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 November 1, 1999 providing for the issuance of
Asset Backed Funding Trust 1999-1, Asset Backed Funding Certificates, Series
1999-1).
ASSET BACKED FUNDING CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-32857-02 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 : (704) 386-2400
N/A
(Former name or former address, if changed since last report.)
<page>
Item 5. Other Events.
This report and the attached exhibits are 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 Asset Backed Funding Trust 1999-1, Asset Backed Funding
Certificates, Series 1999-1, (the "Certificates"). The Certificates were issued,
and this report and exhibits are being filed, pursuant to the terms of the
Pooling and Servicing Agreement, dated as of November 1, 1999 (the "Agreement"),
among Asset Backed Funding Corporation, as Depositor, Credit-Based Asset
Servicing and Securitization LLC, as Seller, Litton Loan Servicing LP, as
Servicer, and The Chase Manhattan Bank, as Trustee. 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.
-2-
<page>
ASSET BACKED FUNDING CORPORATION
Asset Backed Funding Certificates, Series 1999-1
- ------------------------------------------------
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 Trustee under the Agreement
referred to herein
Date: December 27, 2002 By: /s/ Diane Wallace
---------------------------------------
Diane Wallace
Assistant Vice President
-3-
<page>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits
99.1 Statement to Certificateholders December 26, 2002
-4-
Exhibit 99.1
Statement to Certificateholders
December 26, 2002
-5-
<page>
ASSET BACKED FUNDING TRUST 1999-1
STATEMENT TO CERTIFICATEHOLDERS
December 26, 2002
<table>
<s> <c> <c>
DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING ENDING
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
- ----------------------------------------------------------------------------------------------------------------------------------
A1A 51,506,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A1F 47,042,000.00 31,889,498.65 2,112,320.81 201,169.59 2,313,490.40 0.00 0.00 29,777,177.84
A2F 5,939,000.00 528,328.99 3,341.88 3,364.13 6,706.01 0.00 0.00 524,987.11
M1 9,143,000.00 9,143,000.00 0.00 63,924.81 63,924.81 0.00 0.00 9,143,000.00
M2 6,531,000.00 6,531,000.00 0.00 47,077.63 47,077.63 0.00 0.00 6,531,000.00
B 5,551,000.00 5,551,000.00 0.00 40,013.46 40,013.46 0.00 0.00 5,551,000.00
BB 6,975,000.00 4,658,082.59 0.00 16,935.74 16,935.74 0.00 0.00 4,658,082.59
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 132,687,000.00 58,300,910.23 2,115,662.69 372,485.36 2,488,148.05 0.00 0.00 56,185,247.54
X 130,609,778.33 57,640,014.07 0.00 0.00 0.00 0.00 0.00 55,710,009.97
- ---------------------------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1,000 OF ORIGINAL FACE PASS-THROUGH RATES
- ---------------------------------------------------------------------------------------------- ----------------------------
PRIOR CURRENT CURRENT
PRINCIPAL PRINCIPAL PASS-THRU
CLASS CUSIP FACTOR PRINCIPAL INTEREST TOTAL FACTOR CLASS RATE
- ---------------------------------------------------------------------------------------------- ---------------------------
A1A 04541NAA5 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A1A 1.580000 %
A1F 04541NAB3 677.89419349 44.90286999 4.27638259 49.17925258 632.99132350 A1F 7.570000 %
A2F 04541NAC1 88.95925072 0.56270079 0.56644721 1.12914800 88.39654992 A2F 7.641000 %
M1 04541NAD9 1,000.00000000 0.00000000 6.99166685 6.99166685 1,000.00000000 M1 8.390000 %
M2 04541NAE7 1,000.00000000 0.00000000 7.20833410 7.20833410 1,000.00000000 M2 8.650000 %
B 04541NAF4 1,000.00000000 0.00000000 7.20833363 7.20833363 1,000.00000000 B 8.650000 %
BB xBCC03C2Y4 667.82546093 0.00000000 2.42806308 2.42806308 667.82546093 BB 7.000000 %
TOTALS 439.38675402 15.94476241 2.80724834 18.75201075 423.44199160
X xBCC03C2Z1 441.31469180 0.00000000 0.00000000 0.00000000 426.53781885 X 0.000000 %
- ----------------------------------------------------------------------------------------------- ----------------------------
IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:
---------------------------------------------------
Gouri S 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
---------------------------------------------------
<page>
Sec. 4.06(iii) O/C Amount 4,182,845.03
Targeted O/C Amount 4,897,866.69
O/C Deficiency Amount 778,805.44
O/C Release Amount 0.00
Monthly Excess CashFlow Amount 0.00
Monthly Excess Interest Amount 63,783.78
Extra Principal Distribution Amount 63,783.78
Sec. 4.06(iv) Servicing Fee 22,945.46
PMI Fee 10,126.01
