UNITED STATES
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) : November 26, 2004
ASSET BACKED FUNDING CORPORATION
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF JULY 1, 2004, PROVIDING FOR THE ISSUANCE OF
CHEC LOAN TRUST 2004-2
ASSET-BACKED CERTIFICATES, SERIES 2004-2)
Financial Asset Securities Corp.
--------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 333-108551-13 75-2533468
- - ---------------------------- ----------- ------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
214 North Tryon Street, Charlotte, North Carolina 28255
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (704) 386-2400
-----------------------------
N/A
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(Former Name or Former Address, if Change Since Last Report:)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act
(17 CFR 240.14a-12(b))
[] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
<page>
Item 8.1 Other Events.
This current report on Form 8-K relates to the monthly distribution
reported to the holders of CHEC Loan Trust 2004-2 Asset Backed Certificates,
Series 2004-2 pursuant to the terms of the Pooling and Servicing Agreement,
dated as of October 1, 2004, among Asset Backed Funding Corporation. as
Depositor, Centex Home Equity Company, LLC as servicer and JPMorgan Chase Bank
as Trustee.
On November 26, 2004 distributions were made to the Certificateholders.
Specific information with respect to these distributions is filed as Exhibit
99.1.
Item 9.1 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 November 26, 2004
as Exhibit 99.1.
<page>
CHEC Loan Trust 2004-2
Asset Backed Certificates, Series 2004-2
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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, N.A., not in its individual capacity, but
solely as Trustee under the Agreement referred to herein
Date: December 1, 2004 By: /s/ Mark W. McDermott
--------------------------------------------
Name: Mark W. McDermott
Title: Vice President
<page>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits
99.1 Statement to Certificateholders November 26, 2004
Exhibit 99.1
Statement to Certificateholders November 26, 2004
<table>
CHEC Home Loan Trust 2004-2
STATEMENT TO CERTIFICATEHOLDERS
November 26, 2004
<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
- ----------------------------------------------------------------------------------------------------------------------------------
A1 145,426,000.00 145,426,000.00 2,677,697.15 249,380.34 2,927,077.49 0.00 0.00 142,748,302.85
A2 56,054,000.00 56,054,000.00 0.00 103,347.62 103,347.62 0.00 0.00 56,054,000.00
A3 44,984,000.00 44,984,000.00 0.00 88,373.25 88,373.25 0.00 0.00 44,984,000.00
M1 23,458,000.00 23,458,000.00 0.00 49,107.86 49,107.86 0.00 0.00 23,458,000.00
M2 9,877,000.00 9,877,000.00 0.00 23,939.04 23,939.04 0.00 0.00 9,877,000.00
M3 4,630,000.00 4,630,000.00 0.00 11,967.75 11,967.75 0.00 0.00 4,630,000.00
M4 4,321,000.00 4,321,000.00 0.00 12,213.28 12,213.28 0.00 0.00 4,321,000.00
M5 3,086,000.00 3,086,000.00 0.00 9,095.45 9,095.45 0.00 0.00 3,086,000.00
M6 3,087,000.00 3,087,000.00 0.00 12,331.17 12,331.17 0.00 0.00 3,087,000.00
M7 3,858,000.00 3,858,000.00 0.00 16,964.89 16,964.89 0.00 0.00 3,858,000.00
M8 3,087,000.00 3,087,000.00 0.00 13,574.55 13,574.55 0.00 0.00 3,087,000.00
CE 6,790,726.00 6,790,726.00 331.53 1,235,147.42 1,235,478.95 0.30 0.00 6,790,394.17
P 100.00 100.00 0.00 13,870.17 13,870.17 0.00 0.00 100.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 308,658,826.00 308,658,826.00 2,678,028.68 1,839,312.79 4,517,341.47 0.30 0.00 305,980,797.02
