8-K 1 ffm02ffa.txt DECEMBER 8K 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 FIRST FRANKLIN MORTGAGE LOAN TRUST Asset Backed Certificates, Series 2002-FFA Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-84929-11 Pooling and Servicing Agreement) (Commission 52-2365745 (State or other File Number) 52-2365746 jurisdiction 52-2365747 of Incorporation) 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 FIRST FRANKLIN MORTGAGE LOAN TRUST, Asset Backed Certificates, Series 2002-FFA 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 Certificates, Series 2002-FFA 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. FIRST FRANKLIN MORTGAGE LOAN TRUST Asset Backed Certificates, Series 2002-FFA Trust By: Wells Fargo Bank Minnesota, N.A., as Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 1/7/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2002-FFA Trust, relating to the December 26, 2002 distribution. EX-99.1

First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates Record Date: ~~10/31/02~~ 11/2530/02 Distribution Date: 12/26/02 FFM Series: 2002-FFA Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A 32027NAZ4 SEN 21.~~18000~~73000% ~~232~~226,~~414~~791,~~862~~652.9260 ~~436~~337,~~294~~856.3556 54,~~623~~152,~~210~~834.3209 S-1 32027NBD2 SUB 2.00000% 0.00 47,815.00 0.00 S-2 32027NBE0 SUB 2.00000% 0.00 47,815.00 0.00 M-1 32027NBA8 SUB 2.~~83000~~38000% 21,517,000.00 5244,~~435~~097.7390 0.00 M-2 32027NBB6 SUB 32.~~33000~~88000% 15,779,000.00 4539,~~246~~131.2892 0.00 M-3 32027NBC4 SUB 43.~~13000~~68000% 14,344,000.00 5145,~~012~~454.8454 0.00 C FFM02FFAC SEN 0.00000% 24,~~030~~016,~~893~~270.2115 0.00 0.00 P FFM02FFAP SEN 0.00000% 100.00 9263,~~531~~730.7580 0.00 R FFM0FFAR RES 0.00000% 0.00 0.00 0.00 Totals ~~286~~282,~~085~~448,~~856~~022.1375 ~~773~~625,~~150~~901.9572 54,~~623~~152,~~210~~834.3209

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 ~~226~~222,~~791~~638,~~652~~818.6050 64,~~059~~490,~~504~~690.6765 0.00 S-1 0.00 0.00 47,815.00 0.00 S-2 0.00 0.00 47,815.00 0.00 M-1 0.00 21,517,000.00 5244,~~435~~097.7390 0.00 M-2 0.00 15,779,000.00 4539,~~246~~131.2892 0.00 M-3 0.00 14,344,000.00 5145,~~012~~454.8454 0.00 C 0.00 46,~~016~~086,~~270~~673.1512 0.00 0.00 P 0.00 100.00 9263,~~531~~730.7580 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 ~~282~~280,~~448~~365,~~022~~591.7562 64,~~396~~778,~~361~~735.2781 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 235,258,000.00 ~~232~~226,~~414~~791,~~862~~652.9260 0.00 54,~~623~~152,~~210~~834.3209 0.00 0.00 S-1 0.00 0.00 0.00 0.00 0.00 0.00 S-2 0.00 0.00 0.00 0.00 0.00 0.00 M-1 21,517,000.00 21,517,000.00 0.00 0.00 0.00 0.00 M-2 15,779,000.00 15,779,000.00 0.00 0.00 0.00 0.00 M-3 14,344,000.00 14,344,000.00 0.00 0.00 0.00 0.00 C 731.07 24,~~030~~016,~~893~~270.2115 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 286,898,831.07 ~~286~~282,~~085~~448,~~856~~022.1375 0.00 54,~~623~~152,~~210~~834.3209 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 54,~~623~~152,~~210~~834.3209 ~~226~~222,~~791~~638,~~652~~818.6050 0.~~96401250~~94636024 54,~~623~~152,~~210~~834.3209 S-1 0.00 0.00 0.00000000 0.00 S-2 0.00 0.00 0.00000000 0.00 M-1 0.00 21,517,000.00 1.00000000 0.00 M-2 0.00 15,779,000.00 1.00000000 0.00 M-3 0.00 14,344,000.00 1.00000000 0.00 C 0.00 46,~~016~~086,~~270~~673.1512 58,~~493~~325.~~68754018~~70495301 0.00 P 0.00 100.00 1.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 54,~~623~~152,~~210~~834.3209 ~~282~~280,~~448~~365,~~022~~591.7562 0.~~98448649~~97722807 54,~~623~~152,~~210~~834.3209

