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 27, 2004
ASSET BACKED FUNDING CORPORATION, (as depositor under the Pooling and
Servicing Agreement, dated October 1, 2004, providing for the issuance of First
Franklin Mortgage Loan Trust 2004-FF10, Asset-Backed Certificates, Series
2004-FF10).
ASSET BACKED FUNDING CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-108551-12 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 : (704) 386-2400
N/A
(Former name or former address, if changed 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 8.01 Other Events.
This current report on Form 8-K relates to the monthly distribution
reported to the holders of First Franklin Mortgage Loan Trust 2004-FF10,
Asset-Backed Certificates, Series 2004-FF10 pursuant to the terms of the Pooling
and Servicing Agreement, dated October 1, 2004 among Asset Backed Funding
Corporation, as depositor, Countrywide Home Loan Servicing LP as servicer, and
JPMorgan Chase Bank, as trustee.
On December 27, 2004 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 9.01 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 27, 2004
as Exhibit 99.1.
<page>
First Franklin Mortgage Loan Trust 2004-FF10
Asset-Backed Certificates, Series 2004-FF10
- -------------------------------------------------------------------------------
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 30, 2004 By: /s/ Mark McDermott
------------------------------------
Mark McDermott
Vice President
<page>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits
99.1 Statement to Certificateholders
December 27, 2004
<page>
Exhibit 99.1
Statement to Certificateholders
December 27, 2004
ABFC Asset-Backed Certificates, Series 2004-FF10
STATEMENT TO CERTIFICATEHOLDERS
December 27, 2004
<table>
<s> <c> <c>
- ----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
- ----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING ENDING
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
- ---------------------------------------------------------------------------------------------------------------------------------
A1 378,010,000.00 369,990,072.87 6,452,213.81 748,716.02 7,200,929.83 0.00 0.00 363,537,859.06
A2 714,399,000.00 714,399,000.00 0.00 1,587,156.45 1,587,156.45 0.00 0.00 714,399,000.00
A3 149,033,000.00 149,033,000.00 0.00 349,068.40 349,068.40 0.00 0.00 149,033,000.00
M1 77,415,000.00 77,415,000.00 0.00 201,988.64 201,988.64 0.00 0.00 77,415,000.00
M2 32,083,000.00 32,083,000.00 0.00 103,048.81 103,048.81 0.00 0.00 32,083,000.00
M3 13,251,000.00 13,251,000.00 0.00 44,273.06 44,273.06 0.00 0.00 13,251,000.00
M4 6,974,000.00 6,974,000.00 0.00 27,204.41 27,204.41 0.00 0.00 6,974,000.00
M5 6,974,000.00 6,974,000.00 0.00 34,110.61 34,110.61 0.00 0.00 6,974,000.00
M7F 2,000,000.00 2,000,000.00 0.00 9,166.67 9,166.67 0.00 0.00 2,000,000.00
M6 6,974,000.00 6,974,000.00 0.00 34,110.61 34,110.61 0.00 0.00 6,974,000.00
M7A 2,883,000.00 2,883,000.00 0.00 14,101.07 14,101.07 0.00 0.00 2,883,000.00
P 100.00 100.00 0.00 42,988.86 42,988.86 0.00 0.00 100.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 1,389,996,100.00 1,381,976,172.87 6,452,213.81 3,195,933.61 9,648,147.42 0.00 0.00 1,375,523,959.06
CE 4,882,770.49 4,882,770.49 0.00 3,849,912.31 3,849,912.31 0.00 0.00 4,882,670.49
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
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
- ------------------------------------------------------------------------------------------------- -------------------------------
A1 32027N MF 5 978.78382284 17.06889715 1.98067781 19.04957496 961.71492569 A1 2.350000 %
A2 32027N MG 3 1,000.00000000 0.00000000 2.22166667 2.22166667 1,000.00000000 A2 2.580000 %
A3 32027N MH 1 1,000.00000000 0.00000000 2.34222219 2.34222219 1,000.00000000 A3 2.720000 %
M1 32027N MJ 7 1,000.00000000 0.00000000 2.60916670 2.60916670 1,000.00000000 M1 3.030000 %
M2 32027N MK 4 1,000.00000000 0.00000000 3.21194433 3.21194433 1,000.00000000 M2 3.730000 %
M3 32027N ML 2 1,000.00000000 0.00000000 3.34111086 3.34111086 1,000.00000000 M3 3.880000 %
M4 32027N MM 0 1,000.00000000 0.00000000 3.90083309 3.90083309 1,000.00000000 M4 4.530000 %
M5 32027N MN 8 1,000.00000000 0.00000000 4.89111127 4.89111127 1,000.00000000 M5 5.680000 %
M7F 32027N MR 9 1,000.00000000 0.00000000 4.58333500 4.58333500 1,000.00000000 M7F 5.500000 %
M6 32027N MP 3 1,000.00000000 0.00000000 4.89111127 4.89111127 1,000.00000000 M6 5.680000 %
M7A 32027N MQ 1 1,000.00000000 0.00000000 4.89110995 4.89110995 1,000.00000000 M7A 5.680000 %
