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, 2004

      OR



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


      Commission File Number:  333-108551-10


        ABFC Asset Backed Certificates
        Series 2004-HE1

     (Exact name of registrant as specified in its charter)


   New York                                         54-6636411
  (State or other jurisdiction of                   54-6636485
  incorporation or organization)                    54-6636486
                                                    (I.R.S. Employer
                                                    Identification Nos.)


   c/o Wells Fargo Bank, 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.


  Indicate by check mark whether the registrant is an accelerated filer
  (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

  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.

                          Introductory Note

  This Annual Report on Form 10-K is prepared in reliance on the no-action
  letter dated March 26, 1993 issued by the Securities and Exchange Commission
  to Nomura Asset Securities Corporation.


                                   PART I

  Item 1.  Business.

            Omitted.

  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 Master Servicer, the
            Securities Administrator 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.

            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, 2004, the total number of holders
            of record for the Series of Certificates is 28.


  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.

            Omitted.


  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.

            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:

     (4.1) Pooling and Servicing Agreement (filed as an exhibit to Form
           8-K on September 24, 2004).

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

     (99.1) Annual Independent Accountants' Servicing Reports concerning
            servicing activities for the year ended December 31, 2004.
<table>
<Caption>
      
         <c>
      a) HomEq Servicing Corporation, as Servicer <F1>
      b) Fremont Investment & Loan, as Servicer <F1>
      c) Wells Fargo Bank, N.A., as Servicer <F1>

     (99.2) Annual Statements of Compliance under the Pooling and Servicing
            Agreement for the year ended December 31, 2004.
<caption>
      
         <c>
      a) HomEq Servicing Corporation, as Servicer <F1>
      b) Wells Fargo Bank, N.A., as Servicer <F1>
      c) Fremont Investment & Loan, as Servicer <F1>
      d) Wells Fargo Bank, N.A., as Master Servicer
</table>

     (99.3) Schedule of Year-To-Date Principal and Interest Distributions to
            Certificateholders.

    (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.


                                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:



    ABFC Asset Backed Certificates
    Series 2004-HE1
    (Registrant)


  Signed: Wells Fargo Bank, N.A. as Master Servicer

  By:     Chris Regnier, Vice President

  By: /s/ Chris Regnier, Vice President

  Dated: March 31, 2005


  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.



  Exhibit Index

  Exhibit No.

     (4.1) Pooling and Servicing Agreement (filed as an exhibit to Form
           8-K on September 24, 2004).

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

     (99.1) Annual Independent Accountants' Servicing Reports concerning
            servicing activities for the year ended December 31, 2004.
<table>
      
         <c>
      a) HomEq Servicing Corporation, as Servicer <F1>
      b) Fremont Investment & Loan, as Servicer <F1>
      c) Wells Fargo Bank, N.A., as Servicer <F1>

     (99.2) Annual Statements of Compliance under the Pooling and Servicing
            Agreement for the year ended December 31, 2004.
<caption>
      
         <c>
      a) HomEq Servicing Corporation, as Servicer <F1>
      b) Wells Fargo Bank, N.A., as Servicer <F1>
      c) Fremont Investment & Loan, as Servicer <F1>
      d) Wells Fargo Bank, N.A., as Master Servicer
</table>
     (99.3) Schedule of Year-To-Date Principal and Interest Distributions to
            Certificateholders.

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

  ABFC 2004-HE1 TRUST,
  ASSET-BACKED CERTIFICATES, SERIES 2004-HE1

  I, Chris Regnier, certify that:

  1. I have reviewed the annual report on Form 10-K, and all Monthly Form
     8-K's containing Distribution Date Statements filed in respect of
     periods included in the year covered by this annual report, of the
     ABFC 2004-HE1 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 Securities Administrator by the Master
     Servicer under the Pooling and Servicing Agreement, dated as of
     August 1, 2004 (the "Agreement"), among Asset Backed Funding
     Corporation, as depositor, Wells Fargo Bank, N.A., as master servicer
     (the "Master Servicer") and securities administrator (the "Securities
     Administrator"), and Deutsche Bank National Trust Company, as
     trustee, for inclusion in these reports is included in these reports;

