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Previous: OCWEN MORTGAGE LOAN TRUST ASS BACK NOTES SER 1998-OAC1, 8-K, 1999-01-12 |
Next: GOVERNMENT SEC INC FUND GOVT AGENCY LADDERD SER DEF ASSET FD, 497, 1999-01-12 |
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): December 28, 1998
C-BASS TRUST 1998-3
Asset-Backed Certificates, Series 1998-3
New York (governing law of 333-67329 PENDING
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
c/o Norwest Bank Minnesota,N.A
11000 Broken Land Paerway 21044
Columbia, MD. (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
Former name or former address, if changed since last report)
ITEM 5. Other Events
On December 28, 1998 a distribution was made to holders of C-BASS TRUST
1998-3, Asset Backed Certificates, Series 1998-3
.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of
Regulation S-K
Exhibit Number Description
Monthly report distributed to holders of
EX-99.1 Asset-Backed Certificates, Series
1998-3 , relating to the December 28,
1998 distribution.
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.
C-BASS TRUST 1998-3
Asset Backed Certificates, Series 1998-3
By: Norwest Bank Minnesota,N.A as Trustee
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 1/11/99
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Certificates, Series 1998-3 , relating to the December 28,
1998 distribution.
<TABLE>
<CAPTION>
C-BASS ABS, LLC,
Mortgage Pass-Through Certificates
Record Date: 11/30/98
Distribution Date: 12/28/98
CBASS Series: 1998-3
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
AF 124860BX4 SEQ 6.50000% 64,898,563.00 351,533.88 473,602.89
AV 124860BY2 SEQ 6.18547% 52,393,913.00 117,029.24 481,874.56
BF 124860BZ9 SEQ 6.50000% 1,324,460.00 7,174.16 0.00
BV 124860CA3 SEQ 6.18547% 1,504,786.00 3,361.15 0.00
OC1 CBS983OC1 OC 0.00000% 0.00 0.00 0.00
OC2 CBS983OC2 OC 0.00000% 747,426.70 0.00 0.00
R-I CBS9803R1 RESERV 0.00000% 0.00 0.00 0.00
R-II CBS9803R2 RESERV 0.00000% 0.00 0.00 0.00
R-III CBS9803R3 RESERV 0.00000% 0.00 0.00 0.00
REIMB1 FGIC 0.00000% 0.00 0.00 0.00
REIMB2 FGIC 0.00000% 0.00 0.00 0.00
REIMB3 FGIC 0.00000% 0.00 0.00 0.00
Totals 120,869,148.70 479,098.43 955,477.45
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
AF 0.00 64,424,960.11 825,136.77 0.00
AV 0.00 51,912,038.44 598,903.80 0.00
BF 0.00 1,324,460.22 7,174.16 0.00
BV 0.00 1,504,786.00 3,361.15 0.00
OC1 0.00 0.00 0.00 0.00
OC2 0.00 1,022,848.39 0.00 0.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00
REIMB1 0.00 0.00 0.00 0.00
REIMB2 0.00 0.00 0.00 0.00
REIMB3 0.00 0.00 0.00 0.00
Totals 0.00 120,189,093.16 1,434,575.88 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
AF 64,898,563.00 64,898,563.00 117,006.52 356,596.37 0.00 0.00
AV 52,393,913.00 52,393,913.00 44,421.37 437,453.19 0.00 0.00
BF 1,324,460.00 1,324,460.00 0.00 0.00 0.00 0.00
BV 1,504,786.00 1,504,786.00 0.00 0.00 0.00 0.00
OC1 0.00 0.00 0.00 0.00 0.00 0.00
OC2 747,426.70 747,426.70 0.00 0.00 0.00 0.00
R-I 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
REIMB1 0.00 0.00 0.00 0.00 0.00 0.00
REIMB2 0.00 0.00 0.00 0.00 0.00 0.00
REIMB3 0.00 0.00 0.00 0.00 0.00 0.00
Totals 120,869,148.70 120,869,148.70 161,427.89 794,049.56 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
AF 473,602.89 64,424,960.11 0.99270241 473,602.89
AV 481,874.56 51,912,038.44 0.99080285 481,874.56
BF 0.00 1,324,460.22 1.00000017 0.00
BV 0.00 1,504,786.00 1.00000000 0.00
OC1 0.00 0.00 0.00000000 0.00
OC2 0.00 1,022,848.39 1.36849324 0.00
R-I 0.00 0.00 0.00000000 0.00
R-I 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
R-III 0.00 0.00 0.00000000 0.00
R-III 0.00 0.00 0.00000000 0.00
REIMB1 0.00 0.00 0.00000000 0.00
REIMB2 0.00 0.00 0.00000000 0.00
REIMB3 0.00 0.00 0.00000000 0.00
Totals 955,477.45 120,189,093.16 0.99437362 955,477.45
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
AF 64,898,563.00 1000.00000000 1.80291388 5.49467282 0.00000000
AV 52,393,913.00 1000.00000000 0.84783456 8.34931321 0.00000000
