SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                    FORM 10-K



                      Pursuant to Section 13 or 15(d) of the
                          Securities Exchange Act of 1934


(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 15d of the Securities
Exchange Act of 1934
For the transition period from _____________  to ________

Commission file Number   333-86750

Asset Backed Securities Corporation
(Exact name of registrant as specified in its charter)

Delaware                            13-3354848
(State or other jurisdiction        (I.R.S. Employer
of incorporation or organization)    Identification No.)

11 Madison Avenue, Park Avenue Plaza
New York, New York                                         10010
(Address of Principal Executive Offices)           (Zip Code)

Registrant's telephone number, including area code:             (212) 325-2000

Asset Backed Securities Corporation
Mortgage-Backed Pass-Through Certificates Series 2002-HE3
(Title of each class of securities covered by this Form)

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 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 *
          * The closing date for the transaction was October 25, 2002

                                    PART I

Item 1.  Business

        Not applicable.

Item 2.  Properties

        Not applicable on reliance of Relief Letters

Item 3. Legal Proceedings

        There were no legal proceedings.

Item 4. Submission of Matters to a Vote of Security Holders
        There were no matters submitted to a vote of the Security Holders.

                                    PART II

Item 5. Market for Registrant's Common Equity and Related Stockholder matters
        There is no established public trading market for the notes.

        Below are the number of Noteholders or Certificateholders
        of record as of the end of the reporting year.

        Asset Backed Securities Corporation
        Mortgage-Backed Pass-Through Certificates
        Series 2002-HE3 Class I-A                1
        Series 2002-HE3 Class II-A               5
        Series 2002-HE3 Class I-AIO              1
        Series 2002-HE3 Class II-AIO             2
        Series 2002-HE3 Class II-M1              3
        Series 2002-HE3 Class M2                 3
        Series 2002-HE3 Class M3                 6
        Series 2002-HE3 Class M4                 1
        Series 2002-HE3 Class I-BIO              1
        Series 2002-HE3 Class II-BIO             1
        Series 2002-HE3 Class I-X                1
        Series 2002-HE3 Class II-X               1
        Series 2002-HE3 Class I-P                1
        Series 2002-HE3 Class II-P               1







































Item 6.  Selected Financial Data.

        Not applicable.

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

        Not applicable.

Item 8.  Financial Statements and Supplementary Data.

        Not applicable.

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

        Not applicable.


                                   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.


                                    PART IV

Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K

        (a) 1.  Not Applicable
              2.  Not Applicable
              3.  Exhibits

                   99.1  Annual Statement as to Compliance.
                   99.2  Annual Independent Public
                            Accountant's Servicing Report.

        (b)   Reports on Form 8-K
        The registrant has filed Current Reports on Form 8-K with the
        Securities and Exchange Commission dated:
        November 15, 2002;  December 16, 2002



        (c)    See (a) 3 above

        (d)    Not Applicable



                      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 Corporation
Mortgage-Backed Pass-Through Certificates Series 2002-HE3

        /s/	______Greg Richter______

        Name:	Greg Richter

        Title:	Vice President

        Asset Backed Securities Corporation


Date:  March 31, 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 Corporation
Mortgage-Backed Pass-Through Certificates Series 2002-HE3

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 required
to be prepared by the trustee based upon the servicing information
required to be provided by each servicer under the pooling and servicing
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 agreement,
and except as disclosed in the reports, each servicer has fulfilled its
obligations under the pooling and servicing agreement; and

5. The reports disclose all significant deficiencies relating to each 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 these reports.




Date:                 ___March 28, 2003___________

Signature:        /s/ ___Greg Richter_____________

Company:              Asset Backed Securities Corporation

Title:                ___Vice President___________


                      EXHIBIT INDEX

        Exhibit Number Description

                 99.1 Annual Statement of Compliance
                 99.2 Report of Independent Accountants

     EXHIBIT 99.1 -- Annual Statement of Compliance


SERVICER CERTIFICATION
Re: Asset Backed Securities Corporation
Home Equity Loan Trust Series 2002-HE3
Asset Backed Pass- Through Certificates, Series 2002-HE3

I, Andrew J. Sciandra, a duly elected and acting officer of Long Beach Mortgage
Company (the Servicer"), certify to the Depositor, the Trustee and each Person,
if any, who "controls" the Depositor or the Trustee within the meaning of the
Securities Act of 1933, as amended, and their respective officers and
directors, with respect to the: calendar year immediately preceding the
date of this Certificate (the "Relevant Year"), as follows:

1. For purposes of this Certificate, "Relevant Information" means the
information in the certificate provided pursuant to Section 3.20 of the Pooling
and Servicing Agreement (the "Annual Compliance Certificate") for the Relevant
Year and the information in all servicing reports required pursuant to the
Pooling and Servicing Agreement to be provided by the Servicer to the
Trustee during the Relevant Year. Based on my knowledge, the Relevant
Information, taken as a whole, does not contain any untrue statement of
a material fact or omit to state a material fact required to be stated
therein which is necessary to make the Statements made therein, in light of
the circumstances under which such statements were made, not
misleading as of the last day of the Relevant Year.

2. The Relevant Information has been provided to those Persons entitled to
receive it.

3. I am responsible for reviewing the activities performed by the Servicer
under the Pooling and Servicing Agreement during the Relevant Year. Based upon
the review required by the Pooling and Servicing Agreement and except as
disclosed in the Annual Compliance Certificate or the accountants' statement
provided pursuant to Section 3.21 of the Pooling and Servicing Agreement, to
the best of my knowledge, the Servicer has fulfilled its obligations under
the Pooling and Servicing Agreement throughout the Relevant Year.

Capitalized terms used but not defined herein have the meanings ascribed to
them in the Pooling and Servicing Agreement, dated as of October 1, 2002
(the "Pooling and Servicing Agreement"), among Asset Backed Securities
Corporation, as depositor (the "Depositor"), DLJ Mortgage Capital, Inc.,
as seller (the "Seller"), Fannie Mae, as guarantor (the "Guarantor"),
Long Beach Mortgage Company as servicer (the "Servicer")
and U.S. Bank National Association, as trustee (the "Trustee").

LONG BEACH MORTGAGE COMPANY,
as Servicer
By:	\s\  Andrew J. Sciandra
Name: Andrew J. Sciandra
Title: Vice President
Date: March 20, 2003






       EXHIBIT 99.2 -- Report of Independent Auditors

Deloitte & Touche LLP
Suite 4500
700 Fifth Avenue
Seattle, Washington  98104-5044
Tel: (206) 202-1800
Fax:(2O6) 343-7809
www.deloitte.com
Deloitte
&Touche


INDEPENDENT ACCOUNTANTS' REPORT ON
COMPLIANCE WITH UNIFORM SINGLE ATTESTATION
PROGRAM FOR MORTGAGE BANKERS

Board of Directors
Washington Mutual Bank, FA

We have examined management's assertion about Washington Mutual Bank, FA and
subsidiaries' (the Company) compliance with the minimum servicing standards
identified in the Mortgage Bankers Association of America's Uniform Single
Attestation Program for Mortgage Bankers as of and for the year ended
December 31, 2002, included in the accompanying management assertion.
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 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 the 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 lega1 determination on the Company's
compliance with the 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, 2002, is fairly stated, in all material respects.

\s\ Deloitte & Touche LLP

February 18,2003


Deloitte
Touche
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