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, 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 August 25, 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 August 25, 2003
as Exhibit 99.1.
-2-
<page>
2003-CB2 Trust
C-BASS Mortgage Loan Asset-Backed Certificates, Series 2003-CB2
- -------------------------------------------------------------------------------
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.
JPMorgan Chase Bank,
Date: August 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
August 25, 2003
-4-
Exhibit 99.1
Statement to Certificateholders
August 25, 2003
-5-
<page>
<table>
CREDIT-BASED LOAN ASSET-BACKED CERTIFICATES, SERIES 2003-CB2
STATEMENT TO CERTIFICATEHOLDERS
August 25, 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 49,002,552.21 3,730,125.35 50,952.78 3,781,078.13 0.00 0.00 45,272,426.86
AF2 31,600,000.00 31,600,000.00 0.00 82,358.69 82,358.69 0.00 0.00 31,600,000.00
AF3 22,771,000.00 22,771,000.00 0.00 98,490.04 98,490.04 0.00 0.00 22,771,000.00
AV1 66,700,000.00 60,475,946.85 2,483,787.85 64,961.57 2,548,749.42 0.00 0.00 57,992,159.00
AV2 14,069,000.00 14,069,000.00 0.00 20,553.04 20,553.04 0.00 0.00 14,069,000.00
M1 15,205,000.00 15,205,000.00 0.00 63,881.21 63,881.21 0.00 0.00 15,205,000.00
M2 12,286,000.00 12,286,000.00 0.00 56,654.63 56,654.63 0.00 0.00 12,286,000.00
B1 8,393,000.00 8,393,000.00 0.00 34,259.00 34,259.00 0.00 0.00 8,393,000.00
B2 4,258,000.00 4,258,000.00 0.00 20,490.73 20,490.73 0.00 0.00 4,258,000.00
N 12,900,000.00 9,894,423.82 952,729.30 72,806.47 1,025,535.77 0.00 0.00 8,941,694.52
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 248,482,000.00 227,954,922.88 7,166,642.50 565,408.16 7,732,050.66 0.00 0.00 220,788,280.38
AIO 92,000,000.00 79,000,000.00 0.00 229,942.11 229,942.11 0.00 0.00 75,000,000.00
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 812.64597363 61.85945854 0.84498806 62.70444660 750.78651509 AF1 1.210000 %
AF2 04542BCR1 1,000.00000000 0.00000000 2.60628766 2.60628766 1,000.00000000 AF2 3.134000 %
AF3 04542BCS9 1,000.00000000 0.00000000 4.32524000 4.32524000 1,000.00000000 AF3 5.201000 %
AV1 04542BCT7 906.68585982 37.23819865 0.97393658 38.21213523 869.44766117 AV1 1.250000 %
AV2 04542BCU4 1,000.00000000 0.00000000 1.46087426 1.46087426 1,000.00000000 AV2 1.700000 %
M1 04542BCW0 1,000.00000000 0.00000000 4.20132917 4.20132917 1,000.00000000 M1 5.052000 %
M2 04542BCX8 1,000.00000000 0.00000000 4.61131613 4.61131613 1,000.00000000 M2 5.545000 %
B1 04542BCY6 1,000.00000000 0.00000000 4.08185393 4.08185393 1,000.00000000 B1 4.750000 %
B2 04542BCZ3 1,000.00000000 0.00000000 4.81228981 4.81228981 1,000.00000000 B2 5.600000 %
N N/A 767.00959845 73.85498450 5.64391240 79.49889690 693.15461395 N 8.830000 %
TOTALS 917.39008411 28.84169678 2.27544917 31.11714595 888.54838733
AIO 04542BCV2 858.69565217 0.00000000 2.49937076 2.49937076 815.21739130 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
---------------------------------------
<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 931,972.49
Sec. 4.06(iii) Monthly Excess Cash Flow Amount 931,972.49
Sec. 4.06(iii) Extra Principal Distribution Amount 0.00
Sec. 4.06(iv) Servicing Compensation 0.00
Sec. 4.06(v) Current Advances 578,983.91
Sec. 4.06(vi) Ending Collateral Balance Group 1 127,864,651.59
Sec. 4.06(vi) Ending Collateral Balance Group 2 91,268,038.31
Sec. 4.06(vi) Total Ending Collateral Balance 219,132,689.90
Sec. 4.06(vii) Total Beginning Number of Loans 2,045.00
Sec. 4.06(vii) Total Group 1 Beginning Number of Loans 1,399.00
Sec. 4.06(vii) Total Group 2 Beginning Number of Loans 646.00
