UNITED STATES
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) : November 25, 2002
ASSET BACKED FUNDING CORPORATION, (as depositor under the Pooling and
Servicing Agreement, dated February 1, 2002 providing for the issuance of
2002-CB1 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series
2002-CB1).
ASSET BACKED FUNDING CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-32857-07 75-2533468
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
100 North Tyron Sreet
Charlotte, North Carolina 28255
(Address pof principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (703) 386-2400
N/A
(Former name or former address, if changed since last report)
<page>
Item 5. Other Events.
This report and the attached exhibit is being filed pursuant to "no-action"
positions taken by the Securities and Exchange Commission with respect to
alternative means of satisfying the Registrant's reporting obligations under the
Securities Exchange Act of 1934, as amended, with respect to the Registrant's
2002-CB1 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2002-CB1
(the "Certificates"). The Certificates were issued, and this report and exhibit
is being filed, pursuant to the terms of the Pooling and Servicing Agreement,
dated as of February 1, 2002 ( the "Agreement"), among Asset Backed Funding
Corporation, as Depositor, Credit-Based Asset Servicing and Securitization LLC,
as Seller, Litton Loan Servicing LP, as Servicer, U.S. Bank National
Association, as Trustee, and JPMorgan Chase Bank, as Certificate Administrator.
On November 25, 2002 distributions were made to the Certificateholders. Specific
information with respect to these distributions is filed as Exhibit 99.1. No
other reportable transactions or matters have occurred during the current
reporting period.
Item 7. Financial Statements and Exhibits.
(a) Not applicable
(b) Not applicable
(c) The following exhibit is filed as part of this report:
Statement to Certificateholders on November 25, 2002
as Exhibit 99.1.
-2-
<page>
ASSET BACKED FUNDING CORPORATION
2002-CB1 Trust
C-BASS Mortgage Loan Asset-Backed Certificates, Series 2002-CB1
- -------------------------------------------------------------------------------
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.
JPMorgan Chase Bank,
not in its individual capacity but solely
as Certificate Administrator under the
Agreement referred to herein
Date: November 25, 2002 By: /s/ Diane E. Wallace
------------------------------------
Diane E. Wallace
Assistant Vice President
-3-
<page>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits
99.1 Statement to Certificateholders
November 25, 2002
-4-
Exhibit 99.1
Statement to Certificateholders
November 25, 2002
-5-
<page>
<table>
CREDIT-BASED LOAN ASSET-BACKED CERTIFICATES, SERIES 2002-CB1
STATEMENT TO CERTIFICATEHOLDERS
November 25, 2002
<s> <c> <c>
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING ENDING
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
- ----------------------------------------------------------------------------------------------------------------------------------
A1A 50,000,000.00 41,678,631.24 1,251,876.44 78,935.41 1,330,811.85 0.00 0.00 40,426,754.80
