SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the year ended January 31, 2002.
OR
BOMBARDIER CREDIT RECEIVABLES CORPORATION
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE AT OF 1934.
For the transition period from ____________ to ________________.
BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION,
AS DEPOSITOR
(exact name of Registrant as specified in its charter)
on behalf of
BCMSC TRUST Series 1998-C
Delaware 333-40113 03-0355080
(State of other jurisdiction of (Commission (IRS Employer
Incorporation) File Number) Identification No.)
1600 Mountain View Drive 05466
Colchester, Vermont (ZIP code)
(Address of principal executive
officers)
Registrant's telephone number, including area code: (802) 654-7200
Securities Registered Pursuant to Section 12(b) of the Securities Exchange
Act of 1934: None.
Securities Registered Pursuant to Section 12(g) of the Securities Exchange
Act of 1934: None.
Indicate by check mark whether the Registrants (1) have filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) have been subject to such
filing requirements for the past 90 days.
Yes X No ____
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of the Registrants' knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [ ]
The aggregate market value of the voting stock held by non-affiliates
of the Registrant. None.
As of March 31, 2002, there were 1,000 shares of Bombardier Capital
Mortgage Securitization Corporation Common Stock outstanding.
PART I
ITEM 1. BUSINESS
Bombardier Capital Mortgage Securitization Corporation is a
wholly-owned bankruptcy-remote subsidiary of Bombardier Capital Inc. The Series
1998-C was formed solely for the purpose of acquiring from Bombardier Capital
Mortgage Securitization Corporation certain manufactured housing installment
sales contracts and mortgage loans.
ITEM 2. PROPERTIES
Nothing to Report.
ITEM 3. LEGAL PROCEEDINGS
Nothing to Report.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Nothing to Report.
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
The sole holder of Bombardier Capital Mortgage Securitization
Corporation's equity shares is Bombardier Capital Inc. There is currently no
market for the equity shares of Bombardier Capital Mortgage Securitization
Corporation nor is it anticipated that such a market will develop.
ITEM 6. SELECTED FINANCIAL DATA
Nothing to Report.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Nothing to Report.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA
Nothing to Report.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
Nothing to Report.
PART III
ITEM 10. DIRECTORS AND OFFICERS OF THE REGISTRANT
Nothing to Report.
ITEM 11. EXECUTIVE COMPENSATION
Nothing to Report.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
Nothing to Report.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Nothing to Report.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
99.1 Annual Servicer's Certificate
99.2 Annual Report of Independent Accountants on Compliance
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, Bombardier Capital Mortgage Securitization Corporation has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION
By: /s/Robert Gillespie
Name: Robert Gillespie
Title: Director
Date: April 30, 2002
By: /s/Brian Peters
Name: Brian Peters
Title: Director
Date: April 30, 2002
By: /s/Laurence W. Howard, III
Name: Laurence W. Howard, III
Title: Director
Date: April 30, 2002
By: /s/Kevin Burns
Name: Kevin Burns
Title: Director
Date: April 30, 2002
Exhibit 99.1
ANNUAL SERVICER'S STATEMENT AS TO COMPLIANCE
("Officer's Certificate")
BOMBARDIER CAPITAL INC.
January 31, 2002
The undersigned, a duly authorized representative of Bombardier Capital Inc.
("BCI"), as Servicer, pursuant to the Pooling and Servicing Agreement as
incorporated into the Senior/Subordinated Pass-Through Certificates, Series
1998-C dated as of November 1, 1998 (the "Agreement"), by and among Bombardier
Capital Mortgage Securitization Corporation ("BCMSC"), as Depositor, BCI, as
Servicer, and The Bank of New York ("B of NY"), as Trustee, does hereby certify,
on behalf of BCI, that:
1. BCI is, as of the date hereof, the Servicer under the Agreement.
2. The undersigned is a Servicing Officer and is duly authorized pursuant to the
Agreement to execute and deliver this Officer's Certificate to B of NY.
3. A review of the activities of the Servicer for the preceding 12-month period
or since the Cut-off Date in the case of the first Officer's Certificate
relating to the Trust, and of its performance under the Agreement has been made
under such Officer's supervision.
4. Based on such review, the Servicer has, to the best of the Officer's
knowledge, fulfilled all of its obligations under the Agreement throughout such
period, except as noted on the attached Schedule A.
5. To the best of the Officer's knowledge, each subservicer fulfilled its
obligations under its subservicing agreement in all material respects.
IN WITNESS WHEREOF, the undersigned has duly executed this Officer's Certificate
on the 30th day of April 2002.
Bombardier Capital Inc.
By: /s/Richard W. Bauerband
Name: Richard W. Bauerband
Title: Vice President & General Manager
By: /s/Brian F. Peters
Name: Brian F. Peters
Title: Vice President & Chief Financial Officer
By: /s/Ana M. Dropps
Name: Ana M. Dropps
Title: Division Controller
Schedule A
BCI has determined that certain documents with respect to the loans (total of 19
loans) in the securitization pool Senior/Subordinated Pass-Through Certificates,
Series 1998-C are missing or may be defective. BCI is attempting to remedy such
missing or defective documentation, to the extent practicable, but in any event
it does not currently anticipate that the related Trusts will experience losses
as a result of such documentation issues.
With respect to any repossessed property held by a Trust for a period of more
than 12 months after the date of acquisition of such property by such Trust, the
related Pooling and Servicing Agreement calls for BCI to arrange for the
disposition of such property within one month after the end of that 12-month
period. BCI has determined that with respect to the loans in the securitization
pool Senior/Subordinated Pass-Through Certificates, Series 1998-C, the Trust for
the related series of pass-through certificates have held certain repossessed
properties (total of 23 loans) for periods of more than 13 months after the date
of acquisition of such properties. BCI is proceeding to liquidate such assets,
on behalf of such Trust, in an orderly fashion and expects to complete such
liquidations within the next several months.
Exhibit 99.2
Report on Management's Assertion on Compliance
with Minimum Servicing Standards Set Forth in the
Uniform Single Attestation Program for Mortgage Bankers
Report of Independent Accountants
Board of Directors
Bombardier Capital Inc.
We have examined management's assertion, included in the accompanying report
titled Report of Management that Bombardier Capital Inc. (BCI) complied with the
minimum servicing standards set forth in the Mortgage Bankers Association of
America's Uniform Single Attestation Program for Mortgage Bankers (USAP) during
the year ended January 31, 2002. Management is responsible for BCI's compliance
with those requirements. Our responsibility is to express an opinion on
management's assertions about BCI's compliance based on our examination.
Our examination was made in accordance with attestation standards established by
the American Institute of Certified Public Accountants and, accordingly,
included examining, on a test basis, evidence about BCI's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on BCI's
compliance with specified requirements.
In our opinion, management's assertion, that BCI complied with the
aforementioned requirements during the year ended January 31, 2002, is fairly
stated, in all material respects.
This report is intended solely for the information and use of the Board of
Directors, management, and BCI's private investors and counterparties and is not
intended to be and should not be used by anyone other than these specified
parties.
ERNST & YOUNG LLP
Boston, Massachusetts
February 26, 2002