-----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, PX0W1gjp0ScAMozSyVrsNwIGgfOGEmIAhKjpbrrtHUEDMhrpa0fAdT3BilFu5VTM vJa7HOIfjMwVfSN2idqRBg== 0001056404-03-001738.txt : 20031003 0001056404-03-001738.hdr.sgml : 20031003 20031003092600 ACCESSION NUMBER: 0001056404-03-001738 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030925 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031003 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: 03926292 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 SEPTEMBER 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): September 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 September 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 September 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: 9/24/03 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 September 25, 2003 distribution. EX-99.1
Bear Stearns Asset Backed Securities Asset-Backed Certificates Record Date: 8/31/03 Distribution Date: 9/25/03 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% 87,381,087.34 324,839.19 3,969,488.75 A-2 07384YHU3 SEN 4.45500% 30,583,380.57 113,540.80 1,389,321.06 A-3 07384YHV1 SEN 3.50000% 81,512,903.61 237,745.97 6,128,731.85 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% 16,078,120.07 66,429.43 730,385.93 M-2 07384YHZ2 MEZ 5.45900% 11,694,210.92 53,198.91 531,236.68 B-1 07384YJA5 SUB 4.61000% 5,584,525.29 22,169.01 253,690.03 B-2 07384YJB3 SUB 4.61000% 6,992,440.00 27,758.04 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% 0.00 169,934.69 0.00 P 07384YJC1 SEN 0.00000% 100.00 0.00 0.00 Totals 293,226,767.80 1,447,491.04 13,002,854.30
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 83,411,598.59 4,294,327.94 0.00 A-2 0.00 29,194,059.51 1,502,861.86 0.00 A-3 0.00 75,384,171.75 6,366,477.82 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 15,347,734.14 796,815.36 0.00 M-2 0.00 11,162,974.24 584,435.59 0.00 B-1 0.00 5,330,835.27 275,859.04 0.00 B-2 0.00 6,992,440.00 27,758.04 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 0.00 169,934.69 0.00 P 0.00 100.00 0.00 0.00 Totals 0.00 280,223,913.50 14,450,345.34 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 87,381,087.34 0.00 0.00 0.00 0.00 A-2 35,000,000.00 30,583,380.57 0.00 0.00 0.00 0.00 A-3 100,996,000.00 81,512,903.61 0.00 6,128,731.85 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 16,078,120.07 0.00 730,385.93 0.00 0.00 M-2 13,383,000.00 11,694,210.92 0.00 531,236.68 0.00 0.00 B-1 6,391,000.00 5,584,525.29 0.00 253,690.03 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 334,562,540.00 293,226,767.80 0.00 7,644,044.49 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 3,969,488.75 83,411,598.59 0.83411599 3,969,488.75 A-2 1,389,321.06 29,194,059.51 0.83411599 1,389,321.06 A-3 6,128,731.85 75,384,171.75 0.74640750 6,128,731.85 A-4 0.00 53,400,000.00 1.00000000 0.00 A-IO 0.00 0.00 0.00000000 0.00 M-1 730,385.93 15,347,734.14 0.83411599 730,385.93 M-2 531,236.68 11,162,974.24 0.83411599 531,236.68 B-1 253,690.03 5,330,835.27 0.83411599 253,690.03 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 13,002,854.30 280,223,913.50 0.83758305 13,002,854.30
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 100,000,000.00 873.81087340 0.00000000 0.00000000 0.00000000 A-2 35,000,000.00 873.81087343 0.00000000 0.00000000 0.00000000 A-3 100,996,000.00 807.09041556 0.00000000 60.68291665 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 18,400,000.00 873.81087337 0.00000000 39.69488750 0.00000000 M-2 13,383,000.00 873.81087350 0.00000000 39.69488754 0.00000000 B-1 6,391,000.00 873.81087310 0.00000000 39.69488812 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 39.69488750 834.11598590 0.83411599 39.69488750 A-2 0.00000000 39.69488743 834.11598600 0.83411599 39.69488743 A-3 0.00000000 60.68291665 746.40749881 0.74640750 60.68291665 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 39.69488750 834.11598587 0.83411599 39.69488750 M-2 0.00000000 39.69488754 834.11598595 0.83411599 39.69488754 B-1 0.00000000 39.69488812 834.11598654 0.83411599 39.69488812 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% 87,381,087.34 324,839.19 0.00 0.00 A-2 35,000,000.00 4.45500% 30,583,380.57 113,540.80 0.00 0.00 A-3 100,996,000.00 3.50000% 81,512,903.61 237,745.97 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% 16,078,120.07 66,429.43 0.00 0.00 M-2 13,383,000.00 5.45900% 11,694,210.92 53,198.91 0.00 0.00 B-1 6,391,000.00 4.61000% 5,584,525.29 22,169.01 0.00 0.00 B-2 6,992,440.00 4.61000% 