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 25, 2001 CWABS, INC. (Depositor) (Issuer in respect of Asset-Backed Certificates, Series 2001-BC1) (Exact name of registrant as specified in charter) Delaware 33-63714 95-4449516 (State or other (Commission File No.) (I.R.S. Employer jurisdiction of Identification No.) organization) 155 N. Lake Avenue, Pasadena, CA 91110-7137 (Address of principal executive offices) (Zip Code) Registrant's Telephone Number, including area code: (818)-304-4428 Not Applicable (Former name, former address and former fiscal year, if changed since last report) Item 5. Other Events CWABS, INC. Asset-Backed Certificates Series 2001-BC1 On December 25, 2001, The Bank of New York, as Trustee for CWABS, INC., Asset-Backed Certificates Series 2001-BC1, made a monthly distribution to Certificate holders of principal and/or interest pursuant to the Pooling and Servicing Agreement, dated as of January 1, 2001, among CWABS, INC. as Depositor, Countrywide Home Loans, 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 CWABS, INC., Asset-Backed Certificates Series 2001-BC1 relating to the distribution date of December 25, 2001 prepared by The Bank of New York, as Trustee under the Pooling and Servicing Agreement dated as of January 1, 2001. 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: December 25, 2001 CWABS, INC. By: /s/ Courtney Bartholomew ------------------------------ Name: Courtney Bartholomew Vice President The Bank of New York, as Trustee EXHIBIT INDEX Exhibit Payment Date: 12/25/01 ------------------------------------------------------------ Countrywide Home Loans Asset-Backed Certificates, Series 2001-BC1 ------------------------------------------------------------ Class Information Current Payment Information - ---------------------------------------------------------------------------------------------------------------------------------- Beginning Pass Thru Principal Interest Total Principal Interest Type Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls - ---------------------------------------------------------------------------------------------------------------------------------- Senior A1 34,211,841.52 5.923000% 6,564,277.08 168,863.95 6,733,141.03 0.00 0.00 A2 15,504,000.00 6.011000% 0.00 77,662.12 77,662.12 0.00 0.00 A3 47,878,000.00 6.237000% 0.00 248,845.91 248,845.91 0.00 0.00 A4 25,859,000.00 6.602000% 0.00 142,267.60 142,267.60 0.00 0.00 A5 25,414,000.00 7.080000% 0.00 149,942.60 149,942.60 0.00 0.00 A6 22,500,000.00 6.565000% 0.00 123,093.75 123,093.75 0.00 0.00 AIO 194,028,921.11 0.000000% 0.00 474,967.34 474,967.34 0.00 0.00 - ---------------------------------------------------------------------------------------------------------------------------------- Subordinate M1 4,500,000.00 7.247000% 0.00 27,176.25 27,176.25 0.00 0.00 M2 3,375,000.00 7.741000% 0.00 21,771.56 21,771.56 0.00 0.00 B1 2,250,000.00 8.037000% 0.00 15,069.38 15,069.38 0.00 0.00 B2 3,375,000.00 9.021000% 0.00 25,371.56 25,371.56 0.00 0.00 - ---------------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------------- Totals - - 184,866,841.52 - 6,564,277.08 1,475,032.01 8,039,309.09 - - - ---------------------------------------------------------------------------------------------------------------------------------- Class Information - -------------------------------------------------------------------------------- Ending Cert. Unpaid Type Class Code Name Notional Bal. Interest - -------------------------------------------------------------------------------- Senior A1 27,647,564.44 0.00 A2 15,504,000.00 0.00 A3 47,878,000.00 0.00 A4 25,859,000.00 0.00 A5 25,414,000.00 0.00 A6 22,500,000.00 0.00 AIO 194,028,921.11 0.00 - -------------------------------------------------------------------------------- Subordinate M1 4,500,000.00 0.00 M2 3,375,000.00 0.00 B1 2,250,000.00 0.00 B2 3,375,000.00 0.00 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Totals - - 178,302,564.44 - - -------------------------------------------------------------------------------- Payment Date: 12/25/01 ------------------------------------------------------------ Countrywide Home Loans Asset-Backed Certificates, Series 2001-BC1 ------------------------------------------------------------ Class Information Current Payment Information Factors per $1,000 - ------------------------------------------------------------------------------------------------------------------------ Beginning Pass Thru CUSIP Principal Interest Ending Cert./ Type Class Code Name Cert. Bal.