December 1, 2000
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Asset Backed Securities Corporation Long Beach Home Equity Loan
Trust 2000-LB1 Home Equity Loan Pass-Through Certificates, Series
2000-LB1; File No. 000-14811.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of the trust fund (the
"Trust") created pursuant to a Pooling and Servicing Agreement dated
as of August 1, 2000 (the "Pooling and Servicing Agreement") among
Asset Backed Securities Corporation as Depositor, Long Beach Mortgage
Company as Master Servicer and Bankers Trust Company of California,
N.A., a national banking association, in its capacity as trustee, (the
"Trustee").
The Asset Backed Securities Corporation, Long Beach Home Equity Loan Trust
2000-LB1, Home Equity Loan Pass-Through Certificates, Series 2000-LB1 (the
"Certificates") will consist of 22 classes of certificates, designated as:
(I) the Class AF1 Certificates, Class AF2 Certificates, Class AF3
Certificates, Class AF4 Certificates, Class AF5 Certificates and Class AF6
Certificates (collectively, the "Group 1 Class A Certificates"), (ii)
Class M1F Certificates and Class M2F Certificates (collectively, the
"Group 1 Mezzanine Certificates"), (iii) Class BF Certificates and Class
B-IOF Certificates (collectively, the "Group 1 Class B Certificates" and
together with the Group 1 Mezzanine Certificates, the "Group 1
Subordinated Certificates"), (iv) Class P-F Certificates, (v) Class X-F
Certificates (collectively, the certificates referred to in clauses (I)
through (v), the "Group 1 Certificate"), (iv) the Class AV Certificate,
(the "Group 2 Class A Certificates" and together with the Group 1 Class A
Certificates, the "Class A Certificates"), (vii) the Class M1V
Certificates and the Class M2V Certificates (the "Group 2 Mezzanine
Certificates" and together with the Group 1 Mezzanine Certificates, the
"Mezzanine Certificates"), (viii) the Class BV Certificates and the Class
B-IOV Certificates (collectively, the "Group 2 Class B Certificates" and
Together with the Group 2 Mezzanine Certificates, the "Group 2
Subordinated Certificates" and together with the Group 1 Subordinated
Certificates, the "Subordinated Certificates"), (ix) the Class P-V
Certificates, (x) the Class X-V Certificates (collectively, the
certificates referred to in clauses (vi) through (x), the "Group 2
Certificates"), and (xi) the Class R Certificates (the "Residual
Certificates"). Only the Class A Certificates, the Mezzanine
Certificates, the Class BF Certificates and Class BV Certificates
(together, the "Offered Certificates") are offered hereby. The Mezzanine
Certificates, the Class BF Certificates and the Class BV Certificates
shall be referred to as the "Subordinated Offered Certificates". The
Class B-IOF Certificates, the Class B-IOV Certificates, the Class X-F
Certificates, the Class X-V Certificates, the Class P-F Certificates, the
Class P-V Certificates and the Residual Certificates are not being
offered hereby (collectively, the "Non-Offered Certificates").
The Offered Certificates were registered under the Securities Act of 1933,
as amended, by a Registration Statement on Form S-11 (File No. 333-14811).
As a result, the Trust is subject to the filing requirements of Section
15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"). The Trust intends to fulfill these filing requirements in the
manner described herein:
The Trust will file, promptly after each Distribution Date (as defined in
the Pooling and Servicing Agreement), a Current Report on Form 8-K in
substantially the form enclosed herewith, including as an exhibit thereto
the applicable Distribution Date report. Each such Current Report will
also disclose under Item 5 any matter occurring during the relevant
reporting period which would be reportable under Item 1, 2, 4 or 5 of
Part II of Form 10-Q.
The Trust will file a Current Report on Form 8-K promptly after the
occurrence of any event described under Item 2, 3, 4 or 5 thereof,
responding to the requirements of the applicable Item.
Within 90 days after the end of each fiscal year, the Trust will file
an annual report of Form 10-K which responds to Items 2, 3, and 4 of
Part I, Items 5 and 9 of Part II, Items 12 and 13 of Part III and
Item 14 of Part IV thereof, and include as exhibits thereto certain
information from the Distribution Date reports aggregated for such
year and a copy of the independent accountants' annual compliance
statement required under the Pooling and Servicing Agreement.
The Trust will follow the above procedures except for any fiscal year
as to which its reporting obligations under Section 15(d) of the
Exchange Act have been suspended pursuant to such Section. In such
event, the Trust will file a Form 15 as required under Rule 15d-6.
Should you wish to discuss the above filing procedures, please call
Judy L. Gomez at (714) 247-6255.
