HSBC Home Equity Loan Trust 2005-1
Not Applicable.
Not Applicable.
None.
Not Applicable.
The Master Servicer is not aware of any material pending legal proceedings involving either the Registrant, the Indenture Trustee, U.S. Bank Trust National  Association, as owner trustee, the Depositor, the Administrator or the Master Servicer with respect to the Notes or the Registrant's property.
No vote or consent of the holders of the Notes (the "Noteholders") was solicited for any purpose during the year ended December 31, 2005.      PART II
To the best knowledge of the Servicer, there is no established public trading market for the Notes.  Each class of the Issuer's Notes that is publicly offered in the United States is represented by one or more notes registered in the name of Cede & Co. ("Cede"), the nominee of The Depository Trust Company ("DTC").
Not Applicable.
Not Applicable.
Not Applicable.
Not Applicable.
None.
Not Applicable.
Not Applicable.      PART III
Not Applicable.
Not Applicable.
Each class of the Issuer's Notes that is publicly offered in the United States is represented by one or more notes registered in the name of Cede, the nominee of DTC, and an investor holding an interest in such classes of notes is not entitled to receive a note representing such interest except in limited circumstances set forth in the indenture.  Accordingly, Cede is the sole holder of record of such notes, which it holds on behalf of brokers, dealers, banks and other direct participants in the DTC system.  Such direct participants may hold notes for their own accounts or for the accounts of their customers.  The name and address of Cede is Cede & Co., c/o The Depository Trust Company, 55 Water Street, New York, New York  10041.  The Master Servicer is not aware of any Schedules 13D or 13G filed with the Securities and Exchange Commission in respect of the Notes.
Not Applicable.
Not Applicable.      PART IV
(a) (1)  Financial Statements  Not Applicable.  (a) (2) Financial Statement Schedules  Not Applicable. (a) (3)  The Master Servicer is obligated to prepare an Annual Statement to Noteholders for the year ended December 31, 2005, and Independent Registered Public Accountants are required to prepare an Annual Servicing Report pertaining to the compliance of the Master Servicer with its servicing obligations pursuant to the Agreement.  Copies of said documents are filed as exhibits to this Form 10-K.  (b)  The exhibits required by Item 601 of Regulation S-K (Section 229.601):      Exhibit 99(a)  Annual Statement to Noteholders for the year ended December 31, 2005   Exhibit 99(b)  Independent Registered Public Accountants' Report dated March 1, 2006.   Exhibit 99(c)  Annual Certificate as to Compliance dated March 1, 2006.    (c)  The financial statement schedules required by Regulation S-X (17 CFR 210) which are excluded from the annual report to the shareholders by Rule 14a-3(b).  Not Applicable.           SIGNATURES      Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Master Servicer has duly caused this report to be signed on behalf of the HSBC Home Equity Loan Trust 2005-1 by the undersigned, thereunto duly authorized.       HSBC FINANCE CORPORATION,  as Master Servicer of and on behalf of the HSBC HOME EQUITY LOAN TRUST 2005-1 (Registrant)       By: /s/ Dennis J. Mickey Dennis J. Mickey Vice President and Assistant Treasurer    Dated:  March 29, 2006         Certification  I, Dennis J. Mickey, certify that:   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 HSBC Home Equity Loan Trust 2005-1; 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; Based on my knowledge, the distribution or servicing information required to be provided to the indenture trustee of the administrator by the servicer under the sale pooling and servicing agreement for inclusion in these reports is included in these reports; I am responsible for reviewing the activities performed by the servicer under the sale and servicing agreement and based upon my knowledge and the annual compliance review required under that agreement,  and except as disclosed in the reports, the servicer has fulfilled its obligations under that agreement; and 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 registered public accounting firm, after conducting a review of such standards in accordance with certain agreed upon procedures, as set forth in the sale and servicing 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: JPMorgan Chase Bank, National Association and The Depository Trust Company.         Date:  March 29, 2006   _/s/ Dennis J. Mickey  Dennis J. Mickey Vice President and Assistant Treasurer                Exhibit Index      Exhibit No.  Exhibit 99(a)  Exhibit  Annual Statement to Noteholders for the year ended December 31, 2005   Exhibit 99(b)  Independent Registered Public Accountants' Report dated March 1, 2006.   Exhibit 99(c)  Annual Certificate as to Compliance dated March 1, 2006.          EX-99 2 x99a.htm    HSBC Finance Corporation       Exhibit 99(a)   HSBC Finance Corporation HSBC Home Equity Loan Trust 2005-1           Original Principal Class A  716,500,000.00    Number of Class A Notes (000's)  716,500.00    Original Principal Class M  202,350,000.00    Number of Class M Notes (000's)  202,350.00      2005   Payment Date   Totals   Days in Accrual Period         CLASS A     Class A  Principal Payment   186,056,930.13    Class A  Interest Payment   12,284,083.99        CLASS M     Class M  Principal Payment   52,545,177.67    Class M  Interest Payment    3,677,240.03             EX-99 3 x99b.htm        Exhibit 99(b) Independent Accountants' Report     The Board of Directors HSBC Finance Corporation:  We have examined management's assertion that the servicing of home equity loans owned by HSBC Home Equity Loan Trust 2005-1 (the loans) has been conducted by HSBC Finance Corporation, successor by merger to Household Finance Corporation, as Master Servicer, in compliance with the terms and conditions of the Sale and Servicing Agreement dated June 29, 2005 (the Agreement) as of December 31, 2005 and for the period June 29, 2005 to December 31, 2005.  