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):25-Jun-2001
ACE Securities Corporation
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF MAY 1, 2001, PROVIDING FOR THE ISSUANCE OF
C-BASS MORTGAGE LOAN ASSET-BACKED
CERTIFICATES SERIES 2001-CB2
ACE SECURITIES CORP.
(Exact name of registrant as specified in its charter)
Delaware 333-45458 56-2088493
(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification
Incorporation) Number)
6525 Morrison Boulevard Suite 318
Charlotte, NC 28211
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: 704-365-0569
Item 5. Other Events
On 25-Jun-200a scheduled distribution was made from the
trust to holders of the certificates. The Trustee has caused
to be filed with the commission, the Monthly Report dated
25-Jun-200The Monthly Report is filed pursuant to and
in accordance with (1) numerous no-action letters (2) current
Commission policy in the area.
A. Monthly Report Information:
See Exhibit No.1
B. Have any deficiencies occurred? NO.
Date:
Amount:
C. Item 1: Legal Proceedings: NONE
D. Item 2: Changes in Securities:NONE
E. Item 4: Submission of Matters to a Vote of Certificateholders: NONE
F. Item 5: Other Information - Form 10-Q, Part II -
Items 1,2,4,5 if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Distribution Report dated 25-Jun-2001
C-BASS MORTGAGE LOAN
ASSET BACKED CERTIFICATES
SERIES 2001-CB2
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 6/25/2001
Beginning Ending
Certificate Certificate
Class Cusip Balance(1) PrincipalInterest Losses Balance
A-1F 12489WDF8 41,348,000.357,019.0 175,797.91 $0.00 $40,990,980.91
A-2F 12489WDG6 16,768,000. 0.00 83,476.69 $0.00 $16,768,000.00
A-3F 12489WDH4 24,794,000. 0.00 147,152.39 $0.00 $24,794,000.00
A-1A 12489WDJ0 83,330,000.40,641.77 108,977.12 $0.00 $83,289,358.23
M-1 12489WDK7 6,574,000.0 0.00 40,972.46 $0.00 $6,574,000.00
M-2 12489WDL5 4,884,000.0 0.00 32,140.79 $0.00 $4,884,000.00
B-1 12489WDM3 3,757,000.0 0.00 26,640.26 $0.00 $3,757,000.00
B-2 NA 4,508,000.0 0.00 33,810.00NA $4,508,000.00
N-1 NA 5,125,000.0673,704.8 34,166.67NA $4,451,295.18
N-2 NA 1,875,000.0 0.00 12,500.00NA $1,875,000.00
A-IO 12489WDE1 50,000,000. 0.00 83,333.33NA $50,000,000.00
X NA 2,000,000.0 0.00 0.00NA $2,000,000.00
R-3 NA 0.00 0.00 0.00NA $0.00
Total 185,963,0001,071,365 778,967.62 0.00185,565,339.14
AMOUNTS PER $1,000 UNIT
Ending Current
Certificate Pass-Through
Class Principal Interest Total Balance Losses Interest Rate
A-1F 8.63449478 4.2516665912.886161991.3655052 0.00000000 5.10200%
A-2F 0.00000000 4.978333134.97833311000.000000 0.00000000 5.97400%
A-3F 0.00000000 5.935000005.93500001000.000000 0.00000000 7.12200%
A-1A 0.48772075 1.307777751.7954985999.5122792 0.00000000 4.28000%
M-1 0.00000000 6.232500766.23250071000.000000 0.00000000 7.47900%
M-2 0.00000000 6.580833336.58083331000.000000 0.00000000 7.89700%
B-1 0.00000000 7.090833117.09083311000.000000 0.00000000 8.50900%
B-2 0.00000000 7.500000007.50000001000.000000 0.00000000 9.00000%
N-1 131.454600 6.66666732138.12126868.5454001 0.00000000 8.00000%
N-2 0.00000000 6.666666676.66666661000.000000 0.00000000 8.00000%
A-IO 0.00000000 1.666666601.66666661000.000000 0.00000000 2.00000%
X 0.00000000 0.000000000.00000001000.000000 0.00000000 9.00000%
R-3 0.00000000 0.000000000.0000000 0.00000000 0.00000000 0.00000%
Distribution Date:25-Jun-2001
Distribution Statement
