8-K 1 sal02ct1.txt DECEMBER 8-K UNITED STATES 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): December 26, 2002 SALOMON HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2002-CT1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-83816-02 Pooling and Servicing Agreement) (Commission 52-2365700 (State or other File Number) 52-2365701 jurisdiction 52-2365702 of Incorporation) 52-2365703 IRS EIN c/o Wells Fargo Bank Minnesota, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) ITEM 5. Other Events On December 26, 2002 a distribution was made to holders of SALOMON HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series 2002-CT1 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Pass-Through Certificates, Series 2002-CT1 Trust, relating to the December 26, 2002 distribution. 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. SALOMON HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2002-CT1 Trust By: Wells Fargo Bank Minnesota, N.A. as Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 1/3/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Pass-Through Certificates, Series 2002-CT1 Trust, relating to the December 26, 2002 distribution. EX-99.1

Salomon Brothers Mortgage Securities VII, Inc. Mortgage Pass-Through Certificates Record Date: 1011/3130/02 Distribution Date: 1112/2526/02 SBMSVII Series: 2002-CT1 Contact: CTSLink Customer Service Wells Fargo Bank Minnesota, N.A. Corporate Trust Services 9062 Old Annapolis Road Columbia, MD 21045-1951 Telephone: (301) 815-6600 Fax: (301) 815-6600 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A 79549AQH5 SEN 21.~~13000~~68000% ~~204~~200,~~855~~551,~~855~~958.9436 ~~375~~290,~~739~~131.7883 4,~~303~~344,~~897~~884.5815 M-1 79549AQJ1 MEZ 2.~~56000~~11000% 15,504,000.00 3428,~~177~~169.7191 0.00 M-2 79549AQK8 MEZ 32.~~03000~~58000% 6,822,000.00 1715,~~799~~156.7421 0.00 M-3 79549AQL6 MEZ 32.~~28000~~83000% 1,860,000.00 54,~~253~~532.4772 0.00 M-4 79549AQM4 MEZ 3.~~73000~~28000% 3,101,000.00 98,~~960~~758.2460 0.00 M-5 79549AQN2 MEZ 43.~~18000~~73000% 1,861,000.00 65,~~698~~977.5743 0.00 R-1 ~~SALOMO02CIT~~SALOMO02C SEN 0.00000% 0.00 0.00 0.00 R-2 ~~SALOMO02CIT~~SALOMO02C SEN 0.00000% 0.00 0.00 0.00 R-3 ~~SALOMO02CI~~SALOMO02C SEN 0.00000% 0.00 0.00 0.00 R-4 ~~SALOMO02CI~~SALOMO02C SEN 0.00000% 0.00 0.00 0.00 P ~~SALOMO02CIT~~SALOMO02C SEN 0.00000% 100.00 93143,~~439~~599.4500 0.00 CE ~~SALOM02CTC~~SALOM02CT JUN 0.00000% 1,240,343.85 1,~~118~~154,~~087~~863.4785 0.00 Totals ~~235~~230,~~244~~940,~~299~~402.7921 1,~~661~~651,~~156~~189.4355 4,~~303~~344,~~897~~884.5815

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 ~~200~~196,~~551~~207,~~958~~074.3621 4,~~679~~635,~~637~~015.3698 0.00 M-1 0.00 15,504,000.00 3428,~~177~~169.7191 0.00 M-2 0.00 6,822,000.00 1715,~~799~~156.7421 0.00 M-3 0.00 1,860,000.00 54,~~253~~532.4772 0.00 M-4 0.00 3,101,000.00 98,~~960~~758.2460 0.00 M-5 0.00 1,861,000.00 65,~~698~~977.5743 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 R-4 0.00 0.00 0.00 0.00 P 0.00 100.00 93143,~~439~~599.4500 0.00 CE 0.00 1,240,343.85 1,~~118~~154,~~087~~863.4785 0.00 Totals 0.00 ~~230~~226,~~940~~595,~~402~~518.2106 5,~~965~~996,~~054~~073.0170 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A 217,680,000.00 ~~204~~200,~~855~~551,~~855~~958.9436 ~~218~~212,~~287~~757.3166 4,~~085~~132,~~610~~126.2749 0.00 0.00 M-1 15,504,000.00 15,504,000.00 0.00 0.00 0.00 0.00 M-2 6,822,000.00 6,822,000.00 0.00 0.00 0.00 0.00 M-3 1,860,000.00 1,860,000.00 0.00 0.00 0.00 0.00 M-4 3,101,000.00 3,101,000.00 0.00 0.00 0.00 0.00 M-5 1,861,000.00 1,861,000.00 0.00 0.00 0.00 0.00 R-1 0.00 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 0.00 0.00 R-4 0.00 0.00 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 CE 1,240,670.39 1,240,343.85 0.00 0.00 0.00 0.00 Totals 248,068,770.39 ~~235~~230,~~244~~940,~~299~~402.7921 ~~218~~212,~~287~~757.3166 4,~~085~~132,~~610~~126.2749 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A 4,~~303~~344,~~897~~884.5815 ~~200~~196,~~551~~207,~~958~~074.3621 0.~~92131550~~90135554 4,~~303~~344,~~897~~884.5815 M-1 0.00 15,504,000.00 1.00000000 0.00 M-2 0.00 6,822,000.00 1.00000000 0.00 M-3 0.00 1,860,000.00 1.00000000 0.00 M-4 0.00 3,101,000.00 1.00000000 0.00 M-5 0.00 1,861,000.00 1.00000000 0.00 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 R-3 0.00 0.00 0.00000000 0.00 R-4 0.00 0.00 0.00000000 0.00 P 0.00 100.00 1.00000000 0.00 CE 0.00 1,240,343.85 0.99973680 0.00 Totals 4,~~303~~344,~~897~~884.5815 ~~230~~226,~~940~~595,~~402~~518.2106 0.~~93095315~~91343831 4,~~303~~344,~~897~~884.5815