Sec. 4.06(v) Current Advances 0.00
Sec. 4.06(vi) Collateral Balance Group 1 53,567,634.15
Collateral Balance Group 2 2,142,375.83
Sec. 4.06(vii) Group 1 Ending Number of Loans 977
Group 2 Ending Number of Loans 12
Group 1 Weighted Average Term to Maturity 234
Group 2 Weighted Average Term to Maturity 275
Group 1 Weighted Average Mortgage Rate 9.93 %
Group 2 Weighted Average Mortgage Rate 9.37 %
Sec. 4.06(viii)Loans Delinquent
Group 1
Principal
Category Number Balance Percentage
1 Month 89 5,165,703.75 9.64 %
2 Month 25 1,458,219.39 2.72 %
3 Month 115 7,302,490.84 13.63 %
Total 229 13,926,413.98 25.99 %
Group 2
Principal
Category Number Balance Percentage
1 Month 0 0.00 0.00 %
2 Month 1 22,301.79 1.04 %
3 Month 1 124,089.63 5.79 %
Total 2 146,391.42 6.83 %
Group Totals
Principal
Category Number Balance Percentage
1 Month 89 5,165,703.75 9.27 %
2 Month 26 1,480,521.18 2.66 %
3 Month 116 7,426,580.47 13.33 %
Total 231 14,072,805.40 25.26 %
Please Note : Delinquency Numbers include Foreclosure and Bankruptcies
Sec. 4.06(viii)Loans in Foreclosures
Loans in Foreclosure
Group 1
Principal
Number Balance Percentage
31 2,049,920.41 3.83 %
Group 2
Principal
Number Balance Percentage
0 0.00 0.00 %
Group Totals
Principal
Number Balance Percentage
31 2,049,920.41 3.68 %
Sec. 4.06(viii)Loans in Bankruptcy
Loans in Bankruptcy
Group 1
Principal
Number Balance Percentage
64 4,191,001.58 7.82 %
Group 2
Principal
Number Balance Percentage
0 0.00 %
Group Totals
Principal
Number Balance Percentage
64 4,191,001.58 7.52 %
Sec. 4.06(ix)Loans in REO
Group 1
Principal
Number Balance Percentage
29 1,613,548.32 3.01 %
Group 2
Principal
Number Balance Percentage
0 0.00 0.00 %
Group Totals
Principal
Number Balance Percentage
29 1,613,548.32 2.90 %
Sec. 4.06(x) Book Value of REO Loans 1,613,548.32
Sec. 4.06(xi) Principal Prepayments Group 1 1,813,795.49
Principal Prepayments Group 2 0.00
Sec. 4.02(xii) Prepayment Penalties 16,935.74
Sec. 4.06(xiii) Realized Losses Incurred in Group 1 -121,874.81
Realized Losses Incurred in Group 2 0.00
Cumulative Realized Losses Incurred in Group 1 3,386,933.44
Cumulative Realized Losses Incurred in Group 2 71,465.33
Sec. 4.06(xiv) Class A-1A Unpaid Realized Loss Amount 0.00
Class A-1A Applied Realized Loss Amount 0.00
Class A-1A Applied Realized Loss Amortization Amount 0.00
Class A-1F Unpaid Realized Loss Amount 0.00
Class A-1F Applied Realized Loss Amount 0.00
Class A-1F Applied Realized Loss Amortization Amount 0.00
Class A-2F Unpaid Realized Loss Amount 0.00
Class A-2F Applied Realized Loss Amount 0.00
Class A-2F Applied Realized Loss Amortization Amount 0.00
Class M1 Unpaid Realized Loss Amount 0.00
Class M1 Applied Realized Loss Amount 0.00
Class M1 Applied Realized Loss Amortization Amount 0.00
Class M2 Unpaid Realized Loss Amount 0.00
Class M2 Applied Realized Loss Amount 0.00
Class M2 Applied Realized Loss Amortization Amount 0.00
Class B Unpaid Realized Loss Amount 0.00
Class B Applied Realized Loss Amount 0.00
Class B Applied Realized Loss Amortization Amount 0.00
Sec. 4.06(xv) Class A1-A Interest Carry Forward Amount 0.00
Class A1-F Interest Carry Forward Amount 0.00
Class A2-F Interest Carry Forward Amount 0.00
Class M1 Interest Carry Forward Amount 0.00
Class M2 Interest Carry Forward Amount 0.00
Class B Interest Carry Forward Amount 0.00
Class BB Interest Shortfall 10,236.41
Sec. 4.06(xvi) Prepayment Interest Shortfalls not covered by the Servicer 0.00
Relief Act Shortfall 0.00
Sec. 4.06(xix) Trustee Fee 840.58
Sec. 4.06 Special Service Fee Due From Prior Period 350,700.00
Sec. 4.06 Current Special Service Fee Due 21,750.00
Sec. 4.06 Total Special Service Fee Due 372,450.00
Sec. 4.06 Total Special Service Fee Paid This Period 0.00
Sec. 4.06 Total Special Service Outstanding at the End of the Period 372,450.00
Sec. 4.06(xx) Libor Carryover Class A1-A 0.00
Sec. 4.06(xxi) Ending Overcollateralization Deficiency Amount 715,021.65
Ending Class BB Reserve Fund Balance 0.00
Class BB Reserve Fund Withdrawl 0.00
Class X Distributable Amount 0.00
Sec. 4.06(xxii) Current Delinquency Percentage 18.8847 %
Sec. 4.06(xxii) Six Month Rolling Delinquency Percentage 17.6869 %
Sec. 4.06(xxii) Cummulative Realized Loss Percentage 2.6479 %
Sec. 4.06(xxii) Cummulative Loss Threshold Percentage 2.5000 %
Sec. 4.06(xxii) Has the Trigger Event Occured YES
Sec. 4.06(xxiii) Available Distribution Amount 2,472,052.89
Interest Remittance Amount 420,173.98
Principal Remittance Amount 2,051,878.91
Sec. 4.06(xxvi) Substitution Principal Amount 0.00
Sec. 4.08(xxvi) Substitution Principal Amount 0.00
Sec. 4.06(xxvii) Repurchased Principal Amount 0.00
Sec. 4.08(xxvii) Repurchased Principal Amount 0.00
Liquidation Proceeds 0.00