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): April 25, 2000

                                     CBASS

                                  (Depositor)

(Issuer in respect of Mortgage Loan Asset-Backed Certificates, Series 1999-CB5)

                (Exact name of registrant as specified in charter)

New York                                                     13-3897606
(State or other               (Commission File No.)         (I.R.S. Employer
    jurisdiction of                                         Identification No.)
    organization)



335 MADISON AVENUE,26TH FLR, New York,NY                    10017
(Address of principal executive offices)                    (Zip Code)

(212) 850-7765
Registrant's Telephone Number, including area code: (212) 850-7765

                                 Not Applicable
              (Former name, former address and former fiscal year,
                          if changed since last report)




Item 5.  Other Events

                                     CBASS
                    Mortgage Loan Asset-Backed Certificates
                                Series 1999-CB5

On April 25, 2000, The Bank of New York, as Trustee for CBASS, Mortgage Loan
Asset-Backed Certificates Series 1999-CB5, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of November 1, 1999, among CBASS as Depositor,
C-BASS LLC, Seller and Master Servicer and The Bank of New York, as Trustee.

Item 7.  Financial Statements and Exhibits

                    (c) Exhibits

Exhibit No.                               Description

99                  Report  to  Holders  of  CBASS,  Mortgage  Loan Asset-Backed
                    Certificates  Series  1999-CB5  relating to the distribution
                    date  of April 25, 2000 prepared by The Bank of New York, as
                    Trustee  under  the Pooling and Servicing Agreement dated as
                    of November 1, 1999.







                                   SIGNATURES

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 thereunto duly authorized.

Dated: April 25, 2000


                                     CBASS


                          By: /s/ Lauren Shamilzadeh
                              ------------------------------
                          Name:   Lauren Shamilzadeh
                                  Assistant Treasurer
                                  The Bank of New York,
                                  as Trustee







                                 EXHIBIT INDEX



Exhibit


99                  Monthly Remittance Statement dated April 25, 2000