SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): October 26, 2004
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ASSET BACKED FUNDING CORPORATION
(Exact Name of Registrant as Specified in Charter)
Delaware 333-108551 75-2533468
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
214 North Tryon Street, Charlotte, North Carolina 28255
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (704) 386-2400
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N/A
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(Former Name or Former Address, if Change Since Last Report:)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligations of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] 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.
Filing of Computational Materials
On or about October 21, 2004, the Registrant will cause the issuance
and sale of the First Franklin Mortgage Loan Trust 2004-FF10, Asset-Backed
Certificates, Series 2004-FF10, consisting of Class A-1, Class A-2, Class A-3
(the "Senior Certificates"), Class M-1, Class M-2, Class M-3, Class M-4, Class
M-5, Class M-6, Class M-7A and Class M-7F (the "Mezzanine Certificates") (the
Class A-1, Class A-2, Class A-3, Class M-1, Class M-2, Class M-3, Class M-4,
Class M-5 and Class M-7F Certificates, are referred to herein as the "Offered
Certificates") pursuant to a Pooling and Servicing Agreement, to be dated as of
or around October 1, 2004, among the Registrant, as depositor, Countrywide Home
Loan Servicing LP, as servicer, and JPMorgan Chase Bank, as trustee.
In connection with the sale of the Offered Certificates, the Registrant
has been advised by Banc of America Securities LLC, as representative of the
underwriters (the "Lead Underwriter"), that the Lead Underwriter has furnished
to prospective investors Computational Materials (as defined in the no-action
letter, dated May 20, 1994, issued by the Securities and Exchange Commission to
Kidder, Peabody Acceptance Corporation I, Kidder, Peabody & Co. Incorporated and
Kidder Structured Asset Corporation), Collateral Term Sheets and Structural Term
Sheets (as each are defined in the no-action letter, dated February 17, 1995,
issued by the Securities and Exchange Commission to the Public Securities
Association), prepared by Banc of America Securities LLC, which are hereby filed
pursuant to such letters (collectively, the "Filed Documents").
The Filed Documents have been provided to the Registrant by the Lead
Underwriter. The information in the Filed Documents is preliminary and may be
superseded by the final Prospectus Supplement relating to the Offered
Certificates and by any other information subsequently filed with the Securities
and Exchange Commission.
The Computational Materials were prepared by the Lead Underwriter,
based on assumptions that differ from the assumptions set forth in the
Prospectus Supplement. The Computational Materials may not include, and do not
purport to include, information based on assumptions representing a complete set
of possible scenarios.
In addition, the actual characteristics and performance of the mortgage
loans underlying the Offered Certificates (the "Mortgage Loans") may differ from
the assumptions used in the Computational Materials, which are hypothetical in
nature and which were provided to investors only to give a general sense of how
the yield, average life, duration, expected maturity, interest rate sensitivity
and cash flow characteristics of a particular class of Offered Certificates
might vary under varying prepayment and other scenarios. Any difference between
such assumptions and the actual characteristics and performance of the Mortgage
Loans will affect the actual yield, average life, duration, expected maturity,
interest rate sensitivity and cash flow characteristics of the Offered
Certificates.
Section 9 - Financial Statements and Exhibits
Item 9.01 (c). Exhibits
(c) Exhibits (executed copies): The following execution copies of
Exhibits to the Form S-3 Registration Statement of the
Registrant are hereby filed:
99.1 Computational Materials, Structural Term Sheets and
Collateral Term Sheets prepared by Banc of America
Securities LLC in connection with First Franklin
Mortgage Loan Trust 2004-FF10, Asset-Backed
Certificates, Series 2004-FF10
Signature page to follow
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 hereunto duly authorized.
ASSET BACKED FUNDING
CORPORATION
By: /s/ Bruce W. Good
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Name: Bruce W. Good
Title: Vice President
Date: October 26, 2004
ASSET BACKED FUNDING CORPORATION
EXHIBIT INDEX
Paper (P) or
Exhibit No. Exhibit Description Electronic (E)
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99.1 Computational Materials, Structural Term Sheets and E
Collateral Term Sheets prepared by Banc of America
Securities LLC in connection with First Franklin Mortgage
Loan Trust 2004-FF10, Asset-Backed Certificates, Series
2004-FF10