Sincerely,
/s/ Judy L. Gomez
Assistant Vice President
Bankers Trust Company of California, N.A.
S.E.C. Reporting Agent for Asset Backed Securities Corporation Long Beach
Home Equity Loan Trust 2000-LB1 Home Equity Loan Pass-Through
Certificates, Series 2000-LB1.
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 21, 2000
ASSET BACKED SECURITIES CORPORTION
as Depositor, Long Beach Mortgage Company, as Master Servicer, and
Bankers Trust Company of California, N.A., as trustee (the
"Trustee") under the Pooling and Servicing Agreement, dated as of
August 1, 2000, providing for the issuance of Asset Backed Securities
Corporation Long Beach Home Equity Loan Trust 2000-LB1 Home Equity
Loan Pass-Through Certificates, Series 2000-LB1
ASSET BACKED SECURITIES CORPORATION
LOAN BEACH HOME EQUITY LOAN TRUST 2000-LB1
(Exact name of Registrant as specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
TBD TBD
(Commission File Number) (I.R.S. Employer Identification No.)
11 MADISON AVENUE
NEW YORK, NEW YORK
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (212) 325-1811
Item 5. Other Events
Attached hereto is a copy of the Monthly Remittance Statements to the
Certificateholders which was derived from the monthly information
submitted by the Master Servicer of the Trust to the Trustee.
Item 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Remittance Statement to the Certificateholders dated as of
September 21, 2000.
SIGNATURE
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.
Bankers Trust Company of California, N.A.,
not in its individual capacity, but solely
as a duly authorized agent of the Registrant
pursuant to the Pooling and Servicing
Agreement, dated as of August 1, 2000.
Date: December 1, 2000 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
DOCUMENT
Monthly Remittance Statement to the Certificateholders
dated as of September 21, 2000.
Long Beach Mortgage Company 2000-LB1
Home Equity Loan Pass-Through Certificates
September 21, 2000 Distribution
Contents
TABLE OF CONTENTS
> Page
1. Cont
>ents 1
2. Cert
>ificate Payment Report 2
3. Coll
>ection Account Report 8
4. Cred
>it Enhancement Report 11
5. Coll
>ateral Report 12
6. Deli
>nquency Report 15
7. REO
>Report 18
8. Fore
>closure Report 19
9. Prep
>ayment Report 20
10. Prep
>ayment Detail Report 23
11. Real
>ized Loss Report 24
12. Real
>ized Loss Detail Report 27
13. Trig
>gers, Adj. Rate Cert. and Miscellaneous Report 28
Tota
>l Number of Pages
> 28
CONTACTS
Adm
>inistrator: Ronaldo R Reyes
Dir
>ect Phone Number: (714)247-6320
Add
>ress: Deutsche Bank
> 1761 E. St. Andrew Place, Santa Ana, CA 92705
Web
> Site: http://www-apps.gis.deutsche-bank.com/invr
Fac
>tor Information: (800) 735-7777
Mai
>n Phone Number: (714) 247-6000
ISSUANCE INFORMATION
Seller: Long Beach Mortgage
> Cut-Off Date:
> August 1, 2000
Certificate Insurer:
> Closing Date:
> August 31, 2000
Servicer(s): Long Beach Mortgage
> Corp. Master Servicer First Payment Date:
