-----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, M0X2TDgKEKRpdAiQTM4c9lMRbrAN3Nfcymt3/sWzTJgvmJEE1XZn97+GshilxYgx sOlyWTosRTTEKyGHbBOq7g== 0001056404-02-001458.txt : 20021126 0001056404-02-001458.hdr.sgml : 20021126 20021126111830 ACCESSION NUMBER: 0001056404-02-001458 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20021115 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20021126 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: 02840274 BUSINESS ADDRESS: STREET 1: 11 MADISON AVE STREET 2: PARK AVE PLAZA CITY: NEW YORK STATE: NY ZIP: 10010 8-K 1 abs02he2.txt NOVEMBER 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): November 15, 2002 ASSET BACKED SECURITIES CORP HOME EQUITY LOAN TRUST Asset Backed Pass-ThroughCertificates, 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 52-2365569 (State or other File Number) 52-2365566 jurisdiction 52-2365568 of Incorporation) 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 November 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 Asset Backed Pass- Through Certificates, Series 2002-HE2 Trust, relating to the November 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: 11/22/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Pass-Through Certificates, Series 2002-HE2 Trust, relating to the November 15, 2002 distribution.
Asset Backed Securities Corp Home Equity Loan Trust Asset-Backed Certificates Record Date: 10/31/02 11/15/02 Distribution Date: 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% 0.00 534,625.00 0.00 B-IO 045413DA6 SUB IO 3.50000% 0.00 204,166.67 0.00 A1 045413CT6 SEN 2.10000% 341,392,904.73 617,352.17 6,512,105.42 A2 045413DB4 SEN 2.11000% 338,385,233.17 614,827.17 6,563,607.59 M1 045413CV1 MEZ 2.50000% 62,161,000.00 133,818.82 0.00 M2 045413DC2 MEZ 2.93000% 45,020,000.00 113,587.96 0.00 B 045413CW9 SUB 3.95000% 34,295,390.00 116,651.96 0.00 X 045413CX7 SUB OC 0.00000% 13,855,027.88 2,251,856.87 0.00 P 045413CY5 SEN 0.00000% 100.00 242,895.80 0.00 Totals 835,109,655.78 4,829,782.42 13,075,713.01
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 0.00 534,625.00 0.00 B-IO 0.00 0.00 204,166.67 0.00 A1 0.00 334,880,799.32 7,129,457.59 0.00 A2 0.00 331,821,625.58 7,178,434.76 0.00 M1 0.00 62,161,000.00 133,818.82 0.00 M2 0.00 45,020,000.00 113,587.96 0.00 B 0.00 34,295,390.00 116,651.96 0.00 X 0.00 15,004,019.00 2,251,856.87 0.00 P 0.00 100.00 242,895.80 0.00 Totals 0.00 823,182,933.90 17,905,495.43 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 357,948,000.00 341,392,904.73 0.00 6,512,105.42 0.00 0.00 A2 357,948,000.00 338,385,233.17 0.00 6,563,607.59 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 13,855,027.88 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 Totals 857,372,490.00 835,109,655.78 0.00 13,075,713.01 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 6,512,105.42 334,880,799.32 0.93555712 6,512,105.42 A2 6,563,607.59 331,821,625.58 0.92701070 6,563,607.59 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 15,004,019.00 0.00000000 0.00 P 0.00 100.00 1.00000000 0.00 Totals 13,075,713.01 823,182,933.90 0.96012287 13,075,713.01
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 357,948,000.00 953.74999925 0.00000000 18.19288114 0.00000000 A2 357,948,000.00 945.34746156 0.00000000 18.33676285 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 18.19288114 935.55711813 0.93555712 18.19288114 A2 0.00000000 18.33676285 927.01069870 0.92701070 18.33676285 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% 98,700,000.00 534,625.00 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 2.10000% 341,392,904.73 617,352.17 0.00 0.00 A2 357,948,000.00 2.11000% 338,385,233.17 614,827.17 0.00 0.00 M1 62,161,000.00 2.50000% 62,161,000.00 133,818.82 0.00 0.00 M2 45,020,000.00 2.93000% 45,020,000.00 113,587.96 0.00 0.00 B 34,295,390.00 3.95000% 34,295,390.00 116,651.96 0.00 0.00 X 0.00 0.00000% 13,855,027.88 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 857,372,490.00 2,335,029.75 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 0.00 534,625.00 0.00 96,200,000.00 B-IO 0.00 0.00 204,166.67 0.00 70,000,000.00 A1 0.00 0.00 617,352.17 0.00 334,880,799.32 A2 0.00 0.00 614,827.17 0.00 331,821,625.58 M1 0.00 0.00 133,818.82 0.00 62,161,000.00 M2 0.00 0.00 113,587.96 0.00 45,020,000.00 B 0.00 0.00 116,651.96 0.00 34,295,390.00 X 0.00 0.00 2,251,856.87 0.00 15,004,019.00 P 0.00 0.00 242,895.80 0.00 100.00 Totals 0.00 0.00 4,829,782.42 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% 879.83597789 4.76577821 0.00000000 0.00000000 B-IO 0.00 3.50000% 1000.00000000 2.91666671 0.00000000 0.00000000 A1 357,948,000.00 2.10000% 953.74999925 1.72469792 0.00000000 0.00000000 A2 357,948,000.00 2.11000% 945.34746156 1.71764382 0.00000000 0.00000000 M1 62,161,000.00 2.50000% 1000.00000000 2.15277779 0.00000000 0.00000000 M2 45,020,000.00 