(Face) Rate Numbers Dist. Dist. Notional Bal. - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ Senior A1 34,211,841.52 5.923000% 126671KP0 88.294802 2.271356 371.881962 A2 15,504,000.00 6.011000% 126671KQ8 0.000000 5.009167 1,000.000000 A3 47,878,000.00 6.237000% 126671KR6 0.000000 5.197500 1,000.000000 A4 25,859,000.00 6.602000% 126671KS4 0.000000 5.501667 1,000.000000 A5 25,414,000.00 7.080000% 126671KT2 0.000000 5.900000 1,000.000000 A6 22,500,000.00 6.565000% 126671KU9 0.000000 5.470833 1,000.000000 AIO 194,028,921.11 0.000000% 126671KZ8 0.000000 2.110966 862.350760 - ------------------------------------------------------------------------------------------------------------------------ Subordinate M1 4,500,000.00 7.247000% 126671KV7 0.000000 6.039167 1,000.000000 M2 3,375,000.00 7.741000% 126671KW5 0.000000 6.450833 1,000.000000 B1 2,250,000.00 8.037000% 126671KX3 0.000000 6.697500 1,000.000000 B2 3,375,000.00 9.021000% 126671KY1 0.000000 7.517500 1,000.000000 - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ Totals - - 184,866,841.52 - - - - - - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------ Countrywide Home Loans Asset-Backed Certificates, Series 2001-BC1 ------------------------------------------------------------ - -------------------------------------------------------------------------------- COLLATERAL INFORMATION - -------------------------------------------------------------------------------- Total ----- Prin balance 178,302,564.45 178,302,564.45 Loan count 2134 2134 Avg loan rate 10.751073% 10.75 Prepay amount 6,395,555.42 6,395,555.42 - -------------------------------------------------------------------------------- FEES AND ADVANCES - -------------------------------------------------------------------------------- Total ----- Master serv fees 70,409.84 70,409.84 Sub servicer fees 0.00 0.00 Trustee fees 0.00 0.00 Agg advances N/A N/A Adv this period 397,828.92 397,828.92 - -------------------------------------------------------------------------------- LOSSES & INSURANCE COVERAGES - -------------------------------------------------------------------------------- Total ----- Realized losses 0.00 0.00 Cumulative losses 0.00 0.00 Coverage Amounts Total - ---------------- ----- Bankruptcy 0.00 0.00 Fraud 4,183,489.29 4,183,489.29 Special Hazard 0.00 0.00 Aggregate Certificate Information ----------------------------------------------------------------------------- Class Aggregate Aggregate Aggregate Type Percentage Prepay Pct. End Cert. Bal. ----------------------------------------------------------------------------- Senior 92.697447% 100.000000% 171,366,841.52 ----------------------------------------------------------------------------- Junior 7.302553% 0.000000% 13,500,000.00 ----------------------------------------------------------------------------- - -------------------------------------------------------------------------------- DELINQUENCY INFORMATION - -------------------------------------------------------------------------------- Period Loan Count Ending Stated Balance - ------ ---------- --------------------- 30 to 59 days 263 22,245,345.73 60 to 89 days 71 5,351,328.52 90 or more 52 4,546,957.78 Foreclosure 96 7,139,434.59 Totals: 482 39,283,066.62 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- REO INFORMATION - -------------------------------------------------------------------------------- REO Date Loan Number Ending Stated Balance Book Value -------- ----------- --------------------- ---------- N/A # 0 N/A N/A # 0 N/A Totals: 0 N/A Current Total Outstanding Balance: 97,628.20 Current Total Outstanding Number of Loans: 2 - -------------------------------------------------------------------------------- OTHER INFORMATION - -------------------------------------------------------------------------------- Amount/Withdrawal Total/Ending Bal. ----------------- ----------------- Available remittance amount 8,039,309.09 8,039,309.09 Principal remittance amount 6,564,277.08 6,564,277.08 Interest remittance amount 1,475,032.01 1,475,032.01