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Previous: GAMNA SERIES FUNDS INC, 497, 1999-09-01 |
Next: ONYX ACCEPTANCE OWNER TRUST 1999-A, 8-K, 1999-09-01 |
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) : August 25, 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 August 25, 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 August 25, 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: September 1, 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
August 25, 1999.
-4-
<PAGE>
EXHIBIT 99.1
Monthly Certificateholder Statement August 25, 1999
-5-
<PAGE>
<TABLE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB1
STATEMENT TO CERTIFICATEHOLDERS
August 25, 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 59,669,318.08 611,311.74 323,208.81 934,520.55 0.00 0.00 59,058,006.34
IAPO 31,361.00 31,085.59 38.28 0.00 38.28 0.00 0.00 31,047.31
IM1 648,000.00 644,592.86 865.02 3,491.54 4,356.56 0.00 0.00 643,727.84
IM2 324,000.00 322,296.43 432.51 1,745.77 2,178.28 0.00 0.00 321,863.92
IM3 389,000.00 386,954.66 519.28 2,096.00 2,615.28 0.00 0.00 386,435.38
IM4 98,000.00 97,484.72 130.82 528.04 658.86 0.00 0.00 97,353.90
IB1 98,000.00 97,484.72 130.82 528.04 658.86 0.00 0.00 97,353.90
IB2 162,000.00 161,148.20 216.26 872.89 1,089.15 0.00 0.00 160,931.94
IB3 551,050.60 548,153.21 735.60 2,969.16 3,704.76 0.00 0.00 547,417.61
IIA 112,788,000.00 96,490,718.14 3,563,171.70 445,767.02 4,008,938.72 0.00 0.00 92,927,546.44
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 196,903,049.60 177,785,236.61 4,177,552.03 906,421.17 5,083,973.20 0.00 0.00 173,607,684.58
- -----------------------------------------------------------------------------------------------------------------------------------
IAIO 64,303,873.90 q 61,487,728.74 0.00 95,283.07 95,283.07 0.00 0.00 60,873,903.33
- -----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------- -------------------------------------
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 955.05079882 9.78448865 5.17319189 14.95768054 945.26631016 IA 6.500000 %
IAPO 12489WAC8 991.21807340 1.22062434 0.00000000 1.22062434 989.99744906 IAPO 0.000000 %
IM1 12489WAD6 994.74206790 1.33490741 5.38817901 6.72308642 993.40716049 IM1 6.500000 %
IM2 12489WAE4 994.74206790 1.33490741 5.38817901 6.72308642 993.40716049 IM2 6.500000 %
IM3 12489WAF1 994.74205656 1.33491003 5.38817481 6.72308483 993.40714653 IM3 6.500000 %
IM4 12489WAG9 994.74204082 1.33489796 5.38816327 6.72306122 993.40714286 IM4 6.500000 %
IB1 N/A 994.74204082 1.33489796 5.38816327 6.72306122 993.40714286 IB1 6.500000 %
IB2 N/A 994.74197531 1.33493827 5.38820988 6.72314815 993.40703704 IB2 6.500000 %
IB3 N/A 994.74206180 1.33490463 5.38818032 6.72308496 993.40715716 IB3 6.500000 %
IIA 12489WAH7 855.50517910 31.59176242 3.95225574 35.54401816 823.91341668 IIA 5.543750 %
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 902.90748148 21.21628913 4.60338817 25.81967730 881.69119235
- --------------------------------------------------------------------------------------------- ------------------------------------
IAIO 12489WAB0 956.20566866 0.00000000 1.48176252 1.48176252 946.65996989 IAIO 1.859553 %
- --------------------------------------------------------------------------------------------- ------------------------------------
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
August 25, 1999
<S> <C> <C>
Group 1 Available Funds 1,045,103.66
Group 2 Available Funds 4,134,152.62
Overcollateralization Information
Overcollateralization Amount (prior to Extra PDA) 3,493,252.48
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency Amount 2,884,647.76
Target Overcollateralization Amount 6,377,900.24
Extra Principal Distribution Amount 306,710.69
Monthly Excess Interest Amount 306,710.69
Monthly Excess Cashflow Amount 306,710.69
Overcollateralization Deficiency (After Distribution) 2,577,937.07
Overcollateralization Amount (After Distribution) 3,799,963.17
Fees and Advances
Servicing Fee 69,078.69
Trustee Fee 2,265.98
Lender PMI 24,027.58
Total Advances 2,408,903.99
Group 1 Advances 1,094,101.24
Group 2 Advances 1,314,802.75
Mortgage Loan Information
Total Principal Balance 177,407,648.74
Loan Count 2,097
Weighted Average Remaining Term 304
Weighted Average Loan Rate 9.2926 %
Aggregate Amount of Prepayment 3,673,686.01
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 61,344,139.13
Non-Po Principal Balance 61,313,023.99
Po Principal Balance 31,115.14
Loan Count 939
Weighted Average Remaining Term 284
Weighted Average Loan Rate 8.7322 %
Aggregate Amount of Prepayment 531,237.47
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 83,104.58
Non-Po Amount of Unscheduled Principal 531,237.47
Po Amount of Scheduled Principal 38.28
Po Amount of Unscheduled Principal 0.00
Group 2 Loan Information
Principal Balance 116,063,509.61
Loan Count 1,158
Weighted Average Remaining Term 314
Weighted Average Loan Rate 9.5836 %
Aggregate Amount of Prepayment 3,142,448.54
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
August 25, 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 219 14,820,017.75 24.16%
2 Months 101 7,061,179.38 11.51%
3+ Months 55 3,432,421.56 5.60%
Total 375 25,313,618.69 41.47%
Group 2
Category Number Principal Balance Percentage
--------------------------------------------------------------------
1 Month 150 14,625,770.73 12.60%
2 Months 53 4,640,779.23` 4.00%
3+ Months 53 5,663,316.74 4.88%
Total 256 24,929,866.70 21.48%
Group Totals
Category Number Principal Balance Percentage
--------------------------------------------------------------------
1 Month 369 29,445,788.48 16.60%
2 Months 154 11,701,958.61 6.60%
3+ Months 108 9,095,738.30 5.13%
Total 631 50,243,485.39 28.33%
Number and Aggregate Principal Amounts of Mortgage Loans in Foreclosure
Group 1
Number Principal Balance Percentage
-------------------------------------------------------
56 3,584,836.22 5.84 %
Group 2
Number Principal Balance Percentage
-------------------------------------------------------
30 2,430,916.03 2.09 %
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
86 6,015,752.25 3.39 %
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
-8-
<PAGE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB1
August 25, 1999
<S> <C> <C>
Number and Aggregate Principal Amounts of Bankruptcy Loans
Group 1
Number Principal Balance Percentage
-------------------------------------------------------
99 5,659,928.18 9.23 %
-------------------------------------------------------
Group 2
Number Principal Balance Percentage
-------------------------------------------------------
33 2,781,441.81 2.4 %
-------------------------------------------------------
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
132 8,441,369.99 4.76 %
-------------------------------------------------------
Number and Aggregate Principal Amounts of REO Loans
Group 1
Number Principal Balance Percentage
-------------------------------------------------------
0 0.00 0.00 %
-------------------------------------------------------
Group 2
Number Principal Balance Percentage
-------------------------------------------------------
0 0.00 0.00 %
-------------------------------------------------------
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
0 0.00 0.00 %
-------------------------------------------------------
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
-9-
</TABLE>
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