  4. I am responsible for reviewing the activities performed by the Master
     Servicer under the Agreement and based upon my knowledge and the
     annual compliance review required under the Agreement, and except as
     disclosed in the reports, the Master Servicer has fulfilled its
     obligations under the Agreement;

  5. The reports disclose all significant deficiencies relating to the
     Servicers' compliance with the minimum servicing standards
     based upon the reports provided by independent public accountants,
     after conducting reviewa in compliance with the Uniform Single
     Attestation Program for Mortgage Bankers or similar procedure, as set
     forth in the Agreement, that are included in these reports; and

  6. In giving the certifications above, I have reasonably relied on
     information provided to me by the following unaffiliated parties:
     Fremont Investment & Loan and HomEq Servicing Corporation.

     Date: March 31, 2005

     /s/ Chris Regnier
     Signature

     Vice President
     Title


  EX-99.1 (a)
(logo) KPMG

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
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 the year ended December 31, 2004. 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, 2004 is fairly stated, in all material respects.

/s/ KPMG LLP


February 25, 2005





KPMG LLP a U.S. limited liability partnership in the U.S.
member firm KPMG international a Swiss cooperative



(logo) HOMEQ SERVICING


MANAGEMENT'S ASSERTION


As of and for the year ended December 31, 2004, 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 in the amounts of $200 million and $20 million, respectively.


HomEq Servicing Corporation


/s/ Arthur Q. Lyon
Arthur Q. Lyon
President

February 25, 2005
Date


/s/ Keith G. Becher
Keith G. Becher Date
Chief Operating Officer

February 25, 2005
Date



(logo)Wachovia




  EX-99.1 (b)
(logo) 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 Specified Minimum Servicing Standards Set Forth in the
Uniform Single Attestation Program for Mortgage Bankers

Report of Independent Accountants

Board of Directors
Fremont Investment & Loan

We have examined management's assertion, included in the accompanying report
titled Report of Management, that Fremont Investment & Loan (the Company)
complied with the minimum servicing standards identified in Exhibit A to the
Report of Management (the "specified minimum servicing standards") as set forth
in the Mortgage Bankers Association of America's Uniform Single Attestation
Program for Mortgage Bankers (USAP) during the year ended December 31, 2004.
Management is responsible for the Company's compliance with those specified
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
specified 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 legal determination on the Company's compliance with the specified minimum
servicing standards.

In our opinion, management's assertion that the Company complied with the
aforementioned specified minimum servicing standards during the year ended
December 31, 2004, is fairly stated, in all material respects.


/s/ Ernst & Young LLP

March 10, 2005



A Member Practice of Ernst & Young Global



714.961.5000 telephone
714.961.7509 fax

(logo) FREMONT
       INVESTMENT & LOAN


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

Report of Management

We, as members of management of Fremont Investment & Loan (the Company), are
responsible for complying with the minimum servicing standards identified in the
attached Exhibit A (the "specified 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 specified
minimum servicing standards. We have performed an evaluation of the Company's
compliance with the specified minimum servicing standards as of December 31,
2004 and for the year then ended. Based on this evaluation, we assert that
during the year ended December 31, 2004, the Company complied, in all material
respects, with the specified minimum servicing standards.

As of December 31, 2004 and for the year then ended, the Company had in effect
a fidelity bond in the amount of $30,000,000 and an errors and omissions policy
in the amount of $10,000,000.



/s/ Murray L. Zoota
Murray L. Zoota
President and
Chief Executive Officer


/s/ Kyle R. Walker
Kyle R. Walker
Executive Vice President
Residential Real Estate


/s/ Patrick E. Lamb
Patrick E. "Ed" Lamb
Executive Vice President,
Chief Financial Officer


March 10, 2005



EXECUTIVE OFFICES * 2727 EAST IMPERIAL HIGHWAY * BREA, CA 92821
Member FDIC * Serving our customers since 1937



Exhibit A

Specified Minimum Servicing Standards

I.   Custodial Bank Accounts

     1. Reconciliations shall be prepared on a monthly basis for all custodial
        bank accounts and related bank clearing accounts. These reconciliations
        shall:

        a. be mathematically accurate;

        b. be prepared within forty-five (45) calendar days after the cutoff
           date. The cutoff date is the date as of which a bank account is
           reconciled every month. It may, or may not, coincide with a
           prescribed investor reporting date but shall be consistent from
           period to period;

        c. be reviewed and approved by someone other than the person who
           prepared the reconciliation; and

        d. document explanations for reconciling items. These reconciling items
           shall be resolved within ninety (90) calendar days of their original
           identification.

