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) : March 27, 2000
MERRILL LYNCH MORTGAGE INVESTORS INC, (as depositor under the
Pooling and Servicing Agreement, dated February 1, 2000, providing for the
issuance of C-BASS Trust 2000-CB1, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2000-CB1).
MERRILL LYNCH MORTGAGE INVESTORS, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-81429 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>
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 2000-CB1, C-BASS Mortgage Loan Asset-Backed Certificates, Series
2000-CB1 (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 February 1, 2000 ( 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 March 27, 2000 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 March 27, 2000,
as Exhibit 99.1.
-2-
<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: December 4, 2000 By: /s/ Kimberly K. Costa
Kimberly K. Costa
Vice President
-3-
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits
99.1 Statement to Certificateholders
March 27, 2000
-4-
Exhibit 99.1
Statement to Certificateholders
March 27, 2000
-5-
<PAGE>
<TABLE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2000-CB1
STATEMENT TO CERTIFICATEHOLDERS
March 27, 2000
REVISED REPORTING ITEMS
<S> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
-----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
----------------------------------------------------------------------------------------------------------------------------------
T21 70,811,000.00 70,811,000.00 696,894.50 453,878.84 1,150,773.34 0.00 0.00 70,114,105.50
T23 71,193,000.00 71,193,000.00 1,110,279.89 472,642.42 1,582,922.31 0.00 0.00 70,082,720.11
T25 34,386,000.00 34,386,000.00 490,134.25 228,762.42 718,896.67 0.00 0.00 33,895,865.75
R1 0.00 0.00 0.00 126,874.48 126,874.48 0.00 0.00 0.00
----------------------------------------------------------------------------------------------------------------------------------
TOTALS 176,390,000.00 176,390,000.00 2,297,308.64 1,282,158.16 3,579,466.80 0.00 0.00 174,092,691.36
----------------------------------------------------------------------------------------------------------------------------------
T22 4,320,549.58 4,320,549.58 0.00 27,693.52 27,693.52 0.00 0.00 3,623,169.60
T24 4,223,506.15 4,223,506.15 0.00 28,039.39 28,039.39 0.00 0.00 4,223,506.15
T26 2,098,054.64 2,098,054.63 0.00 18,570.42 18,570.42 0.00 0.00 1,607,698.89
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------- -------------------------------------
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 1000.00000000 9.84161359 6.40972222 16.25133581 990.15838641 T21 9.230000%
T23 1000.00000000 15.59535193 6.63888894 22.23424087 984.40464807 T23 9.560000%
T25 1000.00000000 14.25388966 6.65277787 20.90666754 985.74611034 T25 9.580000%
------------------------------------------------------------------------------------------- ------------------------------------
TOTALS 1000.00000000 13.02402993 7.26888236 20.29291230 986.97597007
------------------------------------------------------------------------------------------- ------------------------------------
T22 1000.00000000 0.00000000 6.40972161 6.40972161 838.58998327 T22 9.230000%
T24 1000.00000000 0.00000000 6.63888935 6.63888935 1000.00000000 T24 9.560000%
T26 999.99999523 0.00000000 8.85125661 8.85125661 766.28075330 T26 9.580000%
------------------------------------------------------------------------------------------- ------------------------------------
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]
---------------------------------------
-6-
<PAGE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2000-CB1
STATEMENT TO CERTIFICATEHOLDERS
March 27, 2000
REVISED REPORTING ITEMS
<S> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
-----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
----------------------------------------------------------------------------------------------------------------------------------
A1 70,811,000.00 70,811,000.00 696,894.50 471,483.24 1,168,377.74 0.00 0.00 70,114,105.50
A2 71,193,000.00 71,193,000.00 1,110,279.89 308,441.20 1,418,721.09 0.00 0.00 70,082,720.11
A3 34,386,000.00 34,386,000.00 490,134.25 230,099.65 720,233.90 0.00 0.00 33,895,865.75
