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 - August 26, 2002
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(Date of Earliest Event Reported)
EQUITY ONE ABS, INC.
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(as depositor under a certain Pooling and Servicing Agreement dated as of
March 31, 2002, providing for the issuance of
Mortgage Pass-Through Certificates, Series 2002-2)
(Exact Name of Registrant as specified in its charter)
Delaware 333-81506-01 52-2029487
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(State of Incorporation) (Commission File No.) (IRS Employer I.D. No.)
103 Springer Building, 3411 Silverside Road, Wilmington, Delaware 19803
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(Address of principal executive offices)
Registrant's telephone number, including area code: (302) 478-6160
Item 5. Other Events.
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Attached hereto as Annex A is a copy of the Statement to Certificateholders
sent to Class AF-1, AF-2, AF-3, AF-4, AV-1 and A-IO Certificateholders with
respect to the August 26, 2002 Distribution Date.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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The quarterly financial statements for the period ended June 30, 2002 for
Ambac Assurance Corporation are incorporated into this report by reference to
the Form 10-Q filed by Ambac Financial Group, Inc. with the United States
Securities and Exchange Commission on August 14, 2002.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
EQUITY ONE ABS, INC.
By: /s/ James H. Jenkins
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James H. Jenkins,
Senior Vice President and CFO
Dated: August 28, 2002
3
ANNEX A
Page 1 of 5
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Equity One Mortgage Pass-Through Trust 2002-2
Statement to Certificateholders
August 26, 2002
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DISTRIBUTION IN DOLLARS
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ORIGINAL BEGINNING ENDING
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
- ------- ---------------- --------------- -------------- ------------- --------------- --------- -------- ---------------
AF1 89,800,000.00 82,376,136.68 2,586,038.92 145,485.78 2,731,524.70 0.00 0.00 79,790,097.76
AF2 32,200,000.00 32,200,000.00 0.00 134,837.50 134,837.50 0.00 0.00 32,200,000.00
AF3 37,700,000.00 37,700,000.00 0.00 181,368.42 181,368.42 0.00 0.00 37,700,000.00
AF4 30,282,000.00 30,282,000.00 0.00 165,011.67 165,011.67 0.00 0.00 30,282,000.00
AV1 97,570,000.00 93,565,366.81 2,263,615.40 176,059.25 2,439,674.65 0.00 0.00 91,301,751.41
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------- ---------------- --------------- -------------- ------------- --------------- --------- -------- ---------------
TOTALS 287,552,000.00 276,123,503.49 4,849,654.32 802,762.62 5,652,416.94 0.00 0.00 271,273,849.17
- ------- ---------------- --------------- -------------- ------------- --------------- --------- -------- ---------------
- ------- ---------------- --------------- -------------- ------------- --------------- --------- -------- ---------------
AIO 19,000,000.00 19,000,000.00 0.00 95,000.00 95,000.00 0.00 0.00 19,000,000.00
X 287,553,584.06 279,232,468.04 0.00 12.61 12.61 0.00 0.00 275,360,647.62
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FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH RATES
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CURRENT
BEGINNING ENDING PASS-THRU
CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL CLASS RATE
- ------ --------- ----------------- ---------------- -------------- --------------- ---------------- ------- -----------
AF1 294754AV8 917.32891626 28.79776080 1.62010891 30.41786971 888.53115546 AF1 1.986880 %
AF2 294754AW6 1,000.00000000 0.00000000 4.18750000 4.18750000 1,000.00000000 AF2 5.025000 %
AF3 294754AX4 1,000.00000000 0.00000000 4.81083342 4.81083342 1,000.00000000 AF3 5.773000 %
AF4 294754AY2 1,000.00000000 0.00000000 5.44916683 5.44916683 1,000.00000000 AF4 6.539000 %
AV1 294754AZ9 958.95630634 23.19991186 1.80444040 25.00435226 935.75639449 AV1 2.116880 %
- ------ --------- ----------------- ---------------- -------------- --------------- ---------------- ------- -----------
TOTALS 960.25589629 16.86531243 2.79171287 19.65702530 943.39058386 AIO 6.000000 %
- ------ --------- ----------------- ---------------- -------------- --------------- ----------------
- ------ --------- ----------------- ---------------- -------------- --------------- ---------------- ------- -----------
AIO 294754BA3 1,000.00000000 0.00000000 5.00000000 5.00000000 1,000.00000000
X N/A 971.06238113 0.00000000 0.00004385 0.00004385 957.59768921 X 0.000000 %
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IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE
ADMINISTRATOR LISTED BELOW:
Peggy L Remy
JPMorgan Chase Bank - Structured Finance Services
450 West 33 Street, 14 Floor
New York, New York 10001
Tel: (212) 946-3232 / Fax: (212) 946-8302
Email: Peggy.l.remy@jpmorgan.com
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[JPMORGAN
LOGO] Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved.