> September 21, 2000
Underwriter(s): CS First Boston
> Underwriter Distribution Date:
> September 21, 2000
> Record Date:
> September 20, 2000
>
> August 31, 2000
> Page 1 of 28
> (c) COPYRIGHT 2000 Deutsche Bank
HISTORICAL DATA
> - STATEMENT 1 GROUP TOTAL
1
issue_idperiod
> t_del_0_t_del_1_t_del_2_t_del_3_t_del_4_t_del_0 t_del_1 t_del_2 t_del_
>3t_del_4 t_for_0_t_for_1_t_for_2_t_for_3_t_for_4_t_for_0 t_for_1 t_for_2 t_for
>_3
LB00F1 200009
> 0 031904736 8237739292452.3 0 0 367 90
> 2 0 0 0 0 0 0 0 0 0
> 0
HISTORICAL DATA
> - STATEMENT 1 GROUP 1
1
issue_idperiod
>sub_poolt_del_0_t_del_1_t_del_2_t_del_3_t_del_4_t_del_0 t_del_1 t_del_2 t_del_
>3t_del_4 t_for_0_t_for_1_t_for_2_t_for_3_t_for_4_t_for_0 t_for_1 t_for_2 t_for
>_3
LB00F1 200009
> 1 0 7497276 3174614 0 0 0 116 35
> 0 0 0 0 0 0 0 0 0 0
> 0
HISTORICAL DATA
> - STATEMENT 1 GROUP 2
1
issue_idperiod
>sub_poolt_del_0_t_del_1_t_del_2_t_del_3_t_del_4_t_del_0 t_del_1 t_del_2 t_del_
>3t_del_4 t_for_0_t_for_1_t_for_2_t_for_3_t_for_4_t_for_0 t_for_1 t_for_2 t_for
>_3
LB00F1 200009
> 2 024407461 5063125292452.3 0 0 251 55
> 2 0 0 0 0 0 0 0 0 0
> 0
HISTORICAL DATA
> - STATEMENT 1 GROUP 3
0
issue_idperiod
>sub_poolt_del_0_t_del_1_t_del_2_t_del_3_t_del_4_t_del_0 t_del_1 t_del_2 t_del_
>3t_del_4 t_for_0_t_for_1_t_for_2_t_for_3_t_for_4_t_for_0 t_for_1 t_for_2 t_for
>_3
HISTORICAL DATA
> - STATEMENT 1 GROUP 4
0
issue_idperiod
>sub_poolt_del_0_t_del_1_t_del_2_t_del_3_t_del_4_t_del_0 t_del_1 t_del_2 t_del_
>3t_del_4 t_for_0_t_for_1_t_for_2_t_for_3_t_for_4_t_for_0 t_for_1 t_for_2 t_for
>_3
>
> 0 0
t_for_4 t_bnk_0_t_bnk_1_t_bnk_2_t_bnk_3_t_bnk_4_t_bnk_0 t_bnk_1 t_bnk_2 t_bnk_3
>t_bnk_4 t_reo_0_t_reo_1_t_reo_2_t_reo_3_t_reo_4_t_reo_0 t_reo_1 t_reo_2 t_reo_
>3t_reo_4 t_del_tot_del_tot_for_tot_for_tot_bnk_tot_bnk_tot_reo_tot_reo_tot_beg
>_ba
0 0 0 0 0 0 0 0 0
>0 0 0 0 0 0 0 0 0 0
> 0 040434928 459 0 0 0 0 0 01.31E
>+09
t_for_4 t_bnk_0_t_bnk_1_t_bnk_2_t_bnk_3_t_bnk_4_t_bnk_0 t_bnk_1 t_bnk_2 t_bnk_3
>t_bnk_4 t_reo_0_t_reo_1_t_reo_2_t_reo_3_t_reo_4_t_reo_0 t_reo_1 t_reo_2 t_reo_
>3t_reo_4 t_del_tot_del_tot_for_tot_for_tot_bnk_tot_bnk_tot_reo_tot_reo_tot_beg
>_ba
0 0 0 0 0 0 0 0 0
>0 0 0 0 0 0 0 0 0 0
> 0 010671889 151 0 0 0 0 0 02.81E
>+08
t_for_4 t_bnk_0_t_bnk_1_t_bnk_2_t_bnk_3_t_bnk_4_t_bnk_0 t_bnk_1 t_bnk_2 t_bnk_3
>t_bnk_4 t_reo_0_t_reo_1_t_reo_2_t_reo_3_t_reo_4_t_reo_0 t_reo_1 t_reo_2 t_reo_
>3t_reo_4 t_del_tot_del_tot_for_tot_for_tot_bnk_tot_bnk_tot_reo_tot_reo_tot_beg
>_ba
0 0 0 0 0 0 0 0 0
>0 0 0 0 0 0 0 0 0 0
> 0 029763038 308 0 0 0 0 0 01.03E
>+09
t_for_4 t_bnk_0_t_bnk_1_t_bnk_2_t_bnk_3_t_bnk_4_t_bnk_0 t_bnk_1 t_bnk_2 t_bnk_3
>t_bnk_4 t_reo_0_t_reo_1_t_reo_2_t_reo_3_t_reo_4_t_reo_0 t_reo_1 t_reo_2 t_reo_
>3t_reo_4 t_del_tot_del_tot_for_tot_for_tot_bnk_tot_bnk_tot_reo_tot_reo_tot_beg
>_ba
t_for_4 t_bnk_0_t_bnk_1_t_bnk_2_t_bnk_3_t_bnk_4_t_bnk_0 t_bnk_1 t_bnk_2 t_bnk_3
>t_bnk_4 t_reo_0_t_reo_1_t_reo_2_t_reo_3_t_reo_4_t_reo_0 t_reo_1 t_reo_2 t_reo_
