-----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, OB0ha9lsniRvOhoRqq/ehqO1kzNoMkLOy/jB8a9mMtqoEQM6ga45fVvLFkVzE1LV Y3f1UrVgY3xkwfiBYwWbDQ== 0001056404-03-001524.txt : 20030905 0001056404-03-001524.hdr.sgml : 20030905 20030905114502 ACCESSION NUMBER: 0001056404-03-001524 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030825 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030905 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: 03883037 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 AUGUST 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): August 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 54-2120429 Pooling and Servicing Agreement) (Commission 54-2120430 (State or other File Number) 54-2120431 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 August 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 August 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: 9/3/03 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 August 25, 2003 distribution. EX-99.1
Bear Stearns Asset Backed Securities Asset-Backed Certificates Record Date: 7/31/03 Distribution Date: 8/25/03 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% 92,204,842.42 342,771.50 4,823,755.08 A-2 07384YHU3 SEN 4.45500% 32,271,694.85 119,808.67 1,688,314.28 A-3 07384YHV1 SEN 3.50000% 88,960,588.51 259,468.38 7,447,684.90 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% 16,965,691.01 70,096.58 887,570.94 M-2 07384YHZ2 MEZ 5.45900% 12,339,774.06 56,135.69 645,563.14 B-1 07384YJA5 SUB 4.60000% 5,892,811.48 23,342.08 308,286.19 B-2 07384YJB3 SUB 4.60000% 6,992,440.00 27,697.83 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 0.00 0.00 Totals 309,027,942.33 1,331,195.73 15,801,174.53
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 87,381,087.34 5,166,526.58 0.00 A-2 0.00 30,583,380.57 1,808,122.95 0.00 A-3 0.00 81,512,903.61 7,707,153.28 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 16,078,120.07 957,667.52 0.00 M-2 0.00 11,694,210.92 701,698.83 0.00 B-1 0.00 5,584,525.29 331,628.27 0.00 B-2 0.00 6,992,440.00 27,697.83 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 0.00 0.00 Totals 0.00 293,226,767.80 17,132,370.26 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 92,204,842.42 0.00 0.00 0.00 0.00 A-2 35,000,000.00 32,271,694.85 0.00 0.00 0.00 0.00 A-3 100,996,000.00 88,960,588.51 0.00 7,447,684.90 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 16,965,691.01 0.00 887,570.94 0.00 0.00 M-2 13,383,000.00 12,339,774.06 0.00 645,563.14 0.00 0.00 B-1 6,391,000.00 5,892,811.48 0.00 308,286.19 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 334,562,540.00 309,027,942.33 0.00 9,289,105.17 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 4,823,755.08 87,381,087.34 0.87381087 4,823,755.08 A-2 1,688,314.28 30,583,380.57 0.87381087 1,688,314.28 A-3 7,447,684.90 81,512,903.61 0.80709042 7,447,684.90 A-4 0.00 53,400,000.00 1.00000000 0.00 A-IO 0.00 0.00 0.00000000 0.00 M-1 887,570.94 16,078,120.07 0.87381087 887,570.94 M-2 645,563.14 11,694,210.92 0.87381087 645,563.14 B-1 308,286.19 5,584,525.29 0.87381087 308,286.19 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 15,801,174.53 293,226,767.80 0.87644830 15,801,174.53
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 100,000,000.00 922.04842420 0.00000000 0.00000000 0.00000000 A-2 35,000,000.00 922.04842429 0.00000000 0.00000000 0.00000000 A-3 100,996,000.00 880.83279051 0.00000000 73.74237495 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 18,400,000.00 922.04842446 0.00000000 48.23755109 0.00000000 M-2 13,383,000.00 922.04842412 0.00000000 48.23755062 0.00000000 B-1 6,391,000.00 922.04842435 0.00000000 48.23755124 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 48.23755080 873.81087340 0.87381087 48.23755080 A-2 0.00000000 48.23755086 873.81087343 0.87381087 48.23755086 A-3 0.00000000 73.74237495 807.09041556 0.80709042 73.74237495 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 48.23755109 873.81087337 0.87381087 48.23755109 M-2 0.00000000 48.23755062 873.81087350 0.87381087 48.23755062 B-1 0.00000000 48.23755124 873.81087310 0.87381087 48.23755124 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% 92,204,842.42 342,771.50 0.00 0.00 A-2 35,000,000.00 4.45500% 32,271,694.85 119,808.67 0.00 0.00 A-3 100,996,000.00 3.50000% 88,960,588.51 259,468.38 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% 16,965,691.01 70,096.58 0.00 0.00 M-2 13,383,000.00 5.45900% 12,339,774.06 56,135.69 0.00 0.00 B-1 6,391,000.00 4.60000% 5,892,811.48 23,342.08 0.00 0.00 B-2 6,992,440.00 4.60000% 6,992,440.00 27,697.83 