Page 2 of 5
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Equity One Mortgage Pass-Through Trust 2002-2
August 26, 2002
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Sec. 4.03(a)(i) Funds Allocable to Certificate Principal
Group I Scheduled Principal 175,654.72
Group I Curtailments 25,124.14
Group I Prepayments 1,860,837.77
Group I Liquidation Proceeds 0.00
AF Available Distributable Excess
Spread 524,422.29
Group II Scheduled Principal 60,141.21
Group II Curtailments 2,985.23
Group II Prepayments 1,747,077.35
Group II Liquidation Proceeds 0.00
AV-1 Available Distributable Excess
Spread 453,411.61
Sec. 4.03 (a)(ii) Interest Distribution Amounts
Interest Distribution - AF-1 145,485.78
Unpaid Interest - AF-1 0.00
Remaining Unpaid Interest - AF-1 0.00
Interest Distribution - AF-2 134,837.50
Unpaid Interest - AF-2 0.00
Remaining Unpaid Interest - AF-2 0.00
Interest Distribution - AF-3 181,368.42
Unpaid Interest - AF-3 0.00
Remaining Unpaid Interest - AF-3 0.00
Interest Distribution - AF-4 165,011.67
Unpaid Interest - AF-4 0.00
Remaining Unpaid Interest - AF-4 0.00
Interest Distribution - AV-1 176,059.25
Unpaid Interest - AV-1 0.00
Remaining Unpaid Interest - AV-1 0.00
Sec. 4.03(a)(iii) Available Funds Shortfall
Class AF Available Funds Shortfall 0.00
Class AV-1 Available Funds Shortfall 0.00
Sec. 4.03(a)(v) Pool Principal Balances
Group I Beginning Pool Balance 184,228,945.05
Group I Ending Pool Balance 182,167,328.42
Group II Beginning Pool Balance 95,003,522.99
Group II Ending Pool Balance 93,193,319.20
[JPMORGAN
LOGO] Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved.
Page 3 of 5
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Equity One Mortgage Pass-Through Trust 2002-2
August 26, 2002
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Sec. 4.03(a)(vi) Servicing Fee
Group I Servicing Fee 76,762.06
Group II Servicing Fee 39,584.80
Sec. 4.03(a)(viii) Delinquency Advances
Group I Delinquency Advances
Included in Current Distribution 0.00
Group I Recouped Advances Included
in Current Distribution 65,382.44
Group I Aggregate Amount of Advances
Outstanding 178,238.19
Group II Delinquency Advances
Included in Current Distribution 0.00
Group II Recouped Advances Included
in Current Distribution 20,115.42
Group II Aggregate Amount of Advances
Outstanding 105,357.81
Section 4.03(a)(ix) A Group I and Group II Loans Delinquent
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Group 1
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Period Number Principal Balance Percentage
0-30 days 230 26,368,745.30 14.48 %
31-60 days 17 1,974,206.79 1.08 %
61-90 days 8 1,035,761.35 0.57 %
91+days 5 699,774.41 0.38 %
Total 260 30,078,487.85 16.51 %
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Group 2
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Period Number Principal Balance Percentage
0-30 days 77 8,502,475.71 9.12 %
31-60 days 8 804,114.10 0.86 %
61-90 days 4 293,467.64 0.31 %
91+days 4 479,386.51 0.51 %
Total 93 10,079,443.96 10.80 %
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Sec. 4.03 (a)(ix) B Group I and Group II Loans in Foreclosure
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Group 1
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Number Principal Balance Percentage
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2 237,100.82 0.13 %
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Group 2
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Number Principal Balance Percentage
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1 25,385.12 0.03 %
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[JPMORGAN
LOGO] Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved.
