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Previous: CROSSROADS SYSTEMS INC, 8-A12G/A, 1999-10-15 |
Next: AMERICAN RIVERS OIL CO /DE/, S-4/A, 1999-10-15 |
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 27, 1999
MERRILL LYNCH MORTGAGE INVESTORS INC, (as depositor under the
Pooling and Servicing Agreement, dated May 1, 1999, providing for the
issuance of C-BASS Trust 1999-CB2, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 1999-CB2).
MERRILL LYNCH MORTGAGE INVESTORS, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-39127 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 8
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 Trust 1999-CB2, C-BASS Mortgage Loan Asset-Backed Certificates, Series
1999-CB2 (the "Certificates"). The Certificates were issued, and this report and
exhibits are being filed, pursuant to the terms of the Pooling and Servicing
Agreement, dated as of May 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 September 27, 1999 distributions were 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 September 27, 1999,
as Exhibit 99.1.
-2-
<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 14, 1999 By: /s/ Kimberly K. Costa
Kimberly K. Costa
Vice President
-3-
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Statement to Certificateholders 5
September 27, 1999.
-4-
<PAGE>+
Exhibit 99.1
Statement to Certificateholders
September 27, 1999
-5-
<PAGE>
<TABLE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB2
STATEMENT TO CERTIFICATEHOLDERS
September 27, 1999
<S> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
- ----------------------------------------------------------------------------------------------------------------------------------
IA 141,832,106.00 138,995,746.75 1,472,268.97 810,808.52 2,283,077.49 0.00 0.00 137,523,477.78
IAPO 161,894.00 157,867.50 177.04 0.00 177.04 0.00 0.00 157,690.46
IM1 1,110,000.00 1,101,308.14 1,211.28 6,424.30 7,635.58 0.00 0.00 1,100,096.86
IM2 740,000.00 734,205.43 807.52 4,282.87 5,090.39 0.00 0.00 733,397.91
IM3 740,000.00 734,205.43 807.52 4,282.87 5,090.39 0.00 0.00 733,397.91
IB1 740,000.00 734,205.43 807.52 4,282.87 5,090.39 0.00 0.00 733,397.91
IB2 740,000.00 734,205.43 807.52 4,282.87 5,090.39 0.00 0.00 733,397.91
IB3 1,849,418.00 1,834,936.12 2,018.16 10,703.79 12,721.95 0.00 0.00 1,832,917.96
IIA1 84,958,000.00 78,125,186.62 1,801,844.65 418,140.65 2,219,985.30 0.00 0.00 76,323,341.97
IIA2 43,008,000.00 40,220,034.85 1,930,429.85 209,734.91 2,140,164.76 0.00 0.00 38,289,605.00
IIM1 10,529,000.00 10,529,000.00 0.00 65,981.73 65,981.73 0.00 0.00 10,529,000.00
IIM2 8,909,000.00 8,909,000.00 0.00 61,323.62 61,323.62 0.00 0.00 8,909,000.00
IIB1 7,694,000.00 7,694,000.00 0.00 53,216.83 53,216.83 0.00 0.00 7,694,000.00
IIB2 3,644,000.00 3,644,000.00 0.00 21,256.67 21,256.67 0.00 0.00 3,644,000.00
IIB3 3,240,000.00 3,240,000.00 0.00 18,900.00 18,900.00 0.00 0.00 3,240,000.00
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 309,895,418.00 297,387,901.70 5,211,180.03 1,693,622.50 6,904,802.53 0.00 0.00 292,176,721.67
- ----------------------------------------------------------------------------------------------------------------------------------
IAIO 144,330,149.22 141,760,716.87 0.00 144,159.36 144,159.36 0.00 0.00 140,285,448.10
- ----------------------------------------------------------------------------------------- -------------------------------------
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 12489WAR5 980.00199440 10.38036458 5.71667828 16.09704287 969.62162982 IA 7.000000%
IAPO 12489WAT1 975.12878797 1.09355504 0.00000000 1.09355504 974.03523293 IAPO 0.000000%
IM1 12489WAU8 992.16949550 1.09124324 5.78765766 6.87890090 991.07825225 IM1 7.000000%
IM2 12489WAV6 992.16950000 1.09124324 5.78766216 6.87890541 991.07825676 IM2 7.000000%
IM3 12489WAW4 992.16950000 1.09124324 5.78766216 6.87890541 991.07825676 IM3 7.000000%
IB1 12489WBC7 992.16950000 1.09124324 5.78766216 6.87890541 991.07825676 IB1 7.000000%
IB2 12489WBD5 992.16950000 1.09124324 5.78766216 6.87890541 991.07825676 IB2 7.000000%
IB3 12489WBE3 992.16949332 1.09124060 5.78765320 6.87889379 991.07825273 IB3 7.000000%
IIA1 12489WAX2 919.57422044 21.20865192 4.92173368 26.13038560 898.36556852 IIA1 5.838750%
IIA2 12489WAY0 935.17566150 44.88536668 4.87664876 49.76201544 890.29029483 IIA2 5.688750%
IIM1 12489WAZ7 1000.00000000 0.00000000 6.26666635 6.26666635 1000.00000000 IIM1 7.520000%
IIM2 12489WBA1 1000.00000000 0.00000000 6.88333371 6.88333371 1000.00000000 IIM2 8.260000%
IIB1 1249WBB9 1000.00000000 0.00000000 6.91666623 6.91666623 1000.00000000 IIB1 8.300000%
