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, 2007

      OR


  / / 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: 333-131607-13

      HSI Asset Securitization Corporation Trust 2007-HE1
      (exact name of issuing entity as specified in its charter)

      HSI Asset Securitization Corporation
      (exact name of the depositor as specified in its charter)

      HSBC Bank USA, National Association
      (exact name of the sponsor as specified in its charter)



  Delaware                                20-2592898
  (State or other jurisdiction of         (I.R.S. Employer
  incorporation or organization)          Identification No.)



   452 Fifth Avenue
   New York, NY                                10018
   (Address of principal executive            (Zip Code)
   offices)


 Telephone number, including area code: (212) 525-8119



  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 (Section 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 a large accelerated filer,
  an accelerated filer, a non-accelerated filer, or a smaller reporting
  company.  See the definitions of "large accelerated filer", "accelerated
  filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

   Large accelerated filer ___
   Accelerated filer ___
   Non-accelerated filer X
   Smaller reporting company ___

  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.



  Indicate by check mark whether the registrant has filed all documents and
  reports required to be filed by Section 12, 13 or 15(d) of the Securities
  Exchange Act of 1934 subsequent to the distribution of securities under a
  plan confirmed by a court.

    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.





                                     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.

               Not applicable.


  Item 4.      Submission of Matters to a Vote of Security Holders.

               Not applicable.




                                     PART II

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

               Not applicable.


  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.

               Not applicable.


  Item 9A.     Controls and Procedures.

               Not applicable.


  Item 9A(T).  Controls and Procedures.

               Not applicable.


  Item 9B.     Other Information.

               None.




                                    PART III

  Item 10.     Directors, Executive Officers and Corporate Governance.

               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, and Director
               Independence.

               Not applicable.


  Item 14.     Principal Accounting Fees and Services.

               Not applicable.




  ADDITIONAL DISCLOSURE ITEMS PURSUANT TO GENERAL INSTRUCTION J


Item 1112(b) of Regulation AB, Significant Obligor Financial Information.

No single obligor represents 10% or more of the pool assets held by the issuing
entity.



Item 1114(b)(2) of Regulation AB, Significant Enhancement Provider Financial
Information.

No entity or group of affiliated entities provides any external credit
enhancement or other support for the certificates within this transaction as
described under Item 1114 (a) of Regulation AB.



Item 1115(b) of Regulation AB, Certain Derivatives Instruments (Financial
Information).

Bear Stearns financial Products Inc. provides an interest rate cap agreement
and an interest rate swap agreement for the trust as disclosed in a
424(b)(5) filing with the Commission on March 12, 2007, Commission File
Number 333-131607-13, CIK Number 0001390786. No additional disclosure is
necessary because the significance percentage for each of the interest rate
cap agreement and interest rate swap agreement is less than 10% as of
December 31, 2007.



Item 1117 of Regulation AB, Legal Proceedings.

Information regarding this item has been previously filed in a 424(b)(5)
filing with the Commission on March 12, 2007, Commission File Number
333-131607-13, CIK Number 0001390786.



Item 1119 of Regulation AB, Affiliations and Certain Relationships and Related
Transactions.

Certain information regarding this Item has been previously filed in a 424(b)(5)
filing with the Commission on March 12, 2007, Commission File Number
333-131607-13, CIK Number 0001390786.

In addition, on March 16, 2008, JPMorgan Chase & Co. ("JPMorgan Chase")
announced that it
had entered into an Agreement and Plan of Merger, dated March 16, 2008 (the
"Agreement and Plan of Merger"), and subsequently amended by Amendment No. 1
to the Agreement and Plan of Merger, dated as of March 24, 2008 (such
amendment, together with the Agreement and Plan of Merger, the "Merger
Agreement"), with The Bear Stearns Companies Inc., the parent company of
Bear Stearns Financial Products Inc. The Merger Agreement provides that,
upon the terms and subject to the conditions set forth in Merger Agreement,
a wholly-owned subsidiary of JPMorgan Chase will merge with and into The
Bear Stearns Companies Inc. with The Bear Stearns Companies Inc. continuing
as the surviving corporation and as a wholly-owned subsidiary of JPMorgan
Chase. The Merger Agreement has been approved by the Boards of Directors of
The Bear Stearns Companies Inc. and JPMorgan Chase and is subject to
customary closing conditions, including stockholder approval. The Federal
Reserve, the Office of the Comptroller of the Currency and other federal
agencies have given all necessary approvals for the merger. The merger is
expected to be completed by the end of the second calendar year quarter of
2008; however, there can be no assurance that the merger will close as
contemplated.