     2. Funds of the servicing entity shall be advanced in cases where there is
        an overdraft in an investor's or a mortgagor's account.

     3. Each custodial account shall be maintained at a federally insured
        depository institution in trust for the applicable investor.

     4. Escrow funds held in trust for a mortgagor shall be returned to the
        mortgagor within thirty (30) calendar days of payoff of the mortgage
        loan.

II.  Mortgage Payments

     1. Mortgage payments shall be deposited into the custodial bank accounts
        and related bank clearing accounts within two (2) business days of
        receipt.

     2. Mortgage payments made in accordance with the mortgagor's loan documents
        shall be posted to the applicable mortgagor records within two (2)
        business days of receipt.

     3. Mortgage payments shall be allocated to principal, interest, insurance,
        taxes or other escrow items in accordance with the mortgagor's loan
        documents.

     4. Mortgage payments identified as loan payoffs shall be allocated in
        accordance with the mortgagor's loan documents.

III. Disbursements

     1. Disbursements made via wire transfer on behalf of a mortgagor or
        investor shall be made only by authorized personnel.

     2. Disbursements made on behalf of a mortgagor or investor shall be posted
        within two (2) business days to the mortgagor's or investor's records
        maintained by the servicing entity.

     3. Tax and insurance payments shall be made on or before the penalty or
        insurance policy expiration dates, as indicated on tax bills and
        insurance premium notices, respectively, provided that such support has
        been received by the servicing entity at least thirty (30) calendar
        days prior to these dates.

     4. Any late payment penalties paid in conjunction with the payment of any
        tax bill or insurance premium notice shall be paid from the servicing
        entity's funds and not charged to the mortgagor, unless the late payment
        was due to the mortgagor's error or omission.

     5. Amounts remitted to investors per the servicer's investor reports shall
        agree with cancelled checks, or other form of payment, or custodial bank
        statements.

     6. Unissued checks shall be safeguarded so as to prevent unauthorized
        access.

IV.  Investor Accounting and Reporting

     1. The servicing entity's investor reports shall agree with, or reconcile
        to, investors' records on a monthly basis as to the total unpaid
        principal balance and number of loans serviced by the servicing entity.

V.   Mortgagor Loan Accounting

     1. The servicing entity's mortgage loan records shall agree with, or
        reconcile to, the records of mortgagors with respect to the unpaid
        principal balance on a monthly basis.

     2. Adjustments on adjustable rate mortgage (ARM) loans shall be computed
        based on the related mortgage note and any ARM rider.

     3. Escrow accounts shall be analyzed, in accordance with the mortgagor's
        loan documents, on at least an annual basis.

     4. Interest on escrow accounts shall be paid, or credited, to mortgagors in
        accordance with the applicable state laws.

VI.  Delinquencies

     1. Records documenting collection efforts shall be maintained during the
        period a loan is in default and shall be undated at least monthly. Such
        records shall describe the entity's activities in monitoring delinquent
        loans including, for example, phone calls, letters and mortgage payment
        rescheduling plans in cases where the delinquency is deemed temporary
        (i.e., illness or unemployment).

VII. Insurance Policies

     1. A fidelity bond and errors and omissions policy shall be in effect on
        the servicing entity throughout the reporting period in the amount of
        coverage represented to investors in management's assertion.