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 217,680,000.00 ~~941~~921.~~08717356~~31550147 10.~~00278992~~97738727 18.~~76888217~~98257300 0.00000000 M-1 15,504,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 6,822,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 1,860,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 3,101,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5 1,861,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-4 0.00 0.00000000 0.00000000 0.00000000 0.00000000 P 100.00 100.00000000 0.00000000 0.00000000 0.00000000 CE 1,240,670.39 999.73680358 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination, except Class P which is per $100.00

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A 0.00000000 19.~~77167209~~95996026 ~~921~~901.~~31550147~~35554121 0.~~92131550~~90135554 19.~~77167209~~95996026 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 100.00000000 1.00000000 0.00000000 CE 0.00000000 0.00000000 999.73680358 0.99973680 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A 217,680,000.00 21.~~13000~~68000% ~~204~~200,~~855~~551,~~855~~958.9436 ~~375~~290,~~739~~131.7883 0.00 0.00 M-1 15,504,000.00 2.~~56000~~11000% 15,504,000.00 3428,~~177~~169.7191 0.00 0.00 M-2 6,822,000.00 32.~~03000~~58000% 6,822,000.00 1715,~~799~~156.7421 0.00 0.00 M-3 1,860,000.00 32.~~28000~~83000% 1,860,000.00 54,~~253~~532.4772 0.00 0.00 M-4 3,101,000.00 3.~~73000~~28000% 3,101,000.00 98,~~960~~758.2460 0.00 0.00 M-5 1,861,000.00 43.~~18000~~73000% 1,861,000.00 65,~~698~~977.5743 0.00 0.00 R-1 0.00 0.00000% 0.00 0.00 0.00 0.00 R-2 0.00 0.00000% 0.00 0.00 0.00 0.00 R-3 0.00 0.00000% 0.00 0.00 0.00 0.00 R-4 0.00 0.00000% 0.00 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 CE 1,240,670.39 0.00000% 1,240,343.85 0.00 0.00 0.00 Totals 248,068,770.39 ~~449~~352,~~629~~726.5170 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A 0.00 0.00 ~~375~~290,~~739~~131.7883 0.00 ~~200~~196,~~551~~207,~~958~~074.3621 M-1 0.00 0.00 3428,~~177~~169.7191 0.00 15,504,000.00 M-2 0.00 0.00 1715,~~799~~156.7421 0.00 6,822,000.00 M-3 0.00 0.00 54,~~253~~532.4772 0.00 1,860,000.00 M-4 0.00 0.00 98,~~960~~758.2460 0.00 3,101,000.00 M-5 0.00 0.00 65,~~698~~977.5743 0.00 1,861,000.00 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 0.00 R-4 0.00 0.00 0.00 0.00 0.00 P 0.00 0.00 93143,~~439~~599.4500 0.00 100.00 CE 194.44 0.00 1,~~118~~154,~~087~~863.4785 0.00 1,240,343.85 Totals 194.44 0.00 1,~~661~~651,~~156~~189.4355 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A 217,680,000.00 21.~~13000~~68000% ~~941~~921.~~08717356~~31550147 1.~~72611071~~33283641 0.00000000 0.00000000 M-1 15,504,000.00 2.~~56000~~11000% 1000.00000000 21.~~20444466~~81694466 0.00000000 0.00000000 M-2 6,822,000.00 32.~~03000~~58000% 1000.00000000 2.~~60916740~~22166667 0.00000000 0.00000000 M-3 1,860,000.00 32.~~28000~~83000% 1000.00000000 2.~~82444624~~43694624 0.00000000 0.00000000 M-4 3,101,000.00 3.~~73000~~28000% 1000.00000000 32.~~21194453~~82444373 0.00000000 0.00000000 M-5 1,861,000.00 43.~~18000~~73000% 1000.00000000 3.~~59944653~~21194519 0.00000000 0.00000000 R-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-4 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 100.00000000 0.00000000 0.00000000 0.00000000 CE 1,240,670.39 0.00000% 999.73680358 0.00000000 0.00000000 0.00000000 (5) All Classes are per $1,000 denomination, except Class P which is per $100.00

