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Previous: SMITH BARNEY NATURAL RESOURCES FUND INC, NSAR-B, 1999-01-08 |
Next: ASSET BACKED SECURITIES CORP, 8-K, 1999-01-08 |
<PAGE>
<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) December 24, 1998
Asset Backed Securities Corporation
- --------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Delaware
- --------------------------------------------------------------------------------
(State or Other Jurisdiction of Incorporation)
333-64351 13-3354848
- ----------------------------------- ------------------------------------
(Commission File Number) (I.R.S. Employer Identification No.)
11 Madison Avenue, New York, New York 10010
- --------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
(212) 325-1811
- --------------------------------------------------------------------------------
(Registrant's Telephone Number, Including Area Code)
Not Applicable
- --------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
<PAGE>
Item 2. Acquisition or Disposition of Assets
Pursuant to Asset Backed Securities Corporation's (the
"Depositor") Registration Statement on Form S-3, Registration Number 333-64351,
the Depositor caused the issuance of $635,000,000 principal amount of Home
Equity Loan Pass-Through Certificates, Series 1998-LB1 (the "Certificates"), on
December 24, 1998 (the "Closing Date"). This Current Report on Form 8-K is being
filed to file a detailed description of the Initial Home Equity Loans, a copy of
the Pooling and Servicing Agreement and the Mortgage Loan Purchase Agreement.
The Certificates were issued pursuant to a pooling and
servicing agreement (the "Pooling and Servicing Agreement"), dated as of
December 1, 1998 (the "Cut-Off Date"), among the Depositor, Long Beach Mortgage
Company, as servicer and The Chase Manhattan Bank, as trustee (the "Trustee").
On the Closing Date, the Depositor delivered to the Trustee
Initial Home Equity Loans of $646,920,630.90.
Capitalized terms not defined herein have the meanings
assigned in the Pooling and Servicing Agreement.
CERTAIN CHARACTERISTICS
Set forth below is a description of certain characteristics of
the Initial Home Equity Loans as of the Cut-Off Date. Certain of the percentage
columns may not sum to 100.00% due to rounding.
<PAGE>
<PAGE>
GROUP I
FIXED RATE HOME EQUITY LOANS
<TABLE>
<S> <C>
Number of Loans: 1,828
Wgt. Avg. Current Mortgage Rate: 9.88%
Range of Current Mortgage Rates: 6.000% - 15.750%
Wgt. Avg. Orig. Months to Maturity: 342.42 months
Wgt. Avg. Rem. Months to Maturity: 340.87 months
Avg. Rem. Princ. Balance: 82,470.48
Wgt. Avg. Original LTV: 75.13%
</TABLE>
PRINCIPAL BALANCES AT ORIGINATION OF THE LOANS
<TABLE>
<CAPTION>
% of Group I
Principal Balance at Number of Aggregate Original Loans by Original
Origination Loans Principal Balance Principal Balance
- -------------------------------- ---------- ------------------ -------------------
<S> <C> <C> <C>
$ 0.01 - $ 10,000.00 2 $ 20,000 0.01%
$ 10,000.01 - $ 20,000.00 58 966,031 0.64
$ 20,000.01 - $ 30,000.00 139 3,555,694 2.36
$ 30,000.01 - $ 40,000.00 219 7,874,366 5.22
$ 40,000.01 - $ 50,000.00 254 11,576,687 7.67
$ 50,000.01 - $ 60,000.00 236 12,984,702 8.60
$ 60,000.01 - $ 70,000.00 175 11,438,125 7.58
$ 70,000.01 - $ 80,000.00 138 10,338,664 6.85
$ 80,000.01 - $ 90,000.00 97 8,329,696 5.52
$ 90,000.01 - $100,000.00 93 8,876,735 5.88
$100,000.01 - $110,000.00 76 7,988,805 5.29
$110,000.01 - $120,000.00 54 6,208,476 4.11
$120,000.01 - $130,000.00 28 3,521,185 2.33
$130,000.01 - $140,000.00 28 3,781,948 2.51
$140,000.01 - $150,000.00 37 5,399,460 3.58
$150,000.01 - $160,000.00 19 2,977,487 1.97
$160,000.01 - $170,000.00 16 2,642,325 1.75
$170,000.01 - $180,000.00 17 2,991,700 1.98
$180,000.01 - $190,000.00 10 1,845,780 1.22
$190,000.01 - $200,000.00 13 2,543,850 1.69
$200,000.01 - $210,000.00 14 2,877,802 1.91
$210,000.01 - $220,000.00 6 1,306,500 0.87
$220,000.01 - $230,000.00 12 2,720,150 1.80
$230,000.01 - $240,000.00 7 1,664,490 1.10
$240,000.01 - $250,000.00 11 2,718,600 1.80
$250,000.01 - $350,000.00 39 11,120,825 7.37
$350,000.01 - $450,000.00 20 7,701,950 5.10
$450,000.01+ 10 4,983,500 3.30
Total(1) 1,828 $150,955,533 100.00%
===== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
<PAGE>
<PAGE>
REMAINING PRINCIPAL BALANCES OF THE LOANS
<TABLE>
<CAPTION>
% of Group I
Remaining Number of Aggregate Remaining Loans by Remaining
Principal Balance Loans Principal Balance Principal Balance
-------------------------- ---------- --------------------- --------------------
<S> <C> <C> <C>
$ 0.01 - $ 10,000.00 2 $ 19,819 0.01%
$ 10,000.01 - $ 20,000.00 58 963,164 0.64
$ 20,000.01 - $ 30,000.00 139 3,549,545 2.35
$ 30,000.01 - $ 40,000.00 219 7,861,400 5.21
