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): August 25, 2002
CBSS
(Depositor)
(Issuer in respect of C-Bass Mortgage Loan Asset-Backed Certificates, Series
(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)
, , N/A 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
CBSS
C-Bass Mortgage Loan Asset-Backed Certificates
Series 1999-CB5
On August 25, 2002, The Bank of New York, as Trustee for CBSS, C-Bass 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 CBSS 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 CBSS, C-Bass Mortgage Loan Asset-Backed
Certificates Series 1999-CB5 relating to the distribution
date of August 25, 2002 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: August 25, 2002
CBSS
By: /s/ Glenn Mitchell
------------------------------
Name: Glenn Mitchell
Assistant Treasurer
The Bank of New York,
as Trustee
EXHIBIT INDEX
Exhibit
99 Monthly Remittance Statement dated August 25, 2002
Payment Date: 08/25/02
------------------------------------------------------------
C-BASS, LLC
C-Bass Mortgage Loan Asset-Backed Certificates, Series 1999-CB5
------------------------------------------------------------
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 52,398,794.15 7.470000% 1,658,206.27 326,182.49 1,984,388.76 0.00 0.00
A2 16,285,215.56 2.286880% 256,387.63 33,104.30 289,491.93 0.00 0.00
X 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
Residual R 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate BB 11,935,310.04 8.000000% 127,579.67 79,568.73 207,148.40 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 80,619,319.74 - 2,042,173.57 438,855.52 2,481,029.09 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 50,740,587.88 0.00
A2 16,028,827.93 0.00
X 0.00 0.00
Residual R 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate BB 11,807,730.37 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 78,577,146.18 -
- --------------------------------------------------------------------------------
Payment Date: 08/25/02
------------------------------------------------------------
C-BASS, LLC
C-Bass Mortgage Loan Asset-Backed Certificates, Series 1999-CB5
------------------------------------------------------------
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 52,398,794.15 7.470000% 124860CP0 13.756596 2.706033 420.947477
A2 16,285,215.56 2.286880% 124860CQ8 4.376709 0.565113 273.622874
X 0.00 0.000000% NA 0.000000 0.000000 0.000000
Residual R 0.00 0.000000% NA 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate BB 11,935,310.04 8.000000% NA 8.023878 5.004323 742.624552
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 80,619,319.74 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------
C-BASS, LLC
C-Bass Mortgage Loan Asset-Backed Certificates, Series 1999-CB5
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Prin balance 57,756,059.40 20,812,768.34 78,568,827.74
Loan count 839 143 982
Avg loan rate 9.433240% 9.359024% 9.41
Prepay amount 1,571,828.73 232,688.15 1,804,516.88
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Master serv fees 33,586.94 9,357.23 42,944.17
Sub servicer fees 0.00 0.00 0.00
Trustee fees 618.90 219.47 838.37
Agg advances N/A N/A N/A
Adv this period 0.00 0.00 0.00
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Realized losses 0.00 0.00 0.00
Cumulative losses 1,344,707.87 905,090.75 2,249,798.62
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00 0.00
Fraud 1,275,540.28 633,634.49 1,909,174.77
Special Hazard 0.00 0.00 0.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 85.330507% 100.000000% 68,684,009.71
-----------------------------------------------------------------------------
Junior 14.669493% 0.000000% 11,807,730.37
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 54 3,526,353.18
60 to 89 days 29 2,435,642.21
90 or more 82 6,006,138.55
Foreclosure 32 3,034,744.40
Totals: 197 15,002,878.34
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
Totals: 0 N/A
Current Total Outstanding Balance: 1,747,455.42
Current Total Outstanding Number of Loans: 24
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 2,481,029.09 2,481,029.09
Principal remittance amount 2,042,173.57 2,042,173.57
Interest remittance amount 438,855.52 438,855.52