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Previous: HUTTIG BUILDING PRODUCTS INC, 10-12B/A, 1999-12-06 |
Next: VIDEOFLICKS COM INC, 20-F/A, 1999-12-06 |
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) : November 26, 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 November 26,1999 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 November 26, 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: December 3, 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
November 26, 1999.
-4-
Exhibit 99.1
Statement to Certificateholders
November 26, 1999
-5-
<PAGE>
<TABLE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB2
STATEMENT TO CERTIFICATEHOLDERS
November 26, 1999
<S> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
- ----------------------------------------------------------------------------------------------------------------------------------
IA 141,832,106.00 136,487,392.33 1,168,172.14 796,176.46 1,964,348.60 0.00 0.00 135,319,220.19
IAPO 161,894.00 157,512.39 3,453.39 0.00 3,453.39 0.00 0.00 154,059.00
IM1 1,110,000.00 1,098,877.89 1,226.00 6,410.12 7,636.12 0.00 0.00 1,097,651.89
IM2 740,000.00 732,585.26 817.33 4,273.41 5,090.74 0.00 0.00 731,767.93
IM3 740,000.00 732,585.26 817.33 4,273.41 5,090.74 0.00 0.00 731,767.93
IB1 740,000.00 732,585.26 817.33 4,273.41 5,090.74 0.00 0.00 731,767.93
IB2 740,000.00 732,585.26 817.33 4,273.41 5,090.74 0.00 0.00 731,767.93
IB3 1,849,418.00 1,830,886.99 2,042.68 10,680.17 12,722.85 4,054.93 0.00 1,824,789.38
IIA1 84,958,000.00 73,576,132.89 1,064,754.67 386,438.20 1,451,192.87 0.00 0.00 72,511,378.22
IIA2 43,008,000.00 36,494,880.33 1,872,610.39 186,813.24 2,059,423.63 0.00 0.00 34,622,269.94
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 309,895,418.00 286,592,023.86 4,115,528.59 1,624,290.68 5,739,819.27 4,054.93 0.00 282,472,440.34
- -----------------------------------------------------------------------------------------------------------------------------------
IAIO 144,330,149.22 139,246,342.18 0.00 141,507.63 141,507.63 0.00 0.00 138,067,803.28
- --------------------------------------------------------------------------------------- -------------------------------------
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 962.31661631 8.23630258 5.61351363 13.84981620 954.08031373 IA 7.000000%
IAPO 12489WAT1 972.93531570 21.33117966 0.00000000 21.33117966 951.60413604 IAPO 0.000000%
IM1 12489WAU8 989.98008108 1.10450450 5.77488288 6.87938739 988.87557658 IM1 7.000000%
IM2 12489WAV6 989.98008108 1.10450000 5.77487838 6.87937838 988.87558108 IM2 7.000000%
IM3 12489WAW4 989.98008108 1.10450000 5.77487838 6.87937838 988.87558108 IM3 7.000000%
IB1 12489WBC7 989.98008108 1.10450000 5.77487838 6.87937838 988.87558108 IB1 7.000000%
IB2 12489WBD5 989.98008108 1.10450000 5.77487838 6.87937838 988.87558108 IB2 7.000000%
IB3 12489WBE3 989.98008563 1.10449882 5.77488161 6.87938043 986.68304299 IB3 7.000000%
IIA1 12489WAX2 866.02948386 12.53271817 4.54857930 17.08129746 853.49676570 IIA1 5.908750%
IIA2 12489WAY0 848.56027553 43.54097819 4.34368583 47.88466402 805.01929734 IIA2 5.758750%
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 924.8023921 13.28037896 5.24141561 18.52179457 911.50892828
- ------------------------------------------------------------------------------------------- ------------------------------------
IAIO 12489WAS3 964.77654137 0.00000000 0.98044401 0.98044401 956.61096470 IAIO 1.219487%
- ------------------------------------------------------------------------------------------- ------------------------------------
