Ace Securities Corp – ‘497’ on 6/15/01

On:  Friday, 6/15/01, at 12:58pm ET   ·   Accession #:  1125282-1-500917   ·   File #:  333-45458

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Definitive Material   —   Rule 497
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 497         Prospectus Supplement                                  2±     6K 

497
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Prospectus Supplement (to Prospectus Supplement dated June 11, 2001 to
Prospectus dated May 4, 2001) 

$181,455,000 (Approximate)

C-BASS Mortgage Loan
Asset-Backed Certificates, Series 2001-CB2

ACE Securities Corp.
Depositor 

Credit-Based Asset Servicing and Securitization LLC 
Seller

Litton Loan Servicing LP
Servicer

The Prospectus Supplement dated June 11, 2001 to the Prospectus dated May 4,    
2001 with respect to the above captioned series of certificates is hereby       
amended as follows:                                                             

    The definition of "Overcollateralization Amount" under the caption
"Description of the Certificates-- Principal Distributions" is hereby deleted in
its entirety and replaced with the following:                                   

"Overcollateralization Amount" means, as of any Distribution  
Date, the excess, if any, of (x) the Pool Balance as of the   
last day of the immediately preceding Collection Period over  
(y) the aggregate Certificate Principal Balance of all classes
of Offered Certificates and the Class B-2 Certificates (after 
taking into account all distributions of principal on such    
Distribution Date).                                           

The first sentence of the first paragraph under the caption   
"Description of the Certificates--Application of Monthly Excess Cashflow        
Amounts" is hereby deleted in its entirety and replaced with the following:     

The weighted average Net Mortgage Interest Rate for the       
Mortgage Loans is generally expected to be higher than the    
weighted average of the Pass-Through Rates on the Offered     
Certificates and the Class B-2 Certificates, thus generating  
certain excess interest collections which, in the absence of  
losses, will not be necessary to fund interest distributions  
on the Certificates.                                          

The first sentence of the sixth paragraph under the caption   
"Description of the Certificates--Application of Monthly Excess Cashflow        
Amounts" is hereby deleted in its entirety and replaced with the following:     

On any Distribution Date, the sum of the Monthly Excess       
Interest Amount, the Overcollateralization Release Amount and 
any portion of the Principal Distribution Amount (without     
duplication) remaining after principal distributions on the   
Offered Certificates and the Class B-2 Certificates is the    
"Monthly Excess Cashflow Amount", which is required to be     
applied in the following order of priority (the "Monthly      
Excess Cashflow Allocation") on such Distribution Date:       

Deutsche Banc Alex. Brown                          First Union Securities, Inc. 

June 13, 2001 

Dates Referenced Herein

This ‘497’ Filing		Date		Other Filings
Filed on:		6/15/01		None on these Dates
		6/13/01
		6/11/01
		5/4/01
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