-----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, Up8tZ6grphay2H/c+fuqgGQsUejAACgx/VDS4Yfwp38WEkCtSmFVktwCh3cgNWH+ Unh15rej93085RRv2wNpGA== 0001056404-04-001401.txt : 20040408 0001056404-04-001401.hdr.sgml : 20040408 20040408152805 ACCESSION NUMBER: 0001056404-04-001401 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040225 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040408 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: 04724842 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 MARCH 8-K 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): March 25, 2004 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, 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 March 25, 2004 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 March 25, 2004 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, N.A. as Securities Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 4/2/2004 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 March 25, 2004 distribution. EX-99.1
Bear Stearns Asset Backed Securities Asset-Backed Certificates Record Date: 2/29/2004 Distribution Date: 3/25/2004 BSA Series: 2003-AC1 Contact: Customer Service - CTSLink Wells Fargo Bank, 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% 281,391,407.57 962,124.12 16,922,790.46 A-IO 07384YHH2 IO 5.00000% 0.00 312,500.00 0.00 M-1 07384YHJ8 MEZ 4.60600% 17,789,037.59 68,280.26 1,069,827.11 M-2 07384YHK5 MEZ 4.96800% 14,554,549.45 60,255.83 875,306.01 B-1 07384YHL3 SUB 5.66500% 2,588,108.88 12,218.03 155,648.05 B-2 07384YHM1 SUB 4.34000% 7,115,485.60 24,876.53 427,923.06 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% 0.00 442,698.60 0.00 P SEN 0.00000% 100.00 64,983.79 0.00 Totals 323,438,689.09 1,947,937.16 19,451,494.69
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 264,468,617.11 17,884,914.58 0.00 A-IO 0.00 0.00 312,500.00 0.00 M-1 0.00 16,719,210.48 1,138,107.37 0.00 M-2 0.00 13,679,243.44 935,561.84 0.00 B-1 0.00 2,432,460.83 167,866.08 0.00 B-2 0.00 6,687,562.54 452,799.59 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 2,499,022.00 442,698.60 0.00 P 0.00 100.00 64,983.79 0.00 Totals 0.00 306,486,216.40 21,399,431.85 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-1 434,812,000.00 281,391,407.57 0.00 16,922,790.46 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 27,488,000.00 17,789,037.59 0.00 1,069,827.11 0.00 0.00 M-2 22,490,000.00 14,554,549.45 0.00 875,306.01 0.00 0.00 B-1 3,999,201.00 2,588,108.88 0.00 155,648.05 0.00 0.00 B-2 10,995,000.00 7,115,485.60 0.00 427,923.06 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 499,784,301.00 323,438,689.09 0.00 19,451,494.69 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 16,922,790.46 264,468,617.11 0.60823670 16,922,790.46 A-IO 0.00 0.00 0.00000000 0.00 M-1 1,069,827.11 16,719,210.48 0.60823670 1,069,827.11 M-2 875,306.01 13,679,243.44 0.60823670 875,306.01 B-1 155,648.05 2,432,460.83 0.60823670 155,648.05 B-2 427,923.06 6,687,562.54 0.60823670 427,923.06 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 2,499,022.00 0.00000000 0.00 P 0.00 100.00 1.00000000 0.00 Totals 19,451,494.69 306,486,216.40 0.61323698 19,451,494.69
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 434,812,000.00 647.15648963 0.00000000 38.91978708 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 27,488,000.00 647.15648974 0.00000000 38.91978718 0.00000000 M-2 22,490,000.00 647.15648955 0.00000000 38.91978702 0.00000000 B-1 3,999,201.00 647.15648951 0.00000000 38.91978673 0.00000000 B-2 10,995,000.00 647.15648931 0.00000000 38.91978718 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 38.91978708 608.23670255 0.60823670 38.91978708 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-1 0.00000000 38.91978718 608.23670256 0.60823670 38.91978718 M-2 0.00000000 38.91978702 608.23670253 0.60823670 38.91978702 B-1 0.00000000 38.91978673 608.23670278 0.60823670 38.91978673 B-2 0.00000000 38.91978718 608.23670214 0.60823670 38.91978718 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% 281,391,407.57 962,124.12 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% 17,789,037.59 68,280.26 0.00 0.00 M-2 22,490,000.00 4.96800% 14,554,549.45 60,255.83 0.00 0.00 B-1 3,999,201.00 5.66500% 2,588,108.88 12,218.03 0.00 0.00 B-2 10,995,000.00 4.34000% 7,115,485.60 24,876.53 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 