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) : December 26, 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 December 26, 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 December 26, 2002
as Exhibit 99.1.
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<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: December 27, 2002 By: /s/ Diane E. Wallace
------------------------------------
Diane E. Wallace
Assistant Vice President
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<page>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits
99.1 Statement to Certificateholders
December 26, 2002
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Exhibit 99.1
Statement to Certificateholders
December 26, 2002
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<page>
<table>
CREDIT-BASED LOAN ASSET-BACKED CERTIFICATES, SERIES 2002-CB1
STATEMENT TO CERTIFICATEHOLDERS
December 26, 2002
<s> <c> <c>
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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 40,426,754.80 1,378,665.01 59,723.71 1,438,388.72 0.00 0.00 39,048,089.79
A2A 117,592,000.00 93,752,953.74 3,433,115.76 136,129.81 3,569,245.57 0.00 0.00 90,319,837.98
A2B 20,751,000.00 18,102,217.08 381,457.31 28,729.59 410,186.90 0.00 0.00 17,720,759.77
M1 15,891,000.00 15,891,000.00 0.00 30,586.23 30,586.23 0.00 0.00 15,891,000.00
M2 12,950,000.00 12,950,000.00 0.00 30,391.66 30,391.66 0.00 0.00 12,950,000.00
B1 7,063,000.00 7,063,000.00 0.00 20,451.40 20,451.40 0.00 0.00 7,063,000.00
B2 8,240,000.00 8,240,000.00 0.00 36,380.50 36,380.50 0.00 0.00 8,240,000.00
N 12,900,000.00 6,270,380.42 739,698.18 49,901.78 789,599.96 0.00 0.00 5,530,682.24
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 245,387,000.00 202,696,306.04 5,932,936.26 392,294.68 6,325,230.94 0.00 0.00 196,763,369.78
AIO 73,130,000.00 73,130,000.00 0.00 250,925.18 250,925.18 0.00 0.00 73,130,000.00
X 235,429,185.40 199,368,790.43 0.00 0.00 0.00 0.00 0.00 194,175,552.36
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FACTOR INFORMATION PER $1,000 OF ORIGINAL FACE PASS-THROUGH RATES
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CURRENT
BEGINNING ENDING PASS-THRU
CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL CLASS RATE
- -------------------------------------------------------------------------------------------------- ----------------------------
A1A 12489WEG5 808.53509600 27.57330020 1.19447420 28.76777440 780.96179580 A1A 1.750000 %
A2A 12489WEN0 797.27323066 29.19514729 1.15764516 30.35279245 768.07808337 A2A 1.720000 %
A2B 12489WEP5 872.35396270 18.38259891 1.38449183 19.76709074 853.97136379 A2B 1.880000 %
M1 12489WEJ9 1,000.00000000 0.00000000 1.92475175 1.92475175 1,000.00000000 M1 2.280000 %
M2 12489WEK6 1,000.00000000 0.00000000 2.34684633 2.34684633 1,000.00000000 M2 2.780000 %
B1 12489WEL4 1,000.00000000 0.00000000 2.89556846 2.89556846 1,000.00000000 B1 3.430000 %
B2 12489WEM2 1,000.00000000 0.00000000 4.41510922 4.41510922 1,000.00000000 B2 5.230000 %
N N/A 486.07600155 57.34094419 3.86835504 61.20929922 428.73505736 N 9.550000 %
TOTALS 826.02707576 24.17787519 1.59867752 25.77655271 801.84920057
AIO 12489WEH3 1,000.00000000 0.00000000 3.43122084 3.43122084 1,000.00000000 AIO 4.200000 %
X N/A 846.83124606 0.00000000 0.00000000 0.00000000 824.77264673 X 0.000000 %
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If there are any questions or problems with this statement, please contact the Administrator listed below:
---------------------------------------
Belen Bautista
JPMorgan Chase Bank - Structured Finance Services
4 New York Plaza, 6th Floor,
New York, New York 10004
Tel: (212) 623-4497
Fax: (212) 623-5930
---------------------------------------
Copyright 2001 J.P. Morgan Chase & Co. All rights reserved.