Page 4 of 5
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Equity One Mortgage Pass-Through Trust 2002-2
August 26, 2002
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Sec. 4.03(a)(x),(xi) Group I and Group II Loans in REO
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Group 1
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Number Principal Balance Percentage
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0 0.00 0.00 %
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Group 2
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Number Principal Balance Percentage
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0 0.00 0.00 %
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Market Value of Group I REO Loans 0.00
Market Value of Group II REO Loans 0.00
Sec. 4.03(a)(xii) Aggregate Stated Principal Balance of the
Three Largest Loans
Group I Three Largest Loans 1,385,594.90
Group II Three Largest Loans 1,427,122.71
Sec. 4.03(a)(xiii) Net WAC Cap Carryover
Class AF Net WAC Cap Carryover Amounts
Due 0.00
Class AF Net WAC Cap Carryover Amounts
Paid 0.00
Class AF Net WAC Cap Carryover Remaining
Amounts Due 0.00
Class AV-1 Net WAC Cap Carryover Amounts
Due 0.00
Class AV-1 Net WAC Cap Carryover Amounts
Paid 0.00
Class AV-1 Net WAC Cap Carryover
Remaining Amounts Due 0.00
Sec. 4.03(a)(xiv) Aggregate Principal Balance of Balloon
Loans w/ Original Terms <= 36 Months 60+ Delinquent
Group I Aggregate Principal Balance of
Balloon Loans 0.00
Group II Aggregate Principal Balance of
Balloon Loans 0.00
Sec. 4.03 (a)(xv), Loan Losses
(xxii)
Group I Current Period Loan Losses 0.00
Group I Cumulative Loan Losses 0.00
Group II Current Period Loan Losses 0.00
Group II Cumulative Loan Losses 0.00
Sec. 4.03 (a)(xvi) Reserve Fund
Beginning Balance of Reserve Fund 0.00
Funds Withdrawn From Reserve Fund For
Distribution to Class AV-1 0.00
Funds Deposited to Reserve Fund 0.00
Ending Balance of Reserve Fund 0.00
Sec. 4.03 (a)(xvii) Number of Loans Repurchased
Group I Number of Loans Repurchased 0.00
Group II Number of Loans Repurchased 0.00
[JPMORGAN
LOGO] Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved.
Page 5 of 5
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Equity One Mortgage Pass-Through Trust 2002-2
August 26, 2002
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Sec. 4.03 (a)(xviii) Weighted Average Mortgage Rate of Outstanding
Loans (as of first day of related Due Period)
Group I Weighted Average Mortgage Rate 8.83
Group II Weighted Average Mortgage Rate 8.66
Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans
Group I Weighted Average Remaining Term 239.00
Group II Weighted Average Remaining Term 354.00
Sec. 4.03 (a)(xx) Overcollateralization Amounts
Class AF Overcollateralization
Target Amount 6,649,400.71
Class AF Overcollateralization
Amount 2,195,230.66
Class AV-1 Overcollateralization
Target Amount 6,829,949.47
Class AV-1 Overcollateralization
Amount 1,891,567.79
Sec. 4.03 (a)(xxi) Distributable Excess Spread Included in Distribution
Class AF Distributable Excess Spread 524,422.29
Class AV-1 Distributable Excess
Spread 453,411.61
Sec. 4.03 (a)(xxiii) Amount of Funds Collected by Trustee under Yield
Maintenance Agreement 0.00
Sec. 4.03 (a)(xxiv) Cross-Collateralization Amounts
Class AF Cross-Collateralization Amount 0.00
Class AV-1 Cross-Collateralization Amount 0.00
[JPMORGAN
LOGO] Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved.