-----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, M26Qw4rNXOb3FyZzR8FZRRyu5ayWC+E4aB/S1Xg8eYjDCQL1Fl2uq8C7uCB2J8e5 0NeQfHgp+LFn/ZnB3FO0kA== 0001056404-04-000106.txt : 20040108 0001056404-04-000106.hdr.sgml : 20040108 20040108162017 ACCESSION NUMBER: 0001056404-04-000106 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20031225 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BEAR STEARNS ASSET BACKED SECURITIES TRUST 2003-AC1 CENTRAL INDEX KEY: 0001225564 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-43091-16 FILM NUMBER: 04515703 BUSINESS ADDRESS: STREET 1: 245 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10167 MAIL ADDRESS: STREET 1: 383 MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10179 8-K 1 bsa03ac1.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, 2003 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset-Backed Certificates, Series 2003-AC1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-43091-16 Pending Pooling and Servicing Agreement) (Commission IRS EIN (State or other File Number) jurisdiction 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, 2003 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset-Backed Certificates, Series 2003-AC1 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 Asset-Backed Certificates, Series 2003-AC1 Trust, relating to the December 26, 2003 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. BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset-Backed Certificates, Series 2003-AC1 Trust By: Wells Fargo Bank Minnesota, N.A. as Securities Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 1/6/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset- Backed Certificates, Series 2003-AC1 Trust, relating to the December 26, 2003 distribution. EX-99.1
Bear Stearns Asset Backed Securities Asset-Backed Certificates Record Date: 11/30/03 Distribution Date: 12/26/03 BSA Series: 2003-AC1 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 A-1 07384YHG4 SEN 4.10300% 321,408,486.48 1,098,949.18 11,428,577.69 A-IO 07384YHH2 IO 5.00000% 0.00 312,500.00 0.00 M-1 07384YHJ8 MEZ 4.60600% 20,318,842.34 77,990.49 722,493.27 M-2 07384YHK5 MEZ 4.96800% 16,624,372.97 68,824.90 591,126.08 B-1 07384YHL3 SUB 5.66500% 2,956,167.59 13,955.57 105,114.81 B-2 07384YHM1 SUB 4.36875% 8,127,389.10 30,575.07 288,992.05 R-1 BSA3AC1R1 RES 0.00000% 0.00 0.00 0.00 R-2 BSA3AC1R2 RES 0.00000% 0.00 0.00 0.00 R-3 BSA3AC1R3 RES 0.00000% 0.00 0.00 0.00 C BSA03AC1C SEN 0.00000% 0.00 563,249.30 0.00 P SEN 0.00000% 100.00 21,395.71 0.00 Totals 369,435,358.48 2,187,440.22 13,136,303.90
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 309,979,908.79 12,527,526.87 0.00 A-IO 0.00 0.00 312,500.00 0.00 M-1 0.00 19,596,349.07 800,483.76 0.00 M-2 0.00 16,033,246.89 659,950.98 0.00 B-1 0.00 2,851,052.78 119,070.38 0.00 B-2 0.00 7,838,397.05 319,567.12 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 C 0.00 0.00 563,249.30 0.00 P 0.00 100.00 21,395.71 0.00 Totals 0.00 356,299,054.58 15,323,744.12 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) A-1 434,812,000.00 321,408,486.48 0.00 11,428,577.69 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 27,488,000.00 20,318,842.34 0.00 722,493.27 0.00 0.00 M-2 22,490,000.00 16,624,372.97 0.00 591,126.08 0.00 0.00 B-1 3,999,201.00 2,956,167.59 0.00 105,114.81 0.00 0.00 B-2 10,995,000.00 8,127,389.10 0.00 288,992.05 0.00 0.00 R-1 0.00 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 0.00 0.00 C 0.00 0.00 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 Totals 499,784,301.00 369,435,358.48 0.00 13,136,303.90 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 A-1 11,428,577.69 309,979,908.79 0.71290560 11,428,577.69 A-IO 0.00 0.00 0.00000000 0.00 M-1 722,493.27 19,596,349.07 0.71290560 722,493.27 M-2 591,126.08 16,033,246.89 0.71290560 591,126.08 B-1 105,114.81 2,851,052.78 0.71290560 105,114.81 B-2 288,992.05 7,838,397.05 0.71290560 288,992.05 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 R-3 0.00 0.00 0.00000000 0.00 C 0.00 0.00 0.00000000 0.00 P 0.00 100.00 1.00000000 0.00 Totals 13,136,303.90 356,299,054.58 0.71290566 13,136,303.90