$ 40,000.01 - $ 50,000.00 255 11,610,383 7.70
$ 50,000.01 - $ 60,000.00 235 12,921,356 8.57
$ 60,000.01 - $ 70,000.00 176 11,489,980 7.62
$ 70,000.01 - $ 80,000.00 137 10,255,019 6.80
$ 80,000.01 - $ 90,000.00 97 8,318,605 5.52
$ 90,000.01 - $100,000.00 93 8,866,306 5.88
$100,000.01 - $110,000.00 76 7,980,009 5.29
$110,000.01 - $120,000.00 54 6,199,028 4.11
$120,000.01 - $130,000.00 28 3,514,317 2.33
$130,000.01 - $140,000.00 28 3,778,524 2.51
$140,000.01 - $150,000.00 37 5,392,833 3.58
$150,000.01 - $160,000.00 19 2,974,976 1.97
$160,000.01 - $170,000.00 17 2,808,078 1.86
$170,000.01 - $180,000.00 17 2,996,332 1.99
$180,000.01 - $190,000.00 9 1,663,793 1.10
$190,000.01 - $200,000.00 13 2,541,433 1.69
$200,000.01 - $210,000.00 14 2,873,093 1.91
$210,000.01 - $220,000.00 6 1,305,110 0.87
$220,000.01 - $230,000.00 12 2,717,624 1.80
$230,000.01 - $240,000.00 7 1,663,646 1.10
$240,000.01 - $250,000.00 11 2,714,951 1.80
$250,000.01 - $350,000.00 39 11,108,776 7.37
$350,000.01 - $450,000.00 21 8,140,435 5.40
$450,000.01+ 9 4,527,503 3.00
Total(1) 1,828 $150,756,037 100.00%
===== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
<PAGE>
<PAGE>
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES
<TABLE>
<CAPTION>
% of Group I
Number of Aggregate Remaining Loans by Remaining
State Loans Principal Balance Principal Balance
- ---------------------- ----------- ------------------- -------------------
<S> <C> <C> <C>
Alabama 26 $ 1,297,516 0.86%
Alaska 1 95,968 0.06
Arizona 37 2,340,545 1.55
Arkansas 3 196,317 0.13
California 282 36,300,584 24.08
Colorado 48 4,019,892 2.67
Connecticut 1 74,900 0.05
Florida 164 12,150,457 8.06
Georgia 13 871,170 0.58
Hawaii 65 10,619,818 7.04
Idaho 9 532,716 0.35
Illinois 58 3,652,849 2.42
Indiana 44 2,328,707 1.54
Iowa 16 621,375 0.41
Kentucky 5 205,610 0.14
Louisiana 66 3,199,323 2.12
Maine 2 86,156 0.06
Maryland 8 677,482 0.45
Massachusetts 4 554,594 0.37
Michigan 81 5,733,258 3.80
Minnesota 43 3,513,729 2.33
Mississippi 11 523,143 0.35
Missouri 36 2,020,393 1.34
Montana 10 790,200 0.52
Nebraska 26 2,091,623 1.39
Nevada 27 2,664,235 1.77
New Hampshire 3 340,056 0.23
New Jersey 5 853,446 0.57
New Mexico 21 1,401,115 0.93
New York 87 7,726,829 5.13
North Carolina 26 1,710,035 1.13
North Dakota 1 27,982 0.02
Ohio 47 2,755,931 1.83
Oklahoma 54 2,730,531 1.81
Oregon 59 6,429,921 4.27
Pennsylvania 65 3,300,437 2.19
Rhode Island 1 55,414 0.04
South Carolina 53 3,391,692 2.25
Tennessee 36 2,354,356 1.56
Texas 192 12,003,329 7.96
Utah 23 2,727,396 1.81
Virginia 17 1,272,954 0.84
Washington 31 2,855,454 1.89
Washington DC 7 566,714 0.38
West Virginia 2 83,390 0.06
Wisconsin 5 511,365 0.34
Wyoming 7 495,130 0.33
Total(1) 1,828 $150,756,037 100.00%
===== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
<PAGE>
<PAGE>
CURRENT MORTGAGE RATES OF THE LOANS
<TABLE>
<CAPTION>
% of Group I
Number of Aggregate Remaining Loans by Remaining
Mortgage Rate Loans Principal Balance Principal Balance
-------------------------------- ---------- --------------------- -------------------
<S> <C> <C> <C>
6.000% to 6.499% 1 $ 249,250 0.17%
7.500% to 7.999% 29 3,420,401 2.27
8.000% to 8.499% 72 9,863,479 6.54
8.500% to 8.999% 296 35,373,443 23.46
9.000% to 9.499% 129 13,852,062 9.19
9.500% to 9.999% 417 32,677,300 21.68
10.000% to 10.499% 122 10,515,846 6.98
10.500% to 10.999% 276 20,039,698 13.29
11.000% to 11.499% 121 6,684,032 4.43
11.500% to 11.999% 165 8,495,586 5.64
12.000% to 12.499% 67 3,388,730 2.25
12.500% to 12.999% 82 4,046,298 2.68
13.000% to 13.499% 31 1,324,324 0.88
13.500% to 13.999% 12 562,976 0.37
14.000% to 14.499% 4 107,137 0.07
14.500% to 14.999% 3 145,637 0.10
15.500% to 15.999% 1 9,840 0.01
Total(1) 1,828 $150,756,037 100.00%
===== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
REMAINING MONTHS TO MATURITY THE LOANS
<TABLE>
<CAPTION>
% of Group I
Number of Aggregate Remaining Loans by Remaining
Months Remaining Loans Principal Balance Principal Balance
- ----------------------- ------------- ---------------------- ----------------------
<S> <C> <C> <C>
61 to 120 19 $ 770,991 0.51%
121 to 180 216 11,977,245 7.94
181 to 300 45 2,580,529 1.71
301 to 360 1,548 135,427,273 89.83
Total(1) 1,828 $150,756,037 100.00%
===== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
<PAGE>
<PAGE>
ORIGINAL LOAN-TO-VALUE RATIO OF THE LOANS
<TABLE>
<CAPTION>
% of Group I
Number of Aggregate Remaining Loans by Remaining
Loan-to-Value Ratio Loans Principal Balance Principal Balance
- ---------------------------- ------------ -------------------- --------------------
<S> <C> <C> <C>
50% or less 141 $ 7,851,041 5.21%
50.01% to 55.00% 56 3,676,187 2.44
55.01% to 60.00% 84 5,021,387 3.33
60.01% to 65.00% 101 7,524,416 4.99
