SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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): November 2, 2004
ASSET BACKED FUNDING CORPORATION
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(Exact Name of Registrant as Specified in Charter)
Delaware 333-108551 75-2533468
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(State or Other Jurisdiction of (Commission (I.R.S. Employer
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
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:
1.1 Underwriting Agreement, dated as of October 18, 2004 by and
among Asset Backed Funding Corporation, Banc of America
Securities LLC, Countrywide Securities Corporation and
Blaylock and Partners, L.P.
4.1 Pooling and Servicing Agreement, dated as of October 1,
2004, by and among Asset Backed Funding Corporation,
Countrywide Home Loans Servicing LP and JPMorgan Chase Bank.
(including exhibits)
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: November 2, 2004
ASSET BACKED FUNDING CORPORATION
EXHIBIT INDEX
Paper (P) or
Exhibit No. Exhibit Description Electronic (E)
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1.1 Underwriting Agreement, dated as of October E
18, 2004 by and among Asset Backed Funding
Corporation, Banc of America Securities LLC,
Countrywide Securities Corporation and
Blaylock and Partners, L.P.
4.1 Pooling and Servicing Agreement, dated as of E
October 1, 2004, by and among Asset Backed
Funding Corporation, Countrywide Home Loans
Servicing LP and JPMorgan Chase Bank.
(including exhibits)