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Previous: KEMPER FLOATING RATE FUND, N-23C3B/A, 1999-10-14 |
Next: UNION PLANTERS MORT FIN CORP MORT PASS THRU CERT SE 1999-1, 8-K, 1999-10-14 |
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) : September 27, 1999
MERRILL LYNCH MORTGAGE INVESTORS INC, (as depositor under the Pooling and
Servicing Agreement, dated March 1, 1999, which forms C-BASS Trust 1999-CB1,
which will issue the C-BASS Mortgage Loan Asset-Backed Certificates, Series
1999-CB1).
MERRILL LYNCH MORTGAGE INVESTORS, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-39127-07 13-5674085
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
World Financial Center North Tower
250 Vesey Street, 17th Floor
New York, New York 10281-1315
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (212) 449-1000
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 9
consecutively numbered pages.
<PAGE>
Item 5. Other Events.
This report and the attached exhibit is being filed pursuant to "no-action"
positions taken by the Securities and Exchange Commission with respect to
alternative means of satisfying the Registrant's reporting obligations under the
Securities Exchange Act of 1934, as amended, with respect to the Registrant's
C-Bass Mortgage Loan Asset-Backed Certificates, Series 1999-CB1 (the
"Certificates"). The Certificates were issued, and this report and exhibit is
being filed, pursuant to the terms of the Pooling and Servicing Agreement, dated
as of March 1, 1999 ( the "Agreement"), among Merrill Lynch Mortgage Investors,
Inc., as depositor, Credit-Based Asset Servicing and Securitization LLC, as
seller, Litton Loan Servicing LP, as servicer, and The Chase Manhattan Bank, as
trustee. On September 27, 1999 distribution was made to the Certificateholders.
Specific information with respect to these distributions is filed as Exhibit
99.1. No other reportable transactions or matters have occurred during the
current reporting period.
Item 7. Financial Statements and Exhibits.
(a) Not applicable
(b) Not applicable
(c) The following exhibit is filed as part of this report:
Statement to Certificateholders on September 27, 1999,
as Exhibit 99.1.
-2-
<PAGE>
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.
THE CHASE MANHATTAN BANK,
not in its individual capacity but solely
as Trustee under the Agreement referred
to herein
Date: October 14, 1999 By: /s/ Kimberly K. Costa
Kimberly K. Costa
Vice President
-3-
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on 5
September 27, 1999.
-4-
<PAGE>
EXHIBIT 99.1
Monthly Certificateholder Statement September 27, 1999
-5-
<PAGE>
<TABLE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB1
STATEMENT TO CERTIFICATEHOLDERS
September 27, 1999
<S> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
IA 62477638.00 59058006.34 458575.39 319897.53 778472.92 0.00 0.00 58599430.95
IAPO 31361.00 31047.31 38.47 0.00 38.47 0.00 0.00 31008.84
IM1 648000.00 643727.84 870.52 3486.86 4357.38 0.00 0.00 642857.32
IM2 324000.00 321863.92 435.26 1743.43 2178.69 0.00 0.00 321428.66
IM3 389000.00 386435.38 522.58 2093.19 2615.77 0.00 0.00 385912.80
IM4 98000.00 97353.90 131.65 527.33 658.98 0.00 0.00 97222.25
IB1 98000.00 97353.90 131.65 527.33 658.98 0.00 0.00 97222.25
IB2 162000.00 160931.94 217.63 871.71 1089.34 0.00 0.00 160714.31
IB3 551050.60 547417.61 740.28 2965.18 3705.46 0.00 0.00 546677.33
IIA 112788000.00 92927546.44 2741439.27 487143.62 3228582.89 0.00 0.00 90186107.17
IIM1 6714000.00 6714000.00 0.00 40228.05 40228.05 0.00 0.00 6714000.00
IIM2 6714000.00 6714000.00 0.00 44368.35 44368.35 0.00 0.00 6714000.00
IIB 5908000.00 5908000.00 0.00 40617.50 40617.50 0.00 0.00 5908000.00
X 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 196903049.60 173607684.58 3203102.70 944470.08 4147572.78 0.00 0.00 170404581.88
- -----------------------------------------------------------------------------------------------------------------------------------
