8-K 1 as671351-8k.txt CURRENT REPORT 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: July 30, 2002 (Date of earliest event reported) Commission File No. 333-90830 Asset Backed Funding Corporation -------------------------------------------------------------------------------- Delaware 75-2533468 -------------------------------------------------------------------------------- (State of Incorporation) (I.R.S. Employer Identification No.) 100 North Tryon Street Charlotte, North Carolina 28255 -------------------------------------------------------------------------------- Address of principal executive offices (Zip Code) (704) 386-2400 -------------------------------------------------------------------------------- Registrant's Telephone Number, including area code -------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) ITEM 5. Other Events On July 30, 2002, Asset Backed Funding Corporation (the "Corporation"), sold ABFC Asset-Backed Certificates, Series 2002-NC1, Class A-1, Class A-2, Class A-IO, Class M-1, Class M-2, Class M-3 and Class M-4 (the "Offered Certificates"), having an aggregate original principal balance of $475,475,000.00. The Offered Certificates were issued pursuant to a Pooling and Servicing Agreement, dated as of July 1, 2002 (the "Agreement"), among the Corporation, as depositor, Ocwen Federal Bank FSB ("Ocwen"), as servicer, and U.S. Bank National Association ("U.S. Bank"), as trustee, a copy of which is filed as an exhibit hereto. ABFC Asset-Backed Certificates, Series 2002-NC1, Class B, Class CE, Class P and Class R (the "Private Certificates" and, together with the Offered Certificates, the "Certificates"), were also issued pursuant to the Agreement but were not publicly offered. As of the date of initial issuance, the Offered Certificates evidenced an approximate 99% undivided interest in a trust (the "Trust"), consisting primarily of conventional fixed-rate mortgage loans and adjustable-rate mortgage loans, secured by mortgages creating first liens on one- to four-family properties and certain other property. The remaining undivided interests in the Trust are evidenced by the Private Certificates. Interest on the Offered Certificates will be distributed on each Distribution Date (as defined in the Agreement). Monthly distributions in reduction of the principal balance of the Offered Certificates will be allocated to the Offered Certificates in accordance with the priorities set forth in the Agreement. An election will be made to treat certain assets of the Trust as one or more real estate mortgage investment conduits for federal income tax purposes (each, a "REMIC"). ITEM 7. Financial Statements and Exhibits Item 601(a) of Regulation S-K Exhibit No. Description ----------------- ----------- (EX-4) Pooling and Servicing Agreement, dated as of July 1, 2002, among Asset Backed Funding Corporation, Ocwen and U.S. Bank. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ASSET BACKED FUNDING CORPORATION July 30, 2002 By: /s/ Michael P. Schoffelen --------------------------------- Name: Michael P. Schoffelen Title: Senior Vice President INDEX TO EXHIBITS Paper (P) or Exhibit No. Description Electronic (E) ----------- ----------- -------------- (EX-4) Pooling and Servicing Agreement, dated as E of July 1, 2002, among Asset Backed Funding Corporation, Ocwen and U.S. Bank.