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) : October 27, 2003
ASSET BACKED FUNDING CORPORATION, (as depositor under the Pooling and
Servicing Agreement, dated August 1, 2003 providing for the issuance of 2003-CB4
Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2003-CB4).
ASSET BACKED FUNDING CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-90830-07 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 current report on Form 8-K relates to the monthly distribution
reported to the holders of 2003-CB4 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2003-CB4 pursuant to the terms of the Pooling and Servicing
Agreement, dated August 1, 2003 among Asset Backed Funding Corp., as depositor,
Litton Loan Servicing LP as servicer, and JPMorgan Chase Bank, as trustee.
On October 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 October 27, 2003
as Exhibit 99.1.
<page>
2003-CB4 Trust
C-BASS Mortgage Loan Asset-Backed Certificates, Series 2003-CB4
- -------------------------------------------------------------------------------
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: October 29, 2003 By: /s/ Diane E. Wallace
------------------------------------
Diane E. Wallace
Assistant Vice President
<page>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits
99.1 Statement to Certificateholders
October 27, 2003
<page>
Exhibit 99.1
Statement to Certificateholders
October 27, 2003
<page>
<table>
CREDIT-BASED LOAN ASSET-BACKED CERTIFICATES, SERIES 2003-CB4
STATEMENT TO CERTIFICATEHOLDERS
October 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 72,600,000.00 70,804,424.59 2,383,070.96 235,920.69 2,618,991.65 0.00 0.00 68,421,353.63
AV1 60,000,000.00 58,918,633.28 2,403,647.35 78,003.36 2,481,650.71 0.00 0.00 56,514,985.93
AV2 162,700,000.00 158,632,020.78 3,061,244.13 208,606.07 3,269,850.20 0.00 0.00 155,570,776.65
M1 22,930,000.00 22,930,000.00 0.00 36,877.12 36,877.12 0.00 0.00 22,930,000.00
M2 20,180,000.00 20,180,000.00 0.00 50,564.37 50,564.37 0.00 0.00 20,180,000.00
B1 10,820,000.00 10,820,000.00 0.00 46,819.91 46,819.91 0.00 0.00 10,820,000.00
B2 5,690,000.00 5,690,000.00 0.00 25,885.50 25,885.50 0.00 0.00 5,690,000.00
N 15,700,000.00 14,281,109.59 1,358,565.06 87,947.83 1,446,512.89 0.00 0.00 12,922,544.53
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 370,620,000.00 362,256,188.24 9,206,527.50 770,624.85 9,977,152.35 0.00 0.00 353,049,660.74
AIO 153,000,000.00 143,000,000.00 0.00 268,018.15 268,018.15 0.00 0.00 134,000,000.00
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 04542B DP4 975.26755634 32.82466887 3.24959628 36.07426515 942.44288747 AF1 4.000000 %
AV1 04542B DQ2 981.97722133 40.06078917 1.30005600 41.36084517 941.91643217 AV1 1.490000 %
AV2 04542B DR0 974.99705458 18.81526816 1.28215163 20.09741979 956.18178642 AV2 1.480000 %
M1 04542B DT6 1,000.00000000 0.00000000 1.60824771 1.60824771 1,000.00000000 M1 1.810000 %
M2 04542B DU3 1,000.00000000 0.00000000 2.50566749 2.50566749 1,000.00000000 M2 2.820000 %
B1 04542B DV1 1,000.00000000 0.00000000 4.32716359 4.32716359 1,000.00000000 B1 4.870000 %
B2 04542B DW9 1,000.00000000 0.00000000 4.54929701 4.54929701 1,000.00000000 B2 5.120000 %