65.01% to 70.00% 238 17,355,052 11.51
70.01% to 75.00% 274 19,622,368 13.02
75.01% to 80.00% 480 43,531,676 28.88
80.01% to 85.00% 377 37,951,355 25.17
85.01% to 90.00% 77 8,222,556 5.45
Total(1) 1,828 $150,756,037 100.00%
===== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
LOAN PROGRAM OF THE LOANS
<TABLE>
<CAPTION>
% of Group I
Number of Aggregate Remaining Loans by Remaining
Program Loans Principal Balance Principal Balance
------------------------ ------------- -------------------- --------------------
<S> <C> <C> <C>
Full Documentation 1,392 $117,350,796 77.84%
Fast Trac 65 5,476,244 3.63
Stated Income 371 27,928,997 18.53
Total(1) 1,828 $150,756,037 100.00%
===== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
PURPOSE OF THE LOANS
<TABLE>
<CAPTION>
% of Group I
Number of Aggregate Remaining Loans by Remaining
Purpose Loans Principal Balance Principal Balance
--------------------------- ----------- -------------------- -------------------
<S> <C> <C> <C>
Purchase 474 $ 34,922,093 23.16%
Refinance - No Cash Out 393 37,161,762 24.65
Refinance Equity Take-Out 961 78,672,183 52.19
Total(1) 1,828 $150,756,037 100.00%
===== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
<PAGE>
<PAGE>
RISK CATEGORY OF THE LOANS
<TABLE>
<CAPTION>
% of Group I
Number of Aggregate Remaining Loans by Remaining
Risk Category Loans Principal Balance Principal Balance
------------------ ----------- -------------------- ----------------------
<S> <C> <C> <C>
A- 1,002 $ 95,860,204 63.59%
B 243 20,403,778 13.53
B- 230 16,029,000 10.63
C 237 11,544,275 7.66
D 116 6,918,781 4.59
Total(1) 1,828 $150,756,037 100.00%
===== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
PROPERTY TYPES OF THE LOANS
<TABLE>
<CAPTION>
% of Group I
Number of Aggregate Remaining Loans by Remaining
Property Type Loans Principal Balance Principal Balance
--------------------- --------------- ---------------------- ---------------------
<S> <C> <C> <C>
Single Family 1,521 $125,471,744 83.23%
2 to 4 units 68 6,289,488 4.17
Condo 96 6,691,052 4.44
Townhouse 9 388,949 0.26
Manufactured Home 71 4,067,786 2.70
PUD 63 7,847,020 5.21
Total(1) 1,828 $150,756,037 100.00%
===== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
OCCUPANCY STATUS OF THE LOANS
<TABLE>
<CAPTION>
% of Group I
Number of Aggregate Remaining Loans by Remaining
Occupancy Status Loans Principal Balance Principal Balance
----------------------- ----------- -------------------- -------------------
<S> <C> <C> <C>
Owner Occupied 1,605 $139,538,572 92.56%
Non-Owner Occupied 215 10,503,146 6.97
Second Home 8 714,319 0.47
Total(1) 1,828 $150,756,037 100.00%
===== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
<PAGE>
<PAGE>
GROUP II
ADJUSTABLE RATE CONFORMING HOME EQUITY LOANS
<TABLE>
<S> <C>
Number of Loans: 3,400
Wgt. Avg. Current Mortgage Rate: 9.55%
Range of Current Mortgage Rates: 6.990%-14.750%
Wgt. Avg. Orig. Months to Maturity: 359.53 months
Wgt. Avg. Rem. Months to Maturity: 358.14 months
Avg. Rem. Princ. Balance: $102,301.79
Wgt. Avg. Original LTV: 78.22%
</TABLE>
PRINCIPAL BALANCE AT ORIGINATION OF THE LOANS
<TABLE>
<CAPTION>
% of Group II
Principal Balance at Number of Aggregate Original Loans by Original
Origination Loans Principal Balance Principal Balance
- -------------------------------- -------------- --------------------- -----------------------
<S> <C> <C> <C>
$ 0.01 - $ 10,000.00 2 $ 20,000 0.01%
$ 10,000.01 - $ 20,000.00 22 367,166 0.11
$ 20,000.01 - $ 30,000.00 98 2,524,879 0.73
$ 30,000.01 - $ 40,000.00 148 5,298,925 1.52
$ 40,000.01 - $ 50,000.00 222 10,167,811 2.92
$ 50,000.01 - $ 60,000.00 296 16,522,599 4.75
$ 60,000.01 - $ 70,000.00 286 18,729,052 5.38
$ 70,000.01 - $ 80,000.00 267 20,121,600 5.78
$ 80,000.01 - $ 90,000.00 224 19,097,152 5.48
$ 90,000.01 - $100,000.00 266 25,442,962 7.31
$100,000.01 - $110,000.00 266 28,022,687 8.05
$110,000.01 - $120,000.00 249 28,692,373 8.24
$120,000.01 - $130,000.00 173 21,613,455 6.21
$130,000.01 - $140,000.00 168 22,693,146 6.52
$140,000.01 - $150,000.00 142 20,659,180 5.93
$150,000.01 - $160,000.00 95 14,749,493 4.24
$160,000.01 - $170,000.00 84 13,887,882 3.99
$170,000.01 - $180,000.00 78 13,647,932 3.92
$180,000.01 - $190,000.00 55 10,191,747 2.93
$190,000.01 - $200,000.00 83 16,287,525 4.68
$200,000.01 - $210,000.00 57 11,697,875 3.36
$210,000.01 - $220,000.00 60 12,942,077 3.72
$220,000.01 - $230,000.00 35 7,820,520 2.25
$230,000.01 - $240,000.00 5 1,181,820 0.34
$240,000.01 - $250,000.00 4 992,400 0.29
$250,000.01 - $350,000.00 10 2,831,100 0.81
$350,000.01 - $450,000.00 5 1,967,750 0.57
Total(1) 3,400 $348,171,107 100.00%
===== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
<PAGE>
<PAGE>
REMAINING PRINCIPAL BALANCE OF THE LOANS