P N/A 1,000.00000000 0.00000000 ########## ########## 1,000.00000000 P 0.000000 %
TOTALS 994.23025206 4.64189346 2.29923926 6.94113273 989.58835860
CE N/A 1,000.00000000 0.00000000 788.46882480 788.46882480 999.97951982 CE 0.000000 %
- ------------------------------------------------------------------------------------------------- -------------------------------
If there are any questions or problems with this statement, please contact the Administrator listed below:
---------------------------------------
RYAN VAUGHN
JPMorgan Chase Bank,N.A. - 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 4,882,670.49
Sec. 4.06(iii) Targeted O/C Amount 4,882,075.70
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 3,849,912.31
Sec. 4.06(iii) Monthly Excess Cash Flow Amount 3,849,912.31
Sec. 4.06(iii) Extra Principal Distribution Amount 0.00
Sec. 4.06(iv) Servicing Compensation 577,857.85
Sec. 4.06(v) Current Advances 362,111.21
Sec. 4.06(vi) Total Ending Collateral Balance 1,380,406,629.55
Sec. 4.06(vii) Total Beginning Number of Loans 6,886.00
Sec. 4.06(vii) Total Ending Number of Loans 6,863.00
Sec. 4.06(vii) Weighted Average Net Mortgage Rate for All Loans 6.05843 %
Sec. 4.06(vii)Weighted Average Term to Maturity 355.00
Sec. 4.06(viii)Loans Delinquent
Group 1
Principal
Category Number Balance Percentage
1 Month 35 6,982,343.45 0.51 %
2 Month 5 653,552.65 0.05 %
3 Month 0 0.00 0.00 %
Total 40 7,635,896.10 0.56 %
Group Totals
Principal
Category Number Balance Percentage
1 Month 35 6,982,343.45 0.51 %
2 Month 5 653,552.65 0.05 %
3 Month 0 0.00 0.00 %
Total 40 7,635,896.10 0.56 %
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 0.00 %
Group Totals
Principal
Number Balance Percentage
0 0.00 0.00 %
Sec. 4.06(viii)Loans in Bankruptcy
Loans in Bankruptcy
Group 1
Principal
Number Balance Percentage
1 104,736.19 0.01 %
Group Totals
Principal
Number Balance Percentage
1 104,736.19 0.01 %
Sec. 4.06(ix)Loans in REO
Group 1
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
Sec. 4.06(xi) Principal Prepayments 5,965,393.62
Group 1 5,965,393.62
Sec. 4.06(xii) Realized Losses
Current Realized Losses 0.00
Cumulative Realized Losses Incurred 0.00
Subsequent Recoveries 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 M7A Unpaid Realized Loss Amount 0.00
Class M7A Applied Realized Loss Amount 0.00
Class M7F Unpaid Realized Loss Amount 0.00
Class M7F Applied Realized Loss Amount 0.00
Sec. 4.06(xvi)Cap Carryover Amount - Class A1 0.00
Sec. 4.06(xvi)Unpaid Cap Carryover Amount - Class A1 0.00
Sec. 4.06(xvi)Cap Carryover Amount - Class A2 0.00
Sec. 4.06(xvi)Unpaid Cap Carryover Amount - Class A2 0.00
Sec. 4.06(xvi)Cap Carryover Amount - Class A3 0.00
Sec. 4.06(xvi)Unpaid Cap Carryover Amount - Class A3 0.00
Sec. 4.06(xvi)Cap Carryover Amount - Class M1 0.00
Sec. 4.06(xvi)Unpaid Cap Carryover Amount - Class M1 0.00
Sec. 4.06(xvi)Cap Carryover Amount - Class M2 0.00
Sec. 4.06(xvi)Unpaid Cap Carryover Amount - Class M2 0.00
Sec. 4.06(xvi)Cap Carryover Amount - Class M3 0.00
Sec. 4.06(xvi)Unpaid Cap Carryover Amount - Class M3 0.00
Sec. 4.06(xvi)Cap Carryover Amount - Class M4 0.00
Sec. 4.06(xvi)Unpaid Cap Carryover Amount - Class M4 0.00
Sec. 4.06(xvi)Cap Carryover Amount - Class M5 0.00
Sec. 4.06(xvi)Unpaid Cap Carryover Amount - Class M5 0.00
Sec. 4.06(xvi)Cap Carryover Amount - Class M6 0.00
Sec. 4.06(xvi)Unpaid Cap Carryover Amount - Class M6 0.00
Sec. 4.06(xvi)Cap Carryover Amount - Class M7A 0.00
Sec. 4.06(xvi)Unpaid Cap Carryover Amount - Class M7A 0.00
Sec. 4.06(xvi)Cap Carryover Amount - Class M7F 0.00
Sec. 4.06(xvi)Unpaid Cap Carryover Amount - Class M7F 0.00
Sec. 4.06(xv) Net Prepayment Interest Shortfalls 0.00
Sec. 4.06(xvi) Cap Carryover Payments From Excess Cash Flow 0.00
A1 Cap Amount Paid 0.00
A2 Cap Amount Paid 0.00
A2 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
Sec. 4.06(xvi) Cap Carryover Payments From Reserve Account 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
M7a Cap Amount Paid 0.00
Sec. 4.06(xvii) O/C Deficiency Amount 0.00
Sec. 4.06(xviii) Has the Trigger Event Occured NO
Sec. 4.06(xviii) Cummulative Realized Losses as a Percentage of Original Loan Group Balance
Sec. 4.06(xix) Available Funds 13,758,565.39
Sec 4.06(xxii) Repurchased Principal 0.00
Sec. 4.06(xxiv) PMI Fee paid 286,158.78
Sec. 4.06(xxv) Credit Risk Manager Fee Paid 17,335.74
Prepayment Premiums Received 42,988.86
Sec. 4.06(xxvii) DA Reserve Account
DA Dividends Deposited 0.00
DA Dividends Forfeited to Distribution Account 0.00
Sec. 4.06(xxviii) Subsequent Recoveries 0.00
Copyright 2001 J.P. Morgan Chase & Co. All rights reserved.