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Previous: FRONTIER INSURANCE GROUP INC, 10-Q/A, 1998-09-01 |
Next: BT INVESTMENT FUNDS, NSAR-A/A, 1998-09-01 |
<PAGE>
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) AUGUST 17, 1998
----------------------
ASSET BACKED SECURITIES CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE
----------------------------------------------
(State or Other Jurisdiction of Incorporation)
333-00365 13-3354848
---------------------------- -----------------------------------------
Commission File Number (I.R.S. Employer Identification No.)
11 MADISON AVENUE
NEW YORK, NEW YORK 10010
------------------------------------------
(Address of principal executive offices)
(212) 325-1811
-------------------------------
(Registrant's telephone number)
NOT APPLICABLE
------------------------------------------------------------
(Former Name or Former Address if Changed Since Last Report)
<PAGE>
ITEM 5. OTHER EVENTS.
The Registrant is filing its Servicer's Report and Monthly Noteholder
and Certificateholder Statement.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c). Exhibits.
EXHIBIT NO. DOCUMENT DESCRIPTION
- ----------- --------------------
20.1 Servicer's Report and Monthly Noteholder and Certificateholders
Statement, dated as of August 17, 1998.
<PAGE>
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 hereunto duly authorized.
ASSET BACKED SECURITIES CORPORATION
-----------------------------------
(Registrant)
Dated: August 24, 1998 By: /s/ Erik A. Falk
-----------------------------------
Name: Erik A. Falk
Title: Vice President
<PAGE>
<TABLE>
<CAPTION>
CREDIT SUISSE FIRST BOSTON COMPASS BANK AUTO OWNER TRUST 1998-A EXHIBIT 20.1
COMPASS BANK - SERVICER PAGE 1
COMPASS BANK "ALABAMA", COMPASS BANK "TEXAS" - SELLERS
<S> <C>
I. ORIGINAL DEAL PARAMETER INPUTS
- -------------------------------------
(A) Total Portfolio Balance $401,460,879.06
(B) Total Securities Balance $401,460,879.06
(C) Class A-1 Notes
(i) Class A-1 Notes Balance $127,235,000.00
(ii) Class A-1 Notes Percentage (C(i)/IB) 31.69%
(iii) Class A-1 Notes Rate 5.659%
(iv) Class A-1 Notes Accrual Basis Actual/360
(D) Class A-2 Notes
(i) Class A-2 Notes Balance $81,700,000.00
(ii) Class A-2 Notes Percentage (D(i)/IB) 20.35%
(iii) Class A-2 Notes Rate 5.709%
(iv) Class A-2 Notes Accrual Basis Actual/360
(E) Class A-3 Notes
(i) Class A-3 Notes Balance $170,445,000.00
(ii) Class A-3 Notes Percentage (E(i)/B) 42.46%
(iii) Class A-3 Notes Rate 5.90%
(iv) Class A-3 Notes Accrual Basis 30/360
(F) Certificates
(i) Certificates Balance $22,080,879.06
(ii) Certificates Percentage (G(i)/B) 5.50%
(iii) Certificates Rate 6.65%
(iv) Certificates Accrual Basis 30/360
(G) Servicing Fee Rate 1.00%
(H) Portfolio Summary
(i) Weighted Average Coupon (WAC) 9.84%
(ii) Weighted Average Original Maturity (WAOM) 57.78 months
(iii) Weighted Average Remaining Maturity (WAM) 42.27 months
(iv) Number of Receivables 35,744
(I) Reserve Account
(i) Reserve Account Initial Deposit Percentage 0.25%
(ii) Reserve Account Initial Deposit $1,003,652.20
(iii) Specified Reserve Account Balance (greater of
J(iii)(a or b) if 1.5% loss and delinquency triggers
not hit - otherwise J(iii)(c))
(a) Percent of Original Securities Balance 1.00%
(b) Trigger Percent of Remaining Securities Balance 6.00%
II. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
- ----------------------------------------------------
(A) Total Portfolio Balance $401,460,879.06
