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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 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 333-39127-09 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 October 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 October 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: October 26, 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
October 25, 1999.
-4-
<PAGE>+
Exhibit 99.1
Statement to Certificateholders
October 25, 1999
-5-
<PAGE>
<TABLE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB2
STATEMENT TO CERTIFICATEHOLDERS
October 25, 1999
<S> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
- ----------------------------------------------------------------------------------------------------------------------------------
IA 141,832,106.00 137,523,477.78 1,036,085.45 802,220.29 1,838,305.74 0.00 0.00 136,487,392.33
IAPO 161,894.00 157,690.46 178.07 0.00 178.07 0.00 0.00 157,512.39
IM1 1,110,000.00 1,100,096.86 1,218.97 6,417.23 7,636.20 0.00 0.00 1,098,877.89
IM2 740,000.00 733,397.91 812.65 4,278.15 5,090.80 0.00 0.00 732,585.26
IM3 740,000.00 733,397.91 812.65 4,278.15 5,090.80 0.00 0.00 732,585.26
IB1 740,000.00 733,397.91 812.65 4,278.15 5,090.80 0.00 0.00 732,585.26
IB2 740,000.00 733,397.91 812.65 4,278.15 5,090.80 0.00 0.00 732,585.26
IB3 1,849,418.00 1,832,917.96 2,030.97 10,692.01 12,722.98 0.00 0.00 1,830,886.99
IIA1 84,958,000.00 76,323,341.97 2,747,209.08 349,200.49 3,096,409.57 0.00 0.00 73,576,132.89
IIA2 43,008,000.00 38,289,605.00 1,794,724.67 170,718.46 1,965,443.13 0.00 0.00 36,494,880.33
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 309,895,418.00 292,176,721.67 5,584,697.81 1,577,039.93 7,161,737.74 0.00 0.00 286,592,023.86
- -----------------------------------------------------------------------------------------------------------------------------------
IAIO 144,330,149.22 140,285,448.10 0.00 142,745.21 142,745.21 0.00 0.00 139,246,342.18
- -----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------- -------------------------------------
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 969.62162982 7.30501351 5.65612619 12.96113970 962.31661631 IA 7.000000%
IAPO 12489WAT1 974.03523293 1.09991723 0.00000000 1.09991723 972.93531570 IAPO 0.000000%
IM1 12489WAU8 991.07825225 1.09817117 5.78128829 6.87945946 989.98008108 IM1 7.000000%
IM2 12489WAV6 991.07825676 1.09817568 5.78128378 6.87945946 989.98008108 IM2 7.000000%
IM3 12489WAW4 991.07825676 1.09817568 5.78128378 6.87945946 989.98008108 IM3 7.000000%
IB1 12489WBC7 991.07825676 1.09817568 5.78128378 6.87945946 989.98008108 IB1 7.000000%
IB2 12489WBD5 991.07825676 1.09817568 5.78128378 6.87945946 989.98008108 IB2 7.000000%
IB3 12489WBE3 991.07825273 1.09816710 5.78128363 6.87945072 989.98008563 IB3 7.000000%
IIA1 12489WAX2 898.36556852 32.33608465 4.11027202 36.44635667 866.02948386 IIA1 5.882500%
IIA2 12489WAY0 890.29029483 41.73001930 3.96945824 45.69947754 848.56027553 IIA2 5.732500%
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 942.82362597 18.02123389 5.08894239 23.11017629 924.80239208
- ----------------------------------------------------------------------------------------- -------------------------------------
IAIO 12489WAS3 971.97604837 0.00000000 0.98901865 0.98901865 964.77654137 IAI0 1.221041%
- ------------------------------------------------------------------------------------------- ------------------------------------
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
October 25, 1999
Group 1 Available Funds 2,021,951.40
Group 2 Available Funds 5,282,531.55
