8-K 1 cb2_sept05.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Sec. 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) : September 26, 2005 ASSET BACKED FUNDING CORPORATION, (as depositor under the Pooling and Servicing Agreement, dated March 1, 2005 providing for the issuance of 2005-CB2 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB2). Asset Backed Funding Corporation (Exact name of registrant as specified in its charter) Delaware 333-121564-02 75-2533468 (State or other jurisdiction (Commission File No.) (IRS Employer of incorporation) Identification No.) 201 North Tryon Street, Charlotte, North Carolina 28255 Address of principal executive offices (Zip Code) Registrant's telephone number, including area code (704) 386-2400 N/A (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) [] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 8.01 Other Events. This current report on Form 8-K relates to the monthly distribution reported to the holders of 2005-CB2 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB2 pursuant to the terms of the Pooling and Servicing Agreement, dated March 1, 2005 among Asset Backed Funding Corporation, as Depositor, Litton Loan Servicing LP as Servicer, and JPMorgan Chase Bank, N.A., as Trustee. On September 26, 2005 distributions were made to the Certificateholders. Specific information with respect to the distributions is filed as Exhibit 99.1. Item 9.01 Financial Statements and Exhibits. (a) Not applicable (b) Not applicable (c) The following exhibit is filed as part of this report: Statement to Certificateholders on September 26, 2005 as Exhibit 99.1. SIGNATURE 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. 2005-CB2 Trust C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB2 JPMORGAN CHASE BANK, N.A, not in its individual capacity but solely as Trustee under the Agreement referred to herein By: /s/ Diane E. Wallace -------------------------------------------- Name: Diane E. Wallace Title: Vice President Date: September 27, 2005 EXHIBIT INDEX Exhibit Description 99.1 Monthly Certificateholder Statement on September 26, 2005 Exhibit 99.1 C-BASS Mortgage Loan Asset-Backed Certficates,Series 2005-CB2 Statement to Certificateholders September 26, 2005 ---------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTION IN DOLLARS ---------------------------------------------------------------------------------------------------------------------------------- ORIGINAL BEGINNING ENDING FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE ---------------------------------------------------------------------------------------------------------------------------------- AV1 191,160,000.00 131,072,615.17 11,110,760.15 435,666.17 11,546,426.32 0.00 0.00 119,961,855.02 AV2 53,250,000.00 53,250,000.00 0.00 181,726.11 181,726.11 0.00 0.00 53,250,000.00 AF1 33,238,000.00 25,365,970.43 2,681,002.53 90,911.59 2,771,914.12 0.00 0.00 22,684,967.90 AF2 9,452,000.00 9,452,000.00 0.00 37,646.94 37,646.94 0.00 0.00 9,452,000.00 AF3 7,228,000.00 7,228,000.00 0.00 33,478.61 33,478.61 0.00 0.00 7,228,000.00 AF4 5,546,000.00 5,546,000.00 0.00 24,311.38 24,311.38 0.00 0.00 5,546,000.00 M1 45,283,000.00 45,283,000.00 0.00 164,192.58 164,192.58 0.00 0.00 45,283,000.00 M2 19,120,000.00 19,120,000.00 0.00 72,555.11 72,555.11 0.00 0.00 19,120,000.00 M3 6,037,000.00 6,037,000.00 0.00 23,284.19 23,284.19 0.00 0.00 6,037,000.00 B1 5,636,000.00 5,636,000.00 0.00 24,241.17 24,241.17 0.00 0.00 5,636,000.00 B2 3,421,000.00 3,421,000.00 0.00 15,018.10 15,018.10 0.00 0.00 3,421,000.00 B3 4,831,000.00 4,831,000.00 0.00 23,353.98 23,353.98 0.00 0.00 4,831,000.00 B4 4,831,000.00 4,831,000.00 0.00 24,142.64 24,142.64 0.00 