-----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, R3OQxzznbTZEx7WBDVHTHG1FcDAPE/ELzFT4HKURdGqv8gUCqk6LFGcGNM/KqLFL ABy31Gl+xEYQuJZLJpyGug== 0001056404-04-000104.txt : 20040108 0001056404-04-000104.hdr.sgml : 20040108 20040108161924 ACCESSION NUMBER: 0001056404-04-000104 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20031225 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040108 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/A SEC ACT: 1934 Act SEC FILE NUMBER: 333-91334-06 FILM NUMBER: 04515697 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/A 1 bsa03ac3_oct.txt OCTOBER 8KA UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 Form 8-K/A Current Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 27, 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 54-2121818 Pooling and Servicing Agreement) (Commission 54-2121820 (State or other File Number) 54-2121819 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 Subsequent to filing the 8-K relating to the payment date on October 27, 2003, a revision was made to the BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset-Backed Certificates, Series 2003-AC3 which was not included in the original 8-K filed. This revision was not previously disclosed in a 1934 Act filing. An amended 8-K will be filed. The revised data has been and will continue to be available on the Wells Fargo Bank, Minnesota, as Securities Administrator, website at www.ctslink.com. 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 Amended monthly report distributed to holders of Asset-Backed Certificates, Series 2003-AC3 Trust, relating to the October 27, 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 as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 12/23/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Amended monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-AC3 Trust, relating to the October 27, 2003 distribution. EX-99.1
Bear Stearns Asset Backed Securities Asset-Backed Certificates Record Date: 9/30/03 Distribution Date: 10/27/03 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% 198,248,868.74 660,829.55 4,605,774.78 A-IO 07384YJJ6 IO 5.00000% 0.00 153,291.66 0.00 M-1 07384YJK3 MEZ 4.40300% 14,407,197.82 52,862.41 334,712.17 M-2 07384YJL1 MEZ 3.62000% 10,799,289.64 34,749.71 250,892.20 M-3 07384YJY3 MEZ 4.65400% 1,879,608.33 7,289.75 43,667.60 B-1 07384YJM9 SUB 4.62000% 5,186,779.17 21,300.37 120,500.75 C 07384YKA3 SEN 0.00000% 693,604.57 0.00 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 231,215,448.27 930,323.45 5,355,547.50
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 193,643,093.96 5,266,604.33 0.00 A-IO 0.00 0.00 153,291.66 0.00 M-1 0.00 14,072,485.65 387,574.58 0.00 M-2 0.00 10,548,397.43 285,641.91 0.00 M-3 0.00 1,835,940.72 50,957.35 0.00 B-1 0.00 5,066,278.43 141,801.12 0.00 C 0.00 1,018,132.28 0.00 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 0.00 226,184,428.47 6,285,870.95 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-1 210,947,000.00 198,248,868.74 0.00 4,605,774.78 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 15,330,000.00 14,407,197.82 0.00 334,712.17 0.00 0.00 M-2 11,491,000.00 10,799,289.64 0.00 250,892.20 0.00 0.00 M-3 2,000,000.00 1,879,608.33 0.00 43,667.60 0.00 0.00 B-1 5,519,000.00 5,186,779.17 0.00 120,500.75 0.00 0.00 C 478.38 693,604.57 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 245,287,578.38 231,215,448.27 0.00 5,355,547.50 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 4,605,774.78 193,643,093.96 0.91797036 4,605,774.78 A-IO 0.00 0.00 0.00000000 0.00 M-1 334,712.17 14,072,485.65 0.91797036 334,712.17 M-2 250,892.20 10,548,397.43 0.91797036 250,892.20 M-3 43,667.60 1,835,940.72 0.91797036 43,667.60 B-1 120,500.75 5,066,278.43 0.91797036 120,500.75 C 0.00 1,018,132.28 2,128.29190184 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 5,355,547.50 226,184,428.47 0.92211937 5,355,547.50
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 210,947,000.00 939.80416285 0.00000000 21.83380081 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 15,330,000.00 939.80416308 0.00000000 21.83380104 0.00000000 M-2 11,491,000.00 939.80416326 0.00000000 21.83380037 0.00000000 M-3 2,000,000.00 939.80416500 0.00000000 21.83380000 0.00000000 B-1 5,519,000.00 939.80416199 0.00000000 21.83380141 0.00000000 C 478.38 1449902.94326686 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 21.83380081 917.97036203 0.91797036 21.83380081 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-1 0.00000000 21.83380104 917.97036204 0.91797036 21.83380104 M-2 0.00000000 21.83380037 917.97036202 0.91797036 21.83380037 M-3 0.00000000 21.83380000 917.97036000 0.91797036 21.83380000 B-1 0.00000000 21.83380141 917.97036238 0.91797036 21.83380141 C 