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, 2005

      OR



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


      Commission File Number:  333-123990-04


      Securitized Asset Backed Receivables LLC (as Depositor under the Pooling
      and Servicing Agreement, dated as of December 1, 2005, providing for the
      issuance of Securitized Asset Backed Receivables LLC Trust 2005-OP2
      Mortgage Pass-Through Certificates, Series 2005-OP2)

     (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, NY                               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 12b-2 of the
  Exchange Act. (Check One):


  Large Accelerated Filer ___  Accelerated Filer ___  Non-Accelerated Filer X


  Indicate by check mark whether the registrant is a shell company (as
  defined in Rule 12b-2 of the Act).

        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.


     Documents Incorporated by Reference

        Not applicable.


                                   PART I
  Item 1.  Business.

            Not applicable.


  Item 1A.  Risk Factors.

            Not applicable.


  Item 1B.  Unresolved Staff Comments.

            Not applicable.


  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.

            None.

                                PART II

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

            Currently, there is no established public trading market for the
            Certificates known to the registrant.

            Records provided by The Depository Trust Company and the Trustee
            indicate that as of December 31, 2005, the total number of holders
            of record for the Series of Certificates is 23.


  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.

            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
           and Related Stockholder Matters.

            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) The following is a list of documents filed as part of this Annual Report
       on Form 10-K:

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

     (99.1) Annual Independent Accountants' Report concerning
            servicing activities.

      <TABLE>

      
         <c>
      a) Option One Mortgage Corporation, as Servicer <F1>

      </TABLE>

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

      <TABLE>

      
        <c>
      a) Option One Mortgage Corporation, as Servicer <F1>

      </TABLE>

     (99.3) Annual Statement of Compliance under the Pooling and Servicing
            Agreement.

      <TABLE>

      
         <c>
      a) Option One Mortgage Corporation, as Servicer <F1>

      </TABLE>


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

            Not applicable.

   (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 thereof.

   (c) Not applicable.


  <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:



  Securitized Asset Backed Recievables LLC, as Depositor

  By:
  Name:  Paul Menefee, Chief Accounting Officer
  Title: Chief Accounting Officer

  Dated: March 30, 2006

  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.




  Exhibit Index

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

     (99.1) Annual Independent Accountants' Report concerning
            servicing activities.

      <TABLE>

      
         <c>
      a) Option One Mortgage Corporation, as Servicer <F1>

      </TABLE>

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

      <TABLE>

      
        <c>
      a) Option One Mortgage Corporation, as Servicer <F1>

      </TABLE>

     (99.3) Annual Statement of Compliance under the Pooling and Servicing
            Agreement.

      <TABLE>

      
         <c>
      a) Option One Mortgage Corporation, as Servicer <F1>

      </TABLE>


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





  Exhibit No.

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

  Re:   Securitized Asset Backed Receivables LLC Trust 2005-OP2 (the
        "Trust"), Mortgage Pass-Through Certificates, Series 2005-OP2, issued
        pursuant to the Pooling and Servicing Agreement, dated as December 1,
        2005 (the "Pooling and Servicing Agreement"), by and among Securitized
        Asset Backed Receivables LLC, as depositor (the "Depositor"), Wells
        Fargo Bank, National Association, as trustee (the "Trustee"), Option One
        Mortgage Corporation, as servicer (the "Servicer") and responsible
        party, 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.



     Date: March 24, 2006

     /s/ Paul Menefee
     Paul Menefee

     Chief Accounting Officer



  EX-99.1
(logo) KPMG

KPMG LLP
Suite 2000
355 South Grand Avenue
Los Angeles, CA 90071-1568


Independent Accountants' Report

The Board of Directors and Stockholder
Option One Mortgage Corporation:

We have examined management's assertion, included in the accompanying management
assertion, that Option One Mortgage Corporation complied with the minimum
servicing standards set forth in the Mortgage Bankers Association of America's
Uniform Single Attestation Program for Mortgage Bankers as of and for the year
ended December 31, 2005. Management is responsible for Option One Mortgage
Corporation'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 and,
accordingly, including examining, on a test basis, evidence about Option One
Mortgage Corporation's compliance with the minimum servicing standards specified
above 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 Option
One Mortgage Corporation's compliance with the minimum servicing standards.

In our opinion, management's assertion that Option One Mortgage Corporation
complied with the aforementioned minimum servicing standards as of and for the
year ended December 31, 2005 is fairly stated in all material respects.

/s/ KPMG LLP

Los Angeles, California
February 28, 2006

KPMG LLP, a U.S. limited liability partnership, is the U.S.
member firm of KPMG International, a Swiss cooperative.





  EX-99.2
(logo) OPTION ONE
       MORTGAGE
       an H&R BLOCK company

(logo) H&R BLOCK

Management Assertion

As of and for the year ended December 31, 2005, Option One Mortgage Corporation
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. As of and for this same period, Option One
Mortgage Corporation had in effect a fidelity bond and errors and omissions
policy in the amounts of $70,000,000 and $10,000,000, respectively.

/s/ Robert E Dubrish
Robert E. Dubrish, Chief Executive Officer

/s/ William L. O'Neill
William L. O'Neill, Chief Financial Officer

/s/ Matthew A. Engel
Matthew A. Engel, Controller

/s/ Fabiola Camperi
Fabiola Camperi, Chief Servicing Officer



www.optiononeonline.com





  EX-99.3
(logo)
OPTION ONE
MORTGAGE
an H&R BLCOK company


February 28, 2006

Securitized Asset Backed Receivables LLC
200 Park Avenue
New York, NY 10166
Attn: Paul Menefee
Inv#360 & 413

Pursuant to (i) Section 3.22 of the Pooling and Servicing Agreement, dated and
effective as of March 1,2005 (the "SABR 2005-0P1 Servicing Agreement"), by and
among Securitized Asset Backed Receivables LLC, as depositor (the "Depositor"),
Wells Fargo Bank National Association, as trustee, (the "Trustee"), and Option
One Mortgage Corporation, as servicer (the "Servicer") and responsible party
and (ii) Section 3.22 of the Pooling and Servicing Agreement, dated
and effective as of December 1,2005 (the "SABR 2005-0P2 Servicing Agreement" and
together with the SABR 2005-0P1 Servicing Agreement, the "Servicing Agreement"),
by and among the Depositor, the Trustee, the Servicer , and Mortgage Ramp Inc.,
as loan performance advisor, enclosed is the required officer's certificate of
compliance.

Please contact Debbie Lonergan if you should have any questions at 949-790-3600
x35524 or email at:Debbie.Lonergan@oomc.com.

Option One Mortgage Corporation
3 Ada
Irvine, CA 92618

www.optlononeonllne.com

6501 Irvine Center Drive * Irvine * Californa * 92618-2304 * 949-790-3600 * Fax
949-790-8581





OFFICER'S CERTIFICATE

ANNUAL STATEMENT OF THE SERVICER

I, Fabiola Camperi, the duly appointed Chief Servicing Officer of Option One
Mortgage Corporation, the Servicer, hereby certify that (i) a review of the
activities of the Servicer during the calendar year ended December 31, 2005 and
of performance under the Servicing Agreement, as defined in the cover letter,
has been made under my supervision, and (ii) to the best of my knowledge, based
on such review, the Servicer has fulfilled all of its obligations under the
Servicing Agreement during such year.


By: /s/ Fabiola Camperi

Name: Fabiola Camperi
Title: Chief Servicing Officer
Date: February 28, 2006




  EX-99.4

          No distributions to Certificateholders were made during the fiscal
          year covered by this report.