N N/A 909.62481465 86.53280637 5.60177261 92.13457898 823.09200828 N 7.390000 %
TOTALS 977.43291846 24.84088150 2.07928566 26.92016715 952.59203697
AIO 04542B DS8 934.64052288 0.00000000 1.75175261 1.75175261 875.81699346 AIO 2.250000 %
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If there are any questions or problems with this statement, please contact the Administrator listed below:
TAOHEED A AGBABIAKA
JPMorgan Chase Bank - Structured Finance Services
4 NEW YORK PLAZA, 6TH FLOOR,
New York, New York 10004-2477
Tel: (212) 623-4481
Fax: (212) 623-5858
Email: taoheed.agbabiaka@jpmorgan.com
---------------------------------------
<page>
Sec. 4.06(iii) Overcollateralization Amount 11,932,348.95
Sec. 4.06(iii) Target Overcollateralization Amount 11,922,701.34
Sec. 4.06(iii) Overcollateralization Deficiency Amount 0.00
Sec. 4.06(iii) Overcollateralization Release Amount 0.00
Sec. 4.06(iii) Monthly Excess Interest 1,377,081.31
Sec. 4.06(iii) Monthly Excess Cash Flow Amount 1,377,081.31
Sec. 4.06(iii) Extra Principal Distribution Amount 0.00
Sec. 4.06(iv) Servicing Compensation 0.00
Sec. 4.06(iv) Servicing Fee 149,961.34
Sec. 4.06(v) Current Advances 565,855.19
Sec. 4.06(vi) Group 1 Ending Collateral Balance 86,031,550.41
Sec. 4.06(vi) Group 2 Ending Collateral Balance 71,049,174.70
Sec. 4.06(vi) Group 3 Ending Collateral Balance 194,978,740.05
Sec. 4.06(vi) Total Ending Collateral Balance 352,059,465.16
Sec. 4.06(vii) Group 1 Beginning Number of Loans 855.00
Sec. 4.06(vii) Group 2 Beginning Number of Loans 467.00
Sec. 4.06(vii) Group 3 Beginning Number of Loans 1,711.00
Sec. 4.06(vii) Total Beginning Number of Loans 3,033.00
Sec. 4.06(vii) Group 1 Ending Number of Loans 842.00
Sec. 4.06(vii) Group 2 Ending Number of Loans 455.00
Sec. 4.06(vii) Group 3 Ending Number of Loans 1,687.00
Sec. 4.06(vii) Total Ending Number of Loans 2,984.00
Sec. 4.06(vii) Weighted Average Net Mortgage Rate for Group 1 7.57 %
Sec. 4.06(vii) Weighted Average Net Mortgage Rate for Group 2 7.60 %
Sec. 4.06(vii) Weighted Average Net Mortgage Rate for Group 3 7.91 %
Sec. 4.06(vii) Weighted Average Net Mortgage Rate for All Loans 7.77 %
Sec. 4.06(vii) Group 1 Weighted Average Term to Maturity 305.00
Sec. 4.06(vii) Group 2 Weighted Average Term to Maturity 339.00
Sec. 4.06(vii) Group 3 Weighted Average Term to Maturity 339.00
Sec. 4.06(viii) Loans Delinquent
Group 1
Principal
Category Number Balance Percentage
1 Month 18 1,571,349.48 1.83 %
2 Month 10 939,933.06 1.09 %
3 Month 1 338,754.23 0.39 %
Total 29 2,850,036.77 3.31 %
Group 2
Principal
Category Number Balance Percentage
1 Month 20 2,723,371.81 3.83 %
2 Month 7 641,717.25 0.90 %
3 Month 0 0.00 0.00 %
Total 27 3,365,089.06 4.73 %
Group 3
Principal
Category Number Balance Percentage
1 Month 69 7,306,158.15 3.75 %
2 Month 24 2,392,066.80 1.23 %
3 Month 4 354,290.14 0.18 %
Total 97 10,052,515.09 5.16 %
Group Totals
Principal
Category Number Balance Percentage
1 Month 107 11,600,879.44 3.30 %
2 Month 41 3,973,717.11 1.13 %
3 Month 5 693,044.37 0.20 %
Total 153 16,267,640.92 4.63 %
Please Note: Delinquency Numbers Include Bankruptcies and Foreclosures
Sec. 4.06(viii) Loans in Foreclosure
Group 1
Principal
Number Balance Percentage
0 0.00 0.00 %
Group 2
Principal
