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 333-127352-16

                        FINANCIAL ASSET SECURITIES CORP.
            (AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
           DATED AS OF NOVEMBER 1, 2005, PROVIDING FOR THE ISSUANCE OF
                       SOUNDVIEW HOME LOAN TRUST 2005-CTX1
                  ASSET-BACKED CERTIFICATES, SERIES 2005-CTX1)
            (Exact name of registrant as specified in its charter)

         Delaware                                            06-1442101
State or other jurisdiction of                            (I.R.S. Employer
incorporation or organization                            Identification No.)


600 Steamboat Road
Greenwich, Connecticut                                       06830
(Address of principal executive offices)                   (Zip Code)

Registrant's telephone number, including area code : (203)625-2700


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 a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.  Yes [ ]  No [X]

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 Trustee,  any 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   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 45 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 and
         Related Stockholder Matters.

         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 31.1 hereto.

         Centex Home Equity Company, LLC
           Annual Independent Accountants' Servicing Report with Management
           Assertion filed as Exhibit 99.1 hereto.

         Centex Home Equity Company, LLC
           Annual Servicer's Statement as to Compliance
           filed as Exhibit 99.2 hereto.

         HomEq Servicing Corporation
           Annual Independent Accountants' Servicing Report with Management
           Assertion filed as Exhibit 99.3 hereto.

         HomEq Servicing Corporation
           Annual Servicer's Statement as to Compliance
           filed as Exhibit 99.4 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.


                                By:   FINANCIAL ASSET SECURITIES CORP.

                                       /s/ Robert McGinnis
                                       --------------------------------------
                               Name:  Robert McGinnis
                              Title:  President

                               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.

The  registrant  has not sent an annual report or proxy material to its security
holders.  The registrant  will not be sending an annual report or proxy material
to its security holders subsequent to the filing of this form.

                                      -5-
<PAGE>


                                 EXHIBIT INDEX

Exhibit Description

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

99.1     Centex Home Equity Company, LLC
          Annual Independent Accountants' Servicing Report
                with Management Assertion

99.2     Centex Home Equity Company, LLC
           Annual Servicer's Statement as to Compliance

99.3     HomEq Servicing Corporation
           Annual Independent Accountants' Servicing Report
                with Management Assertion

99.4     HomEq Servicing Corporation
           Annual Servicer's Statement as to Compliance

                                      -6-
<PAGE>

                                  Exhibit 31.1
                     Rule 13a-14(a)/15d-14(a) Certification
                               ------------------
Re:  Soundview Home Loan Trust, Series 2005-CTX1
     Asset Backed Certificates, Series 2005-CTX1

    I, Robert McGinnis, certify that:

l.   I have reviewed  this annual  report on Form 10-K,  and all reports on Form
     8-K  containing  distribution  and  servicing  reports  filed in respect of
     periods  included in the year covered by this annual  report,  of Soundview
     Home Loan Trust, Asset-Backed Certificates, Series 2005-CTX1;

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  servicers  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  servicers  have  fulfilled  each of its
     obligations under the servicing agreement; and

5.   The  reports  disclose  all  significant   deficiencies   relating  to  the
     servicers'  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:  Centex  Home  Equity
Company, LLC, HomEq Servicing Corporation and JPMorgan Chase Bank, N.A.

                                FINANCIAL ASSET SECURITIES CORP.

                                By: /s/ Robert McGinnis
                                    -----------------------------
                              Name: Robert McGinnis
                             Title: President
                              Date: March 28, 2006

                                      -7-


<PAGE>
                                  EXHIBIT 99.1

                         Centex Home Equity Company, LLC
                Annual Independent Accountants' Servicing Report
                            with Management Assertion
                               -------------------

Ernst & Young LLP                    Ernst & Young LLP     Phone: (214) 969-8000
                                     Suite 1500            Fax:   (214) 969-8587
                                     2100 Ross Avenue      Telex: 6710375
                                     Dallas, Texas


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

                       Report of Independent Accountants

The Members of Centex Home Equity Company, LLC
and Subsidiaries and CTX Mortgage Funding, LLC

We have examined  management's  assertion,  included in the accompanying  report
titled  Report  of  Management,   that  Centex  Home  Equity  Company,  LLC  and
Subsidiaries  and  CTX  Mortgage  Funding,  LLC  (collectively,  the  Companies)
complied with the minimum  servicing  standards as stated in Attachment A, which
were derived from the Mortgage Bankers  Association of America's  Uniform Single
Attestation  Program for Mortgage  Bankers (USAP) during the twelve month period
ended December 31, 2005. Management is responsible for the Companies' compliance
with  those  requirements.  Our  responsibility  is to  express  an  opinion  on
management's   assertions   about  the  Companies'   compliance   based  on  our
examination.

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

In our opinion,  management's  assertion  that the  Companies  complied with the
aforementioned  requirements  during the twelve month period ended  December 31,
2005 is fairly stated, in all material respects.


/s/ Ernst & Young LLP
---------------------
March 10, 2006




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


                              Report of Management

We, as members of management of Centex Home Equity Company, LLC and Subsidiaries
and CTX Mortgage Funding, LLC (collectively, the Companies), are responsible for
complying  with the minimum  servicing  standards in  Attachment A ("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
Companies'  compliance with the minimum servicing  standards as set forth in the
USAP as of December 31, 2005 and for the twelve  month period then ended.  Based
on this evaluation, we assert that during the twelve month period ended December
31, 2005, the Companies  complied,  in all material  respects,  with the minimum
servicing standards set forth in the USAP.