(B) Total Securities Balance $401,460,879.06
(C) Cumulative Note and Certificate Pool Factor 1.0000000
(D) Class A-1 Notes
(i) Class A-1 Notes Balance $127,235,000.00
(ii) Class A-1 Notes Pool Factor 1.0000000
(iii) Class A-1 Notes Interest Carryover Shortfall $0.00
(iv) Class A-1 Notes Principal Carryover Shortfall $0.00
(E) Class A-2 Notes
(i) Class A-2 Notes Balance $81,700,000.00
(ii) Class A-2 Notes Pool Factor 1.0000000
(iii) Class A-2 Notes Interest Carryover Shortfall $0.00
(iv) Class A-2 Notes Principal Carryover Shortfall $0.00
(F) Class A-3 Notes
(i) Class A-3 Notes Balance $170,445,000.00
(ii) Class A-3 Notes Pool Factor 1.0000000
(iii) Class A-3 Notes Interest Carryover Shortfall $0.00
(iv) Class A-3 Notes Principal Carryover Shortfall $0.00
(G) Certificates
(i) Certificates Balance $22,080,879.06
(ii) Certificates Pool Factor 1.0000000
(iii) Certificates Interest Carryover Shortfall $0.00
(iv) Certificates Principal Carryover Shortfall $0.00
(H) Servicing Fee
(i) Servicing Fee Shortfall $0.00
(I) End of Prior Month Account Balances
(i) Reserve Account $1,003,652.20
(J) Net Losses as of End of Prior Month
(i) Cumulative Net Losses for All Prior Periods $0.00
(ii) Net Losses for Second Preceding Period 0.00%
(iii) Net Losses for Preceding Period 0.00%
(K) Delinquencies as of End of Prior Month
(i) Delinquency Ratio for Preceding Period 0.00%
(ii) Delinquency Ratio for Second Preceding Period 0.00%
(L) Portfolio Summary as of End of Prior Month
(i) Weighted Average Coupon (WAC) 9.84%
(ii) Weighted Average Remaining Maturity (WAM) 42.27 months
(iii) Number of Receivables 35,744
(M) Previous Month Distribution Date 6/30/98
III. MONTHLY INPUTS FROM THE MAINFRAME
- ----------------------------------------
(A) Receivables Principal
(i) Principal Collections $34,605,215.28
(ii) Prepayments in Full $0.00
(iii) Repurchased Loan Proceeds Related to Principal $0.00
(iv) Other Refunds Related to Principal $0.00
(B) Receivables Interest
(i) Interest Collections $3,215,326.36
(ii) Repurchased Loan Proceeds Related to Interest $0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CREDIT SUISSE FIRST BOSTON COMPASS BANK AUTO OWNER TRUST 1998-A EXHIBIT 20.1
COMPASS BANK - SERVICER PAGE 2
COMPASS BANK "ALABAMA", COMPASS BANK "TEXAS" - SELLERS
<S> <C> <C> <C> <C> <C>
(C) Portfolio Summary as of End of Month
(i) Weighted Average Coupon (WAC) 9.84%
(ii) Weighted Average Remaining Maturity (WAM) 39.64 months
(iii) Remaining Number of Receivables 34,141
(D) Delinquent Receivables Dollar Amount # Units
----------------------- --------------
(i) 30-59 Days Delinquent $202,570.24 0.06% 319 0.93%
(ii) 60-89 Days Delinquent $72,982.77 0.02% 74 0.22%
(iii) 90 Days or More Delinquent $5,736.52 0.00% 5 0.01%
(E) Current Month Distribution Date 8/17/98
IV. INPUTS DERIVED FROM OTHER SOURCES
- ----------------------------------------
(A) Reserve Account Investment Income $4,807.37
(B) Collection Account Investment Income $125,139.76
(C) Total Liquidations $0.00
(D) Gross Losses for Collection Period $4.90
(E) Liquidated Receivables Information
(i) Liquidation Proceeds Related to Principal $0.00
(ii) Liquidation Proceeds Related to Interest $0.00
(iii) Recoveries from Prior Month Charge Offs $0.00
(iv) Aggregate Net Losses for Collection Period $4.90
(F) Days in Accrual Period 48
(G) Deal age 1
MONTHLY COLLECTIONS
V. INTEREST COLLECTIONS
- ---------------------------
(A) Interest Collections $3,215,326.36
(B) Repurchased Loan Proceeds Related to Interest 0.00
