-----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, RdudxdBNw2osfuN2PzQ5v4qJReetgw3TMVPNOMA/bboFC+zc/bl4bk+kEPrdeEp2 hhvfy5m9LXHUDqDqNmymsQ== 0001056404-04-003118.txt : 20040927 0001056404-04-003118.hdr.sgml : 20040927 20040927072539 ACCESSION NUMBER: 0001056404-04-003118 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040924 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20040927 DATE AS OF CHANGE: 20040927 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: 041046117 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_sep.txt SEPTEMBER 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): September 27, 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 90-0175032 Pooling and Servicing Agreement) (Commission 90-0175026 (State or other File Number) IRS EIN 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On September 27, 2004 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset Backed Certificates, Series 2003-AC1 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2003-AC1 Trust, relating to the September 27, 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 (Registrant) 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: 9/23/2004 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 September 27, 2004 distribution. EX-99.1
Bear Stearns Asset Backed Securities Mortgage Pass-Through Certificates Record Date: 8/31/2004 Distribution Date: 9/27/2004 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% 190,520,516.87 651,421.39 12,173,900.58 A-IO 07384YHH2 IO 5.00000% 0.00 312,500.00 0.00 M-1 07384YHJ8 MEZ 4.60600% 12,044,350.13 46,230.23 769,611.19 M-2 07384YHK5 MEZ 4.96800% 9,854,388.62 40,797.17 629,676.79 B-1 07384YHL3 SUB 5.66500% 1,752,320.18 8,272.41 111,969.94 B-2 07384YHM1 SUB 4.86500% 4,817,652.42 21,484.72 307,838.88 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% 2,499,022.00 135,298.14 0.00 P SEN 0.00000% 100.00 28,908.66 0.00 Totals 221,488,350.22 1,244,912.72 13,992,997.38
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 178,346,616.28 12,825,321.97 0.00 A-IO 0.00 0.00 312,500.00 0.00 M-1 0.00 11,274,738.94 815,841.42 0.00 M-2 0.00 9,224,711.83 670,473.96 0.00 B-1 0.00 1,640,350.23 120,242.35 0.00 B-2 0.00 4,509,813.54 329,323.60 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 2,499,022.00 135,298.14 0.00 P 0.00 100.00 28,908.66 0.00 Totals 0.00 207,495,352.82 15,237,910.10 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-1 434,812,000.00 190,520,516.87 0.00 12,173,900.58 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 27,488,000.00 12,044,350.13 0.00 769,611.19 0.00 0.00 M-2 22,490,000.00 9,854,388.62 0.00 629,676.79 0.00 0.00 B-1 3,999,201.00 1,752,320.18 0.00 111,969.94 0.00 0.00 B-2 10,995,000.00 4,817,652.42 0.00 307,838.88 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 2,499,022.00 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 Totals 499,784,301.00 221,488,350.22 0.00 13,992,997.38 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 12,173,900.58 178,346,616.28 0.41016949 12,173,900.58 A-IO 0.00 0.00 0.00000000 0.00 M-1 769,611.19 11,274,738.94 0.41016949 769,611.19 M-2 629,676.79 9,224,711.83 0.41016949 629,676.79 B-1 111,969.94 1,640,350.23 0.41016949 111,969.94 B-2 307,838.88 4,509,813.54 0.41016949 307,838.88 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 13,992,997.38 207,495,352.82 0.41516981 13,992,997.38
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 434,812,000.00 438.16756867 0.00000000 27.99807866 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 27,488,000.00 438.16756876 0.00000000 27.99807880 0.00000000 M-2 22,490,000.00 438.16756870 0.00000000 27.99807870 0.00000000 B-1 3,999,201.00 438.16756897 0.00000000 27.99807762 0.00000000 B-2 10,995,000.00 438.16756889 0.00000000 27.99807913 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 27.99807866 410.16948999 0.41016949 27.99807866 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-1 0.00000000 27.99807880 410.16948996 0.41016949 27.99807880 M-2 0.00000000 27.99807870 410.16949000 0.41016949 27.99807870 B-1 0.00000000 27.99807762 410.16948886 0.41016949 27.99807762 B-2 0.00000000 27.99807913 410.16948977 0.41016949 27.99807913 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% 190,520,516.87 651,421.40 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% 12,044,350.13 46,230.23 0.00 0.00 M-2 22,490,000.00 4.96800% 9,854,388.62 40,797.17 0.00 0.00 B-1 3,999,201.00 5.66500% 1,752,320.18 8,272.41 0.00 0.00 B-2 10,995,000.00 4.86500% 4,817,652.42 21,484.72 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% 2,499,022.00 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 499,784,301.00 1,080,705.93 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 0.01 0.00 