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FACTOR INFORMATION PER $1,000 OF ORIGINAL FACE PASS-THROUGH RATES
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CURRENT
BEGINNING ENDING PASS-THRU
CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL CLASS RATE
- --------------------------------------------------------------------------------------------------------- ------------------------
A1 162765 AQ 4 1,000.00000000 18.41278141 1.71482637 20.12760779 981.58721859 A1 2.128750 %
A2 162765 AR 2 1,000.00000000 0.00000000 1.84371535 1.84371535 1,000.00000000 A2 2.288750 %
A3 162765 AS 0 1,000.00000000 0.00000000 1.96454851 1.96454851 1,000.00000000 A3 2.438750 %
M1 162765 AT 8 1,000.00000000 0.00000000 2.09343763 2.09343763 1,000.00000000 M1 2.598750 %
M2 162765 AU 5 1,000.00000000 0.00000000 2.42371570 2.42371570 1,000.00000000 M2 3.008750 %
M3 162765 AV 3 1,000.00000000 0.00000000 2.58482721 2.58482721 1,000.00000000 M3 3.208750 %
M4 162765 AW 1 1,000.00000000 0.00000000 2.82649387 2.82649387 1,000.00000000 M4 3.508750 %
M5 162765 AX 9 1,000.00000000 0.00000000 2.94732664 2.94732664 1,000.00000000 M5 3.658750 %
M6 162765 AY 7 1,000.00000000 0.00000000 3.99454810 3.99454810 1,000.00000000 M6 4.958750 %
M7 162765 AZ 4 1,000.00000000 0.00000000 4.39732763 4.39732763 1,000.00000000 M7 5.458750 %
M8 162765 BA 8 1,000.00000000 0.00000000 4.39732750 4.39732750 1,000.00000000 M8 5.458750 %
CE N/A 1,000.00000000 0.04882099 181.88738877 181.93620977 999.95113483 CE 0.000000 %
P N/A 1,000.00000000 0.00000000 ############ ############ 1,000.00000000 P 0.000000 %
TOTALS 1,000.00000000 8.67633923 5.95904810 14.63538733 991.32365980
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IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:
--------------------------------------------------
RYAN VAUGHN
JPMorgan Chase Bank - Structured Finance Services NY
4 NEW YORK PLAZA FLR 6, ,
New York, New York 10004
Tel: (212) 623-4484
Fax: (212) 623-5930
Email: Ryan.M.Vaughn@JPMorgan.com
--------------------------------------------------
<page>
Sec. 4.06(iii) O/C Amount 6,790,394.17
Sec. 4.06(iii) Targeted O/C Amount 6,790,494.17
Sec. 4.06(iii) O/C Deficiency Amount 100.00
Sec. 4.06(iii) O/C Release Amount 0.00
Sec. 4.06(iii) Monthly Excess Interest 3,913,176.10
Sec. 4.06(iii) Monthly Excess Cash Flow Amount 1,235,478.96
Sec. 4.06(iv) Servicing Compensation 128,607.88
Sec. 4.06(v) Current Advances 0.00
Sec. 4.06(vi) Total Beginning Collateral Balance 308,658,825.70
Sec. 4.06(vi) Total Ending Collateral Balance 305,980,797.02
Sec. 4.06(vii) Total Beginning Number of Loans 2,802.00
Sec. 4.06(vii) Total Ending Number of Loans 2,779.00
Sec. 4.06(vii) Weighted Average Net Mortgage Rate for All Loans 7.09693 %
Sec. 4.06(vii)Weighted Average Term to Maturity 336.00
Sec. 4.06(viii)Loans Delinquent
Group 1
Principal
Category Number Balance Percentage
1 Month 1 107,988.52 0.04 %
2 Month 0 0.00 0.00 %
3 Month 0 0.00 0.00 %
Total 1 107,988.52 0.04 %
Group Totals
Principal
Category Number Balance Percentage
1 Month 1 107,988.52 0.04 %
2 Month 0 0.00 0.00 %
3 Month 0 0.00 0.00 %
Total 1 107,988.52 0.04 %
Please Note: Delinquency Numbers Include Bankruptcies and Foreclosures
Sec. 4.06(viii)Loans in Foreclosures
Loans in Foreclosure
Group 1
Principal
Number Balance Percentage
0 0.00 %
Group Totals
Principal
Number Balance Percentage
0 0.00 %
Sec. 4.06(viii)Loans in Bankruptcy
Loans in Bankruptcy
Group 1
Principal
Number Balance Percentage
0 0.00 %
Group Totals
Principal
Number Balance Percentage
