Long Beach Mortgage Loan Trust 2005-1, Asset-Backed Certs., Series 2005-1 – ‘10-K’ for 3/29/06

On:  Thursday, 3/30/06, at 10:27am ET   ·   For:  3/29/06   ·   Accession #:  1020242-6-378   ·   File #:  333-109318-06

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                          9±    41K 
 4: EX-31       Sox                                                    1      7K 
 3: EX-99.1     Asoc                                                   1      6K 
 2: EX-99.2     Usap                                                   4     19K 

10-K   —   Annual Report
Document Table of Contents

UNITED STATES OF AMERICA  
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C.  20549

 FORM 10-K

   Annual Report Pursuant to Section 13 or 15(d)
  of the Securities Exchange Act of 1934

   For the fiscal year ended
   December 31, 2005

     Commission file number: 333-109318-06

     Long Beach Securities Corp. (as Depositor under the Pooling
    and Servicing Agreement, dated as January 1, 2005, providing for the
   issuance of Asset-Backed Certificates, Series 2005-1)
    (Exact name of Registrant as specified in its Charter)

          Delaware                                33-0917586
    (State or other jurisdiction                  (I.R.S. Employer
        incorporation or organization)              Identification Number)

1400 South Douglass Road, Suite 100                         
Anaheim, California                            92806        
(Address of principal executive offices)      (Zip Code)      

Registrant's telephone number, including area code:     
(714) 939-5200    

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]

 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[ ]
 (as such reporting obligations are modified as set forth in J.P. Morgan
  Mortgage Pass-Through Corporation, SEC No-Action Letter, March 31, 1989,
in reliance upon which the registrant is filing this modified report).

Indicate by check mark if disclosure of delinquent filers pursuant to 
Item 405 of Regulation S-K is not contained herein, and will not be   
   contained, to the best of the Registrant's knowledge, in definitive proxy
or information statements incorporated by reference in Part III of the
Form 10-K or any amendment to this Form 10-K.         [x]             

Indicate by check mark whether the registrant is an accelerated filer 
(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 of the last business day of    
the registrant's most recently completed second fiscal quarter        
Not Applicable.                                                       

Indicate the number of shares outstanding of each of the registrant's 
classes of common stock, as of December 31, 2005.                     
Not Applicable.                                                       

DOCUMENTS INCORPORATED BY REFERENCE                                   

The registrant's Reports on Form 8-K concerning the registrant's      
LONG BEACH MORTGAGE LOAN TRUST 2005-1, ASSET-BACKED CERTIFICATES,     
SERIES 2005-1, issued pursuant to the Pooling and Servicing Agreement 
dated as of January 1, 2005 (the "Pooling Agreement") and registered  
pursuant to a registration statement on form S-3 (File No. 333-109318)
(such asset-backed certificates, the "Certificates"), are incorporated
by reference as set forth in Part IV, Item 15.  Capitalized terms used
herein but not otherwise defined shall have the meanings assigned to  
them in the Pooling Agreement.                                        

PART I                                                                

ITEM 1.  Business.                                                    

Not Applicable.                                                       

Item 1A.  Risk Factors.                                               

Not Applicable.                                                       

Item 1B.  Unresolved Staff Comments.                                  

Not Applicable.                                                       

ITEM 2.  Properties.                                                  

Not Applicable.                                                       

ITEM 3.  Legal Proceedings.                                           

There are no material pending legal proceedings with respect to the   
assets of the Trust involving the registrant or, to the best knowledge
   of the registrant, the Trustee, any Custodian, any Servicer or the assets
  of the Trust, other than ordinary routine litigation with respect to the
underlying mortgage loans comprising the assets of the Trust.         

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

No matters were submitted to a vote of Certificateholders during the  
fiscal year covered by this report.                                   

PART II                                                               

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

(a) To the knowledge of the registrant, there exists no established 
public trading market for the securities.                           
(b) The Certificates are represented by one or more certificates    
registered in the name Cede & Co., as nominee of the Depository     
Trust Company ("DTC") and are held in book-entry form only.  The    
registrant considers Cede & Co. to be the sole holder of record of  
the Certificates.                                                   
(c)  Not Applicable.                                                

ITEM 6.  Selected Financial Data.                                     

Not Applicable.                                                       

  ITEM 7.  Management's Discussion and Analysis of Financial Condition and
Results of Operations.                                                

Not Applicable.                                                       

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

Not Applicable.                                                       

ITEM 8.  Financial Statements and Supplementary Data.                 

Not Applicable.                                                       

  ITEM 9.  Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure.                                                 

None.                                                                 

ITEM 9A  Controls and Procedures                                      

Not Applicable.                                                       

ITEM 9B. Other Information.                                           

None.                                                                 

PART III                                                              

ITEM 10.  Directors and Executive Officers of Registrant.             

Not Applicable.                                                       

ITEM 11.  Executive Compensation.                                     

Not Applicable.                                                       

   ITEM 12.  Security Ownership of Certain Beneficial Owners and Management.

