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-Oct-02
Residential Asset Funding 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-Oct-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-Oct-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-Oct-02
C-BASS MORTGAGE LOAN
ASSET BACKED CERTIFICATES
SERIES 2002-CB4
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 10/25/02
Beginning Ending
Certificate Certificate
Class Cusip Balance(1) Principal Interest Losses Balance
AV-1 31392T3Y1 88949917.01 1012637.83 144821.58 0.00 87937279.18
AF-1 12489WEZ3 89647847.14 4379260.36 148946.16 0.00 85268586.78
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 36170.24 0.00 16930000.00
M-2 12489WFE9 13990000.00 0.00 36301.14 0.00 13990000.00
B-1 12489WFF6 12520000.00 0.00 38746.79 0.00 12520000.00
B-2 12489WFG4 2940000.00 0.00 9833.69 0.00 2940000.00
B-3 NA 5156836.00 0.00 27132.48 0.00 5156836.00
A-IO* 12489WEY6 112000000.00 0.00 606666.67 N/A 112000000.00
N* NA 10880544.25 313926.54 90671.20 N/A 10566617.71
X NA N/A 0.00 0.00 N/A N/A
Total 288644600.15 5705824.73 1341066.36 0.00 283252701.96
* - Notional Balance
AMOUNTS PER $1,000 UNIT
Ending Current
Certificate Pass-Through
Class Principal Interest Total Balance Losses Interest Rate
AV-1 11.1708530 1.59759051 12.76844357 970.07478411 0.00000000 1.95375%
AF-1 46.6872106 1.58791215 48.27512281 909.04676738 0.00000000 1.99375%
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 2.13645836 2.13645836 1000.0000000 0.00000000 2.56375%
M-2 0.00000000 2.59479199 2.59479199 1000.0000000 0.00000000 3.11375%
B-1 0.00000000 3.09479153 3.09479153 1000.0000000 0.00000000 3.71375%
B-2 0.00000000 3.34479252 3.34479252 1000.0000000 0.00000000 4.01375%
B-3 0.00000000 5.26145877 5.26145877 1000.0000000 0.00000000 6.31375%
A-IO 0.00000000 5.41666670 5.41666670 1000.0000000 0.00000000 6.50000%
N 28.0291553 8.09564286 36.12479821 943.44800982 0.00000000 10.00000%
X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 NA
Distribution Date: 25-Oct-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) 379704.89
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency (after distributions) 2208726.27
Overcollateralization Target Amount 2208726.27
Overcollateralization Amount (after distributions) 739645.75
Amount of Excess Interest 719881.70
Amount of Excess Cashflow 719881.70
iv) Servicing Fees Group 1 Group 2 Total
Servicing Fees 37111.97 83371.30 120483.27
Accrued and Unpaid Special Serv 0.00 0.00 0.00
Special Servicing Fees 1050.00 1950.00 3000.00
PMI Premiums 24314.09 59279.99 83594.08
v) Advances 152226.02
vi) Ending Pool Balance 88123467.51 195868880.19283992347.70
vii) Loan Count 814 2095 2909
Wt'd avg Rem Term 337 308 315
Wt'd avg Mortage Rate 9.36473% 8.95731% 9.04899%
viii) Delinquency And Foreclosure Information:
Group 1 All Categories Bankruptcy
Number Balance Number Balance
Current 733 80575270.63 0 0.00
30 days delinquent 49 4692817.91 2 122517.37
60 days delinquent 23 2030985.58 0 0.00
90 days delinquent 9 824393.39 0 0.00
Foreclosure
Number Balance
Current 0 0.00
30 days delinquent 0 0.00
60 days delinquent 3 182956.65
90 days delinquent 3 381050.05
Group 2 All Categories Bankruptcy
Number Balance Number Balance
Current 1984 186387425.94 0 0.00
30 days delinquent 67 5802512.42 0 0.00
60 days delinquent 29 2512013.26 4 230452.37
90 days delinquent 15 1166928.57 1 59482.65
Foreclosure
Number Balance
Current 0 0.00
30 days delinquent 0 0.00
60 days delinquent 4 835477.84
90 days delinquent 7 738656.07
ix) Loans that became REO Properties:
x) Total Book Value of REO Properties:
REO Properties Group 1
Loan # - Unpaid Principal Balance - Scheduled Principal Balance - Book Value
None
REO Properties Group 2
Loan # - Unpaid Principal Balance - Scheduled Principal Balance - Book Value
None
Group 1 Group 2 Total
xi) Prepayment 886416.69 3875783.66 4762200.35
xii) Current Period Prepayment Penalties 47656.89
Aggregate Prepayment Penalties 80740.84
Prepayment Penalties allocable to Classes N 47656.89
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
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 742.24 1666.30 2408.54
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) 1469080.53
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 633905.41 1350639.97 1984545.38
Scheduled Principal 58621.62 211135.37 269756.99
Unscheduled Principal 886416.69 3875783.66 4762200.35
Available Funds 1578943.72 5437559.00 7016502.72
xxii) Class Interest Rate See Page 1
xxiii) Liquidation Report
Loan # - Unpaid Prin. Balance - Scheduled Prin. - Liquidation Proceeds - Loss
None
xxiv) Mortgage Loans Purchased by Servicer 0.00
xxv) Mortgage Loans Re-Purchased by Servicer 0.00
xxvi) Guarantee Fee 11859.99
xxvii) Maximum Cap Rate 10.96143%
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
Residential Asset Funding Corporation
By: /s/ Sheryl Christopherson
Name: Sheryl Christopherson
Title: Vice President
Dated: 10/25/02