8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 1, 2006

ACE SECURITIES CORP.

(as depositor under the Pooling and Servicing Agreement, dated as of August 1, 2005, providing for the issuance of ACE Securities Corp. Home Equity Loan Trust, Series 2005-SL1, Asset-Backed Pass-Through Certificates)

ACE Securities Corp.

(Exact name of registrant as specified in its charter)

Delaware	333-123741-07	56-2088493
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)
6525 Morrison Blvd., Suite 318, Charlotte, North Carolina	28211
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: 704-365-0569

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Completion of Acquisition or Disposition of Assets

Description of the Certificates and the Mortgage Pool

On August 29, 2005, a series of certificates, entitled ACE Securities Corp. Home Equity Loan Trust, Series 2005-SL1, Asset-Backed Pass-Through Certificates (the “Certificates”), were issued pursuant to a pooling and servicing agreement, dated as of August 1, 2005 (the “Agreement”), among ACE Securities Corp. as depositor (the “Depositor”), Wells Fargo Bank, N.A. as master servicer and securities administrator, GMAC Mortgage Corporation as a servicer (“GMAC”), Ocwen Loan Servicing, LLC as a servicer (“Ocwen”) and HSBC Bank USA, National Association as trustee (the “Trustee”), which Agreement was the subject of, and exhibit to a Form 8-K filed with the United States Securities & Exchange Commission on September 22, 2005. The Depositor, the Master Servicer, GMAC, Ocwen and the Trustee entered into Amendment No. One to the Agreement (the “Amendment”), dated as of June 1 2006, attached hereto as Exhibit 4.1. The Amendment reflects a clarification to the distribution of the servicing fee rate payable under the Agreement to the Servicer and the holders of the Class CE-2 Certificates.

Item 9.01Financial Statements and Exhibits

(a)	Not applicable
(b)	Not applicable
(c)	Exhibits

Exhibit No.

Description

4.1

Amendment No. 1, dated as of June 1, 2006, to the Pooling and Servicing Agreement, dated as of August 1, 2005, by and among ACE Securities Corp., as Depositor, Wells Fargo Bank, N.A., as Master Servicer and Securities Administrator, GMAC Mortgage Corporation, as a servicer, Ocwen Loan Servicing, LLC, as a servicer and HSBC Bank USA, National Association, as Trustee relating to the Series 2005-SL1 Certificates.

SIGNATURES

Pursuant to the requirements 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.

Dated: July 31, 2006

ACE SECURITIES CORP.
By:	/s/ Evelyn Echevarria
Name:	Evelyn Echevarria
Title:	Vice-President
By:	/s/ Doris J. Hearn
Name:	Doris J. Hearn
Title:	Vice-President

Index to Exhibits

Exhibit No.	Description	Sequentially Numbered Page
4.1	Amendment No. 1, dated as of June 1, 2006, to the Pooling and Servicing Agreement, dated as of August 1, 2005, by and among ACE Securities Corp., as Depositor, Wells Fargo Bank, N.A., as Master Servicer and Securities Administrator, GMAC Mortgage Corporation, as a servicer, Ocwen Loan Servicing, LLC, as a servicer and HSBC Bank USA, National Association, as Trustee relating to the Series 2005-SL1 Certificates.	7

EX-4.1

______________________________________

AMENDMENT NO. 1

Dated as of June 1, 2006

to

POOLING AND SERVICING AGREEMENT

Dated as of August 1, 2005

among

ACE SECURITIES CORP.,

Depositor

WELLS FARGO BANK, N.A.

Master Servicer and Securities Administrator

GMAC MORTGAGE CORPORATION

a Servicer

OCWEN LOAN SERVICING, LLC

a Servicer

and

HSBC BANK USA, NATIONAL ASSOCIATION

Trustee

______________________________________

ACE Securities Corp. Home Equity Loan Trust, Series 2005-SL1

Asset Backed Pass-Through Certificates

______________________________________

THIS AMENDMENT NO. 1, dated as of June 1, 2006 (this “Amendment”), to the pooling and servicing agreement, dated as of August 1, 2005 (“Pooling and Servicing Agreement”), among ACE SECURITIES CORP., as depositor (the “Depositor”), WELLS FARGO BANK, N.A., as master servicer and securities administrator (“Wells Fargo”), GMAC MORTGAGE CORPORATION, as a servicer (“GMAC”), OCWEN LOAN SERVICING, LLC, as a servicer (“Ocwen”) and HSBC BANK USA, NATIONAL ASSOCIATION, as trustee (the “Trustee”).

W I T N E S S E T H

WHEREAS, the Depositor, Wells Fargo, GMAC, Ocwen and the Trustee entered into the Pooling and Servicing Agreement;

WHEREAS, the Depositor, Wells Fargo, GMAC, Ocwen and the Trustee desire to amend certain provisions of the Pooling and Servicing Agreement to cure certain ambiguities, to correct an error and to supplement the provisions contained therein;

WHEREAS, Section 12.01 of the Pooling and Servicing Agreement provides that the Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders, to cure any ambiguity or defect or to correct, modify or supplement any provisions contained therein upon the satisfaction of certain conditions set forth therein;

NOW, THEREFORE, the parties hereto agree as follows:

SECTION 1. Defined Terms.

