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Previous: ASSET BACKED SEC CORP HOME EQUITY LOAN TR 1999-LB1, 8-K, 1999-10-29 |
Next: ASSET BACKED SEC CORP HOME EQUITY LOAN TR 1999-LB1, 8-K, 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) : September 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 September 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 September 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
September 21, 1999.
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on September 21, 1999
<PAGE>
<TABLE>
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ASSET BACKED SECURITIES CORPORATION EQUITY LOAN TRUST 1999-LB1
STATEMENT TO CERTIFICATEHOLDERS
SEPTEMBER 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 166,900,000.00 161,862,104.84 1,501,892.72 959,032.97 2,460,925.69 0.00 0.00 160,360,212.12
A_2F 48,600,000.00 47,940,026.13 1,140,105.36 285,243.16 1,425,348.52 0.00 0.00 46,799,920.77
A_3A 292,900,000.00 281,099,767.99 4,141,597.07 1,262,411.25 5,404,008.32 0.00 0.00 276,958,170.92
A_4A 164,850,000.00 155,737,627.65 2,390,681.40 713,213.44 3,103,894.84 0.00 0.00 153,346,946.25
A_5A 200,000,000.00 190,862,870.84 2,854,081.26 878,684.94 3,732,766.20 0.00 0.00 188,008,789.58
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 86,828.27 86,828.27 0.00 0.00 13,364,763.00
B_1A 42,500,702.00 42,500,702.00 0.00 276,118.80 276,118.80 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 929,115,465.00 893,367,862.45 12,028,357.81 4,461,532.83 16,489,890.64 0.00 0.00 881,339,504.64
- -----------------------------------------------------------------------------------------------------------------------------------
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 0.00 137,209.38 137,209.38 0.00 0.00 100.00
P_F 100.00 100.00 0.00 54,977.51 54,977.51 0.00 0.00 100.00
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(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
SEPTEMBER 21, 1999
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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 969.81488820 8.99875806 5.74615321 14.74491126 960.81613014 A_1F 7.110000 %
A_2F 986.42029074 23.45895802 5.86920082 29.32815885 962.96133272 A_2F 7.140000 %
A_3A 959.71242059 14.13996951 4.31004182 18.45001133 945.57245108 A_3A 5.575000 %
A_4A 944.72324932 14.50216197 4.32643882 18.82860079 930.22108735 A_4A 5.685000 %
A_5A 954.31435420 14.27040630 4.39342470 18.66383100 940.04394790 A_5A 5.715000 %
B_1F 1,000.00000000 0.00000000 6.49680582 6.49680582 1,000.00000000 B_1F 8.065000 %
B_1A 1,000.00000000 0.00000000 6.49680563 6.49680563 1,000.00000000 B_1A 8.065000 %
- ------------------------------------------------------------------------------------------ ------------------------------------
TOTALS 961.52512374 12.94603121 4.80191429 17.74794550 948.57909252
- ------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------ ------------------------------------
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 1,372,093.80000000 1,372,093.80000000 1,000.00000000 P_A 0.000000 %
P_F 1,000.00000000 0.00000000 549,775.10000000 549,775.10000000 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
SEPTEMBER 21, 1999
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PAGE #3
<S> <C> <C>
Ending Principal Pool Balance Of Group I 224,483,286.78
Ending Principal Pool Balance Of Group II 671,223,769.56
Sec.7.09 (a)(i) Total Distribution Amount With Respect To Each Group
Group 1a 1,340,131.65
Group 1b 1,017,310.53
Group 11a 4,992,438.75
Group 11b 2,881,818.36
Sec.7.09 (a)(ii) Principal Allocation Amount With Respect To Each Group
Group 1a
Scheduled Principal 125,361.88
Curtailment 45,047.62
Prepayment 1,169,722.15
Group 1b
Scheduled Principal 30,315.97
Curtailment -295.87
Prepayment 987,290.43
Group 11a
Scheduled Principal 223,075.67
Curtailment 31,331.92
Prepayment 4,738,031.16
Group 11b
Scheduled Principal 132,012.33
Curtailment 6,232.46
Prepayment 2,743,573.57
Group 1 Subordinated Increase Amount 284,555.90
Group II Subordinated Increase Amount 1,512,102.62
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
SEPTEMBER 21, 1999
---------------------------------------------------------------------------------------------------------------------------------
PAGE #4
Sec.7.09 (a)(v) Insured Payment 0.00
Sec.7.09 (a)(vii)Subordinated Amount
Group I 17,323,153.89
Group II 52,909,862.81
Specified Subordinated Amount
Group I 19,848,563.78
Group II 61,118,822.40
