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Previous: ASSET BACKED SEC CORP HOME EQUITY LOAN TR 1999-LB1, 8-K, 1999-10-29 |
Next: MEDIAPLEX INC, S-1/A, 1999-10-29 |
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 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 October 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 October 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: October 29, 1999 By: /s/ Diane E. Wallace
Diane E. Wallace
Vice President
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on 5
October 21, 1999.
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on October 21, 1999
<PAGE>
<TABLE>
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ASSET BACKED SECURITIES CORPORATION EQUITY LOAN TRUST 1999-LB1
STATEMENT TO CERTIFICATEHOLDERS
OCTOBER 21, 1999
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<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 166,900,000.00 160,360,212.12 2,265,825.73 950,134.26 3,215,959.99 0.00 0.00 158,094,386.39
A_2F 48,600,000.00 46,799,920.77 798,983.34 278,459.53 1,077,442.87 0.00 0.00 46,000,937.43
A_3A 292,900,000.00 276,958,170.92 4,712,056.87 1,301,991.90 6,014,048.77 0.00 0.00 272,246,114.05
A_4A 164,850,000.00 153,346,946.25 1,936,457.38 734,947.19 2,671,404.57 0.00 0.00 151,410,488.87
A_5A 200,000,000.00 188,008,789.58 2,904,866.96 905,771.51 3,810,638.47 0.00 0.00 185,103,922.62
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
R_4 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 90,560.19 90,560.19 0.00 0.00 13,364,763.00
B_1A 42,500,702.00 42,500,702.00 0.00 287,986.53 287,986.53 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 929,115,465.00 881,339,504.64 12,618,190.28 4,549,851.11 17,168,041.39 0.00 0.00 868,721,314.36
- -----------------------------------------------------------------------------------------------------------------------------------
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 0.00 196,462.26 196,462.26 0.00 0.00 100.00
P_F 100.00 100.00 0.00 45,272.80 45,272.80 0.00 0.00 100.00
- -----------------------------------------------------------------------------------------------------------------------------------
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
</TABLE>
<PAGE>
<TABLE>
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ASSET BACKED SECURITIES CORPORATION EQUITY LOAN TRUST 1999-LB1
STATEMENT TO CERTIFICATEHOLDERS
OCTOBER 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 960.81613014 13.57594805 5.69283559 19.26878364 947.24018209 A_1F 7.110000 %
A_2F 962.96133272 16.43998642 5.72961996 22.16960638 946.52134630 A_2F 7.140000 %
A_3A 945.57245108 16.08759601 4.44517549 20.53277149 929.48485507 A_3A 5.641250 %
A_4A 930.22108735 11.74678423 4.45827837 16.20506260 918.47430312 A_4A 5.751250 %
A_5A 940.04394790 14.52433480 4.52885755 19.05319235 925.51961310 A_5A 5.781250 %
B_1F 1,000.00000000 0.00000000 6.77604160 6.77604160 1,000.00000000 B_1F 8.131250 %
B_1A 1,000.00000000 0.00000000 6.77604172 6.77604172 1,000.00000000 B_1A 8.131250 %
- ------------------------------------------------------------------------------------------ ------------------------------------
TOTALS 948.57909252 13.58086347 4.89697059 18.47783407 934.99822905
- ------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------ ------------------------------------
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 1,964,622.60000000 1,964,622.60000000 1,000.00000000 P_A 0.000000 %
P_F 1,000.00000000 0.00000000 452,728.00000000 452,728.00000000 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>
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ASSET BACKED SECURITIES CORPORATION EQUITY LOAN TRUST 1999-LB1
OCTOBER 21, 1999
----------------------------------------------------------------------------------------------------------------------------------
PAGE #3
<S> <C> <C>
Ending Principal Pool Balance Of Group I 221,696,403.77
Ending Principal Pool Balance Of Group II 663,031,297.25
Sec.7.09 (a)(i) Total Distribution Amount With Respect To Each Group
Group 1a 2,060,353.87
Group 1b 726,529.14
Group 11a 5,806,319.12
Group 11b 2,386,153.19
Sec.7.09 (a)(ii) Principal Allocation Amount With Respect To Each Group
Group 1a
Scheduled Principal 125,753.46
Curtailment 14,682.51
Prepayment 1,919,917.90
Group 1b
Scheduled Principal 30,100.46
Curtailment 7,814.71
Prepayment 688,613.97
Group 11a
Scheduled Principal 222,103.71
Curtailment 134,234.14
Prepayment 5,449,981.27
Group 11b
Scheduled Principal 131,145.63
Curtailment 15,181.07
Prepayment 2,239,826.49
Group 1 Subordinated Increase Amount 277,926.06
Group II Subordinated Increase Amount 1,360,908.89
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>
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ASSET BACKED SECURITIES CORPORATION EQUITY LOAN TRUST 1998-LB1
OCTOBER 21, 1999
---------------------------------------------------------------------------------------------------------------------------------
PAGE #4
Sec.7.09 (a)(v) Insured Payment 0.00
Sec.7.09 (a)(vii)Subordinated Amount
Group I 17,601,079.95
Group II 54,270,771.71
Specified Subordinated Amount
Group I 19,642,287.59
Group II 60,410,139.26
Subordinated Deficit
Group I 0.00
Group II 0.00
Sec.7.09 (a)(ix)Substitution Amounts And Loan Purchase Price
