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, 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 December 26, 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 December 26, 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: January 5, 2004 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
December 26, 2003
-4-
Exhibit 99.1
Statement to Certificateholders
December 26, 2003
<page>
<table>
CREDIT-BASED LOAN ASSET-BACKED CERTIFICATES, SERIES 2003-CB4
STATEMENT TO CERTIFICATEHOLDERS
December 26, 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 66,679,387.86 993,882.08 222,055.31 1,215,937.39 0.00 0.00 65,685,505.78
AV1 60,000,000.00 55,843,764.45 891,915.49 71,523.12 963,438.61 0.00 0.00 54,951,848.96
AV2 162,700,000.00 150,709,254.80 3,919,875.47 191,727.62 4,111,603.09 0.00 0.00 146,789,379.33
M1 22,930,000.00 22,930,000.00 0.00 35,680.64 35,680.64 0.00 0.00 22,930,000.00
M2 20,180,000.00 20,180,000.00 0.00 48,935.92 48,935.92 0.00 0.00 20,180,000.00
B1 10,820,000.00 10,820,000.00 0.00 45,320.51 45,320.51 0.00 0.00 10,820,000.00
B2 5,690,000.00 5,690,000.00 0.00 25,056.83 25,056.83 0.00 0.00 5,690,000.00
N 15,700,000.00 11,491,045.30 1,378,179.10 70,765.69 1,448,944.79 0.00 0.00 10,112,866.20
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 370,620,000.00 344,343,452.41 7,183,852.14 711,065.64 7,894,917.78 0.00 0.00 337,159,600.27
AIO 153,000,000.00 125,000,000.00 0.00 234,154.28 234,154.28 0.00 0.00 117,000,000.00
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 918.44886860 13.68983581 3.05861309 16.74844890 904.75903278 AF1 4.000000 %
AV1 04542B DQ2 930.72940750 14.86525817 1.19205200 16.05731017 915.86414933 AV1 1.488750 %
AV2 04542B DR0 926.30150461 24.09265808 1.17841192 25.27107001 902.20884653 AV2 1.478750 %
M1 04542B DT6 1,000.00000000 0.00000000 1.55606803 1.55606803 1,000.00000000 M1 1.808750 %
M2 04542B DU3 1,000.00000000 0.00000000 2.42497126 2.42497126 1,000.00000000 M2 2.818750 %
B1 04542B DV1 1,000.00000000 0.00000000 4.18858688 4.18858688 1,000.00000000 B1 4.868750 %
B2 04542B DW9 1,000.00000000 0.00000000 4.40366081 4.40366081 1,000.00000000 B2 5.118750 %
N N/A 731.91371338 87.78210828 4.50736879 92.28947707 644.13160510 N 7.390000 %
TOTALS 929.10110736 19.38333641 1.91858410 21.30192051 909.71777095
AIO 04542B DS8 816.99346405 0.00000000 1.53042013 1.53042013 764.70588235 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
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<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 1,353,167.73
Sec. 4.06(iii) Monthly Excess Cash Flow Amount 1,353,167.73
Sec. 4.06(iii) Extra Principal Distribution Amount 0.00
Sec. 4.06(iv) Servicing Compensation 0.00
Sec. 4.06(iv) Servicing Fee 143,645.01
Sec. 4.06(v) Current Advances 869,983.43
Sec. 4.06(vi) Group 1 Ending Collateral Balance 83,295,702.56
Sec. 4.06(vi) Group 2 Ending Collateral Balance 69,486,037.73
Sec. 4.06(vi) Group 3 Ending Collateral Balance 186,197,342.73
Sec. 4.06(vi) Total Ending Collateral Balance 338,979,083.02
Sec. 4.06(vii) Group 1 Beginning Number of Loans 827.00
Sec. 4.06(vii) Group 2 Beginning Number of Loans 450.00
Sec. 4.06(vii) Group 3 Beginning Number of Loans 1,651.00
Sec. 4.06(vii) Total Beginning Number of Loans 2,928.00
Sec. 4.06(vii) Group 1 Ending Number of Loans 820.00
Sec. 4.06(vii) Group 2 Ending Number of Loans 447.00
Sec. 4.06(vii) Group 3 Ending Number of Loans 1,621.00
