-----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, U+MLZ0pzM4lMRlkQPaW3i2K5ZxAAntz7wUc/DRKrupz/I4L5XkWJxV83r8scKtxd qIF0+7oh4VoEeKrFC1oXqA== 0001056404-04-002605.txt : 20040812 0001056404-04-002605.hdr.sgml : 20040812 20040812135452 ACCESSION NUMBER: 0001056404-04-002605 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040810 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040812 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASSET-BACKED CERTIFICATES SERIES 2003-AC5 CENTRAL INDEX KEY: 0001265697 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 333-91334-13 FILM NUMBER: 04969695 BUSINESS ADDRESS: STREET 1: 245 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10167 MAIL ADDRESS: STREET 1: 383 MADISON AVE CITY: NEW YORK STATE: NY ZIP: 10179 8-K/A 1 bsa03ac5_may.txt MAY 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): May 25, 2004 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset Backed Certificates, Series 2003-AC5 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-13 54-2126365 Pooling and Servicing Agreement) (Commission 54-2126367 (State or other File Number) 54-2126366 jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank, 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 May 25, 2004, a revision was made to the BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset Backed Certificates, Series 2003-AC5 which was not included in the original 8-K filed. The 8-K is being amended because the delinquency stratification table has been revised. This revision was not previously disclosed in a 1934 Act filing. The revised data has been and will continue to be available on the Wells Fargo Bank, 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-AC5 Trust, relating to the May 25, 2004 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-AC5 Trust By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 7/14/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Amended monthly report distributed to holders of Asset Backed Certificates, Series 2003-AC5 Trust, relating to the May 25, 2004 distribution. EX-99.1
Bear Stearns Asset Backed Securities Asset Backed Certificates Record Date: 4/30/04 Distribution Date: 5/25/04 BSA Series: 2003-AC5 Contact: Customer Service - CTSLink Wells Fargo Bank, 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 07384YMA1 SEN 5.25000% 123,369,087.87 539,739.76 5,346,299.85 A-2 07384YMB9 SEN 5.00000% 148,276,792.96 617,819.97 6,425,695.53 A-3 07384YMC7 SEN 1.70000% 37,512,647.33 53,142.92 1,625,641.11 A-4 07384YMD5 IO 6.30000% 0.00 196,941.40 0.00 A-5 07384YNA0 SEN 4.75000% 132,181,165.57 523,217.11 5,728,178.41 M-1 07384YME3 MEZ 5.25000% 35,047,395.47 153,332.35 1,518,807.41 M-2 07384YMF0 MEZ 2.80000% 31,153,338.33 70,268.09 1,350,055.28 B 07384YMG8 SUB 4.35000% 11,683,168.95 40,939.77 506,299.64 C 07384YMM5 OC 0.00000% 3,350,241.52 0.00 0.00 P 07384YML7 SEN 0.00000% 100.00 2,221.00 0.00 R-1 07384YMN3 RES 0.00000% 0.00 0.00 0.00 R-2 07384YMP8 RES 0.00000% 0.00 0.00 0.00 R-3 07384YMQ6 RES 0.00000% 0.00 0.00 0.00 Totals 522,573,938.00 2,197,622.37 22,500,977.23
