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): May 25, 2005 CWA (Depositor) (Issuer in respect of Asset Backed Certificates, Series 2005-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) , , 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) 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 under the Exchange Act (17 CFR 240.14a-12) []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)) Section 8 - Other Events Item 8.01 Other Events Section 9 - Financial Statements and Exhibits Item 9.01 Financial Statements and Exhibits 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: May 25, 2005 CWA By: /s/ Mark Baumer ------------------------------ Name: Mark Baumer Assistant Treasurer The Bank of New York, as Trustee EXHIBIT INDEX Exhibit 99 Monthly Remittance Statement dated May 25, 2005 Payment Date: 05/25/05 ------------------------------------------------------------ Countrywide Home Loans Servicing LP Asset Backed Certificates, Series 2005-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 1A1 236,395,691.87 3.220000% 9,750,286.31 634,328.44 10,384,614.75 0.00 0.00 1A2 59,099,413.40 3.270000% 2,437,591.80 161,045.90 2,598,637.71 0.00 0.00 2A1 65,982,137.64 3.110000% 3,488,407.38 171,003.71 3,659,411.09 0.00 0.00 2A2 48,903,000.00 3.220000% 0.00 131,223.05 131,223.05 0.00 0.00 2A3 12,252,000.00 3.330000% 0.00 33,999.30 33,999.30 0.00 0.00 C 542,257,243.88 0.000000% 0.00 1,219,992.79 1,219,992.79 0.00 0.00 P 100.00 0.000000% 0.00 276,313.51 276,313.51 0.00 0.00 Residual AR 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00 - ---------------------------------------------------------------------------------------------------------------------------------- Subordinate M1 23,925,000.00 3.430000% 0.00 68,385.63 68,385.63 0.00 0.00 M2 18,700,000.00 3.460000% 0.00 53,918.33 53,918.33 0.00 0.00 M3 11,275,000.00 3.500000% 0.00 32,885.42 32,885.42 0.00 0.00 M4 10,450,000.00 3.620000% 0.00 31,524.17 31,524.17 0.00 0.00 M5 9,350,000.00 3.680000% 0.00 28,673.33 28,673.33 0.00 0.00 M6 9,075,000.00 3.750000% 0.00 28,359.38 28,359.38 0.00 0.00 M7 8,250,000.00 4.220000% 0.00 29,012.50 29,012.50 0.00 0.00 M8 6,875,000.00 4.320000% 0.00 24,750.00 24,750.00 0.00 0.00 B 6,875,000.00 4.920000% 0.00 28,187.50 28,187.50 0.00 0.00 - ---------------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------------- Totals - - 527,407,342.91 - 15,676,285.49 2,953,602.95 18,629,888.44 - - - ---------------------------------------------------------------------------------------------------------------------------------- Class Information - -------------------------------------------------------------------------------- Ending Cert. Unpaid Type Class Code Name Notional Bal. Interest - -------------------------------------------------------------------------------- Senior 1A1 226,645,405.57 0.00 1A2 56,661,821.59 0.00 2A1 62,493,730.26 0.00 2A2 48,903,000.00 0.00 2A3 12,252,000.00 0.00 C 526,580,958.39 0.00 P 100.00 0.00 Residual AR 0.00 0.00 - -------------------------------------------------------------------------------- Subordinate M1 23,925,000.00 0.00 M2 18,700,000.00 0.00 M3 11,275,000.00 0.00 M4 10,450,000.00 0.00 M5 9,350,000.00 0.00 M6 9,075,000.00 0.00 M7 8,250,000.00 0.00 M8 6,875,000.00 0.00 B 6,875,000.00 0.00 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Totals - - 511,731,057.42 - - -------------------------------------------------------------------------------- Payment Date: 05/25/05 ------------------------------------------------------------ Countrywide Home Loans Servicing LP Asset Backed Certificates, Series 2005-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 1A1 236,395,691.87 3.220000% 126673YD8 40.455941 2.631959 940.398347 1A2 59,099,413.40 3.270000% 126673YE6 40.455941 2.672828 940.398347 2A1 65,982,137.64 3.110000% 126673YF3 51.332569 2.516352 919.606961 2A2 48,903,000.00 3.220000% 126673YG1 0.000000 2.683333 1,000.000000 2A3 12,252,000.00 3.330000% 126673YH9 0.000000 