-----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, IHhfEiuKAh7PcyGGIKy8mNLKpylWhbbY2yaKW/atAQYzeSSNUzzy4A2/5eTXkwwO Ivi4DdIr08i8J5+YPoEcXw== 0001056404-03-001400.txt : 20030808 0001056404-03-001400.hdr.sgml : 20030808 20030808164944 ACCESSION NUMBER: 0001056404-03-001400 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: 20030808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BEAR STEARNS ASSET BACKED SEC INC CERTS SER 2003-AC3 CENTRAL INDEX KEY: 0001256719 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: 333-91334-06 FILM NUMBER: 03832323 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 bsa03ac3.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-AC3 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-06 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-AC3 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-AC3 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-AC3 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: 8/5/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-AC3 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-AC3 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 07384YJH0 SEN 4.00000% 210,947,000.00 703,156.66 929,990.71 A-IO 07384YJJ6 IO 5.00000% 0.00 153,291.67 0.00 M-1 07384YJK3 MEZ 4.40300% 15,330,000.00 56,248.32 67,584.55 M-2 07384YJL1 MEZ 3.59300% 11,491,000.00 28,671.64 50,659.75 M-3 07384YJY3 MEZ 4.65400% 2,000,000.00 7,756.67 8,817.29 B-1 07384YJM9 SUB 4.59300% 5,519,000.00 17,603.31 24,331.32 C 07384YKA3 SEN 0.00000% 478.38 366,242.46 0.00 P 07384YJZ0 SEN 0.00000% 100.00 0.00 0.00 R-1 07384YKB1 RES 0.00000% 0.00 0.00 0.00 R-2 07384YKC9 RES 0.00000% 0.00 0.00 0.00 R-3 07384YKD7 RES 0.00000% 0.00 0.00 0.00 Totals 245,287,578.38 1,332,970.73 1,081,383.62
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 210,017,009.29 1,633,147.37 0.00 A-IO 0.00 0.00 153,291.67 0.00 M-1 0.00 15,262,415.45 123,832.87 0.00 M-2 0.00 11,440,340.25 79,331.39 0.00 M-3 0.00 1,991,182.71 16,573.96 0.00 B-1 0.00 5,494,668.68 41,934.63 0.00 C 0.00 578.17 366,242.46 0.00 P 0.00 100.00 0.00 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 Totals 0.00 244,206,294.55 2,414,354.35 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-1 210,947,000.00 210,947,000.00 0.00 929,990.71 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 15,330,000.00 15,330,000.00 0.00 67,584.55 0.00 0.00 M-2 11,491,000.00 11,491,000.00 0.00 50,659.75 0.00 0.00 M-3 2,000,000.00 2,000,000.00 0.00 8,817.29 0.00 0.00 B-1 5,519,000.00 5,519,000.00 0.00 24,331.32 0.00 0.00 C 478.38 478.38 0.00 0.00 0.00 0.00 P 100.00 100.00 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 Totals 245,287,578.38 245,287,578.38 0.00 1,081,383.62 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-1 929,990.71 210,017,009.29 0.99559135 929,990.71 A-IO 0.00 0.00 0.00000000 0.00 M-1 67,584.55 15,262,415.45 0.99559135 67,584.55 M-2 50,659.75 11,440,340.25 0.99559135 50,659.75 M-3 8,817.29 1,991,182.71 0.99559135 8,817.29 B-1 24,331.32 5,494,668.68 0.99559135 24,331.32 C 0.00 578.17 1.20859986 0.00 P 0.00 100.00 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 Totals 1,081,383.62 244,206,294.55 0.99559177 1,081,383.62
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 210,947,000.00 1000.00000000 0.00000000 4.40864630 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 15,330,000.00 1000.00000000 0.00000000 4.40864644 0.00000000 M-2 11,491,000.00 1000.00000000 0.00000000 4.40864590 0.00000000 M-3 2,000,000.00 1000.00000000 0.00000000 4.40864500 0.00000000 B-1 5,519,000.00 1000.00000000 0.00000000 4.40864649 0.00000000 C 478.38 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 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
