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 August 1, 1999, providing for the
issuance of C-BASS Trust 1999-CB4, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 1999-CB4).
MERRILL LYNCH MORTGAGE INVESTORS, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-39127-11 13-5674085
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
World Financial Center North Tower
250 Vesey Street
New York, New York 10281-1310
(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 11 consecutively numbered pages.
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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-CB4, C-BASS Mortgage Loan Asset-Backed Certificates, Series
1999-CB4 (the "Certificates"). The Certificates were issued, and this report and
exhibit is being filed, pursuant to the terms of the Pooling and Servicing
Agreement, dated as of August 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.
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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
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INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Statement to Certificateholders 5
November 26, 1999.
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Exhibit 99.1
Statement to Certificateholders
November 26, 1999
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<TABLE>
MERRILL LYNCH MORTGAGE INVESTORS, INC. CREDIT-BASED ASSET SERVICING AND
SECURITIZATION LLC, SERIES 1999-CB4
STATEMENT TO CERTIFICATEHOLDERS
November 26, 1999
<S> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
- ----------------------------------------------------------------------------------------------------------------------------------
T21 87,260,000.00 85,539,754.23 737,483.11 683,655.10 1,421,138.21 0.00 0.00 84,802,271.12
T22 42,300,000.00 40,571,368.32 1,289,660.08 324,256.52 1,613,916.60 0.00 0.00 39,281,708.24
T23 9,717,000.00 9,717,000.00 0.00 77,660.69 77,660.69 0.00 0.00 9,717,000.00
T24 8,907,000.00 8,907,000.00 0.00 60,063.20 60,063.20 0.00 0.00 8,907,000.00
T25 5,668,000.00 5,668,000.00 0.00 0.00 0.00 0.00 0.00 5,668,000.00
T26 8,098,332.63 8,098,332.63 0.00 28,682.09 28,682.09 0.00 0.00 8,098,332.63
R1 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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TOTALS 161,950,332.63 158,501,455.18 2,027,143.19 1,174,317.60 3,201,460.79 0.00 0.00 156,474,311.99
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FACTOR INFORMATION PER $1,000 OF ORIGINAL FACE PASS-THROUGH RATES
- ----------------------------------------------------------------------------------------- -------------------------------------
PRIOR CURRENT CURRENT
PRINCIPAL PRINCIPAL PASS-THRU
CLASS FACTOR PRINCIPAL INTEREST TOTAL FACTOR CLASS RATE
- ----------------------------------------------------------------------------------------- -------------------------------------
T21 980.28597559 8.45155982 7.83469058 16.28625040 971.83441577 T21 9.003000%
T22 959.13400284 30.48841797 7.66563877 38.15405674 928.64558487 T22 9.003000%
T23 1,000.00000000 0.00000000 7.99224967 7.99224967 1,000.00000000 T23 9.003000%
T24 1,000.00000000 0.00000000 6.74337038 6.74337038 1,000.00000000 T24 9.003000%
T25 1,000.00000000 0.00000000 0.00000000 0.00000000 1,000.00000000 T25 9.003000%
T26 1,000.00000000 0.00000000 3.54172782 3.54172782 1,000.00000000 T26 9.003000%
- ----------------------------------------------------------------------------------------- -------------------------------------
