October 25, 1999
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Ace Securities Corp. Home Equity Loan Trust 1999-LB2 Home
Equity Loan Pass-Through Certificates.
File No. 333-56213-02.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of the trust fund (the
"Trust") created pursuant to a Pooling and Servicing Agreement
dated as of July 1, 1999 (the "Pooling and Servicing
Agreement") among Ace Securities Corp., a Delaware corporation, in
its capacity as depositor (the "Depositor"), Long Beach Mortgage
Company, a Delaware corporation, in its capacity as servicer (the
"Servicer"), and First Union National Bank, a national bank
association, in its capacity as trustee (the "Trustee"), is a
Current Report on Form 8-K (the "Report").
The Home Equity Loan Pass-Through Certificates will consist of the
following classes: Class A1, Class M1, Class M2, Class B, and Class R
(together, the "Certificates").
The Class A Certificates are referred to herein as the
"Senior Certificates." The Class M1, Class M2, Class B and Class R
Certificates are referred to herein as the "Subordinate Certificates,"
and the Subordinate Certificates, other than the Class R Certificate,
are referred to herein as the "Offered Subordinate Certificates". The
Class R Certificates is also referred to as the "Residual
Certificate." Only the Class A, Class M1, Class M2 and Class B
Certificates (the "Offered Certificates") are offered hereby.
The Class R Certificate will be issued as a single Certificate in
fully registered, certificated form.
The Certificates represent beneficial ownership interests in a trust
fund (the "Trust Fund"), the assets of which consist primarily of (1)
a pool (the "Mortgage Pool") of conventional, adjustable and fixed
rate, fully amortizing and balloon, first lien residential mortgage
loans (the "Mortgage Loans"), (2) the assets that from time to time
are identified as deposited in respect of the Mortgage Loans in the
Collection Account and the Certificate Account, (3) property acquired
by foreclosure of Mortgage Loans or deed in lieu of foreclosure, (4)
any applicable insurance policies and all proceeds thereof, and (5)
the Basis Risk Reserve Fund.
The Offered Certificates were registered under the Securities Act of
1933, as amended, by a Registration Statement on Form S-11 (File No.
333-56213-02). As a result, the Trust is subject to the filing
requirements of Section 15(d) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"). The Trust intends to fulfill these
filing requirements in the manner described herein:
The Trust will file, within 15 business days after each Distribution
Date (as defined in the Pooling and Servicing Agreement), a Current
Report on Form 8-K in substantially the form attached herewith,
including as an exhibit thereto the applicable Distribution Date
report. Each such Current Report will also disclose under Item 5 any
matter occurring during the relevant reporting period which would be
reportable under Item 1, 2, 4 or 5 of Part II of Form 10-Q.
The Trust will file a Current Report on Form 8-K promptly after the
occurrence of any event described under Item 2, 3, 4 or 5 thereof,
responding to the requirements of the applicable Item.
Within 90 days after the end of each fiscal year, the Trust will file
an annual report of Form 10-K which responds to Items 2, 3, and 4 of
Part I, Items 5 and 9 of Part II, Items 12 and 13 of Part III and
Item 14 of Part IV thereof, and include as exhibits thereto certain
information from the Distribution Date reports aggregated for such
year and a copy of the independent accountants' annual compliance
statement required under the Pooling and Servicing Agreement.
The Trust will follow the above procedures except for any fiscal year
as to which its reporting obligations under Section 15(d) of the
Exchange Act have been suspended pursuant to such Section. In such
event, the Trust will file a Form 15 as required under Rule 15d-6.
Should you wish to discuss the above filing procedures, please call
Judy L. Gomez at (714) 253-7562.
Sincerely,
/s/ Judy L. Gomez
Assistant Vice President
Bankers Trust Company of California, N.A.
S.E.C. Reporting Agent for Ace Securities Corp. Home Equity Loan
Trust 1999-LB2 Home Equity Loan Pass-Through Certificates.
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): August 25, 1999
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
(State or Other Jurisdiction of Incorporation)
333-56213-01 56-2088493
(Commission File Number) (I.R.S. Employer
Identification No.)
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
ITEM 5. Other Events
Attached hereto are copies of the Monthly Remittance Statements
to the Certificateholders which were derived from the monthly
information submitted by the Master Servicer of the Trust to the
Trustee.