For purposes of this Amendment, unless the context clearly requires otherwise, all capitalized terms which are used but not otherwise defined herein shall have the respective meanings assigned to such terms in the Pooling and Servicing Agreement.

SECTION 2. The Amendments.

(a)Section 3.09(b) of the Pooling and Servicing Agreement is hereby amended as follows: the word “and” at the end of clause (vii) is deleted, clause (viii) is renumbered as clause (ix) and the following is added as clause (viii):

“(viii)to pay the Excess Servicing Fee, if any, to the Class CE-2 Certificateholder pursuant to Section 5.01(h) of this Agreement; and”

(b)Section 5.01(a)(5)(vii) of the Pooling and Servicing Agreement is hereby deleted in its entirety and replaced with the following:

“(vii) reserved;”

(c) Section 5.01 is hereby amended by adding the following subsection to the end of such Section:

“(h)On each Distribution Date, (A) for so long as Ocwen is the Servicer of the Ocwen Mortgage Loans, the Securities Administrator shall distribute to the Holders of the Class CE-2 Certificates, with respect to each Ocwen Mortgage Loan, one-twelfth of the product of (i) the excess of the Servicing Fee Rate over the Ocwen Servicing Fee Rate, if any, multiplied by (ii) the Scheduled Principal Balance of each Ocwen Mortgage Loan as of the Due Date in the preceding calendar month, and (B) for so long as GMAC is the Servicer of the GMAC Mortgage Loans, the Securities Administrator shall distribute to the Holders of the Class CE-2 Certificates, with respect to each GMAC Mortgage Loan, one-twelfth of the product of (x) the excess of the Servicing Fee Rate over the GMAC Servicing Fee Rate multiplied by (y) the Scheduled Principal Balance of each GMAC Mortgage Loan as of the Due Date in the preceding calendar month. The amount distributable to the Holders of the Class CE-2 Certificates pursuant to this paragraph is referred to herein as the “Excess Servicing Fee.”

SECTION 2. Effect of Amendment.

Upon execution of this Amendment, the Pooling and Servicing Agreement shall be, and be deemed to be, modified and amended in accordance herewith and the respective rights, limitations, obligations, duties, liabilities and immunities of the Depositor, GMAC, Ocwen, Wells Fargo and the Trustee shall hereafter be determined, exercised and enforced subject in all respects to such modifications and amendments, and all the terms and conditions of this Amendment shall be deemed to be part of the terms and conditions of the Pooling and Servicing Agreement for any and all purposes. Except as modified and expressly amended by this Amendment, the Pooling and Servicing Agreement is in all respects ratified and confirmed, and all the terms, provisions and conditions thereof shall be and remain in full force and effect.

SECTION 3. Binding Effect.

The provisions of this Amendment shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto, and all such provisions shall inure to the benefit of the Depositor, GMAC, Ocwen, Wells Fargo and the Trustee.

SECTION 4. Governing Law.

This Amendment shall be construed in accordance with the substantive laws of the State of New York (without regard to conflict of law principles other than Sections 5-1401 and 5-1402 of the New York General Obligations Law which shall govern) and the obligations, rights and remedies of the parties hereto shall be determined in accordance with such laws.

SECTION 5. Severability of Provisions.

If any one or more of the provisions or terms of this Amendment shall be for any reason whatsoever held invalid, then such provisions or terms shall be deemed severable from the remaining provisions or terms of this Amendment and shall in no way affect the validity or enforceability of the other provisions or terms of this Amendment.

SECTION 6. Section Headings.

The section headings herein are for convenience of reference only, and shall not limit or otherwise affect the meaning hereof.

SECTION 7. Counterparts.

This Amendment may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.

IN WITNESS WHEREOF, the Depositor, GMAC, Ocwen, Wells Fargo and the Trustee have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the day and year first above written.

    ACE SECURITIES CORP.,

    as Depositor

    By: /s/ Evelyn Echevarria

    Name: Evelyn Echevarria

    Title: Vice-President

    By: /s/ Patricia C. Harris

    Name: Patricia C. Harris

    Title: Vice-President

    GMAC MORTGAGE CORPORATION

    as a Servicer

    By: /s/ Wesley B. Howland

    Name: Wesley B. Howland

    Title: Vice-President

    OCWEN LOAN SERVICING, LLC,

    as a Servicer

    By: /s/ Richard Delgado

    Name: Richard Delgado

    Title: Authorized Representative

    WELLS FARGO BANK, N.A.,

    as Master Servicer and Securities Administrator

    By: /s/ Kristen Ann Cronin

    Name: Kristen Ann Cronin

    Title: Vice-President

    HSBC BANK USA, NATIONAL ASSOCIATION

    as Trustee

    By: /s/ Elena Zheng

    Name: Elena Zheng

    Title: Assistant Vice-President