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): 26-Dec-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 26-Dec-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
26-Dec-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 26-Dec-2002
C-BASS MORTGAGE LOAN
ASSET BACKED CERTIFICATES
SERIES 2002-CB5
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 12/26/2002
Beginning Ending
Certificate Certificate
Class Cusip Balance(1) Principal Interest Losses Balance
AV-1 12489WFQ2 66645694.19 1537721.07 91822.96 0.00 65107973.12
AV-2 12489WFW9 16500000.00 0.00 28132.50 0.00 16500000.00
AF-1 12489WFM1 43756700.74 3308073.63 59533.42 0.00 40448627.11
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 23089.40 0.00 11410000.00
M-2 12489WFT6 9854000.00 0.00 28680.61 0.00 9854000.00
B-1 12489WFU3 9335000.00 0.00 35208.51 0.00 9335000.00
B-2 12489WFV1 2074000.00 0.00 9608.38 0.00 2074000.00
B-3 12489WFX7 2593000.00 0.00 12012.79 0.00 2593000.00
A-IO* 12489WFR0 151000000.00 0.00 346041.66 N/A 142000000.00
N* NA 6330884.69 360695.63 44843.77 N/A 5970189.06
X NA N/A 0.00 0.00 N/A N/A
Total 205290394.93 5206490.33 837933.00 0.00 200444600.23
* Notional
AMOUNTS PER $1,000 UNIT
Ending Current
Certificate Pass-Through
Class Principal Interest Total Balance Losses Interest Rate
AV-1 22.7591366 1.35903145 24.11816813 963.63462029 0.00000000 1.60000%
AV-2 0.00000000 1.70500000 1.70500000 1000.0000000 0.00000000 1.98000%
AF-1 73.5127473 1.32296489 74.83571222 898.85838022 0.00000000 1.58000%
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 2.02361087 2.02361087 1000.0000000 0.00000000 2.35000%
M-2 0.00000000 2.91055510 2.91055510 1000.0000000 0.00000000 3.38000%
B-1 0.00000000 3.77166685 3.77166685 1000.0000000 0.00000000 4.38000%
B-2 0.00000000 4.63277724 4.63277724 1000.0000000 0.00000000 5.38000%
B-3 0.00000000 4.63277671 4.63277671 1000.0000000 0.00000000 5.38000%
A-IO 0.00000000 2.13605963 2.13605963 876.54320988 0.00000000 2.75000%
N 53.8351686 6.69310000 60.52826866 891.07299403 0.00000000 8.50000%
X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 NA
Distribution Date: 26-Dec-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) 402980.20
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency (after distributions) 268191.35
Overcollateralization Target Amount 1037265.88
Overcollateralization Amount (after distributions) 769074.52
Amount of Excess Interest 732188.65
Amount of Excess Cashflow 732188.65
iv) Servicing Fees Group 1 Group 2 Total
Servicing Fees 43851.44 41843.32 85694.76
Accrued and Unpaid Special Serv 0.00 0.00 0.00
Special Servicing Fees 3150.00 2100.00 5250.00
v) Advances 234791.17
vi) Ending Pool Balance 102211254.4099002420.35 201213674.75
vii) Loan Count 1237 800 2037
Wt'd avg Rem Term 290 338 314
Wt'd avg Mortage Rate 9.36639% 9.47052% 9.41763%
viii) Delinquency And Foreclosure Information:
Group 1 All Categories Bankruptcy
Number Balance Number Balance
Current 1073 89559659.46 0 0.00
30 days delinquent 101 7946202.40 9 648947.63
60 days delinquent 42 2603130.62 3 479104.64
90+ days delinquen 21 2102261.92 2 201563.05
Foreclosure
Number Balance
Current 0 0.00
30 days delinquent 0 0.00
60 days delinquent 1 129658.25
90+ days delinquen 3 460631.40
Group 2 All Categories Bankruptcy
Number Balance Number Balance
Current 685 85675365.90 0 0.00
30 days delinquent 75 7845786.60 5 387639.90
60 days delinquent 26 3863687.90 1 187976.09
90 days delinquent 14 1617579.95 2 314992.86
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 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 2931240.45 1356119.74 4287360.19
xii) Current Period Prepayment Penalties 44695.07
Aggregate Prepayment Penalties 58764.47
Prepayment Penalties allocable to Classes N 58764.47
Prepayment Penalties allocable to Classes X 0.00
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
Class Loss
AV-1 0
AV-2 0
AF-1 0
AF-2 0
AF-3 0
M-1 0
M-2 0
B-1 0
B-2 0
B-3 0
A-IO* 0
N* 0
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 1140.42 1087.93 2228.34
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) 268191.36
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 776156.22 751350.01 1527506.23
Scheduled Principal 126911.95 65428.24 192340.19
Unscheduled Principal 2931240.45 1356119.74 4287360.19
Available Funds 3834308.62 2172897.99 6007206.61
xxiv) Class Interest Rate See Page 1
xxv) Liquidation Report
Loan Number Unpd Prin Bal Sched P Liq Proc Loss
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: 12/26/2002