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 27, 2000
PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION, (as depositor under the
Pooling and Servicing Agreement, dated August 1, 2000, providing for the
issuance of C-BASS 2000-CB3 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2000-CB3).
PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-37256-01 56-2064715
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
One New York Plaza
New York, New York 10292
(Address pof principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (212) 778-1000
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 2000-CB3 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series
2000-CB3 (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, 2000 ( the "Agreement"), among Prudential
Securities Secured Financing Corporation, 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 November 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 November 27, 2000,
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: December 12, 2000 By: /s/ Karen Dobres
Karen Dobres
Trust Officer
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<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits
99.1 Statement to Certificateholders
November 27, 2000
-4-
Exhibit 99.1
Statement to Certificateholders
November 27, 2000
-5-
<PAGE>
<TABLE>
CREDIT-BASED LOAN ASSET-BACKED CERTIFICATES, SERIES 2000-CB3
STATEMENT TO CERTIFICATEHOLDERS
November 27, 2000
Revised Deliquency Reporting
<S> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
-----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
----------------------------------------------------------------------------------------------------------------------------------
R2 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
T11 153,499,120.26 153,499,120.26 0.00 0.00 0.00 0.00 0.00 153,499,120.26
T12 1,570,246.70 1,570,246.70 0.00 0.00 0.00 0.00 0.00 1,570,246.70
T13 1,570,246.70 1,570,246.70 0.00 0.00 0.00 0.00 0.00 1,570,246.70
T14 19,235,207.87 19,235,207.87 0.00 0.00 0.00 0.00 0.00 19,235,207.87
T15 8,912.05 8,912.05 0.00 0.00 0.00 0.00 0.00 8,912.05
T16 8,715.70 8,715.70 0.00 0.00 0.00 0.00 0.00 8,715.70
T22 1,570,246.70 1,570,246.70 0.00 0.00 0.00 0.00 0.00 1,570,246.70
T23 1,570,246.70 1,570,246.70 0.00 0.00 0.00 0.00 0.00 1,570,246.70
T24 19,235,207.87 19,235,207.87 0.00 0.00 0.00 0.00 0.00 19,235,207.87
T25 8,912.05 8,912.05 0.00 0.00 0.00 0.00 0.00 8,912.05
TOTALS 198,277,062.60 198,277,062.60 0.00 0.00 0.00 0.00 0.00 198,277,062.60
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------- -------------------------------------
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 1,000.00000000 0.00000000 0.00000000 0.00000000 1,000.00000000 T11 9.900000%
T12 1,000.00000000 0.00000000 0.00000000 0.00000000 1,000.00000000 T12 9.900000%
T13 1,000.00000000 0.00000000 0.00000000 0.00000000 1,000.00000000 T13 9.900000%
T14 1,000.00000000 0.00000000 0.00000000 0.00000000 1,000.00000000 T14 9.900000%
T15 1,000.00000000 0.00000000 0.00000000 0.00000000 1,000.00000000 T15 9.531600%
T16 1,000.00000000 0.00000000 0.00000000 0.00000000 1,000.00000000 T16 10.278000 %
T22 1,000.00000000 0.00000000 0.00000000 0.00000000 1,000.00000000 T22 9.900000%
T23 1,000.00000000 0.00000000 0.00000000 0.00000000 1,000.00000000 T23 9.900000%
T24 1,000.00000000 0.00000000 0.00000000 0.00000000 1,000.00000000 T24 9.900000%
T25 1,000.00000000 0.00000000 0.00000000 0.00000000 1,000.00000000 T25 9.531600%
-------------------------------------------------------------------------------------------