TOTALS 978.70410394 12.51706716 7.25109718 19.76816434 966.18703678
- ----------------------------------------------------------------------------------------- -------------------------------------
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
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<PAGE>
MERRILL LYNCH MORTGAGE INVESTORS, INC. CREDIT-BASED ASSET SERVICING AND
SECURITIZATION LLC, SERIES 1999-CB4
STATEMENT TO CERTIFICATEHOLDERS
November 26, 1999
<S> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
- ----------------------------------------------------------------------------------------------------------------------------------
A1 87,260,000.00 85,539,754.23 737,483.11 475,886.17 1,213,369.28 0.00 0.00 84,802,271.12
A2 42,300,000.00 40,571,368.32 1,289,660.08 214,893.01 1,504,553.09 0.00 0.00 39,281,708.24
M1 9,717,000.00 9,717,000.00 0.00 66,399.50 66,399.50 0.00 0.00 9,717,000.00
M2 8,907,000.00 8,907,000.00 0.00 60,864.50 60,864.50 0.00 0.00 8,907,000.00
B 5,668,000.00 5,668,000.00 0.00 41,105.60 41,105.60 0.00 0.00 5,668,000.00
X 8,097,517.00 8,097,517.00 0.00 0.00 0.00 0.00 0.00 8,097,517.00
R2 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
BB 11,500,000.00 10,872,946.51 242,682.51 72,486.31 315,168.82 0.00 0.00 10,630,264.00
- ----------------------------------------------------------------------------------------------------------------------------------
TOTALS 173,449,517.00 169,373,586.06 2,269,825.70 931,635.09 3,201,460.79 0.00 0.00 167,103,760.36
- ----------------------------------------------------------------------------------------- ---------------------------------------
FACTOR INFORMATION PER $1,000 OF ORIGINAL FACE PASS-THROUGH RATES
- ----------------------------------------------------------------------------------------- -------------------------------------
PRIOR CURRENT CURRENT
PRINCIPAL PRINCIPAL PASS-THRU
CLASS FACTOR PRINCIPAL INTEREST TOTAL FACTOR CLASS RATE
- ------------------------------------------------------------------------------------------ ------------------------------------
A1 980.28597559 8.45155982 5.45365769 13.90521751 971.83441577 A1 6.258750%
A2 959.13400284 30.48841797 5.08021300 35.56863097 928.64558487 A2 5.958750%
M1 1,000.00000000 0.00000000 6.83333333 6.83333333 1,000.00000000 M1 8.200000%
M2 1,000.00000000 0.00000000 6.83333333 6.83333333 1,000.00000000 M2 8.200000%
B 1,000.00000000 0.00000000 7.25222301 7.25222301 1,000.00000000 B 8.158750%
X 1,000.00000000 0.00000000 0.00000000 0.00000000 1,000.00000000 X 0.000000%
BB 945.47360957 21.10282696 6.30315739 27.40598435 924.37078261 BB 8.000000%
- ------------------------------------------------------------------------------------------ ------------------------------------
TOTALS 976.50076512 13.08637660 5.37121755 18.45759415 963.41438852
- ------------------------------------------------------------------------------------------ ------------------------------------
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
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MERRILL LYNCH MORTGAGE INVESTORS, INC. CREDIT-BASED ASSET SERVICING AND
SECURITIZATION LLC, SERIES 1999-CB4
November 26, 1999
STATEMENT TO CERTIFICATEHOLDERS
Sec. 4.08(3) O/C Amount 8,098,332.63
Sec. 4.08(3) Targeted O/C Amount 8,097,516.63
Sec. 4.08(3) O/C Deficiency Amount 0.00
Sec. 4.08(3) O/C Release Amount 0.00
Sec. 4.08(3) Monthly Excess CashFlow Amount 328,336.73
Sec. 4.08(3) Monthly Excess Interest Amount 328,336.73
Sec. 4.08(16) Servicing Compensation 0.00
Sec. 4.08(16) Servicing Fee 62,849.45