Sec. 4.06(vii) Total Ending Number of Loans 1,995.00
Sec. 4.06(vii) Total Group 1 Ending Number of Loans 1,365.00
Sec. 4.06(vii) Total Group 2 Ending Number of Loans 630.00
Sec. 4.06(vii) Weighted Average Net Mortgage Rate for All Loans 8.82 %
Sec. 4.06(vii) Group 1 Weighted Average Net Mortgage Rate 8.97 %
Sec. 4.06(vii) Group 2 Weighted Average Net Mortgage Rate 8.59 %
Sec. 4.06(vii)Group 1 Weighted Average Term to Maturity 313.00
Sec. 4.06(vii)Group 2 Weighted Average Term to Maturity 344.00
Sec. 4.06(viii)Loans Delinquent
Group 1
Principal
Category Number Balance Percentage
1 Month 107 8,500,250.95 6.65 %
2 Month 28 1,978,334.43 1.55 %
3 Month 39 3,330,542.83 2.60 %
Total 174 13,809,128.21 10.80 %
Group 2
Principal
Category Number Balance Percentage
1 Month 41 7,228,062.09 7.92 %
2 Month 8 1,486,299.02 1.63 %
3 Month 11 1,254,414.50 1.37 %
Total 60 9,968,775.61 10.92 %
Group Totals
Principal
Category Number Balance Percentage
1 Month 148 15,728,313.04 7.18 %
2 Month 36 3,464,633.45 1.58 %
3 Month 50 4,584,957.33 2.09 %
Total 234 23,777,903.82 10.85 %
Please Note: Delinquency Numbers Include Bankruptcies and Foreclosures
Sec. 4.06(viii)Loans in Foreclosures
Loans in Foreclosure
Group 1
Principal
Number Balance Percentage
20 2,210,259.42 1.73 %
Group 2
Principal
Number Balance Percentage
5 523,751.53 0.57 %
Group Totals
Principal
Number Balance Percentage
25 2,734,010.95 1.25 %
Sec. 4.06(viii)Loans in Bankruptcy
Loans in Bankruptcy
Group 1
Principal
Number Balance Percentage
12 748,365.84 0.59 %
Group 2
Principal
Number Balance Percentage
4 631,709.74 0.69 %
Group Totals
Principal
Number Balance Percentage
16 1,380,075.58 0.63 %
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 3,596,872.43
Principal Prepayments Group 2 2,419,195.08
Sec. 4.06(xii) Prepayment Penalties/Premiums 93,563.28
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 1,491.20
Class AF1 Interest Accrual Relief Act Reduction 105.16
Class AF2 Interest Accrual Relief Act Reduction 169.97
Class AF3 Interest Accrual Relief Act Reduction 203.27
Class AV1 Interest Accrual Relief Act Reduction 134.07
Class AV2 Interest Accrual Relief Act Reduction 42.42
Class AIO Interest Accrual Relief Act Reduction 474.56
Class M1 Interest Accrual Relief Act Reduction 131.84
Class M2 Interest Accrual Relief Act Reduction 116.92
Class B1 Interest Accrual Relief Act Reduction 70.70
Class B2 Interest Accrual Relief Act Reduction 42.29
Total Class Interest Accrual Relief Act Reduction 1,491.20
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 2,347.36
Sec. 4.06(xxii)Net Rate Carryover Amount - Class AF1 0.00
Sec. 4.06(xxii)Unpaid Net Rate Carryover Amount - Class AF1 0.00
Sec. 4.06(xxii)Net Rate Carryover Amount - Class AV1 0.00
Sec. 4.06(xxii)Unpaid Net Rate Carryover Amount - Class AV1 0.00
Sec. 4.06(xxii)Net Rate Carryover Amount - Class AV2 0.00
Sec. 4.06(xxii)Unpaid Net Rate Carryover Amount - Class AV2 0.00
Sec. 4.06(xxii)Net Rate Carryover Amount - Class B1 0.00
Sec. 4.06(xxii)Unpaid Net Rate Carryover Amount - Class B1 0.00
Sec. 4.06(xxii)Net Rate Carryover Amount - Class B2 0.00
Sec. 4.06(xxii)Unpaid Net Rate Carryover Amount - Class B2 0.00
Sec. 4.06(xiv) Has the Trigger Event Occured NO
Sec. 4.06 Rolling 6 Month Prior Delinquency Percentage N/A
Sec. 4.06 Cummulative Realized Losses as a Percentage of Original Collateral Balance 0.0000 %
Sec. 4.06(xxv) Available Funds
Available Funds 7,870,776.85
Interest Remittance Amount 1,656,863.65
Principal Remittance Amount 6,213,913.20
Sec 4.06 Repurchased Principal 0.00
Sec 4.06 Class X Distributable Amount 0.00