Asset Backed Securities Corp Home Equity Loan Trust, Series AMQ 2007-HE2 – ‘10-K’ for 12/31/07

On:  Friday, 3/28/08, at 7:14am ET   ·   For:  12/31/07   ·   Accession #:  1056404-8-927   ·   File #:  333-131465-09

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                          8±    32K 
 3: EX-33       ABS - Report of Compliance with Servicing Criteria     2±    12K 
 4: EX-33       ABS - Report of Compliance with Servicing Criteria     6±    30K 
 5: EX-33       ABS - Report of Compliance with Servicing Criteria     2±    14K 
 6: EX-34       ABS - Attestation Report on Assessment of              3±    20K 
                          Compliance with Servicing Criteria                     
 7: EX-34       ABS - Attestation Report on Assessment of              2±    11K 
                          Compliance with Servicing Criteria                     
 8: EX-34       ABS - Attestation Report on Assessment of              2±    13K 
                          Compliance with Servicing Criteria                     
 9: EX-35       ABS - Servicer Compliance Statement                    8±    32K 
10: EX-35       ABS - Servicer Compliance Statement                    2±     9K 
 2: EX-31       Certification -- Sarbanes-Oxley Act - Sect. 302        1      8K 

10-K   —   Annual Report
Document Table of Contents

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: 333-131465-09                               

Asset Backed Securities Corporation Home Equity Loan Trust, Series  
AMQ 2007-HE2                                                        
(exact name of issuing entity as specified in its charter)          

Asset Backed Securities Corporation                                 
(exact name of the depositor as specified in its charter)           

DLJ Mortgage Capital, Inc.                                          
(exact name of the sponsor as specified in its charter)             

New York                                54-2199805                          
(State or other jurisdiction of         54-2199806                          
incorporation or organization)          54-2199807                          
                    (I.R.S. Employer
                       Identification No.)

c/o Wells Fargo Bank, N.A.                                                
9062 Old Annapolis Road                                                   
Columbia, MD                                 21045                        
(Address of principal executive               (Zip Code)                    
offices)                                                                    

Telephone number, including area code: (410) 884-2000                         

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                                                       

Note - Checking the box above will not relieve any registrant required to   
file reports pursuant to Section 13 or 15(d) of the Exchange Act from their 
obligations under those Sections.                                           

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.                   

X                                                                         

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 (Do not check if a smaller reporting company)     
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.                                                      

Omitted.                                          

Item 1A.     Risk Factors.                                                  

Omitted.                                          

Item 1B.     Unresolved Staff Comments.                                     

None.                                             

Item 2.      Properties.                                                    

Omitted.                                          

Item 3.      Legal Proceedings.                                             

Omitted.                                          

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

Omitted.                                          

 PART II

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

Omitted.                                          

Item 6.      Selected Financial Data.                                       

Omitted.                                          

Item 7.      Management's Discussion and Analysis of Financial Condition and
Results of Operation.                             

Omitted.                                          

Item 7A.     Quantitative and Qualitative Disclosures About Market Risk.    

Omitted.                                          

Item 8.      Financial Statements and Supplementary Data.                   

Omitted.                                          

Item 9.      Changes in and Disagreements With Accountants on Accounting and
Financial Disclosure.                             

Omitted.                                          

Item 9A.     Controls and Procedures.                                       

Omitted.                                          

Item 9A(T).  Controls and Procedures.                                       

Omitted.                                          

Item 9B.     Other Information.                                             

None.                                             

PART III

Item 10.     Directors, Executive Officers and Corporate Governance.        

Omitted.                                          

Item 11.     Executive Compensation.                                        

Omitted.                                          

Item 12.     Security Ownership of Certain Beneficial Owners and Management 
and Related Stockholder Matters.                  

Omitted.                                          

Item 13.     Certain Relationships and Related Transactions, and Director   
Independence.                                     

Omitted.                                          

Item 14.     Principal Accounting Fees and Services.                        

Omitted.                                          

ADDITIONAL DISCLOSURE ITEMS FOR REGULATION AB                               

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).                                                                   

Credit Suisse International provides a Swap Agreement for the trust as disclosed
in the 424 Prospectus.  No additional disclosure is necessary because the       
significance percentage for the Swap Agreement is less than 10%.                