<TABLE>
<CAPTION>
% of Group II
Remaining Number of Aggregate Remaining Loans by Remaining
Principal Balance Loans Principal Balance Principal Balance
- --------------------------- ------------ --------------------- --------------------
<S> <C> <C> <C>
$ 0.01 - $ 10,000.00 2 $ 20,000 0.01%
$ 10,000.01 - $ 20,000.00 22 366,537 0.11
$ 20,000.01 - $ 30,000.00 98 2,523,219 0.73
$ 30,000.01 - $ 40,000.00 149 5,328,870 1.53
$ 40,000.01 - $ 50,000.00 221 10,118,648 2.91
$ 50,000.01 - $ 60,000.00 296 16,510,636 4.75
$ 60,000.01 - $ 70,000.00 287 18,783,280 5.40
$ 70,000.01 - $ 80,000.00 266 20,034,404 5.76
$ 80,000.01 - $ 90,000.00 227 19,347,157 5.56
$ 90,000.01 - $100,000.00 263 25,149,451 7.23
$100,000.01 - $110,000.00 266 27,995,239 8.05
$110,000.01 - $120,000.00 249 28,663,248 8.24
$120,000.01 - $130,000.00 173 21,595,513 6.21
$130,000.01 - $140,000.00 170 22,950,813 6.60
$140,000.01 - $150,000.00 143 20,797,229 5.98
$150,000.01 - $160,000.00 92 14,284,309 4.11
$160,000.01 - $170,000.00 84 13,874,503 3.99
$170,000.01 - $180,000.00 78 13,632,794 3.92
$180,000.01 - $190,000.00 55 10,181,864 2.93
$190,000.01 - $200,000.00 83 16,272,257 4.68
$200,000.01 - $210,000.00 57 11,685,280 3.36
$210,000.01 - $220,000.00 60 12,928,056 3.72
$220,000.01 - $230,000.00 35 7,814,382 2.25
$230,000.01 - $240,000.00 5 1,181,071 0.34
$240,000.01 - $250,000.00 4 992,102 0.29
$250,000.01 - $350,000.00 10 2,828,781 0.81
$350,000.01 - $450,000.00 5 1,966,450 0.57
Total(1) 3,400 $347,826,092 100.00%
===== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
<PAGE>
<PAGE>
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES
<TABLE>
<CAPTION>
% of Group II
Number of Aggregate Remaining Loans by Remaining
State Loans Principal Balance Principal Balance
- -------------------------- ---------------- -------------------- ---------------------
<S> <C> <C> <C>
Alabama 19 $ 1,597,011 0.46%
Alaska 4 484,798 0.14
Arizona 39 3,842,946 1.10
Arkansas 2 95,086 0.03
California 764 104,609,438 30.08
Colorado 321 33,571,848 9.65
Connecticut 5 532,934 0.15
Delaware 1 179,908 0.05
Florida 147 12,450,040 3.58
Georgia 25 2,505,292 0.72
Hawaii 37 5,405,517 1.55
Idaho 56 4,659,494 1.34
Illinois 117 12,305,984 3.54
Indiana 43 2,739,947 0.79
Iowa 39 2,152,862 0.62
Kansas 29 2,615,585 0.75
Kentucky 3 278,949 0.08
Louisiana 19 1,321,040 0.38
Maine 9 713,759 0.21
Maryland 18 2,258,529 0.65
Massachusetts 40 5,118,429 1.47
Michigan 250 20,688,200 5.95
Minnesota 141 12,399,864 3.56
Mississippi 4 278,817 0.08
Missouri 54 4,213,158 1.21
Montana 5 391,911 0.11
Nebraska 47 3,173,978 0.91
Nevada 149 15,205,846 4.37
New Hampshire 3 385,305 0.11
New Jersey 32 3,218,975 0.93
New Mexico 27 2,455,143 0.71
New York 102 10,961,112 3.15
North Carolina 7 634,053 0.18
North Dakota 1 39,982 0.01
Ohio 45 2,781,308 0.80
Oklahoma 21 1,345,279 0.39
Oregon 167 17,081,657 4.91
Pennsylvania 44 2,994,100 0.86
Rhode Island 3 218,710 0.06
South Carolina 20 1,529,768 0.44
South Dakota 9 735,605 0.21
Tennessee 33 2,856,674 0.82
Texas 216 17,022,558 4.89
Utah 91 9,888,661 2.84
Vermont 1 123,184 0.04
Virginia 13 1,314,624 0.38
Washington 91 9,004,812 2.59
Washington DC 5 580,506 0.17
West Virginia 6 395,117 0.11
Wisconsin 61 5,264,189 1.51
Wyoming 15 1,203,602 0.35
Total(1) 3,400 $347,826,092 100.00%
===== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
<PAGE>
<PAGE>
CURRENT MORTGAGE RATES OF THE LOANS
<TABLE>
<CAPTION>
% of Group II
Number of Aggregate Remaining Loans by Remaining
Mortgage Rates Loans Principal Balance Principal Balance
- ------------------------ -------------------- --------------------- ----------------------
<S> <C> <C> <C>
6.500% to 6.999% 22 $ 3,252,884 0.94%
7.000% to 7.499% 22 2,768,197 0.80
7.500% to 7.999% 148 18,940,570 5.45
8.000% to 8.499% 167 21,173,718 6.09
8.500% to 8.999% 692 84,402,321 24.27
9.000% to 9.499% 395 43,966,270 12.64
9.500% to 9.999% 797 81,079,629 23.31
10.000% to 10.499% 250 22,228,235 6.39
10.500% to 10.999% 448 39,447,912 11.34
11.000% to 11.499% 130 9,503,335 2.73
11.500% to 11.999% 157 10,151,542 2.92
12.000% to 12.499% 80 5,383,869 1.55
12.500% to 12.999% 65 4,237,784 1.22
13.000% to 13.499% 16 783,196 0.23
13.500% to 13.999% 10 464,644 0.13
14.500% to 14.999% 1 41,987 0.01
Total(1) 3,400 $347,826,092 100.00%
===== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
REMAINING MONTHS TO MATURITY OF THE LOANS
<TABLE>
<CAPTION>
% of Group II
Number of Aggregate Remaining Loans by Remaining
Months Remaining Loans Principal Balance Principal Balance
- -------------------- ------------ -------------------- --------------------
<S> <C> <C> <C>
121 to 180 7 $ 696,017 0.20%
181 to 300 4 309,206 0.09
301 to 360 3,389 346,820,869 99.71
Total(1) 3,400 $347,826,092 100.00%
===== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
PRODUCT TYPE OF THE LOANS
<TABLE>
<CAPTION>
% of Group II
Number of Aggregate Remaining Loans by Remaining
Product Type Loans Principal Balance Principal Balance
- -------------- ----------- ---------------------- --------------------
<S> <C> <C> <C>
2/28 LIBOR 2,894 $292,494,875 84.09%
3/27 LIBOR 100 9,601,189 2.76
6mo adj/LIBOR 406 45,730,027 13.15
Total(1) 3,400 $347,826,092 100.00%
===== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
<PAGE>
<PAGE>
ORIGINAL LOAN-TO-VALUE RATIO OF THE LOANS
<TABLE>
<CAPTION>
% of Group II
Number of Aggregate Remaining Loans by Remaining
Loan-to-Value Ratio Loans Principal Balance Principal Balance
- --------------------- -------------- ---------------------- --------------------
<S> <C> <C> <C>
50% or less 123 $ 9,718,422 2.79%
50.01% to 55.00% 46 4,073,710 1.17
55.01% to 60.00% 79 5,810,931 1.67
60.01% to 65.00% 136 12,507,761 3.60
65.01% to 70.00% 341 30,518,738 8.77
70.01% to 75.00% 468 41,064,696 11.81
75.01% to 80.00% 1,048 109,950,831 31.61
80.01% to 85.00% 873 98,783,158 28.40
85.01% to 90.00% 286 35,397,843 10.18
Total(1) 3,400 $347,826,092 100.00%
===== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
LOAN PROGRAM OF THE LOANS
<TABLE>
<CAPTION>
% of Group II
Number of Aggregate Remaining Loans by Remaining
Program Loans Principal Balance Principal Balance
- ------------- ------------ ---------------------- --------------------
<S> <C> <C> <C>
Fast Trac 153 $ 17,032,723 4.90%
Full Documentation 2,581 261,855,254 75.28
Stated Income 666 68,938,115 19.82
Total(1) 3,400 $347,826,092 100.00%
===== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
PURPOSE OF THE LOANS
<TABLE>
<CAPTION>
% of Group II
Number of Aggregate Remaining Loans by Outstanding
Purpose Loans Principal Balance Principal Balance
- ------------------------- ------------- --------------------- -----------------------
<S> <C> <C> <C>
Purchase 1,622 $162,152,659 46.62%
Refinance - No Cash Out 696 74,702,154 21.48
Refinance Equity Take-Out 1,082 110,971,279 31.90
Total(1) 3,400 $347,826,092 100.00%
===== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
<PAGE>
<PAGE>
RISK CATEGORY OF THE LOANS
<TABLE>
<CAPTION>
% of Group II
Number of Aggregate Remaining Loans by Remaining
Risk Category Loans Principal Balance Principal Balance
- --------------------- --------------- ------------------------ ----------------------
<S> <C> <C> <C>
A- 1,764 $199,365,476 57.32%
B 467 48,839,998 14.04
B- 479 46,105,895 13.26
C 448 34,407,904 9.89
D 242 19,106,820 5.49
Total(1) 3,400 $347,826,092 100.00%
===== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
PROPERTY TYPES OF THE LOANS
<TABLE>
<CAPTION>
% of Group II
Number of Aggregate Remaining Loans by Remaining
Property Type Loans Principal Balance Principal Balance
- ---------------- ------------------ ------------------------ ---------------------
<S> <C> <C> <C>
Single Family 2,767 $278,088,308 79.95%
2 to 4 units 114 15,039,418 4.32
Condo 244 24,304,347 6.99
Townhouse 8 593,684 0.17
PUD 180 22,832,380 6.56
Manufactured Home 87 6,967,953 2.00
Total(1) 3,400 $347,826,092 100.00%
===== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
OCCUPANCY STATUS OF THE LOANS
<TABLE>
<CAPTION>
% of Group II
Number of Aggregate Remaining Loans by Remaining
Occupancy Status Loans Principal Balance Principal Balance
- ------------------------ ---------------- --------------------- --------------------
<S> <C> <C> <C>
Non-Owner Occupied 248 $ 20,282,936 5.83%
Owner Occupied 3,129 325,298,275 93.52
Second Home 23 2,244,881 0.65
Total(1) 3,400 $347,826,092 100.00%
===== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
<PAGE>
<PAGE>
MONTH OF NEXT RATE ADJUSTMENT OF THE LOANS
<TABLE>
<CAPTION>
% of Group II
Month of Next Rate Number of Aggregate Remaining Loans by Remaining
Adjustment Loans Principal Balance Principal Balance
- -------------- --------- ------------------- -------------------
<S> <C> <C> <C>
Jan-99 4 $ 678,270 0.20%
Feb-99 4 283,507 0.08
Mar-99 11 1,140,973 0.33
Apr-99 89 9,314,990 2.68
May-99 129 15,183,465 4.37
Jun-99 111 11,813,842 3.40
Jul-99 58 7,314,980 2.10
Aug-99 1 83,747 0.02
Jan-00 2 107,902 0.03
Apr-00 1 53,830 0.02
May-00 1 170,371 0.05
Jun-00 5 389,097 0.11
Jul-00 13 1,156,174 0.33
Aug-00 20 1,728,283 0.50
Sep-00 96 10,146,796 2.92
Oct-00 435 47,319,515 13.60
Nov-00 716 72,909,216 20.96
Dec-00 990 98,247,470 28.25
Jan-01 614 60,182,475 17.30
Aug-01 1 44,910 0.01
Sep-01 3 325,172 0.09
Oct-01 1 99,803 0.03
Nov-01 15 1,594,911 0.46
Dec-01 63 5,829,823 1.68
Jan-02 17 1,706,570 0.49
Total(1) 3,400 $347,826,092 100.00%
===== ============ ======
</TABLE>
- --------------
(1) Percentages do not add to 100% due to rounding.