0.00000000 0.00000000 2,128,291.90183536 2128.29190184 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, 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-1 210,947,000.00 4.00000% 198,248,868.74 660,829.56 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% 14,407,197.82 52,862.41 0.00 0.00 M-2 11,491,000.00 3.62000% 10,799,289.64 34,749.71 0.00 0.00 M-3 2,000,000.00 4.65400% 1,879,608.33 7,289.75 0.00 0.00 B-1 5,519,000.00 4.62000% 5,186,779.17 21,300.37 0.00 0.00 C 478.38 0.00000% 693,604.57 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 245,287,578.38 930,323.47 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 0.00 660,829.55 0.00 193,643,093.96 A-IO 0.00 0.00 153,291.66 0.00 36,790,000.00 M-1 0.00 0.00 52,862.41 0.00 14,072,485.65 M-2 0.00 0.00 34,749.71 0.00 10,548,397.43 M-3 0.00 0.00 7,289.75 0.00 1,835,940.72 B-1 0.00 0.00 21,300.37 0.00 5,066,278.43 C 0.00 0.00 0.00 0.00 1,018,132.28 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 0.01 0.00 930,323.45 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-1 210,947,000.00 4.00000% 939.80416285 3.13268053 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% 939.80416308 3.44829811 0.00000000 0.00000000 M-2 11,491,000.00 3.62000% 939.80416326 3.02408058 0.00000000 0.00000000 M-3 2,000,000.00 4.65400% 939.80416500 3.64487500 0.00000000 0.00000000 B-1 5,519,000.00 4.62000% 939.80416199 3.85946186 0.00000000 0.00000000 C 478.38 0.00000% 1449902.94326686 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 0.00000005 0.00000000 3.13268048 0.00000000 917.97036203 A-IO 0.00000000 0.00000000 4.16666649 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 3.44829811 0.00000000 917.97036204 M-2 0.00000000 0.00000000 3.02408058 0.00000000 917.97036202 M-3 0.00000000 0.00000000 3.64487500 0.00000000 917.97036000 B-1 0.00000000 0.00000000 3.85946186 0.00000000 917.97036238 C 0.00000000 0.00000000 0.00000000 0.00000000 2128291.90183536 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, 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 6,333,821.07 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 16,440.95 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 6,350,262.02 Withdrawals Reimbursement for Servicer Advances 12,279.99 Payment of Service Fee 52,111.08 Payment of Interest and Principal 6,285,870.95 Total Withdrawals (Pool Distribution Amount) 6,350,262.02 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 0.01
SERVICING FEES Gross Servicing Fee 48,169.91 Master Servicing Fee 3,853.58 Miscellaneous Fee 87.59 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 52,111.08
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 6 0 0 0 6 1,297,816.28 0.00 0.00 0.00 1,297,816.28 60 Days 7 0 0 0 7 825,405.95 0.00 0.00 0.00 825,405.95 90 Days 0 1 0 0 1 0.00 83,939.20 0.00 0.00 83,939.20 120 Days 1 0 0 0 1 204,000.00 0.00 0.00 0.00 204,000.00 150 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 14 1 0 0 15 2,327,222.23 83,939.20 0.00 0.00 2,411,161.43 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 0.639659% 0.000000% 0.000000% 0.000000% 0.639659% 0.573250% 0.000000% 0.000000% 0.000000% 0.573250% 60 Days 0.746269% 0.000000% 0.000000% 0.000000% 0.746269% 0.364585% 0.000000% 0.000000% 0.000000% 0.364585% 90 Days 0.000000% 0.106610% 0.000000% 0.000000% 0.106610% 0.000000% 0.037076% 0.000000% 0.000000% 0.037076% 120 Days 0.106610% 0.000000% 0.000000% 0.000000% 0.106610% 0.090108% 0.000000% 0.000000% 0.000000% 0.090108% 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 1.492537% 0.106610% 0.000000% 0.000000% 1.599147% 1.027942% 0.037076% 0.000000% 0.000000% 1.065019%
OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 16,440.95
COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 6.783088% Weighted Average Net Coupon 6.533088% Weighted Average Pass-Through Rate 6.512633% Weighted Average Maturity(Stepdown Calculation ) 336 Beginning Scheduled Collateral Loan Count 957 Number Of Loans Paid In Full 19 Ending Scheduled Collateral Loan Count 938 Beginning Scheduled Collateral Balance 231,215,448.26 Ending Scheduled Collateral Balance 226,184,428.47 Ending Actual Collateral Balance at 30-Sep-2003 226,396,182.29 Monthly P &I Constant 1,552,527.68 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 226,184,428.47 Scheduled Principal 245,484.13 Unscheduled Principal 4,785,535.66 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 324,527.71 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1,226,438.00 Overcollateralized Amount 1,018,232.28 Overcollateralized Deficiency Amount 208,205.72 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 324,527.71 Excess Cash Amount 324,527.71
Miscellaneous Reporting Three month rolling average 0.002601%
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