UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2001, OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ___________________ TO
__________________.
Commission file number 333-53404
EQUITY ONE ABS, INC.
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(as depositor under a certain Pooling and Servicing
Agreement dated as of March 31, 2001, providing for the issuance of
Mortgage Pass-Through Certificates, Series 2001-1)
(Exact name of registrant as specified in its charter)
Delaware 52-2029487
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(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
103 Springer Building, 3411 Silverside Road, Wilmington, Delaware 19803
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (302) 478-6160
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No *
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* The closing date for the transaction was May 11, 2001.
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]
Not applicable
State the aggregate market value of the voting and non-voting common equity held
by non-affiliates of the registrant. The aggregate market value shall be
computed by reference to the price at which the common equity was sold, or the
average bid and asked prices of such common equity, as of a specified date
within 60 days prior to the date of filing.
Not applicable
Indicate the number of shares outstanding of each of the registrant's classes of
common stock, as of the latest practicable date.
Not applicable
This Annual Report on Form 10-K is filed by Equity One ABS, Inc. (the "Reporting
Person") on behalf of Equity One ABS, Inc. Mortgage Pass-Through Certificates,
Series 2001-1 Trust (the "Trust") established pursuant to that certain Pooling
and Servicing Agreement (the "Pooling and Servicing Agreement") dated as of
March 31, 2001 by and among the Reporting Person, as depositor, Equity One,
Inc., as servicer and a seller (the "Servicer"), JPMorgan Chase Bank, successor
in interest to The Chase Manhattan Bank, as trustee (the "Trustee"), and the
various other sellers signatory thereto, pursuant to which the Equity One ABS,
Inc. Mortgage Pass-Through Certificates, Series 2001-1 (the "Certificates"),
were registered under the Securities Act of 1933.
PART I
ITEM 1. BUSINESS
Omitted pursuant to First Union Residential Securitization Transactions, Inc.,
SEC No-Action Letter (April 1, 1997) (the "No-Action Letter").
ITEM 2. PROPERTIES
As of December 31, 2001, the Trust owned no real estate.
ITEM 3. LEGAL PROCEEDINGS
The Reporting Person knows of no material pending legal proceedings involving
the Trust or the Trustee, the Servicer or the registrant with respect to the
Trust, other than routine litigation incidental to the duties of the respective
parties under the Pooling and Servicing Agreement.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
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PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
(a) No established public trading market for the Certificates exists.
(b) As of December 31, 2001, the number of holders of record of the publicly
offered Certificates was 4.
(c) Omitted pursuant to the No-Action Letter.
ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA
Omitted pursuant to the No-Action Letter.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
Omitted pursuant to the No-Action Letter.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
Not Applicable.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Omitted pursuant to the No-Action Letter.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE.
None.
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PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
Omitted pursuant to the No-Action Letter.
ITEM 11. EXECUTIVE COMPENSATION
Omitted pursuant to the No-Action Letter.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
(a) None.
(b) Not applicable.
(c) Not applicable.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
(a) Not applicable.
(b) Not applicable.
(c) None.
(d) None.
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PART IV
Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
(a) Exhibits
99.1 Annual Independent Accountants' Servicing Report concerning servicing
activities under the Pooling and Servicing Agreement for the
Servicer's fiscal year ended November 30, 2001, in accordance with the
No-Action Letter.
99.2 Annual Statement of Compliance under the Pooling and Servicing
Agreement for the Servicer's fiscal year ended November 30, 2001, in
accordance with the No-Action Letter.
99.3 Aggregate Statement of Principal and Interest Distributions to
Certificateholders.
(b) On or about December 28, 2001, a report on Form 8-K was filed in order to
provide the Monthly Statement to Certificateholders for the December 26,
2001 distribution date. On or about November 28, 2001, a report on Form 8-K
was filed in order to provide the Monthly Statement to Certificateholders
for the November 26, 2001 distribution date and quarterly financial
statements for the period ended September 30, 2001 for Ambac Assurance
Corporation, the provider of credit enhancement. On or about October 29,
2001, a report on Form 8-K was filed in order to provide the Monthly
Statement to Certificateholders for the October 25, 2001 distribution date.
No other reports on Form 8-K have been filed during the last quarter of the
period covered by this report.
(c) Not applicable.
(d) Omitted pursuant to the No-Action Letter.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Reporting Person has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
EQUITY ONE ABS, INC.
Date: March 20, 2002 By: /s/ James H. Jenkins
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James H. Jenkins, Senior Vice President and CFO
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION
15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO
SECTION 12 OF THE ACT
(a)(1) No annual report is provided to the Certificateholders other than with
respect to aggregate principal and interest distributions.
(a)(2) No proxy statement, form of proxy or other proxy soliciting material has
been sent to any Certificateholder with respect to any annual or other
meeting of Certificateholders.
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INDEX TO EXHIBITS
Exhibit
Number Description
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99.1 Annual Independent Accountants' Servicing Report concerning servicing
activities under the Pooling and Servicing Agreement for the Servicer's
fiscal year ended November 30, 2001, in accordance with the No-Action
Letter.
99.2 Annual Statement of Compliance under the Pooling and Servicing Agreement
for the Servicer's fiscal year ended November 30, 2001, in accordance with
the No-Action Letter.
99.3 Aggregate Statement of Principal and Interest Distributions to
Certificateholders.
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