Number Balance Percentage
0 0.00 0.00 %
Group 3
Principal
Number Balance Percentage
2 91,691.40 0.05 %
Group Totals
Principal
Number Balance Percentage
2 91,691.40 0.03 %
Sec. 4.06(viii) Loans in Bankruptcy
Group 1
Principal
Number Balance Percentage
0 0.00 0.00 %
Group 2
Principal
Number Balance Percentage
0 0.00 0.00 %
Group 3
Principal
Number Balance Percentage
2 163,130.62 0.08 %
Group Totals
Principal
Number Balance Percentage
2 163,130.62 0.05 %
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 3
Principal
Number Balance Percentage
0 0.00 0.00 %
Group Totals
Principal
Number Balance Percentage
0 0.00 0.00 %
Sec. 4.06(x) REO Book Value Group 1 0.00
Sec. 4.06(x) REO Book Value Group 2 0.00
Sec. 4.06(x) REO Book Value Group 3 0.00
Sec. 4.06(xi) Unscheduled Principal
Group 1 Unscheduled Principal 2,241,003.28
Group 2 Unscheduled Principal 2,329,930.47
Group 3 Unscheduled Principal 2,890,053.62
Total Unscheduled Principal 7,460,987.37
Sec. 4.06(xii) Prepayment Penalties/Premiums 69,431.58
Sec. 4.06(xiii) Realized Losses
Group 1 Current Realized Losses 0.00
Group 2 Current Realized Losses 0.00
Group 3 Current Realized Losses 0.00
Total Current Realized Losses 0.00
Cumulative Realized Losses Incurred in Group 1 0.00
Cumulative Realized Losses Incurred in Group 2 0.00
Cumulative Realized Losses Incurred in Group 3 0.00
Total Cumulative Realized Losses Incurred 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(xvi) Unpaid Interest
Class AF1 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 379.02
Class AF1 Interest Accrual Relief Act Reduction 94.06
Class AV1 Interest Accrual Relief Act Reduction 31.10
Class AV2 Interest Accrual Relief Act Reduction 83.17
Class AIO Interest Accrual Relief Act Reduction 106.85
Class M1 Interest Accrual Relief Act Reduction 14.70
Class M2 Interest Accrual Relief Act Reduction 20.16
Class B1 Interest Accrual Relief Act Reduction 18.67
Class B2 Interest Accrual Relief Act Reduction 10.32
Sec. 4.06(xvii) Net Prepayment Interest Shortfalls 0.00
Class AF1 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(xix) Trustee Fee Paid 1,949.50
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 M1 0.00
Sec. 4.06(xxii)Unpaid Net Rate Carryover Amount - Class M1 0.00
Sec. 4.06(xxii)Net Rate Carryover Amount - Class M2 0.00
Sec. 4.06(xxii)Unpaid Net Rate Carryover Amount - Class M2 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(xxii) Has the Trigger Event Occured NO
Sec. 4.06(xxii) Cumulative Realized Losses as a Percentage of Original Collateral Balance 0.0000 %
Sec. 4.06(xxiii) Available Funds
Available Funds 10,247,296.58
Interest Remittance Amount 2,399,334.14
Principal Remittance Amount 7,847,962.44
Sec 4.06(xxvi) Repurchased Principal 0.00
Class X Distributable Amount 0.00
Class AIO Component 1 Beginning Balance 49,000,000.00
Class AIO Component 1 Interest Paid 91,838.39
Class AIO Component 1 Ending Balance 46,000,000.00
Class AIO Component 2 Beginning Balance 18,000,000.00
Class AIO Component 2 Interest Paid 33,736.55
Class AIO Component 2 Ending Balance 17,000,000.00
Class AIO Component 3 Beginning Balance 76,000,000.00
Class AIO Component 3 Interest Paid 142,443.21
Class AIO Component 3 Ending Balance 71,000,000.00