8-K 1 absc03he4_0903.txt ABSC03HE4,8K,0903 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): 15-Sep-03 Asset Backed Securities Corporation, Home Equity Loan Trust, Series 2003-HE4 Asset Backed Pass-Through Certificates, Series 2003-HE4 (Exact name of registrant as specified in its charter) New York 333-86750 13-3354848 (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification No.) 11 Madison Avenue, 5th Floor New York, New York 10010 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (212) 325-2000 Item 5. Other Events On 15-Sep-03 a scheduled distribution was made from the Trust to holders of the Certificates. The Trustee has caused to be filed with the Commission, the Monthly Report dated 15-Sep-03 The Monthly Report is filed pursuant to and in accordance with (1) numerous no-action letters (2) current Commission policy in the area. A. Monthly Report Information See Exhibit No.1 B. Have and deficiencies occurred? NO. Date: Amount: C. Item 1: Legal Proceedings: NONE D. Item 2: Changes in Securities: NONE E. Item 4: Submission of Matters to a Vote of Certificateholders: NONE F. Item 5: Other Information - Form 10-Q, PartII - Items 1,2,4,5 if applicable: NOT APPLICABLE Item 7. Monthly Statements and Exhibits Exhibit No. 1.) Monthly Distribution Report Dated 15-Sep-03 Asset Backed Securities Corporation, Home Equity Loan Trust, Series 2003-HE4 Asset Backed Pass-Through Certificates, Series 2003-HE4 STATEMENT TO CERTIFICATEHOLDERS Distribution Date: 15-Sep-03 DISTRIBUTION SUMMARY Class Orig Bal Beg Bal Prin A-1 504,000,000 504,000,000 5,625,885 A-2 172,000,000 172,000,000 3,245,966 A-3 102,000,000 102,000,000 2,321,243 A-4 51,000,000 51,000,000 566,157 A-IO 78,100,000 78,100,000 0 A-IO-INV 1,000,000,000 1,000,000,000 0 M-1 65,600,000 65,600,000 0 M-2 55,500,000 55,500,000 0 M-3 22,700,000 22,700,000 0 M-4 18,100,000 18,100,000 0 M5-A 10,000,000 10,000,000 0 M5-B 7,700,000 7,700,000 0 P 100 100 0 X 0 0 0 R 0 0 0 B-IO 90,000,000 90,000,000 0 Total 1,008,600,100 1,008,600,100 11,759,251 Class Rate Int A-1 1.46000% 817,600 A-2 1.48500% 283,800 A-3 1.33000% 150,733 A-4 1.59000% 90,100 A-IO 4.00000% 260,333 A-IO-INV 0.01200% 13,333 M-1 1.94000% 141,404 M-2 3.11000% 191,783 M-3 3.56000% 89,791 M-4 5.62000% 113,024 M5-A 5.12000% 56,889 M5-B 5.12000% 43,804 P N/A 92,964 X 0.00000% 0 R 0.00000% 0 B-IO 3.50000% 262,500 Total 2,608,061 Class Loss Total Dist A-1 N/A 6,443,485 A-2 N/A 3,529,766 A-3 N/A 2,471,976 A-4 N/A 656,257 A-IO N/A 260,333 A-IO-INV N/A 13,333 M-1 0.00 141,404 M-2 0.00 191,783 M-3 0.00 89,791 M-4 0.00 113,024 M5-A 0.00 56,889 M5-B 0.00 43,804 P 0.00 92,964 X N/A 0 R N/A 0 B-IO N/A 262,500 Total 14,367,312 Class Int Short End Bal A-1 0 498,374,115 A-2 0 168,754,034 A-3 0 99,678,757 A-4 0 50,433,843 A-IO 0 76,300,000 A-IO-INV 0 934,916,078 M-1 0 65,600,000 M-2 0 55,500,000 M-3 0 22,700,000 M-4 0 18,100,000 M5-A 0 10,000,000 M5-B 0 7,700,000 P 0 100 X 0 3,666 R 0 0 B-IO 0 90,000,000 Total 996,840,849 AMOUNTS PER $1,000 UNIT Class Cusip Prin A-1 04541GER9 11.16247 A-2 04541GES7 18.87189 A-3 04541GFE7 22.75728 A-4 04541GFF4 11.10111 A-IO 04541GET5 0.00000 A-IO-INV 04541GEZ1 0.00000 M-1 04541GEU2 0.00000 M-2 04541GEV0 0.00000 M-3 04541GEW8 0.00000 M-4 04541GEX6 0.00000 M5-A 04541GEY4 0.00000 M5-B 04541GFG2 0.00000 P 04541GFC1 0.00000 X 04541GFB3 0.00000 R 04541GFD9 0.00000 B-IO 04541GFA5 0.00000 Class Int Total Class 1.62222 12.78469 A-1 1.65000 20.52189 A-2 1.47778 24.23506 A-3 1.76667 12.86778 A-4 3.33333 3.33333 A-IO 0.01333 0.01333 A-IO-INV 2.15556 2.15556 M-1 3.45556 3.45556 M-2 3.95556 3.95556 M-3 6.24444 6.24444 M-4 5.68889 5.68889 M5-A 5.68889 5.68889 M5-B 929643.80000 929643.80000 P 0.00000 0.00000 X 0.00000 