8-K 1 eq12002-4nov8k.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 July 31, 2002, providing for the issuance of Mortgage Pass-Through Certificates, Series 2002-4) (Exact Name of Registrant as specified in its charter) Delaware 333-81506-03 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-1A, AV-1B, M-1, M-2 and B 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 Financial Security Assurance, Inc. are incorporated into this report by reference to the Form 10-Q filed by Financial Security Assurance Holdings Ltd. 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 6 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Trust 2002-4 Statement to Certificateholders November 25, 2002 --------------------------------------------------------------------------------

-------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------- [JPMORGAN LOGO] Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved. Page 2 of 6 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Trust 2002-4 November 25, 2002 -------------------------------------------------------------------------------- Sec. 4.03(a)(i) Funds Allocable to Certificate Principal Group I Scheduled Principal 210,889.32 Group I Curtailments 32,957.09 Group I Prepayments 2,618,280.61 Group I Liquidation Proceeds 0.00 Group II Scheduled Principal 58,816.57 Group II Curtailments 3,989.32 Group II Prepayments 1,569,130.79 Group II Liquidation Proceeds 0.00 Extra Principal Distribution Amount 1,263,018.30 Sec. 4.03 (a)(ii) Interest Distribution Amounts Interest Distribution - AF-1 162,062.94 Unpaid Interest - AF-1 0.00 Remaining Unpaid Interest - AF-1 0.00 Interest Distribution - AF-2 85,516.67 Unpaid Interest - AF-2 0.00 Remaining Unpaid Interest - AF-2 0.00 Interest Distribution - AF-3 76,666.67 Unpaid Interest - AF-3 0.00 Remaining Unpaid Interest - AF-3 0.00 Interest Distribution - AF-4 57,716.43 Unpaid Interest - AF-4 0.00 Remaining Unpaid Interest - AF-4 0.00 Interest Distribution - AV-1A 85,668.43 Unpaid Interest - AV-1A 0.00 Remaining Unpaid Interest - AV-1A 0.00 Interest Distribution - AV-1B 76,633.55 Unpaid Interest - AV-1B 0.00 Remaining Unpaid Interest - AV-1B 0.00 Interest Distribution - M-1 85,572.19 Unpaid Interest - M-1 0.00 Remaining Unpaid Interest - M-1 0.00 Interest Distribution - M-2 78,550.24 Unpaid Interest - M-2 0.00 Remaining Unpaid Interest - M-2 0.00 Interest Distribution - B 59,597.19 [JPMORGAN LOGO] Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved. Page 3 of 6 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Trust 2002-4 November 25, 2002 -------------------------------------------------------------------------------- Unpaid Interest - B 0.00 Remaining Unpaid Interest - B 0.00 Sec. 4.03(a)(iii) Available Funds Shortfall Class AF-1 Available Funds Shortfall 0.00 Class AF-2 Available Funds Shortfall 0.00 Class AF-3 Available Funds Shortfall 0.00 Class AF-4 Available Funds Shortfall 0.00 Class AV-1A Available Funds Shortfall 0.00 Class AV-1B Available Funds Shortfall 0.00 Class M-1 Available Funds Shortfall 0.00 Class M-2 Available Funds Shortfall 0.00 Class B Available Funds Shortfall 0.00 Sec. 4.03(a)(v) Pool Principal Balances Group I Beginning Pool Balance 205,627,259.52 Group I Ending Pool Balance 202,765,132.50 Group II Beginning Pool Balance 91,395,878.84 Group II Ending Pool Balance 89,763,942.16 Total Beginning Pool Balance 297,023,138.36 Total Ending Pool Balance 292,529,074.66 Sec. 4.03(a)(vi) Servicing Fee Group I Servicing Fee 85,678.02 Group II Servicing Fee 38,081.62 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 9,908.48 Group I Aggregate Amount of Advances Outstanding 80,256.27 Group II Delinquency Advances Included in Current Distribution 0.00 Group II Recouped Advances Included in Current Distribution 14,323.09 Group II Aggregate Amount of Advances Outstanding 32,127.42 Section 4.03(a)(ix) A Group I and Group II Loans Delinquent --------------------------------------------------------------- Group 1 --------------------------------------------------------------- Period Number Principal Balance Percentage 0-30 days 208 19,826,810.30 9.78 % 31-60 days 21 2,171,307.07 1.07 % 61-90 days 6 647,831.86 0.32 % 91+days 3 122,748.45 0.06 % Total 238 22,768,697.68 11.23 % --------------------------------------------------------------- [JPMORGAN LOGO] Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved. Page 4 of 6 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Trust 2002-4 November 25, 2002 -------------------------------------------------------------------------------- --------------------------------------------------------------- Group 2 --------------------------------------------------------------- Period Number Principal Balance Percentage 0-30 days 75 8,769,774.98 9.77 % 31-60 days 5 707,479.12 0.79 % 61-90 days 0 0.00 0.00 % 91+days 3 396,266.86 0.44 % Total 83 9,873,520.96 11.00 % --------------------------------------------------------------- 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 % ------------------------------------------------ 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 1,441,972.46 Group II Three Largest Loans 1,352,597.87 Sec. 4.03(a)(xiii) Net WAC Cap Carryover Class AF-1 Net WAC Cap Carryover Amounts Due 0.00 Class AF-1 Net WAC Cap Carryover Amounts Paid 0.00 Class AF-1 Net WAC Cap Carryover Remaining Amounts Due 0.00 Class AV-1A Net WAC Cap Carryover Amounts Due 0.00 Class AV-1A Net WAC Cap Carryover Amounts Paid 0.00 Class AV-1A Net WAC Cap Carryover Remaining Amounts Due 0.00 Class AV-1B Net WAC Cap Carryover Amounts Due 0.00 Class AV-1B Net WAC Cap Carryover Amounts Paid 0.00 Class AV-1B Net WAC Cap Carryover Remaining Amounts Due 0.00 [JPMORGAN LOGO] Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved. Page 5 of 6 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Trust 2002-4 November 25, 2002 -------------------------------------------------------------------------------- Sec. 4.03(a)(xiv) Aggregate Principal Balance of Balloon Loans with Original Terms <= 36 Months and 60+ Contractually Past Due 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), Realized Losses (xxii) Group I Current Period Realized Losses 0.00 Group I Cumulative Realized Losses 0.00 Group II Current Period Realized Losses 0.00 Group II Cumulative Realized Losses 0.00 Sec. 4.03 (a)(xvi) Reserve Fund Beginning Balance of Reserve Fund 0.00 Funds Withdrawn From Reserve Fund For Distribution 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 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 8.77 Group II Weighted Average Mortgage Rate 8.66 Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans Group I Weighted Average Remaining Term 240.00 Group II Weighted Average Remaining Term 354.00 Sec. 4.03 (a)(xx), Overcollateralization Amounts (xxii),(xxiii) Overcollateralization Amount 3,867,298.69 Overcollateralization Target Amount 12,103,510.64 Overcollateralization Release Amount 0.00 Overcollateralization Deficiency Amount 8,236,211.95 Sec. 4.03 (a)(xxiv) Trigger Events Has a Trigger Event Occurred and is continuing? NO Cumulative Realized Losses as a percentage of the Original Pool Balance 0.00 % Senior Enhancement Percentage 17.44 % Senior Specified Enhancement Percentage 40.00 % Sec. 4.03 (a)(xxv) 60+ Day Delinquent Loans 60+ Day Delinquent Loans as a percentage of the current Pool Balance 0.40 % [JPMORGAN LOGO] Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved. Page 6 of 6 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Trust 2002-4 November 25, 2002 -------------------------------------------------------------------------------- Sec. 4.03 (a)(xxvi) Amount of Funds Collected by Trustee under Yield Maintenance Agreement 0.00 [JPMORGAN LOGO] Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved.

EQUITY ONE ABS INC MORTGAGE PAS TH CERT SERIES 2002-4 8-K