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) : June 26, 2000
ASSET BACKED FUNDING CORPORATION, (as depositor under the Pooling and
Servicing Agreement, dated May 1, 2000, providing for the issuance of C-BASS
2000-CB2 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series
2000-CB2).
ASSET BACKED FUNDING CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-32857 75-2533468
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
100 North Tryon Street
Charlotte, North Carolina 28255
(Address pof principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (704) 386-2400
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 2000-CB2 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series
2000-CB2 (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 May 1, 2000 ( the "Agreement"), among Asset Backed
Funding Corp., 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 June 26, 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 June 26, 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 7, 2000 By: /s/ Karen Dobres
Karen Dobres
Trust Officer
-3-
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits
99.1 Statement to Certificateholders
June 26, 2000
-4-
Exhibit 99.1
Statement to Certificateholders
June 26, 2000
-5-
<PAGE>
<TABLE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2000-CB2
STATEMENT TO CERTIFICATEHOLDERS
June 26, 2000
Revised
<S> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
-----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
----------------------------------------------------------------------------------------------------------------------------------
T11 317,509,303.29 317,509,303.29 0.00 0.00 0.00 0.00 0.00 317,509,303.29
T12 3,243,820.00 3,243,820.00 0.00 0.00 0.00 0.00 0.00 3,243,820.00
T13 3,243,820.00 3,243,820.00 0.00 0.00 0.00 0.00 0.00 3,243,820.00
T14 15,816,487.26 15,816,487.26 0.00 0.00 0.00 0.00 0.00 15,816,487.26
T15 1,910,699.56 1,910,699.56 0.00 0.00 0.00 0.00 0.00 1,910,699.56
T16 1,525,648.80 1,525,648.80 0.00 0.00 0.00 0.00 0.00 1,525,648.80
T22 3,243,820.00 3,243,820.00 0.00 0.00 0.00 0.00 0.00 3,243,820.00
T23 3,243,820.00 3,243,820.00 0.00 0.00 0.00 0.00 0.00 3,243,820.00
T24 15,816,487.26 15,816,487.26 0.00 0.00 0.00 0.00 0.00 15,816,487.26
T25 1,910,699.56 1,910,699.56 0.00 0.00 0.00 0.00 0.00 1,910,699.56
----------------------------------------------------------------------------------------------------------------------------------
TOTALS 367,464,605.73 367,464,605.73 0.00 0.00 0.00 0.00 0.00 367,464,605.73
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------- -------------------------------------
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
------------------------------------------------------------------------------------------- ------------------------------------
T11 1,000.000000 0.000000 0.000000 0.000000 1,000.000000 T11 9.318000%
T12 1,000.000000 0.000000 0.000000 0.000000 1,000.000000 T12 9.318000%
T13 1,000.000000 0.000000 0.000000 0.000000 1,000.000000 T13 9.318000%
T14 1,000.000000 0.000000 0.000000 0.000000 1,000.000000 T14 9.318000%
T15 1,000.000000 0.000000 0.000000 0.000000 1,000.000000 T15 9.318000%
T16 1,000.000000 0.000000 0.000000 0.000000 1,000.000000 T16 9.318000%
T22 1,000.000000 0.000000 0.000000 0.000000 1,000.000000 T22 9.318000%
T23 1,000.000000 0.000000 0.000000 0.000000 1,000.000000 T23 9.318000%
T24 1,000.000000 0.000000 0.000000 0.000000 1,000.000000 T24 9.318000%
T25 1,000.000000 0.000000 0.000000 0.000000 1,000.000000 T25 9.295000%
------------------------------------------------------------------------------------------- -----------------------------------
TOTALS 1,000.000000 0.000000 0.000000 0.000000 1,000.000000
-------------------------------------------------------------------------------------------
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