Subordinated Deficit
Group I 0.00
Group II 0.00
Sec.7.09 (a)(ix)Substitution Amounts And Loan Purchase Price
Group I 260,647.47
Group II 658,545.75
Sec.7.09 (a)(x) Weighted Average Coupon Rate Of The Home Equity Loans In Each Group
Group I 10.05470 %
Group II 9.65010 %
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 N/A
Sec.7.09 (a)(xv)The Three Largest Home Equity Loan Balances In Each Group
Group I 525,568.67
597,634.89
747,621.65
Group II 646,656.30
701,008.32
847,304.58
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
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ASSET BACKED SECURITIES CORPORATION EQUITY LOAN TRUST 1998-LB1
SEPTEMBER 21, 1999
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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 381,489,243.40
Group IIb 206,349,481.81
Loans That Are Fixed For Three Years (3/27)
Group 11a 27,000,371.16
Group 11b 13,568,498.43
Sec.7.09 (b)(i) Loans Delinquent
--------------------------------------------------------------------
Group Totals
--------------------------------------------------------------------
Period Number Principal Balance Percentage
--------------------------------------------------------------------
31-60 days 169 16,161,036.61 1.80 %
61-90 days 89 9,455,096.58 1.06 %
91 + days 6 430,502.24 0.05 %
Total 264 26,046,635.43 2.91 %
--------------------------------------------------------------------
--------------------------------------------------------------------
Group 1
--------------------------------------------------------------------
Period Number Principal Balance Percentage
--------------------------------------------------------------------
31-60 days 58 4,096,036.55 1.82 %
61-90 days 29 1,869,977.36 0.83 %
91 + days 3 144,306.92 0.06 %
Total 90 6,110,320.83 2.71 %
--------------------------------------------------------------------
--------------------------------------------------------------------
Group 2
--------------------------------------------------------------------
Period Number Principal Balance Percentage
--------------------------------------------------------------------
31-60 days 111 12,065,000.06 1.80 %
61-90 days 60 7,585,119.22 1.13 %
91 + days 3 286,195.32 0.04 %
Total 174 19,936,314.60 2.97 %
--------------------------------------------------------------------
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
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ASSET BACKED SECURITIES CORPORATION EQUITY LOAN TRUST 1999-LB1
SEPTEMBER 21, 1999
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PAGE #5
Sec. 7.09(b)(ii) Loans in Foreclosure
-------------------------------------------------------
Group Totals
-------------------------------------------------------
Number Principal Balance Percentage
-------------------------------------------------------
94 9,195,933.61 1.03 %
-------------------------------------------------------
-------------------------------------------------------
Group 1
-------------------------------------------------------
Number Principal Balance Percentage
-------------------------------------------------------
27 1,590,350.87 0.71 %
-------------------------------------------------------
-------------------------------------------------------
Group 2
-------------------------------------------------------
Number Principal Balance Percentage
-------------------------------------------------------
67 7,605,582.74 1.13 %
-------------------------------------------------------
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
-------------------------------------------------------
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 %
-------------------------------------------------------
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
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ASSET BACKED SECURITIES CORPORATION EQUITY LOAN TRUST 1999-LB1
SEPTEMBER 21, 1999
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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) 0.00537 %
Sec. 7.09(b)(x) The Cumulative Loss Percentage 0.00
Next Month's Pass-Through Rates for the LIBOR Classes
Class A_3A 5.64125 %
Class A_4A 5.75125 %
Class A_5A 5.78125 %
Class B_1A 8.13125 %
Class B_1F 8.13125 %
Group I Fees
Trustee Fee 1,890.34
Premium Fee 23,602.74
Group II Fees
Trustee Fee 5,659.15
Premium Fee 65,385.44
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
</TABLE>
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