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) : June 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 8
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 June 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 June 25, 1999,
as Exhibit 99.1.
<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: July 14, 1999 By: /s/ Kimberly K. Costa
Kimberly K. Costa
Vice President
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on 5
June 25, 1999.
<PAGE>
<TABLE>
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C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB1
STATEMENT TO CERTIFICATEHOLDERS
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<S> <C> <C>
DIST DATE: 06/25/99 PAGE # 1
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ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
IA 62,477,638.00 61,090,385.85 330,906.26 401,747.74 732,654.00 0.00 0.00 60,688,638.11
IAPO 31,361.00 31,161.61 0.00 37.93 37.93 0.00 0.00 31,123.68
IM1 648,000.00 646,315.27 3,500.87 859.34 4,360.21 0.00 0.00 645,455.93
IM2 324,000.00 323,157.64 1,750.44 429.67 2,180.11 0.00 0.00 322,727.97
IM3 389,000.00 387,988.64 2,101.61 515.87 2,617.48 0.00 0.00 387,472.77
IM4 98,000.00 97,745.21 529.45 129.96 659.41 0.00 0.00 97,615.25
IB1 98,000.00 97,745.21 529.45 129.96 659.41 0.00 0.00 97,615.25
IB2 162,000.00 161,578.81 875.22 214.84 1,090.06 0.00 0.00 161,363.97
IB3 551,050.60 549,617.93 2,977.10 730.77 3,707.87 0.00 0.00 548,887.16
IIA 112,788,000.00 104,843,631.79 478,720.39 3,830,030.25 4,308,750.64 0.00 0.00 101,013,601.54
IIM1 6,714,000.00 6,714,000.00 40,228.05 0.00 40,228.05 0.00 0.00 6,714,000.00
IIM2 6,714,000.00 6,714,000.00 44,368.35 0.00 44,368.35 0.00 0.00 6,714,000.00
IIB 5,908,000.00 5,908,000.00 40,617.50 0.00 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
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TOTALS 196,903,049.60 187,565,327.96 947,104.69 4,234,826.33 5,181,931.02 0.00 0.00 183,330,501.63
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IAIO 64,303,873.90 62,913,804.89 97,684.92 0.00 97,684.92 0.00 0.00 62,509,558.39
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- ----------------------------------------------------------------------------------------- -------------------------------------
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 977.7960212 5.296395 6.430265 11.726660 971.3657567 IA 6.500000 %
IAPO 12489WAC8 993.6421032 0.000000 1.209464 1.209464 992.4326393 IAPO 0.000000 %
IM1 12489WAD6 997.4001080 5.402577 1.326142 6.728719 996.0739660 IM1 6.500000 %
IM2 12489WAE4 997.4001235 5.402593 1.326142 6.728735 996.0739815 IM2 6.500000 %
IM3 12489WAF1 997.4001028 5.402596 1.326144 6.728740 996.0739589 IM3 6.500000 %
IM4 12489WAG9 997.4001020 5.402551 1.326122 6.728673 996.0739796 IM4 6.500000 %
IB1 N/A 997.4001020 5.402551 1.326122 6.728673 996.0739796 IB1 6.500000 %
IB2 N/A 997.4000617 5.402593 1.326173 6.728765 996.0738889 IB2 6.500000 %
IB3 N/A 997.4001117 5.402589 1.326140 6.728729 996.0739722 IB3 6.500000 %
IIA 12489WAH7 929.5637106 4.244427 33.957781 38.202208 895.6059292 IIA 5.302500 %
IIM1 12489WAJ3 1,000.0000000 5.991667 0.000000 5.991667 1,000.0000000 IIM1 7.190000 %
IIM2 12489WAK0 1,000.0000000 6.608333 0.000000 6.608333 1,000.0000000 IIM2 7.930000 %
IIB 12489WAL8 1,000.0000000 6.875000 0.000000 6.875000 1,000.0000000 IIB 8.250000 %
- --------------------------------------------------------------------------------------------- -----------------------------------
TOTALS 952.5770593 4.810005 21.507165 26.317170 931.0698946
- --------------------------------------------------------------------------------------------- -----------------------------------
IAIO 12489WAB0 978.38 1.519114 0.000000 1.519114 972.10 IAIO 1.863214 %
- --------------------------------------------------------------------------------------------- -----------------------------------
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]
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(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
</TABLE>
<PAGE>
<TABLE>
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C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB1
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
DIST DATE: 06/25/99 PAGE # 2
<S> <C> <C>
Group 1 Available Funds 845,651.39
Group 2 Available Funds 4,433,964.54
Overcollateralization Information
Overcollateralization Amount (prior to Extra PDA) 2,853,198.08
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency Amount 3,524,702.16
Target Overcollateralization Amount 6,377,900.24
Extra Principal Distribution Amount 332,001.05
Monthly Excess Interest Amount 332,001.05
Monthly Excess Cashflow Amount 332,001.05