HSBC Finance Corporation is responsible for the assertion. Our responsibility is to express an opinion on management's assertion based on our examination.  Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and in compliance with the audit guide for audits of non-supervised mortgagees approved by the Department of Housing and Urban Development (to the extent that the procedures in such audit guide are applicable to the servicing obligations set forth in the Agreement), and accordingly, included examining, on a test basis, evidence about HSBC Finance Corporation's compliance with the terms and conditions of the Agreement and performing such other procedures as we considered necessary in the circumstances.  We believe that our examination provides a reasonable basis for our opinion.    In our opinion, management's assertion that the servicing of the loans has been conducted by HSBC Finance Corporation, successor by merger to Household Finance Corporation, as Master Servicer, in compliance with the terms and conditions of the Sale and Servicing Agreement dated June 29, 2005 as of December 31, 2005 and for the period June 29, 2005 to December 31, 2005 is fairly stated, in all material respects.  This report is intended solely for the information and use of the addressee and is not intended to be and should not be used by anyone other than this specified party.  /s/ KPMG LLP  March 1, 2006       Management Assertion    As of December 31, 2005 and for the period June 29, 2005 to December 31, 2005, the servicing of home equity loans owned by HSBC Home Equity Loan Trust 2005-1 has been conducted by HSBC Finance Corporation, successor by merger to Household Finance Corporation, as Master Servicer, in compliance with the terms and conditions of the Sale and Servicing Agreement dated June 29, 2005.     /s/ Joyce Bevacqua Joyce Bevacqua Servicing Officer HSBC Finance Corporation   March 1, 2006 Date         /s/ John Greene John Greene Chief Financial Officer HSBC Finance Corporation - Consumer Lending   March 1, 2006 Date  /s/ Jorge Cordon Jorge Cordon Managing Director - Operations - HSBC Finance Corporation - Consumer Lending   March 1, 2006 Date            EX-99 4 x99c.htm     Certificate as to Compliance   Exhibit 99(c) ANNUAL STATEMENT AS TO COMPLIANCE  HSBC FINANCE CORPORATION  HSBC HOME EQUITY LOAN CORPORATION I  HSBC HOME EQUITY LOAN TRUST 2005-1     I, Joyce A. Bevacqua, Servicing Officer of HSBC Finance Corporation (the "Master Servicer"), DO HEREBY CERTIFY, in accordance with Section 3.10 of the Sale and Servicing Agreement dated as of June 29, 2005 among HSBC Home Equity Loan Corporation I, as Depositor, HSBC Finance Corporation, as Master Servicer, JPMorgan Chase Bank, N.A. as Indenture Trustee, and HSBC Bank USA, National Association, as Administrator, (the "Agreement") that:     1.  A review of the activities of the Master Servicer from June 29 through December 31, 2005 and of its performance under the Agreement has been made under my supervision; and    2.  To the best of my knowledge, based on my review, the Master Servicer has fulfilled all of its material obligations under the Agreement throughout the period referred to above. Based on such review, the Master Servicer has, to the best of my knowledge, performed in all material respects its obligations under the Agreement throughout such period and no default in the performance of such obligations has occurred or is continuing except as set forth below.      NONE    IN WITNESS WHEREOF, I have signed this certificate this 1st day of March, 2006.                                  HSBC Finance Corporation, as Master Servicer   /s/ J. A. Bevacqua J. A. Bevacqua Servicing Officer          ANNUAL STATEMENT AS TO COMPLIANCE  HSBC FINANCE CORPORATION  HSBC HOME EQUITY LOAN CORPORATION I  HSBC HOME EQUITY LOAN TRUST 2005-1     I, Joyce A. Bevacqua, Servicing Officer of HSBC Finance Corporation, as Master Servicer, DO HEREBY CERTIFY, in accordance with Section 3.9 of the Indenture dated as of June 29, 2005 (the "Indenture") among HSBC Home Equity Loan Trust 2005-1 (the "Issuer"), JPMorgan Chase Bank, N.A. as Indenture Trustee, and HSBC Bank USA, National Association, as Administrator that:     1.  A review of the activities of the Issuer from June 29 through December 31, 2005 and of its performance under the Indenture has been made under my supervision; and    2.  To the best of my knowledge, based on my review, the Issuer has complied with all conditions and covenants under the Indenture throughout the period referred to above.  Based on such review, the Issuer has, to the best of my knowledge, performed in all material respects its obligations under the Indenture throughout such period and no default in the performance of such obligations has occurred or is continuing except as set forth below.      NONE    IN WITNESS WHEREOF, I have signed this certificate this 1st day of March, 2006.                                 HSBC Finance Corporation, as Master Servicer   /s/ J. A. Bevacqua J. A. Bevacqua Servicing Officer     -----END PRIVACY-ENHANCED MESSAGE-----