GROSS MARGINS OF THE LOANS
<TABLE>
<CAPTION>
% of Group II
Number of Aggregate Remaining Loans by Remaining
Gross Margin Loans Principal Balance Principal Balance
- ------------ --------- ----------------- -----------------
<S> <C> <C> <C>
2.000% to 2.499% 1 $ 49,917 0.01%
3.000% to 3.499% 1 106,283 0.03
4.000% to 4.499% 14 1,658,336 0.48
4.500% to 4.999% 15 1,315,535 0.38
5.000% to 5.499% 56 5,601,396 1.61
5.500% to 5.999% 311 32,278,031 9.28
6.000% to 6.499% 583 57,252,227 16.46
6.500% to 6.999% 1,978 205,657,610 59.13
7.000% to 7.499% 426 42,173,604 12.12
7.500% to 7.999% 8 1,018,624 0.29
8.000% to 8.499% 5 487,787 0.14
8.500% to 8.999% 2 226,743 0.07
Total(1) 3,400 $347,826,092 100.00%
===== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
<PAGE>
<PAGE>
MAXIMUM LOAN RATES OF THE LOANS
<TABLE>
<CAPTION>
% of Group II
Number of Aggregate Remaining Loans by Remaining
Maximum Rate Loans Principal Balance Principal Balance
------------ -------- ----------------- -----------------
<S> <C> <C> <C>
12.500% to 12.999% 20 $ 3,075,030 0.88%
13.000% to 13.499% 24 2,946,051 0.85
13.500% to 13.999% 126 15,827,305 4.55
14.000% to 14.499% 186 23,995,737 6.90
14.500% to 14.999% 599 72,880,267 20.95
15.000% to 15.499% 483 54,912,834 15.79
15.500% to 15.999% 660 67,164,297 19.31
16.000% to 16.499% 380 35,423,228 10.18
16.500% to 16.999% 386 34,758,964 9.99
17.000% to 17.499% 201 15,310,928 4.40
17.500% to 17.999% 125 8,215,306 2.36
18.000% to 18.499% 117 7,711,230 2.22
18.500% to 18.999% 56 3,639,334 1.05
19.000% to 19.499% 26 1,458,949 0.42
19.500% to 19.999% 8 417,694 0.12
20.000% to 20.499% 2 46,950 0.01
21.500% to 21.999% 1 41,987 0.01
Total(1) 3,400 $347,826,092 100.00%
===== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
MINIMUM LOAN RATES OF THE LOANS
<TABLE>
<CAPTION>
% of Group II
Number of Aggregate Remaining Loans by Remaining
Minimum Rate Loans Principal Balance Principal Balance
- ------------ -------- ----------------- -----------------
<S> <C> <C> <C>
6.500% to 6.999% 20 $ 3,075,030 0.88%
7.000% to 7.499% 24 2,946,051 0.85
7.500% to 7.999% 127 15,907,252 4.57
8.000% to 8.499% 189 24,350,878 7.00
8.500% to 8.999% 609 73,958,545 21.26
9.000% to 9.499% 478 54,346,642 15.62
9.500% to 9.999% 672 68,590,003 19.72
10.000% to 10.499% 376 34,717,281 9.98
10.500% to 10.999% 381 34,136,170 9.81
11.000% to 11.499% 195 14,735,219 4.24
11.500% to 11.999% 124 8,063,522 2.32
12.000% to 12.499% 113 7,471,889 2.15
12.500% to 12.999% 56 3,662,732 1.05
13.000% to 13.499% 25 1,358,248 0.39
13.500% to 13.999% 8 417,694 0.12
14.000% to 14.499% 2 46,950 0.01
14.500% to 14.999% 1 41,987 0.01
Total(1) 3,400 $347,826,092 100.00%
===== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
<PAGE>
<PAGE>
GROUP III
---------
ADJUSTABLE RATE NON-CONFORMING HOME EQUITY LOANS
<TABLE>
<S> <C>
Number of Loans: 465
Wgt. Avg. Current Mortgage Rate: 9.08%
Range of Current Mortgage Rates: 6.500% - 12.750%
Wgt. Avg. Orig. Months to Maturity: 360.00 months
Wgt. Avg. Rem. Months to Maturity: 358.51 months
Avg. Rem. Princ. Balance: $319,007.53
Wgt. Avg. Original LTV: 78.89%
</TABLE>
PRINCIPAL BALANCE AT ORIGINATION OF THE LOANS
<TABLE>
<CAPTION>
% of Group III
Principal Balance at Number of Aggregate Original Loans by Original
Origination Loans Principal Balance Principal Balance
- ----------- -------- ----------------- -----------------
<S> <C> <C> <C>
$220,000.01 - $240,000.00 50 $ 11,681,485 7.87%
$240,000.01 - $260,000.00 77 19,335,073 13.02
$260,000.01 - $280,000.00 65 17,608,787 11.86
$280,000.01 - $300,000.00 56 16,344,031 11.01
$300,000.01 - $320,000.00 37 11,530,800 7.77
$320,000.01 - $340,000.00 36 11,876,135 8.00
$340,000.01 - $360,000.00 27 9,512,550 6.41
$360,000.01 - $380,000.00 22 8,096,082 5.45
$380,000.01 - $400,000.00 17 6,678,675 4.50
$400,000.01 - $420,000.00 15 6,192,700 4.17
$420,000.01 - $440,000.00 15 6,414,991 4.32
$440,000.01 - $460,000.00 11 4,986,150 3.36
$460,000.01 - $480,000.00 11 5,172,550 3.48
$480,000.01 - $500,000.00 24 11,950,089 8.05
$500,000.01+ 2 1,109,250 0.75
Total(1) 465 $148,489,348 100.00%
=== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
<PAGE>
<PAGE>
REMAINING PRINCIPAL BALANCE OF THE LOANS
<TABLE>
<CAPTION>
% of Group III
Remaining Number of Aggregate Remaining Loans by Remaining
Principal Balance Loans Principal Balance Principal Balance
----------------- -------- ----------------- -----------------
<S> <C> <C> <C>
$220,000.01 - $240,000.00 51 $ 11,909,287 8.03%
$240,000.01 - $260,000.00 76 19,077,754 12.86
$260,000.01 - $280,000.00 66 17,866,646 12.04
$280,000.01 - $300,000.00 55 16,050,444 10.82
$300,000.01 - $320,000.00 37 11,518,728 7.77
$320,000.01 - $340,000.00 36 11,865,349 8.00
$340,000.01 - $360,000.00 27 9,503,930 6.41
$360,000.01 - $380,000.00 22 8,087,147 5.45
