Item 1. Business
Omitted.
Item 2.
Item 2. Properties
Omitted.
Item 3.
Item 3. Legal Proceedings
The Registrant is not aware of any material legal proceeding with respect to, the Company, the Master Servicer or the Trustee, as related to the Trust.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders
No matter was submitted to a vote or consent of Holders of the Offered Certificates during the fiscal year covered by this report.
PART II
Item 5.
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters
The Trust does not issue stock. There is currently no established secondary market for the Certificates.
Item 6.
Item 6. Selected Financial Data
Omitted.
Item 7.
Item 7. Management's Discussion and Analysis of Financial condition and Results of Operations
Omitted.
Item 8.
Item 8. Financial Statements and Supplementary Data
Omitted.
Item 9.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
There was no change of accountants or disagreement with accountants on any matter of accounting principles or practices or financial disclosure.
PART III
Item 10.
Item 10. Directors and Executive Officers of the Registrant
Omitted.
Item 11.
Item 11. Executive Compensation
Omitted.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Omitted.
Item 13.
Item 13. Certain Relationships and Related Transactions
No reportable transactions have occurred.
PART IV
Item 14.
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) The following documents are filed as part of this report:
(1) Financial Statements: Omitted.
(2) Financial Statement Schedules: Omitted.
(3) Exhibits:
Annual Servicer Statement of Compliance, filed as Exhibit 99.1 hereto. Annual Statement of Independent Accountants Report for the Servicer, filed as Exhibit 99.2 hereto.
(b) Reports on Form 8-K: The following Current Reports on Form 8-K were filed by the Registrant during the last quarter of 2001.
Current Reports on Form 8-K dated October 25, 2001, November 26, 2001, and December 26, 2001 were filed for the purpose of filing the Monthly Statement sent to the Holders of the Offered Certificates for payments made on the same date. The items reported in such Current Report were Item 5 (Other Events).
(c) Exhibits to this report are listed in Item (14)(a)(3) above.
Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2001
ASSET BACKED FUNDING CORPORATION Asset Backed Funding Certificates, Series 1999-1 - -----------------------------------------------------------------------
SIGNATURE
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.
I, Rebekah Pappachen, certify that:
1. I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by this annual report, of Asset Backed Funding Corporation.
2. Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report;
3. Based on my knowledge, the servicing information required to be provided to the trustee by the servicer under the pooling and servicing agreement is included in these reports.
JPMorgan Chase Bank not in its individual capacity but solely as Trustee under the Agreement referred to herein
Date: September 20, 2002 By: /s/ Rebekah Pappachen ------------------------------------- Rebekah Pappachen Trust Officer
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.
EXHIBIT INDEX
Exhibit Description
99.1 Servicer's Annual Statement of Compliance 99.2 Servicer's Annual Independent Accountant's Report
EXHIBIT 99.1 - Servicer's Annual Statement of Compliance
LITTON LOAN SERVICING, LP an affiliate of C-Bass
4828 Loop Central Drive Telephone 713.960.9676 Houston, Texas 77081 Fax 713.960.0539
Litton Loan Servicing LP Compliance Certification Year Ended December 31, 2001 Asset Backed Funding Certificates, Series 1999-1
The undersigned Officer of Litton Loan Servicing LP certifies that for the year ended December 31, 2001, Litton has complied with Section 3.27 of the Pooling and Servicing Agreement by and between Asset Backed Funding Corporation, Inc., as Depositor, Credit-Based Asset Servicing and Securitization LLC, as seller, The Chase Manhattan Bank, as Trustee and Litton Loan Servicing LP, as Servicer, dated November 1, 1999, as they relate to the Internal Revenue Service Information reporting requirements including those under Sections 6050J.
By: /s/ Janice McClure Dated: May 14, 2002 Janice McClure Senior Vice President
State of Texas
County of Harris
Before me a Notary Public, on this day personally appeared Janice McClure, Senior Vice President of Litton Loan Servicing LP, known to me to be the person whose name is subscribed to the foregoing instrument and acknowledged to me that she executed that same for the purposes and consideration therein expressed.
Given under my hand and seal of office this 14th day of May, 2002.
/s/ Laurie L. Fourtherston Laurie Foutherston Notary Public State of Texas My Commission Expires 02-04-2006
LITTON LOAN SERVICING, LP an affiliate of C-Bass
4828 Loop Central Drive Telephone 713.960.9676 Houston, Texas 77081 Fax 713.960.0539
January 18, 2002
As of December 31, 2001, Litton Loan Servicing LP has complied in all material respects with the minimum servicing set forth in the Mortgage Bankers Association of America's Uniform Single Attestion Program for Mortgage Bankers. As of and for this same period, Litton Loan Servicing LP had in effect a fidelity bond in the amount of $15,000,000 and an errors and omissions policy in the amount of $15,000,000.
/s/ Larry B. Litton, Sr. Larry B. Litton, Sr., President & CEO
/s/ Janice McClure Janice McClure, Senior Vice President
EXHIBIT 99.2 - Servicer's Annual Independent Accountant's Report
Deloitte & Touche LLP Suite 2300 333 Clay Street Houston, Texas 77002
INDEPENDENT AUDITORS' REPORT
To the Partners of Litton Loan Servicing LP:
We have examined management's assertion about Litton Loan Servicing LP's (the "Company") compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers as of and for the year ended December 31, 2001, included in the accompanying management assertion. Management is responsible for the Company's compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the Company's compliance based on our examination.
Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Company's compliance with minimum servicing standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination of the Company's compliance with the minimum servicing standards.
In our opinion, management's assertion that the Company complied with the aforementioned minimum servicing standards as of and for the year ended December 31, 2001 is fairly stated, in all material respects.
January 18, 2002