ITEM 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Remittance Statement to the Certificateholders dated as of
August 25, 1999.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, hereunto duly authorized.
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 July 1, 1999.
Date: October 25, 1999 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Remittance Statement to the Certificateholders
dated as of August 25, 1999.
Ace Securities 1999-LB2
Mortgage Pass-Through Certificates
August 25, 1999 Distribution
Contents
TABLE OF CONTENTS
> Page
1. Cont
>ents 1
2. Cert
>ificate Payment Report 2
3. Coll
>ection Account Report 4
4. Cred
>it Enhancement Report 7
5. Coll
>ateral Report 8
6. Deli
>nquency Report 11
7. REO
>Report 14
8. Prep
>ayment Report 15
9. Prep
>ayment Detail Report 18
10. Real
>ized Loss Report 19
11. Real
>ized Loss Detail Report 22
12. Trig
>gers, Adj. Rate Cert. and Miscellaneous Report 23
13. Addi
>tional Certificate Report 24
Tota
>l Number of Pages
> 24
CONTACTS
Adm
>inistrator: Tiffany L. Campbell
Dir
>ect Phone Number: (949)224-8097
Add
>ress: Bankers Trust Company of California, N.A.
> 3 Park Plaza 16th Floor, Irvine, CA 92614
Web
> Site: http://online.bankerstrust.com/invr/
Fac
>tor Information: (800) 735-7777
Mai
>n Phone Number: (949) 253-7575
ISSUANCE INFORMATION
Seller: Ace Securities
> Cut-Off Date:
> July 1, 1999
Certificate Insurer:
> Closing Date:
> July 29, 1999
Servicer(s): Long Beach Mortgage
> Corp. Master Servicer First Payment Date:
> August 25, 1999
Underwriter(s): Deutsche Banc Alex
>Brown Lead Underwriter Distribution Date:
> August 25, 1999
Deutsche Banc Alex
>Brown Record Date:
> July 30, 1999
> Page 1 of 24
> (c) COPYRIGHT 1999 Bankers Trust Company
HISTORICAL DATA
> - STATEMENT 1 GROUP TOTAL
1
issue_idperiod
> t_del_0_t_del_1_t_del_2_t_del_3_t_del_4_t_del_0 t_del_1 t_del_2 t_del_
>3t_del_4 t_for_0_t_for_1_t_for_2_t_for_3_t_for_4_t_for_0 t_for_1 t_for_2 t_for
>_3
DB9902 199908
> 038846164 3114599 0 0 0 374 26 0
> 0 0 025185.47 0 0 0 0 1 0
> 0
HISTORICAL DATA
> - STATEMENT 1 GROUP 1
1
issue_idperiod
>sub_poolt_del_0_t_del_1_t_del_2_t_del_3_t_del_4_t_del_0 t_del_1 t_del_2 t_del_
>3t_del_4 t_for_0_t_for_1_t_for_2_t_for_3_t_for_4_t_for_0 t_for_1 t_for_2 t_for
>_3
DB9902 199908
> 1 7565296230859.3 0 0 0 95 3 0
> 0 0 0 0 0 0 0 0 0 0
> 0
HISTORICAL DATA
> - STATEMENT 1 GROUP 2
1
issue_idperiod
>sub_poolt_del_0_t_del_1_t_del_2_t_del_3_t_del_4_t_del_0 t_del_1 t_del_2 t_del_
>3t_del_4 t_for_0_t_for_1_t_for_2_t_for_3_t_for_4_t_for_0 t_for_1 t_for_2 t_for
>_3
DB9902 199908
> 231280868 2883740 0 0 0 279 23 0
> 0 0 025185.47 0 0 0 0 1 0