Group I 24,896.61
Group II 1,336,397.10
Sec.7.09 (a)(x) Weighted Average Coupon Rate Of The Home Equity Loans In Each Group
Group I 10.05400 %
Group II 9.66450 %
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 6.75870 %
Sec.7.09 (a)(xv)The Three Largest Home Equity Loan Balances In Each Group
Group I 525,254.68
597,328.48
747,214.50
Group II 646,253.03
700,592.52
846,843.15
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
- ----------------------------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES CORPORATION EQUITY LOAN TRUST 1998-LB1
OCTOBER 21, 1999
---------------------------------------------------------------------------------------------------------------------------------
PAGE #4
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 376,862,247.16
Group IIb 203,495,521.24
Loans That Are Fixed For Three Years (3/27)
Group 11a 27,072,341.44
Group 11b 13,496,352.49
Sec.7.09 (b)(i) Loans Delinquent
--------------------------------------------------------------------
Group Totals
--------------------------------------------------------------------
Period Number Principal Balance Percentage
--------------------------------------------------------------------
31-60 days 127 13,898,364.19 1.57 %
61-90 days 89 9,054,740.78 1.02 %
91 + days 9 933,868.00 0.11 %
Total 225 23,886,972.97 2.70 %
--------------------------------------------------------------------
--------------------------------------------------------------------
Group 1
--------------------------------------------------------------------
Period Number Principal Balance Percentage
--------------------------------------------------------------------
31-60 days 37 2,346,639.25 1.06 %
61-90 days 33 2,418,172.55 1.09 %
91 + days 3 137,894.51 0.06 %
Total 73 4,902,706.31 2.21 %
--------------------------------------------------------------------
--------------------------------------------------------------------
Group 2
--------------------------------------------------------------------
Period Number Principal Balance Percentage
--------------------------------------------------------------------
31-60 days 90 11,551,724.94 1.74 %
61-90 days 56 6,636,568.23 1.00 %
91 + days 6 795,973.49 0.12 %
Total 152 18,984,266.66 2.86 %
--------------------------------------------------------------------
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
- ----------------------------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES CORPORATION EQUITY LOAN TRUST 1999-LB1
OCTOBER 21, 1999
---------------------------------------------------------------------------------------------------------------------------------
PAGE #5
Sec. 7.09(b)(ii) Loans in Foreclosure
-------------------------------------------------------
Group Totals
-------------------------------------------------------
Number Principal Balance Percentage
-------------------------------------------------------
142 14,721,688.64 1.66 %
-------------------------------------------------------
-------------------------------------------------------
Group 1
-------------------------------------------------------
Number Principal Balance Percentage
-------------------------------------------------------
46 2,846,292.71 1.28 %
-------------------------------------------------------
-------------------------------------------------------
Group 2
-------------------------------------------------------
Number Principal Balance Percentage
-------------------------------------------------------
96 11,875,395.93 1.79 %
-------------------------------------------------------
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
-------------------------------------------------------
1 40,234.35 0.00 %
-------------------------------------------------------
-------------------------------------------------------
Group 1
-------------------------------------------------------
Number Principal Balance Percentage
-------------------------------------------------------
1 40,234.35 0.02 %
-------------------------------------------------------
-------------------------------------------------------
Group 2
-------------------------------------------------------
Number Principal Balance Percentage
-------------------------------------------------------
0 0.00 0.00 %
-------------------------------------------------------
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
- ----------------------------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES CORPORATION EQUITY LOAN TRUST 1999-LB1
OCTOBER 21, 1999
---------------------------------------------------------------------------------------------------------------------------------
PAGE #6
Sec. 7.09(b)(vi) Cumulative Realized Losses 0.00
Sec. 7.09(b)(vii) Net Liquidation Proceeds 0.00
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) 0.00591 %
Sec. 7.09(b)(x) The Cumulative Loss Percentage 0.00
Next Month's Pass-Through Rates for the LIBOR Classes
Class A_3A 5.66713 %
Class A_4A 5.77713 %
Class A_5A 5.80713 %
Class B_1A 8.15713 %
Class B_1F 8.15713 %
Group I Fees
Trustee Fee 1,870.69
Premium Fee 23,305.51
Group II Fees
Trustee Fee 5,593.53
Premium Fee 64,407.70
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
</TABLE>
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