TOTALS 1,000.00000000 0.00000000 0.00000000 0.00000000 1,000.00000000
-------------------------------------------------------------------------------------------
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]
---------------------------------------
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<PAGE>
CREDIT-BASED LOAN ASSET-BACKED CERTIFICATES, SERIES 2000-CB3
STATEMENT TO CERTIFICATEHOLDERS
November 27, 2000
Revised Deliquency Reporting
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
-----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
----------------------------------------------------------------------------------------------------------------------------------
A1A 87,157,000.00 85,696,141.50 2,336,766.27 544,384.74 2,881,151.01 0.00 0.00 83,359,375.23
A1F 36,000,000.00 34,537,642.68 706,114.93 220,897.01 927,011.94 0.00 0.00 33,831,527.75
A2F 16,101,000.00 16,101,000.00 0.00 105,394.46 105,394.46 0.00 0.00 16,101,000.00
B 8,813,000.00 8,813,000.00 0.00 62,425.42 62,425.42 0.00 0.00 8,813,000.00
M1 10,135,000.00 10,135,000.00 0.00 69,382.52 69,382.52 0.00 0.00 10,135,000.00
M2 8,813,000.00 8,813,000.00 0.00 62,425.42 62,425.42 0.00 0.00 8,813,000.00
N 9,330,000.00 8,766,387.99 88,402.16 86,239.34 174,641.50 0.00 0.00 8,677,985.83
R1 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------------------------------------------------------------
TOTALS 176,349,000.00 172,862,172.17 3,131,283.36 1,151,148.91 4,282,432.27 0.00 0.00 169,730,888.81
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
------------------------------------------------------------------------------------------- ------------------------------------
A1A 983.23877027 26.81099935 6.24602430 33.05702365 956.42777092 A1A 6.930000%
A1F 959.37896333 19.61430361 6.13602806 25.75033167 939.76465972 A1F 7.675000%
A2F 1,000.00000000 0.00000000 6.54583318 6.54583318 1,000.00000000 A2F 7.855000%
B 1,000.00000000 0.00000000 7.08333371 7.08333371 1,000.00000000 B 8.500000%
M1 1,000.00000000 0.00000000 6.84583325 6.84583325 1,000.00000000 M1 8.215000%
M2 1,000.00000000 0.00000000 7.08333371 7.08333371 1,000.00000000 M2 8.500000%
N 939.59142444 9.47504394 9.24323044 18.71827438 930.11638049 N 11.805000%
------------------------------------------------------------------------------------------- ------------------------------------
TOTALS 980.22768584 17.75617304 6.52767472 24.28384777 962.47151280
-------------------------------------------------------------------------------------------
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]
---------------------------------------
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<PAGE>
CREDIT-BASED LOAN ASSET-BACKED CERTIFICATES, SERIES 2000-CB3
STATEMENT TO CERTIFICATEHOLDERS
November 27, 2000
Revised Deliquency Reporting
Sec. 4.06 Class N Ending Balance 8,677,985.83
Sec. 4.06(iii) O/C Amount 9,258,505.39
Sec. 4.06(iii) Targeted O/C Amount 9,254,569.06
Sec. 4.06(iii) O/C Deficiency Amount 0.00
Sec. 4.06(iii) O/C Release Amount 0.00
Sec. 4.06(iii) Monthly Excess Interest 273,115.13
Sec. 4.06(iii) Monthly Excess Cash Flow Amount 273,115.13
Sec. 4.06(iii) Extra Principal Distribution Amount 0.00
Sec. 4.06(iv) Servicing Compensation 0.00
Sec. 4.06(iv) Servicing Fee 94,885.22
Sec. 4.06(iv) Special Servicing Fee Accrued 36,600.00
Sec. 4.06(iv) Special Servicing Fee Paid 36,600.00
Sec. 4.06(v) Current Advances 0.00
Sec. 4.06(vi) Ending Collateral Balance Group 1.00 Total 86,952,025.38
Sec. 4.06(vi) Ending Collateral Balance Group 1.00 Sub-Group 1 19,273,814.13
