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) : May 27, 2003
ASSET BACKED FUNDING CORPORATION, (as depositor under the Pooling and Servicing
Agreement, dated April 1, 2003 providing for the issuance of 2003-CB2 Trust,
C-BASS Mortgage Loan Asset-Backed Certificates, Series 2003-CB2).
ASSET BACKED FUNDING CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-90830-03 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 current report on Form 8-K relates to the monthly distribution
reported to the holders of 2003-CB2 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2003-CB2 pursuant to the terms of the Pooling and Servicing
Agreement, dated April 1, 2003 among Asset Backed Funding Corp., as depositor,
Litton Loan Servicing LP as servicer, and JPMorgan Chase Bank, as trustee.
On May 27, 2003 distributions were made to the Certificateholders. Specific
information with respect to the 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 May 27, 2003
as Exhibit 99.1.
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<page>
2003-CB2 Trust
C-BASS Mortgage Loan Asset-Backed Certificates, Series 2003-CB2
- -------------------------------------------------------------------------------
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,
Date: June 26, 2003 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
May 27, 2003
-4-
Exhibit 99.1
Statement to Certificateholders
May 27, 2003
-5-
<page>
<table>
CREDIT-BASED LOAN ASSET-BACKED CERTIFICATES, SERIES 2003-CB2
STATEMENT TO CERTIFICATEHOLDERS
May 27, 2003
<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
- ----------------------------------------------------------------------------------------------------------------------------------
AF1 60,300,000.00 60,300,000.00 2,442,833.25 64,445.63 2,507,278.88 0.00 0.00 57,857,166.75
AF2 31,600,000.00 31,600,000.00 0.00 82,528.67 82,528.67 0.00 0.00 31,600,000.00
AF3 22,771,000.00 22,771,000.00 0.00 98,693.31 98,693.31 0.00 0.00 22,771,000.00
AV1 66,700,000.00 66,700,000.00 2,240,819.57 73,286.63 2,314,106.20 0.00 0.00 64,459,180.43
AV2 14,069,000.00 14,069,000.00 0.00 20,206.60 20,206.60 0.00 0.00 14,069,000.00
M1 15,205,000.00 15,205,000.00 0.00 64,013.05 64,013.05 0.00 0.00 15,205,000.00
M2 12,286,000.00 12,286,000.00 0.00 56,771.56 56,771.56 0.00 0.00 12,286,000.00
B1 8,393,000.00 8,393,000.00 0.00 31,253.43 31,253.43 0.00 0.00 8,393,000.00
B2 4,258,000.00 4,258,000.00 0.00 18,570.20 18,570.20 0.00 0.00 4,258,000.00
N 12,900,000.00 12,900,000.00 1,005,288.06 94,922.50 1,100,210.56 0.00 0.00 11,894,711.94
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 248,482,000.00 248,482,000.00 5,688,940.88 604,691.58 6,293,632.46 0.00 0.00 242,793,059.12
AIO 92,000,000.00 92,000,000.00 0.00 268,333.33 268,333.33 0.00 0.00 87,000,000.00
X 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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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
- ------------------------------------------------------------------------------------------- ------------------------------------
AF1 04542BCQ3 1,000.00000000 40.51133085 1.06875008 41.58008093 959.48866915 AF1 1.425000 %