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 1,331,195.73 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 0.00 342,771.50 0.00 87,381,087.34 A-2 0.00 0.00 119,808.67 0.00 30,583,380.57 A-3 0.00 0.00 259,468.38 0.00 81,512,903.61 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 70,096.58 0.00 16,078,120.07 M-2 0.00 0.00 56,135.69 0.00 11,694,210.92 B-1 0.00 0.00 23,342.08 0.00 5,584,525.29 B-2 0.00 0.00 27,697.83 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 0.00 0.00 100.00 Totals 0.00 0.00 1,331,195.73 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% 922.04842420 3.42771500 0.00000000 0.00000000 A-2 35,000,000.00 4.45500% 922.04842429 3.42310486 0.00000000 0.00000000 A-3 100,996,000.00 3.50000% 880.83279051 2.56909561 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% 922.04842446 3.80959674 0.00000000 0.00000000 M-2 13,383,000.00 5.45900% 922.04842412 4.19455204 0.00000000 0.00000000 B-1 6,391,000.00 4.60000% 922.04842435 3.65233610 0.00000000 0.00000000 B-2 6,992,440.00 4.60000% 1000.00000000 3.96111086 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 3.42771500 0.00000000 873.81087340 A-2 0.00000000 0.00000000 3.42310486 0.00000000 873.81087343 A-3 0.00000000 0.00000000 2.56909561 0.00000000 807.09041556 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 3.80959674 0.00000000 873.81087337 M-2 0.00000000 0.00000000 4.19455204 0.00000000 873.81087350 B-1 0.00000000 0.00000000 3.65233610 0.00000000 873.81087310 B-2 0.00000000 0.00000000 3.96111086 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 0.00000000 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 17,150,753.86 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 52,889.47 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 17,203,643.33 Withdrawals Reimbursement for Servicer Advances 38,208.60 Payment of Service Fee 33,064.47 Payment of Interest and Principal 17,132,370.26 Total Withdrawals (Pool Distribution Amount) 17,203,643.33 Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 36,963.71 Servicing Fee Support 36,963.71 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES Gross Servicing Fee 64,583.03 Master Servicing Fee 5,166.63 Miscellaneous Fee 278.52 Supported Prepayment/Curtailment Interest Shortfall 36,963.71 Net Servicing Fee 33,064.47
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 11 0 0 0 11 3,779,138.78 0.00 0.00 0.00 3,779,138.78 60 Days 6 0 0 0 6 1,422,774.43 0.00 0.00 0.00 1,422,774.43 90 Days 7 0 0 0 7 1,999,359.71 0.00 0.00 0.00 1,999,359.71 120 Days 1 0 0 0 1 127,895.08 0.00 0.00 0.00 127,895.08 150 Days 1 0 0 0 1 150,550.00 0.00 0.00 0.00 150,550.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 26 0 0 0 26 7,479,718.00 0.00 0.00 0.00 7,479,718.00 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 0.965759% 0.000000% 0.000000% 0.000000% 0.965759% 1.281436% 0.000000% 0.000000% 0.000000% 1.281436% 60 Days 0.526778% 0.000000% 0.000000% 0.000000% 0.526778% 0.482437% 0.000000% 0.000000% 0.000000% 0.482437% 90 Days 0.614574% 0.000000% 0.000000% 0.000000% 0.614574% 0.677946% 0.000000% 0.000000% 0.000000% 0.677946% 120 Days 0.087796% 0.000000% 0.000000% 0.000000% 0.087796% 0.043367% 0.000000% 0.000000% 0.000000% 0.043367% 150 Days 0.087796% 0.000000% 0.000000% 0.000000% 0.087796% 0.051049% 0.000000% 0.000000% 0.000000% 0.051049% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 2.282704% 0.000000% 0.000000% 0.000000% 2.282704% 2.536235% 0.000000% 0.000000% 0.000000% 2.536235%
OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 52,889.47
COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 7.175880% Weighted Average Net Coupon 6.925880% Weighted Average Pass-Through Rate 6.904802% Weighted Average Maturity(Stepdown Calculation ) 332 Beginning Scheduled Collateral Loan Count 1,180 Number Of Loans Paid In Full 41 Ending Scheduled Collateral Loan Count 1,139 Beginning Scheduled Collateral Balance 309,998,691.24 Ending Scheduled Collateral Balance 294,650,053.81 Ending Actual Collateral Balance at 31-Jul-2003 294,914,285.54 Monthly P &I Constant 2,163,800.53 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 294,650,053.81 Scheduled Principal 310,039.46 Unscheduled Principal 15,038,597.97 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 452,537.10 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1,672,812.00 Overcollateralized Amount 1,423,386.02 Overcollateralized Deficiency Amount 249,425.98 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 452,537.10 Excess Cash Amount 452,537.10
Miscellaneous Reporting Three month rolling average 0.007400%
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