X 10,642,110.37 10,642,110.37 0.00 0.00 0.00 0.00 0.00 10,642,110.37
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------------------------------------------------------------
TOTALS 187,032,110.37 187,032,110.37 2,297,308.64 1,010,024.09 3,307,332.73 0.00 0.00 184,734,801.73
----------------------------------------------------------------------------------------------------------------------------------
BB 10,000,000.00 10,000,000.00 0.00 380,306.84 380,306.84 0.00 0.00 9,690,972.36
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------- -------------------------------------
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 1000.00000000 9.84161359 6.65833331 16.49994690 990.15838641 A1 7.990000%
A2 1000.00000000 15.59535193 4.33246527 19.92781720 984.40464807 A2 6.238750%
A3 1000.00000000 14.25388966 6.69166667 20.94555633 985.74611034 A3 8.030000%
X 1000.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 X 0.000000%
------------------------------------------------------------------------------------------- ------------------------------------
TOTALS 1000.00000000 12.28296379 5.40027104 17.68323484 987.71703621
------------------------------------------------------------------------------------------- ------------------------------------
BB 1000.00000000 0.00000000 38.03068400 38.03068400 969.09723600 BB 8.000000%
------------------------------------------------------------------------------------------- ------------------------------------
-7-
<PAGE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2000-CB1
March 27, 2000
REVISED REPORTING ITEMS
Sec. 4.03(iii) Overcollateralization Levels, Targets and Distributable Excess
Group 1 O/C Amount 4,320,064.10
Group 1 Targeted O/C Amount 4,320,064.10
Group 1 Distributable Excess Spread 0.00
Group 1 Overcollateralizaton Deficiency Amount 0.00
Group 2 O/C Amount 5,333,786.04
Group 2 Targeted O/C Amount 4,223,324.34
Group 2 Distributable Excess Spread 0.00
Group 2 Overcollateralizaton Deficiency Amount 0.00
Group 3 O/C Amount 2,097,833.14
Group 3 Targeted O/C Amount 2,097,833.14
Group 3 Distributable Excess Spread 0.00
Group 3 Overcollateralizaton Deficiency Amount 0.00
Sec. 4.03 Fees
Sec. 4.03 (iv) Servicing Fee 88,998.71
Sec. 4.03 (xix) Trustee Fee 1,948.25
Sec. 4.03 (xvii) Premium 29,398.51
Special Servicing Fee 53,550.00
Sec. 4.03(v) Current Advances 0.00
Sec. 4.03(vi) Collateral Balances
Collateral Balance Group 1 Sub-Group 1A 19,130,225.32
Collateral Balance Group 1 Sub-Group 1B 55,303,944.28
Collateral Balance Group 1 Total 74,434,169.60
Collateral Balance Group 2 Sub-Group 2A 8,788,742.69
Collateral Balance Group 2 Sub-Group 2B 66,627,763.46
Collateral Balance Group 2 Total 75,416,506.15
Collateral Balance Group 3 Total 35,993,698.89
Sec. 4.03(vii) Beginning Loan Count
Group 1A Beginning Number of Loans 233.00
Group 1B Beginning Number of Loans 912.00
Total Group 1 Beginning Number of Loans 1145.00
Group 2A Beginning Number of Loans 27.00
Group 2B Beginning Number of Loans 644.00
Total Group 2 Beginning Number of Loans 671.00
Total Group 3 Beginning Number of Loans 552.00
Total Beginning Number of Loans - All Groups 2368.00
Sec. 4.03(vii) Ending Loan Count
Group 1A Ending Number of Loans 232.00
Group 1B Ending Number of Loans 902.00
Total Group 1 Ending Number of Loans 1134.00
Group 2A Ending Number of Loans 27.00
Group 2B Ending Number of Loans 634.00
Total Group 2 Ending Number of Loans 661.00
Total Group 3 Ending Number of Loans 552.00
Total Ending Number of Loans 2347.00
Sec. 4.03(vii) Weighted Average Mortgage Rate
Weighted Average Mortgage Rate for All Loans 10.0008 %
Group 1A Weighted Average Mortgage Rate 8.2900 %
Group 1B Weighted Average Mortgage Rate 10.6272 %
Group 1 Weighted Average Mortgage Rate 9.7607 %
Group 2A Weighted Average Mortgage Rate 9.6694 %
Group 2B Weighted Average Mortgage Rate 10.2753 %
Group 2 Weighted Average Mortgage Rate 10.1960 %
Group 3 Weighted Average Mortgage Rate 10.0900 %
-8-
<PAGE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2000-CB1
March 27, 2000
REVISED REPORTING ITEMS
Sec. 4.03(viii)Loans Delinquent
Group 1
Category Number Principal Balance Percentage
--------------------------------------------------------------------
1 Month 116 8,027,117.87 10.78 %