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 235,258,000.00 ~~987~~964.~~91481233~~01249947 0.00000000 2317.~~90231287~~65225450 0.00000000 S-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 S-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 21,517,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 15,779,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 14,344,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 C 731.07 ~~2777973~~5493687.~~66873213~~54018083 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A 0.00000000 2317.~~90231287~~65225450 ~~964~~946.~~01249947~~36024492 0.~~96401250~~94636024 2317.~~90231287~~65225450 S-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 S-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 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 C 0.00000000 0.00000000 58,~~493~~325,~~687~~704.~~5401808~~95301408 ~~5493~~8325.~~68754018~~70495301 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 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 235,258,000.00 21.~~18000~~73000% ~~232~~226,~~414~~791,~~862~~652.9260 ~~436~~337,~~294~~856.3556 0.00 0.00 S-1 0.00 2.00000% 28,689,000.00 47,815.00 0.00 0.00 S-2 0.00 2.00000% 28,689,000.00 47,815.00 0.00 0.00 M-1 21,517,000.00 2.~~83000~~38000% 21,517,000.00 5244,~~435~~097.7390 0.00 0.00 M-2 15,779,000.00 32.~~33000~~88000% 15,779,000.00 4539,~~246~~131.2892 0.00 0.00 M-3 14,344,000.00 43.~~13000~~68000% 14,344,000.00 5145,~~012~~454.8454 0.00 0.00 C 731.07 0.00000% 24,~~030~~016,~~893~~270.2115 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 286,898,831.07 ~~680~~562,~~619~~170.2092 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 ~~436~~337,~~294~~856.3556 0.00 ~~226~~222,~~791~~638,~~652~~818.6050 S-1 0.00 0.00 47,815.00 0.00 28,689,000.00 S-2 0.00 0.00 47,815.00 0.00 28,689,000.00 M-1 0.00 0.00 5244,~~435~~097.7390 0.00 21,517,000.00 M-2 0.00 0.00 4539,~~246~~131.2892 0.00 15,779,000.00 M-3 0.00 0.00 5145,~~012~~454.8454 0.00 14,344,000.00 C 0.00 0.00 0.00 0.00 46,~~016~~086,~~270~~673.1512 P 0.00 0.00 9263,~~531~~730.7580 0.00 100.00 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 ~~773~~625,~~150~~901.9572 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 235,258,000.00 21.~~18000~~73000% ~~987~~964.~~91481233~~01249947 1.~~85453566~~43611082 0.00000000 0.00000000 S-1 0.00 2.00000% 1000.00000000 1.66666667 0.00000000 0.00000000 S-2 0.00 2.00000% 1000.00000000 1.66666667 0.00000000 0.00000000 M-1 21,517,000.00 2.~~83000~~38000% 1000.00000000 2.~~43694428~~04944463 0.00000000 0.00000000 M-2 15,779,000.00 32.~~33000~~88000% 1000.00000000 2.~~86749984~~48000000 0.00000000 0.00000000 M-3 14,344,000.00 43.~~13000~~68000% 1000.00000000 3.~~55638873~~16888873 0.00000000 0.00000000 C 731.07 0.00000% ~~2777973~~5493687.~~66873213~~54018083 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes are per $1,000 denomination.

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.~~85453566~~43611082 0.00000000 ~~964~~946.~~01249947~~36024492 S-1 0.00000000 0.00000000 1.66666667 0.00000000 1000.00000000 S-2 0.00000000 0.00000000 1.66666667 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 2.~~43694428~~04944463 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~86749984~~48000000 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 3.~~55638873~~16888873 0.00000000 1000.00000000 C 0.00000000 0.00000000 0.00000000 0.00000000 ~~5493687~~8325704.~~54018083~~95301408 P 0.00000000 0.00000000 ~~925317~~637308.~~50000000~~00000000 0.00000000 1000.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (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 64,~~444~~853,~~664~~827.6902 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Losses 0.00 Prepayment Penalties 9263,~~531~~730.7580 Total Deposits 64,~~537~~917,~~196~~557.4482 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~140~~138,~~835~~822.1701 Payment of Interest and Principal 64,~~396~~778,~~361~~735.2781 Total Withdrawals (Pool Distribution Amount) 64,~~537~~917,~~196~~557.4482 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~119~~117,~~202~~686.4269 AMBAC 1918,~~367~~899.9130 Wells Fargo 2,~~264~~236.8402 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~140~~138,~~835~~822.1701

