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Previous: FONECASH INC, 10SB12G, 1999-12-30 |
Next: INDYMAC ABS INC HOME EQUITY LN AST BK CERT SE SPMD 1999-A, 8-K, 1999-12-30 |
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 27, 1999
MERRILL LYNCH MORTGAGE INVESTORS INC, (as depositor under the
Pooling and Servicing Agreement, dated March 1, 1999, providing for the
issuance of C-BASS Trust 1999-CB1, 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 December 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 December 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: December 30, 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
December 27, 1999.
-4-
<PAGE>
EXHIBIT 99.1
Monthly Certificateholder Statement December 27, 1999
-5-
<TABLE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB1
STATEMENT TO CERTIFICATEHOLDERS
December 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 62,477,638.00 57,278,704.96 213,218.74 310,259.65 523,478.39 0.00 0.00 57,065,486.22
IAPO 31,361.00 30,970.15 10.09 0.00 10.09 0.00 0.00 30,960.06
IM1 648,000.00 641,098.63 881.59 3,472.62 4,354.21 0.00 0.00 640,217.04
IM2 324,000.00 320,549.32 440.79 1,736.31 2,177.10 0.00 0.00 320,108.53
IM3 389,000.00 384,857.05 529.22 2,084.64 2,613.86 0.00 0.00 384,327.83
IM4 98,000.00 96,956.28 133.33 525.18 658.51 0.00 0.00 96,822.95
IB1 98,000.00 96,956.28 133.33 525.18 658.51 0.00 0.00 96,822.95
IB2 162,000.00 160,274.64 220.40 868.15 1,088.55 0.00 0.00 160,054.24
IB3 551,050.60 545,181.77 749.69 2,953.07 3,702.76 0.00 0.00 544,432.08
IIA 112,788,000.00 80,630,125.09 4,754,753.76 414,506.03 5,169,259.79 0.00 0.00 75,875,371.33
IIM1 6,714,000.00 6,714,000.00 0.00 40,228.05 40,228.05 0.00 0.00 6,714,000.00
IIM2 6,714,000.00 6,714,000.00 0.00 44,368.35 44,368.35 0.00 0.00 6,714,000.00
IIB 5,908,000.00 5,908,000.00 0.00 40,617.50 40,617.50 0.00 0.00 5,908,000.00
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 196,903,049.60 159,521,674.17 4,971,070.94 862,144.73 5,833,215.67 0.00 0.00 154,550,603.23
IAIO 64,303,873.90 59,086,997.47 0.00 91,463.18 91,463.18 0.00 0.00 58,871,247.23
- -----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------- -------------------------------------
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 916.78729852 3.41272088 4.96593117 8.37865205 913.37457764 IA 6.500000%
IAPO 12489WAC8 987.53706833 0.32173719 0.00000000 0.32173719 987.21533114 IAPO 0.000000%
IM1 12489WAD6 989.34973765 1.36047840 5.35898148 6.71945988 987.98925926 IM1 6.500000%
IM2 12489WAE4 989.34975309 1.36046296 5.35898148 6.71944444 987.98929012 IM2 6.500000%
IM3 12489WAF1 989.34974293 1.36046272 5.35897172 6.71943445 987.98928021 IM3 6.500000%
IM4 12489WAG9 989.34979592 1.36051020 5.35897959 6.71948980 987.98928571 IM4 6.500000%
IB1 N/A 989.34979592 1.36051020 5.35897959 6.71948980 987.98928571 IB1 6.500000%
IB2 N/A 989.34962963 1.36049383 5.35895062 6.71944444 987.98913580 IB2 6.500000%
IB3 N/A 989.34974393 1.36047397 5.35898155 6.71945553 987.98926995 IB3 6.500000%
IIA 12489WAH7 714.88212478 42.15655708 3.67508981 45.83164690 672.72556770 IIA 5.970000%
IIM1 12489WAJ3 1,000.00000000 0.00000000 5.99166667 5.99166667 1,000.00000000 IIM1 7.190000%
IIM2 12489WAK0 1,000.00000000 0.00000000 6.60833333 6.60833333 1,000.00000000 IIM2 7.930000%
IIB 12489WAL8 1,000.00000000 0.00000000 6.87500000 6.87500000 1,000.00000000 IIB 8.250000%
- --------------------------------------------------------------------------------------------- ------------------------------------
TOTALS 810.15339526 25.24628720 4.37852401 29.62481120 784.90710806
- --------------------------------------------------------------------------------------------- ------------------------------------
IAIO 12489WAB0 918.8715063 0.00000000 1.42235879 1.42235879 915.51633921 IAI0 1.857529%
- --------------------------------------------------------------------------------------------- ------------------------------------
If there are any questions or problems with this statement, please contact the Administrator listed below:
---------------------------------------
KAREN DOBRES
THE CHASE MANHATTAN BANK - STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, 14TH FLOOR
NEW YORK, NEW YORK 10001
TEL: 212/946-3232
Email: [email protected]
---------------------------------------