0.00 4,831,000.00 B5 4,428,000.00 4,428,000.00 0.00 22,128.67 22,128.67 0.00 0.00 4,428,000.00 N 17,850,000.00 11,983,719.92 878,824.71 119,837.20 998,661.91 0.00 0.00 11,104,895.21 R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 RX 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 TOTALS 411,311,000.00 337,485,305.52 14,670,587.39 1,292,494.44 15,963,081.83 0.00 0.00 322,814,718.13 X 1.00 1.00 0.00 0.00 0.00 0.00 0.00 1.00 ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------- ---------------------------- FACTOR INFORMATION PER $1,000 OF ORIGINAL FACE PASS-THROUGH RATES ----------------------------------------------------------------------------------------------------- ---------------------------- CURRENT BEGINNING ENDING PASS-THRU CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL CLASS RATE ----------------------------------------------------------------------------------------------------- ---------------------------- AV1 04542BLE0 685.66967551 58.12282983 2.27906555 60.40189538 627.54684568 AV1 3.741250 % AV2 04542BLF7 1,000.00000000 0.00000000 3.41269690 3.41269690 1,000.00000000 AV2 3.841250 % AF1 04542BLG5 763.16175552 80.66076569 2.73517029 83.39593598 682.50098983 AF1 4.303000 % AF2 04542BLH3 1,000.00000000 0.00000000 3.98296022 3.98296022 1,000.00000000 AF2 4.782000 % AF3 04542BLJ9 1,000.00000000 0.00000000 4.63179441 4.63179441 1,000.00000000 AF3 5.561000 % AF4 04542BLK6 1,000.00000000 0.00000000 4.38358817 4.38358817 1,000.00000000 AF4 5.263000 % M1 04542BLL4 1,000.00000000 0.00000000 3.62592099 3.62592099 1,000.00000000 M1 4.081250 % M2 04542BLM2 1,000.00000000 0.00000000 3.79472333 3.79472333 1,000.00000000 M2 4.271250 % M3 04542BLN0 1,000.00000000 0.00000000 3.85691403 3.85691403 1,000.00000000 M3 4.341250 % B1 04542BLP5 1,000.00000000 0.00000000 4.30113023 4.30113023 1,000.00000000 B1 4.841250 % B2 04542BLQ3 1,000.00000000 0.00000000 4.38997369 4.38997369 1,000.00000000 B2 4.941250 % B3 04542BLR1 1,000.00000000 0.00000000 4.83419168 4.83419168 1,000.00000000 B3 5.441250 % B4 04542BLS9 1,000.00000000 0.00000000 4.99744152 4.99744152 1,000.00000000 B4 6.000000 % B5 04542BLT7 1,000.00000000 0.00000000 4.99744128 4.99744128 1,000.00000000 B5 6.000000 % N 12485S9A7 671.35685826 49.23387731 6.71356863 55.94744594 622.12298095 N 12.000000 % TOTALS 820.51125674 35.66787027 3.14237752 38.81024779 784.84338646 X 149992CE7 1,000.00000000 0.00000000 0.00000000 0.00000000 1,000.00000000 X 0.000000 % ----------------------------------------------------------------------------------------------- ---------------------------- If there are any questions or problems with this statement, please contact the Administrator listed below: --------------------------------------- Ashia Miller JPMorgan Chase Bank, N.A. - Structured Finance Services NY 4 NY Plaza 6th Fl., New York, New York 10004 Tel: (212) 623-4481 Fax: (212) 623-5858 Email: ashia.n.miller@jpmorgan.com --------------------------------------- Sec. 4.06(iii) Overcollateralization Amount 9,056,611.95 Sec. 4.06(iii) Target Overcollateralization Amount 9,056,611.95 Sec. 4.06(iii) Overcollateralization Deficiency Amount 0.00 Sec. 4.06(iii) Overcollateralization Release Amount 0.00 Sec. 4.06(iii) Monthly Excess Interest 740,991.27 Sec. 4.06(iii) Monthly Excess Cash Flow Amount 740,991.27 Sec. 4.06(iii) Extra Principal Distribution Amount 0.00 Sec. 4.06(iv) Servicing Compensation 0.00 Sec. 4.06(iv) Servicing Fee 139,399.08 Sec. 4.06(v) Current Advances 770,429.47 Sec. 4.06(vi) Group 1 Ending Collateral Balance 256,867,967.19 Sec. 4.06(vi) Group 2 Ending Collateral Balance 63,898,467.68 Sec. 4.06(vi) Total Ending Collateral Balance 320,766,434.87 Sec. 4.06(vii) Group 1 