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 434,812,000.00 739.18954969 0.00000000 26.28395189 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 27,488,000.00 739.18954962 0.00000000 26.28395191 0.00000000 M-2 22,490,000.00 739.18954958 0.00000000 26.28395198 0.00000000 B-1 3,999,201.00 739.18955061 0.00000000 26.28395272 0.00000000 B-2 10,995,000.00 739.18954980 0.00000000 26.28395180 0.00000000 R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000 C 0.00 0.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1 0.00000000 26.28395189 712.90559780 0.71290560 26.28395189 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-1 0.00000000 26.28395191 712.90559772 0.71290560 26.28395191 M-2 0.00000000 26.28395198 712.90559760 0.71290560 26.28395198 B-1 0.00000000 26.28395272 712.90559789 0.71290560 26.28395272 B-2 0.00000000 26.28395180 712.90559800 0.71290560 26.28395180 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 C 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, 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 A-1 434,812,000.00 4.10300% 321,408,486.48 1,098,949.18 0.00 0.00 A-IO 0.00 5.00000% 75,000,000.00 312,500.00 0.00 0.00 M-1 27,488,000.00 4.60600% 20,318,842.34 77,990.49 0.00 0.00 M-2 22,490,000.00 4.96800% 16,624,372.97 68,824.90 0.00 0.00 B-1 3,999,201.00 5.66500% 2,956,167.59 13,955.57 0.00 0.00 B-2 10,995,000.00 4.36875% 8,127,389.10 30,575.07 0.00 0.00 R-1 0.00 0.00000% 0.00 0.00 0.00 0.00 R-2 0.00 0.00000% 0.00 0.00 0.00 0.00 R-3 0.00 0.00000% 0.00 0.00 0.00 0.00 C 0.00 0.00000% 0.00 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 499,784,301.00 1,602,795.21 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 A-1 0.00 0.00 1,098,949.18 0.00 309,979,908.79 A-IO 0.00 0.00 312,500.00 0.00 75,000,000.00 M-1 0.00 0.00 77,990.49 0.00 19,596,349.07 M-2 0.00 0.00 68,824.90 0.00 16,033,246.89 B-1 0.00 0.00 13,955.57 0.00 2,851,052.78 B-2 0.00 0.00 30,575.07 0.00 7,838,397.05 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 0.00 C 0.00 0.00 563,249.30 0.00 0.00 P 0.00 0.00 21,395.71 0.00 100.00 Totals 0.00 0.00 2,187,440.22 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, 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 A-1 434,812,000.00 4.10300% 739.18954969 2.52741226 0.00000000 0.00000000 A-IO 0.00 5.00000% 1000.00000000 4.16666667 0.00000000 0.00000000 M-1 27,488,000.00 4.60600% 739.18954962 2.83725589 0.00000000 0.00000000 M-2 22,490,000.00 4.96800% 739.18954958 3.06024455 0.00000000 0.00000000 B-1 3,999,201.00 5.66500% 739.18955061 3.48958955 0.00000000 0.00000000 B-2 10,995,000.00 4.36875% 739.18954980 2.78081583 0.00000000 0.00000000 R-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 C 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 (5) Per $1 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 A-1 0.00000000 0.00000000 2.52741226 0.00000000 712.90559780 A-IO 0.00000000 0.00000000 4.16666667 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 2.83725589 0.00000000 712.90559772 M-2 0.00000000 0.00000000 3.06024455 0.00000000 712.90559760 B-1 0.00000000 0.00000000 3.48958955 0.00000000 712.90559789 B-2 0.00000000 0.00000000 2.78081583 0.00000000 712.90559800 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 C 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 213957.10000000 0.00000000 1000.