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Previous: TANGIBLE ASSET GALLERIES INC, 3, 1999-12-22 |
Next: CHARTER COMMUNICATIONS INC /MO/, 10-Q, 1999-12-22 |
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 21, 1999
ASSET BACKED SECURITIES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-64351-03 13-3354848
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
11 Madison Avenue
Park Avenue Plaza
New York, New York 10010
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (212) 325-1811
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 12
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
Home Equity Loan Trust, Series 1999-LB1 (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 June 1 , 1999 ( the
"Agreement"), among Asset Back Securities Corporation, as depositor, Long Beach
Mortgage Company, as servicer, and The Chase Manhattan Bank, as trustee (the
Trustee). On December 21, 1999 distribution was made to the Certificateholders.
Specific information with respect to the distribution 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 21, 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: December 22, 1999 By: /s/ Thomas J. Provenzano
Thomas J. Provenzano
Vice President
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on 5
December 21, 1999.
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on December 21, 1999
<PAGE>
<TABLE>
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ASSET BACKED SECURITIES CORPORATION EQUITY LOAN TRUST 1999-LB1
STATEMENT TO CERTIFICATEHOLDERS
DECEMBER 21, 1999
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
PAGE #1
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
A_1F 166,900,000.00 156,412,268.56 2,086,274.06 926,742.69 3,013,016.75 0.00 0.00 154,325,994.50
A_2F 48,600,000.00 45,881,071.85 546,989.54 272,992.38 819,981.92 0.00 0.00 45,334,082.31
A_3A 292,900,000.00 267,477,032.86 4,862,168.25 1,261,024.19 6,123,192.44 0.00 0.00 262,614,864.61
A_4A 164,850,000.00 149,991,745.69 2,870,060.45 720,429.10 3,590,489.55 0.00 0.00 147,121,685.24
A_5A 200,000,000.00 182,400,340.15 3,378,363.17 880,499.64 4,258,862.81 0.00 0.00 179,021,976.98
X_A 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
X_F 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B_1F 13,364,763.00 13,364,763.00 0.00 89,815.85 89,815.85 0.00 0.00 13,364,763.00
B_1A 42,500,702.00 42,500,702.00 0.00 285,619.47 285,619.47 0.00 0.00 42,500,702.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 929,115,465.00 858,027,924.11 13,743,855.47 4,437,123.32 18,180,978.79 0.00 0.00 844,284,068.64
- -----------------------------------------------------------------------------------------------------------------------------------
A_IOF 22,000,000.00 22,000,000.00 0.00 100,833.33 100,833.33 0.00 0.00 22,000,000.00
A_IOA 67,000,000.00 67,000,000.00 0.00 307,083.33 307,083.33 0.00 0.00 67,000,000.00
B_IOA 27,000,000.00 27,000,000.00 0.00 157,500.00 157,500.00 0.00 0.00 27,000,000.00
B_IOF 11,000,000.00 11,000,000.00 0.00 64,166.67 64,166.67 0.00 0.00 11,000,000.00
P_A 100.00 100.00 0.00 164,850.49 164,850.49 0.00 0.00 100.00
P_F 100.00 100.00 0.00 55,859.89 55,859.89 0.00 0.00 100.00
- -----------------------------------------------------------------------------------------------------------------------------------
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
</TABLE>
<PAGE>
<TABLE>
----------------------------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES CORPORATION EQUITY LOAN TRUST 1999-LB1
STATEMENT TO CERTIFICATEHOLDERS
DECEMBER 21, 1999
----------------------------------------------------------------------------------------------------------------------------------
PAGE #2
<S> <C> <C>
- ----------------------------------------------------------------------------------------- -------------------------------------
FACTOR INFORMATION PER $1,000 OF ORIGINAL FACE PASS-THROUGH RATES
PRIOR CURRENT CURRENT
PRINCIPAL PRINCIPAL PASS-THRU
CLASS FACTOR PRINCIPAL INTEREST TOTAL FACTOR CLASS RATE
- ------------------------------------------------------------------------------------------- ------------------------------------
A_1F 937.16158514 12.50014416 5.55268238 18.05282654 924.66144098 A_1F 7.110000 %
A_2F 944.05497634 11.25492881 5.61712716 16.87205597 932.80004753 A_2F 7.140000 %
A_3A 913.20257037 16.60009645 4.30530621 20.90540266 896.60247392 A_3A 5.852500 %
A_4A 909.86803573 17.41013315 4.37020989 21.78034304 892.45790258 A_4A 5.962500 %
A_5A 912.00170075 16.89181585 4.40249820 21.29431405 895.10988490 A_5A 5.992500 %
B_1F 1,000.00000000 0.00000000 6.72034738 6.72034738 1,000.00000000 B_1F 8.342500 %
B_1A 1,000.00000000 0.00000000 6.72034711 6.72034711 1,000.00000000 B_1A 8.342500 %
- ------------------------------------------------------------------------------------------ ------------------------------------
TOTALS 923.48901340 14.79240847 4.77564252 19.56805098 908.69660494
- ------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------ ------------------------------------
A_IOF 1,000.00000000 0.00000000 4.58333318 4.58333318 1,000.00000000 A_IOF 5.500000 %
A_IOA 1,000.00000000 0.00000000 4.58333328 4.58333328 1,000.00000000 A_IOA 5.500000 %
B_IOA 1,000.00000000 0.00000000 5.83333333 5.83333333 1,000.00000000 B_IOA 7.000000 %
B_IOF 1,000.00000000 0.00000000 5.83333364 5.83333364 1,000.00000000 B_IOF 7.000000 %
P_A 1,000.00000000 0.00000000 1,648,504.90000000 1,648,504.90000000 1,000.00000000 P_A 0.000000 %
P_F 1,000.00000000 0.00000000 558,598.90000000 558,598.90000000 1,000.00000000 P_F 0.000000 %
- ------------------------------------------------------------------------------------------ ------------------------------------
If there are any questions or problems with this statement, please contact the
Administrator listed below.
