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: March 30, 2005 (Date of earliest event reported) Asset Backed Funding Corporation - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 333-121564 75-2533468 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission File No.) (IRS Employer of incorporation) Identification No.) 201 North Tryon Street, Charlotte, North Carolina 28255 - -------------------------------------------------------------------------------- Address of principal executive offices (Zip Code) Registrant's telephone number, including area code (704) 386-2400 ------------------------------ - -------------------------------------------------------------------------------- (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 March 30, 2005, Asset Backed Funding Corporation (the "Corporation"), sold ABFC Asset-Backed Certificates, Series 2005-HE1, Class A-1SS, Class A-1MZ, Class A-2SS, Class A-2MZ, Class A-3A, Class A-3B, Class A-3C, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class B-1 (the "Offered Certificates"), having an aggregate original principal balance of $1,723,963,000.00. The Offered Certificates were issued pursuant to a Pooling and Servicing Agreement, dated as of March 1, 2005 (the "Agreement"), among the Corporation, as depositor, Wells Fargo Bank, N.A., as master servicer and securities administrator, and JPMorgan Chase Bank, National Association, as trustee, a copy of which is filed as an exhibit hereto. ABFC Asset-Backed Certificates, Series 2005-HE1, Class B-2, Class B-3, 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 96.80% 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 Description ----------- (EX-4) Pooling and Servicing Agreement, dated as of March 1, 2005, among Asset Backed Funding Corporation, as depositor, Wells Fargo Bank, National Association, as securities administrator and master servicer and JPMorgan Chase Bank, National Association, as trustee. 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 March 30, 2005 By: /s/ Kirk B. Meyers ---------------------- Name: Kirk B. Meyers Title: Vice President INDEX TO EXHIBITS ----------------- Paper (P) or Exhibit No. Description Electronic (E) - ----------- ----------- -------------- (EX-4) Pooling and Servicing Agreement, dated as E of March 1, 2005, among Asset Backed Funding Corporation, as depositor, Wells Fargo Bank, National Association, as securities administrator and master servicer and JPMorgan Chase Bank, National Association, as trustee.