> 0
HISTORICAL DATA
> - STATEMENT 1 GROUP 3
0
issue_idperiod
>sub_poolt_del_0_t_del_1_t_del_2_t_del_3_t_del_4_t_del_0 t_del_1 t_del_2 t_del_
>3t_del_4 t_for_0_t_for_1_t_for_2_t_for_3_t_for_4_t_for_0 t_for_1 t_for_2 t_for
>_3
HISTORICAL DATA
> - STATEMENT 1 GROUP 4
0
issue_idperiod
>sub_poolt_del_0_t_del_1_t_del_2_t_del_3_t_del_4_t_del_0 t_del_1 t_del_2 t_del_
>3t_del_4 t_for_0_t_for_1_t_for_2_t_for_3_t_for_4_t_for_0 t_for_1 t_for_2 t_for
>_3
>
> 1 0
t_for_4 t_bnk_0_t_bnk_1_t_bnk_2_t_bnk_3_t_bnk_4_t_bnk_0 t_bnk_1 t_bnk_2 t_bnk_3
>t_bnk_4 t_reo_0_t_reo_1_t_reo_2_t_reo_3_t_reo_4_t_reo_0 t_reo_1 t_reo_2 t_reo_
>3t_reo_4 t_del_tot_del_tot_for_tot_for_tot_bnk_tot_bnk_tot_reo_tot_reo_tot_beg
>_ba
088408.18 0 0 0 0 2 0 0
>0 0 0 0 0 0 0 0 0 0
> 0 0 3114599 2625185.47 188408.18 2 0 04.17E
>+08
t_for_4 t_bnk_0_t_bnk_1_t_bnk_2_t_bnk_3_t_bnk_4_t_bnk_0 t_bnk_1 t_bnk_2 t_bnk_3
>t_bnk_4 t_reo_0_t_reo_1_t_reo_2_t_reo_3_t_reo_4_t_reo_0 t_reo_1 t_reo_2 t_reo_
>3t_reo_4 t_del_tot_del_tot_for_tot_for_tot_bnk_tot_bnk_tot_reo_tot_reo_tot_beg
>_ba
0 0 0 0 0 0 0 0 0
>0 0 0 0 0 0 0 0 0 0
> 0 0230859.3 3 0 0 0 0 0 078127
>733
t_for_4 t_bnk_0_t_bnk_1_t_bnk_2_t_bnk_3_t_bnk_4_t_bnk_0 t_bnk_1 t_bnk_2 t_bnk_3
>t_bnk_4 t_reo_0_t_reo_1_t_reo_2_t_reo_3_t_reo_4_t_reo_0 t_reo_1 t_reo_2 t_reo_
>3t_reo_4 t_del_tot_del_tot_for_tot_for_tot_bnk_tot_bnk_tot_reo_tot_reo_tot_beg
>_ba
088408.18 0 0 0 0 2 0 0
>0 0 0 0 0 0 0 0 0 0
> 0 0 2883740 2325185.47 188408.18 2 0 03.39E
>+08
t_for_4 t_bnk_0_t_bnk_1_t_bnk_2_t_bnk_3_t_bnk_4_t_bnk_0 t_bnk_1 t_bnk_2 t_bnk_3
>t_bnk_4 t_reo_0_t_reo_1_t_reo_2_t_reo_3_t_reo_4_t_reo_0 t_reo_1 t_reo_2 t_reo_
>3t_reo_4 t_del_tot_del_tot_for_tot_for_tot_bnk_tot_bnk_tot_reo_tot_reo_tot_beg
>_ba
t_for_4 t_bnk_0_t_bnk_1_t_bnk_2_t_bnk_3_t_bnk_4_t_bnk_0 t_bnk_1 t_bnk_2 t_bnk_3
>t_bnk_4 t_reo_0_t_reo_1_t_reo_2_t_reo_3_t_reo_4_t_reo_0 t_reo_1 t_reo_2 t_reo_
>3t_reo_4 t_del_tot_del_tot_for_tot_for_tot_bnk_tot_bnk_tot_reo_tot_reo_tot_beg
>_ba
7
>0 0 358.42
> 0 0 0.0074902
210796.3792325.734658.01 0 0 7
>0 0 341.672
> 0
t_prepayt_repur
>ct_liquid_loan warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cup_down
t_end_bat_beg_lot_end_lot_sch_prt_prepayt_curt t_repurct_liquidt_prepayt_repur
>ct_liquidt_prepayt_curr_st_del_sft_curr_wt_curr_wt_curr_wt_wamm warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cpool_reareo_bookt_del_1_2_bal_p
4.16E+08 3632 3625210796.3792325.734658.01 0 0 7
>0 0 559.26154086.617502.76402067753814770238108579 291.599355.27521.4560
>820.0545510.1465070.0975270.0081260.008126 0 0 0.007490201
>
> 0 0.00295711
48857.5 0 9537.21 0 0 0
>0 0
> 0
t_prepayt_repur