Pooling and Servicing Agreement Dated May 1, 2000
i) Distributions to the Holders See Page 1
ii) Class X Distribution Amount See Page 1
iii) Overcollateralization Amount (before distri$1,877,911.05
Overcollateralization Amount (after distrib$1,878,409.11
Overcollateralization Release Amount $0.00
Overcollateralization Deficiency (after dis $498.06
Overcollateralization Target Amount $1,878,409.11
Amount of Excess Interest $735,031.70
Amount of Excess Cashflow $735,031.70
Group 1A Group 1B Group 2
iv) Servicing FeesServicing F $8,143 $34,108 $34,721
Accrued and $0 $0 $0
Special Ser $13,050 $1,950 $2,400
PMI Premium $0 $23,073 $23,689
v) Advances $479,509.08
vi) Begining Pool Princip$19,542,4$84,967,638$83,330,808
Ending Pool Principal$19,515,3$84,638,185$83,290,217
Ending Loan Count 750
vii) Wt'd avg Rem term of the Mortg
Weighted average Mortage Rate 8.3702% 10.2990% 10.9581%
viii) Delinquency And Foreclosure Information:
All Categories Bankruptcy
Group 1A Number Balance Number Balance
Current 63,038 -
30 days De 9,18 402,590
60 days de 2,39 291,462
90 days de 7 499,124
120+ days 9,28 8,002,249
Foreclosure
Number Balance
Current -
30 days De -
60 days de 25,996
90 days de -
120+ days -
Group 1B All Categories Bankruptcy
Number Balance Number Balance
Current 4,21 -
30 days De 8 271,684
60 days de 3 52,312
90 days de 4 478,705
120+ days 13,550 10,704,370
Foreclosure
Number Balance
Current -
30 days De -
60 days de -
90 days de -
120+ days -
Group 2 All Categories Bankruptcy
Number Balance Number Balance
Current 67,298 -
30 days De 7,33 92,607
60 days de 2,25 157,244
90 days de 2 185,814
120+ days 6,16 4,735,894
Foreclosure
Number Balance
Current -
30 days De -
60 days de -
90 days de -
120+ days -
ix) Loans that became REO properties (see page 5)
x) Total Book Value of REO Properties: (see page 5)
Group 1A Group 1B Group 2
xi) Prepayment 2 2,918
xii) Current Period Prepayment Pena 3,238
Aggregate Prepayment Penalties 3,238
Prepayment Penalties allocable 0
xiii) Aggregate Realized Losses incu 0 0 0
Cumulative Realized Losses 0 0 0
xiv) Realized Loss Allocations See Page 1
xv) Accrued Certificate Interest See Page 1
xvi) Prepayment Interest Shortfall and Class Carryover Shortfall
Class Carryover
PPIS Shortfall
A-1F 0 0
A-2F 0 0
A-3F 0 0
A-1A 0 0
M-1 0 0
M-2 0 0
B-1 0 0
B-2 0 0
N-1 0 0
N-2 0 0
A-IO 0 0
X 0 0
0 0
xvii) Reserved
xviii) Reserved
Group 1A Group 1B Group 2
xix) Trustee Fees 195.42 849.68 833.31
xx) Reserve Fund
Beginning Balance 5000.00
LIBOR Carryover Fund 0.00
LIBOR Carryover dist 0.00
LIBOR Carryover owed 0.00
Ending Balance 5000.00
xxii) Trigger Event Occurrence NO
Cumulative Loss Percentage of 0.00
xxiii) Balance of 60+ Day Del. Loans as a % of O 0.074610
xxiv) Balance of Re-Performing 60+ Day Del. Loa 0.114254
xxv) Available Funds Group 1A Group 1B Group 2
Scheduled Interest Ne 128,17 638,5 702,535.44
Scheduled Principal 27,0 108,2 37,672.40
Unscheduled Principal 221,2 2,918.47
Available F 155,29 967,9 743,126.31
xxvi) Offered Certificates Pass-Through Rates See Page 1
xxvii) Liquidation Report See Page 6
xxviii) Mortgage Loans Purchased by Servicer
xxix) Mortgage Loans Re-Purchased by Servicer
Libor Information Original Current PerNext Period
Class A-1V 6.9513% 4.2800% 4.0950%
LIBOR 6.6413% 3.9900% 3.8050%
ACE SECURITIES CORP.
By: /s/ Sheryl Christopherson
Name: Sheryl Christopherson
Title: Vice President
Dated: 6/25/2001