0.00000 R 2.91667 2.91667 B-IO 0.00000 0.00000 Interest Carry-forward Class Amount End Bal A-1 0.00000 988.83753 A-2 0.00000 981.12811 A-3 0.00000 977.24272 A-4 0.00000 988.89889 A-IO 0.00000 976.95262 A-IO-INV 0.00000 934.91608 M-1 0.00000 1000.00000 M-2 0.00000 1000.00000 M-3 0.00000 1000.00000 M-4 0.00000 1000.00000 M5-A 0.00000 1000.00000 M5-B 0.00000 1000.00000 P 0.00000 1000.00000 X 0.00000 0.00000 R 0.00000 0.00000 B-IO 0.00000 1000.00000 GROUP 1 GROUP 2 TOTAL Prin Dist: Beg Bal 613,358,016 395,245,750 1,008,603,766 Sched Prin 493,477 343,440 836,917 Prepays +Curt 5,132,408 5,789,926 10,922,334 Net Liq Proc 0 0 0 Loan Purch 0 0 0 Prin Remit 5,625,885 6,133,365 11,759,251 Net Real Losses 0 0 0 End Bal 607,732,131 389,112,384 996,844,515 End Count 4,098 2,209 6,307 Agg End Coll Bal 996,844,515 End OC Amt 3,666 Num Liq Loans 0 Int Dist: Sched Int-less fee 3,620,533 2,287,050 5,907,582 Less RAIS 0 0 0 Less Net PPIS 0 0 0 3,620,533 2,287,050 5,907,582 Serv Fee 418,525 Advances Curr Agg Adv as of determ. date Not Available Out. Agg. Adv as of end of prior calendar mo. Not Available Delinq Info GROUP 1 GROUP 2 Count Balance Count Balance 30-59 days 31 3,587,655 9 1532698.65 60-89 days 4 590,290 0 0 90 + days 0 0 0 0 *Note: The above statistics do not include loans in foreclosure or bankruptcy proceedings or REO properties. TOTAL Count Balance 30-59 days 40 5120353.48 60-89 days 4 590290.08 90 + days 0 0 *Note: The above statistics do not include loans in foreclosure or bankruptcy proceedings or REO properties. GROUP 1 Count Balance Market Value (REO) Outstanding Loan 4,098 607,732,131 Foreclosure 0 0 Bankruptcy 0 0 REO 0 0 0 GROUP 2 Count Balance Market Value (REO) Out Loans 2,209 389,112,384 Foreclosure 0 0 Bankruptcy 0 0 REO 0 0 0 TOTAL Count Balance Market Value (REO) Out Loans 6,307 996,844,515 Foreclosure 0 0 Bankruptcy 0 0 REO 0 0 0 Interest Shortfall Tot Real Prep Unpaid Losses Int Shortfall A-1 0.00 0.00 0.00 A-2 0.00 0.00 0.00 A-3 0.00 0.00 0.00 A-4 0.00 0.00 0.00 A-IO 0.00 0.00 0.00 A-IO-INV 0.00 0.00 0.00 M-1 0.00 0.00 0.00 M-2 0.00 0.00 0.00 M-3 0.00 0.00 0.00 M-4 0.00 0.00 0.00 M5-A 0.00 0.00 0.00 M5-B 0.00 0.00 0.00 P 0.00 0.00 0.00 X 0.00 0.00 0.00 BIO 0.00 0.00 0.00 0.00 0.00 0.00 Net RAISF WAC Rate Carryover A-1 0.00 0.00 A-2 0.00 0.00 A-3 0.00 0.00 A-4 0.00 0.00 A-IO 0.00 0.00 A-IO-INV 0.00 0.00 M-1 0.00 0.00 M-2 0.00 0.00 M-3 0.00 0.00 M-4 0.00 0.00 M5-A 0.00 0.00 M5-B 0.00 0.00 P 0.00 0.00 X 0.00 0.00 BIO 0.00 0.00 0.00 0.00 Num. of Loans for which Prep.Prem. were collec 14 Num of Loans for which Prep Prem were sched 23 Prin. Bal. of Loans with Premium Coll 3,131,705.11 Curr. amt of Prep. Prems 92,964.38 Current Real. Losses 0.00 Cum. Real. Losses since Startup Day 0.00 Weighted Avg Term to Mat. of Mortg. Loans 351 Weighted Avg. Gross Coup. of Mortg. Loans 7.55960% Weighted Avg. Net Coupon of Mortg. Loans 7.05960% Agg. Num. of Mortg. Loans in the pool 6,307 O/C Target Amt 22,189,283 Credit Enhancement % 18.017230% O/C Increase Amount 0.00 O/C Release Amt 0.00 O/C Deficiency Amt 22,189,282.85 Excess O/C Amt 0.00 Pmt from Yield Maint. Agreement 0.00 Net Monthly Excess Cash Flow 3,382,985.82 Extra Ordinary Trust Fund Expenses 0.00 Trigger Event Occurance NO Step Down Date Occurred NO Class A-IO Net WAC Rate 7.0324333% Class B-IO Cap Rate 5.0420237% Available Distribution Amount 17,759,797.41 Deposit to Net WAC Reserve Fund 0.00 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. Asset Backed Securities Corporation, Home Equity Loan Trust, Series 2003-HE4 Asset Backed Pass-Through Certificates, Series 2003-HE4 By: /s/ Sheryl Christopherson Name: Sheryl Christopherson Title: Vice President US Bank, NA, as Trustee