Sec. 4.06(vi) Ending Collateral Balance Group 1.00 Sub-Group 2 67,678,211.25
Sec. 4.06(vi) Ending Collateral Balance Group 2.00 Total 83,359,382.99
Sec. 4.06(vii) Total Beginning Number of Loans 1,818.00
Sec. 4.06(vii) Group 1A Beginning Number of Loans 272.00
Sec. 4.06(vii) Group 1B Beginning Number of Loans 792.00
Sec. 4.06(vii) Total Group 1 Beginning Number of Loans 1,064.00
Sec. 4.06(vii) Total Group 2 Beginning Number of Loans 754.00
Sec. 4.06(vii) Total Ending Number of Loans 1,796.00
Sec. 4.06(vii) Group 1A Ending Number of Loans 271.00
Sec. 4.06(vii) Group 1B Ending Number of Loans 788.00
Sec. 4.06(vii) Total Group 1 Ending Number of Loans 1,059.00
Sec. 4.06(vii) Total Group 2 Ending Number of Loans 737.00
Sec. 4.06(vii) Weighted Average Mortgage Rate for All Loans 9.96 %
Sec. 4.06(vii) Group 1 Weighted Average Mortgage Rate 9.53 %
Sec. 4.06(vii) Group 1A Weighted Average Mortgage Rate 8.26 %
Sec. 4.06(vii) Group 1B Weighted Average Mortgage Rate 9.89 %
Sec. 4.06(vii) Group 2 Weighted Average Mortgage Rate 10.40 %
Sec. 4.06(vii)Group 1A Weighted Average Term to Maturity 292.00
Sec. 4.06(vii)Group 1B Weighted Average Term to Maturity 283.00
Sec. 4.06(vii)Group 1 Weighted Average Term to Maturity 285.00
Sec. 4.06(vii)Group 2 Weighted Average Term to Maturity 342.00
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<PAGE>
CREDIT-BASED LOAN ASSET-BACKED CERTIFICATES, SERIES 2000-CB3
STATEMENT TO CERTIFICATEHOLDERS
November 27, 2000
Revised Deliquency Reporting
Sec. 4.03(viii)Loans Delinquent
Group 1
Category Number Principal Balance Percentage
--------------------------------------------------------------------
1 Month 73 5,505,551.38 6.33%
2 Months 55 4,291,140.52 4.94%
3+Months 330 23,904,262.99 27.49%
Total 458 33,700,954.89 38.76%
Group 2
Category Number Principal Balance Percentage
--------------------------------------------------------------------
1 Month 37 4,211,599.55 5.05 %
2 Months 29 2,738,294.36 3.28 %
3+Months 100 9,600,695.07 11.52 %
Total 166 16,550,588.98 19.85 %
Group Totals
Category Number Principal Balance Percentage
--------------------------------------------------------------------
1 Month 110 9,717,150.93 5.71 %
2 Months 84 7,029,434.88 4.13 %
3+Months 430 33,504,958.06 19.67 %
Total 624 50,251,543.87 29.51 %
Please Note: Delinquency Numbers Include Bankruptcies and Forecloures
Sec. 4.06(viii) Number of Loans 30 Days Delinquent in Group 1A 13.00
Sec. 4.06(viii) Balance of Loans 30 Days Delinquent in Group 1A 1,075,717.63
Sec. 4.06(viii) Number of Loans 30 Days Delinquent in Group 1B 60.00
Sec. 4.06(viii) Balance of Loans 30 Days Delinquent in Group 1B 4,429,833.75
Sec. 4.06(viii) Number of Loans 30 Days Delinquent in Group 2 37.00
Sec. 4.06(viii) Balance of Loans 30 Days Delinquent in Group 2 4,211,599.55
Sec. 4.06(viii) Number of Loans 60 Days Delinquent in Group 1A 25.00
Sec. 4.06(viii) Balance of Loans 60 Days Delinquent in Group 1A 1,695,628.09
Sec. 4.06(viii) Number of Loans 60 Days Delinquent in Group 1B 30.00
Sec. 4.06(viii) Balance of Loans 60 Days Delinquent in Group 1B 2,595,512.43
Sec. 4.06(viii) Number of Loans 60 Days Delinquent in Group 2 29.00
Sec. 4.06(viii) Balance of Loans 60 Days Delinquent in Group 2 2,738,294.36
Sec. 4.06(viii) Number of Loans 90+ Days Delinquent in Group 1A 182.00
Sec. 4.06(viii) Balance of Loans 90+ Days Delinquent in Group 1A 13,354,486.84
Sec. 4.06(viii) Number of Loans 90+ Days Delinquent in Group 1B 148.00
Sec. 4.06(viii) Balance of Loans 90+ Days Delinquent in Group 1B 10,549,776.15