2 Months 65 4,062,725.16 5.46 %
3+Months 78 5,120,982.16 6.88 %
Total 259 17,210,825.19 23.12 %
Group 2
Category Number Principal Balance Percentage
--------------------------------------------------------------------
1 Month 41 4,125,165.66 5.47 %
2 Months 22 1,900,108.19 2.52 %
3+Months 26 2,735,989.29 3.63 %
Total 89 8,761,263.14 11.62 %
Group 3
Category Number Principal Balance Percentage
--------------------------------------------------------------------
1 Month 77 5,268,040.60 14.64 %
2 Months 44 2,867,358.42 7.97 %
3+Months 76 5,086,667.93 14.13 %
Total 197 13,222,066.95 36.74 %
Group Totals
Category Number Principal Balance Percentage
--------------------------------------------------------------------
1 Month 234 17,420,324.13 9.37 %
2 Months 131 8,830,191.77 4.75 %
3+Months 180 12,943,639.38 6.96 %
Total 545 39,194,155.28 21.08 %
Number of Loans 30 Days Delinquent in Group 1A 58.00
Balance of Loans 30 Days Delinquent in Group 1A 3,001,669.57
Number of Loans 30 Days Delinquent in Group 1B 58.00
Balance of Loans 30 Days Delinquent in Group 1B 5,025,448.30
Number of Loans 30 Days Delinquent in Group 2A 1.00
Balance of Loans 30 Days Delinquent in Group 2A 264,431.14
Number of Loans 30 Days Delinquent in Group 2B 40.00
Balance of Loans 30 Days Delinquent in Group 2B 3,860,734.52
Number of Loans 30 Days Delinquent in Group 3 77.00
Balance of Loans 30 Days Delinquent in Group 3 5,268,040.60
Number of Loans 60 Days Delinquent in Group 1A 38.00
Balance of Loans 60 Days Delinquent in Group 1A 2,159,146.65
Number of Loans 60 Days Delinquent in Group 1B 27.00
Balance of Loans 60 Days Delinquent in Group 1B 1,903,578.51
Number of Loans 60 Days Delinquent in Group 2A 0.00
Balance of Loans 60 Days Delinquent in Group 2A 0.00
Number of Loans 60 Days Delinquent in Group 2B 22.00
Balance of Loans 60 Days Delinquent in Group 2B 1,900,108.19
Number of Loans 60 Days Delinquent in Group 3 44.00
Balance of Loans 60 Days Delinquent in Group 3 2,867,358.42
Number of Loans 90 Days Delinquent in Group 1A 42.00
Balance of Loans 90 Days Delinquent in Group 1A 2,404,384.94
Number of Loans 90 Days Delinquent in Group 1B 36.00
Balance of Loans 90 Days Delinquent in Group 1B 2,716,597.22
Number of Loans 90 Days Delinquent in Group 2A 0.00
Balance of Loans 90 Days Delinquent in Group 2A 0.00
Number of Loans 90 Days Delinquent in Group 2B 26.00
Balance of Loans 90 Days Delinquent in Group 2B 2,735,989.29
Number of Loans 90 Days Delinquent in Group 3 76.00
Balance of Loans 90 Days Delinquent in Group 3 5,086,667.93
-9-
<PAGE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2000-CB1
March 27, 2000
REVISED REPORTING ITEMS
Sec. 4.03(viii)Loans in Foreclosures
Loans in Foreclosure
Group 1
Number Principal Balance Percentage
-------------------------------------------------------
13 697,574.94 0.94 %
Group 2
Number Principal Balance Percentage
-------------------------------------------------------
8 916,112.04 1.21 %
Group 3
Number Principal Balance Percentage
-------------------------------------------------------
3 219,354.65 0.61 %
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
24 1,833,041.63 0.99 %
Number of Foreclosures in Group 1A 2.00
Balance of Foreclosures in Group 1A 100,969.46
Number of Foreclosures in Group 1B 11.00
Balance of Foreclosures in Group 1B 596,605.48
Number of Foreclosures in Group 2A 0.00
Balance of Foreclosures in Group 2A 0.00
Number of Foreclosures in Group 2B 8.00
Balance of Foreclosures in Group 2B 916,112.04
Number of Foreclosures in Group 3 3.00
Balance of Foreclosures in Group 3 219,354.65
Sec. 4.03(viii)Loans in Bankruptcy
Group 1
Number Principal Balance Percentage
-------------------------------------------------------
141 10,542,322.52 14.16 %
Group 2
Number Principal Balance Percentage
-------------------------------------------------------
34 2,802,867.96 3.72 %
Group 3
Number Principal Balance Percentage
-------------------------------------------------------
11 601,704.51 1.67 %
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
186 13,946,894.99 7.5 %
Number of Bankruptcies in Group 1A 11.00
Balance of Bankruptcies in Group 1A 625,117.45
Number of Bankruptcies in Group 1B 130.00
Balance of Bankruptcies in Group 1B 9,917,205.07
Number of Bankruptcies in Group 2A 0.00
