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) : September 27, 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 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.
<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-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 September 27, 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 September 27, 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 26, 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
September 27, 1999.
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<PAGE>+
Exhibit 99.1
Statement to Certificateholders
September 27, 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
September 27, 1999
REVISION
<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 87,260,000.00 757,368.20 676,058.31 1,433,426.51 0.00 0.00 86,502,631.80
T22 42,300,000.00 42,300,000.00 1,099,098.06 327,724.80 1,426,822.85 0.00 0.00 41,200,901.95
T23 9,717,000.00 9,717,000.00 0.00 75,283.73 75,283.73 0.00 0.00 9,717,000.00
T24 8,907,000.00 8,907,000.00 0.00 69,008.15 69,008.15 0.00 0.00 8,907,000.00
T25 5,668,000.00 5,668,000.00 0.00 43,913.57 43,913.57 0.00 0.00 5,668,000.00
T26 8,097,517.00 6,098,332.63 0.00 23,349.00 23,349.00 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 161,949,517.00 161,950,332.63 1,856,466.25 1,215,337.56 3,071,803.81 0.00 0.00 160,093,866.38
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------- -------------------------------------
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 1,000.00000000 8.67944304 7.74763133 16.42707438 991.32055696 T21 9.000000%
T22 1,000.00000000 25.98340544 7.74763121 33.73103664 974.01659456 T22 9.000000%
T23 1,000.00000000 0.00000000 7.74763096 7.74763096 1,000.00000000 T23 9.000000%
T24 1,000.00000000 0.00000000 7.74763108 7.74763108 1,000.00000000 T24 9.000000%
T25 1,000.00000000 0.00000000 7.74763056 7.74763056 1,000.00000000 T25 9.000000%
T26 1,000.10072594 0.00000000 2.88347650 2.88347650 1,000.10072594 T26 9.000000%
- ------------------------------------------------------------------------------------------- ------------------------------------
TOTALS 1,000.00503632 11.46324042 7.50442226 18.96766268 988.54179690
- ------------------------------------------------------------------------------------------- ------------------------------------
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
September 27, 1999
REVISION
<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 87,260,000.00 757,368.20 466,810.70 1,224,178.90 0.00 0.00 86,502,631.80
A2 42,300,000.00 42,300,000.00 1,099,098.05 215,362.81 1,314,460.86 0.00 0.00 41,200,901.95
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 39,595.31 39,595.31 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 11,500,000.00 289,638.08 76,666.67 366,304.75 0.00 0.00 11,210,361.92
- ---------------------------------------------------------------------------------------------------------------------------------
TOTALS 173,449,517.00 173,449,517.00 2,146,104.33 925,699.49 3,071,803.82 0.00 0.00 171,303,412.67
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------- -------------------------------------
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 1,000.00000000 8.67944304 5.34965276 14.02909581 991.32055696 A1 6.212500%
A2 1,000.00000000 25.98340544 5.09131939 31.07472482 974.01659456 A2 5.912500%
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 6.98576394 6.98576394 1,000.00000000 B 8.112500%
X 1,000.00000000 0.00000000 0.00000000 0.00000000 1,000.00000000 X 0.000000%
BB 1,000.00000000 25.18592000 6.66666696 31.85258696 974.81408000 BB 8.000000%
- ------------------------------------------------------------------------------------------- ------------------------------------
TOTALS 1,000.00000000 12.37307758 5.33699664 17.71007422 987.62692242
- ------------------------------------------------------------------------------------------- ------------------------------------
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
September 27, 1999
REVISION
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 365,169.32
Sec. 4.08(3) Monthly Excess Interest Amount 365,169.32
Sec. 4.08(16) Servicing Compensation 0.00
Sec. 4.08(16) Servicing Fee 64,225.59
Sec. 4.08(5) Current Advances 2,001,767.88