Sec. 4.06(viii) Number of Loans 90+ Days Delinquent in Group 2 100.00
Sec. 4.06(viii) Balance of Loans 90+ Days Delinquent in Group 2 9,600,695.07
Sec. 4.03(viii)Loans in Foreclosures
Loans in Foreclosure
Group 1
Number Principal Balance Percentage
-------------------------------------------------------
22 1,862,963.38 2.14%
Group 2
Number Principal Balance Percentage
-------------------------------------------------------
9 1,427,576.70 1.71%
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
31 3,290,540.08 1.93%
Sec. 4.06(viii) Number of Foreclosures in Group 1A 8.00
Sec. 4.06(viii) Balance of Foreclosures in Group 1A 753,765.22
Sec. 4.06(viii) Number of Foreclosures in Group 1B 14.00
Sec. 4.06(viii) Balance of Foreclosures in Group 1B 1,109,198.16
Sec. 4.06(viii) Number of Foreclosures in Group 2 9.00
Sec. 4.06(viii) Balance of Foreclosures in Group 2 1,427,576.70
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<PAGE>
CREDIT-BASED LOAN ASSET-BACKED CERTIFICATES, SERIES 2000-CB3
STATEMENT TO CERTIFICATEHOLDERS
November 27, 2000
Revised Deliquency Reporting
Sec. 4.03(viii)Loans in Bankruptcy
Group 1
Number Principal Balance Percentage
-------------------------------------------------------
199 14,288,469.85 16.43%
Group 2
Number Principal Balance Percentage
-------------------------------------------------------
44 3,597,959.58 4.32%
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
243 17,886,429.43 10.50%
Sec. 4.06(viii) Number of Bankruptcies in Group 1A 142.00
Sec. 4.06(viii) Balance of Bankruptcies in Group 1A 10,435,143.21
Sec. 4.06(viii) Number of Bankruptcies in Group 1B 57.00
Sec. 4.06(viii) Balance of Bankruptcies in Group 1B 3,853,326.64
Sec. 4.06(viii) Number of Bankruptcies in Group 2 44.00
Sec. 4.06(viii) Balance of Bankruptcies in Group 2 3,597,959.58
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 63,489.68
Principal Prepayments Group 1B 533,952.44
Principal Prepayments Group 2 2,287,510.85
Sec. 4.06(xii) Prepayment Penalties/Premiums 21,687.81
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
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<PAGE>
CREDIT-BASED LOAN ASSET-BACKED CERTIFICATES, SERIES 2000-CB3
STATEMENT TO CERTIFICATEHOLDERS
November 27, 2000
Revised Deliquency Reporting
Sec. 4.06(xv) Excess Reserve Fund
Beginning Balance 5,000.00
Proceeds from Permitted Investments 0.00
Deposits to the Excess Reserve Fund 0.00
Ending Balance 5,000.00
Sec. 4.06(xvi) Class N Reserve Fund
Beginning Balance 175,156.59
Deposits to fund the Class N Reserve Account 83,561.44
Proceeds from Permitted Investments 0.00
Unpaid Interest Payments Made to the N Class 0.00
Ending Balance 258,718.03
Sec. 4.06(xviii) Net Prepayment Interest Shortfalls 0.00
Sec. 4.06(xxi) Trustee Fee Paid 1,150.70
Sec. 4.06(xxii)Libor Carryover Amount - Class A-1A 0.00
Sec. 4.06(xxii)UnpaidLibor Carryover Amount - Class A-1A 0.00
Sec. 4.06(xvii) 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(xiv) Has the Trigger Event Occured NO
Sec. 4.06 Rolling 6 Month Prior Delinquency Percentage N/A
Sec. 4.06 Cummulative Realized Losses as a Percentage of Original Collateral Balance 0.00 %
Sec. 4.06(xxv) Available Funds by Group
Available Funds 4,382,056.59
Interest Remittance Amount 1,339,175.39
Principal Remittance Amount 3,042,881.20
Sec. 4.06(xxvi) HLTV Reserve Account
Beginning Balance 32,678.76
Total Deposits to the HLTV Reserve Account 0.00
Transfer from HLTV Reserve Account 0.00
Ending Balance 32,678.76
Sec 4.06 Repurchased Principal 0.00
Sec 4.06 Class X Distributable Amount 0.00
</TABLE>