1,440,254.77 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 0.00 962,124.12 0.00 264,468,617.11 A-IO 0.00 0.00 312,500.00 0.00 75,000,000.00 M-1 0.00 0.00 68,280.26 0.00 16,719,210.48 M-2 0.00 0.00 60,255.83 0.00 13,679,243.44 B-1 0.00 0.00 12,218.03 0.00 2,432,460.83 B-2 0.00 0.00 24,876.53 0.00 6,687,562.54 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 0.00 442,698.60 0.00 2,499,022.00 P 0.00 0.00 64,983.79 0.00 100.00 Totals 0.00 0.00 1,947,937.16 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% 647.15648963 2.21273590 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% 647.15648974 2.48400247 0.00000000 0.00000000 M-2 22,490,000.00 4.96800% 647.15648955 2.67922766 0.00000000 0.00000000 B-1 3,999,201.00 5.66500% 647.15648951 3.05511776 0.00000000 0.00000000 B-2 10,995,000.00 4.34000% 647.15648931 2.26253115 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 2.21273590 0.00000000 608.23670255 A-IO 0.00000000 0.00000000 4.16666667 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 2.48400247 0.00000000 608.23670256 M-2 0.00000000 0.00000000 2.67922766 0.00000000 608.23670253 B-1 0.00000000 0.00000000 3.05511776 0.00000000 608.23670278 B-2 0.00000000 0.00000000 2.26253115 0.00000000 608.23670214 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 649837.90000000 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 21,480,020.08 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 104,976.23 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 21,584,996.31 Withdrawals Reimbursement for Servicer Advances 113,813.07 Payment of Service Fee 71,751.39 Payment of Interest and Principal 21,399,431.85 Total Withdrawals (Pool Distribution Amount) 21,584,996.31 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 67,903.66 Master Servicing Fee 2,716.18 Miscellaneous Fee 1,131.55 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 71,751.39
OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 5,000.00 163.51 163.51 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 3 0 0 3 344,797.71 0.00 0.00 344,797.71 30 Days 23 0 0 0 23 4,464,156.19 0.00 0.00 0.00 4,464,156.19 60 Days 4 0 0 0 4 765,925.21 0.00 0.00 0.00 765,925.21 90 Days 2 0 5 0 7 520,645.06 0.00 1,189,321.89 0.00 1,709,966.95 120 Days 1 0 5 0 6 80,732.86 0.00 1,561,068.72 0.00 1,641,801.58 150 Days 1 0 1 0 2 104,244.70 0.00 461,236.23 0.00 565,480.93 180+ Days 2 6 10 2 20 398,701.68 2,957,552.57 1,663,575.63 263,019.17 5,282,849.05 Totals 33 9 21 2 65 6,334,405.70 3,302,350.28 4,875,202.47 263,019.17 14,774,977.62 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 0.236967% 0.000000% 0.000000% 0.236967% 0.112375% 0.000000% 0.000000% 0.112375% 30 Days 1.816746% 0.000000% 0.000000% 0.000000% 1.816746% 1.454933% 0.000000% 0.000000% 0.000000% 1.454933% 60 Days 0.315956% 0.000000% 0.000000% 0.000000% 0.315956% 0.249626% 0.000000% 0.000000% 0.000000% 0.249626% 90 Days 0.157978% 0.000000% 0.394945% 0.000000% 0.552923% 0.169686% 0.000000% 0.387617% 0.000000% 0.557303% 120 Days 0.078989% 0.000000% 0.394945% 0.000000% 0.473934% 0.026312% 0.000000% 0.508775% 0.000000% 0.535087% 150 Days 0.078989% 0.000000% 0.078989% 0.000000% 0.157978% 0.033975% 0.000000% 0.150324% 0.000000% 0.184298% 180+ Days 0.157978% 0.473934% 0.789889% 0.157978% 1.579779% 0.129943% 0.963909% 0.542183% 0.085722% 1.721757% Totals 2.606635% 0.710900% 1.658768% 0.157978% 5.134281% 2.064474% 1.076284% 1.588899% 0.085722% 4.815378%
OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 104,976.23
COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 7.196609% Weighted Average Net Coupon 6.946609% Weighted Average Pass-Through Rate 6.932443% Weighted Average Maturity(Stepdown Calculation ) 324 Beginning Scheduled Collateral Loan Count 1,337 Number Of Loans Paid In Full 71 Ending Scheduled Collateral Loan Count 1,266 Beginning Scheduled Collateral Balance 325,937,611.09 Ending Scheduled Collateral Balance 306,486,116.40 Ending Actual Collateral Balance at 29-Feb-2004 306,829,009.18 Monthly P &I Constant 2,297,720.21 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 306,486,116.40 Scheduled Principal 333,002.81 Unscheduled Principal 19,118,491.88 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 507,682.39
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 0.031375%
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