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, 2003

 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   333-86750-04

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

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

11 Madison Avenue, 5th Floor
New York, NY                                             10010
(Address of Principal Executive Offices)         (Zip Code)

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

Asset Backed Securities Corporation
Home Equity Loan Trust Series 2003-HE2
(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.
      X - Yes       No


Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K 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 an accelerated filer (as
defined in Rule 12b-2 of the Securities Exchange Act of 1934).
      Yes           X - No


                                    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

      As of December 31, 2003, the Trust had Fifty-Five (55) holders
      of record of the Notes, computed in accordance with Rule 12g5-1
      under the Securities Exchange Act of 1934, as amended.

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
      Financial Disclosure Information required by Item 304 of Reg. S-K.

      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.

Item 14. Principal Accounting Fees and Services.

      Not applicable.


                                    PART IV

Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K

      (a) 1.  Not Applicable
            2.  Not Applicable
            3.  Exhibits
               99.1 Annual Statement of Compliance
               99.2 Report of Independent Accountants
               99.3 Report of Management


      (b)   Reports on Form 8-K
      The registrant has filed Current Reports on Form 8-K with the
      Securities and Exchange Commission dated:

      May 27,2003; June 25, 2003; July 25, 2003;
      August 25,2003; September 25,2003; November 25,2003;
      December 26, 2003



      (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
 Series 2003-HE2

      /s/  Greg Richter

      Name:  Greg Richter

      Title:  Vice President

      Company:  Asset Backed Securities Corporation

      Date:  3/26/04



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
 Series 2003-HE2

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,
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 servicer has fulfilled its
obligations under the 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,
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:

U.S. Bank National Association, as Trustee
Fairbanks Capital Corp., as Servicer




Date:               3/26/04

Signature:          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
               99.3 Report of Management

       EXHIBIT 99.1 -- Servicer's Annual Statement of Compliance

FAIRBANKS CAPITAL CORP.

Agreement:  Asset Backed Securities Corporation, Depositor,
 Fairbanks Capital Corp., Servicer and U.S. Bank National Association,
Trustee - Pooling and Servicing Agreement - Asset Backed Securities
Corporation Home Equity Loan Trust 2003-HE2

Dated:	    04/01/2003

ANNUAL STATEMENT AS TO COMPLIANCE

In accordance with the applicable section in each of the Pooling and
Servicing Agreements specified:

i. a review of the activities of the Servicer during the year ended
December 31, 2003 and of performance under this Agreement has been
made under such officers' supervision; and
ii. to the best of such officers' knowledge,based on such review, the
Servicer has fulfilled all of its obligations under this Agreement
throughout such year.

February 7,2004


/s/	Matt Hollingsworth
	Matt Hollingsworth
	Chief Operating Officer
	Fairbanks Capital Corp.



       EXHIBIT 99.2 -- Report of Independent Accountants

Ernst & Young LLP
725 South Figueroa Street
Los Angeles, California 90017-5418
Phone: (213) 977-3200
www.ey.com

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

Board of Directors
Fairbanks Capital Corp.

We have examined management's assertion, included in the accompanying
report titled Report of Management, that Fairbanks Capital Corp.
("Fairbanks") complied with the minimum servicing standards set forth in
the Mortgage Bankers Association of America's Uniform Single Attestation
Program for Mortgage Bankers ("USAP") during the year ended December 31,2003.
Management is responsible for Fairbanks' compliance with those requirements.
Our responsibility is to express an opinion on management's assertion about
Fairbanks' 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 Fairbanks's 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 Fairbanks' compliance with specified requirements.

In our opinion, management's assertion that Fairbanks complied with the
aforementioned requirements during the year ended December 31, 2003, is
fairly stated, in all material respects.

This report is intended solely for the information and use of the Board of
Directors, Audit Committee, management, Fannie Mae, Freddie Mac, Ginnie Mae
and other investors in serviced assets and is not intended to be and should
not be used by anyone other than these specified parties.

\s\Ernst & Young LLP
   January 19,2004

       EXHIBIT 99.3 -- Report of Management

FAIRBANKS CAPITAL CORP.

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

We, as members of management of Fairbanks Capital Corp. (Fairbanks), are
responsible for complying with 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 Fairbanks' compliance with
the minimum servicing standards set forth in USAP as of December 31, 2003
and for the year then ended. Based on this evaluation, we assert that during
the year ended December 31, 2003, Fairbanks complied, in all material
respects, with the minimum servicing standards set forth in USAP.

As of December 31, 2003 and for the year then ended, Fairbanks had in
effect a fidelity bond in the amount of $55,000,000 and an errors and
omissions policy in the amount of $20,000,000.

/s/ James H. Ozanne
    James H. Ozanne
    Chief Executive Officer

/s/ Matthew L. Hollingsworth
    Matthew L. Hollingsworth
    Chief Operating Officer

/s/ Barbara K. Wing
    Barbara K. Wing
    Senior Vice President and Controller

    January 19,2004