8-K 1 cbass012_8k1201.txt CBASS 2001-CB2, 8K DEC. 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):26-Dec-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 26-Dec-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 26-Dec-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 26-Dec-2001 C-BASS MORTGAGE LOAN ASSET BACKED CERTIFICATES SERIES 2001-CB2 STATEMENT TO CERTIFICATEHOLDERS Distribution Date: 12/26/2001 Beginning Ending Certificate Certificate Class Cusip Balance(1) PrincipalInterest Losses Balance A-1F 12489WDF8 35,388,106.1,700,705 150,458.43 $0.00 $33,687,401.17 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 76,235,852.1,494,669 151,836.41 $0.00 $74,741,183.40 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 33,459.76NA $4,508,000.00 N-1 NA 1,817,434.4521,817.3 12,116.23NA $1,295,617.13 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 172,908,9593,717,191 774,086.75 0.00169,713,584.57 AMOUNTS PER $1,000 UNIT Ending Current Certificate Pass-Through Class Principal Interest Total Balance Losses Interest Rate A-1F 41.1315004 3.6388321144.770332814.7286729 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 17.9367497 1.8221098019.758859896.9300780 0.00000000 2.39000% 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 7.422307017.42230701000.000000 0.00000000 8.90677% N-1 101.818011 2.36414244104.18215252.8033428 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:26-Dec-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$30,884.49 Overcollateralization Target Amount $1,878,409.11 Overcollateralization Amount (after distrib$1,878,409.11 Amount of Excess Interest $539,922.15 Amount of Excess Cashflow $539,922.15 Group 1A Group 1B Group 2 iv) Servicing FeesServicing F $8,001 $33,098 $31,765 Accrued and $0 $0 $0 Special Ser $11,550 $31,800 $19,050 PMI Premium $0 $20,904 $21,300 v) Advances $620,198.99 vi) Begining Pool Princip$19,202,1$79,348,517$76,236,711 Ending Pool Principal$19,142,5$77,723,883$74,725,604 Ending Loan Count 690 vii) Wt'd avg Rem term of the Mortg Weighted average Mortage Rate 8.3607% 10.2311% 10.7658% viii) Delinquency And Foreclosure Information: All Categories Bankruptcy Group 1A Number Balance Number Balance Current 3,66 - 30 days De 1,00 169,871 60 days de 1,02 568,817 90 days de 5 465,505 120+ days 12,865 9,166,530 Foreclosure Number Balance Current - 30 days De - 60 days de - 90 days de - 120+ days 1,226,760 Group 1B All Categories Bankruptcy Number Balance Number Balance Current 51,893 - 30 days De 6,72 220,949 60 days de 3,12 606,843 90 days de 1,80 575,562 120+ days 14,004 7,418,295 Foreclosure Number Balance Current - 30 days De - 60 days de 89,542 90 days de 346,942 120+ days 3,565,532 Group 2 All Categories Bankruptcy Number Balance Number Balance Current 48,561 - 30 days De 6,73 192,466 60 days de 4,42 489,001 90 days de 1,88 113,646 120+ days 12,596 4,414,504 Foreclosure Number Balance Current - 30 days De - 60 days de 315,862 90 days de 577,032 120+ days 5,360,628 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 1,52 1,442,226 xii) Current Period Prepayment Pena 37,396 Aggregate Prepayment Penalties 198,873 Prepayment Penalties allocable 0 xiii) Aggregate Realized Losses incu 0 0 30884 Cumulative Realized Losses 0 0 30884 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 192.02 793.49 762.37 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 0.196804 xxiv) Balance of Re-Performing 60+ Day Del. Loa 0.108145 xxv) Available Funds Group 1A Group 1B Group 2 Scheduled Interest Ne 117,15 624,5 611,847.68 Scheduled Principal 27,5 102,6 37,996.41 Unscheduled Principal 32,0 1,521,99 1,442,226.41 Available F 176,79 2,249,16 2,092,070.50 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% 2.3900% 2.2200% LIBOR 6.6413% 2.1000% 1.9300% ACE SECURITIES CORP. By: /s/ Sheryl Christopherson Name: Sheryl Christopherson Title: Vice President Dated: 12/26/2001