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-Nov-02
ACE Securities Corporation
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF August 1, 2002, PROVIDING FOR THE ISSUANCE OF
C-BASS MORTGAGE LOAN ASSET-BACKED
CERTIFICATES SERIES 2002-CB4
Residential Asset Funding Corporation
(Exact name of registrant as specified in its charter)
North Carolina 333-53168 56-2064715
(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification
Incorporation) Number)
301 South College Street, DC-06
Charlotte, NC 28288
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: 704-374-4868
Item 5. Other Events
On 25-Nov-02a 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-Nov-02The 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-Nov-02
C-BASS MORTGAGE LOAN
ASSET BACKED CERTIFICATES
SERIES 2002-CB4
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 11/25/02
Beginning Ending
Certificate Certificate
Class Cusip Balance(1) Principal Interest Losses Balance
AV-1 31392T3Y1 87937279.18 1130756.67 149175.82 0.00 86806522.51
AF-1 12489WEZ3 85268586.78 5743611.42 147585.71 0.00 79524975.36
AF-2 12489WFA7 33700000.00 0.00 101380.83 0.00 33700000.00
AF-3 12489WFB5 12100000.00 0.00 45647.25 0.00 12100000.00
AF-4 12489WFC3 12710000.00 0.00 54748.33 0.00 12710000.00
M-1 12489WFD1 16930000.00 0.00 37612.82 0.00 16930000.00
M-2 12489WFE9 13990000.00 0.00 37706.94 0.00 13990000.00
B-1 12489WFF6 12520000.00 0.00 40213.54 0.00 12520000.00
B-2 12489WFG4 2940000.00 0.00 10202.62 0.00 2940000.00
B-3 NA 5156836.00 0.00 28109.05 0.00 5156836.00
A-IO* 12489WEY6 112000000.00 0.00 606666.67 N/A 112000000.00
N* NA 10566617.71 312467.38 88055.15 N/A 10254150.33
X NA N/A 0.00 0.00 N/A N/A
Total 283252701.96 7186835.47 1347104.73 0.00 276378333.87
AMOUNTS PER $1,000 UNIT
Ending Current
Certificate Pass-Through
Class Principal Interest Total Balance Losses Interest Rate
AV-1 12.4738739 1.64562405 14.11949796 957.60091020 0.00000000 1.97000%
AF-1 61.2325311 1.57340842 62.80593955 847.81423625 0.00000000 2.01000%
AF-2 0.00000000 3.00833323 3.00833323 1000.0000000 0.00000000 3.61000%
AF-3 0.00000000 3.77250000 3.77250000 1000.0000000 0.00000000 4.52700%
AF-4 0.00000000 4.30750039 4.30750039 1000.0000000 0.00000000 5.16900%
M-1 0.00000000 2.22166686 2.22166686 1000.0000000 0.00000000 2.58000%
M-2 0.00000000 2.69527806 2.69527806 1000.0000000 0.00000000 3.13000%
B-1 0.00000000 3.21194409 3.21194409 1000.0000000 0.00000000 3.73000%
B-2 0.00000000 3.47027891 3.47027891 1000.0000000 0.00000000 4.03000%
B-3 0.00000000 5.45083264 5.45083264 1000.0000000 0.00000000 6.33000%
A-IO 0.00000000 5.41666670 5.41666670 1000.0000000 0.00000000 6.50000%
N 27.8988732 7.86206696 35.76094018 915.54913661 0.00000000 10.00000%
X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 NA
Distribution Date: 25-Nov-02
Distribution Statement
Pooling and Servicing Agreement Dated August 1, 2002
i) Distributions to the Holders See Page 1
ii) Class X Distribution Amount See Page 1
iii) Overcollateralization Amount (before distributions) 739645.74
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency (after distributions) 1469080.53
Overcollateralization Target Amount 2208726.27
Overcollateralization Amount (after distributions) 1078609.77
Amount of Excess Interest 677928.05
