Item 1. Business
Not applicable.
Item 2.
Item 2. Properties
Not applicable on reliance of Relief Letters
Item 3.
Item 3. Legal Proceedings
There were no legal proceedings.
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 and Related Stockholder matters There is no established public trading market for the notes.
Below are the number of Noteholders or Certificateholders of record as of the end of the reporting year.
Asset Backed Securities Corporation Mortgage-Backed Pass-Through Certificates Series 2002-HE3 Class I-A 1 Series 2002-HE3 Class II-A 5 Series 2002-HE3 Class I-AIO 1 Series 2002-HE3 Class II-AIO 2 Series 2002-HE3 Class II-M1 3 Series 2002-HE3 Class M2 3 Series 2002-HE3 Class M3 6 Series 2002-HE3 Class M4 1 Series 2002-HE3 Class I-BIO 1 Series 2002-HE3 Class II-BIO 1 Series 2002-HE3 Class I-X 1 Series 2002-HE3 Class II-X 1 Series 2002-HE3 Class I-P 1 Series 2002-HE3 Class II-P 1
Item 6.
Item 6. Selected Financial Data.
Not applicable.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
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
Not applicable.
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.
PART IV
Item 14.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) 1. Not Applicable 2. Not Applicable 3. Exhibits
99.1 Annual Statement as to Compliance. 99.2 Annual Independent Public Accountant's Servicing Report.
(b) Reports on Form 8-K The registrant has filed Current Reports on Form 8-K with the Securities and Exchange Commission dated: November 15, 2002; December 16, 2002
(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 Mortgage-Backed Pass-Through Certificates Series 2002-HE3
/s/	______Greg Richter______
Name:	Greg Richter
Title:	Vice President
Asset Backed Securities Corporation
Date: March 31, 2003
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 Mortgage-Backed Pass-Through Certificates Series 2002-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 information required to be prepared by the trustee based upon the servicing information required to be provided by each servicer under the pooling and servicing 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 agreement, and except as disclosed in the reports, each servicer has fulfilled its obligations under the pooling and servicing agreement; and
5. The reports disclose all significant deficiencies relating to each 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.
Date: ___March 28, 2003___________
Signature: /s/ ___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
EXHIBIT 99.1 -- Annual Statement of Compliance
SERVICER CERTIFICATION Re: Asset Backed Securities Corporation Home Equity Loan Trust Series 2002-HE3 Asset Backed Pass- Through Certificates, Series 2002-HE3
I, Andrew J. Sciandra, a duly elected and acting officer of Long Beach Mortgage Company (the Servicer"), certify to the Depositor, the Trustee and each Person, if any, who "controls" the Depositor or the Trustee within the meaning of the Securities Act of 1933, as amended, and their respective officers and directors, with respect to the: calendar year immediately preceding the date of this Certificate (the "Relevant Year"), as follows:
1. For purposes of this Certificate, "Relevant Information" means the information in the certificate provided pursuant to Section 3.20 of the Pooling and Servicing Agreement (the "Annual Compliance Certificate") for the Relevant Year and the information in all servicing reports required pursuant to the Pooling and Servicing Agreement to be provided by the Servicer to the Trustee during the Relevant Year. Based on my knowledge, the Relevant Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein which is necessary to make the Statements made therein, in light of the circumstances under which such statements were made, not misleading as of the last day of the Relevant Year.
2. The Relevant Information has been provided to those Persons entitled to receive it.
3. I am responsible for reviewing the activities performed by the Servicer under the Pooling and Servicing Agreement during the Relevant Year. Based upon the review required by the Pooling and Servicing Agreement and except as disclosed in the Annual Compliance Certificate or the accountants' statement provided pursuant to Section 3.21 of the Pooling and Servicing Agreement, to the best of my knowledge, the Servicer has fulfilled its obligations under the Pooling and Servicing Agreement throughout the Relevant Year.
Capitalized terms used but not defined herein have the meanings ascribed to them in the Pooling and Servicing Agreement, dated as of October 1, 2002 (the "Pooling and Servicing Agreement"), among Asset Backed Securities Corporation, as depositor (the "Depositor"), DLJ Mortgage Capital, Inc., as seller (the "Seller"), Fannie Mae, as guarantor (the "Guarantor"), Long Beach Mortgage Company as servicer (the "Servicer") and U.S. Bank National Association, as trustee (the "Trustee").
LONG BEACH MORTGAGE COMPANY, as Servicer By:	\s\ Andrew J. Sciandra Name: Andrew J. Sciandra Title: Vice President Date: March 20, 2003
EXHIBIT 99.2 -- Report of Independent Auditors
Deloitte & Touche LLP Suite 4500 700 Fifth Avenue Seattle, Washington 98104-5044 Tel: (206) 202-1800 Fax:(2O6) 343-7809 www.deloitte.com Deloitte &Touche
INDEPENDENT ACCOUNTANTS' REPORT ON COMPLIANCE WITH UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS
Board of Directors Washington Mutual Bank, FA
We have examined management's assertion about Washington Mutual Bank, FA and 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 as of and for the year ended December 31, 2002, included in the accompanying management assertion. 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 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 lega1 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 December 31, 2002, is fairly stated, in all material respects.
\s\ Deloitte & Touche LLP
February 18,2003
Deloitte Touche Tohmatsu