SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
[X] Annual report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the period from July 21, 1999 (Commencement of Operations)
to December 31, 1999
[ ] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the transition period from to
Commission File Number 333-64351-03
ASSET BACKED SECURITIES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 13-3354848
(State or other jurisdiction of I.R.S. Employer
incorporation or organization) Identification No.)
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
ASSET BACKED SECURITIES CORPORATION
HOME EQUITY LOAN TRUST, SERIES 1999-LB1
(Title of each class of securities covered by this Form)
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K/A or any amendment to
this Form 10-K/A. [X]
Documents incorporated by reference: None
Page 1 of 5
This report consists of 9 consecutively numbered pages.
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AMENDMENT NUMBER 1 OF 1
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ASSET BACKED SECURITIES CORPORATION
HOME EQUITY LOAN TRUST, SERIES 1999-LB1
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PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) The following documents are filed as part of this report:
(1) Financial Statements:
Omitted.
(2) Financial Statement Schedules:
Omitted.
(3) Exhibits:
Annual Servicer Statement of Compliance, filed as Exhibit 99.1 hereto.
Annual Statement of Independent Accountants Report for the Servicer,
filed as Exhibit 99.2 hereto.
(b) Reports on Form 8-K: The following Current Reports on Form 8-K were filed
by the Registrant during the last quarter of 1999.
Current Reports on Form 8-K, dated October 21, 1999, November 22, 1999,
and December 21, 1999 were filed for the purpose of filing the Monthly
Statement sent to the Holders of the Offered Certificates for payments made
on the same dates. The item reported in such Current Report was Item 5
(Other Events).
(c) Exhibits to this report are listed in Item (14)(a)(3) above.
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SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
THE CHASE MANHATTAN BANK,
not in its individual capacity but solely
as Trustee under the Agreement referred
to herein
Date: April 27, 2000 By: /s/Thomas J. Provenzano
-----------------------------
Thomas J. Provenzano
Vice President
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EXHIBIT INDEX
Exhibit Description Page
99.1 Servicer's Annual Statement of Compliance 6
99.2 Servicer's Annual Independent Accountant's Report 8
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EXHIBIT 99.1 - Servicer's Annual Statement of Compliance
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Long Beach Mortgage Company
OFFICER'S CERTIFICATE
Master Servicer: Long Beach Mortgage Company
Agreement: Pooling and Servicing Agreement dated June 1, 1999
Deal: Asset Backed Securities Corporation
Equity Loan Trust 1999-LB1
Subject Period: June 1, 1999 through December 31, 1999
Certificate Date: April 14, 2000
This certificate is delivered to The Chase Manhattan Bank, as Trustee
pursuant to Sections 8.16 and 8.17 of the Pooling and Servicing Agreement dated
June 1, 1999 ("the Agreement").
The undersigned officer of Long Beach Mortgage Company ("the Company")
represents solely the activities of the Company and does not make any
representations for any other master servicer under the Agreement.
Pursuant to Section 8.16 of the Agreement; the undersigned officer of the
Company has supervised a review of the Company's activities during the Subject
Period with respect to the terms of the Agreement and has determined the
following: (a) to undersigned officer's best knowledge, the Company has
fulfilled its obligations under this Agreement and (b) there has not been a
default in the fulfillment of any obligation under the Agreement.
Pursuant to Section 8.17 of the Agreement; attached to this certificate is
a copy of the letter issued to Long Beach Mortgage Company, by Deloitte & Touche
LLP regarding the Company's compliance with the Uniform Single Attestation
Program for Mortgage Bankers for the year ended December 31, 1999.
Long Beach Mortgage Company
/s/ James R. Guerin
Senior Vice President
Loan Servicing Division
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EXHIBIT 99.2 - Servicer's Annual Independent Accountant's Report
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Deloitte & Touche
Deloitte & Touche LLP
Suite 1200
695 Town Center Drive
Cosla Mesa, California 92626-1924
Telephone (714) 436-7100 Facsimile (7T4) 436-7200
INDEPENDENT ACCOUNTANTS' REPORT
The Board of Directors
Long Beach Mortgage Company
We have examined management's assertion about Long Beach Mortgage Company's
compliance with the minimum servicing standards identified in the Mortgage
Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers (USAP) as of and for the year ended December 31, 1999, included in the
accompanying management assertion. Management is responsible for Long Beach
Mortgage Company's compliance with those minimum servicing standards. Our
responsibility is to express an opinion on management's assertion about the
entity's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about Long Beach Mortgage Company's
compliance with the minimum servicing standards and performing such other
procedures as we considered necessary, in the circumstances. We believe that our
examination provides a reasonable basis for our opinion. Our examination does
not provide a legal determination on Long Beach Mortgage Company's compliance
with the minimum servicing standards.
In our opinion, management's assertion that Long Beach Mortgage Company
complied with the aforementioned minimum servicing standards as of and for the
year ended December 31, 1999, is fairly stated, in all material respects.
/s/ Deloitte & Touche, LLP
February 22, 2000
Deloitte Touche Tohmatsu
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