June 26, 2000
Revised
<S> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
-----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
----------------------------------------------------------------------------------------------------------------------------------
A1F 76,500,000.00 76,500,000.00 902,723.21 160,615.47 1,063,338.68 0.00 0.00 75,597,276.79
A2F 40,303,000.00 40,303,000.00 0.00 278,762.42 278,762.42 0.00 0.00 40,303,000.00
A1A 152,564,000.00 152,564,000.00 1,734,855.61 329,172.72 2,064,028.33 0.00 0.00 150,829,144.39
M1 18,800,000.00 18,800,000.00 0.00 136,613.33 136,613.33 0.00 0.00 18,800,000.00
M2 21,274,000.00 21,274,000.00 0.00 154,591.07 154,591.07 0.00 0.00 21,274,000.00
B 14,950,000.00 14,950,000.00 0.00 108,636.67 108,636.67 0.00 0.00 14,950,000.00
R2 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------------------------------------------------------------
TOTALS 324,391,000.00 324,391,000.00 2,637,578.82 1,168,391.68 3,805,970.50 0.00 0.00 321,753,421.18
----------------------------------------------------------------------------------------------------------------------------------
N 14,300,000.00 14,300,000.00 0.00 1,142,799.74 1,142,799.74 0.00 0.00 13,252,533.60
X 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------- -------------------------------------
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
------------------------------------------------------------------------------------------- ------------------------------------
A1F 1,000.00000000 11.80030340 2.09954863 13.89985203 988.19969660 A1F 6.871250%
A2F 1,000.00000000 0.00000000 6.91666675 6.91666675 1,000.00000000 A2F 8.300000%
A1A 1,000.00000000 11.37133013 2.15760415 13.52893428 988.62866987 A1A 7.061250%
M1 1,000.00000000 0.00000000 7.26666649 7.26666649 1,000.00000000 M1 8.720000%
M2 1,000.00000000 0.00000000 7.26666682 7.26666682 1,000.00000000 M2 8.720000%
B 1,000.00000000 0.00000000 7.26666689 7.26666689 1,000.00000000 B 8.720000%
------------------------------------------------------------------------------------------- ------------------------------------
TOTALS 1,000.00000000 8.13086313 3.60180054 11.73266367 991.86913687
------------------------------------------------------------------------------------------- ------------------------------------
N 1,000.00000000 0.00000000 79.91606573 79.91606573 926.75060140 N 8.000000%
------------------------------------------------------------------------------------------- ------------------------------------
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]
---------------------------------------
-7-
<PAGE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2000-CB2
June 26, 2000
Revised
Sec. 4.06 Class N Beginning Balance 14,300,000.00
Sec. 4.06 Class N Interest Accrued and Paid 95,333.33
Sec. 4.06 N Class Principal Reduction 1,047,466.40
Sec. 4.06 Total Payment to the N Class 1,142,799.74
Sec. 4.06 Class N Ending Balance 13,252,533.60
Sec. 4.06(iii) O/C Amount 19,243,835.62
Sec. 4.06(iii) Targeted O/C Amount 19,243,550.79
Sec. 4.06(iii) O/C Deficiency Amount 0.00
Sec. 4.06(iii) O/C Release Amount 0.00
Sec. 4.06(iv) Servicing Compensation 0.00
Sec. 4.06(iv) PMI Fee 37,940.88
Sec. 4.06(iv) Servicing Fee 143,181.18
Sec. 4.06(iv) Special Servicing Fee Accrued 98,700.00
Sec. 4.06(iv) Special Servicing Fee Paid 98,700.00
Sec. 4.06(v) Current Advances 0.00
Sec. 4.06(vi) Collateral Balance Group 1 Total 190,167,232.69
Sec. 4.06(vi) Collateral Balance Group 1 Sub-Group 1 8,016,657.70
Sec. 4.06(vi) Collateral Balance Group 1 Sub-Group 2 182,150,574.99
Sec. 4.06(vi) Collateral Balance Group 2 Total 150,830,024.11
Sec. 4.06(vii) Total Beginning Number of Loans 3,892.00
Sec. 4.06(vii) Group 1A Beginning Number of Loans 133.00
Sec. 4.06(vii) Group 1B Beginning Number of Loans 2,255.00