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A 0.00000000 0.00000000 1.~~72611071~~33283641 0.00000000 ~~921~~901.~~31550147~~35554121 M-1 0.00000000 0.00000000 21.~~20444466~~81694466 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~60916740~~22166667 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 2.~~82444624~~43694624 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 32.~~21194453~~82444373 0.00000000 1000.00000000 M-5 0.00000000 0.00000000 3.~~59944653~~21194519 0.00000000 1000.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 ~~93439~~143599.~~45000000~~00000000 0.00000000 100.00000000 CE 0.15672172 0.00000000 ~~901~~930.~~19622344~~83856865 0.00000000 999.73680358 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 6,~~066~~124,~~103~~947.0496 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Losses 0(29,762.0031) Prepayment Penalties 0.00 Total Deposits 6,~~066~~095,~~103~~185.0465 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~100~~99,~~959~~111.0395 Payment of Interest and Principal 5,~~965~~996,~~054~~073.0170 Total Withdrawals (Pool Distribution Amount) 6,~~066~~095,~~013~~185.0465 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 9896,~~018~~225.4618 Special Servicing Fee 0.00 Trustee-Wells Fargo Bank, N.A. 2,~~940~~886.5777 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~100~~99,~~959~~111.0395

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Financial Guaranty 0.00 0.00 0.00 0.00 Net WAC Rate Carryover Reserve Fund 1,000.00 0.00 10.1387 1,000.00

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days ~~116~~124 01 0 0 ~~116~~125 11,~~613~~986,~~025~~165.5801 0198,450.0044 0.00 0.00 1112,~~613~~184,~~025~~615.5845 60 Days 3120 1 0 0 3221 21,~~676~~848,~~114~~420.4935 8397,~~726~~584.3128 0.00 0.00 21,~~759~~946,~~840~~004.8063 90 Days 2032 14 1624 0 3760 1,~~502~~867,~~265~~173.5584 ~~188~~347,~~381~~230.4255 1,~~295~~996,~~108~~766.6004 0.00 24,~~985~~211,~~755~~170.5743 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals ~~167~~176 26 1624 0 ~~185~~206 15,~~791~~701,~~405~~759.6220 ~~272~~643,~~107~~265.7327 1,~~295~~996,~~108~~766.6004 0.00 1718,~~358~~341,~~621~~790.9551 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 45.~~775628~~188285% 0.~~000000~~041841% 0.000000% 0.000000% 45.~~775628~~230126% 5.~~028581~~289674% 0.~~000000~~087579% 0.000000% 0.000000% 5.~~028581~~377254% 60 Days 10.~~276245~~836820% 0.~~041169~~041841% 0.000000% 0.000000% 10.~~317415~~878661% 10.~~158790~~815736% 0.~~036255~~043065% 0.000000% 0.000000% 10.~~195045~~858801% 90 Days 01.~~823384~~338912% 0.~~041169~~167364% 01.~~658707~~004184% 0.000000% 12.~~523261~~510460% 0.~~650499~~824012% 0.~~081571~~153238% 0.~~560798~~881203% 0.000000% 1.~~292868~~858453% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 67.~~875257~~364017% 0.~~082338~~251046% 01.~~658707~~004184% 0.000000% 78.~~616303~~619247% 6.~~837870~~929422% 0.~~117826~~283883% 0.~~560798~~881203% 0.000000% 78.~~516494~~094507%

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 89.~~530374~~250478% Weighted Average Net Coupon 8.~~013037~~750478% Weighted Average Pass-Through Rate 78.~~998036~~735478% Weighted Average Maturity (Stepdown Calculation ) ~~328~~327 Beginning Scheduled Collateral Loan Count 2,~~466~~429 Number Of Loans Paid In Full 3739 Ending Scheduled Collateral Loan Count 2,~~429~~390 Beginning Scheduled Collateral Balance ~~235~~230,~~244~~940,~~299~~402.7921 Ending Scheduled Collateral Balance ~~230~~226,~~940~~595,~~402~~518.2106 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2002 ~~230~~226,~~940~~595,~~402~~518.2106 Monthly P &I Constant 1,~~980~~993,~~596~~015.0721 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 029,762.0031 Cumulative Realized Loss 029,762.0031 Scheduled Principal ~~218~~212,~~287~~757.3166 Unscheduled Principal 4,~~085~~132,~~610~~126.2749

Miscellaneous Reporting Overcollateralization Target Amount 1,240,343.85 Overcollateralization Increase Amount 0.00 Overcollateralization Reduction Amount 0.00 Credit Enhancement Percentage 13.~~158522~~410832%

Filing Compare · HOME EQ LOAN TRUST SER 2002 CIT1 ASST BACK PASS THRU CERTS