As of and for this same  period,  the  Companies  had in effect a fidelity  bond
(crime) policy in the amount of  $25,000,000 and an errors  and omissions policy
in the amount of $6,000,000.

                        By: /s/ Jay Bray
                            ------------------------
                            Jay Bray
                            Executive Vice President - Chief Financial Officer

                        By: /s/ Jerry Berrens
                            ------------------------
                            Jerry Berrens
                            Vice President - Controller

March 10, 2006


                                      -7-
<PAGE>

                                  EXHIBIT 99.2
                         Centex Home Equity Company, LLC
                  Annual Servicer's Statement as to Compliance
                               -------------------

                        ANNUAL STATEMENT AS TO COMPLIANCE

                       Soundview Home Loan Trust 2005-CTX1
                     Asset-Backed Certificates Series 2005-1

I,  Robert  Frye,  hereby  certify  that I am a duly  appointed  Executive  Vice
President  of Centex  Home Equity  Company,  LLC (the  "Servicer"),  and further
certify as follows:

     1. This  certification  is being made  pursuant to the terms of the Pooling
and Servicing Agreement, dated as of November 1, 2005, )the "Agreement"),  among
Financial Asset Securities Corp., as depositor, Centex Home Equity Company, LLC,
as Servicer and JPMorgan Chase Bank, as trustee.

     2. I have reviewed the activities of the Servicer during the preceding year
and  the  Servicer's  performance  under  the  Agreement  and to the  best of my
knowledge,  based  on  such  review,  the  Servicer  has  fulfilled  all  of its
obligations under the Agreement throughout the year.

     Capitalized  terms not otherwise  defined herein have the meaning set forth
in the Agreement.

Dated : March 15, 2006


IN WITNESS  WHEREOF,  the undersigned has executed this  Certificate as of March
16, 2006.

                                       By: /s/ Robert Frye
                                           ----------------------------
                                       Name:  Robert Frye
                                       Title: Executive Vice President

I, Andrew Cline,  a (an) Senior Vice  President of the Servicer,  hereby certify
that  Robert  Frye is a duly  elected,  qualified,  and  acting  Executive  Vice
President  of the  Servicer and that the  signature  appearing  above is his/her
genuine signature.

IN WITNESS  WHEREOF,  the undersigned has executed this  Certificate as of March
16, 2006.

                                       By: /s/ Andrew N. Cline
                                           ----------------------------
                                     Name:  Andrew N. Cline
                                     Title: SVP and Associate General Counsel

                                      -9-

<page>

                                  EXHIBIT 99.3
                          HomEq Servicing Corporation
                Annual Independent Accountants' Servicing Report
                            with Management Assertion
                              -------------------

KPMG LLP
Suite 2300
Three Wachovia Center
401 South Tryon Street
Charlotte, NC 28202-1911


                         Independent Accountants' Report

The Board of Directors
HomEq Servicing Corporation

We  have  examined   management's   assertion,   included  in  the  accompanying
Management's Assertion,  that HomEq Servicing Corporation (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,  as of and  for  the  year  ended  December  31,  2005.  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  and,
accordingly,  included examining,  on a test basis, evidence about the Company'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 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, 2005 is fairly stated, in all material respects.

/s/ KPMG LLP
-------------
February 24, 2006



HomEq Servicing

                             MANAGEMENT'S ASSERTION

As of and for the year ended December 31, 2005, HomEq Servicing Corporation (the
"Company")  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,
the Company had in effect a fidelity bond and errors and  omissions  policy both
in the amount of $20 million.


HomEq Servicing Corporation

By: /s/ Arthur Q. Lyon                            February 24, 2006
    -------------------                           -----------------
    Arthur Q Lyon                                 Date
    President

By: /s/ Keith G. Becher                           February 24, 2006
    -------------------                           -----------------
    Keith G. Becher                               Date
    Chief Operating Officer


                                      -10-

<PAGE>

                                  EXHIBIT 99.4
                          HomEq Servicing Corporation
                  Annual Servicer's Statement as to Compliance
                              -------------------

                              OFFICER'S CERTIFICATE

                            SOUNDVIEW 2005-CTX1 TRUST
                   ASSET-BACKED CERTIFICATES, SERIES 2005-CTX1


I, Arthur Q. Lyon,  certify to the Depositor and the Trustee and their officers,
directors and affiliates,  and with the knowledge and intent that they will rely
upon this certification, that:

         A review  of the  activities  of the Servicer  during the 2005 calendar
         year and  the Servicer's  performance under the Servicing Agreement has
         been made  under my  supervision,  the Servicer  has complied  with the
         Servicing  Agreement in all  material  respects  and, to the best of my
         knowledge, based on such  review, the Servicer has materially fulfilled
         all of its obligations  under the Servicing  Agreement  throughout such
         calendar year.

Date: March 22, 2006
HomeEq Servicing Corporation

By: /s/ Arthur Q. Lyon
    -----------------------
    Arthur Q. Lyon
    President


                                      -11-