UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended DECEMBER 31, 2002
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ___________________ to __________________.
Commission file number 333-81506-04
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EQUITY ONE ABS, INC.
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(AS DEPOSITOR UNDER A CERTAIN POOLING AND SERVICING AGREEMENT DATED AS OF
SEPTEMBER 30, 2002, PROVIDING FOR THE ISSUANCE OF
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2002-5)
(Exact name of registrant as specified in its charter)
Delaware 52-2029487
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
103 SPRINGER BUILDING, 3411 SILVERSIDE ROAD,
WILMINGTON, DELAWARE 19803
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (302) 478-6160
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Securities registered pursuant to Section 12(b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Act: NONE
Indicate by check mark whether the registrant (1) has 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) has been subject to such filing
requirements for the past 90 days. Yes X No *
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* THE CLOSING DATE FOR THE TRANSACTION WAS NOVEMBER 7, 2002.
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K (Sec. 229.405 of this chapter) is not contained herein, and
will not be contained, to the best of registrant's 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. [ ]
NOT APPLICABLE
Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act). Yes No X
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State the aggregate market value of the voting and non-voting common equity held
by non-affiliates computed by reference to the price at which the common equity
was last sold, or the average bid and asked price of such common equity, as of
the last business day of the registrant's most recently completed second fiscal
quarter.
NOT APPLICABLE
Indicate the number of shares outstanding of each of the registrant's classes of
common stock, as of the latest practicable date.
NOT APPLICABLE
This Annual Report on Form 10-K is filed by Equity One ABS, Inc. (the "Reporting
Person") on behalf of Equity One ABS, Inc. Mortgage Pass-Through Certificates,
Series 2002-5 Trust (the "Trust") established pursuant to that certain Pooling
and Servicing Agreement (the "Pooling and Servicing Agreement") dated as of
September 30, 2002 by and among the Reporting Person, as depositor, Equity One,
Inc., as servicer and a seller (the "Servicer"), JPMorgan Chase Bank, as trustee
(the "Trustee"), Federal Home Loan Mortgage Corporation, as guarantor, and the
various other sellers signatory thereto, for the issuance of the Equity One ABS,
Inc. Mortgage Pass-Through Certificates, Series 2002-5 (the "Certificates").
PART I
ITEM 1. BUSINESS
Omitted pursuant to First Union Residential Securitization Transactions, Inc.,
SEC No-Action Letter (April 1, 1997) (the "No-Action Letter").
ITEM 2. PROPERTIES
As of December 31, 2002, the Trust owned no real estate.
ITEM 3. LEGAL PROCEEDINGS
The Reporting Person knows of no material pending legal proceedings involving
the Trust or the Trustee, the Servicer or the registrant with respect to the
Trust, other than routine litigation incidental to the duties of the respective
parties under the Pooling and Servicing Agreement.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
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PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
(a) No established public trading market for the Certificates exists.
(b) As of December 31, 2002, the number of holders of record of the publicly
offered Certificates was 11.
(c) Omitted pursuant to the No-Action Letter.
ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA
Omitted pursuant to the No-Action Letter.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
Omitted pursuant to the No-Action Letter.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
Not Applicable.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Omitted pursuant to the No-Action Letter.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE.
None.
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PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
Omitted pursuant to the No-Action Letter.
ITEM 11. EXECUTIVE COMPENSATION
Omitted pursuant to the No-Action Letter.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
RELATED STOCK HOLDER MATTERS
Item 201(d) of Regulation S-K
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None.
Item 403 of Regulation S-K
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(a) None.
(b) Not applicable.
(c) Not applicable.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
(a) Not applicable.
(b) Not applicable.
(c) None.
(d) None.
ITEM 14. CONTROLS AND PROCEDURES
Not applicable.
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PART IV
ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
(a) Exhibits
99.1 Annual Independent Accountants' Servicing Report concerning servicing
activities under the Pooling and Servicing Agreement for the
Servicer's fiscal year ended November 30, 2002, in accordance with the
No-Action Letter.
99.2 Annual Statement of Compliance under the Pooling and Servicing
Agreement for the Servicer's fiscal year ended November 30, 2002, in
accordance with the No-Action Letter.
99.3 Aggregate Statement of Principal and Interest Distributions to
Certificateholders.
(b) On or about November 7, 2002, a report on Form 8-K was filed in order to
file the Opinion of Stradley, Ronon, Stevens & Young, LLP as to certain tax
matters. On or about November 7, 2002, a report on Form 8-K was filed in
order to file the Pooling and Servicing Agreement dated as of September 30,
2002. On or about November 26, 2002, a report on Form 8-K was filed in
order to provide the Monthly Statement to Certificateholders for the
November 25, 2002 distribution date. On or about December 27, 2002, a
report on Form 8-K was filed in order to provide the Monthly Statement to
Certificateholders for the December 26, 2002.
No other reports on Form 8-K have been filed during the last quarter of the
period covered by this report.
(c) Not applicable.
(d) Omitted pursuant to the No-Action Letter.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Reporting Person has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
EQUITY ONE ABS, INC.
Date: March 28, 2003 By:/s/ James H. Jenkins
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James H. Jenkins, Senior Vice President and CFO
CERTIFICATION
I, James H. Jenkins, certify that:
1. I have reviewed this annual report on Form 10-K, and all reports on Form
8-K containing distribution or servicing reports filed in respect of
periods included in the year covered by this annual report, of Equity One
ABS, Inc.;
2. Based on my knowledge, the information in these reports, taken as a whole,
does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading as of
the last day of the period covered by this annual report;
3. Based on my knowledge, the distribution or servicing information required
to be provided to the trustee by the servicer under the pooling and
servicing, or similar, agreement, for inclusion in these reports is
included in these reports;
4. Based on my knowledge and upon the annual compliance statement included in
the report and required to be delivered to the trustee in accordance with
the terms of the pooling and servicing, or similar, agreement, and except
as disclosed in the reports, the servicer has fulfilled its obligations
under the servicing agreement; and
5. The reports disclose all significant deficiencies relating to the
servicer's compliance with the minimum servicing standards based upon the
report provided by an independent public accountant, after conducting a
review in compliance with the Uniform Single Attestation Program for
Mortgage Bankers or similar procedure, as set forth in the pooling and
servicing, or similar, agreement, that is included in these reports.
In giving the certifications above, I have reasonably relied on information
provided to me by the following unaffiliated parties: JPMorgan Chase Bank, as
trustee.
Date: March 28, 2003
/s/ James H. Jenkins
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James H. Jenkins, Senior Vice President and CFO
Equity One ABS, Inc.
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION
15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO
SECTION 12 OF THE ACT
(a)(1) No annual report is provided to the Certificateholders other than with
respect to aggregate principal and interest distributions.
(a)(2) No proxy statement, form of proxy or other proxy soliciting material has
been sent to any Certificateholder with respect to any annual or other
meeting of Certificateholders.
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INDEX TO EXHIBITS
Exhibit
Number Description
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99.1 Annual Independent Accountants' Servicing Report concerning servicing
activities under the Pooling and Servicing Agreement for the Servicer's
fiscal year ended November 30, 2002, in accordance with the No-Action
Letter.
99.2 Annual Statement of Compliance under the Pooling and Servicing Agreement
for the Servicer's fiscal year ended November 30, 2002, in accordance with
the No-Action Letter.
99.3 Aggregate Statement of Principal and Interest Distributions to
Certificateholders.
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