10-K 1 abfs2002_01form10k.txt FISCAL YR ENDED 12/31/02 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------ FORM 10-K [X] Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the March 1, 2002 (Commencement of Operations) Operations) to December 31, 2002 [ ] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to Commission File Number 333-56242-07 BEAR STEARNS ASSET BACKED SECURITIES INC (Exact name of registrant as specified in its charter) Delaware 13-3836437 (State or other jurisdiction of (IRS Employer Identification No.) incorporation) 245 Park Avenue New York, New York 10167 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code : (212) 272-4095 ABFS Mortgage Loan Trust 2002-1 Mortgage Pass-Through Certificates, Series 2002-1 (Title of each class of securities covered by this Form) Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X] Documents incorporated by reference: None BEAR STEARNS ASSET BACKED SECURITIES INC. ABFS Mortgage Loan Trust 2002-1 Mortgage Pass-Through Certificates, Series 2002-1 ----------------------------------------------------------------------- PART I Item 1. Business Omitted. Item 2. Properties Omitted. 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. 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. 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 36. Item 6. Selected Financial Data Omitted. Item 7. Management's Discussion and Analysis of Financial condition and Results of Operations Omitted. Item 8. Financial Statements and Supplementary Data Omitted. 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. -2- PART III Item 10. Directors and Executive Officers of the Registrant Omitted. Item 11. Executive Compensation Omitted. Item 12. Security Ownership of Certain Beneficial Owners and Management Omitted. Item 13. Certain Relationships and Related Transactions No reportable transactions have occurred. PART IV 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. -3- Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2002 BEAR STEARNS ASSET BACKED SECURITIES INC. ABFS Mortgage Loan Trust 2002-1 Mortgage Pass-Through Certificates, Series 2002-1 ----------------------------------------------------------------------- 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 -4- CERTIFICATION OF AMERICAN BUSINESS CREDIT, INC. Issuer: ABFS 2002-1, 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 Bear Stearns Asset Backed Securities Inc. 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 -5- 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. -6- EXHIBIT INDEX Exhibit Description 99.1 Servicer's Annual Statement of Compliance 99.2 Servicer's Annual Independent Accountant's Report -7- 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.) -8- 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 -9-