8-K 1 eq12002-2nov8k.txt FORM 8-K 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 - November 25, 2002 ----------------------------------- (Date of Earliest Event Reported) EQUITY ONE ABS, INC. ------------------------------------------------------------------------- (as depositor under a certain Pooling and Servicing Agreement dated as of March 31, 2002, providing for the issuance of Mortgage Pass-Through Certificates, Series 2002-2) (Exact Name of Registrant as specified in its charter) Delaware 333-81506-01 52-2029487 ------------------------ --------------------- ----------------------- (State of Incorporation) (Commission File No.) (IRS Employer I.D. No.) 103 Springer Building, 3411 Silverside Road, Wilmington, Delaware 19803 ----------------------------------------------------------------------- (Address of principal executive offices) Registrant's telephone number, including area code: (302) 478-6160 Item 5. Other Events. --------------------- Attached hereto as Annex A is a copy of the Statement to Certificateholders sent to Class AF-1, AF-2, AF-3, AF-4, AV-1 and A-IO Certificateholders with respect to the November 25, 2002 Distribution Date. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. --------------------------------------------------------------------------- The quarterly financial statements for the period ended September 30, 2002 for Ambac Assurance Corporation are incorporated into this report by reference to the Form 10-Q filed by Ambac Financial Group, Inc. with the United States Securities and Exchange Commission on November 14, 2002. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EQUITY ONE ABS, INC. By: /s/ James H. Jenkins --------------------------------------------- James H. Jenkins, Senior Vice President and CFO Dated: November 26, 2002 3 ANNEX A Page 1 of 5 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Trust 2002-2 Statement to Certificateholders November 25, 2002 --------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------ DISTRIBUTION IN DOLLARS ------------------------------------------------------------------------------------------------------------------------ ORIGINAL BEGINNING ENDING FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE ------- ---------------- --------------- -------------- ------------- --------------- --------- -------- --------------- AF1 89,800,000.00 7573,~~958~~173,~~711~~990.2068 26,~~784~~655,~~720~~207.5248 124,~~303~~761.2765 26,~~909~~779,~~023~~969.7913 0.00 0.00 7366,~~173~~518,~~990~~783.6820 AF2 32,200,000.00 32,200,000.00 0.00 134,837.50 134,837.50 0.00 0.00 32,200,000.00 AF3 37,700,000.00 37,700,000.00 0.00 181,368.42 181,368.42 0.00 0.00 37,700,000.00 AF4 30,282,000.00 30,282,000.00 0.00 165,011.67 165,011.67 0.00 0.00 30,282,000.00 AV1 97,570,000.00 8987,~~780~~969,~~677~~926.0553 12,~~810~~959,~~750~~764.5236 ~~156~~159,~~648~~836.5847 13,~~967~~119,~~399~~600.1083 0.00 0.00 8785,~~969~~010,~~926~~162.5317 R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ------- ---------------- --------------- -------------- ------------- --------------- --------- -------- --------------- TOTALS 287,552,000.00 ~~265~~261,~~921~~325,~~388~~917.2521 49,~~595~~614,~~471~~971.0484 ~~762~~765,~~169~~815.4471 510,~~357~~380,~~640~~787.4855 0.00 0.00 ~~261~~251,~~325~~710,~~917~~945.2137 ------- ---------------- --------------- -------------- ------------- --------------- --------- -------- --------------- ------- ---------------- --------------- -------------- ------------- --------------- --------- -------- --------------- AIO 19,000,000.00 19,000,000.00 0.00 95,000.00 95,000.00 0.00 0.00 19,000,000.00 X 287,553,584.06 ~~270~~267,~~990~~354,~~625~~886.4518 0.00 1112.7609 1112.7609 0.00 0.00 ~~267~~258,~~354~~671,~~886~~076.1899 ------------------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------- -------------------- FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH RATES ----------------------------------------------------------------------------------------------------- -------------------- CURRENT BEGINNING ENDING PASS-THRU CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL CLASS RATE ------ --------- ----------------- ---------------- -------------- --------------- ---------------- ------- ----------- AF1 294754AV8 ~~845~~814.~~86538085~~85513007 3174.~~01025078~~11144187 1.~~38422350~~38932795 3275.~~39447428~~50076982 ~~814~~740.~~85513007~~74368820 AF1 1.