2.93000% 1000.00000000 2.52305553 0.00000000 0.00000000 B 34,295,390.00 3.95000% 1000.00000000 3.40138893 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 4.76577821 0.00000000 857.55036548 B-IO 0.00000000 0.00000000 2.91666671 0.00000000 1000.00000000 A1 0.00000000 0.00000000 1.72469792 0.00000000 935.55711813 A2 0.00000000 0.00000000 1.71764382 0.00000000 927.01069870 M1 0.00000000 0.00000000 2.15277779 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.52305553 0.00000000 1000.00000000 B 0.00000000 0.00000000 3.40138893 0.00000000 1000.00000000 X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 2428958.00000000 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 12,739,495.76 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 5,301,072.29 Realized Losses (2,383.60) Prepayment Penalties 242,895.80 Total Deposits 18,281,080.25 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 375,584.82 Payment of Interest and Principal 17,905,495.43 Total Withdrawals (Pool Distribution Amount) 18,281,080.25 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 347,962.32 Strip Amount 27,622.50 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 375,584.82
OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 5,000.00 5.62 5.62 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 9 5 0 14 971,989.55 578,337.20 0.00 1,550,326.75 30 Days 131 1 9 0 141 16,991,161.30 73,406.24 889,701.71 0.00 17,954,269.25 60 Days 16 1 62 0 79 2,240,029.01 108,692.57 8,440,597.90 0.00 10,789,319.48 90 Days 13 6 69 4 92 1,295,555.73 526,473.44 9,256,743.97 841,574.90 11,920,348.04 120 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 160 17 145 4 326 20,526,746.04 1,680,561.80 19,165,380.78 841,574.90 42,214,263.52 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 0.151796% 0.084331% 0.000000% 0.236128% 0.118077% 0.070256% 0.000000% 0.188333% 30 Days 2.209479% 0.016866% 0.151796% 0.000000% 2.378141% 2.064081% 0.008917% 0.108081% 0.000000% 2.181079% 60 Days 0.269860% 0.016866% 1.045708% 0.000000% 1.332434% 0.272118% 0.013204% 1.025361% 0.000000% 1.310683% 90 Days 0.219261% 0.101198% 1.163771% 0.067465% 1.551695% 0.157384% 0.063956% 1.124506% 0.102234% 1.448080% 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 2.698600% 0.286726% 2.445606% 0.067465% 5.498398% 2.493583% 0.204154% 2.328204% 0.102234% 5.128175% (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 5,301,072.29
COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 8.785204% Weighted Average Net Coupon 8.285204% Weighted Average Pass-Through Rate 8.245512% Weighted Average Maturity(Stepdown Calculation ) 343 Beginning Scheduled Collateral Loan Count 6,000 Number Of Loans Paid In Full 71 Ending Scheduled Collateral Loan Count 5,929 Beginning Scheduled Collateral Balance 835,109,655.78 Ending Scheduled Collateral Balance 823,182,933.90 Ending Actual Collateral Balance at 31-Oct-2002 823,182,933.90 Monthly P &I Constant 6,686,714.79 Special Servicing Fee 0.00 Prepayment Penalties 242,895.80 Realized Loss Amount 2,383.60 Cumulative Realized Loss 44,409.19 Ending Scheduled Balance for Premium Loans 823,182,933.90 Scheduled Principal 572,874.22 Unscheduled Principal 11,353,847.66 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 13,855,027.88 Overcollateralized Deficiency Amount 1,148,991.12 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 1,151,374.73 Excess Cash Amount 3,403,225.99
Miscellaneous Reporting Credit Enhancement Percentage 18.8696% Payment under the CAP Agreement 0.00 A1 PTR for next Distribution Date 1.68125% A2 PTR for next Distribution Date 1.69125% B PTR for next Distribution Date 3.53125% M1 PTR for next Distribution Date 2.08125% M2 PTR for next Distribution Date 2.51125% Subsequent Transfer Amount 0.00 Prefunding Account Balance 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 8.651257 8.919757 8.785204 Weighted Average Net Rate 8.151257 8.419757 8.285204 Weighted Average Maturity 343 348 343 Beginning Loan Count 2,522 3,478 6,000 Loans Paid In Full 33 38 71 Ending Loan Count 2,489 3,440 5,929 Beginning Scheduled Balance 418,497,337.94 416,612,317.84 835,109,655.78 Ending scheduled Balance 412,556,268.79 410,626,665.11 823,182,933.90 Record Date 10/31/2002 10/31/2002 10/31/2002 Principal And Interest Constant 3,328,076.59 3,358,638.20 6,686,714.79 Scheduled Principal 310,969.90 261,904.32 572,874.22 Unscheduled Principal 5,630,099.25 5,723,748.41 11,353,847.66 Scheduled Interest 3,260,002.49 3,096,733.88 6,356,736.37 Servicing Fees 174,373.84 173,588.48 347,962.32 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 3,085,628.65 2,923,145.40 6,008,774.05 Realized Loss Amount 2,383.60 0.00 2,383.60 Cumulative Realized Loss 2,383.60 42,025.59 44,409.19 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 8.847737 8.419757 8.245512
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