Sec. 4.06(vii) Total Group 1 Beginning Number of Loans 2,388.00
Sec. 4.06(vii) Total Group 2 Beginning Number of Loans 1,504.00
Sec. 4.06(vii) Total Ending Number of Loans 3,875.00
Sec. 4.06(vii) Group 1A Ending Number of Loans 133.00
Sec. 4.06(vii) Group 1B Ending Number of Loans 2,247.00
Sec. 4.06(vii) Total Group 1 Ending Number of Loans 2,380.00
Sec. 4.06(vii) Total Group 2 Ending Number of Loans 1,495.00
Sec. 4.06(vii) Weighted Average Mortgage Rate for All Loans 9.98 %
Sec. 4.06(vii) Group 1 Weighted Average Mortgage Rate 9.99 %
Sec. 4.06(vii) Group 1A Weighted Average Mortgage Rate 8.24 %
Sec. 4.06(vii) Group 1B Weighted Average Mortgage Rate 10.07 %
Sec. 4.06(vii) Group 2 Weighted Average Mortgage Rate 9.96 %
Sec. 4.06(vii)Group 1A Weighted Average Term to Maturity 282.00
Sec. 4.06(vii)Group 1B Weighted Average Term to Maturity 290.00
Sec. 4.06(vii)Group 1 Weighted Average Term to Maturity 289.00
Sec. 4.06(vii)Group 2 Weighted Average Term to Maturity 331.00
-8-
<PAGE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2000-CB2
June 26, 2000
Revised
Sec. 4.03(viii)Loans Delinquent
Group 1
Category Number Principal Balance Percentage
--------------------------------------------------------------------
1 Month 165 10,984,462.52 5.78 %
2 Months 38 2,810,614.41 1.48 %
3+Months 224 14,757,883.69 7.76 %
Total 427 28,552,960.62 15.02 %
Group 2
Category Number Principal Balance Percentage
--------------------------------------------------------------------
1 Month 93 8,902,683.82 5.9 %
2 Months 33 3,067,223.54 2.03 %
3+Months 120 12,198,916.39 8.09 %
Total 246 24,168,823.75 16.02 %
Group Totals
Category Number Principal Balance Percentage
--------------------------------------------------------------------
1 Month 258 19,887,146.34 5.83 %
2 Months 71 5,877,837.95 1.72 %
3+Months 344 26,956,800.08 7.91 %
Total 673 52,721,784.37 15.46 %
Sec. 4.06(viii) Number of Loans 30 Days Delinquent in Group 1A 23.00
Sec. 4.06(viii) Balance of Loans 30 Days Delinquent in Group 1A 1,637,057.02
Sec. 4.06(viii) Number of Loans 30 Days Delinquent in Group 1B 142.00
Sec. 4.06(viii) Balance of Loans 30 Days Delinquent in Group 1B 9,347,405.50
Sec. 4.06(viii) Number of Loans 30 Days Delinquent in Group 2 93.00
Sec. 4.06(viii) Balance of Loans 30 Days Delinquent in Group 2 8,902,683.82
Sec. 4.06(viii) Number of Loans 60 Days Delinquent in Group 1A 9.00
Sec. 4.06(viii) Balance of Loans 60 Days Delinquent in Group 1A 419,655.54
Sec. 4.06(viii) Number of Loans 60 Days Delinquent in Group 1B 29.00
Sec. 4.06(viii) Balance of Loans 60 Days Delinquent in Group 1B 2,390,958.87
Sec. 4.06(viii) Number of Loans 60 Days Delinquent in Group 2 33.00
Sec. 4.06(viii) Balance of Loans 60 Days Delinquent in Group 2 3,067,223.54
Sec. 4.06(viii) Number of Loans 90+ Days Delinquent in Group 1A 6.00
Sec. 4.06(viii) Balance of Loans 90+ Days Delinquent in Group 1A 622,772.04
Sec. 4.06(viii) Number of Loans 90+ Days Delinquent in Group 1B 218.00
Sec. 4.06(viii) Balance of Loans 90+ Days Delinquent in Group 1B 14,135,111.65
Sec. 4.06(viii) Number of Loans 90+ Days Delinquent in Group 2 120.00
Sec. 4.06(viii) Balance of Loans 90+ Days Delinquent in Group 2 12,198,916.39
Sec. 4.03(viii)Loans in Foreclosures
Loans in Foreclosure
Group 1
Number Principal Balance Percentage
-------------------------------------------------------
28 2,099,464.69 1.1 %
Group 2
Number Principal Balance Percentage
-------------------------------------------------------
10 1,259,309.95 0.83 %
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
38 3,358,774.64 0.98 %
Sec. 4.06(viii) Number of Foreclosures in Group 1A 3.00
Sec. 4.06(viii) Balance of Foreclosures in Group 1A 265,201.39
Sec. 4.06(viii) Number of Foreclosures in Group 1B 25.00
Sec. 4.06(viii) Balance of Foreclosures in Group 1B 1,834,263.30
Sec. 4.06(viii) Number of Foreclosures in Group 2 10.00