>3t_reo_4 t_del_tot_del_tot_for_tot_for_tot_bnk_tot_bnk_tot_reo_tot_reo_tot_beg
>_ba
12
>0 0 0
> 0 0 0.03064183
515936 1572221 105812 0 0 12
>0 0 0
> 0
t_prepayt_repur
>ct_liquid_loan warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cup_down
t_end_bat_beg_lot_end_lot_sch_prt_prepayt_curt t_repurct_liquidt_prepayt_repur
>ct_liquidt_prepayt_curr_st_del_sft_curr_wt_curr_wt_curr_wt_wamm warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cpool_reareo_bookt_del_1_2_bal_p
1.31E+09 11664 11652 515936 1572221 105812 0 0 12
>0 0 0162665.6384104.81.41E+081.34E+08 0 0 02.5057
>910.0507440.1559190.085712 0 0 0 0 0.030641826
>
> 0 0.03801239
146162.2 7199526645.38 0 0 1
>0 0
> 0
t_prepayt_repur
>ct_liquid_loan warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cup_down
t_end_bat_beg_lot_end_lot_sch_prt_prepayt_curt t_repurct_liquidt_prepayt_repur
>ct_liquidt_prepayt_curr_st_del_sft_curr_wt_curr_wt_curr_wt_wamm warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cpool_reareo_bookt_del_1_2_bal_p
2.81E+08 3317 3316146162.2 7199526645.38 0 0 1
>0 0 0 33710.283369.983041908529014123 0 0 03.2729
>040.0050320.1159080.008475 0 0 0 0 0.038012392
>
> 0 0.02863148
369773.8 150022679166.62 0 0 11
>0 0
> 0
t_prepayt_repur
>ct_liquid_loan warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cup_down
t_end_bat_beg_lot_end_lot_sch_prt_prepayt_curt t_repurct_liquidt_prepayt_repur
>ct_liquidt_prepayt_curr_st_del_sft_curr_wt_curr_wt_curr_wt_wamm warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cpool_reareo_bookt_del_1_2_bal_p
1.03E+09 8347 8336369773.8 150022679166.62 0 0 11
>0 0 0128955.4300734.8 1.1E+081.05E+08 0 0 02.2965
>58 0.0632 0.166820.106757 0 0 0 0 0.028631475
>
> 0 0
0 0 0 0 0 0
>0 0
> 0
t_prepayt_repur
>ct_liquid_loan warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cup_down
t_end_bat_beg_lot_end_lot_sch_prt_prepayt_curt t_repurct_liquidt_prepayt_repur
>ct_liquidt_prepayt_curr_st_del_sft_curr_wt_curr_wt_curr_wt_wamm warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cpool_reareo_bookt_del_1_2_bal_p
>
> 0 0
0 0 0 0 0 0
>0 0
> 0
t_prepayt_repur
>ct_liquid_loan warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cup_down
t_end_bat_beg_lot_end_lot_sch_prt_prepayt_curt t_repurct_liquidt_prepayt_repur
>ct_liquidt_prepayt_curr_st_del_sft_curr_wt_curr_wt_curr_wt_wamm warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cpool_reareo_bookt_del_1_2_bal_p
0.00022324 0.03086506 0 0 0 0.1
>09
0 0.1
>06
BankruptREO Total Total Total
>
> Total Total Total
t_del_3_4_bal_pt_del_total_bal_p t_for_tot_bnk_tot_reo_toPeriod t_end_bawac
> 1or 2 pa3+ pay 6del_totafor_totabnk_totareo_tota1MSMM (1-1MSMM3MSMM 12MSM
>M CUMSMM 1MCPR 3MCPR 12MCPR CUMCPR MIN(30,W1MPSA 3MPSA 12MPSA
0.000223237 0.030865063 0 0 0 Sep-001310.0550.1070
>78 0.0012790.998721
> 0.0012790.015243 0.0152432.5057913.041643
0 0.03801239 0 0 0
BankruptREO Group 1 Group 1 Group
>1
> Group 1 Group 1 Group 1