Overcollateralization Information
Overcollateralization Amount (prior to Extra PDA) 1,653,004.54
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency Amount 776,737.31
Target Overcollateralization Amount 2,429,741.85
Extra Principal Distribution Amount 368,179.34
Monthly Excess Interest Amount 368,179.34
Monthly Excess Cashflow Amount 368,179.34
Overcollateralization Deficiency (After Distribution) 408,557.97
Overcollateralization Amount (After Distribution) 2,021,183.88
Fees and Advances
Servicing Fee 107,481.19
Trustee Fee 2,448.68
Lender PMI 0.00
Total Advances 4,672,104.53
Group 1 Advances 3,430,251.69
Group 2 Advances 1,241,852.84
Mortgage Pool Information
Total Principal Balance 288,613,207.57
Loan Count 3,619
Weighted Average Remaining Term 306
Weighted Average Loan Rate 8.9758%
Aggregate Amount of Prepayment 4,910,089.51
Aggregate Amount of Repurchased Principal 0.00
Aggregate Amount of Realized Losses 12,087.65
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 142,505,010.47
Non-Pro Principal Balance 142,350,772.36
Po Principal Balance 154,238.11
Loan Count 1,987
Weighted Average Remaining Term 305
Weighted Average Loan Rate 8.5706%
Aggregate Amount of Prepayment 883,701.84
Aggregate Amount of Repuchased 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
Non-Pro Amount of Scheduled Principal 158,884.13
Non-Pro Amount of Unscheduled Principal 883,701.84
Po Amount of Scheduled Principal 178.07
Po Amount of UnScheduled Principal 0.00
Group 2 Loan Information
Principal Balance 146,108,197.10
Group 2 Fixed Pool Principal Balance 97,389,544.06
Group 2 Adjustable Pool Principal Balance 48,718,653.04
Loan Count 1,632
Weighted Average Remaining Term 307
Weighted Average Loan Rate 9.3629 %
Aggregate Amount of Prepayment 4,026,387.67
Aggregate Amount of Repurchased Principal 0.00
Aggregate Amount of Realized Losses 12,087.65
Prepayment Interest Shortfalls (not covered by servicer) 0.00
Relief Act Shortfalls 0.00
Extraordinary Trust Fund Expenses 0.00
Basis Risk Reserve Fund Balance 5,000.00
Libor Carryover Amount 0.00
-7-
<PAGE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB2
October 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 387 28,030,315.63 19.67 %
2 Months 246 18,203,951.46 12.77 %
3+Months 93 15,565,157.71 10.92 %
Total 726 61,799,424.80 43.36 %
Group 2
Category Number Principal Balance Percentage
1 Month 225 18,423,668.74 12.61 %
2 Months 114 9,065,288.14 6.20 %
3+Months 52 4,112,959.19 2.82 %
Total 391 31,601,916.07 21.63 %
Group Totals
Category Number Principal Balance Percentage
1 Month 612 46,453,984.37 16.1 %
2 Months 360 27,269,239.60 9.45 %
3+Months 145 19,678,116.90 6.82 %
Total 1117 93,401,340.87 32.37 %
Number and Aggregate Principal Amounts of Mortgage Loans in Foreclosure
Group 1
Number Principal Balance Percentage
200 15,490,710.62 10.87 %
Group 2
Number Principal Balance Percentage
80 6,997,902.17 4.79 %
Group Totals
Number Principal Balance Percentage
280 22,488,612.79 7.79 %
Number and Aggregate Principal Amounts of Bankruptcy Loans
Group 1
Number Principal Balance Percentage
518 32,730,708.74 22.97 %
Group 2
Number Principal Balance Percentage
53 4,591,667.10 3.14 %
Group Totals
Number Principal Balance Percentage
571 37,322,375.84 12.93 %
Number and Aggregate Principal Amounts of REO Loans
Group 1
Number Principal Balance Percentage
0 0.00 0.00%
Group 2
Number Principal Balance Percentage
1 27,768.44 0.02 %
Group Totals
Number Principal Balance Percentage
1 27,768.44 0.01 %
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
-8-
</TABLE>
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