AF2 04542BCR1 1,000.00000000 0.00000000 2.61166677 2.61166677 1,000.00000000 AF2 3.134000 %
AF3 04542BCS9 1,000.00000000 0.00000000 4.33416670 4.33416670 1,000.00000000 AF3 5.201000 %
AV1 04542BCT7 1,000.00000000 33.59549580 1.09875007 34.69424588 966.40450420 AV1 1.465000 %
AV2 04542BCU4 1,000.00000000 0.00000000 1.43624991 1.43624991 1,000.00000000 AV2 1.915000 %
M1 04542BCW0 1,000.00000000 0.00000000 4.21000000 4.21000000 1,000.00000000 M1 5.052000 %
M2 04542BCX8 1,000.00000000 0.00000000 4.62083347 4.62083347 1,000.00000000 M2 5.545000 %
B1 04542BCY6 1,000.00000000 0.00000000 3.72374955 3.72374955 1,000.00000000 B1 4.965000 %
B2 04542BCZ3 1,000.00000000 0.00000000 4.36124941 4.36124941 1,000.00000000 B2 5.815000 %
N N/A 1,000.00000000 77.92930698 7.35833333 85.28764031 922.07069302 N 8.830000 %
TOTALS 1,000.00000000 22.89478063 2.43354279 25.32832342 977.10521937
AIO 04542BCV2 1,000.00000000 0.00000000 2.91666663 2.91666663 945.65217391 AIO 3.500000 %
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If there are any questions or problems with this statement, please contact the Administrator listed below:
---------------------------------------
Irina I Mordukhayev
JPMorgan Chase Bank - Structured Finance Services
4 New York Plaza, 6th Floor,
New York, New York 10004
Tel: (212) 623-4469
Fax: (212) 623-5930
Email: irina.i.mordukhayev@chase.com
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<page>
Sec. 4.06(iii) O/C Amount 7,286,104.04
Sec. 4.06(iii) Targeted O/C Amount 7,286,043.12
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 1,019,390.29
Sec. 4.06(iii) Monthly Excess Cash Flow Amount 1,019,390.29
Sec. 4.06(iii) Extra Principal Distribution Amount 0.00
Sec. 4.06(iv) Servicing Compensation 0.00
Sec. 4.06(v) Current Advances 294,421.81
Sec. 4.06(vi) Ending Collateral Balance Group 1 140,449,391.48
Sec. 4.06(vi) Ending Collateral Balance Group 2 97,735,059.74
Sec. 4.06(vi) Total Ending Collateral Balance 238,184,451.22
Sec. 4.06(vii) Total Beginning Number of Loans 2,177.00
Sec. 4.06(vii) Total Group 1 Beginning Number of Loans 1,494.00
Sec. 4.06(vii) Total Group 2 Beginning Number of Loans 683.00
Sec. 4.06(vii) Total Ending Number of Loans 2,139.00
Sec. 4.06(vii) Total Group 1 Ending Number of Loans 1,471.00
Sec. 4.06(vii) Total Group 2 Ending Number of Loans 668.00
Sec. 4.06(vii) Weighted Average Net Mortgage Rate for All Loans 8.89 %
Sec. 4.06(vii) Group 1 Weighted Average Net Mortgage Rate 9.40 %
Sec. 4.06(vii) Group 2 Weighted Average Net Mortgage Rate 8.14 %
Sec. 4.06(vii)Group 1 Weighted Average Term to Maturity 317.00
Sec. 4.06(vii)Group 2 Weighted Average Term to Maturity 347.00
Sec. 4.06(viii)Loans Delinquent
Group 1
Principal
Category Number Balance Percentage
1 Month 86 6,400,764.48 4.56 %
2 Month 18 1,485,071.12 1.06 %
3 Month 0 0.00 0.00 %
Total 104 7,885,835.60 5.62 %
Group 2
Principal
Category Number Balance Percentage
1 Month 24 3,256,594.87 3.33 %
2 Month 7 778,480.83 0.80 %
3 Month 0 0.00 0.00 %
Total 31 4,035,075.70 4.13 %
Group Totals
Principal
Category Number Balance Percentage
1 Month 110 9,657,359.35 4.05 %
2 Month 25 2,263,551.95 0.95 %
3 Month 0 0.00 0.00 %
Total 135 11,920,911.30 5.00 %