BF 1,324,460.00 1000.00000000 0.00000000 0.00000000 0.00000000
BV 1,504,786.00 1000.00000000 0.00000000 0.00000000 0.00000000
OC1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
OC2 747,426.70 1000.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00 0.00000000 0.00000000 0.00000000 0.00000000
REIMB1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
REIMB2 0.00 0.00000000 0.00000000 0.00000000 0.00000000
REIMB3 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
AF 0.00000000 7.29758670 992.70241330 0.99270241 7.29758670
AV 0.00000000 9.19714777 990.80285223 0.99080285 9.19714777
BF 0.00000000 0.00000000 1,000.00016611 1.00000017 0.00000000
BV 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
OC1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
OC2 0.00000000 0.00000000 1,368.49324489 1.36849324 0.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
REIMB1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
REIMB2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
REIMB3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
AF 64,898,563.00 6.50000% 64,898,563.00 351,533.88 0.00 0.00
AV 52,393,913.00 6.18547% 52,393,913.00 117,029.24 0.00 0.00
BF 1,324,460.00 6.50000% 1,324,460.00 7,174.16 0.00 0.00
BV 1,504,786.00 6.18547% 1,504,786.00 3,361.15 0.00 0.00
OC1 0.00 0.00000% 0.00 0.00 0.00 0.00
OC2 747,426.70 0.00000% 747,426.70 0.00 0.00 0.00
R-I 0.00 0.00000% 0.00 0.00 0.00 0.00
R-II 0.00 0.00000% 0.00 0.00 0.00 0.00
R-III 0.00 0.00000% 0.00 0.00 0.00 0.00
REIMB1 0.00 0.00000% 0.00 0.00 0.00 0.00
REIMB2 0.00 0.00000% 0.00 0.00 0.00 0.00
REIMB3 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 120,869,148.70 479,098.43 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
AF 0.00 0.00 351,533.88 0.00 64,424,960.11
AV 0.00 0.00 117,029.24 0.00 51,912,038.44
BF 0.00 0.00 7,174.16 0.00 1,324,460.22
BV 0.00 0.00 3,361.15 0.00 1,504,786.00
OC1 0.00 0.00 0.00 0.00 0.00
OC2 0.00 0.00 0.00 0.00 1,022,848.39
R-I 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00
REIMB1 0.00 0.00 0.00 0.00 0.00
REIMB2 0.00 0.00 0.00 0.00 0.00
REIMB3 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 479,098.43 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
AF 64,898,563.00 6.50000% 1000.00000000 5.41666662 0.00000000 0.00000000
AV 52,393,913.00 6.18547% 1000.00000000 2.23364191 0.00000000 0.00000000
BF 1,324,460.00 6.50000% 1000.00000000 5.41666793 0.00000000 0.00000000
BV 1,504,786.00 6.18547% 1000.00000000 2.23363987 0.00000000 0.00000000
OC1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
OC2 747,426.70 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
REIMB1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
REIMB2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
REIMB3 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) Per $1 denomination.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
AF 0.00000000 0.00000000 5.41666662 0.00000000 992.70241330
AV 0.00000000 0.00000000 2.23364191 0.00000000 990.80285223
BF 0.00000000 0.00000000 5.41666793 0.00000000 1000.00016611
BV 0.00000000 0.00000000 2.23363987 0.00000000 1000.00000000
OC1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
OC2 0.00000000 0.00000000 0.00000000 0.00000000 1368.49324489
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
REIMB1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
REIMB2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
REIMB3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Component Statement
Component Beginning Ending Beginning Ending Ending
Pass-Through Notional Notional Component Component Component
Rate Balance Balance Balance Balance Percentage
Class
<S> <C> <C> <C> <C> <C> <C>
MBIA 1,200.00000% 19,548.00 19,389.00 0.00 0.00 99.18661756%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 1,493,658.15
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 1,493,658.15
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 39,534.27
Payment of Interest and Principal 1,454,123.88
Total Withdrawals (Pool Distribution Amount) 1,493,658.15