In connection with the Merger Agreement, JPMorgan Chase issued an Amended
and Restated Guaranty Agreement, effective as of March 16, 2008 (the
"Guaranty"), guaranteeing the obligations and liabilities of The Bear
Stearns Companies Inc. and certain of its affiliates, including Bear Stearns
Financial Products Inc.'s obligations under the interest rate cap agreement
and interest rate swap agreement. A copy of the Guaranty is filed as Exhibit
99.1 to this Form 10-K. Except with respect to the addition of this
Guaranty, the terms and conditions of the interest rate cap agreement and
interest rate swap agreement remain unchanged.

JPMorgan Chase is a financial holding company incorporated under Delaware law,
whose principal office is located in New York, New York. JPMorgan Chase
services include investment banking, financial services for consumers, small
business and commercial banking, financial transaction processing, asset
management, and private equity. A component of the Dow Jones Industrial
Average, JPMorgan Chase serves millions of consumers in the United States and
many of the world's corporate, institutional and government clients under its
JPMorgan and Chase brands. Information about JPMorgan Chase is available at
www.jpmorganchase.com.



Item 1122 of Regulation AB, Compliance with Applicable Servicing Criteria.

The reports on assessment of compliance with the servicing criteria for
asset-backed securities and the related attestation reports on such assessments
of compliance are attached hereto under Item 15.

The following parties have reported one or more instances of material
noncompliance with applicable servicing criteria in their reports on
assessments of compliance:

Option One Mortgage Corporation has identified the following noncompliance
with servicing criteria 1122(d)(4)(vi) applicable to the platform. For SEC
Regulation AB 1122(d)(4)(vi), loan modifications are required to be
completed in accordance with the transaction agreements and related pool
asset documents. Management notes instances of conflicting language within
three PSAs where the verbiage first indicates to generally modify loans if
in the best interest of the trust, but later qualifies the allowable
interest rate reduction. Non-compliance within this Regulation AB criterion
is a result of Management's incorrect interpretation of the former guidance
taking precedence.



Item 1123 of Regulation AB, Servicer Compliance Statement.

The servicer compliance statements are attached hereto under Item 15.



                               Part IV

  Item 15. Exhibits, Financial Statement Schedules.

  (a) Exhibits.

  (4) Pooling and Servicing Agreement dated as of February 1, 2007, among
      HSI Asset Securitization Corporation, as Depositor, Wells Fargo Bank,
      N.A., as Securities Administrator, Master Servicer and Custodian,
      OfficeTiger Global Real Estate Services Inc., as Credit Risk Manager,
      and Deutsche Bank National Trust Company, as Trustee (incorporated
      herein by reference from Exhibit 4.1 of the Current Report on Form 8-K
      of the registrant, as filed with the Commission on March 22, 2007,
      Commission File Number 333-131607-13, CIK 0001390786).

  (10) Incorporated by reference as Exhibit (4).

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

  (33) Reports on assessment of compliance with servicing criteria for
       asset-backed securities.


    <TABLE>
    
      <c>

    33.1 Countrywide Home Loans Servicing LP as Servicer
    33.2 FIS Tax Services as Sub-Contractor for Option One Mortgage Corportation
    33.3 Option One Mortgage Corporation as Servicer
    33.4 Wells Fargo Bank, N.A. as Servicer
    33.5 Wells Fargo Bank, N.A. as Master Servicer and as Securities Administrator
    33.6 Wells Fargo Bank, N.A. as Custodian
    33.7 ZC Real Estate Tax Solutions Limited as Sub-Contractor for Option One Mortgage Corportation
    33.8 ZC Sterling Insurance Agency, Inc. as Sub-Contractor for Option One Mortgage Corportation

    </TABLE>


  (34) Attestation reports on assessment of compliance with servicing
       criteria for asset-backed securities.


