Item 1. Business.
Not applicable.
Item 1A.
Item 1A. Risk Factors.
Not applicable.
Item 1B.
Item 1B. Unresolved Staff Comments.
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 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.
None.
PART II
Item 5.
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Currently, there is no established public trading market for the Certificates known to the registrant.
Records provided by The Depository Trust Company and the Trustee indicate that as of December 31, 2005, the total number of holders of record for the Series of Certificates is 20.
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.
None.
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 and Related Stockholder Matters.
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:
(31.1) Rule 13a-14(a)/15d-14(a) Certification
(99.1) Annual Independent Accountants' Report concerning servicing activities.
(99.2) Report of Management as to Compliance with Minimum Servicing Standards.
(99.3) Annual Statement of Compliance under the Pooling and Servicing Agreement.
(99.4) Aggregate Statement of Principal and Interest Distributions to Certificateholders.
(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 thereof.
(c) Not applicable.
Filed herewith.
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:
Securitized Asset Backed Recievables LLC, as Depositor
By: Name: Paul Menefee, Chief Accounting Officer Title: Chief Accounting Officer
Dated: March 30, 2006
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)(1) No annual report is provided to the Certificateholders other than with respect to aggregate principal and interest distributions.
(a)(2) 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
(31.1) Rule 13a-14(a)/15d-14(a) Certification
(99.1) Annual Independent Accountants' Report concerning servicing activities.
(99.2) Report of Management as to Compliance with Minimum Servicing Standards.
(99.3) Annual Statement of Compliance under the Pooling and Servicing Agreement.
(99.4) Aggregate Statement of Principal and Interest Distributions to Certificateholders.
Exhibit No.
Ex-31.1 Rule 13a-14(a)/15d-14(a) Certification
Re: Securitized Asset Backed Receivables LLC Trust 2005-OP1 (the "Trust"), Mortgage Pass-Through Certificates, Series 2005-OP1, issued pursuant to the Pooling and Servicing Agreement, dated as March 1, 2005 (the "Pooling and Servicing Agreement"), by and among Securitized Asset Backed Receivables LLC, as depositor (the "Depositor"), Wells Fargo Bank, National Association, as trustee (the "Trustee"), Option One Mortgage Corporation, as servicer (the "Servicer") and responsible party
I, Paul Menefee, certify that:
1. I have reviewed this annual report on Form 10-K (the "Annual Report"), and all reports on Form 8-K containing distribution reports (collectively with this Annual Report, the "Reports") filed in respect of periods included in the year covered by this Annual Report, of the Trust;
2. Based on my knowledge, the information in the 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 the Reports is included in the Reports;
4. Based on my knowledge and upon the annual compliance statement included in this Annual 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, the Servicer has fulfilled its obligations under the Pooling and 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 Agreement, that is included in such report.
In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: the Trustee and the Servicer.
Date: March 24, 2006
/s/ Paul Menefee Paul Menefee
Chief Accounting Officer
EX-99.1 (logo) KPMG
KPMG LLP Suite 2000 355 South Grand Avenue Los Angeles, CA 90071-1568
Independent Accountants' Report
The Board of Directors and Stockholder Option One Mortgage Corporation:
We have examined management's assertion, included in the accompanying management assertion, that Option One Mortgage Corporation complied with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers as of and for the year ended December 31, 2005. Management is responsible for Option One Mortgage Corporation'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 conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, including examining, on a test basis, evidence about Option One Mortgage Corporation's compliance with the minimum servicing standards specified above 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 Option One Mortgage Corporation's compliance with the minimum servicing standards.
In our opinion, management's assertion that Option One Mortgage Corporation complied with the aforementioned minimum servicing standards as of and for the year ended December 31, 2005 is fairly stated in all material respects.
/s/ KPMG LLP
Los Angeles, California February 28, 2006
KPMG LLP, a U.S. limited liability partnership, is the U.S. member firm of KPMG International, a Swiss cooperative.
EX-99.2 (logo) OPTION ONE MORTGAGE an H&R BLOCK company
(logo) H&R BLOCK
Management Assertion
As of and for the year ended December 31, 2005, Option One Mortgage Corporation Complied in all material respects with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers. As of and for this same period, Option One Mortgage Corporation had in effect a fidelity bond and errors and omissions policy in the amounts of $70,000,000 and $10,000,000, respectively.
/s/ Robert E Dubrish Robert E. Dubrish, Chief Executive Officer
/s/ William L. O'Neill William L. O'Neill, Chief Financial Officer
/s/ Matthew A. Engel Matthew A. Engel, Controller
/s/ Fabiola Camperi Fabiola Camperi, Chief Servicing Officer
www.optiononeonline.com
EX-99.3 (logo) OPTION ONE MORTGAGE an H&R BLCOK company
February 28, 2006
Securitized Asset Backed Receivables LLC 200 Park Avenue New York, NY 10166 Attn: Paul Menefee Inv#360 & 413
Pursuant to (i) Section 3.22 of the Pooling and Servicing Agreement, dated and effective as of March 1,2005 (the "SABR 2005-0P1 Servicing Agreement"), by and among Securitized Asset Backed Receivables LLC, as depositor (the "Depositor"), Wells Fargo Bank National Association, as trustee, (the "Trustee"), and Option One Mortgage Corporation, as servicer (the "Servicer") and responsible party and (ii) Section 3.22 of the Pooling and Servicing Agreement, dated and effective as of December 1,2005 (the "SABR 2005-0P2 Servicing Agreement" and together with the SABR 2005-0P1 Servicing Agreement, the "Servicing Agreement"), by and among the Depositor, the Trustee, the Servicer , and Mortgage Ramp Inc., as loan performance advisor, enclosed is the required officer's certificate of compliance.
Please contact Debbie Lonergan if you should have any questions at 949-790-3600 x35524 or email at:Debbie.Lonergan@oomc.com.
Option One Mortgage Corporation 3 Ada Irvine, CA 92618
www.optlononeonllne.com
6501 Irvine Center Drive * Irvine * Californa * 92618-2304 * 949-790-3600 * Fax 949-790-8581
OFFICER'S CERTIFICATE
ANNUAL STATEMENT OF THE SERVICER
I, Fabiola Camperi, the duly appointed Chief Servicing Officer of Option One Mortgage Corporation, the Servicer, hereby certify that (i) a review of the activities of the Servicer during the calendar year ended December 31, 2005 and of performance under the Servicing Agreement, as defined in the cover letter, has been made under my supervision, and (ii) to the best of my knowledge, based on such review, the Servicer has fulfilled all of its obligations under the Servicing Agreement during such year.
By: /s/ Fabiola Camperi
Name: Fabiola Camperi Title: Chief Servicing Officer Date: February 28, 2006
Ex-99.4
Schedule of Year-To-Date Principal and Interest Distributions to Certificateholders