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
</TABLE>
-6-
<PAGE>
<TABLE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB1
December 27, 1999
<S> <C> <C>
Group 1 Available Funds 630,205.16
Group 2 Available Funds 5,294,473.69
Overcollateralization Information
Overcollateralization Amount (prior to Extra PDA) 4,587,163.23
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency Amount 1,790,737.01
Target Overcollateralization Amount 6,377,900.24
Extra Principal Distribution Amount 234,150.56
Monthly Excess Interest Amount 234,150.56
Monthly Excess Cashflow Amount 234,150.56
Overcollateralization Deficiency (After Distribution) 1,556,586.46
Overcollateralization Amount (After Distribution) 4,821,313.79
Fees and Advances
Servicing Fee 62,174.98
Trustee Fee 2,051.36
Lender PMI 18,053.51
Total Advances 2,423,859.63
Group 1 Advances 1,219,346.55
Group 2 Advances 1,204,513.08
Mortgage Loan Information
Total Principal Balance 159,371,917.98
Loan Count 1,939
Weighted Average Remaining Term 298
Weighted Average Loan Rate 9.2868 %
Aggregate Amount of Prepayment 4,547,793.52
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 59,339,232.86
Non-Po Principal Balance 59,308,272.80
Po Principal Balance 30,960.06
Loan Count 912
Weighted Average Remaining Term 281
Weighted Average Loan Rate 8.7295 %
Aggregate Amount of Prepayment 134,453.66
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 81,853.43
Non-Po Amount of Unscheduled Principal 134,453.66
Po Amount of Scheduled Principal 10.00
Po Amount of Unscheduled Principal 0.00
Group 2 Loan Information
Principal Balance 100,032,685.12
Group 2 Fixed Pool Principal Balance 37,618,773.93
Group 2 Adjustable Pool Principal Balance 62,413,911.19
Loan Count 1,027
Weighted Average Remaining Term 309
Weighted Average Loan Rate 9.6042%
Aggregate Amount of Prepayment 4,413,339.86
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
December 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 191 12,527,532.42 21.11%
2 Months 88 6,126,711.40 10.32%
3+Months 76 5,293,676.69 8.92%
Total 355 23,947,920.51 40.35%
Group 2
Category Number Principal Balance Percentage
--------------------------------------------------------------------
1 Month 142 12,308,843.16 12.3%
2 Months 61 5,409,215.97 5.41%
3+Months 23 2,410,693.27 2.41%
Total 226 20,128,752.40 20.12%
Group Totals
Category Number Principal Balance Percentage
--------------------------------------------------------------------
1 Month 333 24,836,375.58 15.58%
2 Months 149 11,535,927.37 7.24%
3+Months 99 7,704,369.96 4.83%
Total 581 44,076,672.91 27.65%
Number and Aggregate Principal Amounts of Mortgage Loans in Foreclosure
Group 1
Number Principal Balance Percentage
-------------------------------------------------------
70 4,732,914.66 7.98%
Group 2
Number Principal Balance Percentage
-------------------------------------------------------
64 5,921,828.11 5.92%
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
134 10,654,742.77 6.69%
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
-8-
<PAGE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB1
December 27, 1999
<S> <C> <C>
Number and Aggregate Principal Amounts of Bankruptcy Loans
Group 1
Number Principal Balance Percentage
-------------------------------------------------------
106 6,128,077.93 10.33%
-------------------------------------------------------
Group 2
Number Principal Balance Percentage
-------------------------------------------------------
39 3,200,962.51 3.2%
-------------------------------------------------------
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
145 9,329,040.44 5.85%
-------------------------------------------------------
Number and Aggregate Principal Amounts of REO Loans
Group 1
Number Principal Balance Percentage
-------------------------------------------------------
0 0 0 %
-------------------------------------------------------
Group 2
Number Principal Balance Percentage
-------------------------------------------------------
4 172,329.16 0.17 %
-------------------------------------------------------
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
4 172,329.16 0.11 %
-------------------------------------------------------
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
-9-
</TABLE>
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