-----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, Ma7BbpFppUFKlV8NdrF7rIZig0e1zCohl9yZ39S63h1Mj9X5Tb4DaO+0PnFwckvy G8vYFhpYy8G3DNbttx0CbQ== 0001056404-03-001425.txt : 20030811 0001056404-03-001425.hdr.sgml : 20030811 20030808183905 ACCESSION NUMBER: 0001056404-03-001425 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030725 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BEAR STEARNS ASSET BACKED SEC INC ASSET BK CERT SER 03 AC2 CENTRAL INDEX KEY: 0001229726 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 133836437 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-91334-04 FILM NUMBER: 03832916 BUSINESS ADDRESS: STREET 1: 383 MADISON AVE CITY: NEW YORK STATE: NY ZIP: 10179 BUSINESS PHONE: 2122722000 MAIL ADDRESS: STREET 1: 383 MADISON AVE CITY: NEW YORK STATE: NY ZIP: 10179 8-K 1 bsa03ac2.txt JULY 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): July 25, 2003 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset-Backed Certificates, Series 2003-AC2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-04 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 July 25, 2003 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset-Backed Certificates, Series 2003-AC2 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-AC2 Trust, relating to the July 25, 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-AC2 Trust By: Wells Fargo Bank Minnesota, N.A., as Securities Administrator By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 7/29/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset-Backed Certificates, Series 2003-AC2 Trust, relating to the July 25, 2003 distribution. EX-99.1
Bear Stearns Asset Backed Securities Asset-Backed Certificates Record Date: 6/30/03 Distribution Date: 7/25/03 BSA Series: 2003-AC2 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 07384YHT6 SEN 4.46100% 95,796,590.08 356,123.82 3,591,747.66 A-2 07384YHU3 SEN 4.45500% 33,528,806.53 124,475.69 1,257,111.68 A-3 07384YHV1 SEN 3.50000% 94,506,103.22 275,642.80 5,545,514.71 A-4 07384YHW9 SEN 5.00000% 53,400,000.00 222,500.00 0.00 A-IO 07384YHX7 IO 5.00000% 0.00 209,375.00 0.00 M-1 07384YHY5 MEZ 4.95800% 17,626,572.57 72,827.12 660,881.57 M-2 07384YHZ2 MEZ 5.45900% 12,820,457.65 58,322.40 480,683.59 B-1 07384YJA5 SUB 4.53500% 6,122,360.07 23,137.42 229,548.59 B-2 07384YJB3 SUB 4.53500% 6,992,440.00 26,425.60 0.00 R-1 07384YJE7 RES 0.00000% 0.00 0.00 0.00 R-2 07384YJF4 RES 0.00000% 0.00 0.00 0.00 R-3 07384YJG2 RES 0.00000% 0.00 0.00 0.00 C 07384YJD9 SEN 0.00000% 0.00 0.00 0.00 P 07384YJC1 SEN 0.00000% 100.00 5,316.57 0.00 Totals 320,793,430.12 1,374,146.42 11,765,487.80
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 92,204,842.42 3,947,871.48 0.00 A-2 0.00 32,271,694.85 1,381,587.37 0.00 A-3 0.00 88,960,588.51 5,821,157.51 0.00 A-4 0.00 53,400,000.00 222,500.00 0.00 A-IO 0.00 0.00 209,375.00 0.00 M-1 0.00 16,965,691.01 733,708.69 0.00 M-2 0.00 12,339,774.06 539,005.99 0.00 B-1 0.00 5,892,811.48 252,686.01 0.00 B-2 0.00 6,992,440.00 26,425.60 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 0.00 0.00 0.00 P 0.00 100.00 5,316.57 0.00 Totals 0.00 309,027,942.33 13,139,634.22 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-1 100,000,000.00 95,796,590.08 0.00 3,591,747.66 0.00 0.00 A-2 35,000,000.00 33,528,806.53 0.00 1,257,111.68 0.00 0.00 A-3 100,996,000.00 94,506,103.22 0.00 0.00 0.00 0.00 A-4 53,400,000.00 53,400,000.00 0.00 0.00 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 18,400,000.00 17,626,572.57 0.00 660,881.57 0.00 0.00 M-2 13,383,000.00 12,820,457.65 0.00 480,683.59 0.00 0.00 B-1 6,391,000.00 6,122,360.07 0.00 229,548.59 0.00 0.00 B-2 6,992,440.00 6,992,440.00 0.00 0.00 