0001019965-01-500124.txt : 20011010
0001019965-01-500124.hdr.sgml : 20011010
ACCESSION NUMBER: 0001019965-01-500124
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20010925
ITEM INFORMATION: Other events
ITEM INFORMATION: Financial statements and exhibits
FILED AS OF DATE: 20011005
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: ACE SECURITIES CORP
CENTRAL INDEX KEY: 0001063292
STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189]
IRS NUMBER: 562088493
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 333-56213
FILM NUMBER: 1752788
BUSINESS ADDRESS:
STREET 1: 6525 MORRISON BLVD
STREET 2: SUITE 318
CITY: CHARLOTTE
STATE: NC
ZIP: 28211
BUSINESS PHONE: 7043650569
MAIL ADDRESS:
STREET 1: 6525 MORRISON BLVD
STREET 2: SUITE 318
CITY: CHARLOTTE
STATE: NC
ZIP: 28211
8-K
1
cbass012_8k0901.txt
CBASS 01-2 8K, SEPTEMBER 2001
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):25-Sep-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 25-Sep-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
25-Sep-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 25-Sep-2001
C-BASS MORTGAGE LOAN
ASSET BACKED CERTIFICATES
SERIES 2001-CB2
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 9/25/2001
Beginning Ending
Certificate Certificate
Class Cusip Balance(1) PrincipalInterest Losses Balance
A-1F 12489WDF8 38,708,687.1,107,055 164,576.43 $0.00 $37,601,631.38
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 78,723,845.1,245,049 245,421.59 $0.00 $77,478,796.17
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 33,757.05NA $4,508,000.00
N-1 NA 3,375,246.1521,129.0 22,501.64NA $2,854,117.09
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 178,717,5322,873,234 892,472.63 0.00176,365,427.55
AMOUNTS PER $1,000 UNIT
Ending Current
Certificate Pass-Through
Class Principal Interest Total Balance Losses Interest Rate
A-1F 26.7741056 3.9802754730.754381909.3941999 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 14.9411903 2.9451768917.886367929.7827453 0.00000000 3.87000%
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 7.488254217.48825421000.000000 0.00000000 8.98591%
N-1 101.683720 4.39056390106.07428556.9008951 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:25-Sep-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 Release Amount $0.00
Overcollateralization Deficiency (after dis $0.00
Overcollateralization Target Amount $1,878,409.11
Overcollateralization Amount (after distrib$1,878,409.11
Amount of Excess Interest $522,291.67
Amount of Excess Cashflow $522,291.67
Group 1A Group 1B Group 2
iv) Servicing FeesServicing F $8,035 $33,833 $32,802
Accrued and $0 $0 $0
Special Ser $22,500 $8,550 $11,550
PMI Premium $0 $22,384 $22,368
v) Advances $567,634.26
vi) Begining Pool Princip$19,283,5$82,587,735$78,724,704
Ending Pool Principal$19,256,5$81,507,593$77,479,655
Ending Loan Count 715
vii) Wt'd avg Rem term of the Mortg
Weighted average Mortage Rate 8.3727% 10.2958% 10.8958%
viii) Delinquency And Foreclosure Information:
All Categories Bankruptcy
Group 1A Number Balance Number Balance
Current 3,65 -
30 days De 1,08 384,010
60 days de 1,19 358,677
90 days de 1,09 891,828
120+ days 12,230 9,223,789
Foreclosure
Number Balance
Current -
30 days De -
60 days de -
90 days de -
120+ days 197,802
Group 1B All Categories Bankruptcy
Number Balance Number Balance
Current 56,500 -
30 days De 7,31 368,183
60 days de 3,51 369,676
90 days de 3,10 461,503
120+ days 11,077 7,393,089
Foreclosure
Number Balance
Current -
30 days De -
60 days de 93,411
90 days de 620,299
120+ days 298,062
Group 2 All Categories Bankruptcy
Number Balance Number Balance
Current 56,029 -
30 days De 6,76 208,484
60 days de 3,29 225,784
90 days de 2,65 431,684
120+ days 8,74 4,139,267
Foreclosure
Number Balance
Current -
30 days De -
60 days de 174,928
90 days de 206,547
120+ days 954,406
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 9 1,207,679
xii) Current Period Prepayment Pena 33,839
Aggregate Prepayment Penalties 133,483
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 192.84 825.88 787.25
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 YES
Cumulative Loss Percentage of 0.00
xxiii) Balance of 60+ Day Del. Loans as a % of O 0.146972
xxiv) Balance of Re-Performing 60+ Day Del. Loa 0.116133
xxv) Available Funds Group 1A Group 1B Group 2
Scheduled Interest Ne 126,51 638,4 659,237.09
Scheduled Principal 26,8 107,6 37,370.45
Unscheduled Principal 972,4 1,207,678.94
Available F 153,42 1,718,55 1,904,286.48
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% 3.8700% 2.9513%
LIBOR 6.6413% 3.5800% 2.6613%
ACE SECURITIES CORP.
By: /s/ Sheryl Christopherson
Name: Sheryl Christopherson
Title: Vice President
Dated: 9/25/2001