Sec. 4.08(6) Collateral Balance Group 1 Total 108,317,912.18
Bec. 4.08(6) Collateral Balance Group 2 Total 51,775,954.20
Sec. 4.08(6) Collateral Balance Group 1 Sub-Group 1 31,057,442.23
Sec. 4.08(6) Collateral Balance Group l Sub-Group 2 77,260,469.95
Sec. 4.08(6) Collateral Balance Group 2 Sub-Group1 16,139,369.23
Sec. 4.08(6) Collateral Balance Group 2 Sub-Group2 35,636,584.97
Sec. 4.08(7) Total Ending Number of Loans 1,684.00
Sec. 4.08(7) Group lA Ending Number of Loans 421.00
Sec. 4.08(7) Group 1B Ending Number of Loans 871.00
Sec. 4.08(7) Group 2A Ending Number of Loans 50.00
Sec. 4.08(7) Group 2B Ending Number of Loans 342.00
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 9.58%
Sec. 4.08(7) Group 2A Weighted Average Mortgage Rate 8.80%
Sec. 4.08(7) Group 2B Weighted Average Mortgage Rate 10.37%
(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
September 27, 1999
REVISION
Sec. 4.08(8) Number of Loans 30 Days Delinquent in Group lA 86.00
Sec. 4.08(8) Balance of Loans 30 Days Delinquent in Group 1A 6,825,774.93
Sec. 4.08(8) Number of Loans 30 Days Delinquent in Group 1B 120.00
Sec. 4.08(8) Balance of Loans 30 Days Delinquent in Group 1B 9,143,875.01
Sec. 4.08(8) Number of Loans 30 Days Delinquent in Group 2A 3.00
Sec. 4.08(8) Balance of Loans 30 Days Delinquent in Group 2A 951,985.01
Sec. 4.08(8) Number of Loans 30 Days Delinquent in Group 2B 115.00
Sec. 4.08(8) Balance of Loans 30 Days Delinquent in Group 2B 11,192,798.47
Sec. 4.08(8) Number of Loans 60 Days Delinquent in Group lA 64.00
Sec. 4.08(8) Balance of Loans 60 Days Delinquent in Group lA 4,893,599.69
Sec. 4.08(8) Number of Loans 60 Days Delinquent in Group lB 34.00
Sec. 4.08(8) Balance of Loans 60 Days Delinquent in Group lB 2,784,464.37
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 339,697.27
Sec. 4.08(8) Number of Loans 60 Days Delinquent in Group 2B 55.00
Sec. 4.08(8) Balance of Loans 60 Days Delinquent in Group 2B 5,696,635.61
Sec. 4,08(8) Number of Loans 90 Days Delinquent in Group lA 76.00
Sec. 4.08(8) Balance of Loans 90 Days Delinquent in Group lA 5,403,309.17
Sec. 4.08(8) Number of Loans 90 Days Delinquent in Group lB 13.00
Sec. 4.08(8) Balance of Loans 90 Days Delinquent in Group lB 829,244.05
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 507,539.05
Sec. 4.08(8) Number of Loans 90 Days Delinquent in Group 2B 30.00
Sec. 4.08(8) Balance of Loans 90 Days Delinquent in Group 2B 3,081,653.10
Sec. 4.08(8) Number of Foreclosures in Group 1A 7.00
Sec. 4.08(8) Balance of Foreclosures in Group lA 598,037.40
Sec. 4.08(8) Number of Foreclosures in Group lB 3.00
Sec. 4.06(8) Balance of Foreclosures in Group lB 250,251.96
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 9.00
Sec. 4.08(8) Foreclosures in Group 2B 750,935.37
Sec. 4.08(8) Number of Bankruptcies in Group lA 92.00
Sec. 4.08(8) Balance of Bankruptcies in Group lA 5,419,401.37
Sec. 4.08(8) Number of Bankruptcies in Group 1B 11.00
Sec. 4.08(8) Balance of Bankruptcies in Group 1B 704,505.45
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 12.00
Sec. 4.08(8) Bankruptcies in Group 2B 1,531,581.27
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<PAGE>
MERRILL LYNCH MORTGAGE INVESTORS, INC. CREDIT-BASED ASSET SERVICING AND
SECURITIZATION LLC, SERIES 1999-CB4
September 27, 1999
REVISION
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 143,071.58
Sec. 4.08(11) Principal Prepayments Group 1B 510,073.58
Sec. 4.08(11) Principal Prepayments Group 2A 3,474.75
Sec. 4.08(11) Principal Prepayments Group 2B 1,063,167.09
Sec. 4.02(12) Prepayment Penalties 12,535.43
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 353,769.32
Sec. 4.08(15) Withdrawals from the Basis Reserve Fund 353,769.32
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
September 27, 1999
REVISION
Sec. 4,08(17) Prepayment interest Shortfalls not covered by the Servicer 0.00
Sec. 4.08(18) Trustee Fee 1,686.98
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 3,072,355.37
Sec. 4.O8 Class X Distributable Amount 0.00
Sec. 4.08 Interest Remittance Amount 1,215,889.12
Sec. 4.08 Principal Remittance Amount 1,856,466.25
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 64,225.59
Special Servicing Fee 11,480.00
Bec. 4.08 Required Reserve Fund Balance 5,000.00
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</TABLE>