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
November 26, 1999
Group 1 Available Funds 2,150,031.58
Group 2 Available Funds 3,731,295.34
Overcollateralization Information
Overcollateralization Amount (prior to Extra PDA) 2,021,183.88
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency Amount 408,557.97
Target Overcollateralization Amount 2,429,741.85
Extra Principal Distribution Amount 282,832.34
Monthly Excess Interest Amount 282,832.34
Monthly Excess Cashflow Amount 282,832.34
Overcollateralization Deficiency (After Distribution) 125,725.62
Overcollateralization Amount (After Distribution) 2,304,016.22
Fees and Advances
Servicing Fee 105,411.23
Trustee Fee 2,405.11
Lender PMI 0.00
Total Advances 4,716,813.69
Group 1 Advances 3,435,800.96
Group 2 Advances 1,281,012.73
Mortgage Pool Information
Total Principal Balance 284,776,456.40
Loan Count 3,577
Weighted Average Remaining Term 305
Weighted Average Loan Rate 8.9661 %
Aggregate Amount of Prepayment 3,528,691.95
Aggregate Amount of Repurchased Principal 0.00
Aggregate Amount of Realized Losses 4,054.93
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 141,322,792.01
Non-Pro Principal Balance 141,168,733.01
Po Principal Balance 154,059.00
Loan Count 1,968
Weighted Average Remaining Term 305
Weighted Average Loan Rate 8.5689 %
Aggregate Amount of Prepayment 1,019,170.27
Aggregate Amount of Repuchased Principal 0.00
Aggregate Amount of Realized Losses 4,054.93
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 158,814.15
Non-Pro Amount of Unscheduled Principal 1,015,895.99
Po Amount of Scheduled Principal 179.11
Po Amount of UnScheduled Principal 3,274.28
Group 2 Loan Information
Principal Balance 143,453,664.39
Group 2 Fixed Pool Principal Balance 96,427,312.25
Group 2 Adjustable Pool Principal Balance 47,026,352.14
Loan Count 1,609
Weighted Average Remaining Term 306
Weighted Average Loan Rate 9.3536 %
Aggregate Amount of Prepayment 2,509,521.68
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 Risk Reserve Fund Balance 5,000.00
Libor Carryover Amount 0.00
-7-
<PAGE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 1999-CB2
November 26, 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 370 27,728,281.01 19.62 %
2 Months 234 17,235,546.50 12.2 %
3+Months 206 15,843,170.55 11.21 %
Total 810 60,806,998.06 43.03 %
Group 2
Category Number Principal Balance Percentage
1 Month 206 17,359,833.89 12.1 %
2 Months 105 9,838,943.50 6.86 %
3+Months 55 4,491,655.29 3.13 %
Total 366 31,690,432.68 22.09 %
Group Totals
Category Number Principal Balance Percentage
1 Month 576 45,088,114.90 15.83 %
2 Months 339 27,074,490.00 9.51 %
3+Months 261 20,334,825.84 7.14 %
Total 1176 92,497,430.74 32.48 %
Number and Aggregate Principal Amounts of Mortgage Loans in Foreclosure
Group 1
Number Principal Balance Percentage
206 16,056,439.64 11.36 %
Group 2
Number Principal Balance Percentage
83 6,100,285.60 4.25 %
Group Totals
Number Principal Balance Percentage
289 22,156,725.24 7.78 %
Number and Aggregate Principal Amounts of Bankruptcy Loans
Group 1
Number Principal Balance Percentage
515 32,641,470.66 23.1 %
Group 2
Number Principal Balance Percentage
57 4,957,081.04 3.46 %
Group Totals
Number Principal Balance Percentage
572 37,598,551.70 13.2 %
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
2 78,132.37 0.05 %
Group Totals
Number Principal Balance Percentage
2 78,132.37 0.05 %
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
-8-
</TABLE>
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