SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
(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 15d of the Securities
Exchange Act of 1934
For the transition period from _____________ to ________
Commission file Number 333-45458
ACE Securities Corp.
(Exact name of registrant as specified in its charter)
Delaware 56-2088493
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
6525 Morrison Boulevard Suite 318
Charlotte, NC 28211
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:(704) 365-0569
Securities registered pursuant to Section 12(b) of the Act
NONE
Securities registered pursuant to Section 12(g) of the Act
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 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.
X - Yes No
PART I
Item 2. Properties
Not applicable on reliance of Relief Letters
Item 3. Legal Proceedings
There were no legal proceedings.
Item 4. Submission of Matters to a Vote of Security Holders
There were no matters submitted to a vote of the Security Holders.
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder matters
There were Thirty-three participants in the DTC system
holding positions in the Cede certificates.
The following were Noteholders and Certificateholders of record
as of the end of the reporting year.
C-Bass Mortgage Loan Asset Backed Certificates
Series 2001-CB2 Class A-1F Cede & Co.
Series 2001-CB2 Class A-2F Cede & Co.
Series 2001-CB2 Class A-3F Cede & Co.
Series 2001-CB2 Class A-1A Cede & Co.
Series 2001-CB2 Class M-1 Cede & Co.
Series 2001-CB2 Class M-2 Cede & Co.
Series 2001-CB2 Class B-1 Cede & Co.
Series 2001-CB2 Class B-2 Sigler & Co
C-Bass II Escrow
c/o The Chase Manhattan Bank
600 Travis Street, 50th Floor
Houston, TX 77002-8039
Series 2001-CB2 Class N-1 German American Capital Corporation
Deutsche Bank Securities Inc.
Attn Richard Strazzulla
1290 6th Avenue, 6th Floor
New York, NY 10019
Series 2001-CB2 Class N-2 Sigler & Co
C-Bass
c/o The Chase Manhattan Bank
600 Travis Street, 50th Floor
Houston, TX 77002-8039
Series 2001-CB2 Class A-IO Cede & Co.
Series 2001-CB2 Class X Credit Based Asset Servicing and
Securitization LLC
Attn: Joe Casectta
335 Madison Ave. 19th Floor
New York, NY 10017
There is no established public trading market for the notes.
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosu Information required by Item 304 of Reg. S-K.
There were no changes in and/or disagreements with Accountants on
Accounting and Financial Disclosures.
PART IV
Item 12. Security Ownership of Certain Beneficial Owners and Management
The Notes are represented by one or more notes registered in the name of
Cede & Co., the nominee of The Depository Trust Company. An investor
holding Notes is not entitled to receive a certificate representing such
Note, except in limited circumstances. Accordingly, Cede & Co. is the
sole holder of Notes, which it holds on behalf of brokers, dealers,
banks and other participants in the DTC system. Such participants may
hold Notes for their own accounts or for the accounts of their customers.
The address of Cede & Co. is:
Cede & Co.
c/o The Depository Trust Company
Seven Hanover Square
New York, New York 10004
Item 13. Certain Relationships and Related Transactions.
There has not been, and there is not currently proposed, any transactions
or series or transactions, to which any of the Trust, the Registrant,
the Trustee or the Servicer is a party with any Noteholder who, to the
knowledge of the Registrant and Servicer, owns of record or beneficially
more than five percent of the Notes.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) 1. Not Applicable
2. Not Applicable
3. Exhibits
99.1 Annual Summary Statement
99.2 Annual Statement as to Compliance.
99.3 Annual Independent Public
Accountant's Servicing Report.
(b) Reports on Form 8-K
The registrant has filed Current Reports on Form 8-K with the
Securities and Exchange Commission dated:
June 25, 2001; July 25, 2001; August 27, 2001; September 25, 2001
October 25, 2001; November 26, 2001; December 26, 2001
(c) See (a) 3 above
(d) Not Applicable
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly authorized.
C-Bass Mortgage Loan Asset Backed Certificates
Series 2001-CB2
/s/ Sheryl Christopherson, Vice President
US Bank
Date: March 31, 2002
EXHIBIT INDEX
Exhibit Number Description
99.1 Annual Summary Statement
99.2 Annual Statement of Compliance
99.3 Report of Independent Accountants
EXHIBIT 99.1 -- Summary of Aggregate Amounts or End of Year
Amounts for the period ending December 31, 2001
C-Bass Mortgage Loan Asset Backed Certificates
Series 2001-CB2
Summary of Aggregate Amounts or End of Year Amounts
Pool Balance $171,591,993.69
Principal Collections $16,218,032.88
Realized Loss $30,884.48
Gross Interest Collections (1) $10,813,758.57
Servicer Fees $838,027.00
Trustee Fees $12,711.82
(1) Includes prepayment premiums if applicable.
Deliquency Information
Number Stated Principal Bal
30-59 days 210 $14,469,141.95
60-89 days 124 $8,578,243.72
90+ days 633 $43,748,666.70
Foreclosures 127 $11,482,298.32
Bankruptcies 352 $24,401,988.94
REO Properties 12 $675,811.87
Certificate Balance Interest Principal
Class A-1F $33,687,401.17 $1,151,861.18 $7,660,598.83
Class A-2F $16,768,000.00 $584,336.83 $0.00
Class A-3F $24,794,000.00 $1,030,066.73 $0.00
Class A-1A $74,741,183.40 $1,473,684.29 $8,588,816.60
Class M-1 $6,574,000.00 $286,807.22 $0.00
Class M-2 $4,884,000.00 $224,985.53 $0.00
Class B-1 $3,757,000.00 $186,481.82 $0.00
Class B-2 $4,508,000.00 $236,026.47 $0.00
Class N-1 $1,295,617.13 $159,193.77 $3,829,382.88
Class N-2 $1,875,000.00 $87,500.00 $0.00
Class A-IO $50,000,000.00 $583,333.31 $0.00
Class X $2,000,000.00 $0.00
EXHIBIT 99.2 -- Servicer's Annual Statement of Compliance
To be supplied upon receipt by the Trustee
EXHIBIT 99.3 -- Report of Independent Auditors
To be supplied upon receipt by the Trustee