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: July 30, 2002
(Date of earliest event reported)
Commission File No. 333-90830
Asset Backed Funding Corporation
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Delaware 75-2533468
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(State of Incorporation) (I.R.S. Employer Identification No.)
100 North Tryon Street
Charlotte, North Carolina 28255
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Address of principal executive offices (Zip Code)
(704) 386-2400
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Registrant's Telephone Number, including area code
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(Former name, former address and former fiscal year, if changed since last
report)
ITEM 5. Other Events
On July 30, 2002, Asset Backed Funding Corporation (the
"Corporation"), sold ABFC Asset-Backed Certificates, Series 2002-NC1, Class A-1,
Class A-2, Class A-IO, Class M-1, Class M-2, Class M-3 and Class M-4 (the
"Offered Certificates"), having an aggregate original principal balance of
$475,475,000.00. The Offered Certificates were issued pursuant to a Pooling and
Servicing Agreement, dated as of July 1, 2002 (the "Agreement"), among the
Corporation, as depositor, Ocwen Federal Bank FSB ("Ocwen"), as servicer, and
U.S. Bank National Association ("U.S. Bank"), as trustee, a copy of which is
filed as an exhibit hereto. ABFC Asset-Backed Certificates, Series 2002-NC1,
Class B, Class CE, Class P and Class R (the "Private Certificates" and, together
with the Offered Certificates, the "Certificates"), were also issued pursuant to
the Agreement but were not publicly offered.
As of the date of initial issuance, the Offered Certificates
evidenced an approximate 99% undivided interest in a trust (the "Trust"),
consisting primarily of conventional fixed-rate mortgage loans and
adjustable-rate mortgage loans, secured by mortgages creating first liens on
one- to four-family properties and certain other property. The remaining
undivided interests in the Trust are evidenced by the Private Certificates.
Interest on the Offered Certificates will be distributed on each
Distribution Date (as defined in the Agreement). Monthly distributions in
reduction of the principal balance of the Offered Certificates will be allocated
to the Offered Certificates in accordance with the priorities set forth in the
Agreement.
An election will be made to treat certain assets of the Trust as one
or more real estate mortgage investment conduits for federal income tax purposes
(each, a "REMIC").
ITEM 7. Financial Statements and Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
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(EX-4) Pooling and Servicing Agreement, dated
as of July 1, 2002, among Asset Backed
Funding Corporation, Ocwen and U.S.
Bank.
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 FUNDING CORPORATION
July 30, 2002
By: /s/ Michael P. Schoffelen
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Name: Michael P. Schoffelen
Title: Senior Vice President
INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
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(EX-4) Pooling and Servicing Agreement, dated as E
of July 1, 2002, among Asset Backed
Funding Corporation, Ocwen and U.S. Bank.