651,421.39 0.00 178,346,616.28 A-IO 0.00 0.00 312,500.00 0.00 60,000,000.00 M-1 0.00 0.00 46,230.23 0.00 11,274,738.94 M-2 0.00 0.00 40,797.17 0.00 9,224,711.83 B-1 0.00 0.00 8,272.41 0.00 1,640,350.23 B-2 0.00 0.00 21,484.72 0.00 4,509,813.54 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 0.00 135,298.14 0.00 2,499,022.00 P 0.00 0.00 28,908.66 0.00 100.00 Totals 0.01 0.00 1,244,912.72 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% 438.16756867 1.49816794 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% 438.16756876 1.68183316 0.00000000 0.00000000 M-2 22,490,000.00 4.96800% 438.16756870 1.81401378 0.00000000 0.00000000 B-1 3,999,201.00 5.66500% 438.16756897 2.06851569 0.00000000 0.00000000 B-2 10,995,000.00 4.86500% 438.16756889 1.95404457 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 0.00000002 0.00000000 1.49816792 0.00000000 410.16948999 A-IO 0.00000000 0.00000000 4.16666667 0.00000000 800.00000000 M-1 0.00000000 0.00000000 1.68183316 0.00000000 410.16948996 M-2 0.00000000 0.00000000 1.81401378 0.00000000 410.16949000 B-1 0.00000000 0.00000000 2.06851569 0.00000000 410.16948886 B-2 0.00000000 0.00000000 1.95404457 0.00000000 410.16948977 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 289086.60000000 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 15,374,073.37 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 68,128.50 Realized Loss (Gains, Subsequent Expenses & Recoveries) (57,595.19) Prepayment Penalties 0.00 Total Deposits 15,384,606.68 Withdrawals Reimbursement for Servicer Advances 97,725.92 Payment of Service Fee 48,970.66 Payment of Interest and Principal 15,237,910.10 Total Withdrawals (Pool Distribution Amount) 15,384,606.68 Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall (1,110.56) Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall (1,110.56)
SERVICING FEES Gross Servicing Fee 46,143.40 Master Servicing Fee 1,845.72 Miscellaneous Fee 981.54 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 48,970.66
OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 5,000.00 406.07 406.07 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 9 0 0 9 1,361,746.42 0.00 0.00 1,361,746.42 30 Days 19 0 0 0 19 3,130,386.68 0.00 0.00 0.00 3,130,386.68 60 Days 1 3 0 0 4 88,102.99 563,990.45 0.00 0.00 652,093.44 90 Days 1 1 2 0 4 166,419.56 231,708.46 579,243.41 0.00 977,371.43 120 Days 1 0 2 0 3 131,150.00 0.00 277,684.59 0.00 408,834.59 150 Days 0 1 2 0 3 0.00 87,271.71 101,233.71 0.00 188,505.42 180+ Days 2 1 13 7 23 422,396.51 83,671.53 2,277,384.03 1,273,753.98 4,057,206.05 Totals 24 15 19 7 65 3,938,455.74 2,328,388.57 3,235,545.74 1,273,753.98 10,776,144.03 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 0.997783% 0.000000% 0.000000% 0.997783% 0.655508% 0.000000% 0.000000% 0.655508% 30 Days 2.106430% 0.000000% 0.000000% 0.000000% 2.106430% 1.506884% 0.000000% 0.000000% 0.000000% 1.506884% 60 Days 0.110865% 0.332594% 0.000000% 0.000000% 0.443459% 0.042410% 0.271490% 0.000000% 0.000000% 0.313900% 90 Days 0.110865% 0.110865% 0.221729% 0.000000% 0.443459% 0.080110% 0.111538% 0.278832% 0.000000% 0.470480% 120 Days 0.110865% 0.000000% 0.221729% 0.000000% 0.332594% 0.063132% 0.000000% 0.133670% 0.000000% 0.196802% 150 Days 0.000000% 0.110865% 0.221729% 0.000000% 0.332594% 0.000000% 0.042010% 0.048731% 0.000000% 0.090741% 180+ Days 0.221729% 0.110865% 1.441242% 0.776053% 2.549889% 0.203330% 0.040277% 1.096272% 0.613151% 1.953030% Totals 2.660754% 1.662971% 2.106430% 0.776053% 7.206208% 1.895867% 1.120824% 1.557505% 0.613151% 5.187346%
OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 68,128.50
COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 7.171561% Weighted Average Net Coupon 6.921561% Weighted Average Pass-Through Rate 6.906244% Weighted Average Maturity(Stepdown Calculation ) 318 Beginning Scheduled Collateral Loan Count 954 Number Of Loans Paid In Full 52 Ending Scheduled Collateral Loan Count 902 Beginning Scheduled Collateral Balance 221,488,250.21 Ending Scheduled Collateral Balance 207,495,252.83 Ending Actual Collateral Balance at 31-Aug-2004 207,739,046.69 Monthly P &I Constant 1,569,932.12 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 57,595.19 Cumulative Realized Loss 63,874.34 Ending Scheduled Balance for Premium Loans 207,495,252.83 Scheduled Principal 246,251.65 Unscheduled Principal 13,746,745.73 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 57,595.19 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 57,595.19 Excess Cash Amount 221,801.98
Miscellaneous Reporting Net WAC Rate Carryover Amount Class A-1 0.00 Net WAC Rate Carryover Amount Class B-1 406.07 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 0.036303%
-----END PRIVACY-ENHANCED MESSAGE-----