6,992,440.00 27,758.04 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 1,277,556.35 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 0.00 324,839.19 0.00 83,411,598.59 A-2 0.00 0.00 113,540.80 0.00 29,194,059.51 A-3 0.00 0.00 237,745.97 0.00 75,384,171.75 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 66,429.43 0.00 15,347,734.14 M-2 0.00 0.00 53,198.91 0.00 11,162,974.24 B-1 0.00 0.00 22,169.01 0.00 5,330,835.27 B-2 0.00 0.00 27,758.04 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 0.00 169,934.69 0.00 0.00 P 0.00 0.00 0.00 0.00 100.00 Totals 0.00 0.00 1,447,491.04 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% 873.81087340 3.24839190 0.00000000 0.00000000 A-2 35,000,000.00 4.45500% 873.81087343 3.24402286 0.00000000 0.00000000 A-3 100,996,000.00 3.50000% 807.09041556 2.35401372 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% 873.81087337 3.61029511 0.00000000 0.00000000 M-2 13,383,000.00 5.45900% 873.81087350 3.97511096 0.00000000 0.00000000 B-1 6,391,000.00 4.61000% 873.81087310 3.46878579 0.00000000 0.00000000 B-2 6,992,440.00 4.61000% 1000.00000000 3.96972159 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 3.24839190 0.00000000 834.11598590 A-2 0.00000000 0.00000000 3.24402286 0.00000000 834.11598600 A-3 0.00000000 0.00000000 2.35401372 0.00000000 746.40749881 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 3.61029511 0.00000000 834.11598587 M-2 0.00000000 0.00000000 3.97511096 0.00000000 834.11598595 B-1 0.00000000 0.00000000 3.46878579 0.00000000 834.11598654 B-2 0.00000000 0.00000000 3.96972159 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 14,518,469.73 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 51,339.39 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 14,569,809.12 Withdrawals Reimbursement for Servicer Advances 52,889.47 Payment of Service Fee 66,574.30 Payment of Interest and Principal 14,450,345.35 Total Withdrawals (Pool Distribution Amount) 14,569,809.12 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 61,385.43 Master Servicing Fee 4,910.84 Miscellaneous Fee 278.03 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 66,574.30
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 13 0 0 0 13 2,350,776.15 0.00 0.00 0.00 2,350,776.15 60 Days 10 0 0 0 10 2,824,926.61 0.00 0.00 0.00 2,824,926.61 90 Days 6 0 0 0 6 1,066,408.01 0.00 0.00 0.00 1,066,408.01 120 Days 3 0 0 0 3 861,636.55 0.00 0.00 0.00 861,636.55 150 Days 1 0 0 0 1 127,895.08 0.00 0.00 0.00 127,895.08 180+ Days 1 0 0 0 1 150,550.00 0.00 0.00 0.00 150,550.00 Totals 34 0 0 0 34 7,382,192.40 0.00 0.00 0.00 7,382,192.40 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 1.183971% 0.000000% 0.000000% 0.000000% 1.183971% 0.833084% 0.000000% 0.000000% 0.000000% 0.833084% 60 Days 0.910747% 0.000000% 0.000000% 0.000000% 0.910747% 1.001117% 0.000000% 0.000000% 0.000000% 1.001117% 90 Days 0.546448% 0.000000% 0.000000% 0.000000% 0.546448% 0.377921% 0.000000% 0.000000% 0.000000% 0.377921% 120 Days 0.273224% 0.000000% 0.000000% 0.000000% 0.273224% 0.305353% 0.000000% 0.000000% 0.000000% 0.305353% 150 Days 0.091075% 0.000000% 0.000000% 0.000000% 0.091075% 0.045324% 0.000000% 0.000000% 0.000000% 0.045324% 180+ Days 0.091075% 0.000000% 0.000000% 0.000000% 0.091075% 0.053353% 0.000000% 0.000000% 0.000000% 0.053353% Totals 3.096539% 0.000000% 0.000000% 0.000000% 3.096539% 2.616152% 0.000000% 0.000000% 0.000000% 2.616152%
OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 51,339.39
COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 7.182044% Weighted Average Net Coupon 6.932044% Weighted Average Pass-Through Rate 6.910911% Weighted Average Maturity(Stepdown Calculation ) 331 Beginning Scheduled Collateral Loan Count 1,139 Number Of Loans Paid In Full 41 Ending Scheduled Collateral Loan Count 1,098 Beginning Scheduled Collateral Balance 294,650,053.81 Ending Scheduled Collateral Balance 281,896,625.49 Ending Actual Collateral Balance at 31-Aug-2003 282,177,496.53 Monthly P &I Constant 2,062,098.50 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 281,896,625.49 Scheduled Principal 298,607.18 Unscheduled Principal 12,454,821.14 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 249,425.98 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1,672,812.00 Overcollateralized Amount 1,672,812.00 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 249,425.98 Excess Cash Amount 419,360.66
Miscellaneous Reporting Three month rolling average 0.012870%
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