8-K 1 sal02ct1.txt OCTOBER 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): October 25, 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 October 25, 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 October 25, 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: 11/1/02 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 October 25, 2002 distribution.

Salomon Brothers Mortgage Securities VII, Inc. Mortgage Pass-Through Certificates Record Date: 89/3130/02 ~~Distribution Date: 9~~10/25/02 Distribution Date: 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 2.~~11000~~11375% ~~210~~207,~~755~~752,~~217~~870.1875 ~~370~~365,~~577~~948.9203 32,~~002~~897,~~346~~014.4381 M-1 79549AQJ1 MEZ 2.~~54000~~54375% 15,504,000.00 32,~~816~~865.8025 0.00 M-2 79549AQK8 MEZ 3.~~01000~~01375% 6,822,000.00 17,~~111~~133.8517 0.00 M-3 79549AQL6 MEZ 3.~~26000~~26375% 1,860,000.00 5,~~053~~058.0081 0.00 M-4 79549AQM4 MEZ 3.~~71000~~71375% 3,101,000.00 9,~~587~~596.2695 0.00 M-5 79549AQN2 MEZ 4.~~16000~~16375% 1,861,000.00 6,~~451~~457.4728 0.00 R-1 ~~SALOMO02C~~SALOMO02CIT SEN 0.00000% 0.00 0.00 0.00 R-2 ~~SALOMO02C~~SALOMO02CIT SEN 0.00000% 0.00 0.00 0.00 R-3 ~~SALOMO02C~~SALOMO02CI SEN 0.00000% 0.00 0.00 0.00 R-4 ~~SALOMO02C~~SALOMO02CI SEN 0.00000% 0.00 0.00 0.00 P ~~SALOMO02C~~SALOMO02CIT SEN 0.00000% 100.00 3684,~~725~~330.8250 0.00 CE ~~SALOM02CT~~SALOM02CTC JUN 0.00000% 1,240,343.85 1,~~165~~150,~~693~~025.3608 0.00 Totals ~~241~~238,~~143~~141,~~661~~314.0360 1,~~644~~671,~~017~~415.4807 32,~~002~~897,~~346~~014.4381

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 ~~207~~204,~~752~~855,~~870~~855.7594 3,~~372~~262,~~924~~962.3584 0.00 M-1 0.00 15,504,000.00 32,~~816~~865.8025 0.00 M-2 0.00 6,822,000.00 17,~~111~~133.8517 0.00 M-3 0.00 1,860,000.00 5,~~053~~058.0081 0.00 M-4 0.00 3,101,000.00 9,~~587~~596.2695 0.00 M-5 0.00 1,861,000.00 6,~~451~~457.4728 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 3684,~~725~~330.8250 0.00 CE 0.00 1,240,343.85 1,~~165~~150,~~693~~025.3608 0.00 Totals 0.00 ~~238~~235,~~141~~244,~~314~~299.6079 4,~~646~~568,~~363~~429.9188 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 ~~210~~207,~~755~~752,~~217~~870.1875 ~~218~~215,~~173~~188.2279 2,~~784~~681,~~173~~826.2102 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 ~~241~~238,~~143~~141,~~661~~314.0360 ~~218~~215,~~173~~188.2279 2,~~784~~681,~~173~~826.2102 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 32,~~002~~897,~~346~~014.4381 ~~207~~204,~~752~~855,~~870~~855.7594 0.~~95439577~~94108717 32,~~002~~897,~~346~~014.4381 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 32,~~002~~897,~~346~~014.4381 ~~238~~235,~~141~~244,~~314~~299.6079 0.~~95998103~~94830276 32,~~002~~897,~~346~~014.4381

