8-K 1 csfbhi23_augsept02.txt STATEMENT TO CERTIFICATEHOLDERS 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 26, 2002 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP. (as Depositor under the Owner Trust Agreement, dated as of July 24, 2002, providing for the issuance of CSFB ABS Trust Series 2002-HI23) CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP. (Exact name of registrant as specified in its charter) Delaware 333-65554-05 13-3320910 State or Other Jurisdiction (Commission (IRS Employer of Incorporation ) File Number) Identification No.) 11 Madison Ave. New York, New York 10010 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code :(212)225-2000 N/A (Former name or former address, if changed since last report.) Item 5. Other Events. This report and the attached exhibits are being filed with respect to the Registrant's CSFB ABS Trust Series 2002-HI23 (the "Certificates") pursuant to "no-action" positions taken by the Securities and Exchange Commission with respect to alternative means of satisfying the Registrant's reporting obligations under the Securities Exchange Act of 1934, as amended. The Certificates were issued, and this report and exhibit is being filed, pursuant to the terms of the Owner Trust Agreement, dated as of July 24, 2002 among Credit Suisse First Boston Mortgage Securities Corp., as depositor, U.S. Bank Trust National Association as owner trustee, Countrywide Home Loans Servicing LP as Master Servicer and Servicer, and JPMorgan Chase Bank, as indenture trustee. On August 26, 2002 and September 25, 2002 distributions were made to the Certificateholders. Specific information with respect to the distributions is filed as Exhibits 99.1 and 99.2. No other reportable transactions or matters have occurred during the current reporting period. Item 7. Financial Statements and Exhibits. (a) Not applicable. (b) Not applicable. (c) The following exhibits are filed as part of this report: Statement to Certificateholders on August 26, 2002 is filed as Exhibit 99.1 hereto. Statement to Certificateholders on September 25, 2002 is filed as Exhibit 99.2 hereto. -2- CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP. Credit Suisse First Boston, ABS Trust, Series 2002-HI23 ------------------------------------------------------------------------------- SIGNATURE 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 Indenture Trustee under the Agreement referred to herein Date: November 1, 2002 By: /s/ Andreas Auer ---------------------------------------- Andreas Auer Assistant Vice President -3- INDEX TO EXHIBITS Exhibit Number Description of Exhibits 99.1 Monthly Certificateholder Statement on August 26, 2002 -4- Exhibit 99.1 Monthly Certificateholder Statement on August 26, 2002 -5- Credit Suisse First Boston, ABS Trust, Series 2002-HI23 Statement to Certificate Holders August 26, 2002 --------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTION IN DOLLARS --------------------------------------------------------------------------------------------------------------------------------- ORIGINAL BEGINNING FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE --------------------------------------------------------------------------------------------------------------------------------- A 87,825,000.00 87,825,000.00 1,468,658.44 184,258.68 1,652,917.12 0.00 0.00 86,356,341.56 M1 13,425,000.00 13,425,000.00 0.00 34,319.05 34,319.05 0.00 0.00 13,425,000.00 M2 10,375,000.00 10,375,000.00 0.00 34,130.51 34,130.51 0.00 0.00 10,375,000.00 B1 7,325,000.00 7,325,000.00 0.00 26,782.79 26,782.79 0.00 0.00 7,325,000.00 B2 3,050,000.00 3,050,000.00 0.00 13,528.34 13,528.34 0.00 0.00 3,050,000.00 P 100.00 100.00 0.00 13,809.61 13,809.61 0.00 0.00 100.00 CE 0.00 0.00 0.00 923,385.65 923,385.65 0.00 0.00 0.00 TOTALS 122,000,100.00 122,000,100.00 1,468,658.44 1,230,214.63 2,698,873.07 0.00 0.00 120,531,441.56 --------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH RATES --------------------------------------------------------------------------------------------------------- ---------------------- BEGINNING ENDING CURRENT CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL CLASS PASS-THRU RATE --------------------------------------------------------------------------------------------------------- ---------------------- A 126331AA5 1,000.00000000 16.72255554 2.09802084 18.82057637 983.27744446 A 2.288750 % M1 126331AC1 1,000.00000000 0.00000000 2.55635382 2.55635382 1,000.00000000 M1 2.788750 % M2 126331AD9 1,000.00000000 0.00000000 3.28968771 3.28968771 1,000.00000000 M2 3.588750 % B1 126331AE7 1,000.00000000 0.00000000 3.65635358 3.65635358 1,000.00000000 B1 3.988750 % B2 126331AH0 1,000.00000000 0.00000000 4.43552131 4.43552131 1,000.00000000 B2 4.838750 % P 126331AF4 1,000.00000000 0.00000000 ## ## 1,000.00000000 P 0.000000 % TOTALS 1,000.00000000 12.03817407 10.08371821 22.12189228 987.96182593 ---------------------------------------------------------------------------------------------------------- ----------------------- IF THERE, ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: Scott B. Rubin JPMorgan Chase Bank - Structured Finance Services 450 West 33rd St, 14th fl, New York, New York 10001 Tel: (212) 946-8847 Fax: (212) 946-8919 Email: scott.b.rubin@chase.com Scheduled Principal Payments 178,639.37 Principal Prepayments 1,290,019.02 Repurchase Principal 0.00 Substitution Amounts 0.00 Net Liquidation Proceeds 0.00 Insurance Proceeds 0.00 Other Principal 0.05 Prepayment Penalties Number of Loans with Respect to which Prepayment Penalties were Collected 7 Balance of Loans with Respect to which Prepayment Penalties were Collected 269,158.30 Amount of Prepayment Penalties Collected 13,809.61 Beginning Number of Loans Outstanding 3,017 Beginning Aggregate Loan Balances 116,506,775.96 Ending Number of Loans Outstanding 2,988 Ending Aggregate Loan Balances 115,038,117.52 Servicing Fees (including Credit Risk Manager Fees) 82,301.01 Trustee Fees 2,669.95 Delinquent Mortgage Loans Group Totals Principal Category Number Balance Percentage 1 Month 17 635,392.38 0.55 % 2 Month 17 392,873.24 0.34 % 3 Month 10 328,907.58 0.29 % Total 44 1,357,173.20 1.18 % * Delinquent Bankruptcies are included in the table above. Bankruptcies Group Totals Principal Number Balance Percentage 0 0.00 0.00 % * Only Current Bankruptcies are reflected in the table above. Foreclosures Group Totals Principal Number Balance Percentage 0 0.00 0.00 % REO Properties Group Totals Principal Number Balance Percentage 0 0.00 0.00 % Current Realized Losses 0.00 Cumulative Realized Losses 0.00 Weighted Average Term to Maturity 232 Sec. 3.25(vi) Amount on Deposit in Pre-Funding Account 5,493,324.04 Amount on Deposit in Capitalized Interest Account 5,790.14 Capitalized Interest Requirement 13,193.86 Amount on Deposit in Basis Risk Reserve Fund 1,000.00 Sec. 3.25(v) Trigger Event Ocurrence N/A Sec. 3.25(v) O/C Reporting Targeted Overcollateralization Amount 6,100,005.00 Ending Overcollateralization Amount 0.00 Ending Overcollateralization Deficiency 6,100,005.00 Overcollateralization Release Amount 0.00 Monthly Excess Interest 923,385.65 Payment to Class CE 923,385.65 *Note: Revised 2 Month Delinquency Number and Principal Balance Copyright 2001 J.P. Morgan Chase & Co. All rights reserved. Exhibit 99.2 Monthly Certificateholder Statement on September 25, 2002 -5- Credit Suisse First Boston, ABS Trust, Series 2002-HI23 Statement to Certificate Holders September 25, 2002 --------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTION IN DOLLARS --------------------------------------------------------------------------------------------------------------------------------- ORIGINAL BEGINNING FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE --------------------------------------------------------------------------------------------------------------------------------- A 87,825,000.00 