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 4.40864630 995.59135370 0.99559135 4.40864630 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-1 0.00000000 4.40864644 995.59135356 0.99559135 4.40864644 M-2 0.00000000 4.40864590 995.59135410 0.99559135 4.40864590 M-3 0.00000000 4.40864500 995.59135500 0.99559135 4.40864500 B-1 0.00000000 4.40864649 995.59135351 0.99559135 4.40864649 C 0.00000000 0.00000000 1,208.59985785 1.20859986 0.00000000 P 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 (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-1 210,947,000.00 4.00000% 210,947,000.00 703,156.67 0.00 0.00 A-IO 0.00 5.00000% 36,790,000.00 153,291.67 0.00 0.00 M-1 15,330,000.00 4.40300% 15,330,000.00 56,248.33 0.00 0.00 M-2 11,491,000.00 3.59300% 11,491,000.00 28,671.64 0.00 0.00 M-3 2,000,000.00 4.65400% 2,000,000.00 7,756.67 0.00 0.00 B-1 5,519,000.00 4.59300% 5,519,000.00 17,603.31 0.00 0.00 C 478.38 0.00000% 478.38 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 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 Totals 245,287,578.38 966,728.29 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 0.00 703,156.66 0.00 210,017,009.29 A-IO 0.00 0.00 153,291.67 0.00 36,790,000.00 M-1 0.00 0.00 56,248.32 0.00 15,262,415.45 M-2 0.00 0.00 28,671.64 0.00 11,440,340.25 M-3 0.00 0.00 7,756.67 0.00 1,991,182.71 B-1 0.00 0.00 17,603.31 0.00 5,494,668.68 C 0.00 0.00 366,242.46 0.00 578.17 P 0.00 0.00 0.00 0.00 100.00 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 Totals 0.00 0.00 1,332,970.73 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-1 210,947,000.00 4.00000% 1000.00000000 3.33333335 0.00000000 0.00000000 A-IO 0.00 5.00000% 1000.00000000 4.16666676 0.00000000 0.00000000 M-1 15,330,000.00 4.40300% 1000.00000000 3.66916699 0.00000000 0.00000000 M-2 11,491,000.00 3.59300% 1000.00000000 2.49513880 0.00000000 0.00000000 M-3 2,000,000.00 4.65400% 1000.00000000 3.87833500 0.00000000 0.00000000 B-1 5,519,000.00 4.59300% 1000.00000000 3.18958326 0.00000000 0.00000000 C 478.38 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 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 (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 3.33333330 0.00000000 995.59135370 A-IO 0.00000000 0.00000000 4.16666676 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 3.66916634 0.00000000 995.59135356 M-2 0.00000000 0.00000000 2.49513880 0.00000000 995.59135410 M-3 0.00000000 0.00000000 3.87833500 0.00000000 995.59135500 B-1 0.00000000 0.00000000 3.18958326 0.00000000 995.59135351 C 0.00000000 0.00000000 765588.98783394 0.00000000 1208.59985785 P 0.00000000 0.00000000 0.00000000 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 (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 2,462,286.85 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 7,345.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 2,469,631.85 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 55,277.50 Payment of Interest and Principal 2,414,354.35 Total Withdrawals (Pool Distribution Amount) 2,469,631.85 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 51,101.58 Master Servicing Fee 4,088.15 Miscellaneous Fee 87.77 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 55,277.50
OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 5,000.00 0.00 0.00 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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 5 0 0 0 5 1,085,639.60 0.00 0.00 0.00 1,085,639.60 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 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 5 0 0 0 5 1,085,639.60 0.00 0.00 0.00 1,085,639.60 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 0.501505% 0.000000% 0.000000% 0.000000% 0.501505% 0.444191% 0.000000% 0.000000% 0.000000% 0.444191% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.501505% 0.000000% 0.000000% 0.000000% 0.501505% 0.444191% 0.000000% 0.000000% 0.000000% 0.444191%
OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 7,345.00
COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 6.791611% Weighted Average Net Coupon 6.541611% Weighted Average Pass-Through Rate 6.521182% Weighted Average Maturity(Stepdown Calculation ) 339 Beginning Scheduled Collateral Loan Count 1,003 Number Of Loans Paid In Full 6 Ending Scheduled Collateral Loan Count 997 Beginning Scheduled Collateral Balance 245,287,578.38 Ending Scheduled Collateral Balance 244,206,194.55 Ending Actual Collateral Balance at 30-Jun-2003 244,408,148.43 Monthly P &I Constant 1,641,872.49 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 244,206,194.55 Scheduled Principal 253,623.17 Unscheduled Principal 827,760.45 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1,226,438.00 Overcollateralized Amount 578.17 Overcollateralized Deficiency Amount 1,225,859.83 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 366,242.45
Miscellaneous Reporting Three month rolling average 0.000000%
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