10-K 1 v038636_10-k.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------------------------- FORM 10-K FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) |X| ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED: DECEMBER 31, 2005 or |_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 333-110968-06 ------------------------------------- CHASE MORTGAGE FINANCE CORPORATION (Issuer in respect of Chase Mortgage Finance Trust, Series 2005-S2) (the "Certificates") ------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 52-1495132 ---------------------------------------------- ---------------- (State or other jurisdiction of incorporation) (I.R.S. Employer Identification No. 194 Wood Avenue South, Iselin, New Jersey 08830 ----------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (732) 205-0600 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 if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes |_| No |X| Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes |_| No |X| 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 or any amendment to this Form 10-K. Not Applicable. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. Large accelerated filer |_| Accelerated filer |_| Non-accelerated filer |X| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes |_| No |X| 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. The registrant has not issued voting or non-voting common equity. The registrant is a trust that has issued certificates of beneficial interest in the trust assets. INTRODUCTORY NOTE This Annual Report on Form 10-K is filed pursuant to Sections 13 and 15(d) of the Securities Exchange Act of 1934, as amended, in the manner described in "no-action" letters submitted to the Office of Chief Counsel on behalf of the originators of comparable trusts, and, in particular, the letter dated May 24, 1988 issued by the Office of the Chief Counsel to Chemical Mortgage Securities, Inc. (currently known as Chase Funding, Inc.) an affiliate of the registrant (the "Exemption Order"). Accordingly, responses to certain items have been omitted from or modified in this Annual Report. Each Series (a "Series") of the Registrant's Multi-Class Mortgage Pass-Through Certificates (the "Certificates") represent beneficial ownership interests in a trust fund (for each Series a "Trust Fund") consisting, among other things, of a segregated pool of one- to four-family first-lien mortgage loans (the "Mortgage Loans"). PART I Item 1. Business Not Applicable. Item 1A. Risk Factors Not Applicable. Item 1B. Unresolved Staff Comments None. Item 2. Properties Information regarding the mortgaged properties is included in the Annual Statement of Compliance filed under Item 8 and Item 15 hereof. Item 3. Legal Proceedings The registrant knows of no material pending legal proceedings with respect to the Trust Fund for any Series, involving the registrant, Wachovia, N.A. (the "Trustee") or JPMorgan Chase Bank, National Association (the "Servicer"), other than ordinary routine litigation incidental to duties of the registrant, Trustee or the Servicer under the Pooling and Servicing Agreement among Chase Mortgage Finance Corporation, JPMorgan Chase Bank, National Association and Wachovia, N.A., dated as of September 1, 2005, for Multi-Class Mortgage Pass-Through Certificates, Series 2005-S2. Item 4. Submission of Matters to a Vote of Security Holders No matter was submitted to a vote of Security Holders for any Series during the fiscal year covered by this report. PART II Item 5. Market for Registrant's Common Equity and Related Stockholders Matters and Issuer Purchases of Equity Securities (a) (1) To the knowledge of the registrant, there is no established public market for the Certificates of any Series. (2) To the knowledge of the registrant, there are no reported high and low bid quotations for any of the Certificates. (b) The records of the registrant indicate that as of December 31, 2005, Series 2005-S2 had 91 holders of record. Item 6. Selected Financial Data Not Applicable. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Not Applicable. Item 7A. Quantitative and Qualitative Disclosures About Market Risk Not Applicable. Item 8. Financial Statements and Supplementary Data In accordance with the Exemption Orders, the Annual Statement of Compliance and the Annual Independent Accountant's Reports for the Certificates for each Series are included herein as Exhibit 99.1 and Exhibit 99.2, respectively. Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None. Item 9A. Controls and Procedures Not Applicable. Item 9B. Other Information None. PART III Item 10. Directors and Executive Officers of the Registrant Not Applicable. Item 11. Executive Compensation Not Applicable. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The records of the Depository Trust Company ("DTC") indicate that as of December 31, 2005, there were the following holders of record with more than 5% of each class of Certificates:
----------------------------------------------------------------------------------------------------------------------- Chase Mortgage Finance Trust, Name & Address of Participant Original Certificate % of Class Series 2005-S2 Principal Balance ----------------------------------------------------------------------------------------------------------------------- A1 00000901 The Bank of New York $50,000,000 100.00% One Wall Street, 6th Floor New York, NY 10286 ----------------------------------------------------------------------------------------------------------------------- A2 00002116 The Fifth Third Bank $8,480,000 84.80% 38 Fountain Square Plaza Mail Drop 1090F1 Cincinnati, OH 45263 ----------------------------------------------------------------------------------------------------------------------- 00002316 National City Bank $955,000 9.55% 4100 West 150TH Street Cleveland, OH 44135 ----------------------------------------------------------------------------------------------------------------------- A3 00000015 Morgan Stanley DW Inc. $24,322,770 94.57% Issuer Services C/O ADP Proxy Services 51 Mercedes Way Edgewood, NY 11717 ----------------------------------------------------------------------------------------------------------------------- A4 00000015 Morgan Stanley DW Inc. $3,980,230 92.99% Issuer Services C/O ADP Proxy Services 51 Mercedes Way Edgewood, NY 11717 ----------------------------------------------------------------------------------------------------------------------- 00000901 The Bank of New York $300,000 7.01% One Wall Street, 6th Floor New York, NY 10286 ----------------------------------------------------------------------------------------------------------------------- A5 00002483 COMPASS Bank $35,000,000 49.94% 15 South 20th Street, 3rd Floor Birmingham, AL 35233 ----------------------------------------------------------------------------------------------------------------------- 00000908 Citibank, N.A. $31,578,600 45.06% 3800 Citibank Center B3-15 Tampa, FL 33610 ----------------------------------------------------------------------------------------------------------------------- A6 00000954 Mellon Trust of New England, NA $2,619,000 92.91% 525 William Penn Place, Suite 3418 Pittsburgh, PA 15259 ----------------------------------------------------------------------------------------------------------------------- 00000012 SWISS AME $200,000 7.09% 12 East 49th Street, 41st Floor New York, NY 10017 -----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------- A7 00000235 RBC DAIN $4,319,000 75.36% 510 Marquette Ave South Minneapolis, MN 55402 ----------------------------------------------------------------------------------------------------------------------- 00000443 PERSHING $881,000 15.37% Securities Corporation 1 Pershing Plaza Jersey City, NJ 07399 ----------------------------------------------------------------------------------------------------------------------- A8 00005144 D Lerner $2,464,000 87.10% 477 Jericho Turnoike Syosset, NY 11791 ----------------------------------------------------------------------------------------------------------------------- 00000141 FRST CLEAR $265,000 9.37% 10700 Wheat First Drive, WS 1195 Glen Allen, VA 23060 ----------------------------------------------------------------------------------------------------------------------- A9 00000419 Stephens $1,694,000 40.73% 111 Center Street, 4th Floor Little Rock, AR 72201-4402 ----------------------------------------------------------------------------------------------------------------------- 00000793 STIFEL $1,000,000 24.04% 501 N. Broadway, 7th Floor St. Louis, MO 63102 ----------------------------------------------------------------------------------------------------------------------- 00000103 WEDBUSH $273,000 6.56% 1000 Wilshire Blvd. Los Angelas, CA 90017 ----------------------------------------------------------------------------------------------------------------------- 00000141 FRST CLEAR $250,000 6.01% 10700 Wheat First Drive, WS 1195 Glen Allen, VA 23060 ----------------------------------------------------------------------------------------------------------------------- 00008105 JA GLYNN $250,000 6.01% Issuer Services C/O