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) : October 25, 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 October 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 October 25, 1999,
as Exhibit 99.1.
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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 27, 1999 By: /s/ Kimberly K. Costa
Kimberly K. Costa
Vice President
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INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on 5
October 25, 1999.
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<PAGE>
EXHIBIT 99.1
Monthly Certificateholder Statement October 25, 1999
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<TABLE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB1
STATEMENT TO CERTIFICATEHOLDERS
October 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 58,599,430.95 817,411.09 317,413.58 1,134,824.67 0.00 0.00 57,782,019.86
IAPO 31,361.00 31,008.84 38.69 0.00 38.69 0.00 0.00 30,970.15
IM1 648,000.00 642,857.32 875.67 3,482.14 4,357.81 0.00 0.00 641,981.65
IM2 324,000.00 321,428.66 437.83 1,741.07 2,178.90 0.00 0.00 320,990.83
IM3 389,000.00 385,912.80 525.67 2,090.36 2,616.03 0.00 0.00 385,387.13
IM4 98,000.00 97,222.25 132.43 526.62 659.05 0.00 0.00 97,089.82
IB1 98,000.00 97,222.25 132.43 526.62 659.05 0.00 0.00 97,089.82
IB2 162,000.00 160,714.31 218.92 870.54 1,089.46 0.00 0.00 160,495.39
IB3 551,050.60 546,677.33 744.65 2,961.17 3,705.82 0.00 0.00 545,932.68
IIA 112,788,000.00 90,186,107.17 4,993,216.25 404,209.12 5,397,425.37 0.00 0.00 85,192,890.92
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 196,903,049.60 170,404,581.88 5,813,733.63 859,035.12 6,672,768.75 0.00 0.00 164,590,848.25
- -----------------------------------------------------------------------------------------------------------------------------------
IAIO 64,303,873.90 60,412,797.78 0.00 93,271.90 93,271.90 0.00 0.00 59,592,841.81
- -----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------- -------------------------------------
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 937.92647779 13.08325853 5.08043502 18.16369354 924.8432193 IA 6.500000%
IAPO 12489WAC8 988.77076624 1.23369791 0.00000000 1.23369791 987.53706833 IAPO 0.000000%
IM1 12489WAD6 992.06376543 1.35134259 5.37367284 6.72501543 990.71242284 IM1 6.500000%
IM2 12489WAE4 992.06376543 1.35132716 5.37367284 6.72500000 990.71243827 IM2 6.500000%
IM3 12489WAF1 992.06375321 1.35133676 5.37367609 6.72501285 990.71241645 IM3 6.500000%
IM4 12489WAG9 992.06377551 1.35132653 5.37367347 6.72500000 990.71244898 IM4 6.500000%
IB1 N/A 992.06377551 1.35132653 5.37367347 6.72500000 990.71244898 IB1 6.500000%
IB2 N/A 992.06364198 1.35135802 5.37370370 6.72506173 990.71228395 IB2 6.500000%
IB3 N/A 992.06375966 1.35132781 5.37368075 6.72500856 990.71243185 IB3 6.500000%
IIA 12489WAH7 799.60729129 44.27081117 3.58379544 47.85460661 755.33648012 IIA 5.762500%
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 865.42378204 29.52586891 4.36273141 33.88860032 835.89791313
- --------------------------------------------------------------------------------------------- ------------------------------------
IAIO 12489WAB0 939.48924250 0.00000000 1.45048648 1.45048648 926.73797387 IAIO 1.852691 %
- --------------------------------------------------------------------------------------------- ------------------------------------
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]
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(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
</TABLE>
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<TABLE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB1
October 25, 1999
<S> <C> <C>
Group 1 Available Funds 1,243,401.40
Group 2 Available Funds 5,522,639.27
Overcollateralization Information
Overcollateralization Amount (prior to Extra PDA) 4,041,685.89
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency Amount 2,336,214.35
Target Overcollateralization Amount 6,377,900.24
Extra Principal Distribution Amount 305,979.80
Monthly Excess Interest Amount 305,979.80
Monthly Excess Cashflow Amount 305,979.80
Overcollateralization Deficiency (After Distribution) 2,030,234.55
Overcollateralization Amount (After Distribution) 4,347,665.69
Fees and Advances
Servicing Fee 66,344.02
Trustee Fee 2,180.58
Lender PMI 22,288.10
Total Advances 2,489,345.35
Group 1 Advances 1,380,770.09
Group 2 Advances 1,108,575.26
Mortgage Loan Information
Total Principal Balance 168,938,514.90
Loan Count 2,024
Weighted Average Remaining Term 300
Weighted Average Loan Rate 9.2803 %
Aggregate Amount of Prepayment 5,312,701.87
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 60,061,958.29
Non-Po Principal Balance 60,030,920.31
Po Principal Balance 31,037.98
Loan Count 923
Weighted Average Remaining Term 282
Weighted Average Loan Rate 8.7251 %
Aggregate Amount of Prepayment 737,590.15
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 82,888.58
Non-Po Amount of Unscheduled Principal 737,590.12
Po Amount of Scheduled Principal 38.66
Po Amount of Unscheduled Principal 0.03
Group 2 Loan Information
Principal Balance 108,876,556.61
Group 2 Fixed Pool Principal Balance 39,637,376.10
Group 2 Adjustable Pool Principal Balance 69,239,180.51
Loan Count 1,101
Weighted Average Remaining Term 310
Weighted Average Loan Rate 9.578 %
Aggregate Amount of Prepayment 4,575,111.72
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
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<PAGE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB1
October 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 198 12,623,458.41 21.02%
2 Months 110 7,765,041.59 12.93%
3+Months 52 3,871,576.53 6.45%
Total 360 24,260,076.53 40.4%
Group 2
Category Number Principal Balance Percentage
--------------------------------------------------------------------
1 Month 175 15,519,222.92 14.25%
2 Months 52 4,846,400.61 4.45%
3+Months 19 2,243,363.57 2.06%
Total 246 22,608,987.10 20.76%
Group Totals
Category Number Principal Balance Percentage
--------------------------------------------------------------------
1 Month 373 28,142,681.33 16.66%
2 Months 162 12,611,442.20 7.47%
3+Months 71 6,114,940.10 3.62%
Total 606 46,869,063.63 27.75%
Number and Aggregate Principal Amounts of Mortgage Loans in Foreclosure
Group 1
Number Principal Balance Percentage
-------------------------------------------------------
58 3,898,332.44 6.49 %
Group 2
Number Principal Balance Percentage
-------------------------------------------------------
64 6,059,663.67 5.57 %
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
122 9,957,996.11 5.89 %
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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<PAGE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB1
October 25, 1999
<S> <C> <C>
Number and Aggregate Principal Amounts of Bankruptcy Loans
Group 1
Number Principal Balance Percentage
-------------------------------------------------------
104 5,969,026.54 9.94 %
-------------------------------------------------------
Group 2
Number Principal Balance Percentage
-------------------------------------------------------
37 3,062,954.96 2.81 %
-------------------------------------------------------
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
141 9,031,981.50 5.35 %
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Number and Aggregate Principal Amounts of REO Loans
Group 1
Number Principal Balance Percentage
-------------------------------------------------------
0 0 0 %
-------------------------------------------------------
Group 2
Number Principal Balance Percentage
-------------------------------------------------------
2 59,825.12 0.05 %
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Group Totals
/ Number Principal Balance Percentage
-------------------------------------------------------
2 59,825.12 0.04 %
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(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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