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 334,562,540.00 320,793,430.12 0.00 6,219,973.09 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 3,591,747.66 92,204,842.42 0.92204842 3,591,747.66 A-2 1,257,111.68 32,271,694.85 0.92204842 1,257,111.68 A-3 5,545,514.71 88,960,588.51 0.88083279 5,545,514.71 A-4 0.00 53,400,000.00 1.00000000 0.00 A-IO 0.00 0.00 0.00000000 0.00 M-1 660,881.57 16,965,691.01 0.92204842 660,881.57 M-2 480,683.59 12,339,774.06 0.92204842 480,683.59 B-1 229,548.59 5,892,811.48 0.92204842 229,548.59 B-2 0.00 6,992,440.00 1.00000000 0.00 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 11,765,487.80 309,027,942.33 0.92367765 11,765,487.80
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 100,000,000.00 957.96590080 0.00000000 35.91747660 0.00000000 A-2 35,000,000.00 957.96590086 0.00000000 35.91747657 0.00000000 A-3 100,996,000.00 935.74105133 0.00000000 0.00000000 0.00000000 A-4 53,400,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 18,400,000.00 957.96590054 0.00000000 35.91747663 0.00000000 M-2 13,383,000.00 957.96590077 0.00000000 35.91747665 0.00000000 B-1 6,391,000.00 957.96590049 0.00000000 35.91747614 0.00000000 B-2 6,992,440.00 1000.00000000 0.00000000 0.00000000 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 35.91747660 922.04842420 0.92204842 35.91747660 A-2 0.00000000 35.91747657 922.04842429 0.92204842 35.91747657 A-3 0.00000000 54.90826082 880.83279051 0.88083279 54.90826082 A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-1 0.00000000 35.91747663 922.04842446 0.92204842 35.91747663 M-2 0.00000000 35.91747665 922.04842412 0.92204842 35.91747665 B-1 0.00000000 35.91747614 922.04842435 0.92204842 35.91747614 B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 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, 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 A-1 100,000,000.00 4.46100% 95,796,590.08 356,123.82 0.00 0.00 A-2 35,000,000.00 4.45500% 33,528,806.53 124,475.69 0.00 0.00 A-3 100,996,000.00 3.50000% 94,506,103.22 275,642.80 0.00 0.00 A-4 53,400,000.00 5.00000% 53,400,000.00 222,500.00 0.00 0.00 A-IO 0.00 5.00000% 50,250,000.00 209,375.00 0.00 0.00 M-1 18,400,000.00 4.95800% 17,626,572.57 72,827.12 0.00 0.00 M-2 13,383,000.00 5.45900% 12,820,457.65 58,322.40 0.00 0.00 B-1 6,391,000.00 4.53500% 6,122,360.07 23,137.42 0.00 0.00 B-2 6,992,440.00 4.53500% 6,992,440.00 26,425.60 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 334,562,540.00 1,368,829.85 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 0.00 356,123.82 0.00 92,204,842.42 A-2 0.00 0.00 124,475.69 0.00 32,271,694.85 A-3 0.00 0.00 275,642.80 0.00 88,960,588.51 A-4 0.00 0.00 222,500.00 0.00 53,400,000.00 A-IO 0.00 0.00 209,375.00 0.00 50,250,000.00 M-1 0.00 0.00 72,827.12 0.00 16,965,691.01 M-2 0.00 0.00 58,322.40 0.00 12,339,774.06 B-1 0.00 0.00 23,137.42 0.00 5,892,811.48 B-2 0.00 0.00 26,425.60 0.00 6,992,440.00 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 0.00 0.00 0.00 P 0.00 0.00 5,316.57 0.00 100.00 Totals 0.00 0.00 1,374,146.42 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 A-1 100,000,000.00 4.46100% 957.96590080 3.56123820 0.00000000 0.00000000 A-2 35,000,000.00 4.45500% 957.96590086 3.55644829 0.00000000 0.00000000 A-3 100,996,000.00 3.50000% 935.74105133 2.72924472 0.00000000 0.00000000 A-4 53,400,000.00 5.00000% 1000.00000000 4.16666667 0.00000000 0.00000000 A-IO 0.00 5.00000% 1000.00000000 4.16666667 0.00000000 0.00000000 M-1 18,400,000.00 4.95800% 957.96590054 3.95799565 0.00000000 0.00000000 M-2 13,383,000.00 5.45900% 957.96590077 4.35794665 0.00000000 0.00000000 B-1 6,391,000.00 4.53500% 957.96590049 3.62031294 0.00000000 0.00000000 B-2 6,992,440.00 4.53500% 1000.00000000 