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 - September 27, 1999
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(Date of Earliest Event Reported)
EQUITY ONE ABS, INC.
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(as depositor under a certain Pooling and Servicing Agreement dated as of
July 31, 1999, providing for the issuance of Mortgage Pass-Through
Certificates, Series 1999-1)
(Exact Name of Registrant as specified in its charter)
Delaware 333-81237 52-2029487
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(State of Incorporation) (Commission File No.) (IRS Employer I.D. No.)
103 Springer Building, 3411 Silverside Road, Wilmington, Delaware 19803
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(Address of principal executive offices)
Registrant's telephone number, including area code: (302) 478-6160
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Item 5. Other Events
Attached hereto as Annex A is a copy of the Statement to Certificateholders
sent to Class A Certificateholders with respect to the September 27, 1999
Distribution Date.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
The quarterly financial statements for the period ended June 30, 1999 for
Ambac Assurance Corporation are incorporated into this report by reference to
the Form 10-Q filed by Ambac Financial Group, Inc. with the United States
Securities and Exchange Commission on August 13, 1999.
2
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
EQUITY ONE ABS, INC.
By: /s/ Dennis Kildea
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Dennis Kildea, Vice President
Dated: September 29, 1999
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<PAGE>
ANNEX A
Equity One Mortgage Pass-Through Trust 1999-1
Statement to Certificateholders
September 27, 1999
<TABLE>
<CAPTION>
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DISTRIBUTION IN DOLLARS
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ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTERREST BALANCE
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
A 195,015,906.00 195,015,906.00 1,991,011.29 1,261,102.86 3,252,114.15 0.00 0.00 193,024,894.71
R 0.00 0.00 0.00 17.53 17.53 0.00 0.00 0.00
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TOTALS 195,015,906.00 195,015,906.00 1,991,011.29 1,261,120.39 3,252,131.68 0.00 0.000 193,024,894.71
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</TABLE>
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FACTOR INFORMATION PER $1,000 OF ORIGINAL FACE
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PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS FACTOR PRINCIPAL INTEREST TOTAL FACTOR
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A 1,000.00000000 10.20948153 6.46666667 16.67614820 989.79051847
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TOTALS 1,000.00000000 10.20948153 6.46666667 16.67614820 989.79051847
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PASS THRU RATES
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CURRENT
PASS-THRU
CLASS RATE
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A 7.760000%
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IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT,
PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:
Aranka Paul
The Chase Manhattan Bank - Structured Finance Services
450 W. 33rd Street, 14th Floor
New York, New York 10001
Tel: (212) 946-3236
Email: [email protected]
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[CHASE LOGO] (C) COPYRIGHT 1999, THE CHASE MANHATTAN CORPORATION
<PAGE>
Equity One Mortgage Pass-Through Trust 1999-1
September 27, 1999
Sec. 4.03(i) Principal
Scheduled Principal 186,043.85
Curtailments 33,152.10
Payoff 1,771,815.34
Liquidation Proceeds 0.00
Sec. 4.03(ii) Interest
Interest Distribution 1,261,102.86
Unpaid Interest 0.00
Remaining Unpaid Interest 0.00
Sec. 4.03(iii) Interest Shortfall 0.00
Sec. 4.03(iii) Principal Shortfall 0.00
Sec. 4.03(v) Ending Pool Balance 193,024,894.71
Sec. 4.03(vi) Servicing Fee 80,427.03
Sec. 4.03(viii) Advances 297,270.68
Sec. 4.03(ix) Loans Delinquent
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Group Totals
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Period Number Principal Balance Percentage
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1 - 30 days 333 29,563,454.29 15.32%
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31 - 60 days 15 1,275,878.83 0.66%
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61 - 90 days 6 838,457.56 0.43%
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91 + days 0 0.00 0.00%
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Total 354 31,677,790.68 16.41%
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Sec. 4.03(ix) Loans in Foreclosure
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Group Totals
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Number Principal Balance Percentage
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0 0.00 0.00%
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Sec. 4.03(x)
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Group Totals
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Number Principal Balance Percentage
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0 0.00 0.00%
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Sec. 4.03(xii) Spread Account Draw 0.00
Sec. 4.03(xiii) Class A Monthly Spread Account Deposit Amount 15,365.16
Sec. 4.03(xiii) Percentage of Class A Monthly Spread Account
Deposit Amount 100.00%
Sec. 4.03(xiii) Class A Spread Account Deposit Amount 15,365.16
[CHASE LOGO] (C) COPYRIGHT 1999, THE CHASE MANHATTAN CORPORATION
<PAGE>
Equity One Mortgage Pass-Through Trust 1999-1
September 27, 1999
Sec. 4.03(xiii) Spread Account Excess 0.00
Sec. 4.03(xiii) Spread Account Excess Allocations
Net WAC Cap Deposit 0.00
Class R Certificateholders 0.00
Sec. 4.03(xiv) Ending Spread Account Balance 5,865,842.16
Sec. 4.03(xv) Specified Spread Account Requirement 7,800,636.28
Sec. 4.03(xv) Aggregate Stated Principal Balance of the
three largest loans 1,569,263.27
Sec. 4.03(xv) Net WAC Cap Carryover Amount 0.00
Net WAC Cap Account - Investment Earnings 17.53
[CHASE LOGO] (C) COPYRIGHT 1999, THE CHASE MANHATTAN CORPORATION
<PAGE>
Equity One Mortgage Pass-Through Trust 1999-1
September 27, 1999
Insurer's Monthly Premium Amount 28,149.46
Trustee Fee Amount 3,250.27
[CHASE LOGO] (C) COPYRIGHT 1999, THE CHASE MANHATTAN CORPORATION