Sec. 4.08(5) Current Advances 1,500,982.87
Sec. 4.08(6) Collateral Balance Group 1 Total 106,617,551.50
Bec. 4.08(6) Collateral Balance Group 2 Total 49,851,412.80
Sec. 4.08(6) Collateral Balance Group 1 Sub-Group 1 30,597,826.61
Sec. 4.08(6) Collateral Balance Group l Sub-Group 2 76,019,724.89
Sec. 4.08(6) Collateral Balance Group 2 Sub-Group1 15,306,094.90
Sec. 4.08(6) Collateral Balance Group 2 Sub-Group2 34,545,317.90
Sec. 4.08(7) Total Ending Number of Loans 1,646.00
Sec. 4.08(7) Group lA Ending Number of Loans 415.00
Sec. 4.08(7) Group 1B Ending Number of Loans 855.00
Sec. 4.08(7) Group 2A Ending Number of Loans 48.00
Sec. 4.08(7) Group 2B Ending Number of Loans 328.00
Sec. 4.08(7) Weighted Average Mortgage Rate for All Loans 9.48%
Sec. 4.08(7) Group lA Weighted Average Mortgage Rate 8.58%
Sec. 4.08(7) Group 1B Weighted Average Mortgage Rate 9.56%
Sec. 4.08(7) Group 2A Weighted Average Mortgage Rate 8.80%
Sec. 4.08(7) Group 2B Weighted Average Mortgage Rate 10.39%
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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MERRILL LYNCH MORTGAGE INVESTORS, INC. CREDIT-BASED ASSET SERVICING AND
SECURITIZATION LLC, SERIES 1999-CB4
November 26, 1999
Sec. 4.08(8) Number of Loans 30 Days Delinquent in Group lA 91.00
Sec. 4.08(8) Balance of Loans 30 Days Delinquent in Group 1A 6,873,803.01
Sec. 4.08(8) Number of Loans 30 Days Delinquent in Group 1B 117.00
Sec. 4.08(8) Balance of Loans 30 Days Delinquent in Group 1B 9,003,344.71
Sec. 4.08(8) Number of Loans 30 Days Delinquent in Group 2A 4.00
Sec. 4.08(8) Balance of Loans 30 Days Delinquent in Group 2A 1,455,691.98
Sec. 4.08(8) Number of Loans 30 Days Delinquent in Group 2B 95.00
Sec. 4.08(8) Balance of Loans 30 Days Delinquent in Group 2B 9,533,453.84
Sec. 4.08(8) Number of Loans 60 Days Delinquent in Group lA 47.00
Sec. 4.08(8) Balance of Loans 60 Days Delinquent in Group lA 3,130,189.78
Sec. 4.08(8) Number of Loans 60 Days Delinquent in Group lB 41.00
Sec. 4.08(8) Balance of Loans 60 Days Delinquent in Group lB 2,507,246.42
Sec. 4.08(8) Number of Loans 60 Days Delinquent in Group 2A 1.00
Sec. 4.08(8) Balance of Loans 60 Days Delinquent in Group 2A 247,955.38
Sec. 4.08(8) Number of Loans 60 Days Delinquent in Group 2B 46.00
Sec. 4.08(8) Balance of Loans 60 Days Delinquent in Group 2B 5,408,678.63
Sec. 4,08(8) Number of Loans 90 Days Delinquent in Group lA 71.00
Sec. 4.08(8) Balance of Loans 90 Days Delinquent in Group lA 5,586,199.84
Sec. 4.08(8) Number of Loans 90 Days Delinquent in Group lB 23.00
Sec. 4.08(8) Balance of Loans 90 Days Delinquent in Group lB 1,632,741.53
Sec. 4.08(8) Number of Loans 90 Days Delinquent in Group 2A 1.00
Sec. 4.08(8) Balance of Loans 90 Days Delinquent in Group 2A 259,034.34
Sec. 4.08(8) Number of Loans 90 Days Delinquent in Group 2B 23.00
Sec. 4.08(8) Balance of Loans 90 Days Delinquent in Group 2B 2,321,453.66
Sec. 4.08(8) Number of Foreclosures in Group 1A 18.00
Sec. 4.08(8) Balance of Foreclosures in Group lA 1,240,699.49
Sec. 4.08(8) Number of Foreclosures in Group lB 14.00
Sec. 4.06(8) Balance of Foreclosures in Group lB 1,320,703.62
Sec. 4,08(8) Number of Foreclosures in Group 2A 0.00
Sec. 4.08(8) Foreclosures in Group 2A 0.00
Sec. 4.08(8) Number of Foreclosures in Group 2B 32.00
Sec. 4.08(8) Foreclosures in Group 2B 3,069,557.69
Sec. 4.08(8) Number of Bankruptcies in Group lA 91.00
Sec. 4.08(8) Balance of Bankruptcies in Group lA 5,614,194.68
Sec. 4.08(8) Number of Bankruptcies in Group 1B 11.00
Sec. 4.08(8) Balance of Bankruptcies in Group 1B 810,233.48
