8-K 1 ff1_august04.txt 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) : August 25, 2004 ASSET BACKED FUNDING CORPORATION, (as depositor under the Pooling and Servicing Agreement, dated July 1, 2004, providing for the issuance of ABFC 2004-FF1 Trust, ABFC Asset-Backed Certificates Series 2004-FF1). ASSET BACKED FUNDING CORPORATION (Exact name of registrant as specified in its charter) Delaware 333-108551-08 75-2533468 (State or other (Commission File Number) (IRS Employer jurisdiction of Identification No.) incorporation) 100 North Tyron Sreet Charlotte, North Carolina 28255 (Address pof 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 ABFC 2004-FF1 Trust, ABFC Asset-Backed Certificates Series 2004-FF1 pursuant to the terms of the Pooling and Servicing Agreement, dated July 1, 2004 among Asset Backed Funding Corporation, as depositor, Countrywide Home Loans Servicing LP Loan Servicing LP as servicer, and JPMorgan Chase Bank, as trustee. On August 25, 2004 distributions were made to the Certificateholders. Specific information with respect to the distributions is filed as Exhibit 99.1. No other reportable transactions or matters have occurred during the current reporting period. 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 August 25, 2004 as Exhibit 99.1. ABFC 2004-FF1 Trust ABFC Asset-Backed Certificates, Series 2004-FF1 ------------------------------------------------------------------------------- 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. JPMORGAN CHASE BANK, not in its individual capacity, but solely as Trustee under the Agreement referred to herein Date: August 31, 2004 By: /s/ Mark McDermott ------------------------------------ Mark McDermott Vice President INDEX TO EXHIBITS Exhibit Number Description of Exhibits 99.1 Statement to Certificateholders August 25, 2004 Exhibit 99.1 Statement to Certificateholders August 25, 2004 ABFC Asset-Backed Certificates, Series 2004-FF1 STATEMENT TO CERTIFICATEHOLDERS August 25, 2004 ----------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTION IN DOLLARS ----------------------------------------------------------------------------------------------------------------------------------- ORIGINAL BEGINNING ENDING FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE ---------------------------------------------------------------------------------------------------------------------------------- A1 403,699,000.00 403,699,000.00 3,379,268.96 536,471.12 3,915,740.08 0.00 0.00 400,319,731.04 A2 217,880,000.00 217,880,000.00 1,212,763.73 291,111.89 1,503,875.62 0.00 0.00 216,667,236.27 M1 45,199,000.00 45,199,000.00 0.00 71,163.31 71,163.31 0.00 0.00 45,199,000.00 M2 21,696,000.00 21,696,000.00 0.00 45,911.15 45,911.15 0.00 0.00 21,696,000.00 M3 7,231,000.00 7,231,000.00 0.00 16,346.08 16,346.08 0.00 0.00 7,231,000.00 M4 5,424,000.00 5,424,000.00 0.00 15,590.99 15,590.99 0.00 0.00 5,424,000.00 M5 5,424,000.00 5,424,000.00 0.00 18,528.99 18,528.99 0.00 0.00 5,424,000.00 M6 3,616,000.00 3,616,000.00 0.00 13,005.55 13,005.55 0.00 0.00 3,616,000.00 M7 5,062,000.00 5,062,000.00 0.00 18,206.33 18,206.33 0.00 0.00 5,062,000.00 P 0.00 0.00 0.00 63,607.43 63,607.43 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 TOTALS 715,231,000.00 715,231,000.00 4,592,032.69 1,089,942.84 5,681,975.53 0.00 0.00 710,638,967.31 CE 7,956,015.39 7,956,015.39 0.00 2,438,518.14 2,438,518.14 0.00 0.00 7,956,015.39 ---------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------- ------------------------------------- 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 ------------------------------------------------------------------------------------------- ------------------------------------ A1 04542BHU9 1,000.00000000 8.37076376 1.32888890 9.69965266 991.62923624 A1 1.840000 % A2 04542BHL9 1,000.00000000 5.56620034 1.33611112 6.90231146 994.43379966 A2 1.850000 % M1 04542BHM7 1,000.00000000 0.00000000 1.57444435 1.57444435 1,000.00000000 M1 2.180000 % M2 04542BHN5 1,000.00000000 0.00000000 2.11611126 2.11611126 1,000.00000000 M2 2.930000 % M3 04542BHP0 1,000.00000000 0.00000000 2.26055594 2.26055594 1,000.00000000 M3 3.130000 % M4 04542BHQ8 1,000.00000000 0.00000000 2.87444506 2.87444506 1,000.00000000 M4 3.980000 % M5 04542BHR6 1,000.00000000 0.00000000 3.41611173 3.41611173 1,000.00000000 M5 4.730000 % M6 04542BHS4 1,000.00000000 0.00000000 3.59666759 3.59666759 1,000.00000000 M6 4.980000 % M7 04542BHT2 1,000.00000000 0.00000000 3.59666733 3.59666733 1,000.00000000 M7 4.980000 % TOTALS 1,000.00000000 6.42034908 1.52390324 7.94425232 993.57965092 CE N/A 1,000.00000000 0.00000000 306.49992747 306.49992747 1,000.00000000 CE 0.000000 % ------------------------------------------------------------------------------------------- ------------------------------------ If there are any questions or problems with this statement, please contact the Administrator listed below: --------------------------------------- RYAN VAUGHN JPMorgan Chase Bank - Structured Finance Services NY 4 NEW YORK PLAZA FLR 6, New York, New York 10004 Tel: (212) 623-4484 Fax: (212) 623-5930 Email: Ryan.M.Vaughn@JPMorgan.com --------------------------------------- Sec. 4.06(iii) O/C Amount 7,956,015.39 Sec. 4.06(iii) Targeted O/C Amount 7,955,057.17 Sec. 4.06(iii) O/C Deficiency Amount 0.00 Sec. 4.06(iii) O/C Release Amount 0.00 Sec. 4.06(iii) Monthly Excess Interest 2,438,518.14 Sec. 4.06(iii) Monthly Excess Cash Flow Amount 2,438,518.14 Sec. 4.06(iii) Extra Principal Distribution Amount 0.00 Sec. 4.06(iv) Servicing Compensation 301,327.92 Sec. 4.06(v) Current Advances 0.00 Sec. 4.06(vi) Total Ending Collateral Balance 718,594,982.70 Sec. 4.06(vii) Total Beginning Number of Loans 3,228.00 Sec. 4.06(vii) Total Ending Number of Loans 3,208.00 Sec. 4.06(vii) Weighted Average Net Mortgage Rate for All Loans 5.74931 % Sec. 4.06(vii)Weighted Average Term to Maturity 356.61 Sec. 4.06(viii)Loans Delinquent Group 1 Principal Category Number Balance Percentage 1 Month 17 2,456,075.00 0.53 % 2 Month 0 0.00 0.00 % 3 Month 0 0.00 0.00 % Total 17 2,456,075.00 0.53 % Group 2 Principal Category Number Balance Percentage 1 Month 8 3,840,767.07 1.52 % 2 Month 0 0.00 0.00 % 3 Month 0 0.00 0.00 % Total 8 3,840,767.07 1.52 % Group Totals Principal Category Number Balance Percentage 1 Month 25 6,296,842.07 0.88 % 2 Month 0 0.00 0.00 % 3 Month 0 0.00 0.00 % Total 25 6,296,842.07 0.88 % Please Note: Delinquency Numbers Include Bankruptcies and Foreclosures Sec. 4.06(viii)Loans in Foreclosures Loans in Foreclosure Group 1 Principal Number Balance Percentage 0 0.00 0.00% Group 2 Principal Number Balance Percentage 0 0.00 0.00% Group Totals Principal Number Balance Percentage 0 0.00 0.00% Sec. 4.06(viii)Loans in Bankruptcy Loans in Bankruptcy Group 1 Principal Number Balance Percentage 0 0.00 0.00% Group 2 Principal Number Balance Percentage 0 0.00 0.00% Group Totals Principal Number Balance Percentage 0 0.00 0.00% Sec. 4.06(ix)Loans in REO Group 1 Principal Number Balance Percentage 0 0.00 0.00% Group 2 Principal Number Balance Percentage 0 0.00 0.00% Group Totals Principal Number Balance Percentage 0 0.00 0.00% Sec. 4.06(x) REO Book Value Sec. 4.06(xi) Principal