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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) May 21, 2003
ACE SECURITIES CORP.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Delaware 333-81236 56-2088493
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(STATE OR OTHER JURISDICTION (COMMISSION (I.R.S. EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
6525 Morrison Blvd., Suite 318
Charlotte, North Carolina 28211
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
Registrant's telephone number, including area code, is (704) 365-0569.
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Item 5. Other Events.
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On or about May 30, 2003, the Registrant will cause the
issuance and sale of ACE Securities Corp. Home Equity Loan Trust,
Series 2003-FM1 Asset Backed Pass-Through Certificates (the
"Certificates") pursuant to a Pooling and Servicing Agreement to be
dated as of May 1, 2003, among the Registrant as depositor, Litton Loan
Servicing LP as servicer, and Wells Fargo Bank Minnesota, National
Association, as trustee.
In connection with the sale of the Certificates, the
Registrant has been advised by Deutsche Bank Securities Inc. ("Deutsche
Bank"), that Deutsche Bank has furnished to prospective investors
certain information attached hereto as Exhibit 99.1 that may be
considered "ABS term sheets" or "computational materials" (as defined
in the no-action letter dated May 20, 1994 issued by the Division of
Corporation Finance of the Securities and Exchange Commission (the
"Commission") to Kidder, Peabody Acceptance Corporation I, Kidder,
Peabody & Co. Incorporated, and Kidder Structured Asset Corporation and
the no- action letter dated February 17, 1995 issued by the Division of
Corporation Finance of the Commission to the Public Securities
Association) (the "Computational Materials") with respect to the
Certificates following the effective date of Registration Statement No.
333- 81236 which Computational Materials are being filed as exhibits to
this report.
The Computational Materials have been provided by Deutsche
Bank. The information in the Computational Materials is preliminary and
may be superseded by the Prospectus Supplement relating to the
Certificates and by any other information subsequently filed with the
Securities and Exchange Commission.
The Computational Materials were prepared by Deutsche Bank at
the request of certain prospective investors, based on assumptions
provided by, and satisfying the special requirements of, such
prospective investors. The Computational Materials may be based on
assumptions that differ from the assumptions set forth in the
Prospectus Supplement. The Computational Materials may not include, and
do not purport to include, information based on assumptions
representing a complete set of possible scenarios. Accordingly, the
Computational Materials may not be relevant to or appropriate for
investors other than those specifically requesting them.
In addition, the actual characteristics and performance of the
mortgage loans underlying the Certificates (the "Mortgage Loans") may
differ from the assumptions used in the Computational Materials, which
are hypothetical in nature and which were provided to certain investors
only to give a general sense of how the yield, average life, duration,
expected maturity, interest rate sensitivity and cash flow
characteristics of the Certificates might vary under varying prepayment
and other scenarios. Any difference between such assumptions and the
actual characteristics and performance of the Mortgage Loans will
affect the actual yield, average life, duration, expected maturity,
interest rate sensitivity and cash flow characteristics of the
Certificates.
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Item 7. Financial Statements, PRO FORMA Financial Information and Exhibits
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(a) Financial Statements.
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Not applicable.
(b) PRO FORMA Financial Information.
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Not applicable.
(c) Exhibits
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ITEM 601(A) OF
REGULATION S-K
EXHIBIT NO. EXHIBIT NO. DESCRIPTION
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1 99 Computational Materials--Computational
Materials (as defined in Item 5) that have
been provided by Deutsche Bank to certain
prospective purchasers of ACE Securities
Corp. Home Equity Loan Trust, Series
2003-FM1 Asset Backed Pass-Through
Certificates
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on behalf of the
Registrant by the undersigned thereunto duly authorized.
Dated: May 23, 2003
ACE SECURITIES CORP.
By: /s/ Douglas K. Johnson
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Name: Douglas K. Johnson
Title: President
By: /s/ Evelyn Echevarria
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Name: Evelyn Echevarria
Title: Vice President
EXHIBIT INDEX
Item 601(a) of Sequentially
Regulation S-K Numbered
Exhibit Number Exhibit No. Description Page
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1 99 Preliminary Collateral Filed Manually
Term Sheet