Balance of Bankruptcies in Group 2A 0.00
Number of Bankruptcies in Group 2B 34.00
Balance of Bankruptcies in Group 2B 2,802,867.96
Number of Bankruptcies in Group 3 601,704.51
Balance of Bankruptcies in Group 3 11.00
-10-
<PAGE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2000-CB1
March 27, 2000
REVISED REPORTING ITEMS
Sec. 4.03(ix)Loans in REO
Group 1
Number Principal Balance Percentage
-------------------------------------------------------
0 0.00 0.00%
Group 2
Number Principal Balance Percentage
-------------------------------------------------------
0 0.00 0.00%
Group 3
Number Principal Balance Percentage
-------------------------------------------------------
0 0.00 0.00%
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
0 0.00 0.00%
Number of Reo's in Group 1A 0.00
Balance of Reo's in Group 1A 0.00
Number of Reo's in Group 1B 0.00
Balance of Reo's in Group 1B 0.00
Number of Reo's in Group 2A 0.00
Reo's in Group 2A 0.00
Number of Reo's in Group 2B 0.00
Reo's in Group 2B 0.00
Number of Reo's in Group 3 0.00
Reo's in Group 3 0.00
Sec. 4.03(x) Sec. 4.03(x) REO Book Value
REO Book Value Group 1A 0.00
REO Book Value Group 1B 0.00
REO Book Value Group 2A 0.00
REO Book Value Group 2B 0.00
REO Book Value Group 3 0.00
Sec. 4.03(xi) Principal Prepayments
Principal Prepayments Group 1A 312,367.60
Principal Prepayments Group 1B 274,166.44
Principal Prepayments Group 2A 0.00
Principal Prepayments Group 2B 1,044,674.42
Principal Prepayments Group 3 452,781.17
Sec. 4.03(xii) Realized Losses
Realized Losses Incurred in Group 1A 0.00
Realized Losses Incurred in Group 1B 0.00
Realized Losses Incurred in Group 2A 0.00
Realized Losses Incurred in Group 2B 0.00
Realized Losses Incurred in Group 3 0.00
Sec. 4.03(xiii)Extraordinary Trust Fund Expense 0.00
Sec. 4.03(xv) Excess Reserve Account
Beginning Balance 29,000.00
Required Reserve Fund Deposit 29,000.00
Class BB Reserve Amount Deposit 375,694.31
Class BB Reserve Amount Paid 375,694.31
Deposit to meet Funding Requiremet 0.00
Total Deposits to the Excess Reserve Fund 375,694.31
Class A2 Carryover Amount Paid from the Excess Reserve Fund 0.00
Ending Balance 29,000.00
Sec. 4.03(xv)Outstanding A2 Available Funds Cap Carryover Amount 0.00
-11-
<PAGE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2000-CB1
March 27, 2000
REVISED REPORTING ITEMS
Sec. 4.03(xvi) Unpaid Interest
Class A1 Unpaid Interest Shortfall 0.00
Class A2 Unpaid Interest Shortfall 0.00
Class A3 Unpaid Interest Shortfall 0.00
Class BB Unpaid Interest Shortfall 0.00
Sec. 4.03(xvii) Net Prepayment Interest Shortfalls 0.00
Sec. 4.03(xx) Trigger Status by Group
Has the Group 1 Trigger Event Occured NO
Has the Group 1 Cummulative Loss Trigger Event Occured NO
Has the Group 1 OvercollateralizatioStep Up Trigger Event Occured NO
Has the Group 2 Trigger Event Occured NO
Has the Group 2 Cummulative Loss Trigger Event Occured NO
Has the Group 2 OvercollateralizatioStep Up Trigger Event Occured NO
Has the Group 3 Trigger Event Occured NO
Has the Group 3 Cummulative Loss Trigger Event Occured NO
Has the Group 3 OvercollateralizatioStep Up Trigger Event Occured NO
Sec. 4.03(xx) Cummulative Realized Losses as a Percentage of Original Loan Group Balance
Group 1 Cummulative Realized Losses as a Percentage of Original Collateral Balance 0.00%
Group 2 Cummulative Realized Losses as a Percentage of Original Collateral Balance 0.00%
Group 3 Cummulative Realized Losses as a Percentage of Original Collateral Balance 0.00%
Sec. 4.03(xx) Delinquency Percentage by Group
Delinquency Percentage by Group 1 N/A
Delinquency Percentage by Group 2 N/A
Delinquency Percentage by Group 3 N/A
Sec. 4.03(xx) Cummulative Annual Loss Percentage by Group
Cummulative Annual Loss Percentage by Group 1 0.00%
Cummulative Annual Loss Percentage by Group 2 0.00%
Cummulative Annual Loss Percentage by Group 3 0.00%
Sec. 4.03(xxi) Available Funds by Group
Group 1 Available Funds 1,275,128.00
Group 2 Available Funds 1,711,221.35
Group 3 Available Funds 781,574.46
Sec. 4.03(xxv) Prepayment Penalties/Premiums 4,612.53
Sec. 4.03(xxvi) HLTV Reserve Account
Beginning Balance 80,789.33
Total Deposits to the HLTV Reserve Account 0.00
Transfer from HLTV Reserve Account 0.00
Ending Balance 80,789.33
Sec 4.03 Class X Distributable Amount 0.00
</TABLE>