$380,000.01 - $400,000.00 17 6,671,919 4.50
$400,000.01 - $420,000.00 15 6,184,960 4.17
$420,000.01 - $440,000.00 15 6,407,947 4.32
$440,000.01 - $460,000.00 11 4,981,859 3.36
$460,000.01 - $480,000.00 11 5,165,864 3.48
$480,000.01 - $500,000.00 24 11,940,405 8.05
$500,000.01+ 2 1,106,263 0.75
Total(1) 465 $148,338,502 100.00%
=== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
<PAGE>
<PAGE>
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES
<TABLE>
<CAPTION>
% of Group III
Number of Aggregate Remaining Loans by Remaining
State Loans Principal Balance Principal Balance
- ----- -------- ----------------- -----------------
<S> <C> <C> <C>
Alabama 1 $ 400,000 0.27%
Arizona 4 1,403,243 0.95
California 277 88,377,912 59.58
Colorado 33 10,735,232 7.24
Connecticut 1 469,715 0.32
Florida 11 3,600,084 2.43
Georgia 2 635,239 0.43
Idaho 1 306,000 0.21
Illinois 16 4,863,604 3.28
Iowa 1 430,983 0.29
Kentucky 2 654,499 0.44
Louisiana 2 933,681 0.63
Maryland 4 1,420,742 0.96
Massachusetts 6 2,197,303 1.48
Michigan 16 4,786,836 3.23
Minnesota 1 283,731 0.19
Montana 1 258,915 0.17
Nebraska 2 579,057 0.39
Nevada 9 2,989,427 2.02
New Jersey 4 1,091,409 0.74
New Mexico 2 760,283 0.51
New York 16 5,289,637 3.57
Ohio 2 489,599 0.33
Oregon 11 3,083,289 2.08
South Dakota 1 231,897 0.16
Texas 17 5,361,691 3.61
Utah 9 2,784,637 1.88
Washington 12 3,657,304 2.47
Washington DC 1 262,552 0.18
Total(1) 465 $148,338,502 100.00%
=== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
<PAGE>
<PAGE>
CURRENT MORTGAGE RATES OF THE LOANS
<TABLE>
<CAPTION>
% of Group III
Number of Aggregate Remaining Loans by Remaining
Mortgage Rate Loans Principal Balance Principal Balance
------------- -------- ----------------- -----------------
<S> <C> <C> <C>
6.500% to 6.999% 6 $ 2,159,669 1.46%
7.000% to 7.499% 3 1,270,397 0.86
7.500% to 7.999% 36 11,617,442 7.83
8.000% to 8.499% 47 14,151,187 9.54
8.500% to 8.999% 178 57,227,841 38.58
9.000% to 9.499% 63 20,591,707 13.88
9.500% to 9.999% 78 24,216,433 16.33
10.000% to 10.499% 18 5,913,336 3.99
10.500% to 10.999% 22 7,029,200 4.74
11.000% to 11.499% 4 1,125,386 0.76
11.500% to 11.999% 7 2,182,737 1.47
12.000% to 12.499% 1 279,782 0.19
12.500% to 12.999% 2 573,382 0.39
Total(1) 465 $148,338,502 100.00%
=== ============ ======
</TABLE>
- ---------
(1) Percentages do not add to 100% due to rounding.
REMAINING MONTHS TO MATURITY OF THE LOANS
<TABLE>
<CAPTION>
% of Group III
Number of Aggregate Remaining Loans by Remaining
Months Remaining Loans Principal Balance Principal Balance
- ---------------- --------- ----------------- ------------------
<S> <C> <C> <C>
301 to 360 465 $148,338,502 100.00%
Total(1) 465 $148,338,502 100.00%
==== ============ ======
</TABLE>
- -------------------
(1) Percentages do not add to 100% due to rounding.
ORIGINAL LOAN-TO-VALUE RATIO OF THE LOANS
<TABLE>
<CAPTION>
% of Group III
Number of Aggregate Remaining Loans by Remaining
Loan-to-Value Ratio Loans Principal Balance Principal Balance
-------- ----------------- -----------------
<S> <C> <C> <C>
50% or less 5 $ 1,918,534 1.29%
50.01% to 55.00% 5 1,538,930 1.04
55.01% to 60.00% 10 4,092,256 2.76
60.01% to 65.00% 16 5,374,022 3.62
65.01% to 70.00% 33 11,030,223 7.44
70.01% to 75.00% 51 17,305,549 11.67
75.01% to 80.00% 136 42,272,838 28.50
80.01% to 85.00% 146 46,611,113 31.42
85.01% to 90.00% 63 18,195,037 12.27
Total(1) 465 $148,338,502 100.00%
=== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
<PAGE>
<PAGE>
PRODUCT TYPE OF THE LOANS
<TABLE>
<CAPTION>
% of Group III
Number of Aggregate Remaining Loans by Remaining
Product Type Loans Principal Balance Principal Balance
------------ -------- ----------------- -----------------
<S> <C> <C> <C>
2/28 LIBOR 375 $118,657,867 79.99%
3/27 LIBOR 14 4,043,431 2.73
6mo adj/LIBOR 76 25,637,204 17.28
Total(1) 465 $148,338,502 100.00%
=== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
LOAN PROGRAM OF THE LOANS
<TABLE>
<CAPTION>
% of Group III
Number of Aggregate Remaining Loans by Remaining
Program Loans Principal Balance Principal Balance
------- ------- ----------------- -----------------
<S> <C> <C> <C>
Fast Trac 46 $ 15,696,539 10.58%
Full Documentation 327 104,225,359 70.26
Stated Income 92 28,416,603 19.16
Total(1) 465 $148,338,502 100.00%
=== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
PURPOSE OF THE LOANS
<TABLE>
<CAPTION>
% of Group III
Number of Aggregate Remaining Loans by Remaining
Purpose Loans Principal Balance Principal Balance
---------- ----------- ------------------- ------------------
<S> <C> <C> <C>
Purchase 168 $ 53,045,926 35.76%
Refinance - No Cash Out 112 35,229,684 23.75
Refinance Equity Take-Out 185 60,062,891 40.49
Total(1) 465 $148,338,502 100.00%
=== ============ ======
- ---------------
(1) Percentages do not add to 100% due to rounding.
