SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
Annual Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the fiscal year ended
December 31, 1999
Commission file number: 333-56213-02
ACE SECURITIES CORP.
(as Depositor under the Pooling and Servicing Agreement, dated
as of July 1, 1999, providing for the issuance of Ace Securities
Corp. Home Equity Loan Trust 1999-LB2 Home Equity Loan
Pass-Through Certificates)
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST 1999-LB2
HOME EQUITY LOAN PASS-THROUGH CERTIFICATES.
(Exact name of Registrant as specified in its Charter)
DELAWARE 56-2088493
(State or other jurisdiction (I.R.S. Employer
incorporation or organization) Identification Number)
6525 MORRISON BOULEVARD, SUITE 318
CHARLOTTE, NORTH CAROLINA 28211
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(704) 365-0569
Securities registered pursuant to Section 12(b) of the Act:
NOT APPLICABLE.
Securities registered pursuant to Section 12(g) of the Act:
NOT APPLICABLE.
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the Registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes X No
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of the Registrant's knowledge, in definitive proxy
or information statements incorporated by reference in Part III of the
Form 10-K or any amendment to this Form 10-K. [ ].
Aggregate market value of voting stock held by non-affiliates of the
Registrant as of December 31, 1999: NOT APPLICABLE.
Number of shares of common stock outstanding as of December 31, 1999:
NOT APPLICABLE.
DOCUMENTS INCORPORATED BY REFERENCE
ITEM 8. Financial Statements and Supplementary Data.
Annual Statement of Compliance by Long Beach Mortgage Company dated April
14, 2000.
Independent Accountant's Report by Deloitte and Touche LLP dated February
22, 2000.
PART IV
ITEM 14. Exhibits, Financial Statement Schedules, and Reports on Form
8-K.
(a) The following is a list of documents filed as part of this report:
EXHIBITS
Annual Statement of Compliance by Long Beach Mortgage Company dated April
14, 2000.
Independent Accountant's Report by Deloitte and Touche LLP dated February
22, 2000.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
By: Bankers Trust Company not in its individual
capacity but solely as a duly authorized
agent of the Registrant pursuant to the
Pooling and Servicing Agreement, dated as of
July 1, 1999.
By: /s/Judy L. Gomez
Judy L. Gomez
Assistant Vice President
Date: August 11, 2000
EXHIBIT INDEX
Exhibit Document
1.1 Annual Statement of Compliance by Long Beach Mortgage Company dated
April 14, 2000.
1.2 Independent Accountant's Report by Deloitte and Touche LLP dated
February 22, 2000.
Long Beach Mortgage Company
OFFICER'S CERTIFICATE
Master Servicer: Long Beach Mortgage Company
Agreement: Pooling and Servicing Agreement dated July 1, 1999
Deal: ACE Securities Corporation
Home Equity Loan Trust 1999-LB2
Subject Period: July 1, 1999 through December 31, 1999
Certificate Date: April 14, 2000
This certificate is delivered to The Bank of New York, as Trustee pursuant to
Sections 5.16 and 5.17 of the Pooling
and Servicing Agreement dated July 1, 1999 ("the Agreement").
The undersigned officer of Long Beach Mortgage Company (the Company")
represents solely the activities of the Company and does not make any
representations for any other master servicer under the Agreement.
Pursuant to Section 5.16 of the Agreement; The undersigned officer of the
Company has supervised a review of the Company's activities during the
Subject Period with respect to the terms of the Agreement and has determined
the following: (a) to undersigned officer's best knowledge, the Company has
fulfilled its obligations under this Agreement and (b) there has not been a
default in the fulfillment of any obligation under the Agreement.
Pursuant to Section 5.17 of the Agreement; Attached to this certificate is a
copy of the letter issued to Long Beach Mortgage Company, by Deloitte & Touche
LLP regarding the Company's compliance with the Uniform Single Attestation
Program for Mortgage Bankers for the year ended December 1, 1999.
Long Beach Mortgage Company
By: /s/ James R. Guerin
Name: James R. Guerin
Title: Senior Vice President
Loan Servicing Division
Deloitte & Touche LLP
Suite 1200
695 Town Center Drive
Costa Mesa, California 92626-1924
Telephone: (714) 436-7100
Facsimile: (714) 436-7200
Deloitte & Touche
INDEPENDENT ACCOUNTANT'S REPORT
The Board of Directors
Long Beach Mortgage Company
We have examined management's assertion about Long Beach Mortgage Company's
compliance with the minimum servicing standards identified in the Mortgage
Bankers Association of America's Uniform Single Attestation Program for
Mortgage Bankers (USAP) as of and for the year ended December 31, 1999,
included in the accompanying management assertion. Management is responsible
for Long Beach Mortgage Company's compliance with those minimum servicing
standards. Our responsibility is to express an opinion on management's
assertion about the entity's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about Long Beach Mortgage Company's
compliance with the minimum servicing standards and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on Long Beach Mortgage Company's
compliance with the minimum servicing standards.
In our opinion, management's assertion that Long Beach Mortgage Company
complied with the aforementioned minimum servicing standards as of and for the
year ended December 31, 1999, is fairly stated, in all material respects.
Deloitte & Touche LLP
February 22, 2000