0 0.00 %
Sec. 4.06(ix)Loans in REO
Group 1
Principal
Number Balance Percentage
0 0.00 %
Group Totals
Principal
Number Balance Percentage
0 0.00 %
Sec. 4.06(x) REO Book Value
Sec. 4.06(xi) Principal Prepayments
Curtailments 68,205.73
Prepayments in Full 1,456,197.45
Loans Repurchased by Seller 911,166.83
Substitution Amounts -23,090.88
Net Liquidation Proceeds 0.00
Sec. 4.06(xii) Realized Losses
Sec. 4.06(xii) Cumulative Realized Losses Incurred 0.00
Class M1 Unpaid Realized Loss Amount 0.00
Sec. 4.06(xiii) Certificates Realized Losses 0.00
Class M1 Applied Realized Loss Amount 0.00
Class M2 Unpaid Realized Loss Amount 0.00
Class M2 Applied Realized Loss Amount 0.00
Class M3 Unpaid Realized Loss Amount 0.00
Class M3 Applied Realized Loss Amount 0.00
Class M4 Unpaid Realized Loss Amount 0.00
Class M4 Applied Realized Loss Amount 0.00
Class M5 Unpaid Realized Loss Amount 0.00
Class M5 Applied Realized Loss Amount 0.00
Class M6 Unpaid Realized Loss Amount 0.00
Class M6 Applied Realized Loss Amount 0.00
Class M7 Unpaid Realized Loss Amount 0.00
Class M7 Applied Realized Loss Amount 0.00
Class M8 Unpaid Realized Loss Amount 0.00
Class M8 Applied Realized Loss Amount 0.00
Sec. 4.06(xiv)Cap Carryover Amount - Class A1 0.00
Sec. 4.06(xiv)Unpaid Cap Carryover Amount - Class A1 0.00
Sec. 4.06(xiv)Cap Carryover Amount - Class A2 0.00
Sec. 4.06(xiv)Unpaid Cap Carryover Amount - Class A2 0.00
Sec. 4.06(xiv)Cap Carryover Amount - Class A3 0.00
Sec. 4.06(xiv)Unpaid Cap Carryover Amount - Class A2 0.00
Sec. 4.06(xiv)Cap Carryover Amount - Class M1 0.00
Sec. 4.06(xiv)Unpaid Cap Carryover Amount - Class M1 0.00
Sec. 4.06(xiv)Cap Carryover Amount - Class M2 0.00
Sec. 4.06(xiv)Unpaid Cap Carryover Amount - Class M2 0.00
Sec. 4.06(xiv)Cap Carryover Amount - Class M3 0.00
Sec. 4.06(xiv)Unpaid Cap Carryover Amount - Class M3 0.00
Sec. 4.06(xiv)Cap Carryover Amount - Class M4 0.00
Sec. 4.06(xiv)Unpaid Cap Carryover Amount - Class M4 0.00
Sec. 4.06(xiv)Cap Carryover Amount - Class M5 0.00
Sec. 4.06(xiv)Unpaid Cap Carryover Amount - Class M5 0.00
Sec. 4.06(xiv)Cap Carryover Amount - Class M6 0.00
Sec. 4.06(xiv)Unpaid Cap Carryover Amount - Class M6 0.00
Sec. 4.06(xiv)Cap Carryover Amount - Class M7 0.00
Sec. 4.06(xiv)Unpaid Cap Carryover Amount - Class M7 0.00
Sec. 4.06(xiv)Cap Carryover Amount - Class M8 0.00
Sec. 4.06(xiv)Unpaid Cap Carryover Amount - Class M8 0.00
Sec. 4.06(xv) Net Prepayment Interest Shortfalls 0.00
Sec. 4.06(xvi) Trustee Fee Paid 1,414.69
Sec. 4.06(xvii) Cap Carryover Payments From Excess Cash Flow 0.00
Sec. 4.06(xvii) Cap Carryover Payments From Reserve Accounts 0.00
A1 Cap Amount Paid 0.00
A2 Cap Amount Paid 0.00
A3 Cap Amount Paid 0.00
M1 Cap Amount Paid 0.00
M2 Cap Amount Paid 0.00
M3 Cap Amount Paid 0.00
M4 Cap Amount Paid 0.00
M5 Cap Amount Paid 0.00
M6 Cap Amount Paid 0.00
M7 Cap Amount Paid 0.00
M8 Cap Amount Paid 0.00
A1 Cap Amount Paid 0.00
A2 Cap Amount Paid 0.00
A3 Cap Amount Paid 0.00
M1 Cap Amount Paid 0.00
M2 Cap Amount Paid 0.00
M3 Cap Amount Paid 0.00
M4 Cap Amount Paid 0.00
M5 Cap Amount Paid 0.00
M6 Cap Amount Paid 0.00
M7 Cap Amount Paid 0.00
M8 Cap Amount Paid 0.00
Sec. 4.06(xviii) O/C Deficiency Amount 100.00
Sec. 4.06(xix) Has the Trigger Event Occured NO
Sec. 4.06(xix) Cummulative Realized Losses as a Percentage of Original Loan Group Balance
Sec. 4.06(xx) Available Funds 4,518,756.16
Sec 4.06(xxiii) Repurchased Principal 911,166.83
Sec. 4.06(xxiv) Prepayment Premiums Received 0.00
Sec. 4.06(xxv) Subsequent Recoveries 0.00
Copyright 2001 J.P. Morgan Chase & Co. All rights reserved.