-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, T+9WrYBdZOz5z/WdZ0Xsf1waN/V9A8hCfYSMaETbC+ZYEPnzWBEW06s0EctURVr4 lc9ACQPc6pSjjcxpYitQ+Q== 0001051170-00-000037.txt : 20000501 0001051170-00-000037.hdr.sgml : 20000501 ACCESSION NUMBER: 0001051170-00-000037 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASSET BACKED SEC CORP HOME EQUITY LOAN TR 1999-LB1 CENTRAL INDEX KEY: 0001091605 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 133354848 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: SEC FILE NUMBER: 333-64351-03 FILM NUMBER: 611238 BUSINESS ADDRESS: STREET 1: 11 MADISON AVE STREET 2: PARK AVE PLAZA CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 2123251811 MAIL ADDRESS: STREET 1: 11 MADISON AVENUE STREET 2: PARK AVENUE PLAZA CITY: NEW YORK STATE: NY ZIP: 10010 10-K/A 1 FORM 10-K/A SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K/A [X] Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the period from July 21, 1999 (Commencement of Operations) to December 31, 1999 [ ] 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 333-64351-03 ASSET BACKED SECURITIES CORPORATION (Exact name of registrant as specified in its charter) Delaware 13-3354848 (State or other jurisdiction of I.R.S. Employer incorporation or organization) Identification No.) 11 Madison Avenue Park Avenue Plaza New York, New York 10010 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code : (212) 325-1811 ASSET BACKED SECURITIES CORPORATION HOME EQUITY LOAN TRUST, SERIES 1999-LB1 (Title of each class of securities covered by this Form) 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 [ ] Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K 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/A or any amendment to this Form 10-K/A. [X] Documents incorporated by reference: None Page 1 of 5 This report consists of 9 consecutively numbered pages. AMENDMENT NUMBER 1 OF 1 -2- ASSET BACKED SECURITIES CORPORATION HOME EQUITY LOAN TRUST, SERIES 1999-LB1 - ----------------------------------------------------------------------- PART IV Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K (a) The following documents are filed as part of this report: (1) Financial Statements: Omitted. (2) Financial Statement Schedules: Omitted. (3) Exhibits: Annual Servicer Statement of Compliance, filed as Exhibit 99.1 hereto. Annual Statement of Independent Accountants Report for the Servicer, filed as Exhibit 99.2 hereto. (b) Reports on Form 8-K: The following Current Reports on Form 8-K were filed by the Registrant during the last quarter of 1999. Current Reports on Form 8-K, dated October 21, 1999, November 22, 1999, and December 21, 1999 were filed for the purpose of filing the Monthly Statement sent to the Holders of the Offered Certificates for payments made on the same dates. The item reported in such Current Report was Item 5 (Other Events). (c) Exhibits to this report are listed in Item (14)(a)(3) above. -3- SIGNATURE Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. THE CHASE MANHATTAN BANK, not in its individual capacity but solely as Trustee under the Agreement referred to herein Date: April 27, 2000 By: /s/Thomas J. Provenzano ----------------------------- Thomas J. Provenzano Vice President -4- EXHIBIT INDEX Exhibit Description Page 99.1 Servicer's Annual Statement of Compliance 6 99.2 Servicer's Annual Independent Accountant's Report 8 -5- EXHIBIT 99.1 - Servicer's Annual Statement of Compliance -6- Long Beach Mortgage Company OFFICER'S CERTIFICATE Master Servicer: Long Beach Mortgage Company Agreement: Pooling and Servicing Agreement dated June 1, 1999 Deal: Asset Backed Securities Corporation Equity Loan Trust 1999-LB1 Subject Period: June 1, 1999 through December 31, 1999 Certificate Date: April 14, 2000 This certificate is delivered to The Chase Manhattan Bank, as Trustee pursuant to Sections 8.16 and 8.17 of the Pooling and Servicing Agreement dated June 1, 1999 ("the Agreement"). The undersigned officer of Long Beach Mortgage Company ("the Company") represents solely the activities of the Company and does not make any representations for any other master servicer under the Agreement. Pursuant to Section 8.16 of the Agreement; the undersigned officer of the Company has supervised a review of the Company's activities during the Subject Period with respect to the terms of the Agreement and has determined the following: (a) to undersigned officer's best knowledge, the Company has fulfilled its obligations under this Agreement and (b) there has not been a default in the fulfillment of any obligation under the Agreement. Pursuant to Section 8.17 of the Agreement; attached to this certificate is a copy of the letter issued to Long Beach Mortgage Company, by Deloitte & Touche LLP regarding the Company's compliance with the Uniform Single Attestation Program for Mortgage Bankers for the year ended December 31, 1999. Long Beach Mortgage Company /s/ James R. Guerin Senior Vice President Loan Servicing Division -7- EXHIBIT 99.2 - Servicer's Annual Independent Accountant's Report -8- Deloitte & Touche Deloitte & Touche LLP Suite 1200 695 Town Center Drive Cosla Mesa, California 92626-1924 Telephone (714) 436-7100 Facsimile (7T4) 436-7200 INDEPENDENT ACCOUNTANTS' REPORT The Board of Directors Long Beach Mortgage Company We have examined management's assertion about Long Beach Mortgage Company's compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP) as of and for the year ended December 31, 1999, included in the accompanying management assertion. Management is responsible for Long Beach Mortgage Company's compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the entity's compliance based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about Long Beach Mortgage Company's compliance with the minimum servicing standards and performing such other procedures as we considered necessary, in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on Long Beach Mortgage Company's compliance with the minimum servicing standards. In our opinion, management's assertion that Long Beach Mortgage Company complied with the aforementioned minimum servicing standards as of and for the year ended December 31, 1999, is fairly stated, in all material respects. /s/ Deloitte & Touche, LLP February 22, 2000 Deloitte Touche Tohmatsu -9- -----END PRIVACY-ENHANCED MESSAGE-----