SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
Annual Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the fiscal year ended
December 31, 2000
Commission file number: 333-41712-01
LONG BEACH SECURITIES CORP.
as Depositor, Long Beach Mortgage Company, as Master Servicer, First
Union National Bank, as trustee, (the "Trustee"), and Bankers Trust
Company of California, N.A., as trustee (the "Trustee") under the
Pooling and Servicing Agreement, dated as of December 1, 2000,
providing for the issuance of Long Beach Mortgage Loan Trust 2000-1
Asset Backed Certificates, Series 2000-1
LONG BEACH MORTGAGE LOAN TRUST 2000-1
ASSET BACKED CERTIFICATES, SERIES 2000-1
(Exact name of Registrant as specified in its Charter)
DELAWARE 33-0917586
(State or other jurisdiction (I.R.S. Employer
incorporation or organization) Identification Number)
1100 TOWN & COUNTRY ROAD
SUITE 1600
ORANGE, CALIFORNIA 92868
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(714) 541-5378
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, 2000: NOT APPLICABLE.
Number of shares of common stock outstanding as of December 31, 2000:
NOT APPLICABLE.
DOCUMENTS INCORPORATED BY REFERENCE
Documents in Part I, II, and Part IV incorporated herein by reference are
as follows:
The Pooling and Servicing Agreement of the Registrant dated as of
December 1, 2000 (hereby incorporated herein by reference and filed as
part of the Registrant's Current Report on Form 8-K, and filed with the
Securities and Exchange Commission on January 2, 2001.
PART I
ITEM 1. Business.
The trust fund (the "Trust") created pursuant to a Pooling and Servicing
Agreement dated as of December 1, 2000 (the "Pooling and Servicing
Agreement") among Long Beach Securities Corp., as Depositor, Long
Beach Mortgage Company as Master Servicer, First Union National Bank, as
Trustee, and Bankers Trust Company of California, N.A., a national banking
association, as Trust Administrator.
The Long Beach Mortgage Loan Trust 2000-1 (the "Trust") will consist of a
pool of residential mortgage loans (the "Mortgage Loans" or the "Mortgage
Pool") which pool will in turn consist of a group of fixed-rate, first
lien, fully-amortizing and balloon mortgage loans (the "Group II Mortgage
Loans"). The Group I Mortgage Loans have original terms to maturity
ranging from 10 years to 30 years and a Cut-off Date Principal Balance of
approximately $72,998,895. The Group II Mortgage Loans have original
terms to maturity ranging from 15 years to 30 years and Cut-off Date
Principal Balance of approximately $927,001,700. All of the Mortgage
Loans will be secured by first mortgages or deeds of trust or other
similar security instruments (each, a "Mortgage"). The Mortgages create
first liens on one- to four-family residential properties consisting of
attached or detached one- to four-family dwelling units and individual
condominium units (each, a "Mortgaged Property"). The Group I Mortgage
Loans consist of approximately 764 Mortgage Loans and the Group II
Mortgage Loans consist of approximately 7,416 Mortgage Loans.
Information with respect to the business of the Trust would not be
meaningful because the only "business" of the Trust is the collection
on the Mortgage Loans and distribution of payments on the Certificates to
Certificateholders. This information is accurately summarized in the
Monthly Reports to Certificateholders, which are filed on Form 8-K.
There is no additional relevant information to report in response to Item
101 of Regulation S-K.
ITEM 2. Properties.
The Depositor owns no property. The Long Beach Mortgage Loan Trust
2000-1, in the aggregate, represent the beneficial ownership in a Trust
consisting primarily of the Mortgage Loans. The Trust will acquire title
to real estate only upon default of the mortgagors under the Mortgage
Loan. Therefore, this item is inapplicable.
ITEM 3. Legal Proceedings.
None.
ITEM 4. Submission of Matters to a Vote of Security Holders.
No matters were submitted to a vote of Certificateholders during the
fiscal year covered by this report.
PART II
ITEM 5. Market for Registrant's Common Equity and Related Stockholder
Matters.
The Long Beach Mortgage Loan Trust 2000-1 represents, in the aggregate,
the beneficial ownership in a trust fund consisting of the Mortgage
Certificates. The Certificates are owned by Certificateholders as trust
beneficiaries. Strictly speaking, the Registrant has no "common
equity," but for purposes of this Item only, the Registrant's Long Beach
Mortgage Loan Trust 2000-1 are treated as "common equity."
(a) Market Information. There is no established public trading market
for Registrant's Certificates. Registrant believes the Certificates are
traded primarily in intra-dealer markets and non-centralized inter-dealer
markets.
(b) Holders. The number of registered holders of all classes of
Certificates on December 31, 2000 was: 8.
(c) Dividends. Not applicable. The information regarding dividends
required by sub-paragraph (c) of Item 201 of Regulation S-K is
inapplicable because the Trust does not pay dividends. However,
information as to distribution to Certificateholders is provided in the
Monthly Reports to Certificateholders for each month of the fiscal year
in which a distribution to Certificateholders was made.
ITEM 6. Selected Financial Data.
Not Applicable. Because of the limited activities of the Trust, the
Selected Financial Data required by Item 301 of Regulation S-K does not
add relevant information to that provided by the Monthly Reports to
Certificateholders, which are filed on a monthly basis on Form 8-K.
ITEM 7. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Not Applicable. The information required by Item 303 of Regulation S-K
is inapplicable because the Trust does not have management per se, but
rather the Trust has a Trustee who causes the preparation of the Monthly
Reports to Certificateholders. The information provided by the Monthly
Reports to Certificateholders, which are filed on a monthly basis on
Form 8-K, do not provide the relevant financial information regarding the
financial status of the Trust.
