-----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, R3skjnYjC25sNkN5fSm9t4MgX2IDriLR5FBamgEsja6bhz3FMuwQ++854DBd3feq CxYLbCyO85/2TBYL/abVig== 0001056404-02-001320.txt : 20021029 0001056404-02-001320.hdr.sgml : 20021029 20021029172824 ACCESSION NUMBER: 0001056404-02-001320 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20021015 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20021029 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASSET BACKED PASS THROUGH CERTIFICATES SERIES 2002 HE2 CENTRAL INDEX KEY: 0001174519 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-86750-01 FILM NUMBER: 02801855 BUSINESS ADDRESS: STREET 1: 11 MADISON AVE STREET 2: PARK AVE PLAZA CITY: NEW YORK STATE: NY ZIP: 10010 8-K 1 abs02he2.txt OCTOBER 8K UNITED STATES 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): October 15, 2002 ASSET BACKED SECURITIES CORP HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2002-HE2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-86750-01 Pooling and Servicing Agreement) (Commission (State or other File Number) 52-2365569 jurisdiction 52-2365566 of Incorporation) 52-2365568 52-2365570 52-2365567 IRS EIN c/o Wells Fargo Bank Minnesota, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) ITEM 5. Other Events On October 15, 2002 a distribution was made to holders of ASSET BACKED SECURITIES CORP HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series 2002-HE2 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan Asset Backed Pass-Through Certificates, Series 2002-HE2 Trust, relating to the October 15, 2002 distribution. 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 SECURITIES CORP HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2002-HE2 Trust By: Wells Fargo Bank Minnesota, N.A. as Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 10/24/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan Asset Backed Pass-Through Certificates., Series 2002-HE2 Trust, relating to the October 15, 2002 distribution. EX-99.1
Asset Backed Securities Corp Home Equity Loan Trust Asset Backed Pass-Through Certificates Record Date: 9/30/02 Distribution Date: 10/15/02 ABSC Series: 2002-HE2 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution R 045413CZ2 RES 0.00000% 0.00 0.00 0.00 A-IO 045413CU3 SEN IO 6.50000% 0.00 548,166.66 0.00 B-IO 045413DA6 SUB IO 3.50000% 0.00 204,166.67 0.00 A1 045413CT6 SEN 2.12313% 347,110,343.88 593,662.53 5,717,439.15 A2 045413DB4 SEN 2.13313% 344,558,460.72 592,073.65 6,173,227.55 M1 045413CV1 MEZ 2.52313% 62,161,000.00 126,343.56 0.00 M2 045413DC2 MEZ 2.95313% 45,020,000.00 107,098.54 0.00 B 045413CW9 SUB 3.97313% 34,295,390.00 109,765.03 0.00 X 045413CX7 SUB OC 0.00000% 0.01 5.33 0.00 P 045413CY5 SEN 0.00000% 100.00 138,740.03 0.00 Totals 833,145,294.61 2,420,022.00 11,890,666.70
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses R 0.00 0.00 0.00 0.00 A-IO 0.00 0.00 548,166.66 0.00 B-IO 0.00 0.00 204,166.67 0.00 A1 0.00 341,392,904.73 6,311,101.68 0.00 A2 0.00 338,385,233.17 6,765,301.20 0.00 M1 0.00 62,161,000.00 126,343.56 0.00 M2 0.00 45,020,000.00 107,098.54 0.00 B 0.00 34,295,390.00 109,765.03 0.00 X 0.00 13,855,027.88 5.33 0.00 P 0.00 100.00 138,740.03 0.00 Totals 0.00 835,109,655.78 14,310,688.70 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.
Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) R 0.00 0.00 0.00 0.00 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 B-IO 0.00 0.00 0.00 0.00 0.00 0.00 A1 357,948,000.00 347,110,343.88 0.00 5,717,439.15 0.00 0.00 A2 357,948,000.00 344,558,460.72 0.00 6,173,227.55 0.00 0.00 M1 62,161,000.00 62,161,000.00 0.00 0.00 0.00 0.00 M2 45,020,000.00 45,020,000.00 0.00 0.00 0.00 0.00 B 34,295,390.00 34,295,390.00 0.00 0.00 0.00 0.00 X 0.00 0.01 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 Totals 857,372,490.00 833,145,294.61 0.00 11,890,666.70 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution R 0.00 0.00 0.00000000 0.00 A-IO 0.00 0.00 0.00000000 0.00 B-IO 0.00 0.00 0.00000000 0.00 A1 5,717,439.15 341,392,904.73 0.95375000 5,717,439.15 A2 6,173,227.55 338,385,233.17 0.94534746 6,173,227.55 M1 0.00 62,161,000.00 1.00000000 0.00 M2 0.00 45,020,000.00 1.00000000 0.00 B 0.00 34,295,390.00 1.00000000 0.00 X 0.00 13,855,027.88 0.00000000 0.00 P 0.00 100.00 1.00000000 0.00 Totals 11,890,666.70 835,109,655.78 0.97403365 11,890,666.70
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A1 357,948,000.00 969.72281974 0.00000000 15.97282049 0.00000000 A2 357,948,000.00 962.59361896 0.00000000 17.24615740 0.00000000 M1 62,161,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 45,020,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 34,295,390.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination.
Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A1 0.00000000 15.97282049 953.74999925 0.95375000 15.97282049 A2 0.00000000 17.24615740 945.34746156 0.94534746 17.24615740 M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall R 0.00 0.00000% 0.00 0.00 0.00 0.00 A-IO 0.00 6.50000% 101,200,000.00 548,166.67 0.00 0.00 B-IO 0.00 3.50000% 70,000,000.00 204,166.67 0.00 0.00 A1 357,948,000.00 2.12313% 347,110,343.88 593,662.53 0.00 0.00 A2 357,948,000.00 2.13313% 344,558,460.72 592,073.66 0.00 0.00 M1 62,161,000.00 2.52313% 62,161,000.00 126,343.56 0.00 0.00 M2 45,020,000.00 2.95313% 45,020,000.00 107,098.54 0.00 0.00 B 34,295,390.00 3.97313% 34,295,390.00 109,765.03 0.00 0.00 X 0.00 0.00000% 0.01 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 857,372,490.00 2,281,276.66 0.00 0.00
Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance R 0.00 0.00 0.00 0.00 0.00 A-IO 0.00 0.00 548,166.66 0.00 98,700,000.00 B-IO 0.00 0.00 204,166.67 0.00 70,000,000.00 A1 0.00 0.00 593,662.53 0.00 341,392,904.73 A2 0.00 0.00 592,073.65 0.00 338,385,233.17 M1 0.00 0.00 126,343.56 0.00 62,161,000.00 M2 0.00 0.00 107,098.54 0.00 45,020,000.00 B 0.00 0.00 109,765.03 0.00 34,295,390.00 X 0.00 0.00 5.33 0.00 13,855,027.88 P 0.00 0.00 138,740.03 0.00 100.00 Totals 0.00 0.00 2,420,022.00 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 A-IO 0.00 6.50000% 902.12159030 4.88649198 0.00000000 0.00000000 B-IO 0.00 3.50000% 1000.00000000 2.91666671 0.00000000 0.00000000 A1 357,948,000.00 2.12313% 969.72281974 1.65851613 0.00000000 0.00000000 A2 357,948,000.00 2.13313% 962.59361896 1.65407730 0.00000000 0.00000000 M1 62,161,000.00 2.52313% 1000.00000000 2.03252136 0.00000000 0.00000000 M2 45,020,000.00 2.95313% 1000.00000000 2.37891026 0.00000000 0.00000000 B 34,295,390.00 3.97313% 1000.00000000 3.20057681 0.00000000 0.00000000 X 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination.
Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-IO 0.00000000 0.00000000 4.88649189 0.00000000 879.83597789 B-IO 0.00000000 0.00000000 2.91666671 0.00000000 1000.00000000 A1 0.00000000 0.00000000 1.65851613 0.00000000 953.74999925 A2 0.00000000 0.00000000 1.65407727 0.00000000 945.34746156 M1 0.00000000 0.00000000 2.03252136 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.37891026 0.00000000 1000.00000000 B 0.00000000 0.00000000 3.20057681 0.00000000 1000.00000000 X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 1387400.30000000 0.00000000 1000.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 13,820,496.34 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 773,222.34 Realized Losses (42,025.59) Prepayment Penalties 138,740.03 Total Deposits 14,690,433.12 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 379,744.42 Payment of Interest and Principal 14,310,688.70 Total Withdrawals (Pool Distribution Amount) 14,690,433.12 Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES Gross Servicing Fee 351,469.42 Strip Amount 28,275.00 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 379,744.42
OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 5,000.00 5.33 5.33 5,000.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 4 6 0 10 266,413.17 643,509.02 0.00 909,922.19 30 Days 142 0 5 0 147 18,265,948.62 0.00 769,420.46 0.00 19,035,369.08 60 Days 17 1 45 0 63 2,154,546.82 93,443.35 5,838,487.17 0.00 8,086,477.34 90 Days 6 1 43 0 50 509,005.69 37,100.00 5,008,075.86 0.00 5,554,181.55 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 165 6 99 0 270 20,929,501.13 396,956.52 12,259,492.51 0.00 33,585,950.16 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.066667% 0.100000% 0.000000% 0.166667% 0.031902% 0.077057% 0.000000% 0.108958% 30 Days 2.366667% 0.000000% 0.083333% 0.000000% 2.450000% 2.187252% 0.000000% 0.092134% 0.000000% 2.279386% 60 Days 0.283333% 0.016667% 0.750000% 0.000000% 1.050000% 0.257996% 0.011189% 0.699128% 0.000000% 0.968313% 90 Days 0.100000% 0.016667% 0.716667% 0.000000% 0.833333% 0.060951% 0.004443% 0.599691% 0.000000% 0.665084% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 2.750000% 0.100000% 1.650000% 0.000000% 4.500000% 2.506198% 0.047533% 1.468010% 0.000000% 4.021741% (7) For the delinquency information on pages 7(a)-7(c), Group 1 is WMC; Group 2 is New Century; Group 3 is Equicon; Group 4 is Cityscape; and Group 5 is Long Beach originated loans, respectively.
OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 773,222.34
COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 8.787117% Weighted Average Net Coupon 8.287117% Weighted Average Pass-Through Rate 8.246893% Weighted Average Maturity(Stepdown Calculation ) 344 Beginning Scheduled Collateral Loan Count 6,050 Number Of Loans Paid In Full 50 Ending Scheduled Collateral Loan Count 6,000 Beginning Scheduled Collateral Balance 843,526,563.49 Ending Scheduled Collateral Balance 835,109,655.78 Ending Actual Collateral Balance at 30-Sep-2002 835,109,655.78 Monthly P &I Constant 6,750,974.04 Special Servicing Fee 0.00 Prepayment Penalties 138,740.03 Realized Loss Amount 42,025.59 Cumulative Realized Loss 42,025.59 Ending Scheduled Balance for Premium Loans 835,109,655.78 Scheduled Principal 574,168.40 Unscheduled Principal 7,842,739.31 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 15,004,019.00 Overcollateralized Amount 10,381,268.89 Overcollateralized Deficiency Amount 4,622,750.11 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 3,515,784.58 Excess Cash Amount 3,515,784.58
Miscellaneous Reporting Credit Enhancement Percentage 18.1841580% Payment under the CAP Agreement 0.00 A1 PTR for next Distribution Date 2.10% A2 PTR for next Distribution Date 2.11% B PTR for next Distribution Date 3.95% M1 PTR for next Distribution Date 2.50% M2 PTR for next Distribution Date 2.93% Prefunding Account Balance 0.00 Subsequent Transfer Amount 0.00
Group Level Collateral Statement Group 1 2 Total Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed & Mixed ARM Weighted Average Coupon Rate 8.656781 8.917924 8.787117 Weighted Average Net Rate 8.156781 8.417924 8.287117 Weighted Average Maturity 344 349 344 Beginning Loan Count 2,547 3,503 6,050 Loans Paid In Full 25 25 50 Ending Loan Count 2,522 3,478 6,000 Beginning Scheduled Balance 422,524,267.64 421,002,295.85 843,526,563.49 Ending scheduled Balance 418,497,337.94 416,612,317.84 835,109,655.78 Record Date 09/30/2002 09/30/2002 09/30/2002 Principal And Interest Constant 3,359,781.68 3,391,192.36 6,750,974.04 Scheduled Principal 311,698.19 262,470.21 574,168.40 Unscheduled Principal 3,715,231.51 4,127,507.80 7,842,739.31 Scheduled Interest 3,186,823.52 3,128,722.15 6,315,545.67 Servicing Fees 176,051.78 175,417.64 351,469.42 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 0.00 0.00 0.00 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest 3,010,771.74 2,953,304.51 5,964,076.25 Realized Loss Amount 0.00 42,025.59 42,025.59 Cumulative Realized Loss 0.00 42,025.59 42,025.59 Percentage of Cumulative Losses 0.00 0.00 0.00 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 8.550813 8.417924 8.246893
-----END PRIVACY-ENHANCED MESSAGE-----