</TABLE>
RISK CATEGORY OF THE LOANS
<TABLE>
<CAPTION>
% of Group III
Number of Aggregate Remaining Loans by Remaining
Risk Category Loans Principal Balance Principal Balance
- ------------- ----- ----------------- -----------------
<S> <C> <C> <C>
A- 337 $106,732,306 71.95%
B 43 13,379,948 9.02
B- 46 15,727,602 10.60
C 22 7,394,868 4.99
D 17 5,103,778 3.44
Total(1) 465 $148,338,502 100.00%
=== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
<PAGE>
<PAGE>
PROPERTY TYPES OF THE LOANS
<TABLE>
<CAPTION>
% of Group III
Number of Aggregate Remaining Loans by Remaining
Property Type Loans Principal Balance Principal Balance
- ------------- ------- ----------------- -----------------
<S> <C> <C> <C>
2 to 4 units 1 $ 494,788 0.33%
Condo 19 6,253,326 4.22
PUD 59 19,174,890 12.93
Single Family 386 122,415,498 82.52
Total(1) 465 $148,338,502 100.00%
=== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
OCCUPANCY STATUS OF THE LOANS
<TABLE>
<CAPTION>
% of Group III
Number of Aggregate Remaining Loans by Remaining
Occupancy Status Loans Principal Balance Principal Balance
- ---------------- ----- ----------------- -----------------
<S> <C> <C> <C>
Non-Owner Occupied 8 $ 2,707,792 1.83%
Owner Occupied 454 144,464,211 97.39
Second Home 3 1,166,499 0.79
Total(1) 465 $148,338,502 100.00%
=== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
MONTH OF NEXT RATE ADJUSTMENT OF THE LOANS
<TABLE>
<CAPTION>
% of Group III
Month of Next Rate Number of Aggregate Remaining Loans by Remaining
Adjustment Loans Principal Balance Principal Balance
- ---------- ----- ----------------- -----------------
<S> <C> <C> <C>
Jan-99 1 $ 498,921 0.34%
Mar-99 1 427,102 0.29
Apr-99 17 5,676,108 3.83
May-99 27 9,032,952 6.09
Jun-99 22 7,363,761 4.96
Jul-99 8 2,638,359 1.78
Jul-00 4 1,058,441 0.71
Aug-00 7 2,749,171 1.85
Sep-00 19 6,005,655 4.05
Oct-00 74 24,000,050 16.18
Nov-00 68 22,291,687 15.03
Dec-00 109 33,646,727 22.68
Jan-01 94 28,906,135 19.49
Nov-01 6 1,776,073 1.20
Dec-01 4 1,194,358 0.81
Jan-02 4 1,073,000 0.72
Total(1) 465 $148,338,502 100.00%
=== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
<PAGE>
<PAGE>
GROSS MARGINS OF THE LOANS
<TABLE>
<CAPTION>
% of Group III
Number of Aggregate Remaining Loans by Remaining
Margin Loans Principal Balance Principal Balance
-------------- ----- ----------------- -----------------
<S> <C> <C> <C>
4.000% to 4.499% 3 $ 947,271 0.64%
5.000% to 5.499% 9 2,581,932 1.74
5.500% to 5.999% 37 12,068,972 8.14
6.000% to 6.499% 57 17,805,031 12.00
6.500% to 6.999% 320 102,690,130 69.23
7.000% to 7.499% 36 11,447,199 7.72
7.500% to 7.999% 2 563,440 0.38
8.000% to 8.499% 1 234,527 0.16
Total(1) 465 $148,338,502 100.00%
=== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
MAXIMUM LOAN RATES OF THE LOANS
<TABLE>
<CAPTION>
% of Group III
Number of Aggregate Remaining Loans by Remaining
Maximum Rate Loans Principal Balance Principal Balance
------------ ----- ----------------- -----------------
<S> <C> <C> <C>
12.500% to 12.999% 6 $ 2,159,669 1.46%
13.000% to 13.499% 3 1,270,397 0.86
13.500% to 13.999% 33 10,823,392 7.30
14.000% to 14.499% 48 14,393,434 9.70
14.500% to 14.999% 159 50,849,295 34.28
15.000% to 15.499% 80 26,121,343 17.61
15.500% to 15.999% 69 21,727,380 14.65
16.000% to 16.499% 31 9,803,104 6.61
16.500% to 16.999% 20 6,429,313 4.33
17.000% to 17.499% 6 1,725,273 1.16
17.500% to 17.999% 5 1,710,210 1.15
18.000% to 18.499% 3 752,309 0.51
18.500% to 18.999% 2 573,382 0.39
Total(1) 465 $148,338,502 100.00%
=== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
<PAGE>
<PAGE>
MINIMUM LOAN RATES OF THE LOANS
<TABLE>
<CAPTION>
% of Group III
Number of Aggregate Remaining Loans by Remaining
Minimum Rate Loans Principal Balance Principal Balance
------------ ----- ----------------- -----------------
<S> <C> <C> <C>
6.500% to 6.999% 6 $ 2,159,669 1.46%
7.000% to 7.499% 3 1,270,397 0.86
7.500% to 7.999% 34 11,051,392 7.45
8.000% to 8.499% 49 14,717,237 9.92
8.500% to 8.999% 162 52,070,912 35.10
9.000% to 9.499% 80 25,978,760 17.51
9.500% to 9.999% 67 21,170,705 14.27
10.000% to 10.499% 28 8,728,942 5.88
10.500% to 10.999% 20 6,429,313 4.33
11.000% to 11.499% 6 1,725,273 1.16
11.500% to 11.999% 5 1,710,210 1.15
12.000% to 12.499% 3 752,309 0.51
12.500% to 12.999% 2 573,382 0.39
Total(1) 465 $148,338,502 100.00%
=== ============ ======
</TABLE>
- ---------------
(1) Percentages do not add to 100% due to rounding.
<PAGE>
<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: January 7, 1998 By: /s/ Fiachra O'Driscoll
--------------------------------
Name: Fiachra O'Driscoll
Title: Authorized Officer
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