Item 1117 of Regulation AB, Legal Proceedings.                                  

The registrant knows of no material pending legal proceedings involving the     
Trust and all parties related to such Trust, other than routine litigation      
incidental to the duties of those respective parties.                           

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

The information regarding this Item has been previously filed in a 424(b)(5)    
filing dated June 4, 2007.                                                      

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.                                

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) The Pooling and Servicing Agreement, dated and effective as of May 1,   
2007, among ASSET BACKED SECURITIES CORPORATION, as Depositor, DLJ MORTGAGE 
CAPITAL, INC., as Seller, SELECT PORTFOLIO SERVICING, INC., as Servicer,    
OFFICETIGER GLOBAL REAL ESTATE SERVICES, INC., as Loan Performance Advisor, 
and WELLS FARGO BANK, N.A., as Trustee. (incorporated herein by reference   
from Exhibit 4.1 of the Current Report on Form 8-K of the issuing entity, as
filed with the Securities and Exchange Commission on June 15, 2007 as File  
No. 333-131465-09, Film No. 07924061, CIK No. 0001399161).                  

(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.                                                    

                                                                    [Download Table]
                                                 
                                                 

33.1 Select Portfolio Servicing, Inc. as Servicer
33.2 U.S. Bank National Association as Custodian 
33.3 Wells Fargo Bank, N.A. as Trustee           

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

                                                                    [Download Table]
                                                 
                                                 

34.1 Select Portfolio Servicing, Inc. as Servicer
34.2 U.S. Bank National Association as Custodian 
34.3 Wells Fargo Bank, N.A. as Trustee           

                                                                            
(35) Servicer compliance statement.                                       

                                                                    [Download Table]
                                                 
                                                 

35.1 Select Portfolio Servicing, Inc. as Servicer
35.2 Wells Fargo Bank, N.A. as Trustee           

                                                                            
(b) Not applicable.                                                       

(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.         

Asset Backed Securities Corporation                                       
(Depositor)                                                               

/s/ Bruce Kaiserman                                                       
Bruce Kaiserman, Vice President                                           
(senior officer in charge of securitization of the depositor)             

Date:   March 27, 2008                                                  

Exhibit Index                                                               

Exhibit No.                                                                 

(4) The Pooling and Servicing Agreement, dated and effective as of May 1, 
 2007, among ASSET BACKED SECURITIES CORPORATION, as Depositor, DLJ MORTGAGE
CAPITAL, INC., as Seller, SELECT PORTFOLIO SERVICING, INC., as Servicer,  
 OFFICETIGER GLOBAL REAL ESTATE SERVICES, INC., as Loan Performance Advisor,
and WELLS FARGO BANK, N.A., as Trustee. (incorporated herein by reference 
from Exhibit 4.1 of the Current Report on Form 8-K of the issuing entity, 
as filed with the Securities and Exchange Commission on June 15, 2007 as  
File No. 333-131465-09, Film No. 07924061, CIK No. 0001399161).           

(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.                                                  

                                                                    [Download Table]
                                                 

                                                 
33.1 Select Portfolio Servicing, Inc. as Servicer
33.2 U.S. Bank National Association as Custodian 
33.3 Wells Fargo Bank, N.A. as Trustee           

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

                                                                    [Download Table]
                                                 

                                                 
34.1 Select Portfolio Servicing, Inc. as Servicer
34.2 U.S. Bank National Association as Custodian 
34.3 Wells Fargo Bank, N.A. as Trustee           

                                                                            
(35) Servicer compliance statement.                                       

                                                                    [Download Table]
                                                 

                                                 
35.1 Select Portfolio Servicing, Inc. as Servicer
35.2 Wells Fargo Bank, N.A. as Trustee           

                                                                            

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing		Date		Other Filings
Filed on:		3/28/08
		3/27/08
For Period End:		12/31/07
		6/15/07		8-K
		6/4/07		424B5,  FWP
		5/1/07
				List all Filings