(C) Recoveries from Prior Month Charge Offs 0.00
---------------
(E) Total Interest Collections $3,215,326.36
VI. PRINCIPAL COLLECTIONS
- ----------------------------
(A) Principal Payments Received $34,605,215.28
(B) Liquidation Proceeds 0.00
(C) Repurchased Loan Proceeds Related to Principal 0.00
(D) Other Refunds Related to Principal 0.00
--------------
(E) Total Principal Collections $34,605,215.28
VII. TOTAL INTEREST AND PRINCIPAL COLLECTIONS $37,820,541.64
- -----------------------------------------------
MONTHLY DISTRIBUTIONS
VIII. FEE DISTRIBUTIONS
- ------------------------
(A) Reserve Account Investment Income $4,807.37
(B) Collection Account Investment Income $125,139.76
(C) Servicing Fee
(i) Servicing Fee Due $334,550.73
(ii) Servicing Fee Paid 128,785.65
---------------
(iii) Servicing Fee Shortfall $205,765.08
IX. INTEREST DISTRIBUTIONS
- -----------------------------
(A) Class A-1 Notes
(i) Class A-1 Notes Interest Due $960,030.49
(ii) Class A-1 Notes Interest Paid 960,030.49
---------------
(iii) Class A-1 Notes Interest Shortfall $0.00
(B) Class A-2 Notes
(i) Class A-2 Notes Interest Due $621,900.40
(ii) Class A-2 Notes Interest Paid 621,900.40
---------------
(iii) Class A-2 Notes Interest Shortfall $0.00
(C) Class A-3 Notes
(i) Class A-3 Notes Interest Due $1,312,899.96
(ii) Class A-3 Notes Interest Paid 1,312,899.96
---------------
(iii) Class A-3 Notes Interest Shortfall $0.00
(D) Total Note Interest
(i) Total Note Interest Due $2,894,830.85
(ii) Total Note Interest Paid 2,894,830.85
---------------
(iii) Total Note Interest Shortfall $0.00
(E) Certificates
(i) Certificates Interest Due $191,704.97
(ii) Certificates Monthly Interest Paid 191,704.97
---------------
(iii) Certificates Monthly Interest Shortfall $0.00
(F) Total Note and Certificate Interest
(i) Total Note and Certificate Interest Due $3,086,535.81
(ii) Total Note and Certificate Interest Paid 3,086,535.81
---------------
(iii) Total Note and Certificate Interest Shortfall $0.00
(G) Excess Fund Available 34,605,220.18
X. PRINCIPAL DISTRIBUTIONS
- ------------------------------
(A) Noteholders' Principal Distribution Amounts $34,605,220.18
(B) Class A-1 Notes Principal
(i) Class A-1 Notes Principal Due $34,605,220.18
(ii) Class A-1 Notes Principal Paid 34,605,220.18
---------------
(iii) Class A-1 Notes Principal Shortfall $0.00
(iv) Reserve Fund drawn $0.00
(C) Class A-2 Notes Principal
(i) Class A-2 Notes Principal Due $0.00
(ii) Class A-2 Notes Principal Paid 0.00
---------------
(iii) Class A-2 Notes Principal Shortfall $0.00
(iv) Reserve Fund drawn $0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CREDIT SUISSE FIRST BOSTON COMPASS BANK AUTO OWNER TRUST 1998-A EXHIBIT 20.1
COMPASS BANK - SERVICER PAGE 3
COMPASS BANK "ALABAMA", COMPASS BANK "TEXAS" - SELLERS
<S> <C> <C> <C> <C> <C>
(D) Class A-3 Notes Principal
(i) Class A-3 Notes Principal Due $0.00
(ii) Class A-3 Notes Principal Paid 0.00
---------------
(iii) Class A-3 Notes Principal Shortfall $0.00
(iv) Reserve Fund drawn $0.00
(E) Total Notes Principal
(i) Total Notes Principal Due $34,605,220.18
(ii) Total Notes Principal Paid 34,605,220.18
---------------
(iii) Total Notes Principal Shortfall $0.00
(iv) Reserve Fund drawn $0.00
(F) Certificates Principal
(i) Certificates Principal Due $0.00
(ii) Certificates Principal Paid 0.00
---------------
(iii) Certificates Principal Shortfall $0.00
(iv) Release to Servicer $0.00
(G) Total Notes and Certificates Principal