Sec. 4.08(8) Number of Bankruptcies in Group 2A 0.00
Sec. 4.08(8) Bankruptcies in Group 2A 0.00
Sec. 4.08(8) Number of Bankruptcies in Group 2B 15.00
Sec. 4.08(8) Bankruptcies in Group 2B 1,720,465.02
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MERRILL LYNCH MORTGAGE INVESTORS, INC. CREDIT-BASED ASSET SERVICING AND
SECURITIZATION LLC, SERIES 1999-CB4
November 26, 1999
Sec. 4.08(9) Number of Reo's in Group lA 0.00
Sec. 4.08(9) Balance of Reo's in Group lA 0.00
Sec. 4.08(9) Number of Reo's in Group lB 0.00
Sec. 4.08(9) Balance of Reo's in Group lB 0.00
Sec. 4.08(9) Number of Reo's in Group 2A 0.00
Sec. 4.08(9) Reo's in Group 2A 0.00
Sec. 4.08(9) Number of Reo's in Group 2B 0.00
Sec. 4.08(9) Reo's in Group 2B 0.00
Sec. 4.08(11) REO Book Value Group lA 0.00
Sec. 4.08(11) REO Book Value Group 1B 0.00
Sec. 4.08(11) REO Book Value Group 2A 0.00
Sec. 4.08(11) REO Book Value Group 2B 0.00
Sec. 4.08(11) Principal Prepayments Group lA 21,823.30
Sec. 4.08(11) Principal Prepayments Group 1B 611,673.15
Sec. 4.08(11) Principal Prepayments Group 2A 809,618.19
Sec. 4.08(11) Principal Prepayments Group 2B 453,136.65
Sec. 4.02(12) Prepayment Penalties 28,682.09
Sec, 4.08(13) Realized Losses Incurred in Group lA 0.00
Sec. 4.08(13) Realized Losses Incurred in Group lB 0.00
Sec. 4.08(13) Realized Losses Incurred in Group 2A 0.00
Sec. 4.08(13) Realized Losses Incurred in Group 2B 5,347.69
Sec. 4.08(15) Beginning Balance of Basis Risk Reserve Fund 8,500.00
Sec. 4.08(15) Class BB Reserve Amount Deposit 3,500.00
Sec. 4.08(15) Required Reserve Fund Deposit 5,000.00
Sec. 4.68(15) Deposits to The Basis Reserve Fund 286,486.73
Sec. 4.08(15) Withdrawals from the Basis Reserve Fund 286,486.73
Sec. 4.08(15) Ending Balance of Basis Risk Reserve Fund 8,500.00
Sec. 4.08{16) Class A Interest Carry Forward Amount 0.00
Sec. 4.08(16) Class M1 interest Carry Forward Amount 0.00
Sec, 4.08(16) Class M1 Unpaid Realized Loss Amount 0.00
Sec. 4.08(16} Class M1 Applied Realized Loss Amount 0.00
Sec. 4.08(16) Class M1 Applied Realized Loss Amortization Amount 0.00
Sec. 4.08(16) Class M2 Interest Carry Forward Amount 0.00
Sec. 4.08(16) Class M2 Unpaid Realized Loss Amount 0.00
Sec. 4.08(16) Class M2 Applied Realized Loss Amount 0.00
Sec. 4.08(16) Class M2 Applied Realized Loss Amortization Amount 0.00
Sec. 4.08(16) Class B Interest Carry Forward Amount 0.00
Sec. 4.08(16) Class B Unpaid Realized LOSS Amount 0.00
Sec. 4.08(16) Class B Applied Realized Loss Amortization Amount 0.00
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MERRILL LYNCH MORTGAGE INVESTORS, INC. CREDIT-BASED ASSET SERVICING AND
SECURITIZATION LLC, SERIES 1999-CB4
November 26, 1999
Sec. 4,08(17) Prepayment interest Shortfalls not covered by the Servicer 0.00
Sec. 4.08(18) Trustee Fee 1,651.06
Sec, 4.08(19) Libor Carryover Class A2 0.00
Sec. 4.08(19) Libor Carryover Class B 0.00
Sec. 4.08(21) Realized Losses as a Percentage of the Original Pool Balance 0.00%
Sec. 4.08(21) Available Distribution Amount 3,216,279.76
Sec. 4.O8 Class X Distributable Amount 0.00
Sec. 4.08 Interest Remittance Amount 1,189,136.57
Sec. 4.08 Principal Remittance Amount 2,027,143.19
3cc. 4.08 Extra Principal Distribution Amount 0.00
Sec. 4.08 Relief Act Shortfall 0.00
Sec. 4.08 Rolling Three Month Delinquency Pct n/a
Sec. 4.08(25) Substitution Principal Amount 0.00
3ec. 4.08(26) Repurchased Principal Amount 0.00
Sec. 4.08 Liquidation Proceeds 0.00
Special Servicing Fee 41,850.00
Bec. 4.08 Required Reserve Fund Balance 5,000.00
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