>ct_liquid_loan warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cup_down
t_end_bat_beg_lot_end_lot_sch_prt_prepayt_curt t_repurct_liquidt_prepayt_repur
>ct_liquidt_prepayt_curr_st_del_sft_curr_wt_curr_wt_curr_wt_wamm warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cpool_reareo_bookt_del_1_2_bal_p
78069338 914 914 48857.5 0 9537.21 0 0 0
>0 0 028561.86 3249.67 7697288 7315549 7308296 0341.67211.4360
>190.0003360.1009070.100453 0 0 0 0 0.002957105
>
> 0 0.00853799
161938.8792325.7 25120.8 0 0 7
>0 0
> 0
t_prepayt_repur
>ct_liquid_loan warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cup_down
t_end_bat_beg_lot_end_lot_sch_prt_prepayt_curt t_repurct_liquidt_prepayt_repur
>ct_liquidt_prepayt_curr_st_del_sft_curr_wt_curr_wt_curr_wt_wamm warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cpool_reareo_bookt_del_1_2_bal_p
3.38E+08 2718 2711161938.8792325.7 25120.8 0 0 7
>0 0 559.26125524.814253.09325094873083215230800283 359358.4194 1.460
>720.0670560.1570240.096853 0.01 0.01 0 0 0.008537993
>
> 0 0
0 0 0 0 0 0
>0 0
> 0
t_prepayt_repur
>ct_liquid_loan warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cup_down
t_end_bat_beg_lot_end_lot_sch_prt_prepayt_curt t_repurct_liquidt_prepayt_repur
>ct_liquidt_prepayt_curr_st_del_sft_curr_wt_curr_wt_curr_wt_wamm warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cpool_reareo_bookt_del_1_2_bal_p
>
> 0 0
0 0 0 0 0 0
>0 0
> 0
t_prepayt_repur
>ct_liquid_loan warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cup_down
t_end_bat_beg_lot_end_lot_sch_prt_prepayt_curt t_repurct_liquidt_prepayt_repur
>ct_liquidt_prepayt_curr_st_del_sft_curr_wt_curr_wt_curr_wt_wamm warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cpool_reareo_bookt_del_1_2_bal_p
0 0.00749026.06E-050.000213 0 0.0
>99
0 0.0
>95
BankruptREO Total Total Total
>
> Total Total Total
t_del_3_4_bal_pt_del_total_bal_p t_for_tot_bnk_tot_reo_toPeriod t_end_bawac
> 1or 2 pa3+ pay 6del_totafor_totabnk_totareo_tota1MSMM (1-1MSMM3MSMM 12MSM
>M CUMSMM 1MCPR 3MCPR 12MCPR CUMCPR MIN(30,W1MPSA 3MPSA 12MPSA
0 0.0074902016.06E-050.000213 0 Aug-99415.82320.0964
>51 0.0019850.998015
> 0.001985 0.02356 0.023561.4560828.090126
0 0.00295711 0 0 0
BankruptREO Fixed Fixed Fixed
>
> Fixed Fixed Fixed
t_del_3_4_bal_pt_del_total_bal_p t_for_tot_bnk_tot_reo_toPeriod t_end_bawac
> 1or 2 pa1or 2 padel_totafor_totabnk_totareo_tota1MSMM (1-1MSMM3MSMM 12MSM
>M CUMSMM 1MCPR 3MCPR 12MCPR CUMCPR MIN(30,W1MPSA 3MPSA 12MPSA
0 0.002957105 0 0 0 Aug-9978.069340.0985
>22 0.0001220.999878
> 0.0001220.001465 0.0014651.436019 0.51002
0 0.008537997.46E-050.000262 0
BankruptREO AdjustabAdjustabAdjust
>able
