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-2002
ASSET BACKED FUNDING CORPORATION
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF OCTOBER 1 , 2002, PROVIDING FOR THE ISSUANCE OF
C-BASS MORTGAGE LOAN ASSET-BACKED
CERTIFICATES SERIES 2002-CB5
C-Bass Mortgage Loan Asset-Backed Certificates Series 2002-CB5
(Exact name of registrant as specified in its charter)
North Carolina 333-90830-01 75-2533468
(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification
Incorporation) Number)
100 North Tryon St.
Charlotte, NC 28255
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: 704-386-2400
Item 5. Other Events
On 25-Nov-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-Nov-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-Nov-2002
C-BASS MORTGAGE LOAN
ASSET BACKED CERTIFICATES
SERIES 2002-CB5
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 11/25/2002
Beginning Ending
Certificate Certificate
Class Cusip Balance(1) Principal Interest Losses Balance
AV-1 12489WFQ2 67565000.00 919305.81 66772.05 0.00 66645694.19
AV-2 12489WFW9 16500000.00 0.00 19615.52 0.00 16500000.00
AF-1 12489WFM1 45000000.00 1243299.26 43996.88 0.00 43756700.74
AF-2 12489WFN9 24200000.00 0.00 73810.00 0.00 24200000.00
AF-3 12489WFP4 18922000.00 0.00 85149.00 0.00 18922000.00
M-1 12489WFS8 11410000.00 0.00 15792.55 0.00 11410000.00
M-2 12489WFT6 9854000.00 0.00 18995.64 0.00 9854000.00
B-1 12489WFU3 9335000.00 0.00 22921.96 0.00 9335000.00
B-2 12489WFV1 2074000.00 0.00 6187.29 0.00 2074000.00
B-3 12489WFX7 2593000.00 0.00 7735.60 0.00 2593000.00
A-IO* 12489WFR0 162000000.00 0.00 371250.00 N/A 151000000.00
N* NA 6700000.00 369115.31 47458.33 N/A 6330884.69
X NA N/A 0.00 0.00 N/A N/A
Total 207453000.00 2531720.38 779684.82 0.00 205290394.93
AMOUNTS PER $1,000 UNIT
Ending Current
Certificate Pass-Through
Class Principal Interest Total Balance Losses Interest Rate
AV-1 13.6062430 0.98826389 14.59450692 986.39375697 0.00000000 1.87250%
AV-2 0.00000000 1.18881939 1.18881939 1000.0000000 0.00000000 2.25250%
AF-1 27.6288724 0.97770844 28.60658089 972.37112756 0.00000000 1.85250%
AF-2 0.00000000 3.05000000 3.05000000 1000.0000000 0.00000000 3.66000%
AF-3 0.00000000 4.50000000 4.50000000 1000.0000000 0.00000000 5.40000%
M-1 0.00000000 1.38409728 1.38409728 1000.0000000 0.00000000 2.62250%
M-2 0.00000000 1.92770854 1.92770854 1000.0000000 0.00000000 3.65250%
B-1 0.00000000 2.45548581 2.45548581 1000.0000000 0.00000000 4.65250%
B-2 0.00000000 2.98326422 2.98326422 1000.0000000 0.00000000 5.65250%
B-3 0.00000000 2.98326263 2.98326263 1000.0000000 0.00000000 5.65250%
A-IO 0.00000000 2.29166667 2.29166667 932.09876543 0.00000000 2.75000%
N 55.0918373 7.08333284 62.17517015 944.90816269 0.00000000 8.50000%
X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 NA
Distribution Date: 25-Nov-2002
Distribution Statement
Pooling and Servicing Agreement Dated October 1, 2002
i) Distributions to the Holders See Page 1
ii) Class X Distribution Amount See Page 1
iii) Overcollateralization Amount (before distributions) 175.96
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency (after distributions) 1037089.92
Overcollateralization Target Amount 1037265.88
Overcollateralization Amount (after distributions) 402980.20
Amount of Excess Interest 805608.49
Amount of Excess Cashflow 805608.49
iv) Servicing Fees Group 1 Group 2 Total
Servicing Fees 44118.40 42155.07 86273.47
Accrued and Unpaid Special Serv 0.00 0.00 0.00
Special Servicing Fees 300.00 0.00 300.00
v) Advances 195777.79
vi) Ending Pool Balance 105269406.80100423968.33205693375.13
vii) Loan Count 1268 812 2080
Wt'd avg Rem Term 291 339 314
Wt'd avg Mortage Rate 9.36184% 9.48500% 9.42197%
viii) Delinquency And Foreclosure Information:
Group 1 All Categories Bankruptcy
Number Balance Number Balance
Current 1139 95866188.21 0 0.00
30 days delinquent 91 5696871.29 7 588279.56
60 days delinquent 36 3362448.07 2 290636.37
90+ days delinquen 2 343899.23 0 0.00
Foreclosure
Number Balance
Current 0 0.00
30 days delinquent 0 0.00
60 days delinquent 1 336415.78
90+ days delinquen 0 0.00
Group 2 All Categories Bankruptcy
Number Balance Number Balance
Current 707 88104035.78 0 0.00
30 days delinquent 83 9798396.21 3 186940.09
60 days delinquent 22 2521536.34 1 74174.33
90 days delinquent 0 0.00 0 0.00
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 2 424543.00
90 days delinquent 0 0.00
120+ days delinque 0 0.00
ix) Loans that became REO properties
x) Total Book Value of REO Properties:
Loan Number Unpaid Prin. Sched Bal Book Value
0 0 0 0
Group 1 Group 2 Total
xi) Prepayment 885151.97 683963.68 1569115.65
xii) Current Period Prepayment Penalties 14069.40
Aggregate Prepayment Penalties 14069.40
Prepayment Penalties allocable to Classes N 14069.40
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
xix) Trustee Fees 1151.38 1096.03 2247.41
xx) Cap Carryover Amt LIBOR Carryover Amt
Current DiAmounts Remaining Current DistAmounts Remaining
AV-1 0.00 0.00 0.00 0.00
AF-1 0.00 0.00 0.00 0.00
AF-2 0.00 0.00 0.00 0.00
AF-3 0.00 0.00 0.00 0.00
AF-4 0.00 0.00 0.00 0.00
M-1 0.00 0.00 0.00 0.00
M-2 0.00 0.00 0.00 0.00
B-1 0.00 0.00 0.00 0.00
B-2 0.00 0.00 0.00 0.00
xix) Overcollateralization Deficiency (after distribution) 634285.68
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 782333.08 757749.31 1540082.39
Scheduled Principal 126571.85 64113.33 190685.18
Unscheduled Principal 885151.97 683963.68 1569115.65
Available Funds 1794056.90 1505826.32 3299883.22
xxiv) Class Interest Rate See Page 1
xxv) Liquidation Report
Loan Number Unpaid Prin.Sch. PrincipLiq. ProceeLoss
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
xxvi) Mortgage Loans Purchased by Servicer 0.00
xxvii) Mortgage Loans Re-Purchased by Servicer 0.00
ASSET BACKED FUNDING CORPORATION
By: /s/ Sheryl Christopherson
Name: Sheryl Christopherson
Title: Vice President US Bank
Dated: 11/25/2002