A2A 117,592,000.00 96,870,343.90 3,117,390.16 180,961.55 3,298,351.71 0.00 0.00 93,752,953.74
A2B 20,751,000.00 18,448,593.76 346,376.68 37,004.53 383,381.21 0.00 0.00 18,102,217.08
M1 15,891,000.00 15,891,000.00 0.00 37,346.47 37,346.47 0.00 0.00 15,891,000.00
M2 12,950,000.00 12,950,000.00 0.00 36,008.75 36,008.75 0.00 0.00 12,950,000.00
B1 7,063,000.00 7,063,000.00 0.00 23,591.56 23,591.56 0.00 0.00 7,063,000.00
B2 8,240,000.00 8,240,000.00 0.00 40,291.30 40,291.30 0.00 0.00 8,240,000.00
N 12,900,000.00 6,978,998.66 708,618.24 55,541.20 764,159.44 0.00 0.00 6,270,380.42
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 245,387,000.00 208,120,567.56 5,424,261.52 489,680.77 5,913,942.29 0.00 0.00 202,696,306.04
AIO 73,130,000.00 73,130,000.00 0.00 255,882.25 255,882.25 0.00 0.00 73,130,000.00
X 235,429,185.40 204,084,433.72 0.00 0.00 0.00 0.00 0.00 199,368,790.43
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------- -------------------------------------
FACTOR INFORMATION PER $1,000 OF ORIGINAL FACE PASS-THROUGH RATES
- ----------------------------------------------------------------------------------------- -------------------------------------
CURRENT
BEGINNING ENDING PASS-THRU
CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL CLASS RATE
- -------------------------------------------------------------------------------------------------- ----------------------------
A1A 12489WEG5 833.57262480 25.03752880 1.57870820 26.61623700 808.53509600 A1A 2.200000 %
A2A 12489WEN0 823.78345381 26.51022314 1.53889338 28.04911652 797.27323066 A2A 2.170000 %
A2B 12489WEP5 889.04601031 16.69204761 1.78326490 18.47531252 872.35396270 A2B 2.330000 %
M1 12489WEJ9 1,000.00000000 0.00000000 2.35016487 2.35016487 1,000.00000000 M1 2.730000 %
M2 12489WEK6 1,000.00000000 0.00000000 2.78059846 2.78059846 1,000.00000000 M2 3.230000 %
B1 12489WEL4 1,000.00000000 0.00000000 3.34016140 3.34016140 1,000.00000000 B1 3.880000 %
B2 12489WEM2 1,000.00000000 0.00000000 4.88972087 4.88972087 1,000.00000000 B2 5.680000 %
N N/A 541.00764806 54.93164651 4.30551938 59.23716589 486.07600155 N 9.550000 %
TOTALS 848.13200194 22.10492618 1.99554487 24.10047105 826.02707576
AIO 12489WEH3 1,000.00000000 0.00000000 3.49900520 3.49900520 1,000.00000000 AIO 4.200000 %
X N/A 866.86123207 0.00000000 0.00000000 0.00000000 846.83124606 X 0.000000 %
- ------------------------------------------------------------------------------------------------- ------------------------
If there are any questions or problems with this statement, please contact the Administrator listed below:
---------------------------------------
Gouri Mukherjee
JPMorgan Chase Bank - Structured Finance Services
4 New York Plaza, 6th Floor,
New York, New York 10004
Tel: (212) 623-4481
Fax: (212) 623-5858
Email: Gouri.s.mukherjee@jpmchase.com
---------------------------------------
Copyright 2001 J.P. Morgan Chase & Co. All rights reserved.
-6-
<page>
CREDIT-BASED LOAN ASSET-BACKED CERTIFICATES, SERIES 2002-CB1
STATEMENT TO CERTIFICATEHOLDER
November 25, 2002
Sec. 4.06(iii) O/C Amount 2,942,864.82
Sec. 4.06(iii) Targeted O/C Amount 2,942,864.82
