8-K 1 cbass012_8k0801.txt CBASS 2001-CB2. AUGUST 2001, 8K 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 (Date of earliest event reported):27-Aug-2001 ACE Securities Corporation (AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT, DATED AS OF MAY 1, 2001, PROVIDING FOR THE ISSUANCE OF C-BASS MORTGAGE LOAN ASSET-BACKED CERTIFICATES SERIES 2001-CB2 ACE SECURITIES CORP. (Exact name of registrant as specified in its charter) Delaware 333-45458 56-2088493 (State or Other (Commission (I.R.S. Employer Jurisdiction of File Number) Identification Incorporation) Number) 6525 Morrison Boulevard Suite 318 Charlotte, NC 28211 (Address of Principal (Zip Code) Executive Offices) Registrant's telephone number, including area code: 704-365-0569 Item 5. Other Events On 27-Aug-200a scheduled distribution was made from the trust to holders of the certificates. The Trustee has caused to be filed with the commission, the Monthly Report dated 27-Aug-200The Monthly Report is filed pursuant to and in accordance with (1) numerous no-action letters (2) current Commission policy in the area. A. Monthly Report Information: See Exhibit No.1 B. Have any deficiencies occurred? NO. Date: Amount: C. Item 1: Legal Proceedings: NONE D. Item 2: Changes in Securities:NONE E. Item 4: Submission of Matters to a Vote of Certificateholders: NONE F. Item 5: Other Information - Form 10-Q, Part II - Items 1,2,4,5 if applicable: NOT APPLICABLE Item 7. Monthly Statements and Exhibits Exhibit No. 1. Monthly Distribution Report dated 27-Aug-2001 C-BASS MORTGAGE LOAN ASSET BACKED CERTIFICATES SERIES 2001-CB2 STATEMENT TO CERTIFICATEHOLDERS Distribution Date: 8/27/2001 Beginning Ending Certificate Certificate Class Cusip Balance(1) PrincipalInterest Losses Balance A-1F 12489WDF8 39,989,412.1,280,725 170,021.65 $0.00 $38,708,687.10 A-2F 12489WDG6 16,768,000. 0.00 83,476.69 $0.00 $16,768,000.00 A-3F 12489WDH4 24,794,000. 0.00 147,152.39 $0.00 $24,794,000.00 A-1A 12489WDJ0 82,131,764.3,407,918 307,361.02 $0.00 $78,723,845.56 M-1 12489WDK7 6,574,000.0 0.00 40,972.46 $0.00 $6,574,000.00 M-2 12489WDL5 4,884,000.0 0.00 32,140.79 $0.00 $4,884,000.00 B-1 12489WDM3 3,757,000.0 0.00 26,640.26 $0.00 $3,757,000.00 B-2 NA 4,508,000.0 0.00 33,810.00NA $4,508,000.00 N-1 NA 3,910,208.7534,962.6 26,068.06NA $3,375,246.15 N-2 NA 1,875,000.0 0.00 12,500.00NA $1,875,000.00 A-IO 12489WDE1 50,000,000. 0.00 83,333.33NA $50,000,000.00 X NA 2,000,000.0 0.00 0.00NA $2,000,000.00 R-3 NA 0.00 0.00 0.00NA $0.00 Total 183,406,1765,223,606 963,476.65 0.00178,717,532.66 AMOUNTS PER $1,000 UNIT Ending Current Certificate Pass-Through Class Principal Interest Total Balance Losses Interest Rate A-1F 30.9743080 4.1119679335.086276936.1683056 0.00000000 5.10200% A-2F 0.00000000 4.978333134.97833311000.000000 0.00000000 5.97400% A-3F 0.00000000 5.935000005.93500001000.000000 0.00000000 7.12200% A-1A 40.8966571 3.6884797844.585136944.7239356 0.00000000 4.08250% M-1 0.00000000 6.232500766.23250071000.000000 0.00000000 7.47900% M-2 0.00000000 6.580833336.58083331000.000000 0.00000000 7.89700% B-1 0.00000000 7.090833117.09083311000.000000 0.00000000 8.50900% B-2 0.00000000 7.500000007.50000001000.000000 0.00000000 9.00000% N-1 104.382946 5.08645073109.46939658.5846145 0.00000000 8.00000% N-2 0.00000000 6.666666676.66666661000.000000 0.00000000 8.00000% A-IO 0.00000000 1.666666601.66666661000.000000 0.00000000 2.00000% X 0.00000000 0.000000000.00000001000.000000 0.00000000 9.00000% R-3 0.00000000 0.000000000.0000000 0.00000000 0.00000000 