Security ownership of certain beneficial owners.  Under the Pooling   
and Servicing Agreement governing the Trust, the holders of the       
 Certificates generally do not have the right to vote and are prohibited
 from taking part in management of the Trust.  For purposes of this Item
  and Item 13 only, however, the Certificateholders are treated as "voting
security" holders.                                                    

  As of December 31, 2005, the following are the only persons known to the
Registrant to be the beneficial owners of more than 5% of any class of
voting securities:                                                    

CEDEFAST                                                              
CEDE & CO FAST                                                        
P.O. BOX 20                                                           
BOWLING GREEN STATION                                                 
NEW YORK, NEW YORK, 10274                                             
SERIES 2005-1                                                         
CLASS I-A1                                                            
$1,912,475,000                                                        
100.0%                                                                

CEDEFAST                                                              
CEDE & CO FAST                                                        
P.O. BOX 20                                                           
BOWLING GREEN STATION                                                 
NEW YORK, NEW YORK, 10274                                             
SERIES 2005-1                                                         
CLASS II-A1                                                           
$528,000,000                                                          
100.0%                                                                

CEDEFAST                                                              
CEDE & CO FAST                                                        
P.O. BOX 20                                                           
BOWLING GREEN STATION                                                 
NEW YORK, NEW YORK, 10274                                             
SERIES 2005-1                                                         
CLASS II-A2                                                           
$215,000,000                                                          
100.0%                                                                

CEDEFAST                                                              
CEDE & CO FAST                                                        
P.O. BOX 20                                                           
BOWLING GREEN STATION                                                 
NEW YORK, NEW YORK, 10274                                             
SERIES 2005-1                                                         
CLASS II-A3                                                           
$151,526,000                                                          
100.0%                                                                

CEDEFAST                                                              
CEDE & CO FAST                                                        
P.O. BOX 20                                                           
BOWLING GREEN STATION                                                 
NEW YORK, NEW YORK, 10274                                             
SERIES 2005-1                                                         
CLASS M-1                                                             
$159,250,000                                                          
100.0%                                                                

CEDEFAST                                                              
CEDE & CO FAST                                                        
P.O. BOX 20                                                           
BOWLING GREEN STATION                                                 
NEW YORK, NEW YORK, 10274                                             
SERIES 2005-1                                                         
CLASS M-2                                                             
$99,750,000                                                           
100.0%                                                                

CEDEFAST                                                              
CEDE & CO FAST                                                        
P.O. BOX 20                                                           
BOWLING GREEN STATION                                                 
NEW YORK, NEW YORK, 10274                                             
SERIES 2005-1                                                         
CLASS M-3                                                             
$61,250,000                                                           
100.0%                                                                

CEDEFAST                                                              
CEDE & CO FAST                                                        
P.O. BOX 20                                                           
BOWLING GREEN STATION                                                 
NEW YORK, NEW YORK, 10274                                             
SERIES 2005-1                                                         
CLASS M-4                                                             
$61,250,000                                                           
100.0%                                                                

CEDEFAST                                                              
CEDE & CO FAST                                                        
P.O. BOX 20                                                           
BOWLING GREEN STATION                                                 
NEW YORK, NEW YORK, 10274                                             
SERIES 2005-1                                                         
CLASS M-5                                                             
$43,750,000                                                           
100.0%                                                                

CEDEFAST                                                              
CEDE & CO FAST                                                        
P.O. BOX 20                                                           
BOWLING GREEN STATION                                                 
NEW YORK, NEW YORK, 10274                                             
SERIES 2005-1                                                         
CLASS M-6                                                             
$42,000,000                                                           
100.0%                                                                

CEDEFAST                                                              
CEDE & CO FAST                                                        
P.O. BOX 20                                                           
BOWLING GREEN STATION                                                 
NEW YORK, NEW YORK, 10274                                             
SERIES 2005-1                                                         
CLASS M-7                                                             
$35,000,000                                                           
100.0%                                                                

CEDEFAST                                                              
CEDE & CO FAST                                                        
P.O. BOX 20                                                           
BOWLING GREEN STATION                                                 
NEW YORK, NEW YORK, 10274                                             
SERIES 2005-1                                                         
CLASS M-8                                                             
$35,000,000                                                           
100.0%                                                                

CEDEFAST                                                              
CEDE & CO FAST                                                        
P.O. BOX 20                                                           
BOWLING GREEN STATION                                                 
NEW YORK, NEW YORK, 10274                                             
SERIES 2005-1                                                         
CLASS M-9                                                             
$35,000,000                                                           
100.0%                                                                

ITEM 13.  Certain Relationships and Related Transactions.             
Not Applicable.                                   

ITEM 14.  Principal Accountant Fees and Services.                     
Not Applicable.                                   

PART IV                                                               

ITEM 15. Exhibits, Financial Statement Schedules.                     