  EX-99.1 (c)
(logo) KPMG


KPMG LLP
2500 Ruan Center
666 Grand Avenue
Des Moines, IA 50309


Independent Accountants' Report

The Board of Directors
Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A.:


We have examined management's assertion, included in the accompanying
Assertion of Management of Wells Fargo Home Mortgage, a division of Wells
Fargo Bank, N.A. (the Company), that 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) as
of and for the year ended December 31, 2004. 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, 2004 is fairly stated, in all material respects.


/s/ KPMG LLP


February 23, 2005



(logo) Wells Fargo Home Mortgage

1 Home Campus
Des Moines, IA 50328


Assertion of Management of Wells Fargo Home Mortgage, a division of Wells
Fargo Bank, N.A




As of and for the year ended December 31, 2004, Wells Fargo Home Mortgage, a
division of Wells Fargo Bank, N.A. (the Company) has 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
along with an errors and omissions policy in the amounts of $100 million and
$20 million, respectively.


/s/ Michael J. Heid
February 23, 2005
Michael J. Heid, Division President, Capital Markets, Finance, & Administration
Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A.


/s/ Franklin R. Codel
February 23. 2005
Franklin R. Codel, Executive Vice President, Finance and Corporate Real Estate
Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A.


/s/ Michael Lepore
February 23. 2005
Michael Lepore, Executive Vice President, Institutional Lending
Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A.


/s/ Mary Coffin
February 23, 2005
Mary Coffin, Executive Vice President, Servicing & Post Closing
Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A.



Wells Fargo Home Mortgage
Is a division of Wells Fargo Bank, N.A.





  EX-99.2 (a)
(logo) HOMEQ SERVICING


Exhibit "A"



Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
Attention: Servicer Oversight Group

RE: Officer's Certificate

Dear Master Servicer:

The undersigned Officer certifies the following for the 2004 fiscal year:

A review of the activities of the Servicer during the 2004 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.


/s/ Arthur Q. Lyon
Officer-Arthur Q. Lyon
Title - President
Date March 16, 2005



(Logo) WACHOVIA




  EX-99.2 (b)

(logo) WELLS FARGO HOME MORTGAGE

Wells Fargo Home Mortgage
One Home Campus
Des Moines, IA  50328-0001



March 1, 2005


Re: 2004 Annual Certification


We hereby certify to the best of our knowledge and belief that for the
calendar year of 2004:


1. All real estate taxes, bonds assessments and other lienable items have
been paid.


2. All FHA mortgage insurance, private mortgage insurance premiums, and
flood insurance have been paid (if applicable).


3. Hazard insurance policies held by us meet the requirements as specified
in the servicing agreement, or those of a normal prudent lender if not
specified, and those premiums due have been paid.

4. We have made all property inspections as required.


5. Fidelity bond and Errors and Omissions insurance coverage currently
exists.

6. That the Officer signing this certificate has reviewed the activities
and performance of the Servicer during the preceding fiscal year under the
terms of the Servicing Agreement, Trust Agreement, Pooling and Servicing
Agreement and/or Seller/Servicer Guide or similar agreements and to the
best of this officer's knowledge, the Servicer has fulfilled all of its
duties, responsibilities or obligations of such agreement throughout the
year, or if there has been a default or failure of the servicer to perform
any of such duties, responsibilities or obligations, a description of each
default or failure and the nature and status thereof has been reported.


Sincerely,

/s/ John B. Brown


John B. Brown
Vice President
Wells Fargo Home Mortgage Inc.


Wells Fargo Home Mortgage
is a division of Wells Fargo Bank, N.A.


  EX-99.2 (c)

(logo) FREMONT INVESTMENT & LOAN

877.537.3666 telephone


Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Rd.
Columbia, MD 21045
Attention: Master Servicing

RE: Officer's Certificate

Dear Master Servicer:

The undersigned Officer certifies the following for the 2004 fiscal year:

(A) I have reviewed the activities and performance of the Servicer during the
preceding fiscal year under the terms of the Servicing Agreement, Trust
Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide and to
the best of these Officers' knowledge, the Servicer has fulfilled all of its
duties, responsibilities or obligations under these Agreements throughout such
year, or if there has been a default or failure of the servicer to perform any
of such duties, responsibilities or obligations, a description of each default
or failure and the nature and status thereof has been reported to Wells Fargo
Bank Minnesota, N.A.;

