Item 1. Business
Omitted.
Item 2.
Item 2. Properties
Omitted.
Item 3.
Item 3. Legal Proceedings
The Registrant is not aware of any material legal proceeding with respect to, the Company, the Master Servicer or the Trustee, as related to the Trust.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders
No matter was submitted to a vote or consent of Holders of the Offered Certificates during the fiscal year covered by this report.
PART II
Item 5.
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters
The Trust does not issue stock. There is currently no established secondary market for the Certificates. As of December 31, 2002, the number of holders of each Class of Offered Certificates was 49.
Item 6.
Item 6. Selected Financial Data
Omitted.
Item 7.
Item 7. Management's Discussion and Analysis of Financial condition and Results of Operations
Omitted.
Item 8.
Item 8. Financial Statements and Supplementary Data
Omitted.
Item 9.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
There was no change of accountants or disagreement with accountants on any matter of accounting principles or practices or financial disclosure.
PART III
Item 10.
Item 10. Directors and Executive Officers of the Registrant
Omitted.
Item 11.
Item 11. Executive Compensation
Omitted.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Omitted.
Item 13.
Item 13. Certain Relationships and Related Transactions
No reportable transactions have occurred.
PART IV
Item 14.
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) The following documents are filed as part of this report:
(1) Financial Statements: Omitted.
(2) Financial Statement Schedules: Omitted.
(3) Exhibits:
Annual Statement as to Compliance, filed as Exhibit 99.1 hereto. Annual Independent Public Accountants' Servicing Report filed as Exhibit 99.2 hereto.
(b) Reports on Form 8-K: The following Current Reports on Form 8-K were filed by the Registrant for the last quarter of 2002.
Current Reports on Form 8-K dated October 15, 2002, November 15, 2002, and December 16, 2002 were filed for the purpose of filing the Monthly Statement sent to the Holders of the Offered Certificates for payments made on the same date. The items reported in such Current Report were Item 5 (Other Events).
(c) Exhibits to this report are listed in Item (14)(a)(3) above.
Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2002
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP. ABFS Mortgage Loan Trust 2002-2 Mortgage Pass-Through Certificates, Series 2002-2 - -----------------------------------------------------------------------
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) 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.
AMERICAN BUSINESS CREDIT, INC.
Date: March 24, 2003 By: /s/ Jeffrey M. Ruben -------------------------------------- Name: Jeffrey M. Ruben Title: Executive Vice President
CERTIFICATION OF AMERICAN BUSINESS CREDIT, INC.
Issuer: ABFS 2002-2, Inc.
I, Jeffrey M. Ruben, the Executive Vice President of American Business Credit, Inc., the servicer of the asset backed securities issued by Issuer, certifies that:
1. I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by this annual report, of Credit Suisse First Boston Mortgage Securities Corp. with respect to the Issuer;
2. Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report;
3. Based on my knowledge, the distribution or servicing information required to be provided to the trustee by the servicer under the pooling and servicing, or similar, agreement, for inclusion in these reports is included in these reports;
4. Based on my knowledge and upon the annual compliance statement included in the report and required to be delivered to the trustee in accordance with the terms of the pooling and servicing, or similar, agreement, and except as disclosed in the reports, the servicer has fulfilled its obligations under the servicing agreement; and
5. The reports disclose all significant deficiencies relating to the servicer's compliance with the minimum servicing standards based upon the report provided by an independent public accountant, after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedure, as set forth in the pooling and servicing, or similar, agreement that is included in these reports.
I have disclosed to the registrant's certified public accountants all significant deficiencies relating to the servicer's compliance with the minimum servicing standards in accordance with pooling and servicing, or similar, agreement, that is included in these reports.
Signature: /s/ Jeffrey M. Ruben -------------------------------------- Jeffrey M. Ruben
Title: Executive Vice President
Date: March 24, 2003
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(D) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT.
The registrant has not sent an annual report or proxy material to its security holders. The registrant will not be sending an annual report or proxy material to its security holders subsequent to the filing of this form.
EXHIBIT INDEX
Exhibit Description
99.1 Servicer's Annual Statement of Compliance 99.2 Servicer's Annual Independent Accountant's Report
EXHIBIT 99.1 - Servicer's Annual Statement of Compliance
American Business Credit Inc. BalaPointe Office Centre 111 Presidential Blvd. Bala Cynwyd, PA 19004 Phone 610.668.2440 Fax 610.668.1468
January 21, 2003
BDO Seidman, LLP 1700 Market Street, 29th Floor Philadelphia, PA 19103
BDO Seidman LLP:
As of and for the year ended December 31, 2002, American Business Credit, Inc. has complied in all material respects with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers. As of and for this same period, American Business Credit, Inc. had in effect a fidelity bond and an errors an omissions policy in the amounts of $5,000,000 and $2,000,000, respectively.
Sincerely,
/s/ Anthony J. Santilli Date: 1/29/03 - --------------------------------------- President and Chief Executive Officer American Business Financial Services, Inc. (On behalf of American Business Credit, Inc.)
/s/ Albert W. Mandia Date: 1/29/03 - ---------------------------------------- Executive Vice President and Chief Financial Officer American Business Financial Services, Inc. (On behalf of American Business Credit, Inc.)
/s/ Jeffrey M. Ruben Date: 1/29/03 - ---------------------------------------- Executive Vice President American Business Financial Services, Inc. (On behalf of American Business Credit, Inc.)
/s/ Carole Santilli Date: 1/28/03 - ---------------------------------------- Vice President Servicing American Business Financial Services, Inc. (On behalf of American Business Credit, Inc.)
/s/ John Borys Date: 1/28/03 - ---------------------------------------- Senior Vice President Cash Collections American Business Financial Services, Inc. (On behalf of American Business Credit, Inc.)
/s/ Anna Bucceroni Date: 1/28/03 - ---------------------------------------- Senior Vice President Securitization American Business Financial Services, Inc. (On behalf of American Business Credit, Inc.)
EXHIBIT 99.2 - Servicer's Annual Independent Accountant's Report
BDO Seldman, LLP Accountants and Consultants 1700 Market Street, 29th Floor Philadelphia, PA 19103-3962 Telephone (215) 636-5500 Faz (215) 636-5501
Independent Accountants' Report
American Business Credit, Inc. Bala Cynwyd, Pennsylvania
We have examined management's assertion about American Business Credit, Inc.'s compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP) as of and for the year ended December 31, 2002 included in the accompanying management assertion. Management is responsible for American Business Credit, Inc.'s compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the entity's compliance based on our examination.
Our examination was made in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about American Business Credit, Inc.'s compliance with the minimum servicing standards and performing such other procedures as we considered necessary in the cicumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on American Business Credit, Inc.'s compliance with the minimum servicing standards.
In our opinion, management's assertion that American Business Credit, Inc. complied with the aforementioned minimum servicing standards as of and for the year ended December 31, 2002 is fairly stated, in all material respects.
/s/ BDO Seidman, LLP - ------------------------------
January 14, 2003