IAIO 64303873.90 60873903.33 0.00 94205.14 94205.14 0.00 0.00 60412797.78
- -----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------- -------------------------------------
FACTOR INFORMATION PER $1,000 OF ORIGINAL FACE PASS-THROUGH RATES
PRIOR CURRENT CURRENT
PRINCIPAL PRINCIPAL PASS-THRU
CLASS CUSIP FACTOR PRINCIPAL INTEREST TOTAL FACTOR CLASS RATE
- --------------------------------------------------------------------------------------------- ------------------------------------
IA 12489WAA2 945.26631016 7.33983237 5.12019244 12.46002482 937.92647779 IA 6.500000%
IAPO 12489WAC8 989.99744906 1.22668282 0.00000000 1.22668282 988.77076624 IAPO 0.000000%
IM1 12489WAD6 993.40716049 1.34339506 5.38095679 6.72435185 992.06376543 IM1 6.500000%
IM2 12489WAE4 993.40716049 1.34339506 5.38095679 6.72435185 992.06376543 IM2 6.500000%
IM3 12489WAF1 993.40714653 1.34339332 5.38095116 6.72434447 992.06375321 IM3 6.500000%
IM4 12489WAG9 993.40714286 1.34336735 5.38091837 6.72428571 992.06377551 IM4 6.500000%
IB1 N/A 993.40714286 1.34336735 5.38091837 6.72428571 992.06377551 IB1 6.500000%
IB2 N/A 993.40703704 1.34339506 5.38092593 6.72432099 992.06364198 IB2 6.500000%
IB3 N/A 993.40715716 1.34339750 5.38095776 6.72435526 992.06375966 IB3 6.500000%
IIA 12489WAH7 823.91341668 24.30612539 4.31910859 28.62523398 799.60729129 IIA 5.718750%
IIM1 12489WAJ3 1000.00000000 0.00000000 5.99166667 5.99166667 1000.00000000 IIM1 7.190000%
IIM2 12489WAK0 1000.00000000 0.00000000 6.60833333 6.60833333 1000.00000000 IIM2 7.930000%
IIB 12489WAL8 1000.00000000 0.00000000 6.87500000 6.87500000 1000.00000000 IIB 8.250000%
- --------------------------------------------------------------------------------------------- ------------------------------------
TOTALS 881.69119235 16.26741031 4.79662495 21.06403526 865.42378204
- --------------------------------------------------------------------------------------------- ------------------------------------
IAIO 12489WAB0 946.65996989 0.00000000 1.46499945 1.46499945 939.48924250 IAIO 1.85705500%
- --------------------------------------------------------------------------------------------- ------------------------------------
If there are any questions or problems with this statement, please contact
the Administrator listed below:
---------------------------------------
KIMBERLY COSTA
THE CHASE MANHATTAN BANK - STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, 14TH FLOOR
NEW YORK, NEW YORK 10001
TEL: 212/946-3247
Email: [email protected]
---------------------------------------
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
</TABLE>
-6-
<PAGE>
<TABLE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB1
September 27, 1999
<S> <C> <C>
Group 1 Available Funds 887,981.17
Group 2 Available Funds 3,353,796.80
Overcollateralization Information
Overcollateralization Amount (prior to Extra PDA) 3,799,963.17
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency Amount 2,577,937.07
Target Overcollateralization Amount 6,377,900.24
Extra Principal Distribution Amount 241,722.72
Monthly Excess Interest Amount 241,722.72
Monthly Excess Cashflow Amount 241,722.72
Overcollateralization Deficiency (After Distribution) 2,336,214.35
Overcollateralization Amount (After Distribution) 4,041,685.89
Fees and Advances
Servicing Fee 67,529.84
Trustee Fee 2,217.60
Lender PMI 23,298.65
Total Advances 2,387,909.44
Group 1 Advances 1,087,519.94
Group 2 Advances 1,300,389.50
Mortgage Loan Information
Total Principal Balance 174,446,268.74
Loan Count 2,070
Weighted Average Remaining Term 302
Weighted Average Loan Rate 9.2901%
Aggregate Amount of Prepayment 2,765,886.64
Aggregate Amount of Realized Losses 0.00
Prepayment Interest Shortfalls (not covered by servicer) 0.00
Relief Act Shortfalls 0.00
Extraordinary Trust Fund Expenses 0.00
Group 1 Loan Information
Principal Balance 60,882,476.68