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 217,680,000.00 ~~968~~954.~~18824504~~39576787 10.~~00226580~~98855563 12.~~79021137~~32003868 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 13.~~79247717~~30859431 ~~954~~941.~~39576787~~08717356 0.~~95439577~~94108717 13.~~79247717~~30859431 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 2.~~11000~~11375% ~~210~~207,~~755~~752,~~217~~870.1875 ~~370~~365,~~577~~948.9203 0.00 0.00 M-1 15,504,000.00 2.~~54000~~54375% 15,504,000.00 32,~~816~~865.8025 0.00 0.00 M-2 6,822,000.00 3.~~01000~~01375% 6,822,000.00 17,~~111~~133.8517 0.00 0.00 M-3 1,860,000.00 3.~~26000~~26375% 1,860,000.00 5,~~053~~058.0081 0.00 0.00 M-4 3,101,000.00 3.~~71000~~71375% 3,101,000.00 9,~~587~~596.2695 0.00 0.00 M-5 1,861,000.00 4.~~16000~~16375% 1,861,000.00 6,~~451~~457.4728 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 ~~1,166,082~~0.2400 0.00 0.00 Totals 248,068,770.39 1437,~~607,680~~059.5449 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 ~~370~~365,~~577~~948.9203 0.00 ~~207~~204,~~752~~855,~~870~~855.7594 M-1 0.00 0.00 32,~~816~~865.8025 0.00 15,504,000.00 M-2 0.00 0.00 17,~~111~~133.8517 0.00 6,822,000.00 M-3 0.00 0.00 5,~~053~~058.0081 0.00 1,860,000.00 M-4 0.00 0.00 9,~~587~~596.2695 0.00 3,101,000.00 M-5 0.00 0.00 6,~~451~~457.4728 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 3684,~~725~~330.8250 0.00 100.00 CE ~~388~~194.8844 0.00 1,~~165~~150,~~693~~025.3608 0.00 1,240,343.85 Totals ~~388~~194.8844 0.00 1,~~644~~671,~~017~~415.4807 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 2.~~11000~~11375% ~~968~~954.~~18824504~~39576787 1.~~70239765~~68112840 0.00000000 0.00000000 M-1 15,504,000.00 2.~~54000~~54375% 1000.00000000 2.~~11666667~~11979167 0.00000000 0.00000000 M-2 6,822,000.00 3.~~01000~~01375% 1000.00000000 2.~~50833333~~51145852 0.00000000 0.00000000 M-3 1,860,000.00 3.~~26000~~26375% 1000.00000000 2.~~71666667~~71979032 0.00000000 0.00000000 M-4 3,101,000.00 3.~~71000~~71375% 1000.00000000 3.~~09166720~~09479200 0.00000000 0.00000000 M-5 1,861,000.00 4.~~16000~~16375% 1000.00000000 3.~~46666846~~46979044 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 ~~939~~0.~~88076882~~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.~~70239765~~68112840 0.00000000 ~~954~~941.~~39576787~~08717356 M-1 0.00000000 0.00000000 2.~~11666667~~11979167 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~50833333~~51145852 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 2.~~71666667~~71979032 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 3.~~09166720~~09479200 0.00000000 1000.00000000 M-5 0.00000000 0.00000000 3.~~46666846~~46979044 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 ~~36725~~84330.~~82000000~~50000000 0.00000000 100.00000000 CE 0.~~31344344~~15672172 0.00000000 ~~939~~926.~~56732537~~93844334 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 4,~~749~~670,~~854~~632.7419 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 0.00 Total Deposits 4,~~749~~670,~~854~~632.7419 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~103~~102,~~490~~202.8331 Payment of Interest and Principal 4,~~646~~568,~~363~~429.9188 Total Withdrawals (Pool Distribution Amount) 4,~~749~~670,~~854~~632.7419 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall ~~388~~194.8844

SERVICING FEES Gross Servicing Fee ~~100~~99,~~476~~225.53 Special Servicing Fee 0.00 Trustee-Wells Fargo Bank, N.A. 32,~~014~~976.3078 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~103~~102,~~490~~202.8331

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 1.1007 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 98106 0 0 0 98106 89,~~554~~107,~~332~~654.0013 0.00 0.00 0.00 89,~~554~~107,~~332~~654.0013 60 Days 3026 0 0 0 3026 2,~~271~~240,~~161~~994.4706 0.00 0.00 0.00 2,~~271~~240,~~161~~994.4706 90 Days 1316 0 18 0 1424 1974,~~056,570~~966.4124 0.00 55773,~~032~~073.8473 0.00 1,~~111~~748,~~603~~039.2597 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 ~~141~~148 0 18 0 ~~142~~156 1112,~~882~~323,~~063~~614.8843 0.00 55773,~~032~~073.8473 0.00 1113,~~937,~~096,688.7216 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.~~927856~~298459% 0.000000% 0.000000% 0.000000% 34.~~927856~~298459% 3.~~592124~~871573% 0.000000% 0.000000% 0.000000% 3.~~592124~~871573% 60 Days 1.~~202405~~054339% 0.000000% 0.000000% 0.000000% 1.~~202405~~054339% 0.~~953703~~952624% 0.000000% 0.000000% 0.000000% 0.~~953703~~952624% 90 Days 0.~~521042~~648824% 0.000000% 0.~~040080~~324412% 0.000000% 0.~~561122~~973236% 0.~~443674~~414448% 0.000000% 0.~~023109~~328626% 0.000000% 0.~~466783~~743074% 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 56.~~651303~~001622% 0.000000% 0.~~040080~~324412% 0.000000% 56.~~691383~~326034% 45.~~989501~~238645% 0.000000% 0.~~023109~~328626% 0.000000% 5.~~012611~~567271%

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 8.~~515274~~513333% Weighted Average Net Coupon 8.~~015273~~013334% Weighted Average Pass-Through Rate 87.~~000272~~998332% Weighted Average Maturity(Stepdown Calculation ) ~~330~~329 Beginning Scheduled Collateral Loan Count 2,~~517~~495 Number Of Loans Paid In Full 2229 Ending Scheduled Collateral Loan Count 2,~~495~~466 Beginning Scheduled Collateral Balance ~~241~~238,~~143~~141,~~661~~314.0360 Ending Scheduled Collateral Balance ~~238~~235,~~141~~244,~~314~~299.6079 Ending Actual Collateral Balance at 3130-~~Aug~~Sep-2002 ~~238~~235,~~141~~244,~~314~~299.6079 Monthly P &I Constant 1,~~966~~988,~~069~~999.3154 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal ~~218~~215,~~173~~188.2279 Unscheduled Principal 2,~~784~~681,~~173~~826.2102

Miscellaneous Reporting Overcollateralization Target Amount 1,240,343.85 Overcollateralization Increase Amount 0.00 Overcollateralization Reduction Amount 0.00 Credit Enhancement Percentage 1312.00917781%

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