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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) : November 26, 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 November 26, 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 November 26, 1999,
as Exhibit 99.1.
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<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 3, 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
November 26, 1999.
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<PAGE>
EXHIBIT 99.1
Monthly Certificateholder Statement November 26, 1999
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<TABLE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB1
STATEMENT TO CERTIFICATEHOLDERS
November 26, 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 57,782,019.86 503,314.90 312,985.94 816,300.84 0.00 0.00 57,278,704.96
IAPO 31,361.00 30,970.15 0.00 0.00 0.00 0.00 0.00 30,970.15
IM1 648,000.00 641,981.65 883.02 3,477.40 4,360.42 0.00 0.00 641,098.63
IM2 324,000.00 320,990.83 441.51 1,738.70 2,180.21 0.00 0.00 320,549.32
IM3 389,000.00 385,387.13 530.08 2,087.51 2,617.59 0.00 0.00 384,857.05
IM4 98,000.00 97,089.82 133.54 525.90 659.44 0.00 0.00 96,956.28
IB1 98,000.00 97,089.82 133.54 525.90 659.44 0.00 0.00 96,956.28
IB2 162,000.00 160,495.39 220.75 869.35 1,090.10 0.00 0.00 160,274.64
IB3 551,050.60 545,932.68 750.91 2,957.13 3,708.04 0.00 0.00 545,181.77
IIA 112,788,000.00 85,192,890.92 4,562,765.83 438,364.75 5,001,130.58 0.00 0.00 80,630,125.09
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 196,903,049.60 164,590,848.25 5,069,174.08 888,746.48 5,957,920.56 0.00 0.00 159,521,674.17
-----------------------------------------------------------------------------------------------------------------------------------
IAIO 64,303,873.90 59,592,841.81 0.00 92,359.25 92,359.25 0.00 0.00 59,086,997.47
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------- -------------------------------------
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 924.84321927 8.05592074 5.00956742 13.06548817 916.78729852 IA 6.500000%
IAPO 12489WAC8 987.53706833 0.00000000 0.00000000 0.00000000 987.53706833 IAPO 0.000000%
IM1 12489WAD6 990.71242284 1.36268519 5.36635802 6.72904321 989.34973765 IM1 6.500000%
IM2 12489WAE4 990.71243827 1.36268519 5.36635802 6.72904321 989.34975309 IM2 6.500000%
IM3 12489WAF1 990.71241645 1.36267352 5.36634961 6.72902314 989.34974293 IM3 6.500000%
IM4 12489WAG9 990.71244898 1.36265306 5.36632653 6.72897959 989.34979592 IM4 6.500000%
IB1 N/A 990.71244898 1.36265306 5.36632653 6.72897959 989.34979592 IB1 6.500000%
IB2 N/A 990.71228395 1.36265432 5.36635802 6.72901235 989.34962963 IB2 6.500000%
IB3 N/A 990.71243185 1.36268793 5.36634930 6.72903722 989.34974393 IB3 6.500000%
IIA 12489WAH7 755.33648012 40.45435534 3.88662579 44.34098113 714.88212478 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 835.89791313 25.74451787 4.51362476 30.25814263 810.15339526
--------------------------------------------------------------------------------------------- ------------------------------------
IAIO 12489WAB0 926.73797387 0.00000000 1.43629372 1.43629372 918.87150628 IAIO 1.859806%
--------------------------------------------------------------------------------------------- ------------------------------------
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>
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<PAGE>
<TABLE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB1
November 26, 1999
<S> <C> <C>
Group 1 Available Funds 923,935.34
Group 2 Available Funds 5,126,344.48
Overcollateralization Information
Overcollateralization Amount (prior to Extra PDA) 4,347,665.69
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency Amount 2,030,234.55
Target Overcollateralization Amount 6,377,900.24
Extra Principal Distribution Amount 239,497.54
Monthly Excess Interest Amount 239,497.54
Monthly Excess Cashflow Amount 239,497.54
Overcollateralization Deficiency (After Distribution) 1,790,737.01
Overcollateralization Amount (After Distribution) 4,587,163.23
Fees and Advances
Servicing Fee 64,134.59
Trustee Fee 2,111.73
Lender PMI 20,182.62
Total Advances 2,283,642.45
Group 1 Advances 1,136,278.58
Group 2 Advances 1,147,363.87
Mortgage Loan Information
Total Principal Balance 164,108,838.36
Loan Count 1,985
Weighted Average Remaining Term 299
Weighted Average Loan Rate 9.2841 %
Aggregate Amount of Prepayment 4,637,206.64
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 59,555,550.04
Non-Po Principal Balance 59,524,550.93
Po Principal Balance 30,999.11
Loan Count 915
Weighted Average Remaining Term 282
Weighted Average Loan Rate 8.7319 %
Aggregate Amount of Prepayment 423,838.29
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 82,569.96
Non-Po Amount of Unscheduled Principal 423,838.29
Po Amount of Scheduled Principal 0.00
Po Amount of Unscheduled Principal 0.00
Group 2 Loan Information
Principal Balance 104,553,288.32
Group 2 Fixed Pool Principal Balance 38,723,213.62
Group 2 Adjustable Pool Principal Balance 65,830,074.70
Loan Count 1,070
Weighted Average Remaining Term 309
Weighted Average Loan Rate 9.5887 %
Aggregate Amount of Prepayment 4,213,368.35
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
November 26, 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 213 13,629,221.51 22.88 %
2 Months 104 7,392,774.17 12.41 %
3+Months 81 5,267,946.91 8.85 %
Total 398 26,289,942.59 44.14 %
Group 2
Category Number Principal Balance Percentage
--------------------------------------------------------------------
1 Month 171 14,916,921.73 14.27 %
2 Months 62 5,633,233.64 5.39 %
3+Months 21 1,985,368.78 1.9 %
Total 254 22,535,524.15 21.56 %
Group Totals
Category Number Principal Balance Percentage
--------------------------------------------------------------------
1 Month 384 28,546,143.24 17.39 %
2 Months 166 13,026,007.81 7.94 %
3+Months 102 7,253,315.69 4.42 %
Total 652 48,825,466.74 29.75 %
Number and Aggregate Principal Amounts of Mortgage Loans in Foreclosure
Group 1
Number Principal Balance Percentage
-------------------------------------------------------
56 3,931,871.72 6.6 %
Group 2
Number Principal Balance Percentage
-------------------------------------------------------
64 6,135,522.27 5.87 %
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
120 10,067,393.99 6.13 %
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
-8-
<PAGE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB1
November 26, 1999
<S> <C> <C>
Number and Aggregate Principal Amounts of Bankruptcy Loans
Group 1
Number Principal Balance Percentage
-------------------------------------------------------
101 5,810,017.43 9.76 %
-------------------------------------------------------
Group 2
Number Principal Balance Percentage
-------------------------------------------------------
35 3,018,600.58 2.89 %
-------------------------------------------------------
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
136 8,828,618.01 5.38 %
-------------------------------------------------------
Number and Aggregate Principal Amounts of REO Loans
Group 1
Number Principal Balance Percentage
-------------------------------------------------------
0 0 0 %
-------------------------------------------------------
Group 2
Number Principal Balance Percentage
-------------------------------------------------------
4 167,867.48 0.16 %
-------------------------------------------------------
Group Totals
/ Number Principal Balance Percentage
-------------------------------------------------------
4 167,867.48 0.10 %
-------------------------------------------------------
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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</TABLE>
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