Amount of Excess Cashflow 677928.05
iv) Servicing Fees Group 1 Group 2 Total
Servicing Fees 36718.19 81826.42 118544.61
Accrued and Unpaid Special Serv 0.00 0.00 0.00
Special Servicing Fees 4800.00 3750.00 8550.00
PMI Premiums 24190.31 58561.43 82751.74
v) Advances 170618.52
vi) Ending Pool Balance 87048466.63 190408477.00277456943.63
vii) Loan Count 802 2046 2848
Wt'd avg Rem Term 336 307 313
Wt'd avg Mortage Rate 9.34889% 8.94987% 9.02986%
viii) Delinquency And Foreclosure Information:
Group 1 All Categories Bankruptcy
Number Balance Number Balance
Current 715 79017927.47 0 0.00
30 days delinquent 48 4760098.83 1 78917.48
60 days delinquent 14 1263259.09 0 0.00
90 days delinquent 25 2007181.24 1 214581.96
120+ days delinque 0 0.00 0 0.00
Foreclosure
Number Balance
Current 0 0.00
30 days delinquent 0 0.00
60 days delinquent 0 0.00
90 days delinquent 11 814577.70
120+ days delinque 0 0.00
Group 2 All Categories Bankruptcy
Number Balance Number Balance
Current 1937 179768978.02 0 0.00
30 days delinquent 61 6398266.46 2 126990.74
60 days delinquent 24 2041472.78 2 146774.07
90 days delinquent 23 2114970.42 3 200315.68
120+ days delinque 0 0.00 0 0.00
Foreclosure
Number Balance
Current 0 0.00
30 days delinquent 0 0.00
60 days delinquent 1 30623.23
90 days delinquent 7 1046143.69
120+ days delinque 0 0.00
ix) Loans that became REO properties (see page 5)
x) Total Book Value of REO Properties: (see page 5)
Group 1 Group 2 Total
xi) Prepayment 1016443.39 5249353.93 6265797.32
xii) Current Period Prepayment Penalties 70108.50
Aggregate Prepayment Penalties 150849.34
Prepayment Penalties allocable to Classes N 150849.34
Group 1 Group 2 Total
xiii) Aggregate Realized Losses incurred 0.00 0.00 0.00
Cumulative Realized Losses 0.00 0.00 0.00
xiv) Realized Loss Allocations See Page 1
xv) Accrued Certificate Interest See Page 1
xvi) Prepayment Interest Shortfall not covered by the servicer
0.00 0.00 0.00
xvii) Trustee Fees 734.36 1632.24 2366.60
xviii) LIBOR Carryover Amounts
Current Cummulative
AV-1 0.00 0.00
AF-1 0.00 0.00
AF-2 0.00 0.00
AF-3 0.00 0.00
AF-4 0.00 0.00
M-1 0.00 0.00
M-2 0.00 0.00
B-1 0.00 0.00
B-2 0.00 0.00
xix) Overcollateralization Deficiency (after distribution) 1130116.51
xx) Has Trigger Event has occurred? NO
Cummulative Realized Losses Percentage 0.00000%
xxi) Available Funds Group 1 Group 2 Total
Scheduled Interest Net of Servicing Fees 626272.02 1325188.01 1951460.03
Scheduled Principal 58557.49 211049.26 269606.75
Unscheduled Principal 1016443.39 5249353.93 6265797.32
Available Funds 1701272.90 6785591.20 8486864.10
xxii) Class Interest Rate See Page 1
xxiii) Liquidation Report See Page 6
xxiv) Mortgage Loans Purchased by Servicer 0.00
xxv) Mortgage Loans Re-Purchased by Servicer 0.00
xxvi) Guarantee Fee 12115.80
xxvii) Maximum Cap Rate 10.93855%
xxviii) Unpaid LIBOR Carryover Amount - AV-1 0.00
LIBOR Carryover Amount - AV-1 0.00
xxix) Current Claims under PMI Policy 0.00
Cummulative Claims under PMI Policy 0.00
xxx) Current Denied Claims under PMI Policy 0.00
Cummulative Denied Claims under PMI Policy 0.00
xxxi) Distrib from the LIBOR Carryover Reserve Accoun 0.00
Distribution from the class AF-1 Interest Rate 0.00
ACE SECURITIES CORP.
By: /s/ Sheryl Christopherson
Name: Sheryl Christopherson
Title: Vice President
Dated: 11/25/02