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: June 28, 2000
(Date of earliest event reported)
Commission File No. 333-62547
Asset Backed Funding Corporation
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Delaware 75-2533468
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(State of Incorporation) (I.R.S. Employer Identification No.)
100 North Tryon Street
Charlotte, North Carolina 28255
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Address of principal executive offices (Zip Code)
(704) 386-2400
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Registrant's Telephone Number, including area code
NationsBanc Asset Securities, Inc.
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(Former name, former address and former fiscal year,
if changed since last report)
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ITEM 5. Other Events
On June 15, 2000, Asset Backed Funding Corporation (the
"Corporation"), sold Asset Backed Funding Certificates, Series 2000-CB2, Class
A-1A, Class A-1F, Class, A-2F, Class M-1, Class M-2 and Class B (the "Offered
Certificates"), having an aggregate original principal balance of
$324,391,000.00. The Offered Certificates were issued pursuant to the Pooling
and Servicing Agreement, dated as of May 1, 2000 (the "Agreement"), among the
Corporation, as depositor, C-BASS, as seller, Litton Loan Servicing, LP
("Litton"), and The Chase Manhattan Bank, as trustee, a copy of which is filed
as an exhibit hereto. Asset Backed Funding Certificates, Series 2000-CB2, Class
N, Class X and Class R (the "Private Certificates" and, together with the
Offered Certificates, the "Certificates"), were also issued pursuant to the
Agreement but were not publicly offered.
As of the date of initial issuance, the Offered Certificates
evidenced beneficial ownership interests in a trust (the "Trust"), consisting
primarily of (i) two groups of mortgage loans, one consisting of two subgroups
segregated between fixed-rate FHA insured and VA guaranteed mortgage loans and
conventional fixed-rate mortgage loans, and one consisting of adjustable rate
mortgage loans, secured by mortgages creating first or second liens on one- to
four-family properties, (ii) a primary mortgage guaranty insurance policy issued
by Mortgage Guaranty Insurance Corporation and (iii) certain other property. The
remaining undivided interests in the Trust are evidenced by the Private
Certificates.
Interest on the Offered Certificates will be distributed on each
Distribution Date (as defined in the Agreement). Monthly distributions in
reduction of the principal balance of the Offered Certificates will be allocated
to the Offered Certificates in accordance with the priorities set forth in the
Agreement.
An election will be made to treat certain assets of the Trust as one
or more real estate mortgage investment conduits for federal income tax purposes
(each, a "REMIC").
ITEM 7. Financial Statements and Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
(EX-4) Pooling and Servicing Agreement, dated as of May 1, 2000, among Asset
Backed Funding Corporation, C-BASS, Litton Loan Servicing, LP and The Chase
Manhattan Bank, as trustee.
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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 hereunto duly authorized.
ASSET BACKED FUNDING CORPORATION
June 28, 2000
By:
Name: Bob Perret
Title: Senior Vice President
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INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
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(EX-4) Pooling and Servicing Agreement, (E)
dated as of May 1, 2000, among
Asset Backed Funding Corporation,
C-BASS, Litton Loan Servicing, LP
and The Chase Manhattan Bank, as
trustee.
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