SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

UNITED STATES

FORM 10-K

[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

(Exact Name of Registrant as Specified in its Charter)

(State or Other Jurisdiction

Of Incorporation)

Registrant's telephone number, including area code:

Asset Backed Funding Corporation

Delaware

(I.R.S. Employer

Identification No.)

75-2533468

Commission File Number :

333-121564-06

(Address of Principal Executive Offices)

Charlotte, North Carolina

214 North Tryon Street

(Zip Code)

28255

(704) 386-2400

Securities registered pursuant to Section 12(b) of the Act:

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the
Securities Act.

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.

For the fiscal year ended December 31, 2005

or

For the transition period from _____________ to _____________

Securities registered pursuant to Section 12(g) of the Act:

None

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or
Section 15(d) of the Act.

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K ( 229.405
of this chapter) 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 or any
amendment to this Form 10-K.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

[ Yes]

Documents incorporated by reference:

None

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by
reference to the price at which the common equity was last sold, or the average bid and asked price of such common
equity, as of the last business day of the registrant's most recently completed second fiscal quarter.

Not Applicable.

[X No]

[ Yes]

[X No]

[X Yes]

[ No]

[X]

[ Yes]

[X No]

Large accelerated filer [ ]

Accelerated filer [ ]

Non-accelerated filer [X]

C-BASS Mortgage Loan Asset-Backed Certificates

Series 2005-CB5

Introductory Note

This Annual Report on Form 10-K is prepared in reliance on the no-action letter dated March 26, 1993 issued by the Securities
and Exchange Commission to Nomura Asset Securities Corporation.

PART I

Item 1. Business.

Not Applicable.

Item 1A. Risk Factors.

Item 1B. Unresolved Staff Comments.

Item 2. Properties.

Item 3. Legal Proceedings.

There were no legal proceedings.

Item 4. Submission of Matters to a Vote of Security Holders.

There were no matters submitted to a vote of the Security Holders.

Not Applicable.

Not Applicable.

Not Applicable.

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities.

Item 6. Selected Financial Data.

No established public trading market for the Certificates exists.

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

Item 8. Financial Statements and Supplementary Data.

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

Item 9A. Controls and Procedures.

Item 9B. Other Information.

Not Applicable.

PART II

Not Applicable.

Not Applicable.

Not Applicable.

Not Applicable.

Not Applicable.

Not Applicable.

There are approximately

holders of record as of the end of the reporting year.

Sixty-Nine (69)

Item 10. Directors and Executive Officers of the Registrant.

Item 11. Executive Compensation.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

Item 13. Certain Relationships and Related Transactions.

Item 14. Principal Accounting Fees and Services.

PART III

Not Applicable.

Not Applicable.

Not Applicable.

Not Applicable.

Not Applicable.

SIGNATURES

By (Signature and Title):

Date

a) The following is a list of documents filed as part of this Annual Report on From 10-K:

3/30/06

/s/ Larry B. Litton, Jr.

Larry B. Litton, Jr.

President & CEO

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following
persons on behalf of the registrant (CBASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB5) and in the capacities and
on the dates indicated.

Litton Loan Servicing LP, as Servicer

Item 15. Exhibits, Financial Statement Schedules.

4.1 Pooling and Servicing Agreement (filed as an exhibit to Form 8-K on September 14, 2005).

b) The exhibits required to be filed by Registrant pursuant to Item 601 of Regulation S-K are listed above and in Exhibit Index
that immediately follows the signature page hereof.
c) Not Applicable.

PART IV

SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(D) OF THE ACT BY
REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT.

The registrant has not sent an annual report or proxy material to its security holders. The registrant will not be sending an annual
report or proxy material to its security holders subsequent to the filing of this form.

31.1 Sarbanes-Oxley Certification
99.1 Report of Independent Registered Public Accounting Firm for the year ended December 31, 2005

99.3 Annual Statement of Compliance for the year ended December 31, 2005

a) Litton Loan Servicing, LP, as Servicer

a) Litton Loan Servicing, LP, as Servicer

Exhibit Index

4.1 Pooling and Servicing Agreement (filed as an exhibit to Form 8-K on September 14, 2005).
31.1 Sarbanes-Oxley Certification
99.1 Report of Independent Registered Public Accounting Firm for the year ended December 31, 2005

99.3 Annual Statement of Compliance for the year ended December 31, 2005

a) Litton Loan Servicing, LP, as Servicer

a) Litton Loan Servicing, LP, as Servicer