ITEM 8. Financial Statements and Supplementary Data.
NONE
Annual Statement of Compliance by the Master Servicer will be
subsequently filed on Form 10-K/A after April 15, 2001.
Independent Accountant's Report on Servicer's will be subsequently filed
on Form 10-K/A after April 15, 2001.
ITEM 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure.
None.
PART III
ITEM 10. Directors and Executive Officers of Registrant.
Not Applicable. The Trust does not have officers or directors.
Therefore, the information required by items 401 and 405 of Regulation
S-K are inapplicable.
ITEM 11. Executive Compensation.
Not Applicable. The Trust does not have officers or directors to whom
compensation needs to be paid. Therefore, the information required by
item 402 of regulation S-K is inapplicable.
ITEM 12. Security Ownership of Certain Beneficial Owners and Management.
(a) Security ownership of certain beneficial owners. Under the Pooling
and Servicing Agreement governing the Trust, the holders of the
Certificates generally do not have the right to vote and are prohibited
from taking part in management of the Trust. For purposes of this Item
and Item 13 only, however, the Certificateholders are treated as "voting
security" holders.
As of December 31, 2000, the following are the only persons known to the
Registrant to be the beneficial owners of more than 5% of any class of
voting securities:
CEDEFAST
CEDE & CO FAST
P.O. BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK, 10274
SERIES 2000-1
CLASS AF-1
$16,810,000
100.0%
CEDEFAST
CEDE & CO FAST
P.O. BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK, 10274
SERIES 2000-1
CLASS AF-2
$18,388,000
100.0%
CEDEFAST
CEDE & CO FAST
P.O. BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK, 10274
SERIES 2000-1
CLASS AF-3
$22,472,000
100.0%
CEDEFAST
CEDE & CO FAST
P.O. BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK, 10274
SERIES 2000-1
CLASS AF-4
$7,300,000
100.0%
CEDEFAST
CEDE & CO FAST
P.O. BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK, 10274
SERIES 2000-1
CLASS AV-1
$825,030,000
100.0%
CEDEFAST
CEDE & CO FAST
P.O. BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK, 10274
SERIES 2000-1
CLASS M-1
$37,500,000
100.0%
CEDEFAST
CEDE & CO FAST
P.O. BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK, 10274
SERIES 2000-1
CLASS M-2
$35,000,000
100.0%
CEDEFAST
CEDE & CO FAST
P.O. BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK, 10274
SERIES 2000-1
CLASS M-3
$17,500,000
100.0%
(b) Security ownership of management. Not Applicable. The Trust does
not have any officers or directors. Therefore, the information required
by Item 403 of Regulation S-K is inapplicable.
(c) Changes in control. Not Applicable. Since Certificateholders do not
possess, directly or indirectly, the power to direct or cause the
direction of the management and policies of the Trust, other than in
respect to certain required consents regarding any amendments to the
Pooling and Servicing Agreement, the information requested with respect to
item 403 of Regulation S-K is inapplicable.
ITEM 13. Certain Relationships and Related Transactions.
(a) Transactions with management and others. Registrant knows of no
transaction or series of transactions during the fiscal year ended
December 31, 2000, or any currently proposed transaction or series of
transactions, in an amount exceeding $60,000 involving the Registrant in
which the Certificateholders identified in Item 12(a) had or will have a
direct or indirect material interest. There are no persons of the types
described in Item 404(a)(1),(2) and (4) of Regulation S-K, however, the
information required by Item 404(a)(3) of Regulation S-K is hereby
incorporated by reference in Item 12 herein.
(b) Certain business relationships. None.
(c) Indebtedness of management. Not Applicable. The Trust does not have
management consisting of any officers or directors. Therefore, the
information required by item 404 of Regulation S-K is inapplicable.
(d) Transactions with promoters. Not Applicable. The Trust does not use
promoters. Therefore, the information required by item 404 of Regulation
S-K is inapplicable.
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 the Master Servicer will be
subsequently filed on Form 10-K/A after April 15, 2001.
Independent Accountant's Report on Servicer's will be subsequently filed
on Form 10-K/A after April 15, 2001.
(b) The following Reports on Form 8-K were filed during the last quarter
of the period covered by this Report:
NONE
(c) The exhibits required to be filed by Registrant pursuant to Item 601
of Regulation S-K are listed above and in the Exhibit Index that
immediately follows the signature page hereof.
(d) Not Applicable. The Trust does not have any subsidiaries or
affiliates. Therefore, no financial statements are filed with respect to
subsidiaries or affiliates.
Supplemental information to be furnished with reports filed pursuant to
Section 15(d) by registrants which have not registered securities pursuant
to Section 12 of the Act.
No annual report, proxy statement, form of proxy or other soliciting
material has been sent to Certificateholders, and the Registrant does
not contemplate sending any such materials subsequent to the filing of
this report.
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 of California, N.A.
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 December 1, 2000.
By: /s/Judy L. Gomez
Judy L. Gomez
Assistant Vice President
Date: March 23, 2001
EXHIBIT INDEX
Exhibit Document
1.4 The Pooling and Servicing Agreement of the Registrant dated as of
December 1, 2000 (hereby incorporated herein by reference and filed
as part of the Registrant's Current Report on Form 8-K, and filed
with the Securities and Exchange Commission on January 2, 2001.