2.775000 1,000.000000 C 542,257,243.88 0.000000% 126673YT3 0.000000 2.218169 957.419924 P 100.00 0.000000% 126673YU0 0.000000 2,763,135.100000 1,000.000000 Residual AR 0.00 0.000000% 126673YV8 0.000000 0.000000 0.000000 - ------------------------------------------------------------------------------------------------------------------------ Subordinate M1 23,925,000.00 3.430000% 126673YJ5 0.000000 2.858333 1,000.000000 M2 18,700,000.00 3.460000% 126673YK2 0.000000 2.883333 1,000.000000 M3 11,275,000.00 3.500000% 126673YL0 0.000000 2.916667 1,000.000000 M4 10,450,000.00 3.620000% 126673YM8 0.000000 3.016667 1,000.000000 M5 9,350,000.00 3.680000% 126673YN6 0.000000 3.066667 1,000.000000 M6 9,075,000.00 3.750000% 126673YP1 0.000000 3.125000 1,000.000000 M7 8,250,000.00 4.220000% 126673YQ9 0.000000 3.516667 1,000.000000 M8 6,875,000.00 4.320000% 126673YR7 0.000000 3.600000 1,000.000000 B 6,875,000.00 4.920000% 126673YS5 0.000000 4.100000 1,000.000000 - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ Totals - - 527,407,342.91 - - - - - - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------ Countrywide Home Loans Servicing LP Asset Backed Certificates, Series 2005-BC1 ------------------------------------------------------------ - -------------------------------------------------------------------------------- COLLATERAL INFORMATION - -------------------------------------------------------------------------------- Total ----- Prin balance 367,044,133.60 159,536,824.79 526,580,958.39 Loan count 2010 569 2579 Avg loan rate 6.419614% 6.466638% 6.43 Prepay amount 11,925,420.14 3,391,190.11 15,316,610.25 - -------------------------------------------------------------------------------- FEES AND ADVANCES - -------------------------------------------------------------------------------- Total ----- Master serv fees 150,621.99 65,190.77 215,812.76 Sub servicer fees 0.00 0.00 0.00 Trustee fees 2,844.24 1,222.69 4,066.93 Agg advances N/A N/A N/A Adv this period 39,114.07 17,261.29 56,375.36 - -------------------------------------------------------------------------------- LOSSES & INSURANCE COVERAGES - -------------------------------------------------------------------------------- Total ----- Realized losses 0.00 0.00 0.00 Cumulative losses 0.00 0.00 0.00 Coverage Amounts Total - ---------------- ----- Bankruptcy 0.00 0.00 0.00 Fraud 7,699,999.16 3,300,001.56 11,000,000.72 Special Hazard 0.00 0.00 0.00 Aggregate Certificate Information ----------------------------------------------------------------------------- Class Aggregate Aggregate Aggregate Type Percentage Prepay Pct. End Cert. Bal. ----------------------------------------------------------------------------- Senior 80.133951% 100.000000% 422,632,342.91 ----------------------------------------------------------------------------- Junior 19.866049% 0.000000% 104,775,000.00 ----------------------------------------------------------------------------- - -------------------------------------------------------------------------------- DELINQUENCY INFORMATION - -------------------------------------------------------------------------------- Period Loan Count Ending Stated Balance - ------ ---------- --------------------- 30 to 59 days 32 6,857,299.49 60 to 89 days 6 1,057,750.57 90 or more 0 0.00 Foreclosure 3 374,675.37 Totals: 41 8,289,725.43 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 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 Totals: 0 N/A Current Total Outstanding Balance: 0.00 Current Total Outstanding Number of Loans: 0 - -------------------------------------------------------------------------------- OTHER INFORMATION - -------------------------------------------------------------------------------- Amount/Withdrawal Total/Ending Bal. ----------------- ----------------- Available remittance amount 18,629,888.44 18,629,888.44 Principal remittance amount 15,676,285.49 15,676,285.49 Interest remittance amount 2,953,602.95 2,953,602.95