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 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 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.
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<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 27, 1999 By: /s/ Kimberly K. Costa
Kimberly K. Costa
Vice President
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<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Statement to Certificateholders 5
October 25, 1999.
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<PAGE>+
Exhibit 99.1
Statement to Certificateholders
October 25, 1999
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<PAGE>
<TABLE>
MERRILL LYNCH MORTGAGE INVESTORS, INC. CREDIT-BASED ASSET SERVICING AND
SECURITIZATION LLC, SERIES 1999-CB4
STATEMENT TO CERTIFICATEHOLDERS
October 25, 1999
REVISED
<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 86,502,631.80 962,877.57 611,567.42 1,574,444.99 0.00 0.00 85,539,754.23
T22 42,300,000.00 41,200,901.95 629,533.63 291,287.43 920,821.06 0.00 0.00 40,571,368.32
T23 9,717,000.00 9,717,000.00 0.00 68,698.49 68,698.49 0.00 0.00 9,717,000.00
T24 8,907,000.00 8,907,000.00 0.00 62,971.85 62,971.85 0.00 0.00 8,907,000.00
T25 5,668,000.00 5,668,000.00 0.00 40,072.35 40,072.35 0.00 0.00 5,668,000.00
T26 8,098,332.63 8,098,332.63 0.00 78,264.34 78,264.34 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
- ----------------------------------------------------------------------------------------------------------------------------------
TOTALS 161,950,332.63 160,093,866.38 1,592,411.20 1,152,861.88 2,745,273.08 0.00 0.00 158,501,455.18
- ----------------------------------------------------------------------------------------------------------------------------------
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 991.32055696 11.03458137 7.00856544 18.04314680 980.28597559 T21 9.103300%
T22 974.01659456 14.88259173 6.88622766 21.76881939 959.13400284 T22 9.103300%
T23 1,000.00000000 0.00000000 7.06992796 7.06992796 1,000.00000000 T23 9.103300%
T24 1,000.00000000 0.00000000 7.06992815 7.06992815 1,000.00000000 T24 9.103300%
T25 1,000.00000000 0.00000000 7.06992766 7.06992766 1,000.00000000 T25 9.103300%
T26 1,000.00000000 0.00000000 9.66425357 9.66425357 1,000.00000000 T26 9.103300%
- ----------------------------------------------------------------------------------------- -------------------------------------
TOTALS 988.53681731 9.83271336 7.11861384 16.95132721 978.70410394
- ----------------------------------------------------------------------------------------- -------------------------------------
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
October 25, 1999
REVISED
<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 86,502,631.80 962,877.57 419,321.51 1,382,199.08 0.00 0.00 85,539,754.23
A2 42,300,000.00 41,200,901.95 629,533.63 190,107.83 819,641.46 0.00 0.00 40,571,368.32
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 35,851.67 35,851.67 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 11,210,361.92 337,415.41 74,735.75 412,151.16 0.00 0.00 10,872,946.51
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 173,449,517.00 171,303,412.67 1,929,826.61 847,280.76 2,777,107.37 0.00 0.00 169,373,586.06
- -----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------- -------------------------------------
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 991.32055696 11.03458137 4.80542643 15.84000779 980.28597559 A1 6.232500%
A2 974.01659456 14.88259173 4.49427494 19.37686667 959.13400284 A2 5.932500%
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 6.32527699 6.32527699 1,000.00000000 B 8.132500%
X 1,000.00000000 0.00000000 0.00000000 0.00000000 1,000.00000000 X 0.000000%
BB 974.81408000 29.34047043 6.49876087 35.83923130 945.47360957 BB 8.000000%
- ----------------------------------------------------------------------------------------- -------------------------------------
TOTALS 987.62692242 11.12615730 4.88488394 16.01104124 976.50076512
- ----------------------------------------------------------------------------------------- -------------------------------------
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
October 25, 1999
REVISED
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 428,191.45
Sec. 4.08(3) Monthly Excess Interest Amount 428,191.45
Sec. 4.08(16) Servicing Compensation 0.00
Sec. 4.08(16) Servicing Fee 63,470.66
Sec. 4.08(5) Current Advances 1,163,005.61
Sec. 4.08(6) Collateral Balance Group 1 Total 107,355,034.61
