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Previous: COLORADO COMMUNITY BRAODCASTING INC, 10SB12G, 1999-09-01 |
Next: MCK COMMUNICATIONS INC, S-1/A, 1999-09-01 |
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) : August 25, 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 August 25, 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 August 25, 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: September 1, 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
August 25, 1999.
-4-
<PAGE>
Exhibit 99.1
Statement to Certificateholders
August 25, 1999
-5-
<PAGE>
<TABLE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB2
STATEMENT TO CERTIFICATEHOLDERS
August 25, 1999
<S> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
- ----------------------------------------------------------------------------------------------------------------------------------
IA 141,832,106.00 139,526,188.98 530,442.23 813,902.77 1,344,345.00 0.00 0.00 138,995,746.75
IAPO 161,894.00 158,043.51 176.01 0.00 176.01 0.00 0.00 157,867.50
IM1 1,110,000.00 1,102,510.37 1,202.23 6,431.31 7,633.54 0.00 0.00 1,101,308.14
IM2 740,000.00 735,006.92 801.49 4,287.54 5,089.03 0.00 0.00 734,205.43
IM3 740,000.00 735,006.92 801.49 4,287.54 5,089.03 0.00 0.00 734,205.43
IB1 740,000.00 735,006.92 801.49 4,287.54 5,089.03 0.00 0.00 734,205.43
IB2 740,000.00 735,006.92 801.49 4,287.54 5,089.03 0.00 0.00 734,205.43
IB3 1,849,418.00 1,836,939.21 2,003.09 10,715.47 12,718.56 0.00 0.0 1,834,936.12
IIA1 84,958,000.00 80,783,436.40 2,658,249.78 381,280.99 3,039,530.77 0.00 0.00 78,125,186.62
IIA2 43,008,000.00 40,895,461.15 675,426.30 187,906.12 863,332.42 0.00 0.00 40,220,034.85
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 309,895,418.00 301,258,607.30 3,870,705.60 1,638,065.675,508,771.27 0.00 0.00 297,387,901.70
- -----------------------------------------------------------------------------------------------------------------------------------
IAIO 144,330,149.22 142,294,130.82 0.00 144,789.78 144,789.78 0.00 0.00 141,760,716.87
- -----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------- -------------------------------------
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 983.74192498 3.73993058 5.73849457 9.47842515 980.00199440 IA 7.000000%
IAPO 12489WAT1 976.21598083 1.08719285 0.00000000 1.08719285 975.12878797 IAPO 0.000000%
IM1 12489WAU8 993.25258559 1.08309009 5.79397297 6.87706306 992.16949550 IM1 7.000000%
IM2 12489WAV6 993.25259459 1.08309459 5.79397297 6.87706757 992.16950000 IM2 7.000000%
IM3 12489WAW4 993.25259459 1.08309459 5.79397297 6.87706757 992.16950000 IM3 7.000000%
IB1 12489WBC7 993.25259459 1.08309459 5.79397297 6.87706757 992.16950000 IB1 7.000000%
IB2 12489WBD5 993.25259459 1.08309459 5.79397297 6.87706757 992.16950000 IB2 7.000000%
IB3 12489WBE3 993.25258541 1.08309209 5.79396870 6.87706078 992.16949332 IB3 7.000000%
IIA1 12489WAX2 950.86320770 31.28898726 4.48787624 35.77686351 919.57422044 IIA1 5.663750%
IIA2 12489WAY0 950.88032808 15.70466657 4.36909691 20.07376349 935.17566150 IIA2 5.513750%
IIM1 12489WAZ7 1,000.00000000 0.00000000 6.26666635 6.26666635 1,000.00000000 IIM1 7.520000%
IIM2 12489WBA1 1,000.00000000 0.00000000 6.88333371 6.88333371 1,000.00000000 IIM2 8.260000%
IIB1 1249WBB9 1,000.00000000 0.00000000 6.91666623 6.91666623 1,000.00000000 IIB1 8.300000%
IIB2 12489WBF0 1,000.00000000 0.00000000 5.83333425 5.83333425 1,000.00000000 IIB2 7.000000%
IIB3 12489WBG8 1,000.00000000 0.00000000 5.83333333 5.83333333 1,000.00000000 IIB3 7.000000%
- ------------------------------------------------------------------------------------------- ------------------------------------
TOTALS 972.12991804 12.49036086 5.28586605 17.77622691 959.63955717
- ------------------------------------------------------------------------------------------- ------------------------------------
