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): June 25, 2003
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 June 25, 2003, 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 June 25, 2003 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: June 25, 2003
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 June 25, 2003
Payment Date: 06/25/03
------------------------------------------------------------
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 36,587,519.09 7.470000% 1,432,066.10 227,757.31 1,659,823.40 0.00 0.00
A2 11,549,978.34 1.770000% 342,605.44 16,468.34 359,073.78 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 6,803,959.41 8.000000% 0.00 19,714.83 19,714.83 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 54,941,456.83 - 1,774,671.54 263,940.48 2,038,612.02 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 35,155,452.99 0.00
A2 11,207,372.90 0.00
X 0.00 0.00
Residual R 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate BB 6,803,959.41 25,644.90
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 53,166,785.30 25,644.90
- --------------------------------------------------------------------------------
Payment Date: 06/25/03
------------------------------------------------------------
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 36,587,519.09 7.470000% 124860CP0 11.880521 1.889491 291.652104
A2 11,549,978.34 1.770000% 124860CQ8 5.848505 0.281126 191.317393
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 6,803,959.41 8.000000% NA 0.000000 1.239926 427.921975
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 54,941,456.83 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------
C-BASS, LLC
C-Bass Mortgage Loan Asset-Backed Certificates, Series 1999-CB5
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Prin balance 40,014,151.55 13,509,191.01 53,523,342.56
Loan count 637 102 739
Avg loan rate 9.488732% 9.282277% 9.44
Prepay amount 1,190,761.56 325,893.90 1,516,655.46
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Master serv fees 23,429.32 6,177.81 29,607.13
Sub servicer fees 0.00 0.00 0.00
Trustee fees 430.93 144.29 575.22
Agg advances N/A N/A N/A
Adv this period 0.00 0.00 0.00
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Realized losses 55,282.85 0.00 55,282.85
Cumulative losses 2,046,512.11 1,136,405.64 3,182,917.75
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 87.615983% 100.000000% 48,137,497.43
-----------------------------------------------------------------------------
Junior 12.384017% 0.000000% 6,803,959.41
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 52 3,551,469.36
60 to 89 days 11 565,908.47
90 or more 76 5,792,415.94
Foreclosure 22 1,802,466.46
Totals: 161 11,712,260.23
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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
Totals: 0 N/A
Current Total Outstanding Balance: 738,924.47
Current Total Outstanding Number of Loans: 13
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 2,038,612.02 2,038,612.02
Principal remittance amount 1,774,671.54 1,774,671.54
Interest remittance amount 263,940.48 263,940.48