UNITED STATES
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: January 30, 2004
(Date of earliest event reported)
Asset Backed Funding Corporation
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(Exact name of registrant as specified in its charter)
Delaware 333-108551 75-2533468
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File No.) Identification No.)
201 North Tryon Street, Charlotte, North Carolina 28255
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Address of principal executive offices (Zip Code)
Registrant's telephone number, including area code (704) 386-2400
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
ITEM 8.01. Other Events
On January 30, 2004, Asset Backed Funding Corporation (the
"Corporation"), sold ABFC Asset-Backed Certificates, Series 2004-OPT1, Class
A-1, Class A-1A, Class A-2, Class M-1, Class M-2, Class M-3, Class M-4, Class
M-5 and Class M-6 (the "Offered Certificates"), having an aggregate original
principal balance of $431,069,000.00. The Offered Certificates were issued
pursuant to a Pooling and Servicing Agreement, dated as of January 1, 2004 (the
"Agreement"), among the Corporation, as depositor, Option One Mortgage
Corporation, as master servicer, and Wells Fargo Bank, National Association, as
trustee, a copy of which is filed as an exhibit hereto. ABFC Asset-Backed
Certificates, Series 2004-OPT1, 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 97.35% 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 and second
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 9.01 Financial Statements and Exhibits
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
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(EX-4) Pooling and Servicing Agreement, dated
as of January 1, 2004, among Asset
Backed Funding Corporation, Option One
Mortgage Corporation and Wells Fargo
Bank, National Association.
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
January 30, 2004
By: /s/ Kirk B. Meyers
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Name: Kirk B. Meyers
Title: 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 January 1, 2004, among Asset Backed
Funding Corporation, Option One Mortage
Corporation and Wells Fargo Bank, National
Association.