3.77916721 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 3.56123820 0.00000000 922.04842420 A-2 0.00000000 0.00000000 3.55644829 0.00000000 922.04842429 A-3 0.00000000 0.00000000 2.72924472 0.00000000 880.83279051 A-4 0.00000000 0.00000000 4.16666667 0.00000000 1000.00000000 A-IO 0.00000000 0.00000000 4.16666667 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 3.95799565 0.00000000 922.04842446 M-2 0.00000000 0.00000000 4.35794665 0.00000000 922.04842412 B-1 0.00000000 0.00000000 3.62031294 0.00000000 922.04842435 B-2 0.00000000 0.00000000 3.77916721 0.00000000 1000.00000000 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 53165.70000000 0.00000000 1000.00000000 (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 13,158,082.65 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 38,208.60 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 13,196,291.25 Withdrawals Reimbursement for Servicer Advances 18,965.10 Payment of Service Fee 37,691.93 Payment of Interest and Principal 13,139,634.22 Total Withdrawals (Pool Distribution Amount) 13,196,291.25 Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 34,875.89 Servicing Fee Support 34,875.89 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES Gross Servicing Fee 66,934.08 Master Servicing Fee 5,354.72 Miscellaneous Fee 279.02 Supported Prepayment/Curtailment Interest Shortfall 34,875.89 Net Servicing Fee 37,691.93
OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 5,000.00 0.00 0.00 5,000.00 Reserve Fund 100.00 0.00 0.00 100.00
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 12 0 0 0 12 2,808,219.76 0.00 0.00 0.00 2,808,219.76 60 Days 8 0 0 0 8 2,080,388.48 0.00 0.00 0.00 2,080,388.48 90 Days 2 0 0 0 2 311,780.72 0.00 0.00 0.00 311,780.72 120 Days 1 0 0 0 1 150,550.00 0.00 0.00 0.00 150,550.00 150 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 23 0 0 0 23 5,350,938.96 0.00 0.00 0.00 5,350,938.96 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 1.016949% 0.000000% 0.000000% 0.000000% 1.016949% 0.905095% 0.000000% 0.000000% 0.000000% 0.905095% 60 Days 0.677966% 0.000000% 0.000000% 0.000000% 0.677966% 0.670513% 0.000000% 0.000000% 0.000000% 0.670513% 90 Days 0.169492% 0.000000% 0.000000% 0.000000% 0.169492% 0.100488% 0.000000% 0.000000% 0.000000% 0.100488% 120 Days 0.084746% 0.000000% 0.000000% 0.000000% 0.084746% 0.048523% 0.000000% 0.000000% 0.000000% 0.048523% 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 1.949153% 0.000000% 0.000000% 0.000000% 1.949153% 1.724618% 0.000000% 0.000000% 0.000000% 1.724618%
OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 38,208.60
COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 7.179204% Weighted Average Net Coupon 6.929204% Weighted Average Pass-Through Rate 6.908162% Weighted Average Maturity(Stepdown Calculation ) 333 Beginning Scheduled Collateral Loan Count 1,214 Number Of Loans Paid In Full 34 Ending Scheduled Collateral Loan Count 1,180 Beginning Scheduled Collateral Balance 321,283,443.78 Ending Scheduled Collateral Balance 309,998,691.24 Ending Actual Collateral Balance at 30-Jun-2003 310,267,979.88 Monthly P &I Constant 2,240,951.57 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 309,998,691.24 Scheduled Principal 318,640.69 Unscheduled Principal 10,966,111.85 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 480,735.26 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1,672,812.00 Overcollateralized Amount 490,113.59 Overcollateralized Deficiency Amount 1,182,698.41 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 480,735.26 Excess Cash Amount 486,051.83
Miscellaneous Reporting Three month rolling average 0.003367%
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