UNITED STATES
                         SECURITIES AND EXCHANGE COMMISSION
                               WASHINGTON, D.C. 20549



                                     FORM 10-K/A

                                   Amendment No. 1

  (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, 2001


      OR

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


       Commission File Number:  333-44300-03

         Asset Backed Securities Corp Home Equity Loan Trust
         Asset Backed Certificates
         Series 2001-HE3
         (Exact name of registrant as specified in its charter)



   New York                                        52-2338587
                                                   52-2338588
                                                   52-2338589
  (State or other jurisdiction of                  (I.R.S. Employer
  incorporation or organization)                   Identification No.)


   c/o Wells Fargo Bank Minnesota, 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 ___







  This Amendment No. 1 on Form 10-K/A amends Item 14 of the original
  Annual Report on Form 10-K (the "Original Form 10-K") filed on
  March 27, 2002 on behalf of Asset Backed Securities Corp Home Equity
  Loan Trust Asset Backed Certificates, Series 2001-HE3 established pursuant
  to the Pooling and Servicing Agreement among Asset Backed Securities
  Corporation as Depositor, Option One Mortgage Corporation as Servicer,
  and Wells Fargo Bank Minnesota, N.A. as Trustee pursuant to which
  Asset Backed Securities Corp Home Equity Loan Trust, Asset Backed
  Certificates, Series 2001-HE3 registered under the Securities Act of 1933
  (the "Certificates") were issued.


  Item 14 of the Original Form 10K is amended in its entirety to read as
  follows:


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

   (a) Exhibits

    (99.1) Annual Independent Accountants' Servicing Reports concerning
           servicing activities for the year ended December 31, 2001.




       a) Option One, as Servicer <F1>


    (99.2) Report of Management as to Compliance with Minimum Servicing
           Standards for the year ended December 31, 2001.




       a) Option One, as Servicer <F1>


    (99.3) Annual Statements of Compliance under the Pooling and Servicing
           Agreements for the year ended December 31, 2001.




       a) Option One, as Servicer <F1>


    (99.4) Aggregate Statement of Principal and Interest Distributions to
           Certificate Holders. <F2>


   (b)  On October 23, 2001, December 03, 2001, and December 27, 2001
        reports on Form 8-K were filed by the Company in order to provide
        the statements for the monthly distributions to holders of the
        Certificates. No other reports on Form 8-K have been filed during
        the last quarter of the period covered by this report.





   (c) Not applicable.


   (d) Omitted.

  <F1> Filed herewith.
  <F2> Previously filed.


                               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:



    Asset Backed Securities Corp Home Equity Loan Trust
    Asset Backed Certificates
    Series 2001-HE3
    (Registrant)




  Signed:  Wells Fargo Bank Minnesota, N.A. as Trustee

  By:   Kwan Lee, as Vice President

  By: /s/  Kwan Lee

  Dated: December 16, 2002

Sarbanes-Oxley Certification


I, Kwan Lee, 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 Corp Home Equity Loan Trust Asset Backed Certificates
     Series 2001-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 or servicing] information required
     to be provided to the trustee by the servicer under the pooling and
     servicing agreement is included in these reports.


      Date: December 16, 2002


      Kwan Lee
      [Signature]


      Vice President
      [Title]





  Exhibit Index

  Exhibit No.

  (99.1) Annual Independent Accountants' Servicing Reports concerning
         servicing activities for the year ended December 31, 2001.




     a) Option One, as Servicer <F1>


  (99.2) Report of Management as to Compliance with Minimum Servicing
         Standards for the year ended December 31, 2001.




     a) Option One, as Servicer <F1>


  (99.3) Annual Statements of Compliance under the Pooling and Servicing
         Agreements for the year ended December 31, 2001.




     a) Option One, as Servicer <F1>


  (99.4) Aggregate Statement of Principal and Interest Distributions
         to Certificate Holders. <F2>


  <F1> Filed herewith.
  <F2> Previously filed.



EX 99.1 (a)

PRICEWATERHOUSECOOPERS   (logo)

PricewaterhouseCoopers LLP
2020 Main Street
Suite 400
P.O. Box 19630
Irvine, CA 92623-9636
Telephone (949) 437 5200
Facsimile (949) 437 5300

Report of Independent Accountants

To the Board of Directors
of Option One Mortgage Corporation


We have examined management's assertion about Option One Mortgage Corporation's
(a wholly-owned subsidiary of Block Financial Corporation) and its 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 ("USAP") as of and for the year ended April 30, 2002
included in the accompanying management assertion (see Exhibit I). 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 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 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 April
30, 2002 is fairly stated, in all material respects.

July 19, 2002



EX 99.2 (a)

OPTION ONE   (logo)
Mortgage Corporation
Start Here. Finish Here.

www.optiononemortgage.com


Management's Assertion Concerning Compliance
with USAP Minimum Servicing Standards

July 19, 2002

As of and for the year ended April 30, 2002, Option One Mortgage Corporation
and its subsidiaries (the "Company") have 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
(USAP).

As of and for this same period, the Company had in effect a fidelity, bond and
errors and omissions policy in the amount of $7,500,000.

Robert Dubrish, CEO

William L. O'Neill, CFO


Corporate Offices * 3 Ada * Irvine * California * 92618-2304 * 949.790.8100 *
Fax 949.453.0199




EX 99.3 (a)

www.optiononemortgage.com

OPTION ONE    (logo)
M0RTGAGE

Start Here. Finish Here.

July 3, 2002

Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Road, MAC-N2702-011
Columbia, Maryland 21045-1951
Attention: CSFB 2001-HE3
Inv#657

Wells Fargo Bank Minnesota, N.A.
Sixth and Marquette
Minneapolis, MN 55479
Attention: CSFB2001-HE3

Asset Backed Securities Corporation
11 Madison Avenue
New York, New York 10010
Attention: Rhonda Matty

Pursuant to Section 3.20 of the Pooling and Servicing Agreement, dated and
effective as of September 1, 2001, (the "Agreement") among Asset Backed
Securities Corporation, as Depositor, Option One Mortgage, as Servicer, and
Wells Fargo Bank Minnesota, N.A., as Trustee, I certify that:

1. A review of the activities of the Servicer, during the fiscal year ended
   April 30, 2002, and of performance under the aforementioned agreement has
   been made under my supervision.

2. To the best of my knowledge, based on such review, the Servicer, has
   fulfilled all of its obligations under the Agreement during the fiscal year
   ended April 30, 2002, subject to any matters noted in the servicing report
   provided under Section 3.21 of the Agreement.

William L. O'Neill
Senior Vice President \ Chief Financial Officer
Option One Mortgage Corporation

Corporate Offices * 3 Ada * Irvine * California * 92618-2304 * 949.790.8100
* Fax 949.453.0199