MATTERS**

| (a) | Not                applicable. |
|-----|--------------------------------|

| (b) | Not                applicable. |
|-----|--------------------------------|

| (c) | Not                applicable. |
|-----|--------------------------------|

**ITEM      13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS**

| (a) | Not                applicable. |
|-----|--------------------------------|

| (b) | Not                applicable. |
|-----|--------------------------------|

| (c) | None. |
|-----|-------|

| (d) | None. |
|-----|-------|

**ITEM      14. PRINCIPAL ACCOUNTING FEES AND SERVICES.**

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**PART      IV**

**ITEM      15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM      8-K**

| (a) | Exhibits |
|-----|----------|

|   | 31.1 | Certification                pursuant to Securities Exchange Act Rules 13a-14 and 15d-14 as adopted                pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 99.1 | Annual                Independent Accountants’ Servicing Report concerning servicing activities                under the Pooling and Servicing Agreement for the Servicer’s fiscal year                ended November 30, 2005, in accordance with the No-Action Letter. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 99.2 | Annual                Statement of Compliance under the Pooling and Servicing Agreement                for the                Servicer’s fiscal year ended November 30, 2005, in accordance with the                No-Action Letter. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 99.3 | Aggregate                Statement of Principal and Interest Distributions to Certificateholders. |
|--------|------|---------------------------------------------------------------------------------------------------|

| (b) | See                  Item 15(a) above. |
|-----|----------------------------------------|

| (c) | Omitted                pursuant to the No-Action Letter. |
|-----|----------------------------------------------------------|

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**SIGNATURES**

|                              |                                                                         |                                    |
|-----------------------------------|------------------------------------------------------------------------------|-----------------------------------------|
|                              | POPULAR                ABS, INC.,on behalf of the Trust                      |
|                         |                                                                    |                               |
| Date:              March 13, 2006 | By:                                                                |  /s/              James H. Jenkins |
|                              | James              H. Jenkins, Executive Vice President and              CFO |
|                              |                                                                         |

| (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. |
|-----|-----------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**INDEX      TO EXHIBITS**

| ExhibitNumber | Description                                                                                                                                                                                                                                                                                                       |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|          |                                                                                                                                                                                                                                                                                                              |
| 31.1          | Certification                  pursuant to Securities Exchange Act Rules 13a-14 and 15d-14 as                  adopted                  pursuant to Section 302 of the Sarbanes-Oxley Act of                  2002.                                                                                               |
|          |                                                                                                                                                                                                                                                                                                              |
| 99.1          | Annual                  Independent Accountants’ Servicing Report concerning servicing activities                  under the Pooling and Servicing Agreement for the Servicer’s fiscal year                  ended November 30, 2005, in accordance with the No-Action                  Letter.  |
|          |                                                                                                                                                                                                                                                                                                              |
| 99.2          | Annual                  Statement of Compliance under the Pooling and Servicing Agreement                  for the                  Servicer’s fiscal year ended November 30, 2005, in accordance with the                  No-Action Letter.                                                          |
|          |                                                                                                                                                                                                                                                                                                              |
| 99.3     | Aggregate                  Statement of Principal and Interest Distributions to                  Certificateholders                                                                                                                                                                                          |

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