CSFB HOME EQUITY MORTGAGE TRUST 2005-1
Not Applicable.
Not Applicable.
None.
Not Applicable.
The  Registrant  is not aware of any material  legal  proceeding  with          respect to the Registrant,  the Servicer, or the Trustee, in each case          if applicable, as related to the Trust.
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 44 based          on records provided by The Depository Trust Company.
Not Applicable.
Not Applicable.
Not Applicable.
Not Applicable.
There was no change of accountants or disagreement with accountants on          any matter of accounting principles or practices or financial          disclosure.
Not Applicable.
Not Applicable.                                        -2-    PART III
Not Applicable.
Not Applicable.
Not Applicable.
No reportable transactions have occurred.
Not Applicable.  PART IV
(a) The following documents are filed as part of this report:      (1)  Financial Statements:           Not Applicable.      (2)  Financial Statement Schedules:           Not Applicable.      (3)  Exhibits:           Rule 13a-14(a)/15d-14(a) Certification, filed as 31.1 hereto.           Report of Independent Registered Public Accounting Firm          with Management Assertion Assertion, filed as Exhibit 99.1 hereto.           Annual Servicer's Statement as to Compliance, filed as Exhibit 99.2          hereto.  (b) Exhibits to this report are listed in Item (15)(a)(3)above.  (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.  By:        /s/  Bruce Kaiserman            ----------------------------- Name:      Bruce Kaiserman  Title:     Vice President  Company:   CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.  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.  The  registrant  has not sent an annual report or proxy material to its security holders.  The registrant  will not be sending an annual report or proxy material to its security holders subsequent to the filing of this form.                                        -5-                                      EXHIBIT INDEX  Exhibit     Description  31.1    Rule 13a-14(a)/15d-14(a) Certification  99.1    Report Of Independent Registered Public Accounting Firm         with Management Assertion          Wilshire Credit Corporation, as Servicer  99.2    Annual Servicer's Statement as to Compliance          Wilshire Credit Corporation, as Servicer                                          -6-                                     EXHIBIT 31.1                  Annual Rule 13a-14(a)/15d-14(a) Certification   I, Bruce Kaiserman, 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 Credit      Suisse First Boston Mortgage  Securities  Corp., Home Equity Mortgage Trust      2005-1, Home Equity Mortgage Pass-Through Certificates, Series 2005-1;  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  pooling  and      servicing,  or  similar,  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, or similar agreement, and      except  as  disclosed  in the  reports,  the  servicer  has  fulfilled  its      obligations under the 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 or similar 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:  the Servicer and the Trustee.  By:        /s/  Bruce Kaiserman            ----------------------------- Name:      Bruce Kaiserman  Title:     Vice President  Company:   CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.  Date:      March 28, 2006                                         -7-                                     EXHIBIT 99.1              Report of Independent Registered Public Accounting Firm                            with Management Assertion                                   -------------                                                   Deloitte & Touche LLP                                                 Suite 3900                                                 111 SW Fifth Avenue                                                 Portland, OR  97204-3642                                                 USA                                                 Tel: +1 503 222 1341                                                 Fax: +1 503 224 2172                                                 www.deloitte.com   REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM  To the Board of Directors Wilshire Credit Corporation:  We have examined management's assertion that Wilshire Credit Corporation, a wholly owned subsidiary of Merrill Lynch Mortgage Capital Inc., a division of Merrill Lynch & Co., New York, NY (the "Company"), has complied as of and for the year ended December 31, 2005, with its established minimum servicing standards described in the accompanying Management's Assertion on Minimum Servicing Standards dated February 27, 2006. 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, as adopted by the Public Company Accounting Oversight Board and accordingly, included examining, on a test basis, evidence about the Company's compliance with its 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 legal determination on the Company's compliance with its 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, based on the criteria set forth in Appendix I.  