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,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 15,406,547.80 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 84,420.61 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 15,490,968.41 Withdrawals Reimbursement for Servicer Advances 85,155.95 Payment of Service Fee 82,068.34 Payment of Interest and Principal 15,323,744.12 Total Withdrawals (Pool Distribution Amount) 15,490,968.41 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 77,486.31 Master Servicing Fee 3,099.46 Miscellaneous Fee 1,482.57 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 82,068.34
OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 5,000.00 0.00 0.00 5,000.00
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 2 0 1 3 181,166.50 0.00 296,994.67 478,161.17 30 Days 15 0 0 0 15 2,691,933.02 0.00 0.00 0.00 2,691,933.02 60 Days 6 0 0 0 6 1,376,085.58 0.00 0.00 0.00 1,376,085.58 90 Days 5 2 1 0 8 1,084,824.14 205,910.13 83,684.51 0.00 1,374,418.78 120 Days 1 1 6 0 8 142,150.86 502,370.86 1,206,316.71 0.00 1,850,838.43 150 Days 0 1 1 0 2 0.00 366,617.28 58,121.80 0.00 424,739.08 180+ Days 1 1 8 1 11 80,549.87 998,305.68 2,316,577.34 106,256.73 3,501,689.62 Totals 28 7 16 2 53 5,375,543.47 2,254,370.45 3,664,700.36 403,251.40 11,697,865.68 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 0.137363% 0.000000% 0.068681% 0.206044% 0.050441% 0.000000% 0.082690% 0.133130% 30 Days 1.030220% 0.000000% 0.000000% 0.000000% 1.030220% 0.749491% 0.000000% 0.000000% 0.000000% 0.749491% 60 Days 0.412088% 0.000000% 0.000000% 0.000000% 0.412088% 0.383131% 0.000000% 0.000000% 0.000000% 0.383131% 90 Days 0.343407% 0.137363% 0.068681% 0.000000% 0.549451% 0.302038% 0.057330% 0.023300% 0.000000% 0.382667% 120 Days 0.068681% 0.068681% 0.412088% 0.000000% 0.549451% 0.039578% 0.139871% 0.335864% 0.000000% 0.515312% 150 Days 0.000000% 0.068681% 0.068681% 0.000000% 0.137363% 0.000000% 0.102074% 0.016182% 0.000000% 0.118256% 180+ Days 0.068681% 0.068681% 0.549451% 0.068681% 0.755495% 0.022427% 0.277949% 0.644984% 0.029584% 0.974944% Totals 1.923077% 0.480769% 1.098901% 0.137363% 3.640110% 1.496664% 0.627664% 1.020330% 0.112274% 3.256931%
OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 84,420.61
COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 7.253391% Weighted Average Net Coupon 7.003391% Weighted Average Pass-Through Rate 6.988608% Weighted Average Maturity(Stepdown Calculation ) 327 Beginning Scheduled Collateral Loan Count 1,498 Number Of Loans Paid In Full 42 Ending Scheduled Collateral Loan Count 1,456 Beginning Scheduled Collateral Balance 371,934,280.48 Ending Scheduled Collateral Balance 358,797,976.58 Ending Actual Collateral Balance at 30-Nov-2003 359,168,321.60 Monthly P &I Constant 2,616,653.66 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 358,797,976.58 Scheduled Principal 368,499.58 Unscheduled Principal 12,767,804.32 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 2,498,922.00 Overcollateralized Amount 2,499,022.00 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 584,645.01
Miscellaneous Reporting Net WAC Rate Carryover Amount Class A-1 0.00 Net WAC Rate Carryover Amount Class B-1 0.00 Net WAC Rate Carryover Amount Class B-2 0.00 Net WAC Rate Carryover Amount Class M-1 0.00 Net WAC Rate Carryover Amount Class M-2 0.00 Three month rolling average 0.021319%
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