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 37,771.60
Certificate Administration Fee 0.00
Trustee Fee 0.00
Master Servicing Fee 0.00
Additional 1 Fee 1,762.67
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 39,534.27
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Reserve Fund 1,000.00 0.00 0.00 1,000.00
Reserve Fund 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 141 8,927,348.39 9.143969% 7.419439%
60 Days 81 6,029,033.99 5.252918% 5.010676%
90+ Days 145 10,473,823.94 9.403372% 8.704701%
Foreclosure 1 56,724.10 0.064851% 0.047143%
REO 0 0.00 0.000000% 0.000000%
Totals 368 25,486,930.42 23.865110% 21.181959%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 9.414569%
Weighted Average Net Coupon 9.022069%
Weighted Average Pass-Through Rate 0.000000%
Weighted Average Maturity(Stepdown Calculation ) 246
Begin Scheduled Collateral Loan Count 1,546
Number Of Loans Paid In Full 4
End Scheduled Collateral Loan Count 1,542
Begining Scheduled Collateral Balance 120,869,148.92
Ending Scheduled Collateral Balance 120,323,766.52
Ending Actual Collateral Balance at 30-Nov-1998 120,323,766.52
Monthly P &I Constant 1,109,703.65
Ending Scheduled Balance for Premium Loans 120,323,766.52
Scheduled Principal 161,427.89
Unscheduled Principal 1,365,572.20
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
OC-1 Ending Balance: $ 134,673.36
OC-1 Increase Amount: $ 134,673.36
OC-2 Increase Amount: $ 275,421.69
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2 3
Collateral Description Mixed ARM Mixed ARM Mixed ARM
Weighted Average Coupon Rate 9.351734 9.613731 9.276074
Weighted Average Net Rate 8.959234 9.221231 8.883574
Weighted Average Maturity 359.00 359.00 359.00
Beginning Loan Count 412 643 490
Loans Paid In Full 1 1 1
Ending Loan Count 411 642 489
Beginning Scheduled Balance 21,454,116.88 44,768,906.34 54,646,125.70
Ending scheduled Balance 21,395,777.31 44,488,316.38 54,439,672.83
Record Date 11/30/98 11/30/98 11/30/98
Principal And Interest Constant 204,644.41 438,219.95 466,839.29
Scheduled Principal 37,450.08 79,556.44 44,455.82
Unscheduled Principal 20,889.49 201,033.52 162,031.50
Scheduled Interest 167,194.33 358,663.51 422,417.92
Servicing Fees 6,704.41 13,990.28 17,076.91
Master Servicing Fees 0.00 0.00 0.00
Trustee Fee 0.00 0.00 0.00
FRY Amount 0.00 0.00 0.00
Special Hazard Fee 0.00 0.00 0.00
Other Fee 312.87 652.88 796.92
Pool Insurance Fee 0.00 0.00 0.00
Spread Fee 1 0.00 0.00 0.00
Spread Fee 2 0.00 0.00 0.00
Spread Fee 3 0.00 0.00 0.00
Net Interest 160,177.05 344,020.35 404,544.09
Realized Loss Amount 0.00 0.00 0.00
Cumulative Realized Loss 0.00 0.00 0.00
Group ID 1 2 3
Required Overcollateralization Amount 0.00 0.00 0.00
Overcollateralization Increase Amount 0.00 0.00 0.00
Overcollateralization Reduction Amount 0.00 0.00 0.00
Specified Overcollateralization Amount 0.00 0.00 0.00
Overcollateralization Amount 0.00 0.00 0.00
Overcollateralization Deficiency Amount 0.00 0.00 0.00
Base Overcollateralization Amount 0.00 0.00 0.00
Extra Principal Distribution Amount 0.00 0.00 0.00
Excess Cash Amount 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
<S> <C> <C> <C> <C> <C> <C>
Group
30 Days 60 Days 90 + Days Foreclosure REO Bankruptcy
1 Principal Balance 2,903,029.30 2,179,222.48 3,983,469.43 56,724.10 0.00 4,124,058.47
Percentage Of Balance 13.568% 10.185% 18.618% 0.265% 0.000% 19.275%
Loan Count 61 42 73 1 0 77
Percentage Of Loans 14.842% 10.219% 17.762% 0.243% 0.000% 18.735%
2 Principal Balance 2,362,781.26 2,459,867.96 4,220,437.42 0.00 0.00 3,184,311.56
Percentage Of Balance 5.311% 5.529% 9.487% 0.000% 0.000% 7.158%
Loan Count 44 28 49 0 0 42
Percentage Of Loans 6.854% 4.361% 7.632% 0.000% 0.000% 6.542%
3 Principal Balance 3,661,537.83 1,389,943.55 2,269,917.09 0.00 0.00 3,049,825.90
Percentage Of Balance 6.726% 2.553% 4.170% 0.000% 0.000% 5.602%
Loan Count 36 11 23 0 0 26
Percentage Of Loans 7.362% 2.249% 4.703% 0.000% 0.000% 5.317%
</TABLE>
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