First Franklin Mortgage Loan Trust 2005-FF1
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 55 based on          records provided by The Depository Trust Company.
Not Applicable.
Not Applicable.
Not Applicable.
Not Applicable.
None.
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 Exhibit 31.1 hereto.           Report of Independent Registered Public Accounting Firm, filed as          Exhibit 99.1 hereto.           Management's Assertion, filed as Exhibit 99.2 hereto.           Annual Statement as to Compliance, filed as Exhibit 99.3 hereto.  (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.                           Securitized Asset Backed Receivables LLC, as Depositor                       By:  /s/  Paul Menefee                           -----------------------------                    Name:  Paul Menefee                   Title:  Chief Accounting Officer                    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)(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.                                        -5-                                      EXHIBIT INDEX  Exhibit   Description  31.1     Rule 13a-14(a)/15d-14(a) Certification  99.1     Report of Independent Registered Public Accounting Firm  99.2     Management's Assertion  99.3     Annual Statement as to Compliance                                            -6-                                     Exhibit 31.1                  Annual Rule 13a-14(a)/15d-14(a) Certification                                   -----------                                  CERTIFICATION  Re:   First Franklin Mortgage Loan Trust 2005-FF1 (the "Trust"), Mortgage       Pass-Through Certificates, Series 2005-FF1, issued pursuant to the       Pooling and Servicing Agreement, dated as February 1, 2005 (the       "Pooling and Servicing Agreement"), by and among Securitized Asset       Backed Receivables LLC, as depositor, JPMorgan Chase Bank, National       Association, as trustee (the "Trustee"), Saxon Mortgage Services, Inc.,       as servicer (the "Servicer"), and MortgageRamp Inc., as loan performance       advisor  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.                                  Securitized Asset Backed Receivables LLC                              By:  /s/ Paul Menefee                                  -----------------------------                           Name:  Paul Menefee                          Title:  Chief Accounting Officer                           Date:  March 28, 2006                                         -7-                                      EXHIBIT 99.1             Report of Independent Registered Public Accounting Firm                                 ---------------   REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM  To the Board of Directors of Saxon Capital, Inc.  We have examined management's assertion that Saxon Mortgage Services,  Inc. (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  dated February 28, 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.  /s/ Deloitte & Touche LLP - --------------------------  February 28, 2006                                        -8-      Management's Assertion  As of and for the year ended December 31, 2005,  Saxon Mortgage  Services,  Inc. (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 Banker's  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 form of a Form 15 Financial  Institutions Bond with an aggregate coverage amount of $32 million,  and an errors and  omissions  policy in the form of a Mortgagee Protection Policy with mortgagee  interest coverage of $20 million and mortgagee liability coverage of $10 million.   /s/ Michael L. Sawyer - ---------------------------------------------------- (Michael L. Sawyer, Chief Executive Officer)   /s/ David Dill - ---------------------------------------------------- (David Dill, President, Saxon Mortgage Services, Inc)  February 28, 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  1.   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                              Management's Assertion                               -------------------    Management's Assertion  As of and for the year ended December 31, 2005,  Saxon Mortgage  Services,  Inc. (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 Banker's  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 form of a Form 15 Financial  Institutions Bond with an aggregate coverage amount of $32 million,  and an errors and  omissions  policy in the form of a Mortgagee Protection Policy with mortgagee  interest coverage of $20 million and mortgagee liability coverage of $10 million.   /s/ Michael L. Sawyer - ---------------------------------------------------- (Michael L. Sawyer, Chief Executive Officer)   /s/ David Dill - ---------------------------------------------------- (David Dill, President, Saxon Mortgage Services, Inc)  February 28, 2006     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  1.   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.                                         -11-                                     EXHIBIT 99.3                         Annual Statement as to Compliance                               -------------------   Saxon Mortgage Services, Inc.   RE: Officer's Certificate 2005 Annual Reporting  First Franklin Mortgage Loan Trust 2005-FF1, Mortgage Pass-Through Certificates   2005-FF1 Securitized Asset Backed Receivables, LLC Trust 2005-FR1, Mortgage Pass-Through   Certificates 2005-FR1 Securitized Asset Backed Receivables, LLC Trust 2005-FR1, Mortgage Pass-Through   Certificates 2005-FR2   The undersigned Officer certifies the following for the 2005 fiscal year:  (A)  I have reviewed the activities and  performance of the Servicer  during the      2005  fiscal  year  under  the  terms  of the  Servicing  Agreement,  Trust      Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide and      to the best of these Officers' knowledge, the Servicer has fulfilled all of      its  duties,   responsibilities   or  obligations  under  these  Agreements      throughout  such year,  or if there has been a default  or failure  and the      nature and status  thereof has been  reported as  reflected on the attached      Exhibit "A".  (B)  I have  confirmed  that the Servicer is currently an approved FNMA or FHLMC      servicer in good standing;  (C)  I have confirmed that the Fidelity Bond, the Errors and Omissions Insurance      Policy  and any other  bonds  required  under  the  terms of the  Servicing      Agreement, Trust Agreement,  Pooling and Servicing Agreement and/or Seller/      Servicer Guide are in full force and effect;  (D)  All premiums for each Hazard Insurance  Policy,  Flood Insurance Policy (if      applicable) and Primary Mortgage  Insurance  Policy (if  applicable),  with      respect  to each  Mortgaged  Property,  have  been  paid  and that all such      insurance policies are in full force and effect;  (E)  All real estate  taxes,  governmental  assessments  and any other  expenses      accrued and due, that if not paid could result in a lien or  encumbrance on      any  Mortgaged  Property,  have been paid, or if any such costs or expenses      have not been paid with respect to any Mortgaged  Property,  the reason for      the non-payment has been reported.  (F) All Custodial Accounts have been reconciled and are properly funded; and  (G)  All annual reports of  Foreclosure  and  Abandonment  of Mortgage  Property      required per section 6050H,  6050J and 6050P of the Internal  Revenue Code,      respectively, have been prepared and filed.  Certified By:  /s/ David Dill - -------------------------- Officer: David Dill Title: President Date: 3/15/06    Saxon Mortgage Services, Inc.                               2005 Annual Reporting                                     Exhibit A  No Defaults Reported                                        -12-    -----END PRIVACY-ENHANCED MESSAGE-----