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 118,022,788.01 5,886,039.61 0.00 A-2 0.00 141,851,097.43 7,043,515.50 0.00 A-3 0.00 35,887,006.22 1,678,784.03 0.00 A-4 0.00 0.00 196,941.40 0.00 A-5 0.00 126,452,987.16 6,251,395.52 0.00 M-1 0.00 33,528,588.05 1,672,139.76 0.00 M-2 0.00 29,803,283.05 1,420,323.37 0.00 B 0.00 11,176,869.31 547,239.41 0.00 C 0.00 3,789,889.25 0.00 0.00 P 0.00 100.00 2,221.00 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 0.00 500,512,608.48 24,698,599.60 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-1 140,000,000.00 123,369,087.87 0.00 5,346,299.85 0.00 0.00 A-2 168,265,417.00 148,276,792.96 0.00 6,425,695.53 0.00 0.00 A-3 42,569,583.00 37,512,647.33 0.00 1,625,641.11 0.00 0.00 A-4 0.00 0.00 0.00 0.00 0.00 0.00 A-5 150,000,000.00 132,181,165.57 0.00 5,728,178.41 0.00 0.00 M-1 39,772,000.00 35,047,395.47 0.00 1,518,807.41 0.00 0.00 M-2 35,353,000.00 31,153,338.33 0.00 1,350,055.28 0.00 0.00 B 13,258,132.00 11,683,168.95 0.00 506,299.64 0.00 0.00 C 0.19 3,350,241.52 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 589,218,232.19 522,573,938.00 0.00 22,500,977.23 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 5,346,299.85 118,022,788.01 0.84301991 5,346,299.85 A-2 6,425,695.53 141,851,097.43 0.84301991 6,425,695.53 A-3 1,625,641.11 35,887,006.22 0.84301991 1,625,641.11 A-4 0.00 0.00 0.00000000 0.00 A-5 5,728,178.41 126,452,987.16 0.84301991 5,728,178.41 M-1 1,518,807.41 33,528,588.05 0.84301991 1,518,807.41 M-2 1,350,055.28 29,803,283.05 0.84301991 1,350,055.28 B 506,299.64 11,176,869.31 0.84301991 506,299.64 C 0.00 3,789,889.25 946,785.52631580 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 22,500,977.23 500,512,608.48 0.84945200 22,500,977.23
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 140,000,000.00 881.20777050 0.00000000 38.18785607 0.00000000 A-2 168,265,417.00 881.20777046 0.00000000 38.18785609 0.00000000 A-3 42,569,583.00 881.20777058 0.00000000 38.18785610 0.00000000 A-4 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A-5 150,000,000.00 881.20777047 0.00000000 38.18785607 0.00000000 M-1 39,772,000.00 881.20777104 0.00000000 38.18785603 0.00000000 M-2 35,353,000.00 881.20777105 0.00000000 38.18785619 0.00000000 B 13,258,132.00 881.20777120 0.00000000 38.18785633 0.00000000 C 0.19 632850105.26320000 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 38.18785607 843.01991436 0.84301991 38.18785607 A-2 0.00000000 38.18785609 843.01991437 0.84301991 38.18785609 A-3 0.00000000 38.18785610 843.01991448 0.84301991 38.18785610 A-4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-5 0.00000000 38.18785607 843.01991440 0.84301991 38.18785607 M-1 0.00000000 38.18785603 843.01991476 0.84301991 38.18785603 M-2 0.00000000 38.18785619 843.01991486 0.84301991 38.18785619 B 0.00000000 38.18785633 843.01991487 0.84301991 38.18785633 C 0.00000000 0.00000000 119,946,785,526.31580000 9946785.52631580 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-1 140,000,000.00 5.25000% 123,369,087.87 539,739.76 0.00 0.00 A-2 168,265,417.00 5.00000% 148,276,792.96 617,819.97 0.00 0.00 A-3 42,569,583.00 1.70000% 37,512,647.33 53,142.92 0.00 0.00 A-4 0.00 6.30000% 37,512,647.33 196,941.40 0.00 0.00 A-5 150,000,000.00 4.75000% 132,181,165.57 523,217.11 0.00 0.00 M-1 39,772,000.00 5.25000% 35,047,395.47 153,332.36 0.00 0.00 M-2 35,353,000.00 2.80000% 31,153,338.33 70,268.09 0.00 0.00 B 13,258,132.00 4.35000% 11,683,168.95 40,939.77 0.00 0.00 C 0.19 0.00000% 3,350,241.52 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 589,218,232.19 2,195,401.38 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 