Pooling and Servicing Agreement for Asset Backed Securities Corporation

Pool & Servicing Agreement dated July 1, 2004 between Asset Backed Securities Corporation, DLJ Mortgage Capital, Inc., Saxon Mortgage Services, Inc., and U.S. Bank National Association. The agreement outlines terms for the pooling of mortgage loans, servicing of the loans, and issuance of certificates. The parties agree to allocate certain interest shortfalls, designate interests in a REMIC, and accept the REMIC by the trustee. Repurchase or substitution of mortgage loans is also covered.