0.00000% Distribution Date:27-Aug-2001 Distribution Statement Pooling and Servicing Agreement Dated May 1, 2000 i) Distributions to the Holders See Page 1 ii) Class X Distribution Amount See Page 1 iii) Overcollateralization Amount (before distri$1,878,409.11 Overcollateralization Amount (after distrib$1,878,409.11 Overcollateralization Release Amount $0.00 Overcollateralization Deficiency (after dis $0.00 Overcollateralization Target Amount $1,878,409.11 Amount of Excess Interest $512,159.13 Amount of Excess Cashflow $512,159.13 Group 1A Group 1B Group 2 iv) Servicing FeesServicing F $8,096 $34,029 $34,222 Accrued and $0 $0 $0 Special Ser $5,850 $3,150 $13,050 PMI Premium $0 $22,782 $23,012 v) Advances $553,667.05 vi) Begining Pool Princip$19,429,3$83,722,568$82,132,622 Ending Pool Principal$19,283,5$82,587,735$78,724,704 Ending Loan Count 725 vii) Wt'd avg Rem term of the Mortg Weighted average Mortage Rate 8.3730% 10.2866% 10.9092% viii) Delinquency And Foreclosure Information: All Categories Bankruptcy Group 1A Number Balance Number Balance Current 3,65 - 30 days De 1,35 285,513 60 days de 6 392,137 90 days de 1,13 633,355 120+ days 12,456 9,691,820 Foreclosure Number Balance Current - 30 days De - 60 days de - 90 days de - 120+ days 365,413 Group 1B All Categories Bankruptcy Number Balance Number Balance Current 58,404 - 30 days De 7,60 284,349 60 days de 4,47 797,615 90 days de 2,62 510,124 120+ days 9,48 7,222,723 Foreclosure Number Balance Current - 30 days De - 60 days de - 90 days de - 120+ days 102,537 Group 2 All Categories Bankruptcy Number Balance Number Balance Current 57,913 - 30 days De 7,40 141,125 60 days de 3,85 167,577 90 days de 2,39 156,168 120+ days 7,14 4,247,192 Foreclosure Number Balance Current - 30 days De - 60 days de - 90 days de - 120+ days 787,958 ix) Loans that became REO properties (see page 5) x) Total Book Value of REO Properties: (see page 5) Group 1A Group 1B Group 2 xi) Prepayment 1,02 3,369,550 xii) Current Period Prepayment Pena 61,372 Aggregate Prepayment Penalties 99,644 Prepayment Penalties allocable 0 xiii) Aggregate Realized Losses incu 0 0 0 Cumulative Realized Losses 0 0 0 xiv) Realized Loss Allocations See Page 1 xv) Accrued Certificate Interest See Page 1 xvi) Prepayment Interest Shortfall and Class Carryover Shortfall Class Carryover PPIS Shortfall A-1F 0 0 A-2F 0 0 A-3F 0 0 A-1A 0 0 M-1 0 0 M-2 0 0 B-1 0 0 B-2 0 0 N-1 0 0 N-2 0 0 A-IO 0 0 X 0 0 0 0 xvii) Reserved xviii) Reserved Group 1A Group 1B Group 2 xix) Trustee Fees 194.29 837.23 821.33 xx) Reserve Fund Beginning Balance 5000.00 LIBOR Carryover Fund 0.00 LIBOR Carryover dist 0.00 LIBOR Carryover owed 0.00 Ending Balance 5000.00 xxii) Trigger Event Occurrence NO Cumulative Loss Percentage of 0.00 xxiii) Balance of 60+ Day Del. Loans as a % of O 0.091371 xxiv) Balance of Re-Performing 60+ Day Del. Loa 0.153731 xxv) Available Funds Group 1A Group 1B Group 2 Scheduled Interest Ne 127,43 644,0 689,444.05 Scheduled Principal 27,3 105,4 38,368.65 Unscheduled Principal 118,53 1,029,33 3,369,549.79 Available F 273,33 1,778,91 4,097,362.49 xxvi) Offered Certificates Pass-Through Rates See Page 1 xxvii) Liquidation Report See Page 6 xxviii) Mortgage Loans Purchased by Servicer xxix) Mortgage Loans Re-Purchased by Servicer Libor Information Original Current PerNext Period Class A-1V 6.9513% 4.0825% 3.8700% LIBOR 6.6413% 3.7925% 3.5800% ACE SECURITIES CORP. By: /s/ Sheryl Christopherson Name: Sheryl Christopherson Title: Vice President Dated: 8/27/2001