---------------------------------------
DIANE E. WALLACE
THE CHASE MANHATTAN BANK - STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, 14TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-8583
EMAIL: [email protected]
---------------------------------------
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
</TABLE>
<PAGE>
<TABLE>
----------------------------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES CORPORATION EQUITY LOAN TRUST 1999-LB1
DECEMBER 21, 1999
----------------------------------------------------------------------------------------------------------------------------------
PAGE #3
<S> <C> <C>
Ending Principal Pool Balance Of Group I 217,801,512.20
Ending Principal Pool Balance Of Group II 645,466,337.41
Sec.7.09 (a)(i) Total Distribution Amount With Respect To Each Group
Group 1a 3,243,133.27
Group 1b 869,273.93
Group 11a 9,401,395.47
Group 11b 5,389,298.96
Sec.7.09 (a)(ii) Principal Allocation Amount With Respect To Each Group
Group 1a
Scheduled Principal 124,791.92
Curtailment 18,150.54
Prepayment 1,727,009.89
Group 1b
Scheduled Principal 30,273.39
Curtailment 16,014.46
Prepayment 443,985.41
Group 11a
Scheduled Principal 219,416.22
Curtailment 32,909.63
Prepayment 5,902,489.09
Group 11b
Scheduled Principal 131,297.99
Curtailment 14,338.99
Prepayment 3,487,452.22
Group 1 Subordinated Increase Amount 273,037.99
Group II Subordinated Increase Amount 1,322,687.73
Sec.7.09 (a)(iv) Interest Shortfall Amount
Class A-1F 0.00
Class A-2F 0.00
Class A-3A 0.00
Class A-4A 0.00
Class A-5A 0.00
Class B-1A 0.00
Class B-1F 0.00
Class A-1OF 0.00
Class B-1OF 0.00
Class A-1OA 0.00
Class B-1OF 0.00
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
- ----------------------------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES CORPORATION EQUITY LOAN TRUST 1999-LB1
DECEMBER 21, 1999
---------------------------------------------------------------------------------------------------------------------------------
PAGE #4
Sec.7.09 (a)(v) Insured Payment 0.00
Sec.7.09 (a)(vii)Subordinated Amount
Group I 18,141,435.39
Group II 56,707,810.58
Specified Subordinated Amount
Group I 20,149,973.09
Group II 63,018,186.00
Subordinated Deficit
Group I 0.00
Group II 0.00
Sec.7.09 (a)(ix)Substitution Amounts And Loan Purchase Price
Group I 0.00
Group II 0.00
Sec.7.09 (a)(x) Weighted Average Coupon Rate Of The Home Equity Loans In Each Group
Group I 10.05140 %
Group II 9.66220 %
Sec.7.09 (a)(xi)The Amount Of Any Carry-Forward Amounts
Class A-1F 0.00
Class A-2F 0.00
Class A-3A 0.00
Class A-4A 0.00
Class A-5A 0.00
Class B-1A 0.00
Class B-1F 0.00
Class A-1OF 0.00
Class B-1OF 0.00
Class A-1OA 0.00
Class B-1OF 0.00
Sec.7.09 (a)(xiv)The Weighted Average Gross Margin Of The Home Equity Loans In Group II 6.74510 %
Sec.7.09 (a)(xv)The Three Largest Home Equity Loan Balances In Each Group
Group I 746,390.76
596,708.26
524,619.72
Group II 845,909.58
699,751.56
645,437.50
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
- ----------------------------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES CORPORATION EQUITY LOAN TRUST 1999-LB1
DECEMBER 21, 1999
---------------------------------------------------------------------------------------------------------------------------------
PAGE #5
Sec.7.09 (a)(xviii)Interest Index Carryover For Each Class Of Certificates
Class A-1F 0.00
Class A-2F 0.00
Class A-3A 0.00
Class A-4A 0.00
Class A-5A 0.00
Class B-1A 0.00
Class B-1F 0.00
Class A-1OF 0.00
Class B-1OF 0.00
Class A-1OA 0.00
Class B-1OF 0.00
Sec.7.09(a)(xix)Loans That Are Fixed For Two Years (2/28)
Group 11a 367,207,150.37
Group IIb 200,695,134.37
Loans That Are Fixed For Three Years (3/27)
Group 11a 26,406,645.21
Group 11b 13,135,562.69
Sec.7.09 (b)(i) Loans Delinquent
--------------------------------------------------------------------
Group Totals
--------------------------------------------------------------------
Period Number Principal Balance Percentage
--------------------------------------------------------------------
31-60 days 183 19,039,768.30 2.21 %
61-90 days 85 7,909,313.76 0.92 %
91 + days 23 2,196,425.96 0.25 %
Total 291 29,145,508.02 3.38 %
--------------------------------------------------------------------
--------------------------------------------------------------------
Group 1
--------------------------------------------------------------------
Period Number Principal Balance Percentage
--------------------------------------------------------------------
31-60 days 61 4,656,353.71 2.14 %
61-90 days 22 1,277,799.68 0.59 %
91 + days 9 465,776.29 0.21 %
Total 92 6,399,929.68 2.94 %