Sec. 4.06(vii) Total Ending Number of Loans 2,888.00
Sec. 4.06(vii) Weighted Average Net Mortgage Rate for Group 1 7.58 %
Sec. 4.06(vii) Weighted Average Net Mortgage Rate for Group 2 7.58 %
Sec. 4.06(vii) Weighted Average Net Mortgage Rate for Group 3 7.90 %
Sec. 4.06(vii) Weighted Average Net Mortgage Rate for All Loans 7.76 %
Sec. 4.06(vii) Group 1 Weighted Average Term to Maturity 303.00
Sec. 4.06(vii) Group 2 Weighted Average Term to Maturity 337.00
Sec. 4.06(vii) Group 3 Weighted Average Term to Maturity 338.00
Sec. 4.06(viii) Loans Delinquent
Group 1
Principal
Category Number Balance Percentage
1 Month 24 2,241,756.75 2.69 %
2 Month 8 854,710.64 1.03 %
3 Month 9 960,524.28 1.15 %
Total 41 4,056,991.67 4.87 %
Group 2
Principal
Category Number Balance Percentage
1 Month 30 4,512,825.09 6.49 %
2 Month 5 439,286.10 0.63 %
3 Month 6 283,551.87 0.41 %
Total 41 5,235,663.06 7.53 %
Group 3
Principal
Category Number Balance Percentage
1 Month 82 8,798,830.37 4.73 %
2 Month 31 4,000,754.58 2.15 %
3 Month 39 3,659,475.64 1.97 %
Total 152 16,459,060.59 8.85 %
Group Totals
Principal
Category Number Balance Percentage
1 Month 136 15,553,412.21 4.59 %
2 Month 44 5,294,751.32 1.56 %
3 Month 54 4,903,551.79 1.45 %
Total 234 25,751,715.32 7.60 %
Please Note: Delinquency Numbers Include Bankruptcies and Foreclosures
Sec. 4.06(viii) Loans in Foreclosure
Group 1
Principal
Number Balance Percentage
6 804,547.30 0.97 %
Group 2
Principal
Number Balance Percentage
3 197,281.19 0.28 %
Group 3
Principal
Number Balance Percentage
16 1,381,693.33 0.74 %
Group Totals
Principal
Number Balance Percentage
25 2,383,521.82 0.70 %
Sec. 4.06(viii) Loans in Bankruptcy
Group 1
Principal
Number Balance Percentage
2 89,196.77 0.11 %
Group 2
Principal
Number Balance Percentage
0 0.00 0.00 %
Group 3
Principal
Number Balance Percentage
3 242,534.86 0.13 %
Group Totals
Principal
Number Balance Percentage
5 331,731.63 0.10 %
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 859,246.56
Group 2 Unscheduled Principal 820,416.97
Group 3 Unscheduled Principal 3,756,888.12
Total Unscheduled Principal 5,436,551.65
Sec. 4.06(xii) Prepayment Penalties/Premiums 95,777.06
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 824.28
Class AF1 Interest Accrual Relief Act Reduction 209.31
Class AV1 Interest Accrual Relief Act Reduction 67.42
Class AV2 Interest Accrual Relief Act Reduction 180.73
Class AIO Interest Accrual Relief Act Reduction 220.72
Class M1 Interest Accrual Relief Act Reduction 33.63
Class M2 Interest Accrual Relief Act Reduction 46.13
Class B1 Interest Accrual Relief Act Reduction 42.72
Class B2 Interest Accrual Relief Act Reduction 23.62
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 1,867.58
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 8,131,466.17
Interest Remittance Amount 2,325,793.13
Principal Remittance Amount 5,805,673.04
Sec 4.06(xxvi) Repurchased Principal 0.00
Class X Distributable Amount 0.00
Class AIO Component 1 Beginning Balance 43,000,000.00
Class AIO Component 1 Interest Paid 80,549.07
Class AIO Component 1 Ending Balance 40,000,000.00
Class AIO Component 2 Beginning Balance 16,000,000.00
Class AIO Component 2 Interest Paid 29,971.75
Class AIO Component 2 Ending Balance 15,000,000.00
Class AIO Component 3 Beginning Balance 66,000,000.00
Class AIO Component 3 Interest Paid 123,633.46
Class AIO Component 3 Ending Balance 62,000,000.00