~~963750~~980000 % AF2 294754AW6 1,000.00000000 0.00000000 4.18750000 4.18750000 1,000.00000000 AF2 5.025000 % AF3 294754AX4 1,000.00000000 0.00000000 4.81083342 4.81083342 1,000.00000000 AF3 5.773000 % AF4 294754AY2 1,000.00000000 0.00000000 5.44916683 5.44916683 1,000.00000000 AF4 6.539000 % AV1 294754AZ9 ~~920~~901.~~16682433~~60834816 1830.~~55847617~~33477872 1.~~60549944~~63817229 2031.~~16397561~~97295101 ~~901~~871.~~60834816~~27356944 AV1 2.~~093750~~110000 % ------ --------- ----------------- ---------------- -------------- --------------- ---------------- ------- ----------- TOTALS ~~924~~908.~~77669517~~79533862 1533.~~98135655~~43733252 2.~~65054474~~66322512 1836.~~63190129~~10055764 ~~908~~875.~~79533862~~35800610 AIO 6.000000 % ------ --------- ----------------- ---------------- -------------- --------------- ---------------- ------ --------- ----------------- ---------------- -------------- --------------- ---------------- ------- ----------- AIO 294754BA3 1,000.00000000 0.00000000 5.00000000 5.00000000 1,000.00000000 ~~AIO 6.000000 %~~ X N/A ~~942~~929.~~40044455~~75675144 0.00000000 0.~~00004090~~00004204 0.~~00004090~~00004204 ~~929~~899.~~75675144~~55782619 X 0.000000 % ----------------------------------------------------------------------------------------------------- -------------------

-------------------------------------------------------------------------------- IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: Peggy L Remy JPMorgan Chase Bank - Structured Finance Services 4 New York Plaza, 6th Floor New York, New York 10004 Tel: (212) 623-4483 / Fax: (212) 623-5930 Email: Peggy.l.remy@jpmorgan.com Peggy L Remy -------------------------------------------------------------------------------- [JPMORGAN LOGO] Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved. Page 2 of 5 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Trust 2002-2 November 25, 2002 -------------------------------------------------------------------------------- Sec. 4.03(a)(i) Funds Allocable to Certificate Principal Group I Scheduled Principal 173,548.23 Group I Curtailments 84,237.12 Group I Prepayments 5,906,871.79 Group I Liquidation Proceeds 0.00 AF Available Distributable Excess Spread 490,550.34 Group II Scheduled Principal 59,052.64 Group II Curtailments 4,723.48 Group II Prepayments 2,455,375.93 Group II Liquidation Proceeds 0.00 AV-1 Available Distributable Excess Spread 440,612.31 Sec. 4.03 (a)(ii) Interest Distribution Amounts Interest Distribution - AF-1 124,761.65 Unpaid Interest - AF-1 0.00 Remaining Unpaid Interest - AF-1 0.00 Interest Distribution - AF-2 134,837.50 Unpaid Interest - AF-2 0.00 Remaining Unpaid Interest - AF-2 0.00 Interest Distribution - AF-3 181,368.42 Unpaid Interest - AF-3 0.00 Remaining Unpaid Interest - AF-3 0.00 Interest Distribution - AF-4 165,011.67 Unpaid Interest - AF-4 0.00 Remaining Unpaid Interest - AF-4 0.00 Interest Distribution - AV-1 159,836.47 Unpaid Interest - AV-1 0.00 Remaining Unpaid Interest - AV-1 0.00 Sec. 4.03(a)(iii) Available Funds Shortfall Class AF Available Funds Shortfall 0.00 Class AV-1 Available Funds Shortfall 0.00 Sec. 4.03(a)(v) Pool Principal Balances Group I Beginning Pool Balance 176,582,388.97 Group I Ending Pool Balance 170,417,731.83 Group II Beginning Pool Balance 90,772,497.21 Group II Ending Pool Balance 88,253,345.16 [JPMORGAN LOGO] Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved. Page 3 of 5 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Trust 2002-2 November 25, 2002 -------------------------------------------------------------------------------- Sec. 4.03(a)(vi) Servicing Fee Group I Servicing Fee 73,576.00 Group II Servicing Fee 37,821.87 Sec. 4.03(a)(viii) Delinquency Advances Group I Delinquency Advances Included in Current Distribution 0.00 Group I Recouped Advances Included in Current Distribution 23,806.11 Group I Aggregate Amount of Advances Outstanding 248,866.08 Group II Delinquency Advances Included in Current Distribution 1,542.33 Group II Recouped Advances Included in Current Distribution 0.00 Group II Aggregate Amount of Advances Outstanding 157,083.36 Section 4.03(a)(ix) A Group I and Group II Loans Delinquent --------------------------------------------------------------- Group 1 --------------------------------------------------------------- Period Number Principal Balance Percentage 0-30 days 234 25,994,599.28 15.25 % 31-60 days 23 2,398,607.40 1.41 % 61-90 days 8 1,084,349.52 0.64 % 91+days 15 1,208,654.59 0.71 % Total 280 30,686,210.79 18.01 % --------------------------------------------------------------- --------------------------------------------------------------- Group 