IAIO 12489WAS3 985.89332575 0.00000000 1.00318458 1.00318458 982.19753555 IAIO 1.221046%
- ------------------------------------------------------------------------------------------- ------------------------------------
If there are any questions or problems with this statement, please contact
the Administrator listed below:
---------------------------------------
KIMBERLY COSTA
THE CHASE MANHATTAN BANK - STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, 14TH FLOOR
NEW YORK, NEW YORK 10001
TEL: 212/946-3247
Email: [email protected]
---------------------------------------
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
-6-
<PAGE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB2
August 25, 1999
Group 1 Available Funds 1,530,018.99
Group 2 Available Funds 4,123,542.05
Overcollateralization Information
Overcollateralization Amount(prior to Extra PDA) 1,015,317.92
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency Amount 1,414,423.93
Target Overcollateralization Amount 2,429,741.85
Extra Principal Distribution Amount 369,665.23
Monthly Excess Interest Amount 369,665.23
Monthly Excess Cashflow Amount 369,665.23
Overcollateralization Deficiency (After Distribution) 1,044,758.70
Overcollateralization Amount (After Distribution) 1,384,983.15
Fees and Advances
Servicing Fee 110,784.58
Trustee Fee 2,518.95
Lender PMI 0.00
Total Advances 5,854,606.80
Group 1 Advances 4,366,083.98
Group 2 Advances 1,488,522.82
Mortgage Pool Information
Total Principal Balance 298,772,884.64
Loan Count 3,714
Weighted Average Remaining Term 308
Weighted Average Loan Rate 8.9951%
Aggregate Amount of Prepayment 3,192,981.38
Aggregate Amount of Repurchased Principal 0.00
Aggregate 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
Group 1 Loan Information
Principal Balance 145,026,680.03
Non-Pro Principal Balance 144,872,086.81
Po Principal Balance 154,593.22
Loan Count 2,017
Weighted Average Remaining Term 307
Weighted Average Loan Rate 8.571%
Aggreate Amount of Prepayment 378,296.26
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 158,557.23
Non-Pro Amount of Unscheduled Principal 378,296.26
Po Amount of Scheduled Principal 176.01
Po Amount of UnScheduled Principal 0.00
Group 2 Loan Information
Principal Balance 153,746,204.61
Loan Count 1,697
Weighted Average Remaining Term 309
Weighted Average Loan Rate 9.3890%
Aggregate Amount of Prepayment 2,814,685.12
Aggregate Amount of Repurchased Principal 0.00
Aggregate 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
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
August 25, 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 0.00
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 386 28,864,488.08 19.90%
2 Months 251 20,101,368.35 13.86%
3+ Months 293 23,342,523.85 16.10%
Total 930 72,308,380.28 49.86%
Group 2
Category Number Principal Balance Percentage
1 Month 227 21,718,992.33 14.13 %
2 Months 119 9,968,590.15 6.48 %
3+ Months 98 8,255,486.21 5.37 %
Total 444 39,943,068.69 25.98 %
Group Totals
Category Number Principal Balance Percentage
1 Month 613 50,583,480.41 16.93 %
2 Months 370 30,069,958.50 10.06 %
3+ Months 391 31,598,010.06 10.58 %
Total 1374 112,251,448.97 37.57 %
Number and Aggregate Principal Amounts of Mortgage Loans in Foreclosure
Group 1
Number Principal Balance Percentage
89 6,520,801.24 4.50 %
Group 2
Number Principal Balance Percentage
16 1,429,617.83 0.93 %
Group Totals
Number Principal Balance Percentage
105 7,950,419.07 2.66 %
Number and Aggregate Principal Amounts of Bankruptcy Loans
Group 1
Number Principal Balance Percentage
511 32,393,896.84 22.34 %
Group 2
Number Principal Balance Percentage
45 3,723,049.62 2.42 %
Group Totals
Number Principal Balance Percentage
556 36,116,946.46 12.09 %
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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