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<page>
CREDIT-BASED LOAN ASSET-BACKED CERTIFICATES, SERIES 2002-CB1
STATEMENT TO CERTIFICATEHOLDER
December 26, 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 945,318.78
Sec. 4.06(iii) Monthly Excess Cash Flow Amount 945,318.78
Sec. 4.06(iii) Extra Principal Distribution Amount 146,027.85
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 69,207,879.20
Sec. 4.06(vi) Ending Collateral Balance Group 2 Total 124,967,673.16
Sec. 4.06(vii) Total Beginning Number of Loans 2,196.00
Sec. 4.06(vii) Total Group 1 Beginning Number of Loans 980.00
Sec. 4.06(vii) Total Group 2 Beginning Number of Loans 1,216.00
Sec. 4.06(vii) Total Ending Number of Loans 2,150.00
Sec. 4.06(vii) Total Group 1 Ending Number of Loans 959.00
Sec. 4.06(vii) Total Group 2 Ending Number of Loans 1,191.00
Sec. 4.06(vii) Weighted Average Mortgage Rate for All Loans 9.84%
Sec. 4.06(vii) Group 1 Weighted Average Mortgage Rate 10.05%
Sec. 4.06(vii) Group 2 Weighted Average Mortgage Rate 9.73%
Sec. 4.06(vii)Group 1 Weighted Average Term to Maturity 263.00
Sec. 4.06(vii)Group 2 Weighted Average Term to Maturity 327.00
Sec. 4.06(viii)Loans Delinquent
Group 1
Principal
Category Number Balance Percentage
1 Month 87 5,950,120.48 8.60 %
2 Month 44 2,885,753.95 4.17 %
3 Month 301 19,286,504.61 27.87 %
Total 432 28,122,379.04 40.64 %
Group 2
Principal
Category Number Balance Percentage
1 Month 120 12,484,378.29 9.99 %
2 Month 35 3,106,090.12 2.49 %
3 Month 208 21,203,574.56 16.97 %
Total 363 36,794,042.97 29.45 %
Group Totals
Principal
Category Number Balance Percentage
1 Month 207 18,434,498.77 9.49 %
2 Month 79 5,991,844.07 3.09 %
3 Month 509 40,490,079.17 20.85 %
Total 795 64,916,422.01 33.43 %
Please Note: Delinquency Numbers Include Bankruptcies and Foreclosures
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CREDIT-BASED LOAN ASSET-BACKED CERTIFICATES, SERIES 2002-CB1
STATEMENT TO CERTIFICATEHOLDER
December 26, 2002
Sec. 4.06(viii)Loans in Foreclosure
Group 1
Principal
Number Balance Percentage
69 5,446,627.82 7.87 %
Group 2
Principal
Number Balance Percentage
81 8,893,726.19 7.12 %
Group Totals
Principal
Number Balance Percentage
150 14,340,354.01 7.39 %
Sec. 4.06(viii)Loans in Bankruptcy
Group 1
Principal
Number Balance Percentage
192 11,811,898.73 17.07 %
Group 2
Principal
Number Balance Percentage
96 9,132,976.75 7.31 %
Group Totals
Principal
Number Balance Percentage
288 20,944,875.48 10.79 %
Sec. 4.06(ix)Loans in REO
Group 1
Principal
Number Balance Percentage
13 637,322.39 0.92 %
Group 2
Principal
Number Balance Percentage
15 1,723,113.82 1.38 %
Group Totals
Principal
Number Balance Percentage
28 2,360,436.21 1.22 %
Sec. 4.06(x) Reperforming Loans 207
Sec. 4.06(x) Reperforming Loan Balances 14,607,162.88
Sec. 4.06(xi) Principal Prepayments
Principal Prepayments Group 1 2,100,629.57
Principal Prepayments Group 2 3,003,829.76
Sec. 4.06(xii) Prepayment Penalties/Premiums 70,859.03
Sec. 4.06(xiii) Realized Losses
Current Realized Losses Incurred in Group 1 92,694.13
Current Realized Losses Incurred in Group 2 53,333.71
Cummulative Realized Losses Incurred in Group 1 390,322.57
Cummulative Realized Losses Incurred in Group 2 99,485.58
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<page>
CREDIT-BASED LOAN ASSET-BACKED CERTIFICATES, SERIES 2002-CB1
STATEMENT TO CERTIFICATEHOLDERS
December 26, 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 11,893.12
Class A1A Interest Accrual Relief Act Reduction 1,197.17
Class A2A Interest Accrual Relief Act Reduction 2,728.74
Class A2B Interest Accrual Relief Act Reduction 575.89
Class AIO Interest Accrual Relief Act Reduction 5,029.82
Class M1 Interest Accrual Relief Act Reduction 613.10
Class M2 Interest Accrual Relief Act Reduction 609.20
Class B1 Interest Accrual Relief Act Reduction 409.95
Class B2 Interest Accrual Relief Act Reduction 729.25
Total Class Interest Accrual Relief Act Reduction 11,893.12
Sec. 4.06(xviii) Net Prepayment Interest Shortfalls 0.00
Sec. 4.06(xxi) Trustee Fee Paid 1,495.27
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 15.9394%
Sec. 4.06 Cummulative Realized Losses as a Percentage of Original Collateral Balance 0.0000%
Sec. 4.06(xxv) Available Funds
Available Funds 6,587,342.35
Interest Remittance Amount 1,540,132.12
Principal Remittance Amount 5,047,210.23
Sec 4.06 Repurchased Principal 0.00
Sec 4.06 Class X Distributable Amount 0.00