    <TABLE>
    
      <c>

    34.1 Countrywide Home Loans Servicing LP as Servicer
    34.2 FIS Tax Services as Sub-Contractor for Option One Mortgage Corportation
    34.3 Option One Mortgage Corporation as Servicer
    34.4 Wells Fargo Bank, N.A. as Servicer
    34.5 Wells Fargo Bank, N.A. as Master Servicer and as Securities Administrator
    34.6 Wells Fargo Bank, N.A. as Custodian
    34.7 ZC Real Estate Tax Solutions Limited as Sub-Contractor for Option One Mortgage Corportation
    34.8 ZC Sterling Insurance Agency, Inc. as Sub-Contractor for Option One Mortgage Corportation

    </TABLE>


   (35) Servicer compliance statement.


    <TABLE>
    
       <c>

    35.1 Countrywide Home Loans Servicing LP as Servicer
    35.2 Wells Fargo Bank, N.A. as Servicer
    35.3 Wells Fargo Bank, N.A. as Master Servicer and as Securities Administrator

    </TABLE>


   (99) Additional Exhibits

   (99.1) Amended and Restated Guaranty Agreement effective March 16, 2008 by
   JPMorgan Chase & Co.

   (b) Exhibits identified in paragraph (a) above.

   (c) Omitted.



                          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.


   HSI Asset Securitization Corporation Trust 2007-HE1
   (Issuing Entity)

   Wells Fargo Bank, N.A.
   (Master Servicer)

   /s/ John Lingenfelter
   John Lingenfelter, Vice President
   (senior officer in charge of the servicing function of the master
   servicer)


    Date:   March 28, 2008



  Exhibit Index

  Exhibit No.


   (4) Pooling and Servicing Agreement dated as of February 1, 2007, among
       HSI Asset Securitization Corporation, as Depositor, Wells Fargo Bank,
       N.A., as Securities Administrator, Master Servicer and Custodian,
       OfficeTiger Global Real Estate Services Inc., as Credit Risk Manager,
       and Deutsche Bank National Trust Company, as Trustee (incorporated
       herein by reference from Exhibit 4.1 of the Current Report on Form 8-K
       of the registrant, as filed with the Commission on March 22, 2007,
       Commission File Number 333-131607-13, CIK 0001390786).

   (10) Incorporated by reference as Exhibit (4).

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

   (33) Reports on assessment of compliance with servicing criteria for
        asset-backed securities.


    <TABLE>

    
      <c>
    33.1 Countrywide Home Loans Servicing LP as Servicer
    33.2 FIS Tax Services as Sub-Contractor for Option One Mortgage Corportation
    33.3 Option One Mortgage Corporation as Servicer
    33.4 Wells Fargo Bank, N.A. as Servicer
    33.5 Wells Fargo Bank, N.A. as Master Servicer and as Securities Administrator
    33.6 Wells Fargo Bank, N.A. as Custodian
    33.7 ZC Real Estate Tax Solutions Limited as Sub-Contractor for Option One Mortgage Corportation
    33.8 ZC Sterling Insurance Agency, Inc. as Sub-Contractor for Option One Mortgage Corportation

    </TABLE>

   (34) Attestation reports on assessment of compliance with servicing
        criteria for asset-backed securities.


    <TABLE>

    
      <c>
    34.1 Countrywide Home Loans Servicing LP as Servicer
    34.2 FIS Tax Services as Sub-Contractor for Option One Mortgage Corportation
    34.3 Option One Mortgage Corporation as Servicer
    34.4 Wells Fargo Bank, N.A. as Servicer
    34.5 Wells Fargo Bank, N.A. as Master Servicer and as Securities Administrator
    34.6 Wells Fargo Bank, N.A. as Custodian
    34.7 ZC Real Estate Tax Solutions Limited as Sub-Contractor for Option One Mortgage Corportation
    34.8 ZC Sterling Insurance Agency, Inc. as Sub-Contractor for Option One Mortgage Corportation

    </TABLE>

   (35) Servicer compliance statement.


    <TABLE>

    
       <c>
    35.1 Countrywide Home Loans Servicing LP as Servicer
    35.2 Wells Fargo Bank, N.A. as Servicer
    35.3 Wells Fargo Bank, N.A. as Master Servicer and as Securities Administrator

    </TABLE>

   (99) Additional Exhibits

   (99.1) Amended and Restated Guaranty Agreement effective March 16, 2008 by
   JPMorgan Chase & Co.