Beginning Number of Loans 1,647.00 Sec. 4.06(vii) Group 2 Beginning Number of Loans 639.00 Sec. 4.06(vii) Total Beginning Number of Loans 2,286.00 Sec. 4.06(vii) Group 1 Ending Number of Loans 1,590.00 Sec. 4.06(vii) Group 2 Ending Number of Loans 620.00 Sec. 4.06(vii) Total Ending Number of Loans 2,210.00 Sec. 4.06(vii) Weighted Average Net Mortgage Rate for Group 1 6.73 % Sec. 4.06(vii) Weighted Average Net Mortgage Rate for Group 2 7.39 % Sec. 4.06(vii) Weighted Average Net Mortgage Rate for All Loans 6.87 % Sec. 4.06(vii) Group 1 Weighted Average Term to Maturity 344.00 Sec. 4.06(vii) Group 2 Weighted Average Term to Maturity 298.00 Sec. 4.06(viii) Loans Delinquent Group 1 Principal Category Number Balance Percentage 1 Month 83 9,850,505.39 3.83 % 2 Month 28 3,749,129.49 1.46 % 3 Month 38 6,245,106.57 2.43 % Total 149 19,844,741.45 7.73 % Group 2 Principal Category Number Balance Percentage 1 Month 29 2,613,371.21 4.09 % 2 Month 8 521,008.43 0.82 % 3 Month 19 1,182,498.62 1.85 % Total 56 4,316,878.26 6.76 % Group Totals Principal Category Number Balance Percentage 1 Month 112 12,463,876.60 3.89 % 2 Month 36 4,270,137.92 1.33 % 3 Month 57 7,427,605.19 2.32 % Total 205 24,161,619.71 7.53 % Please Note: Delinquency Numbers Include Bankruptcies and Foreclosures Sec. 4.06(viii) Loans in Foreclosure Principal Number Balance Percentage Group 1 2 830,968.90 0.32% Group 2 2 199,446.45 0.31% Total 4 1,030,4155.35 0.32% Sec. 4.06(viii) Loans in Bankruptcy Principal Number Balance Percentage Group 1 7 592,935.36 0.23% Group 2 5 186,452.74 0.29% Total 12 779,388.10 0.24% Sec. 4.06(ix) Loans in REO Principal Number Balance Percentage Group 1 0 0.00 0.00% Group 2 0 0.00 0.00% Total 0 0.00 0.00% Sec. 4.06(x) REO Book Value Group 1 0.00 Sec. 4.06(x) REO Book Value Group 2 0.00 Sec. 4.06(xi) Unscheduled Principal Group 1 Unscheduled Principal 10,953,236.34 Group 2 Unscheduled Principal 2,611,119.07 Total Unscheduled Principal 13,564,355.41 Sec. 4.06(xii) Prepayment Penalties/Premiums 257,670.64 Sec. 4.06(xiii) Realized Losses Group 1 Current Realized Losses 0.00 Group 2 Current Realized Losses 0.00 Total Current Realized Losses 0.00 Cumulative Realized Losses Incurred in Group 1 29,227.39 Cumulative Realized Losses Incurred in Group 2 1,175.34 Total Cumulative Realized Losses Incurred 30,402.73 Sec. 4.06(xiv) Class M1 Unpaid Realized Loss Amount 0.00 Sec. 4.06(xiv) Class M1 Applied Realized Loss Amount 0.00 Sec. 4.06(xiv) Class M2 Unpaid Realized Loss Amount 0.00 Sec. 4.06(xiv) Class M2 Applied Realized Loss Amount 0.00 Sec. 4.06(xiv) Class M3 Unpaid Realized Loss Amount 0.00 Sec. 4.06(xiv) Class M3 Applied Realized Loss Amount 0.00 Sec. 4.06(xiv) Class B1 Unpaid Realized Loss Amount 0.00 Sec. 4.06(xiv) Class B1 Applied Realized Loss Amount 0.00 Sec. 4.06(xiv) Class B2 Unpaid Realized Loss Amount 0.00 Sec. 4.06(xiv) Class B2 Applied Realized Loss Amount 0.00 Sec. 4.06(xiv) Class B3 Unpaid Realized Loss Amount 0.00 Sec. 4.06(xiv) Class B3 Applied Realized Loss Amount 0.00 Sec. 4.06(xiv) Class B4 Unpaid Realized Loss Amount 0.00 Sec. 4.06(xiv) Class B4 Applied Realized Loss Amount 0.00 Sec. 4.06(xiv) Class B5 Unpaid Realized Loss Amount 0.00 Sec. 4.06(xiv) Class B5 Applied Realized Loss Amount 0.00 Sec. 4.06(xvi) Unpaid Interest Class AV1 Unpaid Interest Shortfall 0.00 Class AV2 Unpaid Interest Shortfall 0.00 Class AF1 Unpaid Interest Shortfall 0.00 Class AF2 Unpaid Interest Shortfall 0.00 Class AF3 Unpaid Interest Shortfall 0.00 Class AF4 Unpaid Interest Shortfall 0.00 Class M1 Unpaid Interest Shortfall 0.00 Class M2 Unpaid Interest Shortfall 0.00 Class M3 Unpaid Interest Shortfall 0.00 Class B1 Unpaid Interest Shortfall 0.00 Class B2 Unpaid Interest Shortfall 