Item 1.
Business
Not applicable.
Item 2.
Item 2.
Properties
Not applicable.
Item 3.
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 Servicer, the Seller or the registrant with respect to the Trust other than routine litigation incidental to the duties of the respective parties.
Item 4.
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.
Item 5.
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
As of December 31, 2004, the Trust had Thirty-Six (36) holders of record of the Certificates.
Item 6.
Item 6.
Selected Financial Data
Not applicable.
Item 7.
Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operation.
Not applicable.
Item 7A.
Item 7A.
Quantitative and Qualitative Disclosures about Market Risk.
Not applicable.
Item 8.
Item 8.
Financial Statements and Supplementary Data
Not applicable.
Item 9.
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
Not applicable.
Item 9A.
Item 9A.
Controls and Procedures.
Not applicable.
Item 9B.
Item 9B.
Other Information.
None.
PART III
Item 10.
Item 10.
Directors and Executive Officers of the Registrant
Not applicable.
Item 11.
Item 11.
Executive Compensation
Not applicable.
Item 12.
Item 12.
Security Ownership of Certain Beneficial Owners and Management
Not applicable.
Item 13.
Item 13.
Certain Relationships and Related Transactions
Not applicable.
Item 14.
Item 14.
Principal Accounting Fees and Services
Not applicable.
PART IV
Item 15.
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 March 29, 2005).
(31.1) Rule 13a-14(a)/15d-14(a) Certification.
(99.1) Annual Independent Accountant's Servicing Report concerning 	servicing activities for the year ended December 31, 2004.
(99.2) Annual Statement of Compliance under the Pooling and Servicing Agreement 	for the year ended December 31, 2004.
(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.
Asset-Backed Funding Corporation
2004-CB1 Trust
C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB1
Date:
3/29/2005
By:
/s/ Larry B. Litton
Name:
Larry B. Litton
Title:
President & CEO
Company:
Litton Loan Servicing LP, as Servicer
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
(4.1) Pooling and Servicing Agreement (filed as an exhibit to Form 8-K on March 29, 2005).
(31.1) Rule 13a-14(a)/15d-14(a) Certification.
(99.1) Annual Independent Accountant's Servicing Report concerning servicing activities for the year ended December 31, 2004.
(99.2) Annual Statement of Compliance under the Pooling and Servicing Agreement for the year ended December 31, 2004.
Exhibit 31.1 					 Certification
Re: Asset-Backed Funding Corporation, 2004-CB1 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB1
I, Larry B. Litton, President & CEO of Litton Loan Servicing, LP, 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 Funding Corporation 2004-CB1 Trust C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB1;
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 , for inclusion in these reports is included in these reports;
4. I am responsible for reviewing the activities performed by the servicer under the Pooling and Servicing Agreement and based upon my knowledge and the annual compliance review required under that agreement, and except as disclosed in the reports, the servicer has fulfilled its obligations under that 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 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
Date:
3/29/2005
Signature:
/s/ Larry B. Litton
Title:
President & CEO
Company:
Litton Loan Servicing, LP