2 --------------------------------------------------------------- Period Number Principal Balance Percentage 0-30 days 84 10,221,647.28 11.58 % 31-60 days 10 852,031.70 0.97 % 61-90 days 9 794,197.39 0.90 % 91+days 5 492,180.58 0.56 % Total 108 12,360,056.95 14.01 % --------------------------------------------------------------- Sec. 4.03 (a)(ix) B Group I and Group II Loans in Foreclosure ------------------------------------------------ Group 1 ------------------------------------------------ Number Principal Balance Percentage ------------------------------------------------ 8 1,033,497.46 0.61 % ------------------------------------------------ ------------------------------------------------ Group 2 ------------------------------------------------ Number Principal Balance Percentage ------------------------------------------------ 8 742,166.52 0.84 % ------------------------------------------------ [JPMORGAN LOGO] Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved. Page 4 of 5 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Trust 2002-2 November 25, 2002 -------------------------------------------------------------------------------- Sec. 4.03(a)(x),(xi) Group I and Group II Loans in REO ------------------------------------------------ Group 1 ------------------------------------------------ Number Principal Balance Percentage ------------------------------------------------ 0 0.00 0.00 % ------------------------------------------------ ------------------------------------------------ Group 2 ------------------------------------------------ Number Principal Balance Percentage ------------------------------------------------ 0 0.00 0.00 % ------------------------------------------------ Market Value of Group I REO Loans 0.00 Market Value of Group II REO Loans 0.00 Sec. 4.03(a)(xii) Aggregate Stated Principal Balance of the Three Largest Loans Group I Three Largest Loans 1,381,966.53 Group II Three Largest Loans 1,424,557.39 Sec. 4.03(a)(xiii) Net WAC Cap Carryover Class AF Net WAC Cap Carryover Amounts Due 0.00 Class AF Net WAC Cap Carryover Amounts Paid 0.00 Class AF Net WAC Cap Carryover Remaining Amounts Due 0.00 Class AV-1 Net WAC Cap Carryover Amounts Due 0.00 Class AV-1 Net WAC Cap Carryover Amounts Paid 0.00 Class AV-1 Net WAC Cap Carryover Remaining Amounts Due 0.00 Sec. 4.03(a)(xiv) Aggregate Principal Balance of Balloon Loans w/ Original Terms <= 36 Months 60+ Delinquent Group I Aggregate Principal Balance of Balloon Loans 0.00 Group II Aggregate Principal Balance of Balloon Loans 0.00 Sec. 4.03 (a)(xv), Loan Losses (xxii) Group I Current Period Loan Losses 0.00 Group I Cumulative Loan Losses 0.00 Group II Current Period Loan Losses 0.00 Group II Cumulative Loan Losses 0.00 Sec. 4.03 (a)(xvi) Reserve Fund Beginning Balance of Reserve Fund 0.00 Funds Withdrawn From Reserve Fund For Distribution to Class AV-1 0.00 Funds Deposited to Reserve Fund 0.00 Ending Balance of Reserve Fund 0.00 Sec. 4.03 (a)(xvii) Number of Loans Repurchased Group I Number of Loans Repurchased 0.00 Group II Number of Loans Repurchased 0.00 [JPMORGAN LOGO] Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved. Page 5 of 5 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Trust 2002-2 November 25, 2002 -------------------------------------------------------------------------------- Sec. 4.03 (a)(xviii) Weighted Average Mortgage Rate of Outstanding Loans (as of first day of related Due Period) Group I Weighted Average Mortgage Rate 8.80 Group II Weighted Average Mortgage Rate 8.64 Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans Group I Weighted Average Remaining Term 236.00 Group II Weighted Average Remaining Term 351.00 Sec. 4.03 (a)(xx) Overcollateralization Amounts Class AF Overcollateralization Target Amount 6,649,400.71 Class AF Overcollateralization Amount 3,716,948.63 Class AV-1 Overcollateralization Target Amount 6,829,949.47 Class AV-1 Overcollateralization Amount 3,243,182.99 Sec. 4.03 (a)(xxi) Distributable Excess Spread Included in Distribution Class AF Distributable Excess Spread 490,550.34 Class AV-1 Distributable Excess Spread 440,612.31 Sec. 4.03 (a)(xxiii) Amount of Funds Collected by Trustee under Yield Maintenance Agreement 0.00 Sec. 4.03 (a)(xxiv) Cross-Collateralization Amounts Class AF Cross-Collateralization Amount 0.00 Class AV-1 Cross-Collateralization Amount 0.00 [JPMORGAN LOGO] Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved.

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