0.00 Class B3 Unpaid Interest Shortfall 0.00 Class B4 Unpaid Interest Shortfall 0.00 Class B5 Unpaid Interest Shortfall 0.00 Class N Unpaid Interest Shortfall 0.00 Current Period Relief Act Interest Shortfalls 600.50 Class AV1 Interest Accrual Relief Act Reduction 223.10 Class AV2 Interest Accrual Relief Act Reduction 93.06 Class AF1 Interest Accrual Relief Act Reduction 46.55 Class AF2 Interest Accrual Relief Act Reduction 19.28 Class AF3 Interest Accrual Relief Act Reduction 17.14 Class AF4 Interest Accrual Relief Act Reduction 12.45 Class M1 Interest Accrual Relief Act Reduction 84.08 Class M2 Interest Accrual Relief Act Reduction 37.15 Class M3 Interest Accrual Relief Act Reduction 11.92 Class B1 Interest Accrual Relief Act Reduction 12.41 Class B2 Interest Accrual Relief Act Reduction 7.69 Class B3 Interest Accrual Relief Act Reduction 11.96 Class B4 Interest Accrual Relief Act Reduction 12.36 Class B5 Interest Accrual Relief Act Reduction 11.33 Sec. 4.06(xvii) Net Prepayment Interest Shortfalls 0.00 Class AV1 Prepayment Interest Shortfall Reduction 0.00 Class AV2 Prepayment Interest Shortfall Reduction 0.00 Class AF1 Prepayment Interest Shortfall Reduction 0.00 Class AF2 Prepayment Interest Shortfall Reduction 0.00 Class AF3 Prepayment Interest Shortfall Reduction 0.00 Class AF4 Prepayment Interest Shortfall Reduction 0.00 Class M1 Prepayment Interest Shortfall Reduction 0.00 Class M2 Prepayment Interest Shortfall Reduction 0.00 Class M3 Prepayment Interest Shortfall Reduction 0.00 Class B1 Prepayment Interest Shortfall Reduction 0.00 Class B2 Prepayment Interest Shortfall Reduction 0.00 Class B3 Prepayment Interest Shortfall Reduction 0.00 Class B4 Prepayment Interest Shortfall Reduction 0.00 Class B5 Prepayment Interest Shortfall Reduction 0.00 Sec. 4.06(xix) Trustee Fee Paid 2,787.98 Sec. 4.06(xxii)Net Rate Carryover Amount - Class AF1 0.00 Sec. 4.06(xxii)Unpaid Net Rate Carryover Amount - Class AF1 0.00 Sec. 4.06(xxii)Net Rate Carryover Amount - Class AF2 0.00 Sec. 4.06(xxii)Unpaid Net Rate Carryover Amount - Class AF2 0.00 Sec. 4.06(xxii)Net Rate Carryover Amount - Class AF3 0.00 Sec. 4.06(xxii)Unpaid Net Rate Carryover Amount - Class AF3 0.00 Sec. 4.06(xxii)Net Rate Carryover Amount - Class AF4 0.00 Sec. 4.06(xxii)Unpaid Net Rate Carryover Amount - Class AF4 0.00 Sec. 4.06(xxii)Net Rate Carryover Amount - Class M1 0.00 Sec. 4.06(xxii)Unpaid Net Rate Carryover Amount - Class M1 0.00 Sec. 4.06(xxii)Net Rate Carryover Amount - Class M2 0.00 Sec. 4.06(xxii)Unpaid Net Rate Carryover Amount - Class M2 0.00 Sec. 4.06(xxii)Net Rate Carryover Amount - Class M3 0.00 Sec. 4.06(xxii)Unpaid Net Rate Carryover Amount - Class M3 0.00 Sec. 4.06(xxii)Net Rate Carryover Amount - Class B1 0.00 Sec. 4.06(xxii)Unpaid Net Rate Carryover Amount - Class B1 0.00 Sec. 4.06(xxii)Net Rate Carryover Amount - Class B2 0.00 Sec. 4.06(xxii)Unpaid Net Rate Carryover Amount - Class B2 0.00 Sec. 4.06(xxii)Net Rate Carryover Amount - Class B3 0.00 Sec. 4.06(xxii)Unpaid Net Rate Carryover Amount - Class B3 0.00 Sec. 4.06(xxii)Net Rate Carryover Amount - Class B4 0.00 Sec. 4.06(xxii)Unpaid Net Rate Carryover Amount - Class B4 0.00 Sec. 4.06(xxii)Net Rate Carryover Amount - Class B5 0.00 Sec. 4.06(xxii)Unpaid Net Rate Carryover Amount - Class B5 0.00 Sec. 4.06(xxii) Has the Trigger Event Occured NO Sec. 4.06(xxii) Cumulative Realized Losses as a Percentage of Original Collateral Balance 0.0000 % Sec. 4.06(xxiii) Available Funds Available Funds 15,965,869.81 Interest Remittance Amount 2,174,107.13 Principal Remittance Amount 13,791,762.68 Sec 4.06(xxvi) Repurchased Principal 0.00 Class X Distributable Amount 0.00 Copyright 2005 J.P. Morgan Chase & Co. All rights reserved.