86,356,341.56 2,543,087.41 162,637.78 2,705,725.19 0.00 0.00 83,813,254.15 M1 13,425,000.00 13,425,000.00 0.00 30,877.50 30,877.50 0.00 0.00 13,425,000.00 M2 10,375,000.00 10,375,000.00 0.00 30,779.17 30,779.17 0.00 0.00 10,375,000.00 B1 7,325,000.00 7,325,000.00 0.00 24,172.50 24,172.50 0.00 0.00 7,325,000.00 B2 3,050,000.00 3,050,000.00 0.00 12,225.42 12,225.42 0.00 0.00 3,050,000.00 P 100.00 100.00 0.00 38,831.23 38,831.23 0.00 0.00 100.00 CE 0.00 0.00 0.00 0.83 0.83 0.00 0.00 0.00 TOTALS 122,000,100.00 120,531,441.56 2,543,087.41 299,524.43 2,842,611.84 0.00 0.00 117,988,354.15 ---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH RATES --------------------------------------------------------------------------------------------------------- ---------------------- BEGINNING ENDING CURRENT CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL CLASS PASS-THRU RATE --------------------------------------------------------------------------------------------------------- ---------------------- A 126331AA5 983.27744446 28.95630413 1.85183923 30.80814335 954.32114034 A 2.260000 % M1 126331AC1 1,000.00000000 0.00000000 2.30000000 2.30000000 1,000.00000000 M1 2.760000 % M2 126331AD9 1,000.00000000 0.00000000 2.96666699 2.96666699 1,000.00000000 M2 3.560000 % B1 126331AE7 1,000.00000000 0.00000000 3.30000000 3.30000000 1,000.00000000 B1 3.960000 % B2 126331AH0 1,000.00000000 0.00000000 4.00833443 4.00833443 1,000.00000000 B2 4.810000 % P 126331AF4 1,000.00000000 0.00000000 ## ## 1,000.00000000 P 0.000000 % TOTALS 987.96182593 20.84496168 2.45511627 23.30007795 967.11686425 ---------------------------------------------------------------------------------------------------------- ----------------------- IF THERE, ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: Scott B. Rubin JPMorgan Chase Bank - Structured Finance Services 450 West 33rd St, 14th fl, New York, New York 10001 Tel: (212) 946-8847 Fax: (212) 946-8919 Email: scott.b.rubin@chase.com Scheduled Principal Payments 210,250.70 Principal Prepayments 1,456,667.58 Repurchase Principal 0.00 Substitution Amounts 0.00 Net Liquidation Proceeds 0.00 Insurance Proceeds 0.00 Other Principal 0.00 Gross Interest 1,217,404.28 Prepayment Penalties Number of Loans with Respect to which Prepayment Penalties were Collected 29 Balance of Loans with Respect to which Prepayment Penalties were Collected 1,021,741.51 Amount of Prepayment Penalties Collected 38,831.23 Beginning Number of Loans Outstanding 3,123 Beginning Aggregate Loan Balances 119,674,646.87 Ending Number of Loans Outstanding 3,079 Ending Aggregate Loan Balances 118,007,728.59 Servicing Fees (including Credit Risk Manager Fees) 77,799.42 Trustee Fees 2,742.54 Delinquent Mortgage Loans Group Totals Principal Category Number Balance Percentage 1 Month 18 782,472.35 0.66 % 2 Month 9 271,624.84 0.23 % 3 Month 19 486,766.02 0.41 % Total 46 1,540,863.21 1.30 % * Delinquent Bankruptcies are included in the table above. Bankruptcies Group Totals Principal Number Balance Percentage 13 425,121.83 0.36 % * Only Current Bankruptcies are reflected in the table above. Foreclosures Group Totals Principal Number Balance Percentage 0 0.00 0.00 % REO Properties Group Totals Principal Number Balance Percentage 0 0.00 0.00 % Current Realized Losses 0.00 Cumulative Realized Losses 0.00 Weighted Average Term to Maturity 231 Sec. 3.25(vi) Amount on Deposit in Pre-Funding Account 856,794.69 Amount on Deposit in Capitalized Interest Account 5,790.14 Capitalized Interest Requirement 0.00 Amount on Deposit in Basis Risk Reserve Fund 1,000.00 Sec. 3.25(v) Trigger Event Ocurrence N/A Sec. 3.25(v) O/C Reporting Targeted Overcollateralization Amount 6,100,005.00 Ending Overcollateralization Amount 876,169.13 Ending Overcollateralization Deficiency 5,223,835.87 Overcollateralization Release Amount 0.00 Monthly Excess Interest 876,169.13 Payment to Class CE 0.83 Copyright 2001 J.P. Morgan Chase & Co. All rights reserved.