Bec. 4.08(6) Collateral Balance Group 2 Total 51,146,420.57
Sec. 4.08(6) Collateral Balance Group 1 Sub-Group 1 30,652,482.55
Sec. 4.08(6) Collateral Balance Group l Sub-Group 2 76,702,552.06
Sec. 4.08(6) Collateral Balance Group 2 Sub-Group1 16,127,509.14
Sec. 4.08(6) Collateral Balance Group 2 Sub-Group2 35,018,911.43
Sec. 4.08(7) Total Ending Number of Loans 1,658.00
Sec. 4.08(7) Group lA Ending Number of Loans 416.00
Sec. 4.08(7) Group 1B Ending Number of Loans 858.00
Sec. 4.08(7) Group 2A Ending Number of Loans 50.00
Sec. 4.08(7) Group 2B Ending Number of Loans 334.00
Sec. 4.08(7) Weighted Average Mortgage Rate for All Loans 9.49%
Sec. 4.08(7) Group lA Weighted Average Mortgage Rate 8.58%
Sec. 4.08(7) Group 1B Weighted Average Mortgage Rate 9.58%
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
October 25, 1999
REVISION
Sec. 4.08(8) Number of Loans 30 Days Delinquent in Group lA 83.00
Sec. 4.08(8) Balance of Loans 30 Days Delinquent in Group 1A 6,500,810.54
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 8,875,627.00
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 1,295,144.67
Sec. 4.08(8) Number of Loans 30 Days Delinquent in Group 2B 102.00
Sec. 4.08(8) Balance of Loans 30 Days Delinquent in Group 2B 10,703,402.13
Sec. 4.08(8) Number of Loans 60 Days Delinquent in Group lA 58.00
Sec. 4.08(8) Balance of Loans 60 Days Delinquent in Group lA 4,705,135.55
Sec. 4.08(8) Number of Loans 60 Days Delinquent in Group lB 39.00
Sec. 4.08(8) Balance of Loans 60 Days Delinquent in Group lB 2,886,928.95
Sec. 4.08(8) Number of Loans 60 Days Delinquent in Group 2A 2.00
Sec. 4.08(8) Balance of Loans 60 Days Delinquent in Group 2A 736,253.12
Sec. 4.08(8) Number of Loans 60 Days Delinquent in Group 2B 49.00
Sec. 4.08(8) Balance of Loans 60 Days Delinquent in Group 2B 4,664,011.62
Sec. 4,08(8) Number of Loans 90 Days Delinquent in Group lA 68.00
Sec. 4.08(8) Balance of Loans 90 Days Delinquent in Group lA 4,496,736.08
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 1,767,133.69
Sec. 4.08(8) Number of Loans 90 Days Delinquent in Group 2A 2.00
Sec. 4.08(8) Balance of Loans 90 Days Delinquent in Group 2A 507,450.54
Sec. 4.08(8) Number of Loans 90 Days Delinquent in Group 2B 25.00
Sec. 4.08(8) Balance of Loans 90 Days Delinquent in Group 2B 2,483,869.64
Sec. 4.08(8) Number of Foreclosures in Group 1A 9.00
Sec. 4.08(8) Balance of Foreclosures in Group lA 675,462.56
Sec. 4.08(8) Number of Foreclosures in Group lB 4.00
Sec. 4.06(8) Balance of Foreclosures in Group lB 263,824.91
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 19.00
Sec. 4.08(8) Foreclosures in Group 2B 1,870,444.14
Sec. 4.08(8) Number of Bankruptcies in Group lA 89.00
Sec. 4.08(8) Balance of Bankruptcies in Group lA 6,233,587.70
Sec. 4.08(8) Number of Bankruptcies in Group 1B 10.00
Sec. 4.08(8) Balance of Bankruptcies in Group 1B 676,984.85
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 14.00
Sec. 4.08(8) Bankruptcies in Group 2B 1,686,133.48
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MERRILL LYNCH MORTGAGE INVESTORS, INC. CREDIT-BASED ASSET SERVICING AND
SECURITIZATION LLC, SERIES 1999-CB4
October 25, 1999
REVISIED
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 1.00
Sec. 4.08(9) Reo's in Group 2B 110,342.16
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 110,342.16
Sec. 4.08(11) Principal Prepayments Group lA 371,717.53
Sec. 4.08(11) Principal Prepayments Group 1B 486,864.98
Sec. 4.08(11) Principal Prepayments Group 2A 149.59
Sec. 4.08(11) Principal Prepayments Group 2B 597,538.63
Sec. 4.02(12) Prepayment Penalties 21,009.71
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 0.00
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 391,141.45
Sec. 4.08(15) Withdrawals from the Basis Reserve Fund 391,141.45
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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<PAGE>
MERRILL LYNCH MORTGAGE INVESTORS, INC. CREDIT-BASED ASSET SERVICING AND
SECURITIZATION LLC, SERIES 1999-CB4
October 25, 1999
REVISED
Sec. 4,08(17) Prepayment interest Shortfalls not covered by the Servicer 0.00
Sec. 4.08(18) Trustee Fee 1,667.54
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 2,794,815.20
Sec. 4.O8 Class X Distributable Amount 0.00
Sec. 4.08 Interest Remittance Amount 1,202,404.00
Sec. 4.08 Principal Remittance Amount 1,592,411.20
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
5ervicing Fee 63,470.66
Special Servicing Fee 37,050.00
Bec. 4.08 Required Reserve Fund Balance 5,000.00
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