First Franklin Mortgage Loan Trust 2005-FF5
Not Applicable.
Not Applicable.
None.
Not Applicable.
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.
No matter was submitted to a vote or consent of Holders of the Offered          Certificates during the fiscal year covered by this report.  PART II
Currently, there is no established secondary market for the         Certificates known to the Registrant. As of December 31, 2005, the         number of holders of each class of offered certificates was 50 based on         records provided by DTC.          As of December 31, 2005 the total number of holders with respect to each         class of certificates is set forth below:                  A1      1                 A2A     12                 A2B     14                 A2C     1                 M1      2                 M2      3                 M3      1                 M4      1                 M5      3                 M6      1                 M7      4                 M8      1                 M9      4                 M10     1                 B       1
Not Applicable.
Not Applicable.
Not Applicable.
Not Applicable.
None.
Not Applicable.
Not Applicable.                                        -2-   PART III
Not Applicable.
Not Applicable.
Not Applicable.
Not Applicable.
Not Applicable.   PART IV
(a) The following is a list of documents filed as part of this report:          4.1      Pooling and Servicing Agreement (filed as an exhibit to                  Form 8-K on May 17, 2005).          31.1     Rule 13a-14(a)/15d-14(a) Certification.          99.1     Annual Independent Public Accountant's Servicing Report                  concerning servicing activities for the year ended                  December 31, 2005.          99.2     Annual Statement as to Compliance under the Pooling and                  Servicing Agreement for the year ended December 31, 2005.  (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.                                        -3-     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.                      Asset Backed Funding Corporation                     First Franklin Mortgage Loan Trust 2005-FF5                     Asset-Backed Certificates, Series 2005-FF5                  By  Asset Backed Funding Corporation, as Depositor                   By: /s/ Daniel B. Goodwin                     -----------------------------------------                     Name:  Daniel B. Goodwin                     Title: President                Date: March 28, 2006                                           -4-     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.                                        -5-                                       Exhibit Index  Exhibit No.  4.1    Pooling and Servicing Agreement (filed as an exhibit to Form 8-K        on May 17, 2005.  31.1   Rule 13a-14(a)/15d-14(a) Certification.  99.1   Annual Independent  Public  Accountant's Servicing Report        concerning servicing  activities for the year        ended December 31, 2005.                  HomeEq Servicing Corporation  99.2   Annual Statement as to Compliance under the Pooling and Servicing        Agreement for the year ended December 31, 2005.                  HomeEq Servicing Corporation                                         -6-                                      EXHIBIT 31.1                     Rule 13a-14(a)/15d-14(a) Certification                             ------------------------                     FIRST FRANKLIN MORTGAGE LOAN TRUST 2005-FF5,                    ASSET-BACKED CERTIFICATES, SERIES 2005-FF5  I, Daniel B. Goodwin, the President of Asset Backed Funding Corporation,    certify that:  1.   I have reviewed this annual report on Form 10-K, and all monthly current      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 the First Franklin Mortgage Loan Trust 2005-FF5 formed pursuant to      the Pooling and Servicing Agreement, dated as of April 1, 2005 (the      "Agreement"), among Asset Backed Funding Corporation, as depositor,      HomEq Servicing Corporation, as servicer (the "Servicer") and JPMorgan      Chase Bank, National Association, as trustee (the "Trustee");  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 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 annual report on Form 10-K and required to be delivered to the Trustee      in accordance with the terms of the Agreement, and except as disclosed in      the reports, the Servicer has fulfilled its obligations under the      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 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: HomEq Servicing Corporation and JPMorgan Chase Bank, N.A.  Dated:  March 28, 2006                           By:  /s/ Daniel B. Goodwin                             -----------------------------------------                         Name:  Daniel B. Goodwin                         Title: President                                        -7-                                     EXHIBIT 99.1              Annual Independent Public Accountant's Servicing Report                             with Management Assertion                              -----------------------   KPMG LLP Suite 2300 Three Wachovia Center 401 South Tryon Street Charlotte, NC 28202-1911                             Independent Accountants' Report   The Board of Directors HomEq Servicing Corporation  We  have  examined   management's   assertion,   included  in  the  accompanying Management's Assertion,  that HomEq Servicing Corporation (the Company) 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 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  conducted  in  accordance  with   attestation   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  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 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, 2005 is fairly stated, in all material respects.   /s/ KPMG LLP - ----------- KPMG LLP February 24, 2006    HomEq Servicing                                MANAGEMENT'S ASSERTION   As of and for the year ended December 31, 2005, HomEq Servicing Corporation (the "Company")  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, the Company had in effect a fidelity bond and errors and  omissions  policy both in the amount of $20 million.   HomEq Servicing Corporation    /s/ Arthur Q. Lyon                            February 24, 2006  -------------------                           -----------------  Arthur Q Lyon                                 Date  President     /s/ Keith G. Becher                           February 24, 2006  -------------------                           -----------------  Keith G. Becher                               Date  Chief Operating Officer                                        -8-                                       EXHIBIT 99.2                    Servicer's Annual Statement as to Compliance                             -----------------------                               OFFICER'S CERTIFICATE                    FIRST FRANKLIN MORTGAGE LOAN TRUST 2005-FF5                    ASSET-BACKED CERTIFICATES, SERIES 2005-FF5  I, Arthur Q. Lyon, certify to Asset Backed Funding Corporation and its officers, directors and affiliates,  and with the knowledge and intent that they will rely upon this certification, that:       A review of the  activities  of the Servicer  during the 2005 calendar year      and the Servicer's  performance  under the Pooling and Servicing  Agreement      has been made under my  supervision,  the Servicer  has  complied  with the      Pooling and Servicing  Agreement in all material  respects and, to the best      of my  knowledge,  based  on  such  review,  the  Servicer  has  materially      fulfilled all of its obligations under the Pooling and Servicing  Agreement      throughout such calendar year.  Date:  March 29, 2006  HomEq Servicing Corporation  /s/ Arthur Q. Lyon - ------------------- Arthur Q. Lyon President                                         -9-     -----END PRIVACY-ENHANCED MESSAGE-----