Non-Po Principal Balance 60,851,399.01
Po Principal Balance 31,076.67
Loan Count 932
Weighted Average Remaining Term 283
Weighted Average Loan Rate 8.7295%
Aggregate Amount of Prepayment 378,710.24
Aggregate Amount of Realized Losses 0.00
Prepayment Interest Shortfalls (not covered by servicer) 0.00
Relief Act Shortfalls 0.00
Extraordinary Trust Fund Expenses 0.00
Non-Po Amount of Scheduled Principal 82,914.74
Non-Po Amount of Unscheduled Principal 378,710.24
Po Amount of Scheduled Principal 38.47
Po Amount of Unscheduled Principal 0.00
Group 2 Loan Information
Principal Balance 113,563,793.06
Loan Count 1,138
Weighted Average Remaining Term 313
Weighted Average Loan Rate 9.5864 %
Aggregate Amount of Prepayment 2,387,176.40
Aggregate Amount of Realized Losses 0.00
Prepayment Interest Shortfalls (not covered by servicer) 0.00
Relief Act Shortfalls 0.00
Extraordinary Trust Fund Expenses 0.00
Basis Risk Reserve Fund Balance 1,000.00
Libor Carryover Amount 0.00
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
-7-
<PAGE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB1
September 27, 1999
<S> <C> <C>
Interest Shortfalls
Class ia1 0.00
Class ia-io 0.00
Class im1 0.00
Class im2 0.00
Class im3 0.00
Class im4 0.00
Class ib1 0.00
Class ib2 0.00
Class ib3 0.00
Class iia 0.00
Class iim1 0.00
Class iim2 0.00
Class iib 0.00
Number and Aggregate Principal Amounts of Mortgage Loans in Delinquency
Group 1
Category Number Principal Balance Percentage
--------------------------------------------------------------------
1 Month 204 12,737,994.11 20.92%
2 Months 97 7,563,702.47 12.42%
3+ Months 53 3,484,372.70 5.72%
Total 354 23,786,069.28 39.06%
Group 2
Category Number Principal Balance Percentage
--------------------------------------------------------------------
1 Month 155 13,654,829.94 12.02%
2 Months 45 4,577,198.10 4.03%
3+ Months 17 1,665,747.61 1.47%
Total 217 19,897,775.65 17.52%
Group Totals
Category Number Principal Balance Percentage
--------------------------------------------------------------------
1 Month 359 26,392,824.05 15.13%
2 Months 142 12,140,900.57 6.96%
3+ Months 70 5,150,120.31 2.95%
Total 571 43,683,844.93 25.04%
Number and Aggregate Principal Amounts of Mortgage Loans in Foreclosure
Group 1
Number Principal Balance Percentage
-------------------------------------------------------
55 3,607,766.93 5.93 %
Group 2
Number Principal Balance Percentage
-------------------------------------------------------
65 6,049,694.87 5.33 %
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
120 9,657,461.80 5.54 %
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
-8-
<PAGE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB1
September 27, 1999
<S> <C> <C>
Number and Aggregate Principal Amounts of Bankruptcy Loans
Group 1
Number Principal Balance Percentage
-------------------------------------------------------
100 5,843,879.52 9.60%
-------------------------------------------------------
Group 2
Number Principal Balance Percentage
-------------------------------------------------------
36 2,950,524.43 2.60%
-------------------------------------------------------
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
136 8,794,403.95 5.04 %
-------------------------------------------------------
Number and Aggregate Principal Amounts of REO Loans
Group 1
Number Principal Balance Percentage
-------------------------------------------------------
4 139,472.67 0.23 %
-------------------------------------------------------
Group 2
Number Principal Balance Percentage
-------------------------------------------------------
2 59,825.12 0.05%
-------------------------------------------------------
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
6 199,297.79 0.11 %
-------------------------------------------------------
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
-9-
</TABLE>
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