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-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 26-Dec-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
26-Dec-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 26-Dec-02
C-BASS MORTGAGE LOAN
ASSET BACKED CERTIFICATES
SERIES 2002-CB4
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 12/26/02
Beginning Ending
Certificate Certificate
Class Cusip Balance(1) Principal Interest Losses Balance
AV-1 31392T3Y1 86806522.51 3435724.10 113620.09 0.00 83370798.41
AF-1 12489WEZ3 79524975.36 4811078.25 106828.55 0.00 74713897.11
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 31052.44 0.00 16930000.00
M-2 12489WFE9 13990000.00 0.00 32285.81 0.00 13990000.00
B-1 12489WFF6 12520000.00 0.00 35362.04 0.00 12520000.00
B-2 12489WFG4 2940000.00 0.00 9063.37 0.00 2940000.00
B-3 NA 5156836.00 0.00 26110.78 0.00 5156836.00
A-IO* 12489WEY6 112000000.00 0.00 606666.67 N/A 112000000.00
N* NA 10254150.33 355329.53 85451.25 N/A 9898820.80
X NA N/A 0.00 0.00 N/A N/A
Total 276378333.87 8602131.88 1248217.41 0.00 268131531.52
* - Notional Balance
AMOUNTS PER $1,000 UNIT
Ending Current
Certificate Pass-Through
Class Principal Interest Total Balance Losses Interest Rate
AV-1 37.9009829 1.25339316 39.15437606 919.69992730 0.00000000 1.52000%
AF-1 51.2908129 1.13889712 52.42971002 796.52342335 0.00000000 1.56000%
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 1.83416657 1.83416657 1000.0000000 0.00000000 2.13000%
M-2 0.00000000 2.30777770 2.30777770 1000.0000000 0.00000000 2.68000%
B-1 0.00000000 2.82444409 2.82444409 1000.0000000 0.00000000 3.28000%
B-2 0.00000000 3.08277891 3.08277891 1000.0000000 0.00000000 3.58000%
B-3 0.00000000 5.06333341 5.06333341 1000.0000000 0.00000000 5.88000%
A-IO 0.00000000 5.41666670 5.41666670 1000.0000000 0.00000000 6.50000%
N 31.7258508 7.62957589 39.35542679 883.82328571 0.00000000 10.00000%
X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 NA
Distribution Date: 26-Dec-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) 1078609.76
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency (after distributions) 1130116.51
Overcollateralization Target Amount 2208726.27
Overcollateralization Amount (after distributions) 1438443.22
Amount of Excess Interest 719666.90
Amount of Excess Cashflow 719666.90
iv) Servicing Fees Group 1 Group 2 Total
Servicing Fees 36270.16 79121.72 115391.88
Accrued and Unpaid Special Serv 0.00 0.00 0.00
Special Servicing Fees 4200.00 3450.00 7650.00
PMI Premiums 24141.00 57692.33 81833.33
v) Advances 172502.42
vi) Ending Pool Balance 83762653.78 185807320.95269569974.73
vii) Loan Count 775 2002 2777
Wt'd avg Rem Term 335 306 318
Wt'd avg Mortage Rate 9.31760% 8.94537% 9.09388%
viii) Delinquency And Foreclosure Information:
Group 1 All Categories Bankruptcy
Number Balance Number Balance
Current 696 76405470.95 0 0.00
30 days delinquent 35 3705124.89 0 0.00
60 days delinquent 18 1539411.79 1 78860.17
90 days delinquent 25 2073052.36 2 255986.33
Foreclosure
Number Balance
Current 0 0.00
30 days delinquent 0 0.00
60 days delinquent 0 0.00
90 days delinquent 9 685961.26
Group 2 All Categories Bankruptcy
Number Balance Number Balance
Current 1869 174166534.08 0 0.00
30 days delinquent 70 6166421.84 5 301341.25
60 days delinquent 30 3069361.17 2 130583.79
90 days delinquent 32 2320268.00 3 192547.34
Foreclosure
Number Balance
Current 0 0.00
30 days delinquent 0 0.00
60 days delinquent 0 0.00
90 days delinquent 5 500047.03
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
8539280 39,746.27 39,593.79 39,593.79
REO Properties Group 2
Loan # - Unpaid Principal Balance - Scheduled Principal Balance - Book Value
8017014 85,099.87 84,735.86 84,735.86
Group 1 Group 2 Total
xi) Prepayment 3227490.06 4396056.04 7623546.10
xii) Current Period Prepayment Penalties 88597.33
Aggregate Prepayment Penalties 239446.67
Prepayment Penalties allocable to Classes N 88597.33
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 725.40 1586.74 2312.14
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) 770283.06
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 617513.96 1279191.25 1896705.21
Scheduled Principal 58322.79 205100.01 263422.80
Unscheduled Principal 3227490.06 4396056.04 7623546.10
Available Funds 3903326.81 5880347.30 9783674.11
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 11960.01
xxvii) Maximum Cap Rate 11.17480%
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: 12/26/02