IIB2 12489WBF0 1000.00000000 0.00000000 5.83333425 5.83333425 1000.00000000 IIB2 7.000000%
IIB3 12489WBG8 1000.00000000 0.00000000 5.83333333 5.83333333 1000.00000000 IIB3 7.000000%
- ------------------------------------------------------------------------------------------- ------------------------------------
TOTALS 959.63955717 16.81593121 5.46514211 22.28107332 942.82362597
- ------------------------------------------------------------------------------------------- ------------------------------------
IAIO 12489WAS3 982.19753555 0.00000000 0.99881668 0.99881668 971.97604837 IAIO 1.220304%
- ------------------------------------------------------------------------------------------- ------------------------------------
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
-6-
<PAGE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB2
September 27, 1999
Group 1 Available Funds 2,468,132.95
Group 2 Available Funds 4,580,828.91
Overcollateralization Information
Overcollateralization Amount(prior to Extra PDA) 1,377,780.19
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency Amount 1,051,961.66
Target Overcollateralization Amount 2,429,741.85
Extra Principal Distribution Amount 287,312.00
Monthly Excess Interest Amount 287,312.00
Monthly Excess Cashflow Amount 287,312.00
Overcollateralization Deficiency (After Distribution) 764,649.66
Overcollateralization Amount (After Distribution) 1,665,092.19
Fees and Advances
Servicing Fee 109,381.75
Trustee Fee 2,489.77
Lender PMI 0.00
Total Advances 5,913,057.10
Group 1 Advances 4,437,991.10
Group 2 Advances 1,475,066.00
Mortgage Pool Information
Total Principal Balance 293,841,813.67
Loan Count 3,667
Weighted Average Remaining Term 307
Weighted Average Loan Rate 8.9846%
Aggregate Amount of Prepayment 4,615,901.54
Aggregate Amount of Repurchased Principal 0.00
Aggregate Amount of Realized Losses 7,202.95
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 143,547,774.51
Non-Pro Principal Balance 143,393,358.33
Po Principal Balance 154,416.18
Loan Count 2,000
Weighted Average Remaining Term 306
Weighted Average Loan Rate 8.5702%
Aggreate Amount of Prepayment 1,319,393.88
Aggreate Amount of Repuchased Principal 0.00
Aggreate 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-Pro Amount of Scheduled Principal 159,334.60
Non-Pro Amount of Unscheduled Principal 1,319,393.88
Po Amount of Scheduled Principal 177.04
Po Amount of UnScheduled Principal 0.00
Group 2 Loan Information
Principal Balance 150,294,039.16
Loan Count 1,667
Weighted Average Remaining Term 308
Weighted Average Loan Rate 9.3755%
Aggregate Amount of Prepayment 3,296,507.66
Aggregate Amount of Repurchased Principal 0.00
Aggregate Amount of Realized Losses 7,202.95
Prepayment Interest Shortfalls (not covered by servicer) 0.00
Relief Act Shortfalls 0.00
Extraordinary Trust Fund Expenses 0.00
Basis Rick Reserve Fund Balance 5,000.00
Libor Carryover Amount 0.00
-7-
<PAGE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB2
September 27, 1999
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 0.01
Class iia 0.00
Class iim1 0.00
Class iim2 0.00
Class iib1 0.00
Class iib2 0.00
Class iib3 0.00
Number and Aggregate Principal Amounts of Mortgage Loans in Delinquency
Group 1
Category Number Principal Balance Percentage
1 Month 409 29,440,817.65 20.51 %
2 Months 206 16,007,405.04 11.15 %
3+Months 200 15,316,169.34 10.67 %
Total 815 60,764,392.03 42.33 %
Group 2
Category Number Principal Balance Percentage
1 Month 231 19,484,616.94 12.96 %
2 Months 97 8,057,031.33 5.36 %
3+Months 50 3,887,813.05 2.59 %
Total 378 31,429,461.32 20.91 %
Group Totals
Category Number Principal Balance Percentage
1 Month 640 48,925,434.59 16.65 %
2 Months 303 24,064,436.37 8.19 %
3+ Months 250 19,203,982.39 6.54 %
Total 1193 92,193,853.35 31.38 %
Number and Aggregate Principal Amounts of Mortgage Loans in Foreclosure
Group 1
Number Principal Balance Percentage
190 14,898,829.04 10.38 %
Group 2
Number Principal Balance Percentage
80 6,758,159.95 4.5 %
Group Totals
Number Principal Balance Percentage
270 21,656,988.99 7.37 %
Number and Aggregate Principal Amounts of Bankruptcy Loans
Group 1
Number Principal Balance Percentage
523 33,261,067.80 23.17 %
Group 2
Number Principal Balance Percentage
49 4,417,576.60 2.94 %
Group Totals
Number Principal Balance Percentage
572 37,678,644.40 12.82 %
Number and Aggregate Principal Amounts of REO Loans
Group 1
Number Principal Balance Percentage
0 0.00 0%
Group 2
Number Principal Balance Percentage
0 0.00 0%
Group Totals
Number Principal Balance Percentage
0 0.00 0%
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
-8-
</TABLE>
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