t_del_3_4_bal_pt_del_total_bal_p t_for_tot_bnk_tot_reo_toPeriod t_end_bawac
> 1or 2 pa1or 2 padel_totafor_totabnk_totareo_tota1MSMM (1-1MSMM3MSMM 12MSM
>M CUMSMM 1MCPR 3MCPR 12MCPR CUMCPR MIN(30,W1MPSA 3MPSA 12MPSA
0 0.038012392 0 0 0 Sep-00280.74760.1082
>56 0.0003510.999649
> 0.0003510.004207 0.0042073.2729040.642636
0.00028413 0.0289156 0 0 0
BankruptREO Group 2 Group 2 Group
>2
> Group 2 Group 2 Group 2
t_del_3_4_bal_pt_del_total_bal_p t_for_tot_bnk_tot_reo_toPeriod t_end_bawac
> 1or 2 pa3+ pay 6del_totafor_totabnk_totareo_tota1MSMM (1-1MSMM3MSMM 12MSM
>M CUMSMM 1MCPR 3MCPR 12MCPR CUMCPR MIN(30,W1MPSA 3MPSA 12MPSA
0.000284125 0.0289156 0 0 0 Sep-001029.3070.1067
>57 0.0015320.998468
> 0.0015320.018231 0.0182312.2965583.969144
0 0 0 0 0
BankruptREO
t_del_3_4_bal_pt_del_total_bal_p t_for_tot_bnk_tot_reo_toPeriod t_end_bawac
> 1or 2 pa3+ pay 6del_totafor_totabnk_totareo_tota1MSMM (1-1MSMM3MSMM 12MSM
>M CUMSMM 1MCPR 3MCPR 12MCPR CUMCPR MIN(30,W1MPSA 3MPSA 12MPSA
0 0 0 0 0
BankruptREO
t_del_3_4_bal_pt_del_total_bal_p t_for_tot_bnk_tot_reo_toPeriod t_end_bawac
> 1or 2 pa3+ pay 6del_totafor_totabnk_totareo_tota1MSMM (1-1MSMM3MSMM 12MSM
>M CUMSMM 1MCPR 3MCPR 12MCPR CUMCPR MIN(30,W1MPSA 3MPSA 12MPSA
>
> Printing Pages Starting# Pages # Pag
>es
Total Total
>
> 1 1Contents 1 1
CUMPSA prep+cur1MMDR (1-MDR) 3MMDR 12MMDR CUMMDR 1MCDR 3MCDR 12MCDR
>CUMCDR 1MSDA 3MSDA 12MSDA CUMSDA loss_sev3M_loss_12M_lossCUM_loss_sever
>ity 2 2Certificate Payment Repo 2 6
> 0
3.0416431678.033 0 1 0 0
> 0 0 0
> 3 3Collection Account Repor 8 3
> 0
>
> 4 4Credit Enhancement Repor 11 1
>
> 5 5Collateral Report 12 3
> 0
>
> 6 6Delinquency Report 15 3
> 0
>
> 7 7REO Report 18 1
>
> 8 8Foreclosure Report 19 1
>
> 9 9Prepayment Report 20 3
> 0
>
> 10 10Prepayment Detail Report 23 1
>
> 11 11Realized Loss Report 24 3
> 0
>
> 12 12Realized Loss Detail Rep 27 1
>
> 13 13Triggers, Adj. Rate Cert 28 1
>
> 14 Other Related Information 0
>
> 15 Additional Certificate Report 0
>
> 16 Historical Certificate Payment Report
>
> 17 Credit Ratings
>
> Total Total Total Number of Pages 28
Group 1 Group 1 Group 1
> Group 1 Group 1
CUMPSA prep+cur1MMDR (1-MDR) 3MMDR 12MMDR CUMMDR 1MCDR 3MCDR 12MCDR
>CUMCDR 1MSDA 3MSDA 12MSDA CUMSDA loss_sev3M_loss_12M_lossCUM_loss_sever
>ity
0.64263698.64038 0 1 0 0
> 0 0 0
Group 2 Group 2 Group 2
> Group 2 Group 2
CUMPSA prep+cur1MMDR (1-MDR) 3MMDR 12MMDR CUMMDR 1MCDR 3MCDR 12MCDR
>CUMCDR 1MSDA 3MSDA 12MSDA CUMSDA loss_sev3M_loss_12M_lossCUM_loss_sever
>ity
3.9691441579.393 0 1 0 0
> 0 0 0
CUMPSA prep+cur1MMDR (1-MDR) 3MMDR 12MMDR CUMMDR 1MCDR 3MCDR 12MCDR
>CUMCDR 1MSDA 3MSDA 12MSDA CUMSDA loss_sev3M_loss_12M_lossCUM_loss_sever
>ity
CUMPSA prep+cur1MMDR (1-MDR) 3MMDR 12MMDR CUMMDR 1MCDR 3MCDR 12MCDR
>CUMCDR 1MSDA 3MSDA 12MSDA CUMSDA loss_sev3M_loss_12M_lossCUM_loss_sever
>ity
# Pages Total # # Standard Pgs per Report
1 1
0 6 2 1
0 3 3 1
1 1 1
0 3 3 1
0 3 1 1
1 1
1 1
0 3 3 1
1 1
0 3 3 1
1 1
1 1 1
0 0
0 1 0
0 0
0 0
28