ADP Proxy Services 51 Mercedes Way Edgewood, NY 11717 ----------------------------------------------------------------------------------------------------------------------- A10 00005208 GS International $32,605,000 49.55% 1 New York Plaza, 45th Floor New York, NY 10004 ----------------------------------------------------------------------------------------------------------------------- 00002251 LaSalle Bank National Association $18,200,000 27.66% 135 South Lasalle Street Chicago, IL 60603 ----------------------------------------------------------------------------------------------------------------------- 00000908 Citibank, N.A. $15,000,000 22.79% 3800 Citibank Center B3-15 Tampa, FL 33610 ----------------------------------------------------------------------------------------------------------------------- A11 00000954 Mellon Trust of New England, NA $17,152,000 98.83% 525 William Penn Place, Suite 3418 Pittsburgh, PA 15259 ----------------------------------------------------------------------------------------------------------------------- A12 00000954 Mellon Trust of New England, NA $1,302,000 100.00% 525 William Penn Place, Suite 3418 Pittsburgh, PA 15259 ----------------------------------------------------------------------------------------------------------------------- A13 00000901 The Bank of New York $51,600,000 70.82% One Wall Street, 6th Floor New York, NY 10286 ----------------------------------------------------------------------------------------------------------------------- 00000010 Brown Brothers Harriman & Co. $9,020,000 12.38% 525 Washington Blvd. New Port Towers Jersey City, NJ 07302 ----------------------------------------------------------------------------------------------------------------------- 00000954 Mellon Trust of New England, NA $8,638,732 11.86% 525 William Penn Place, Suite 3418 Pittsburgh, PA 15259 -----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------- A14 00007311 CF/DC Markets $2,681,685 100.00% 135 East 57th Street New York, NY 10022 ----------------------------------------------------------------------------------------------------------------------- A15 00000187 J.P. Morgan Securities Inc. - Fixed $58,006,300 100.00% Income 34 Exchange Place, 4th Floor Jersey City, NJ 07302 ----------------------------------------------------------------------------------------------------------------------- A16 00000187 J.P. Morgan Securities Inc. - Fixed $23,049,187 100.00% Income 34 Exchange Place, 4th Floor Jersey City, NJ 07302 ----------------------------------------------------------------------------------------------------------------------- A17 00000901 The Bank of New York $30,000,000 100.00% One Wall Street, 6th Floor New York, NY 10286 ----------------------------------------------------------------------------------------------------------------------- A18 00000997 State Street Bank and Trust Company $1,071,984 100.00% 1776 Heritage Drive North Quincy, MA 02171 ----------------------------------------------------------------------------------------------------------------------- A19 00000902 JPMorgan Chase Bank, National $30,000,000 100.00% Association Proxy Services 14201 Dallas Parkway STE 121 Dallas, TX 75254 ----------------------------------------------------------------------------------------------------------------------- A20 00000418 CITIGROUP $1,071,984 100.00% 333 W. 34th Street New York, NY 10001 ----------------------------------------------------------------------------------------------------------------------- A21 00000901 The Bank of New York $100,000,000 100.00% One Wall Street, 6th Floor New York, NY 10286 ----------------------------------------------------------------------------------------------------------------------- A22 00000187 J.P. Morgan Securities Inc. - Fixed $4,545,454 100.00% Income 34 Exchange Place, 4th Floor Jersey City, NJ 07302 ----------------------------------------------------------------------------------------------------------------------- A23 00002164 JPMorgan Chase Bank/ $30,592,335 100.00% Correspondence Clearing Services 2 Proxy Services 14201 Dallas Parkway STE 121 Dallas, TX 75254 ----------------------------------------------------------------------------------------------------------------------- A24 00000908 Citibank, N.A. $10,000,000 100.00% 3800 Citibank Center B3-15 Tampa, FL 33610 ----------------------------------------------------------------------------------------------------------------------- A25 00000187 J.P. Morgan Securities Inc. - Fixed $32,286,200 66.31% Income 34 Exchange Place, 4th Floor Jersey City, NJ 07302 ----------------------------------------------------------------------------------------------------------------------- 00002027 Wells Fargo Bank Minnesota, N.A. $11,900,000 24.44% 733 Marquette Avenue MAC N9306-057 5th Floor Minneapolis, MN 55479 ----------------------------------------------------------------------------------------------------------------------- 00000954 Mellon Trust of New England, NA $3,000,000 6.16% 525 William Penn Place, Suite 3418 Pittsburgh, PA 15259 ----------------------------------------------------------------------------------------------------------------------- A26 00000187 J.P. Morgan Securities Inc. - Fixed $14,878,200 100.00% Income 34 Exchange Place, 4th Floor Jersey City, NJ 07302 -----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------- A27 00000187 J.P. Morgan Securities Inc. - Fixed $10,695,500 68.14% Income 34 Exchange Place, 4th Floor Jersey City, NJ 07302 ----------------------------------------------------------------------------------------------------------------------- 00000902 JPMorgan Chase Bank, National $5,000,000 31.86% Association Proxy Services 14201 Dallas Parkway STE 121 Dallas, TX 75254 ----------------------------------------------------------------------------------------------------------------------- A28 00000274 CGM/SAL BR $7,733,493 100.00% 333 W 34th Street, 3rd Floor New York, NY 10001 ----------------------------------------------------------------------------------------------------------------------- A29 00000954 Mellon Trust of New England, NA $9,500,000 100.00% 525 William Penn Place, Suite 3418 Pittsburgh, PA 15259 ----------------------------------------------------------------------------------------------------------------------- AP 00000187 J.P. Morgan Securities Inc. - Fixed $2,429,139 100.00% Income 34 Exchange Place, 4th Floor Jersey City, NJ 07302 ----------------------------------------------------------------------------------------------------------------------- M 00000901 The Bank of New York $10,000,000 68.93% One Wall Street, 6th Floor New York, NY 10286 ----------------------------------------------------------------------------------------------------------------------- 00000997 State Street Bank and Trust Company $4,508,000 31.07% 1776 Heritage Drive North Quincy, MA 02171 ----------------------------------------------------------------------------------------------------------------------- B1 00000997 State Street Bank and Trust Company $2,464,000 55.20% 1776 Heritage Drive North Quincy, MA 02171 ----------------------------------------------------------------------------------------------------------------------- 00000901 The Bank of New York $2,000,000 44.80% One Wall Street, 6th Floor New York, NY 10286 ----------------------------------------------------------------------------------------------------------------------- B2 00000652 UBSSEC/CMO $2,604,000 100.00% 299 Park Avenue New York, NY 10171 -----------------------------------------------------------------------------------------------------------------------
Item 13. Certain Relationships and Related Transactions Not Applicable. Item 14. Principal Accounting Fees and Services Not Applicable. PART IV Item 15. Exhibits and Financial Statement Schedules (a) The following documents are filed as part of this Annual Report on Form 10-K. (3) Exhibit Number Description ------- ----------- 31.1 Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 99.1 Report prepared by the Servicer's certified independent accountants concerning the Servicer's activities for the year-end December 31, 2005. 99.2 Servicer's Annual Statement of Compliance. (b) See item 15(a)(3) above. (c) Not Applicable. SIGNATURES 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. CHASE MORTGAGE FINANCE CORPORATION, depositor By: /s/ Jerome A. Cipponeri --------------------------------- Name: Jerome A. Cipponeri Title: President Date: March 27, 2006 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. No annual report, proxy statement, form of proxy or other proxy soliciting material has been sent to Certificateholders during the period covered by this Annual Report on Form 10-K and the registrant does not intend to furnish such materials to Certificateholders subsequent to the filing of this report. INDEX TO EXHIBITS Exhibit Number Description ------- ----------- 31.1 Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 99.1 Report prepared by the Servicer's certified independent accountants concerning the Servicer's activities for the year-end December 31, 2005. 99.2 Servicer's Annual Statement of Compliance.