Sec. 4.06(iii) O/C Deficiency Amount 0.00
Sec. 4.06(iii) O/C Release Amount 0.00
Sec. 4.06(iii) Monthly Excess Interest 866,687.99
Sec. 4.06(iii) Monthly Excess Cash Flow Amount 866,687.99
Sec. 4.06(iii) Extra Principal Distribution Amount 114,830.94
Sec. 4.06(iv) Servicing Compensation 0.00
Sec. 4.06(iv) Servicing Fee 50,250.00
Sec. 4.06(iv) PMI Premium 0.00
Sec. 4.06(iv) Special Servicing Fee Accrued 50,250.00
Sec. 4.06(iv) Previous Unpaid Special Servicing Fees 0.00
Sec. 4.06(iv) Special Servicing Fee Paid
Sec. 4.06(v) Current Advances 0.00
Sec. 4.06(vi) Ending Collateral Balance Group 1 Total 71.334.334.93
Sec. 4.06(vi) Ending Collateral Balance Group 2 Total 128,034,455.50
Sec. 4.06(vii) Total Beginning Number of Loans 2,243.00
Sec. 4.06(vii) Total Group 1 Beginning Number of Loans 997.00
Sec. 4.06(vii) Total Group 2 Beginning Number of Loans 1,246.00
Sec. 4.06(vii) Total Ending Number of Loans 2,196.00
Sec. 4.06(vii) Total Group 1 Ending Number of Loans 980.00
Sec. 4.06(vii) Total Group 2 Ending Number of Loans 1,216.00
Sec. 4.06(vii) Weighted Average Mortgage Rate for All Loans 9.80%
Sec. 4.06(vii) Group 1 Weighted Average Mortgage Rate 9.89%
Sec. 4.06(vii) Group 2 Weighted Average Mortgage Rate 9.75%
Sec. 4.06(vii)Group 1 Weighted Average Term to Maturity 264.00
Sec. 4.06(vii)Group 2 Weighted Average Term to Maturity 328.00
Sec. 4.06(viii)Loans Delinquent
Group 1
Principal
Category Number Balance Percentage
1 Month 98 6,508,777.51 9.12 %
2 Month 51 3,315,728.68 4.65 %
3 Month 300 19,793,954.62 27.75 %
Total 449 29,618,460.81 41.52 %
Group 2
Principal
Category Number Balance Percentage
1 Month 93 9,767,923.54 7.63 %
2 Month 56 5,634,529.34 4.40 %
3 Month 187 19,218,903.29 15.01 %
Total 336 34,621,356.17 27.04 %
Group Totals
Principal
Category Number Balance Percentage
1 Month 191 16,276,701.05 8.16 %
2 Month 107 8,950,258.02 4.49 %
3 Month 487 39,012,857.91 19.57 %
Total 785 64,239,816.98 32.22 %
Please Note: Delinquency Numbers Include Bankruptcies and Foreclosures
-7-
<page>
CREDIT-BASED LOAN ASSET-BACKED CERTIFICATES, SERIES 2002-CB1
STATEMENT TO CERTIFICATEHOLDER
November 25, 2002
Sec. 4.06(viii)Loans in Foreclosure
Group 1
Principal
Number Balance Percentage
65 5,488,868.98 7.69 %
Group 2
Principal
Number Balance Percentage
63 6,951,861.57 5.43 %
Group Totals
Principal
Number Balance Percentage
128 12,440,730.55 6.24 %
Sec. 4.06(viii)Loans in Bankruptcy
Group 1
Principal
Number Balance Percentage
205 12,526,983.27 17.56 %
Group 2
Principal
Number Balance Percentage
99 9,632,903.57 7.52 %
Group Totals
Principal
Number Balance Percentage
304 22,159,886.84 11.12 %
Sec. 4.06(ix)Loans in REO
Group 1
Principal
Number Balance Percentage
10 544,327.85 0.76 %
Group 2
Principal
Number Balance Percentage
16 1,829,523.37 1.43 %
Group Totals
Principal
Number Balance Percentage
26 2,373,851.22 1.19 %
Sec. 4.06(x) Reperforming Loans 203
Sec. 4.06(x) Reperforming Loan Balances 14,908,513.53
Sec. 4.06(xi) Principal Prepayments
Principal Prepayments Group 1 1,207,913.81
Principal Prepayments Group 2 3,415,933.65
Sec. 4.06(xii) Prepayment Penalties/Premiums 62,552.39
Sec. 4.06(xiii) Realized Losses
Current Realized Losses Incurred in Group 1 88,980.92