--------------------------------------------------------------------
--------------------------------------------------------------------
Group 2
--------------------------------------------------------------------
Period Number Principal Balance Percentage
--------------------------------------------------------------------
31-60 days 122 14,383,414.59 2.23 %
61-90 days 63 6,631,514.08 1.03 %
91 + days 14 1,730,649.67 0.27 %
Total 199 22,745,578.34 3.53 %
--------------------------------------------------------------------
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
- ----------------------------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES CORPORATION EQUITY LOAN TRUST 1999-LB1
DECEMBER 21, 1999
---------------------------------------------------------------------------------------------------------------------------------
PAGE #6
Sec. 7.09(b)(ii) Loans in Foreclosure
-------------------------------------------------------
Group Totals
-------------------------------------------------------
Number Principal Balance Percentage
-------------------------------------------------------
255 24,584,263.01 2.85 %
-------------------------------------------------------
-------------------------------------------------------
Group 1
-------------------------------------------------------
Number Principal Balance Percentage
-------------------------------------------------------
83 5,360,245.89 2.46 %
-------------------------------------------------------
-------------------------------------------------------
Group 2
-------------------------------------------------------
Number Principal Balance Percentage
-------------------------------------------------------
172 19,224,017.12 2.98 %
-------------------------------------------------------
Sec. 7.09(b)(iii) Loans in Bankruptcy
-------------------------------------------------------
Group Totals
-------------------------------------------------------
Number Principal Balance Percentage
-------------------------------------------------------
0 0.00 0.00 %
-------------------------------------------------------
-------------------------------------------------------
Group 1
-------------------------------------------------------
Number Principal Balance Percentage
-------------------------------------------------------
0 0.00 0.00 %
-------------------------------------------------------
-------------------------------------------------------
Group 2
-------------------------------------------------------
Number Principal Balance Percentage
-------------------------------------------------------
0 0.00 0.00 %
-------------------------------------------------------
Sec. 7.09(b)(iv)(v) Loans in REO
-------------------------------------------------------
Group Totals
-------------------------------------------------------
Number Principal Balance Percentage
-------------------------------------------------------
9 896,016.30 0.01 %
-------------------------------------------------------
-------------------------------------------------------
Group 1
-------------------------------------------------------
Number Principal Balance Percentage
-------------------------------------------------------
4 120,966.03 0.06 %
-------------------------------------------------------
-------------------------------------------------------
Group 2
-------------------------------------------------------
Number Principal Balance Percentage
-------------------------------------------------------
5 775,050.27 0.12 %
-------------------------------------------------------
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
- ----------------------------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES CORPORATION EQUITY LOAN TRUST 1999-LB1
DECEMBER 21, 1999
---------------------------------------------------------------------------------------------------------------------------------
PAGE #7
Sec. 7.09(b)(vi) Cumulative Realized Losses 3,681.85
Sec. 7.09(b)(vii) Net Liquidation Proceeds 124,960.28
Sec. 7.09(b)(vii) The Annual Loss Percentage (Rolling Twelve Month) 0.00000 %
Sec. 7.09(b)(ix) The 90+ Delinquent Percentage (Rolling Three Month)
Group I
Group II
Total 3.74504 %
Sec. 7.09(b)(x) The Cumulative Loss Percentage 0.00000 %
Next Month's Pass-Through Rates for the LIBOR Classes
Class A_3A 6.72250 %
Class A_4A 6.83250 %
Class A_5A 6.86250 %
Class B_1A 9.21250 %
Class B_1F 9.21250 %
Group I Fees
Trustee Fee 1,834.68
Premium Fee 22,758.00
Group II Fees
Trustee Fee 5,460.45
Premium Fee 62,486.37
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
</TABLE>
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