By:  /s/ Deloitte & Touche LLP - ------------------------------  February 27, 2006                                        -8-                                                                          Wilshire                              MANAGEMENT'S ASSERTION ON                            MINIMUM SERVICING STANDARDS  As of and for the year ended December 31, 2005, Wilshire Credit Corporation (the "Company")  has  complied,   in  all  material  respects,   with  the  Company's established  minimum servicing  standards for residential  mortgage loans as set forth in Appendix I (the  "Standards").  The Standards are based on 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 in the amount  of  $265,000,000  and an errors  and  omission  policy in the  amount of $25,000,000.   By:  /s/ Jay Memmott - ------------------------------------------------- Jay Memmott, President and Chief Executive Officer Wilshire Credit Corporation Feb 27, 2006  By:  /s/ Russell Campbell - ------------------------------------------------- Russell Campbell, Chief Investment Officer Wilshire Credit Corporation Feb 27, 2006  By:  /s/ Ken Frye - ------------------------------------------------- Ken Frye, Senior Vice President Wilshire Credit Corporation Feb 27, 2006                                        -9-                                                                        APPENDIX I  MINIMUM SERVICING STANDARDS AS SET FORTH IN THE MORTGAGE BANKERS ASSOCIATION OF AMERICA'S UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS  I.   CUSTODIAL BANK ACCOUNTS  1.   Reconciliations shall be prepared on a monthly basis for all custodial bank      accounts and related bank clearing accounts. These reconciliations shall:        .  Be mathematically accurate        .  Be prepared within forty-five (45) calendar days after the cutoff date        .  Be reviewed and approved by someone other than the person who prepared          the reconciliation        .  Document explanations for reconciling items.  These reconciling items          shall be resolved within ninety (90) calendar days of their original          identification.  2.   Funds of the servicing  entity shall be advanced in cases where there is an      overdraft in an investor's or a mortgagor's account.  3.   Each  custodial   account  shall  be  maintained  at  a  federally  insured      depository institution in trust for the applicable investor.  4.   Escrow  funds  held in  trust  for a  mortgagor  shall be  returned  to the      mortgagor within thirty (30) calendar days of payoff of the mortgage loan.  II.  MORTGAGE PAYMENTS  1.   Mortgage  payments  shall be deposited into the custodial bank accounts and      related bank clearing accounts within two business days of receipt.  2.   Mortgage  payments made in accordance with the  mortgagor's  loan documents      shall be posted to the  applicable  mortgagor  records  within two business      days of receipt.  3.   Mortgage  payments  shall be allocated to principal,  interest,  insurance,      taxes or  other  escrow  items in  accordance  with  the  mortgagor's  loan      documents.  4.   Mortgage  payments  identified  as  loan  payoffs  shall  be  allocated  in      accordance with the mortgagor's loan documents.  III. DISBURSEMENTS  1.   Disbursements  made via wire  transfer on behalf of a mortgagor or investor      shall be made only by authorized personnel.  2.   Disbursements  made on behalf of a mortgagor  or  investor  shall be posted      within  two  business  days  to  the  mortgagor's  or  investor's   records      maintained by the servicing entity.  3.   Tax and  insurance  payments  shall be made on or  before  the  penalty  or      insurance policy  expiration dates, as indicated on tax bills and insurance      premium notices, respectively, provided that such support has been received      by the  servicing  entity at least thirty (30) calendar days prior to these      dates.  4.   Any late payment  penalties paid in conjunction with the payment of any tax      bill or insurance premium notice shall be paid from the servicing  entity's      funds and not charged to the mortgagor,  unless the late payment was due to      the mortgagor's error or omission.  5.   Amounts  remitted to investors per the  servicer's  investor  reports shall      agree with cancelled  checks,  or other form of payment,  or custodial bank      statements.  6.   Unused checks shall be safeguarded so as to prevent unauthorized access.  IV.  INVESTOR ACCOUNTING AND REPORTING       The servicing  entity's investor reports shall agree with, or reconcile to,      investors'  records  on a monthly  basis as to the total  unpaid  principal      balance and number of loans serviced by the servicing entity.  V.   MORTGAGOR LOAN ACCOUNTING  1.   The servicing entity's mortgage loan records shall agree with, or reconcile      to, the records of mortgagors with respect to the unpaid principal  balance      on a monthly basis.  2.   Adjustments  on ARM loans shall be computed  based on the related  mortgage      note and any ARM rider.  3.   Escrow accounts shall be analyzed,  in accordance with the mortgagor's loan      documents, on at least an annual basis.  4.   