Sec. 4.06(viii) Balance of Foreclosures in Group 2 1,259,309.95
-9-
<PAGE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2000-CB2
June 26, 2000
Revised
Sec. 4.03(viii)Loans in Bankruptcy
Group 1
Number Principal Balance Percentage
-------------------------------------------------------
179 11,299,717.33 5.94 %
Group 2
Number Principal Balance Percentage
-------------------------------------------------------
128 12,744,504.41 8.45 %
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
307 24,044,221.74 7.05 %
Sec. 4.06(viii) Number of Bankruptcies in Group 1A 19.00
Sec. 4.06(viii) Balance of Bankruptcies in Group 1A 1,135,782.37
Sec. 4.06(viii) Number of Bankruptcies in Group 1B 160.00
Sec. 4.06(viii) Balance of Bankruptcies in Group 1B 10,163,934.96
Sec. 4.06(viii) Number of Bankruptcies in Group 2 128.00
Sec. 4.06(viii) Balance of Bankruptcies in Group 2 12,744,504.41
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 Totals
Number Principal Balance Percentage
-------------------------------------------------------
0 0.00 0.00%
Sec. 4.06(viii) Number of Reo's in Group 1A 0.00
Sec. 4.06(viii) Balance of Reo's in Group 1A 0.00
Sec. 4.06(viii) Number of Reo's in Group 1B 0.00
Sec. 4.06(viii) Balance of Reo's in Group 1B 0.00
Sec. 4.06(viii) Number of Reo's in Group 2 0.00
Sec. 4.06(viii) Reo's in Group 2 0.00
Sec. 4.06(x) Sec. 4.06(x) REO Book Value
Sec. 4.06(viii) REO Book Value Group 1A 0.00
Sec. 4.06(viii) REO Book Value Group 1B 0.00
Sec. 4.06(viii) REO Book Value Group 2 0.00
Sec. 4.06(xi) Principal Prepayments
Principal Prepayments Group 1A 0.00
Principal Prepayments Group 1B 708,375.09
Principal Prepayments Group 2 1,607,689.20
Sec. 4.06(xii) Prepayment Penalties/Premiums 24,877.15
Sec. 4.06(xii) Realized Losses
Realized Losses Incurred in Group 1A 0.00
Realized Losses Incurred in Group 1B 0.00
Realized Losses Incurred in Group 3 0.00
Sec. 4.06(xiv) Class M1 Unpaid Realized Loss Amount 0.00
Sec. 4.06(xiv) Class M1 Applied Realized Loss Amount 0.00
Sec. 4.06(xiv) Class M1 Applied Realized Loss Amortization Amount 0.00
Sec. 4.06(xiv) Class M2 Unpaid Realized Loss Amount 0.00
Sec. 4.06(xiv) Class M2 Applied Realized Loss Amount 0.00
Sec. 4.06(xiv) Class M2 Applied Realized Loss Amortization Amount 0.00
Sec. 4.02(xiv) Class B Unpaid Realized Loss Amount 0.00
Sec. 4.02(xiv) Class B Applied Realized Loss Amortization Amount 0.00
-10-
<PAGE>
C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2000-CB2
June 26, 2000
Revised
Sec. 4.06(xvi) Net Prepayment Interest Shortfalls 37,940.88
Sec. 4.06(xix) Trustee Fee Paid 2,290.90
Sec. 4.06(xx)Libor Carryover Amount - Class A-1F 0.00
Sec. 4.06(xx)Unpaid Libor Carryover Amount - Class A-1F 0.00
Sec. 4.06(xx)Libor Carryover Amount - Class A-1A 0.00
Sec. 4.06(xx)Unpaid Libor Carryover Amount - Class A-1A 0.00
Sec. 4.06(xv) Unpaid Interest
Class A1A Unpaid Interest Shortfall 0.00
Class A1F Unpaid Interest Shortfall 0.00
Class A2F Unpaid Interest Shortfall 0.00
Class M1 Unpaid Interest Shortfall 0.00
Class M2 Unpaid Interest Shortfall 0.00
Class B Unpaid Interest Shortfall 0.00
Class N Unpaid Interest Shortfall 0.00
Sec. 4.06(xv) Has the Trigger Event Occured NO
Cummulative Realized Losses as a Percentage of Original Collateral Balance 0.00 %
Sec. 4.06(xxi) Available Funds by Group
Available Funds 5,299,883.98
Interest Remittance Amount 2,662,305.16
Principal Remittance Amount 2,637,578.82
Sec. 4.06(xxvi) HLTV Reserve Account
Beginning Balance 140,878.14
Total Deposits to the HLTV Reserve Account 0.00
Transfer from HLTV Reserve Account 0.00
Ending Balance 140,878.14
Sec. 4.06 Class N Interest Shortfall Account
Beginning Balance 0.00
Proceeds from Permitted Investments 0.00
Unpaid Interest Payments Made to the N Class 0.00
Ending Balance 275,000.00
Sec 4.06 Repurchased Principal 0.00
Sec 4.06 Class X Distributable Amount 0.00
</TABLE>
