8-K 1 eq12002-2_8k052802.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 - May 28, 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 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 May 28, 2002 Distribution Date. 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: May 29, 2002 3 ANNEX A Page 1 of 5 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Trust 2002-2 Statement to Certificateholders May 28, 2002 --------------------------------------------------------------------------------

-------------------------------------------------------------------------------- IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: Robert Wainwright JPMorgan Chase Bank - Structured Finance Services 450 West 33 st, 14 fl. New York, New York 10001 Tel: (212) 946-7551 Email: robert.wainwright@chase.com -------------------------------------------------------------------------------- [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 May 28, 2002 -------------------------------------------------------------------------------- Sec. 4.03(a)(i) Funds Allocable to Certificate Principal Group I Scheduled Principal 176,329.63 Group I Curtailments 14,815.10 Group I Prepayments 2,180,205.04 Group I Liquidation Proceeds 0.00 AF Available Distributable Excess Spread 570,917.17 Group II Scheduled Principal 60,344.30 Group II Curtailments 1,172.39 Group II Prepayments 362,102.60 Group II Liquidation Proceeds 0.00 AV-1 Available Distributable Excess Spread 484,250.10 Sec. 4.03 (a)(ii) Interest Distribution Amounts Interest Distribution - AF-1 139,165.06 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-1 161,071.81 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 189,982,877.30 Group I Ending Pool Balance 187,611,527.53 Group II Beginning Pool Balance 97,570,706.72 Group II Ending Pool Balance 97,147,087.43 [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 May 28, 2002 -------------------------------------------------------------------------------- Sec. 4.03(a)(vi) Servicing Fee Group I Servicing Fee 79,159.53 Group II Servicing Fee 40,654.46 Sec. 4.03(a)(viii) Delinquency Advances Group I Delinquency Advances Included in Current Distribution 53,281.07 Group I Recouped Advances Included in Current Distribution 0.00 Group I Aggregate Amount of Advances Outstanding 53,281.07 Group II Delinquency Advances Included in Current Distribution 21,920.40 Group II Recouped Advances Included in Current Distribution 0.00 Group II Aggregate Amount of Advances Outstanding 21,920.40 Section 4.03(a)(ix) A Group I and Group II Loans Delinquent --------------------------------------------------------------- Group 1 --------------------------------------------------------------- Period Number Principal Balance Percentage 0-30 days 183 22,245,567.00 11.86 % 31-60 days 13 894,154.93 0.48 % 61-90 days 0 0.00 0.00 % 91+days 0 0.00 0.00 % Total 196 23,139,721.93 12.34 % --------------------------------------------------------------- --------------------------------------------------------------- Group 2 --------------------------------------------------------------- Period Number Principal Balance Percentage 0-30 days 43 4,810,271.31 4.95 % 31-60 days 6 487,389.26 0.50 % 61-90 days 0 0.00 0.00 % 91+days 0 0.00 0.00 % Total 49 5,297,660.57 5.45 % --------------------------------------------------------------- Sec. 4.03 (a)(ix) B Group I and Group II Loans in Foreclosure ------------------------------------------------ Group 1 ------------------------------------------------ Number Principal Balance Percentage ------------------------------------------------ 0 0.00 0.00 % ------------------------------------------------ ------------------------------------------------ Group 2 ------------------------------------------------ Number Principal Balance Percentage ------------------------------------------------ 0 0.00 0.00 % ------------------------------------------------ [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 May 28, 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 1,389,050.03 Group II Three Largest Loans 1,429,901.80 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 May 28, 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 8.83 Group II Weighted Average Mortgage Rate 8.65 Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans Group I Weighted Average Remaining Term 242.00 Group II Weighted Average Remaining Term 357.00 Sec. 4.03 (a)(xx) Overcollateralization Amounts Class AF Overcollateralization Target Amount 6,649,400.71 Class AF Overcollateralization Amount 877.30 Class AV-1 Overcollateralization Target Amount 6,829,949.47 Class AV-1 Overcollateralization Amount 706.72 Sec. 4.03 (a)(xxi) Distributable Excess Spread Included in Distribution Class AF Distributable Excess Spread 570,917.17 Class AV-1 Distributable Excess Spread 484,250.10 Sec. 4.03 (a)(xxii) 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.

EQUITY ONE ABS INC MORTGAGE PASS THRU CERT SERIES 2002-2 8-K