Please Note: Delinquency Numbers Include Bankruptcies and Foreclosures
Sec. 4.06(viii)Loans in Foreclosures
Loans in Foreclosure
Group 1
Principal
Number Balance Percentage
1 449,412.08 0.32 %
Group 2
Principal
Number Balance Percentage
0 0.00 0.00 %
Group Totals
Principal
Number Balance Percentage
1 449,412.08 0.19 %
Sec. 4.06(viii)Loans in Bankruptcy
Loans in Bankruptcy
Group 1
Principal
Number Balance Percentage
7 268,947.90 0.19 %
Group 2
Principal
Number Balance Percentage
3 185,255.48 0.19 %
Group Totals
Principal
Number Balance Percentage
10 454,203.38 0.19 %
Sec. 4.06(ix)Loans in REO
Group 1
Principal
Number Balance Percentage
0 0.00 0.00 %
Group 2
Principal
Number Balance Percentage
0 0.00 0.00 %
Group Totals
Principal
Number Balance Percentage
0 0.00 0.00 %
Sec. 4.06(xi) Principal Prepayments
Principal Prepayments Group 1 2,305,811.49
Principal Prepayments Group 2 2,174,003.96
Sec. 4.06(xii) Prepayment Penalties/Premiums 80,820.27
Sec. 4.06(xiii) Realized Losses
Current Realized Losses Incurred in Group 1 0.00
Current Realized Losses Incurred in Group 2 0.00
Cummulative Realized Losses Incurred in Group 1 0.00
Cummulative Realized Losses Incurred in Group 2 0.00
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 M2 Unpaid Realized Loss Amount 0.00
Sec. 4.06(xiv) Class M2 Applied Realized Loss Amount 0.00
Sec. 4.06(xiv) Class B1 Unpaid Realized Loss Amount 0.00
Sec. 4.06(xiv) Class B1 Applied Realized Loss Amount 0.00
Sec. 4.06(xiv) Class B2 Unpaid Realized Loss Amount 0.00
Sec. 4.06(xiv) Class B2 Applied Realized Loss Amount 0.00
Sec. 4.06(xvii) Unpaid Interest
Class AF1 Unpaid Interest Shortfall 0.00
Class AF2 Unpaid Interest Shortfall 0.00
Class AF3 Unpaid Interest Shortfall 0.00
Class AV1 Unpaid Interest Shortfall 0.00
Class AV2 Unpaid Interest Shortfall 0.00
Class AIO 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 0.00
Class AF1 Interest Accrual Relief Act Reduction 0.00
Class AF2 Interest Accrual Relief Act Reduction 0.00
Class AF3 Interest Accrual Relief Act Reduction 0.00
Class AV1 Interest Accrual Relief Act Reduction 0.00
Class AV2 Interest Accrual Relief Act Reduction 0.00
Class AIO Interest Accrual Relief Act Reduction 0.00
Class M1 Interest Accrual Relief Act Reduction 0.00
Class M2 Interest Accrual Relief Act Reduction 0.00
Class B1 Interest Accrual Relief Act Reduction 0.00
Class B2 Interest Accrual Relief Act Reduction 0.00
Total Class Interest Accrual Relief Act Reduction 0.00
Sec. 4.06(xviii) Net Prepayment Interest Shortfalls 0.00
Class AF1 Prepayment Interest Shortfall Reduction 0.00
Class AF2 Prepayment Interest Shortfall Reduction 0.00
Class AF3 Prepayment Interest Shortfall Reduction 0.00
Class AV1 Prepayment Interest Shortfall Reduction 0.00
Class AV2 Prepayment Interest Shortfall Reduction 0.00
Class AIO Prepayment Interest Shortfall Reduction 0.00
Class M1 Prepayment Interest Shortfall Reduction 0.00
Class M2 Prepayment Interest Shortfall Reduction 0.00
Class B1 Prepayment Interest Shortfall Reduction 0.00
Class B2 Prepayment Interest Shortfall Reduction 0.00
Sec. 4.06(xxi) Trustee Fee Paid 2,529.88
Copyright 2001 J.P. Morgan Chase & Co. All rights reserved