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 287 0 0 0 287 910,~~647~~088,~~896~~797.8650 0.00 0.00 0.00 910,~~647~~088,~~896~~797.8650 60 Days 78133 0 0 0 78133 24,~~483~~345,~~331~~154.7955 0.00 0.00 0.00 24,~~483~~345,~~331~~154.7955 90 Days 3711 0 0 0 3711 1344,~~317,696~~029.5837 0.00 0.00 0.00 1344,~~317,696~~029.5837 120 Days 02 0 0 0 02 056,112.0057 0.00 0.00 0.00 056,112.0057 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 ~~402~~433 0 0 0 ~~402~~433 1314,~~448~~834,~~925~~093.2399 0.00 0.00 0.00 1314,~~448~~834,~~925~~093.2399 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 34.~~992210~~018482% 0.000000% 0.000000% 0.000000% 34.~~992210~~018482% 3.~~415813~~598444% 0.000000% 0.000000% 0.000000% 3.~~415813~~598444% 60 Days 1.~~084991~~862223% 0.000000% 0.000000% 0.000000% 1.~~084991~~862223% 01.~~879217~~549817% 0.000000% 0.000000% 0.000000% 01.~~879217~~549817% 90 Days 0.~~514675~~154018% 0.000000% 0.000000% 0.000000% 0.~~514675~~154018% 0.~~466527~~122707% 0.000000% 0.000000% 0.000000% 0.~~466527~~122707% 120 Days 0.~~000000~~028003% 0.000000% 0.000000% 0.000000% 0.~~000000~~028003% 0.~~000000~~020014% 0.000000% 0.000000% 0.000000% 0.~~000000~~020014% 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 56.~~591876~~062728% 0.000000% 0.000000% 0.000000% 56.~~591876~~062728% 45.~~761558~~290982% 0.000000% 0.000000% 0.000000% 45.~~761558~~290982%

COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 11.~~773380~~774468% Weighted Average Net Coupon 11.~~273380~~274467% Weighted Average Pass-Through Rate 11.~~182641~~184672% Weighted Average Maturity(Stepdown Calculation ) ~~178~~177 Beginning Scheduled Collateral Loan Count 7,~~261~~189 Number Of Loans Paid In Full 7247 Ending Scheduled Collateral Loan Count 7,~~189~~142 Beginning Scheduled Collateral Balance ~~286~~282,~~085~~448,~~856~~022.1375 Ending Scheduled Collateral Balance ~~282~~280,~~448~~365,~~022~~591.7562 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2002 ~~282~~280,~~448~~365,~~022~~591.7562 Monthly P &I Constant 2,~~917~~943,~~450~~263.8118 Special Servicing Fee 0.00 Prepayment Penalties 9263,~~531~~730.7580 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~282~~280,~~448~~365,~~022~~591.7562 Scheduled Principal ~~110~~171,~~619~~867.4718 Unscheduled Principal 31,~~527~~910,~~213~~563.91

Miscellaneous Reporting Credit Enhancement Percentage 0.~~187604~~197050% Stepdown Date in Effect NO Trigger Event in Effect NO Prepayment Penalty Charges 9263,~~531~~730.7580 Overcollateralization Target Amount 15,062,188.63 Overcollateralization Amount 46,~~016~~086,~~270~~673.1512 Overcollateralization Increase Amount 12,~~985~~070,~~376~~403.9400 Overcollateralization Reduction Amount 0.00 Overcollateralization Release Amount 0.00 Specified Overcollateralization Amount 15,062,188.63 Overcollateralization Deficiency Amount 118,~~045~~975,~~918~~515.4751 Extra Principal Distribution Amount 12,~~985~~070,~~376~~403.9400 Excess Cash Amount 12,~~985~~070,~~376~~403.9400

Filing Compare · FINANCIAL ASSETS SEC CORP FIRST FRANKLIN MORT LN TR 2002 FFA