Current Realized Losses Incurred in Group 2 25,850.02
Cummulative Realized Losses Incurred in Group 1 297,628.44
Cummulative Realized Losses Incurred in Group 2 46,151.87
-8-
<page>
CREDIT-BASED LOAN ASSET-BACKED CERTIFICATES, SERIES 2002-CB1
STATEMENT TO CERTIFICATEHOLDERS
November 25, 2002
Sec. 4.06(xiv) Class M1 Unpaid Realized Loss Amount 0.00
Sec. 4.06(xiv) Class M1 Applied Realized Loss Amount 0.00
Sec. 4.06(xiv) Class M1 Applied Realized Loss Amortization Amount 0.00
Sec. 4.06(xiv) Class M2 Unpaid Realized Loss Amount 0.00
Sec. 4.06(xiv) Class M2 Applied Realized Loss Amount 0.00
Sec. 4.06(xiv) Class M2 Applied Realized Loss Amortization Amount 0.00
Sec. 4.02(xiv) Class B1 Unpaid Realized Loss Amount 0.00
Sec. 4.02(xiv) Class B1 Applied Realized Loss Amortization Amount 0.00
Sec. 4.02(xiv) Class B2 Applied Realized Loss Amortization Amount 0.00
Sec. 4.02(xiv) Class B2 Unpaid Realized Loss Amount 0.00
Sec. 4.06(xvii) Unpaid Interest
Class A1A Unpaid Interest Shortfall 0.00
Class A2A Unpaid Interest Shortfall 0.00
Class A2b Unpaid Interest Shortfall 0.00
Class M1 Unpaid Interest Shortfall 0.00
Class M2 Unpaid Interest Shortfall 0.00
Class B1 Unpaid Interest Shortfall 0.00
Class B2 Unpaid Interest Shortfall 0.00
Class N Unpaid Interest Shortfall 0.00
Current Period Relief Act Interest Shortfalls 196.18
Class A1A Interest Accrual Relief Act Reduction 22.44
Class A2A Interest Accrual Relief Act Reduction 51.45
Class A2B Interest Accrual Relief Act Reduction 10.52
Class AIO Interest Accrual Relief Act Reduction 72.75
Class M1 Interest Accrual Relief Act Reduction 10.62
Class M2 Interest Accrual Relief Act Reduction 10.24
Class B1 Interest Accrual Relief Act Reduction 6.71
Class B2 Interest Accrual Relief Act Reduction 11.46
Total Class Interest Accrual Relief Act Reduction 196.18
Sec. 4.06(xviii) Net Prepayment Interest Shortfalls 0.00
Sec. 4.06(xxi) Trustee Fee Paid 1,530.63
Sec. 4.06(xxii)Libor Carryover Amount - Class A-1A 0.00
Sec. 4.06(xxii)Unpaid Libor Carryover Amount - Class A-1A 0.00
Sec. 4.06(xxii)Libor Carryover Amount - Class A-2A 0.00
Sec. 4.06(xxii)Unpaid Libor Carryover Amount - Class A-2A 0.00
Sec. 4.06(xxii)Libor Carryover Amount - Class A-2B 0.00
Sec. 4.06(xxii)Unpaid Libor Carryover Amount - Class A-2B 0.00
Sec. 4.06(xxii)Libor Carryover Amount - Class M1 0.00
Sec. 4.06(xxii)Unpaid Libor Carryover Amount - Class M1 0.00
Sec. 4.06(xxii)Libor Carryover Amount - Class M2 0.00
Sec. 4.06(xxii)Unpaid Libor Carryover Amount - Class M2 0.00
Sec. 4.06(xxii)Libor Carryover Amount - Class B1 0.00
Sec. 4.06(xxii)Unpaid Libor Carryover Amount - Class B1 0.00
Sec. 4.06(xxii)Libor Carryover Amount - Class B2 0.00
Sec. 4.06(xxii)Unpaid Libor Carryover Amount - Class B2 0.00
Sec. 4.06(xiv) Has the Trigger Event Occurred yes
Sec. 4.06 Rolling 6 Month Prior Delinquency Percentage 14,8200%
Sec. 4.06 Cummulative Realized Losses as a Percentage of Original Collateral Balance 0.0000%
Sec. 4.06(xxv) Available Funds
Available Funds 6,159,052.80
Interest Remittance Amount 1,558,240.45
Principal Remittance Amount 4,600,812.35
Sec 4.06 Repurchased Principal 0.00
Sec 4.06 Class X Distributable Amount 0.00