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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 15, 2000
ASSET BACKED SECURITIES CORPORATION
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF AUGUST 1, 2000, PROVIDING FOR THE ISSUANCE OF
ASSET-BACKED CERTIFICATES,
SERIES 2000-LB1)
Asset Backed Securities Corporation
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(Exact name of registrant as specified in its charter)
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Delaware 333-64351 13-3354848
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
11 Madison Avenue
New York, New York 10010
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 325-1811
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Item 2. Acquisition or Disposition of Assets
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On August 31, 2000, a single series of certificates, entitled Long
Beach Home Equity Loan Trust, Home Equity Loan Pass-Through Certificates, Series
2000-LB1 (the "Certificates"), were issued pursuant to a pooling and servicing
agreement, dated as of August 1, 2000 (the "Pooling Agreement"), among Asset
Backed Securities Corporation as depositor (the "Depositor"), Long Beach
Mortgage Company ("Long Beach") as seller and master servicer (in such capacity,
the "Master Servicer") and Bankers Trust Company of California, N.A. as trustee
(the "Trustee"). On September 25, 2000, October 6, 2000 and November 9, 2000
following the closing of the initial issuance of the Certificates, the Trustee
purchased from the Depositor certain Subsequent Mortgage Loans, as defined in
the Pooling Agreement, with an aggregate principal balance equal to
approximately $187,749,019 with funds on deposit in the pre-funding account (the
"Pre-Funding Account") established pursuant to the Pooling Agreement at a
purchase price equal to the principal balance thereof, which Subsequent Mortgage
Loans were conveyed to the Trustee pursuant to the Subsequent Transfer
Agreements, dated September 25, 2000, October 6, 2000 and November 9, 2000,
respectively, among the Depositor, Long Beach and the Trustee (the
"Agreements"). Attached to the Agreements is the Mortgage Loan Schedule listing
the Subsequent Mortgage Loans that are the subject of such Agreements.
Item 5. Other Events
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Description of the Mortgage Pool
The Certificates, issued pursuant to the Pooling Agreements evidence in
the aggregate the entire beneficial ownership interest in a trust fund (the
"Trust Fund"), consisting primarily of a segregated pool (the "Mortgage Pool")
of conventional, one- to four- family, first lien adjustable-rate mortgage loans
having original terms to maturity of not greater than 30 years (the "Mortgage
Loans"). As of the Closing Date, the Trust Fund primarily consisted of (i) the
Mortgage Pool, which consisted of Mortgage Loans having an aggregate principal
balance of approximately $1,312,248,899 as of August 1, 2000 and (ii) the
Pre-Funding Account, which contained approximately $187,749,019.
As more fully described above, on September 25, 2000, October 6, 2000
and November 9, 2000, the Depositor purchased the Subsequent Mortgage Loans with
the funds on deposit in the Pre- Funding Account. The tables attached as an
exhibit hereto describe certain characteristics of the Mortgage Pool as of
November 1, 2000, the end of the "Funding Period" (as defined in the Pooling
Agreement).
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Item 7. Financial Statements and Exhibits
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(a) Not applicable
(b) Not applicable
(c) Exhibits
Exhibit No. Description
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4.2 Subsequent Transfer Agreements,
dated as of September 25, 2000,
October 6, 2000 and November 9, 2000
among Asset Backed Securities
Corporation, Long Beach Mortgage
Company and Bankers Trust Company of
California, N.A.
99.1 Characteristics of the Mortgage Pool
as of November 1, 2000, relating to
Long Beach Home Equity Loan Trust
2000-LB1, Home Equity Loan
Pass-Through Certificates, Series
2000- LB1.
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SIGNATURES
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 thereunto duly authorized.
Dated: November 15, 2000
ASSET BACKED SECURITIES CORPOATION
By: /s/Fiachra O'Driscoll
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Name: Fiachra O'Driscoll
Title: Vice President
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Index to Exhibits
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<TABLE>
<CAPTION>
Sequentially
Exhibit No. Description Numbered Page
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<S> <C> <C>
4.2 Subsequent Transfer Agreement
99.1 Characteristics of the Mortgage Pool as of
November 1, 2000, relating to Long Beach
Mortgage Corporation, Home Equity Loan Pass-
Through Certificates, Series 2000-LB1
</TABLE>