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 6, 2003 Asset Backed Securities Corporation, Home Equity Loan Trust, Series 2003-HE4 Asset Backed Pass-Through Certificates, Series 2003-HE4

ASSET BACKED SECURITIES CORPORATION
(Exact name of registrant as specified in its charter)
New York	333-86750	13-3354848
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
11 Madison Avenue New York, New York 10010
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code (212) 325-2000

Item 5.

Other Events.

On August 6, 2003, Asset Backed Securities Corporation (the “Company”) entered into a Pooling and Servicing Agreement dated as of August 1, 2003 (the “Agreement”) among Asset Backed Securities Corporation, as depositor, (the “Depositor”), DLJ Mortgage Capital, Inc., as seller (the “Seller”), The Provident Bank, as servicer (the “Servicer”) and U.S. Bank National Association, as trustee (the “Trustee”), providing for the issuance of the Company’s Asset Backed Pass-Through Certificates, Series 2003-HE4 (the “Certificates”). The Pooling and Servicing Agreement is annexed hereto as Exhibit 99.1.

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

(a)

Not applicable.

(b)

Not applicable.

(c)

Exhibits:

99.1

The Pooling and Servicing Agreement dated as of August 1, 2003, by and among the Company, the Seller, the Servicer and the Trustee.

SIGNATURES

Filings Made by the Registrant. The registrant has duly caused this form to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on September 4, 2003.

ASSET BACKED SECURITIES CORPORATION

By: /s/ Joseph C. Little

Name: Joseph C. Little

Title: Vice President

Exhibit Index

Exhibit

Page

99.1 The Pooling and Servicing Agreement dated as of August 1, 2003, by and among the Company, the Seller, the Servicer and the Trustee. 6

EXHIBIT 99.1

Filing Compare · ASSET BACKED SEC CORP HOME EQUITY LN TR SER 2003HE4