> Adjustable Adjustable Adjustable
t_del_3_4_bal_pt_del_total_bal_p t_for_tot_bnk_tot_reo_toPeriod t_end_bawac
> 1or 2 pa3+ pay 6del_totafor_totabnk_totareo_tota1MSMM (1-1MSMM3MSMM 12MSM
>M CUMSMM 1MCPR 3MCPR 12MCPR CUMCPR MIN(30,W1MPSA 3MPSA 12MPSA
0 0.0085379937.46E-050.000262 0 Aug-99337.75390.0959
>74 0.0024140.997586
> 0.0024140.028591 0.028591 1.460729.786664
0 0 0 0 0
BankruptREO
t_del_3_4_bal_pt_del_total_bal_p t_for_tot_bnk_tot_reo_toPeriod t_end_bawac
> 1or 2 pa3+ pay 6del_totafor_totabnk_totareo_tota1MSMM (1-1MSMM3MSMM 12MSM
>M CUMSMM 1MCPR 3MCPR 12MCPR CUMCPR MIN(30,W1MPSA 3MPSA 12MPSA
0 0 0 0 0
BankruptREO
t_del_3_4_bal_pt_del_total_bal_p t_for_tot_bnk_tot_reo_toPeriod t_end_bawac
> 1or 2 pa3+ pay 6del_totafor_totabnk_totareo_tota1MSMM (1-1MSMM3MSMM 12MSM
>M CUMSMM 1MCPR 3MCPR 12MCPR CUMCPR MIN(30,W1MPSA 3MPSA 12MPSA
>
> Printing Pages Starting# Pages # Pag
>es
Total Total
>
> 1 1Contents 1 1
CUMPSA prep+cur1MMDR (1-MDR) 3MMDR 12MMDR CUMMDR 1MCDR 3MCDR 12MCDR
> CUMCDR 1MSDA 3MSDA 12MSDA CUMSDA loss_sev3M_loss_12M_lossCUM_loss_sever
>ity 2 2Certificate Payment Repo 2 2
> 0
8.090126826.9837 0 1 0 0
> 0 0 0
> 3 3Collection Account Repor 4 3
> 0
>
> 4 4Credit Enhancement Repor 7 1
>
> 5 5Collateral Report 8 3
> 0
>
> 6 6Delinquency Report 11 3
> 0
>
> 7 7REO Report 14 1
>
> 8 Foreclosure Report 0
>
> 9 8Prepayment Report 15 3
> 0
>
> 10 9Prepayment Detail Report 18 1
>
> 11 10Realized Loss Report 19 3
> 0
>
> 12 11Realized Loss Detail Rep 22 1
>
> 13 12Triggers, Adj. Rate Cert 23 1
>
> 14 Other Related Information 0
>
> 15 13Additional Certificate R 24 1
>
> 16 Historical Certificate Payment Report
>
> 17 Credit Ratings
>
> Total Total Total Number of Pages 24
Fixed Fixed Fixed
> Fixed Fixed
CUMPSA prep+cur1MMDR (1-MDR) 3MMDR 12MMDR CUMMDR 1MCDR 3MCDR 12MCDR
> CUMCDR 1MSDA 3MSDA 12MSDA CUMSDA loss_sev3M_loss_12M_lossCUM_loss_sever
>ity
0.51002 9.53721 0 1 0 0
> 0 0 0
AdjustabAdjustable Adjustable
> Adjustable Adjustable
CUMPSA prep+cur1MMDR (1-MDR) 3MMDR 12MMDR CUMMDR 1MCDR 3MCDR 12MCDR
> CUMCDR 1MSDA 3MSDA 12MSDA CUMSDA loss_sev3M_loss_12M_lossCUM_loss_sever
>ity
9.786664817.4465 0 1 0 0
> 0 0 0
CUMPSA prep+cur1MMDR (1-MDR) 3MMDR 12MMDR CUMMDR 1MCDR 3MCDR 12MCDR
> CUMCDR 1MSDA 3MSDA 12MSDA CUMSDA loss_sev3M_loss_12M_lossCUM_loss_sever
>ity
CUMPSA prep+cur1MMDR (1-MDR) 3MMDR 12MMDR CUMMDR 1MCDR 3MCDR 12MCDR
> CUMCDR 1MSDA 3MSDA 12MSDA CUMSDA loss_sev3M_loss_12M_lossCUM_loss_sever
>ity
# Pages Total # # Standard Pgs per Report
1 1
0 2 2 1
0 3 3 1
1 1 1
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0 3 1 1
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