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, as amended

Date of Report (Date of earliest event reported) July 24, 2002

CREDIT SUISSE FIRST BOSTON MORTGAGE ACCEPTANCE CORP. (Exact name of registrant as specified in its charter)

DELAWARE(State or OtherJurisdiction of Incorporation) 333-65554(CommissionFile Number) 13-3460894(I.R.S. EmployerIdentification Number)

Eleven Madison Avenue, New York, New York 10010 (Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (212) 325-2000

Exhibit Index located on Page 4

Items 1 through 4, Item 6 and Item 8 are not included because they are not applicable.

Item 5. Other Events.

On July 24, 2002, Credit Suisse First Boston Mortgage Acceptance Corp. caused the issuance and sale of the CSFB ABS Trust 2002-HI23 Asset-Backed Notes, Series 2002-HI23, pursuant to an Indenture, dated as of July 24, 2002, between CSFB ABS Trust 2002-HI23, as issuer and JPMorgan Chase Bank, as indenture trustee.

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

(a) Not applicable.

(b) Not applicable.

(c) Exhibits: The following execution copies of Exhibits to the Form S-3 Registration Statement of the Registrant are hereby filed.

4.1 Servicing Agreement dated as of July 1, 2002 among Countrywide Home Loans Servicing LP, as servicer, JPMorgan Chase Bank, as indenture trustee, and CSFB ABS Trust 2002-HI23, as issuer. 4.2 Owner Trust Agreement dated as of July 24, 2002 between Credit Suisse First Boston Mortgage Acceptance Corp., as depositor, and U.S. Bank Trust National Association, as owner trustee. 4.3 Indenture dated as of July 24, 2002 between CSFB ABS Trust 2002-HI23, as issuer, and JPMorgan Chase Bank, as indenture trustee (including Appendix A thereto). 10.1 Loan Purchase Agreement dated as of July 24, 2002 among DLJ Mortgage Capital, Inc., as seller, Credit Suisse First Boston Mortgage Acceptance Corp., as purchaser, CSFB ABS Trust 2002-HI23 and JPMorgan Chase Bank.

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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 hereunto duly authorized.

CREDIT SUISSE FIRST BOSTON MORTGAGEACCEPTANCE CORP. By: /s/ Helaine Hebble Name: Helaine Hebble Title: Vice President

Dated: July 24, 2002

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Exhibit Index

Exhibit No.	Description
4.1	Servicing Agreement dated as of July 1, 2002 among Countrywide Home Loans Servicing LP, as servicer, JPMorgan Chase Bank, as indenture trustee, and the CSFB ABS Trust 2002-HI23, as issuer.
4.2	Owner Trust Agreement dated as of July 24, 2002 between Credit Suisse First Boston Mortgage Acceptance Corp., as depositor, and U.S. Bank Trust National Association, as owner trustee.
4.3	Indenture dated as of July 24, 2002 between CSFB ABS Trust 2002-HI23, as issuer, and JPMorgan Chase Bank, as indenture trustee (including Appendix A thereto).
10.1	Loan Purchase Agreement dated as of July 24, 2002 among DLJ Mortgage Capital, Inc., as seller, Credit Suisse First Boston Mortgage Acceptance Corp., as purchaser, CSFB ABS Trust 2002-HI23 and JPMorgan Chase Bank.

Filing Compare · CREDIT SUISSE FIRST BOSTON MOR AC CORP CSFB ABS TR 2002 HI23