8-K 1 form8kpsa20025.txt PSA 2002-5 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 5, 2002 LONG BEACH SECURITIES CORP. (as depositor under the Pooling and Servicing Agreement, dated as of November 1, 2002, providing for the issuance of Asset-Backed Certificates, Series 2002-5) _________________________________________ (Exact name of registrant as specified in its charter) Delaware 333-90550 33-0917586 (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification Number) 1100 Town & Country Road Suite 1600 Orange, California 92868 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (714) 541-5378 Item 2. Acquisition or Disposition of Assets Description of the Certificates and the Mortgage Pool On November 5, 2002, a single series of certificates, entitled Long Beach Mortgage Loan Trust 2002-5, Asset-Backed Certificates, Series 2002-5 (the "Certificates"), were issued pursuant to a pooling and servicing agreement, dated as of November 1, 2002 (the "Agreement"), attached hereto as Exhibit 4.1, among Long Beach Securities Corp. as depositor (the "Depositor"), Long Beach Mortgage Company as master servicer ("Long Beach"), the Federal National Mortgage Association ("Fannie Mae") as guarantor with respect to the Class A-1 Certificates and the Class S-1 Certificates (the "Fannie Mae Certificates") and Deutsche Bank National Trust Company as trustee (the "Trustee"). The Certificates consist of thirteen classes of certificates (collectively, the "Certificates"), designated as the "Class A-1 Certificates", "Class A-2 Certificates", "Class S-1 Certificates", "Class S-2 Certificates", "Class M-1 Certificates", "Class M-2 Certificates", "Class M-3 Certificates", "Class M-4A Certificates", "Class M-4B Certificates", "Class C Certificates", "Class P Certificates", "Class R Certificates", "Class R-CX Certificates" and "Class R-PX Certificates". The Certificates evidence in the aggregate the entire beneficial ownership interest in a trust fund (the "Trust Fund"), consisting of a pool of first lien and second lien, fully amortizing, adjustable-rate and fixed-rate residential mortgage loans (the "Mortgage Pool") having original terms to maturity up to 30 years (the "Mortgage Loans"). The Mortgage Pool consists of Mortgage Loans having an aggregate scheduled principal balance of $1,000,000,848.34 as of November 1, 2002 (the "Cut-off Date"). The Mortgage Loans were purchased pursuant to the Mortgage Loan Purchase Agreement, dated October 31, 2002, (the "Purchase Agreement") between Long Beach and the Depositor. On November 5, 2002 Fannie Mae exchanged Fannie Mae Guaranteed Grantor Trust Pass-Through Certificates, Fannie Mae Grantor Trust 2002-T17 (the "Guaranteed Certificates") with the Depositor for the Fannie Mae Certificates pursuant to the commitment letter dated October 21, 2002 among Fannie Mae, the Depositor, Long Beach and Greenwich Capital Markets, Inc. The Depositor, Long Beach, Greenwich Capital Markets, Inc. and UBS Warburg LLC (together, Greenwich Capital Markets, Inc. and UBS Warburg LLC are the "Co-Representatives"), as Co-Representatives of themselves, Credit Suisse First Boston Corporation, Deutsche Bank Securities, Inc., Lehman Brothers Inc. and Morgan Stanley & Co. Incorporated have entered into an Underwriting Agreement dated as of October 30, 2002 for the purchase of the Class A-2 Certificates, Class S-2 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4A Certificates, Class M-4B Certificates and the Guaranteed Certificates. The Certificates have the following initial Certificate Balances and Pass-Through Rates: 2

The Class A-2 Certificates, Class S-2 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4A Certificates, Class M-4B Certificates and the Mortgage Loans are more particularly described in the Prospectus, dated July 30, 2000, and the Prospectus Supplement, dated October 31, 2002, as previously filed with the Securities and Exchange Commission pursuant to Rule 424(b). The Class C Certificates, the Class P Certificates, the Class R Certificates, the Class R-CX Certificates and the Class R-PX Certificates have not been and will not be publicly offered by the Depositor. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Prospectus Supplement. The Guaranteed Certificates and the Mortgage Loans are more particularly described in the Prospectus prepared by Fannie Mae dated October 31, 2002. Item 7. Financial Statements and Exhibits (a) Not applicable (b) Not applicable (c) Exhibits 3 Exhibit No. Description 4.1 Pooling and Servicing Agreement, dated as of November 1, 2002, by and among Long Beach Securities Corp. as Depositor, Long Beach Mortgage Company as Master Servicer, the Federal National Mortgage Association as Guarantor with respect to the Class A-1 Certificates and the Class S-1 Certificates and Deutsche Bank National Trust Company as Trustee, relating to the Series 2002-5 Certificates. 4 SIGNATURES 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 thereunto duly authorized. Dated: November 18, 2002 LONG BEACH SECURITIES CORP. By: /s/ Jeffery A Sorensen Name: Jeffery A Sorensen Title: Vice President 5 Index to Exhibits

LONG BEACH SECURITIES CORP ASSET BACKED CERTS SERIES 2002-5 8-K