Prepayments 4,394,987.20 Group 1 Group 2 Sec. 4.06(xii) Realized Losses Current Realized Losses 0.00 Group 1 Group 2 Cumulative Realized Losses Incurred 0.00 Group 1 Group 2 Sec. 4.06(xii) Subsequent Recoveries 0.00 Group 1 Group 2 Class M1 Unpaid Realized Loss Amount 0.00 Sec. 4.06(xiii) Certificates Realized Losses 0.00 Class M1 Applied Realized Loss Amount 0.00 Class M2 Unpaid Realized Loss Amount 0.00 Class M2 Applied Realized Loss Amount 0.00 Class M3 Unpaid Realized Loss Amount 0.00 Class M3 Applied Realized Loss Amount 0.00 Class M4 Unpaid Realized Loss Amount 0.00 Class M4 Applied Realized Loss Amount 0.00 Class M5 Unpaid Realized Loss Amount 0.00 Class M5 Applied Realized Loss Amount 0.00 Class M6 Unpaid Realized Loss Amount 0.00 Class M6 Applied Realized Loss Amount 0.00 Class M7 Unpaid Realized Loss Amount 0.00 Class M7 Applied Realized Loss Amount 0.00 Sec. 4.06(xiv)Cap Carryover Amount - Class A1 0.00 Sec. 4.06(xiv)Unpaid Cap Carryover Amount - Class A1 0.00 Sec. 4.06(xiv)Cap Carryover Amount - Class A2 0.00 Sec. 4.06(xiv)Unpaid Cap Carryover Amount - Class A2 0.00 Sec. 4.06(xiv)Cap Carryover Amount - Class M1 0.00 Sec. 4.06(xiv)Unpaid Cap Carryover Amount - Class M1 0.00 Sec. 4.06(xiv)Cap Carryover Amount - Class M2 0.00 Sec. 4.06(xiv)Unpaid Cap Carryover Amount - Class M2 0.00 Sec. 4.06(xiv)Cap Carryover Amount - Class M3 0.00 Sec. 4.06(xiv)Unpaid Cap Carryover Amount - Class M3 0.00 Sec. 4.06(xiv)Cap Carryover Amount - Class M4 0.00 Sec. 4.06(xiv)Unpaid Cap Carryover Amount - Class M4 0.00 Sec. 4.06(xiv)Cap Carryover Amount - Class M5 0.00 Sec. 4.06(xiv)Unpaid Cap Carryover Amount - Class M5 0.00 Sec. 4.06(xiv)Cap Carryover Amount - Class M6 0.00 Sec. 4.06(xiv)Unpaid Cap Carryover Amount - Class M6 0.00 Sec. 4.06(xiv)Cap Carryover Amount - Class M7 0.00 Sec. 4.06(xiv)Unpaid Cap Carryover Amount - Class M7 0.00 Sec. 4.06(xv) Net Prepayment Interest Shortfalls 0.00 Sec. 4.06(xvi) Trustee Fee Paid 1,506.64 Sec. 4.06(xvii) Cap Carryover Payments From Excess Cash Flow 0.00 Sec. 4.06(xvii) Cap Carryover Payments From Reserve Account 0.00 A1 Cap Amount Paid 0.00 A2 Cap Amount Paid 0.00 M1 Cap Amount Paid 0.00 M2 Cap Amount Paid 0.00 M3 Cap Amount Paid 0.00 M4 Cap Amount Paid 0.00 M5 Cap Amount Paid 0.00 M6 Cap Amount Paid 0.00 M7 Cap Amount Paid 0.00 A2 Cap Amount Paid 0.00 M1 Cap Amount Paid 0.00 M2 Cap Amount Paid 0.00 M3 Cap Amount Paid 0.00 M4 Cap Amount Paid 0.00 M5 Cap Amount Paid 0.00 M6 Cap Amount Paid 0.00 M7 Cap Amount Paid 0.00 Sec. 4.06(xviii) O/C Deficiency Amount 0.00 Sec. 4.06(xix) Has the Trigger Event Occured NO Sec. 4.06(xix) Cummulative Realized Losses as a Percentage of Original Loan Group Balance Sec. 4.06(xx) Available Funds 8,068,336.70 Sec 4.06(xxiv) Repurchased Principal 0.00 Sec. 4.06(xxv) Credit Risk Manager Fee Paid 9,943.82 Sec. 4.06(xxvi) Prepayment Premiums Received 63,607.43 Group 1 Group 2 Sec. 4.06(xxvii) DA Reserve Account DA Dividends Deposited 0.00 DA Dividends Forfeited to Distribution Account 0.00 Sec. 4.06(xxviii) Subsequent Recoveries 0.00

Exhibit No. Exhibit Description Paper (P) or Electronic (E) ----------- ------------------- --------------------------- 1.1 Underwriting Agreement, dated as of July 27, 2004 by E and among Asset Backed Funding Corporation, Banc of America Securities LLC, Countrywide Securities Corporation and WaMu Capital Corp. 4.1 Pooling and Servicing Agreement, dated as of July 1, E 2004, by and among Asset Backed Funding Corporation, Countrywide Home Loans Servicing LP and JPMorgan Chase Bank. (including exhibits)

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