(a) List the following documents filed as a part of the report:       

(1) All financial statements:                                 

Not Applicable.                                       

       (2) Those financial statements schedules required to be filed by Item
8 of this form, and by paragraph (c) below.           

Not Applicable.                                       

    (3) Those exhibits required by Item 601 of Regulation S-K (229.601
       of this chapter) and by paragraph (b) below.  Identify in the
           list each management contract or compensatory plan or arrangement
          required to be filed as an exhibit to this form pursuant to Item
15 (b) of this report.                                

Not Applicable.                                       

(b) Registrants shall file, as exhibits to this form, the exhibits    
   required by Item 601 of Regulation S-K (229.601 of this chapter).

(1) Exhibit 31 Section 302 Certification.                     

(2) Exhibit 99.1 Servicer's Annual Statement of Compliance for
Year End December 31, 2005.                           

(3) Exhibit 99.2 Report of Independent Registered Public      
Accounting Firm for Year End December 31, 2005.       

(4) Reports on Form 8-K                                       

         The registrant filed Current Reports on Form 8-K that described
      distributions made to Certificateholders on the Distribution
     Date occurring in the month of, or the month preceding, the
      month in which such Current Report on Form 8-K was filed and
         also provided certain information regarding delinquent Mortgage
     Loans and credit enhancements as of such Distribution Date.
        Such Current Reports on Form 8-K are incorporated by reference
herein, as follows:                                   

      Monthly Remittance Statement to the Certificateholders dated
    as of February 25, 2005, and filed with the Securities and
Exchange Commission on Form 8-K on March 03, 2005.    

      Monthly Remittance Statement to the Certificateholders dated
 as of March 25, 2005, and filed with the Securities and
Exchange Commission on Form 8-K on April 05, 2005.    

      Monthly Remittance Statement to the Certificateholders dated
 as of April 25, 2005, and filed with the Securities and
Exchange Commission on Form 8-K on May 09, 2005.      

      Monthly Remittance Statement to the Certificateholders dated
as of May 25, 2005, and filed with the Securities and 
Exchange Commission on Form 8-K on June 02, 2005.     

      Monthly Remittance Statement to the Certificateholders dated
as of June 27, 2005, and filed with the Securities and
Exchange Commission on Form 8-K on July 01, 2005.     

      Monthly Remittance Statement to the Certificateholders dated
as of July 25, 2005, and filed with the Securities and
Exchange Commission on Form 8-K on July 28, 2005.     

      Monthly Remittance Statement to the Certificateholders dated
  as of August 25, 2005, and filed with the Securities and
Exchange Commission on Form 8-K on August 29, 2005.   

      Monthly Remittance Statement to the Certificateholders dated
     as of September 26, 2005, and filed with the Securities and
Exchange Commission on Form 8-K on September 27, 2005.

      Monthly Remittance Statement to the Certificateholders dated
   as of October 25, 2005, and filed with the Securities and
Exchange Commission on Form 8-K on October 28, 2005.  

      Monthly Remittance Statement to the Certificateholders dated
    as of November 25, 2005, and filed with the Securities and
Exchange Commission on Form 8-K on December 07, 2005. 

      Monthly Remittance Statement to the Certificateholders dated
    as of December 27, 2005, and filed with the Securities and
Exchange Commission on Form 8-K on January 04, 2006.  

(c) Registrants shall file, as financial statements schedules to this 
form, the financial statements required by Regulation S-X     
      (17 CFR 210) which are excluded from the annual report to shareholders
 by Rule 14a-3(b) including (1) separate financial statements of
        subsidiaries not consolidated and fifty percent or less owned persons;
    (2) separate financial statements of affiliates whose securities are
pledged as collateral; and (3) schedules.                     

Omitted                                                     

   SIGNATURE

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.                                  

                         Long Beach Securities Corp.

                          By: /s/ Michael J. Giampaolo
                        Name: Michael J. Giampaolo
                             Title: Executive Vice President

Date: March 23, 2006                                                  

EXHIBIT INDEX                                                         

Exhibit Document                                                      

31   Section 302 Certification.                                     

99.1 Servicer's Annual Statement of Compliance for Year End         
December 31, 2005.                                        

99.2 Report of Independent Registered Public Accounting Firm        
for Year End December 31, 2005.                           

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing		Date		Other Filings
Filed on:		3/30/06
For Period End:		3/29/06
		3/23/06
		1/4/06		8-K
		12/31/05
		12/27/05		8-K
		12/7/05		8-K
		11/25/05		8-K
		10/28/05		8-K
		10/25/05		8-K
		9/27/05		8-K
		9/26/05		8-K
		8/29/05		8-K
		8/25/05		8-K
		7/28/05		8-K
		7/25/05		8-K
		7/1/05		8-K
		6/27/05		8-K
		6/2/05		8-K
		5/25/05		8-K
		5/9/05		8-K
		4/25/05		8-K
		4/5/05		8-K
		3/25/05		8-K
		3/3/05		8-K
		2/25/05		8-K
		1/1/05
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