(i) Total Notes and Certificates Principal Due $34,605,220.18
(ii) Total Notes and Certificates Principal Paid 34,605,220.18
---------------
(iii) Total Notes and Certificates Principal Shortfall $0.00
DISTRIBUTIONS SUMMARY
(A) Total Collections $37,820,541.64
(B) Amount of Draw from Reserve Account 0.00
(C) Total Distributions 37,820,541.64
(D) Amount of Deposit available into Reserve Account 0.00
PORTFOLIO AND SECURITY SUMMARY
Beginning End
XI. POOL BALANCES AND PORTFOLIO INFORMATION of Period of Period
- ---------------------------------------------- ---------------- ----------------
(A) Balances and Principal Factors
(i) Aggregate Balance of Notes $379,380,000.00 $344,774,779.82
(ii) Note Pool Factor 1.0000000 0.9087848
(iii) Class A-1 Notes Balance 127,235,000.00 92,629,779.82
(iv) Class A-1 Notes Pool Factor 1.0000000 0.7280212
(v) Class A-2 Notes Balance 81,700,000.00 81,700,000.00
(vi) Class A-2 Notes Pool Factor 1.0000000 1.0000000
(vii) Class A-3 Notes Balance 170,445,000.00 170,445,000.00
(viii) Class A-3 Notes Pool Factor 1.0000000 1.0000000
(iv) Certificates Balance 22,080,879.06 22,080,879.06
(x) Certificates Pool Factor 1.0000000 1.0000000
(xi) Total Principal Balance of Notes and Certificates 401,460,879.06 366,855,658.88
(B) Portfolio Information
(i) Weighted Average Coupon (WAC) 9.84% 9.84%
(ii) Weighted Average Remaining Maturity (WAM) 42.27 months 39.64 months
(iii) Remaining Number of Receivables 35,744 34,141
(iv) Portfolio Receivable Balance $401,460,879.06 $366,855,658.88
SUMMARY OF ACCOUNTS
XII. RECONCILIATION OF RESERVE ACCOUNT
- ----------------------------------------
(A) Beginning Reserve Account Balance $1,003,652.20
(B) Draws
(i) Draw for Servicing Fee 0.00
(ii) Draw for Interest 0.00
(iii) Draw for Realized Losses 0.00
(C) Excess Interest Deposited into the Reserve Account 0.00
(D) Reserve Account Balance Prior to Release 1,003,652.19
(E) Reserve Account Required Amount 4,014,608.79
(F) Final Reserve Account Required Amount 4,014,608.79
(G) Excess Reserve Account Amount 0.00
(H) Ending Reserve Account Balance 1,003,652.19
XIII. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
- ------------------------------------------------
(A) Liquidated Contracts
(i) Liquidation Proceeds Related to Principal $0.00
(ii) Net Liquidation Proceeds Received During
the Collection Period 0.00
(iii) Recoveries on Previously Liquidated Contracts 0.00
(B) Aggregate Net Losses for Collection Period 4.90
(C) Net Loss Rate for Collection Period (annualized) 0.00%
(D) Cumulative Net Losses for all Periods 4.90
(E) Delinquent Receivables Dollar Amount # Units
------------------- --------------
(i) 30-59 Days Delinquent $202,570.24 0.06% 319 0.93%
(ii) 60-89 Days Delinquent $72,982.77 0.02% 74 0.22%
(ii) 90 Days or More Delinquent $5,736.52 0.00% 5 0.01%
XIV. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
- --------------------------------------------------------------
(A) Cumulative Net Losses
(i) Second Preceding Collection Period 0.00%
(ii) Preceding Collection Period 0.00%
(iii) Current Collection Period 0.00%
(B) Ratio of Balance of Contracts Delinquent 60 Days or
More to the Outstanding Balance of Receivables.
(i) Second Preceding Collection Period 0.00%
(ii) Preceding Collection Period 0.00%
(iii) Current Collection Period 0.02%
(iv) Three Month Average (Avg(i,ii,iii)) 0.01%
(C) Loss and Delinquency Trigger Indicator Trigger was not hit.
</TABLE>
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