(B) I have confirmed that the Servicer is currently an approved FNMA or FHLMC
servicer in good standing;

(C) I have confirmed that the Fidelity Bond, the Errors and Omissions Insurance
Policy and any other bonds required under the terms of the Servicing Agreement,
Trust Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide
are in full force and effect;

(D) All premiums for each Hazard Insurance Policy, Flood Insurance Policy (if
applicable) and Primary Mortgage Insurance Policy (if applicable), with respect
to each Mortgaged Property, have been paid and that all such insurance policies
are in full force and effect;

(E) All real estate taxes, governmental assessments and any other expenses
accrued and due, that if not paid could result in a lien or encumbrance on any
Mortgaged Property, have been paid, or if any such costs or expenses have not
been paid with respect to any Mortgaged Property, the reason for the non-payment
has been reported to Wells Fargo Bank Minnesota, N.A.;

(F) All Custodial Accounts have been reconciled and are properly funded; and

(G) All annual reports of Foreclosure and Abandonment of Mortgage Property
required per section 6050H, 6050J and 6050P of the Internal Revenue Code,
respectively, have been prepared and filed.


Certified By:
/s/ John R Alkire

/s/ SVP Loan Servicing
Title

3/10/05
Date



RESIDENTIAL LOAN ADMINISTRATION * 3110 EAST GUASTI ROAD, SUITE 500*
ONTARIO, CA 91761

Member FDIC Serving our customers since 1937




  EX-99.2 (d)
(logo)WELLS FARGO


Corporate Trust Services
9062 Old Annapolis Road
Columbia, MD 21045-1951
410 884-2000
410 715-2380 Fax

Wells Fargo Bank N.A.


February 17, 2005




Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
Attn: Corporate Trust Services




RE: Annual Statement As To Compliance for ABFC Asset-Backed Certificates, Series
2004-HE1




Per Section 3-16 of the Pooling and Servcicing Agreement, dated as of August
01,2004 the undersigned Officer of Wells Fargo Bank, N.A. Master Servicer hereby
certifies the following for the 2004 calendar year or portion thereof:


(a) That a review of the activities of Wells Fargo Bank , N.A. during the
preceding year or portion thereof and of its performance under this Agreement
has been made under the supervision of the undersigned;


(b) That to the best of such Officer's knowledge, based on such review, Wells
Fargo Bank, N.A has fulfilled all of its obligations under the Agreement
throughout such period.



Certified By:
/s/ Christopher C. Regnier
CHRISTOPHER C. REGNIER, VICE PRESIDENT




Certified By:
/s/ Reid Denny, Assistant Secretary
REID DENNY, ASSISTANT SECRETARY




  Ex-99.3

   Schedule of Year-To-Date Principal and Interest Distributions to
   Certificateholders


   <TABLE>

   Class                              Interest             Principal               Losses             Ending Balance
   
                       <c>                    <c>                  <c>                 <c>
   A-1                            1,943,126.30         74,320,044.31                 0.00             232,576,955.69
   A-2                            2,622,668.83                  0.00                 0.00             346,754,000.00
   A-3                              571,186.76                  0.00                 0.00              68,976,000.00
   CE                             9,668,378.56                  0.00                 0.00               7,312,305.44
   M-1                              388,465.62                  0.00                 0.00              45,594,000.00
   M-2                              375,732.64                  0.00                 0.00              36,131,000.00
   M-3                              100,108.00                  0.00                 0.00               9,033,000.00
   M-4                              105,629.77                  0.00                 0.00               8,603,000.00
   M-5                              110,038.59                  0.00                 0.00               8,603,000.00
   M-6                              158,535.57                  0.00                 0.00               8,603,000.00
   M-7                               47,562.51                  0.00                 0.00               2,581,000.00
   M-8                              110,973.06                  0.00                 0.00               6,022,000.00
   M-9                               95,106.60                  0.00                 0.00               5,161,000.00
   R-1                                    0.00                  0.00                 0.00                       0.00
   R-2                                    0.00                  0.00                 0.00                       0.00
   </TABLE>