Overcollateralization Deficiency (After Distribution) 3,192,701.12
Overcollateralization Amount (After Distribution) 3,185,199.13
Fees and Advances
Servicing Fee 72,740.75
Trustee Fee 2,380.30
Lender PMI 26,882.34
Total Advances 1,436,346.70
Group 1 Advances 713,607.66
Group 2 Advances 722,739.04
Mortgage Loan Information
Total Principal Balance 186,515,701.74
Loan Count 2,182
Weighted Average Remaining Term 306
Weighted Average Loan Rate 9.3189 %
Aggregate Amount of Prepayment 3,701,470.16
Aggregate Amount of Realized Losses 5,682.07
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 62,980,901.07
Non-Po Principal Balance 62,949,709.56
Po Principal Balance 31,191.51
Loan Count 962
Weighted Average Remaining Term 285
Weighted Average Loan Rate 8.7361 %
Aggregate Amount of Prepayment 320,521.70
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 84,236.50
Non-Po Amount of Unscheduled Principal 320,521.67
Po Amount of Scheduled Principal 37.90
Po Amount of Unscheduled Principal 0.03
Group 2 Loan Information
Principal Balance 123,534,800.67
Loan Count 1,220
Weighted Average Remaining Term 316
Weighted Average Loan Rate 9.6097 %
Aggregate Amount of Prepayment 3,380,948.46
Aggregate Amount of Realized Losses 5,682.07
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
<PAGE>
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C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB1
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
DIST DATE: 06/25/99 PAGE # 3
<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 222 15,531,913.19 24.66 %
2 Months 106 6,834,073.87 10.85 %
3+ Months 70 4,848,597.41 7.70 %
Total 398 27,214,584.47 43.21 %
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Group 2
--------------------------------------------------------------------
Category Number Principal Balance Percentage
--------------------------------------------------------------------
1 Month 177 17,519,416.11 14.18 %
2 Months 54 5,359,718.80 4.34 %
3+ Months 46 4,661,853.45 3.77 %
Total 277 27,540,988.36 22.29 %
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Group Totals
--------------------------------------------------------------------
Category Number Principal Balance Percentage
--------------------------------------------------------------------
1 Month 399 33,051,329.30 17.72 %
2 Months 160 12,193,792.67 6.54 %
3+ Months 116 9,510,450.86 5.10 %
Total 675 54,755,572.83 29.36 %
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Number and Aggregate Principal Amounts of Mortgage Loans in Foreclosure
-------------------------------------------------------
Group 1
-------------------------------------------------------
Number Principal Balance Percentage
-------------------------------------------------------
39 2,257,934.76 479.04 %
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Group 2
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Number Principal Balance Percentage
-------------------------------------------------------
13 1,137,307.26 2.73 %
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Group Totals
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Number Principal Balance Percentage
-------------------------------------------------------
52 3,395,242.02 1.82 %
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(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
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C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB1
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
DIST DATE: 06/25/99 PAGE # 4
<S> <C> <C>
Number and Aggregate Principal Amounts of Bankruptcy Loans
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Group Totals
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Number Principal Balance Percentage
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126 8,035,659.87 4.31 %
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Number and Aggregate Principal Amounts of REO Loans
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Group 1
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Number Principal Balance Percentage
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0 0.00 0.00 %
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Group 2
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Number Principal Balance Percentage
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0 0.00 0.00 %
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Group Totals
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Number Principal Balance Percentage
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0 0.00 0.00 %
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(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
</TABLE>
