-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JlOiLkiQxrlvilF2/SdRdJrMZW3F/bnda8EIm1NTV1Ej6bQk0QQl9pBaUAMnpEI/ v1sZKDOOgsZ3COaZ9is0Yg== 0001056404-03-000077.txt : 20030114 0001056404-03-000077.hdr.sgml : 20030114 20030108163857 ACCESSION NUMBER: 0001056404-03-000077 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20021226 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STRUCTURED ASSET SEC CORP MORT PASS THR CERT SER 2002-BC1 CENTRAL INDEX KEY: 0001208022 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-92140-12 FILM NUMBER: 03508173 BUSINESS ADDRESS: STREET 1: 3 WORLD FINANCIAL CENTER CITY: NEW YORK STATE: NY ZIP: 10285 8-K 1 sac02bc1.txt DECEMBER 8K UNITED STATES 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 (Date of earliest event reported): December 26, 2002 STRUCTURED ASSET SECURITIES CORPORATION Mortgage Pass-Through Certificates, Series 2002-BC1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-92140-12 Pooling and Servicing Agreement) (Commission (State or other File Number) Pending jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank Minnesota, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) ITEM 5. Other Events On December 26, 2002 a distribution was made to holders of STRUCTURED ASSET SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 2002-BC1 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2002-BC1 Trust, relating to the December 26, 2002 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. STRUCTURED ASSET SECURITIES CORPORATION Mortgage Pass-Through Certificates, Series 2002-BC1 Trust By: Wells Fargo Bank Minnesota, NA, as Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 1/3/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2002-BC1 Trust, relating to the December 26, 2002 distribution. EX-99.1
Structured Asset Securities Corporation Mortgage Pass-Through Certificates Record Date: 11/30/02 Distribution Date: 12/26/02 SASC Series: 2002-BC1 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A1 86359AEN9 SEN 1.88813% 282,410,000.00 459,167.52 4,541,694.46 A2 86359AEP4 SEN 1.61813% 130,000,000.00 181,140.66 2,894,745.24 A3 86359AEQ2 SEN 2.05813% 50,000,000.00 88,613.93 0.00 AIO 86359AEW9 SEN 6.00000% 0.00 987,676.14 0.00 A4 86359AER0 SUB 2.20813% 13,469,000.00 25,610.57 0.00 M1 86359AES8 SUB 2.38813% 49,383,000.00 101,553.44 0.00 M2 86359AET6 SUB 3.68813% 34,419,000.00 109,310.95 0.00 M3 86359AEU3 SUB 4.13813% 26,936,000.00 95,983.47 0.00 B 86359AEV1 SUB 3.88813% 8,979,000.00 30,062.70 0.00 X SAC02BC1X SUB 0.00000% 2,995,600.35 2,328,737.62 0.00 P SAC02BC1P SUB 0.00000% 0.00 180,196.14 0.00 R1 SAC2BC7R1 SUB 0.00000% 0.00 0.00 0.00 Totals 598,591,600.35 4,588,053.14 7,436,439.70
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A1 0.00 277,868,305.54 5,000,861.98 0.00 A2 0.00 127,105,254.76 3,075,885.90 0.00 A3 0.00 50,000,000.00 88,613.93 0.00 AIO 0.00 0.00 987,676.14 0.00 A4 0.00 13,469,000.00 25,610.57 0.00 M1 0.00 49,383,000.00 101,553.44 0.00 M2 0.00 34,419,000.00 109,310.95 0.00 M3 0.00 26,936,000.00 95,983.47 0.00 B 0.00 8,979,000.00 30,062.70 0.00 X 0.00 2,995,600.00 2,328,737.62 0.00 P 0.00 0.00 180,196.14 0.00 R1 0.00 0.00 0.00 0.00 Totals 0.00 591,155,160.30 12,024,492.84 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.
Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A1 282,410,000.00 282,410,000.00 0.00 4,541,694.46 0.00 0.00 A2 130,000,000.00 130,000,000.00 0.00 2,894,745.24 0.00 0.00 A3 50,000,000.00 50,000,000.00 0.00 0.00 0.00 0.00 AIO 0.00 0.00 0.00 0.00 0.00 0.00 M1 49,383,000.00 49,383,000.00 0.00 0.00 0.00 0.00 M2 34,419,000.00 34,419,000.00 0.00 0.00 0.00 0.00 M3 26,936,000.00 26,936,000.00 0.00 0.00 0.00 0.00 B 8,979,000.00 8,979,000.00 0.00 0.00 0.00 0.00 X 2,995,600.35 2,995,600.35 0.00 0.00 0.00 0.00 P 0.00 0.00 0.00 0.00 0.00 0.00 R1 0.00 0.00 0.00 0.00 0.00 0.00 Totals 585,122,600.35 585,122,600.35 0.00 7,436,439.70 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A1 4,541,694.46 277,868,305.54 0.98391808 4,541,694.46 A2 2,894,745.24 127,105,254.76 0.97773273 2,894,745.24 A3 0.00 50,000,000.00 1.00000000 0.00 AIO 0.00 0.00 0.00000000 0.00 M1 0.00 49,383,000.00 1.00000000 0.00 M2 0.00 34,419,000.00 1.00000000 0.00 M3 0.00 26,936,000.00 1.00000000 0.00 B 0.00 8,979,000.00 1.00000000 0.00 X 0.00 2,995,600.00 0.99999988 0.00 P 0.00 0.00 0.00000000 0.00 R1 0.00 0.00 0.00000000 0.00 Totals 7,436,439.70 577,686,160.30 0.98729080 7,436,439.70
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A1 282,410,000.00 1000.00000000 0.00000000 16.08191799 0.00000000 A2 130,000,000.00 1000.00000000 0.00000000 22.26727108 0.00000000 A3 50,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 AIO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A4 13,469,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M1 49,383,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 34,419,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 26,936,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 8,979,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 2,995,600.35 1000.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All classes are per $1000.00 denomination.
Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A1 0.00000000 16.08191799 983.91808201 0.98391808 16.08191799 A2 0.00000000 22.26727108 977.73272892 0.97773273 22.26727108 A3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 AIO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 999.99988316 0.99999988 0.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A1 282,410,000.00 1.88813% 282,410,000.00 459,167.52 0.00 0.00 A2 130,000,000.00 1.61813% 130,000,000.00 181,140.66 0.00 0.00 A3 50,000,000.00 2.05813% 50,000,000.00 88,613.93 0.00 0.00 AIO 0.00 6.00000% 197,535,228.12 987,676.14 0.00 0.00 A4 13,469,000.00 2.20813% 13,469,000.00 25,610.57 0.00 0.00 M1 49,383,000.00 2.38813% 49,383,000.00 101,553.44 0.00 0.00 M2 34,419,000.00 3.68813% 34,419,000.00 109,310.95 0.00 0.00 M3 26,936,000.00 4.13813% 26,936,000.00 95,983.47 0.00 0.00 B 8,979,000.00 3.88813% 8,979,000.00 30,062.70 0.00 0.00 X 2,995,600.35 0.00000% 2,995,600.35 2,328,737.62 0.00 0.00 P 0.00 0.00000% 1,000.00 180,196.14 0.00 0.00 R1 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 598,591,600.35 4,588,053.14 0.00 0.00
Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A1 0.00 0.00 459,167.52 0.00 277,868,305.54 A2 0.00 0.00 181,140.66 0.00 127,105,254.76 A3 0.00 0.00 88,613.93 0.00 50,000,000.00 AIO 0.00 0.00 987,676.14 0.00 197,535,228.12 A4 0.00 0.00 25,610.57 0.00 13,469,000.00 M1 0.00 0.00 101,553.44 0.00 49,383,000.00 M2 0.00 0.00 109,310.95 0.00 34,419,000.00 M3 0.00 0.00 95,983.47 0.00 26,936,000.00 B 0.00 0.00 30,062.70 0.00 8,979,000.00 X 0.00 0.00 2,328,737.62 0.00 2,995,600.00 P 0.00 0.00 180,196.14 0.00 1,000.00 R1 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 4,588,053.14 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A1 282,410,000.00 1.88813% 1000.00000000 1.62588973 0.00000000 0.00000000 A2 130,000,000.00 1.61813% 1000.00000000 1.39338969 0.00000000 0.00000000 A3 50,000,000.00 2.05813% 1000.00000000 1.77227860 0.00000000 0.00000000 AIO 0.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000 A4 13,469,000.00 2.20813% 1000.00000000 1.90144554 0.00000000 0.00000000 M1 49,383,000.00 2.38813% 1000.00000000 2.05644534 0.00000000 0.00000000 M2 34,419,000.00 3.68813% 1000.00000000 3.17588977 0.00000000 0.00000000 M3 26,936,000.00 4.13813% 1000.00000000 3.56338989 0.00000000 0.00000000 B 8,979,000.00 3.88813% 1000.00000000 3.34811226 0.00000000 0.00000000 X 2,995,600.35 0.00000% 1000.00000000 777.38594870 0.00000000 0.00000000 P 0.00 0.00000% 1000.00000000 180196.14000000 0.00000000 0.00000000 R1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All classes are per $1000.00 denomination
Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A1 0.00000000 0.00000000 1.62588973 0.00000000 983.91808201 A2 0.00000000 0.00000000 1.39338969 0.00000000 977.73272892 A3 0.00000000 0.00000000 1.77227860 0.00000000 1000.00000000 AIO 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000 A4 0.00000000 0.00000000 1.90144554 0.00000000 1000.00000000 M1 0.00000000 0.00000000 2.05644534 0.00000000 1000.00000000 M2 0.00000000 0.00000000 3.17588977 0.00000000 1000.00000000 M3 0.00000000 0.00000000 3.56338989 0.00000000 1000.00000000 B 0.00000000 0.00000000 3.34811226 0.00000000 1000.00000000 X 0.00000000 0.00000000 777.38594870 0.00000000 999.99988316 P 0.00000000 0.00000000 180196.14000000 0.00000000 1000.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 11,905,657.90 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 199,524.94 Realized Losses 0.00 Prepayment Penalties 180,196.14 Total Deposits 12,285,378.98 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 260,886.14 Payment of Interest and Principal 12,024,492.84 Total Withdrawals (Pool Distribution Amount) 12,285,378.98 Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES Gross Servicing Fee 249,413.13 Credit Risk Manager 7,482.40 Trustee Fee - Wells Fargo Bank, N.A. 3,990.61 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 260,886.14
OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 1,000.00 0.00 0.00 1,000.00 Financial Guaranty 0.00 0.00 0.00 0.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 185 0 0 0 185 21,428,424.71 0.00 0.00 0.00 21,428,424.71 60 Days 15 0 0 0 15 1,664,525.58 0.00 0.00 0.00 1,664,525.58 90 Days 3 0 0 0 3 607,735.04 0.00 0.00 0.00 607,735.04 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 203 0 0 0 203 23,700,685.33 0.00 0.00 0.00 23,700,685.33 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 4.048140% 0.000000% 0.000000% 0.000000% 4.048140% 3.624839% 0.000000% 0.000000% 0.000000% 3.624839% 60 Days 0.328228% 0.000000% 0.000000% 0.000000% 0.328228% 0.281572% 0.000000% 0.000000% 0.000000% 0.281572% 90 Days 0.065646% 0.000000% 0.000000% 0.000000% 0.065646% 0.102805% 0.000000% 0.000000% 0.000000% 0.102805% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 4.442013% 0.000000% 0.000000% 0.000000% 4.442013% 4.009216% 0.000000% 0.000000% 0.000000% 4.009216%
OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 199,524.94
COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 9.359455% Weighted Average Net Coupon 8.859455% Weighted Average Pass-Through Rate 8.851455% Weighted Average Maturity(Stepdown Calculation ) 335 Beginning Scheduled Collateral Loan Count 4,613 Number Of Loans Paid In Full 43 Ending Scheduled Collateral Loan Count 4,570 Beginning Scheduled Collateral Balance 598,591,600.35 Ending Scheduled Collateral Balance 591,155,160.30 Ending Actual Collateral Balance at 30-Nov-2002 591,155,160.30 Monthly P &I Constant 5,032,790.98 Special Servicing Fee 0.00 Prepayment Penalties 180,196.14 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 591,155,160.30 Scheduled Principal 364,048.16 Unscheduled Principal 7,072,391.89 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.35 Specified O/C Amount 2,995,600.00 Overcollateralized Amount 2,995,600.00 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 2,328,737.28
Libor Rate 1.38813%
-----END PRIVACY-ENHANCED MESSAGE-----