Interest on escrow  accounts  shall be paid, or credited,  to mortgagors in      accordance with the applicable state laws.  VI.  DELINQUENCIES  1.   Records  documenting  collection  efforts  shall be  maintained  during the      period a loan is in default  and shall be updated  at least  monthly.  Such      records shall  describe the entity's  activities  in monitoring  delinquent      loans  including,  for example,  phone calls,  letters and mortgage payment      rescheduling  plans in cases  where the  delinquency  is  deemed  temporary      (e.g., illness or unemployment).  VII. INSURANCE POLICIES  1.   A fidelity bond and errors and  omissions  policy shall be in effect on the      servicing entity  throughout the reporting period in the amount of coverage      represented to investors in management's assertion.                                        -10-                                     EXHIBIT 99.2                    Annual Servicer's Statement as to Compliance                                   -------------                                        Wilshire Credit Corporation                                      Payments                                      P.O. Box 30040, Los Angeles, CA 90030-0040                                      or P.O. Box 650314, Dallas, TX  75265-0314                                      Correspondence                                      P.O. Box 8517, Portland, OR  97207-8517                                      Phone                                      (503) 952-7947                                      (888) 502-0100                                      Fax                                      (503) 952-7476                                      Web Site                                      www.wfsg.com  March 3, 2006  JPMorgan Chase Bank 4 New York Plaza 6th Floor New York, NY  10004 Attn: Raideo Ram  Credit Suisse 11 Madison Avenue 4th Floor New York, NY  10010 Attn:  Bruce Kaiserman  Re:  Pooling and Servicing Agreements as Described on Exhibit A.                      Annual Servicing Officer's Certification  I, Jay H.  Memmott,  certify  to the  Trustee  and to the  Depositor  and  their officers, directors and affiliates, and with the intent that they will rely upon this certification, that:  I.   A review of the  activities of the Servicer  during the preceding  calendar      year and of its performance  under the referenced  Servicing  Agreement has      been made under my Supervision; and  II.  To the  best  of my  knowledge,  based  on the  review,  the  Servicer  has      materially  fulfilled all of its obligations under the Servicing Agreements      throughout  the year except as disclosed in writing on or prior to the date      of this certification  either in the accountants' report required under the      related Agreements or in disclosure a copy of which is attached hereto.  WILSHIRE CREDIT CORPORATION  By: /s/ Jay H. Memmott - --------------------------------- Name:  Jay H. Memmott Title: Chairman, President, & CEO    JPMORGAN CHASE TRUSTEE - CREDIT SUISSE  Pool   Description    Verbiage  378    CSFB HEMT 2005-1  Pooling and Servicing  Agreement  dated as of                          February 1, 2005,  between Credit Suisse First Boston                          Mortgage  Securities Corp., Depositor,  DLJ Mortgage                          Capital,  Inc.,  Seller,  Wilshire Credit  Corporation,                          Servicer, and JP Morgan Chase Bank, Trustee, for the                          HEMT Trust Series 2005-1  390    CSFB HEMT 2005-2  Pooling and Servicing  Agreement  dated as of                          March 1, 2005,  between Credit Suisse First Boston                          Mortgage  Securities Corp., Depositor,  DLJ Mortgage                          Capital,  Inc.,  Seller,  Wilshire Credit  Corporation,                          Servicer, IndyMac Bank, F.S.B., Servicer and JPMorgan                          Chase Bank, N.A., Trustee, for the HEMT Trust                          Series 2005-2  409    CSFB HEMT 2005-3  Pooling and Servicing  Agreement  dated as of                          July 1, 2005,  between Credit Suisse First Boston                          Mortgage  Securities Corp., Depositor,  DLJ Mortgage                          Capital,  Inc.,  Seller,  Wilshire Credit  Corporation,                          Servicer, Ocwen Loan Servicing LLC, Servicer, Select                          Portfolio Servicing, Special Servicer, and  JPMorgan                          Chase Bank, N.A., Trustee, for the HEMT Trust                          Series 2005-3  423    CSFB HEMT 2005-4  Pooling and Servicing  Agreement  dated as of                          September 1, 2005,  between Credit Suisse First Boston                          Mortgage  Securities Corp., Depositor,  DLJ Mortgage                          Capital,  Inc.,  Seller,  Wilshire Credit  Corporation,                          Servicer, Ocwen Loan Servicing LLC., Servicer,                          Indymac Bank, F.S.B., Servicer, Select Portfolio                          Servicing, Special Servicer, and JPMorgan Chase Bank,                          N.A., Trustee, for the HEMT Trust Series 2005-4                                        -11-    -----END PRIVACY-ENHANCED MESSAGE-----