0.00 539,739.76 0.00 118,022,788.01 A-2 0.00 0.00 617,819.97 0.00 141,851,097.43 A-3 0.00 0.00 53,142.92 0.00 35,887,006.22 A-4 0.00 0.00 196,941.40 0.00 35,887,006.22 A-5 0.00 0.00 523,217.11 0.00 126,452,987.16 M-1 0.00 0.00 153,332.35 0.00 33,528,588.05 M-2 0.00 0.00 70,268.09 0.00 29,803,283.05 B 0.00 0.00 40,939.77 0.00 11,176,869.31 C 0.00 0.00 0.00 0.00 3,789,889.25 P 0.00 0.00 2,221.00 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 2,197,622.37 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-1 140,000,000.00 5.25000% 881.20777050 3.85528400 0.00000000 0.00000000 A-2 168,265,417.00 5.00000% 881.20777046 3.67169904 0.00000000 0.00000000 A-3 42,569,583.00 1.70000% 881.20777058 1.24837774 0.00000000 0.00000000 A-4 0.00 6.30000% 881.20777058 4.62634083 0.00000000 0.00000000 A-5 150,000,000.00 4.75000% 881.20777047 3.48811407 0.00000000 0.00000000 M-1 39,772,000.00 5.25000% 881.20777104 3.85528412 0.00000000 0.00000000 M-2 35,353,000.00 2.80000% 881.20777105 1.98761322 0.00000000 0.00000000 B 13,258,132.00 4.35000% 881.20777120 3.08789881 0.00000000 0.00000000 C 0.19 0.00000% 632850105.26320000 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 3.85528400 0.00000000 843.01991436 A-2 0.00000000 0.00000000 3.67169904 0.00000000 843.01991437 A-3 0.00000000 0.00000000 1.24837774 0.00000000 843.01991448 A-4 0.00000000 0.00000000 4.62634083 0.00000000 843.01991448 A-5 0.00000000 0.00000000 3.48811407 0.00000000 843.01991440 M-1 0.00000000 0.00000000 3.85528387 0.00000000 843.01991476 M-2 0.00000000 0.00000000 1.98761322 0.00000000 843.01991486 B 0.00000000 0.00000000 3.08789881 0.00000000 843.01991487 C 0.00000000 0.00000000 0.00000000 0.00000000 946785526.31580000 P 0.00000000 0.00000000 22210.00000000 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 24,883,779.56 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 20,211.10 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 24,903,990.66 Withdrawals Reimbursement for Servicer Advances 96,521.51 Payment of Service Fee 108,869.55 Payment of Interest and Principal 24,698,599.60 Total Withdrawals (Pool Distribution Amount) 24,903,990.66 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 108,869.55 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 108,869.55
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 3 0 0 3 474,845.63 0.00 0.00 474,845.63 30 Days 8 0 0 0 8 1,503,469.05 0.00 0.00 0.00 1,503,469.05 60 Days 3 0 0 0 3 713,403.42 0.00 0.00 0.00 713,403.42 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 1 1 1 0 3 130,527.59 103,566.80 122,494.66 0.00 356,589.05 150 Days 2 0 0 0 2 510,001.33 0.00 0.00 0.00 510,001.33 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 14 4 1 0 19 2,857,401.39 578,412.43 122,494.66 0.00 3,558,308.48 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 0.108774% 0.000000% 0.000000% 0.108774% 0.094767% 0.000000% 0.000000% 0.094767% 30 Days 0.290065% 0.000000% 0.000000% 0.000000% 0.290065% 0.300055% 0.000000% 0.000000% 0.000000% 0.300055% 60 Days 0.108774% 0.000000% 0.000000% 0.000000% 0.108774% 0.142378% 0.000000% 0.000000% 0.000000% 0.142378% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.036258% 0.036258% 0.036258% 0.000000% 0.108774% 0.026050% 0.020669% 0.024447% 0.000000% 0.071166% 150 Days 0.072516% 0.000000% 0.000000% 0.000000% 0.072516% 0.101784% 0.000000% 0.000000% 0.000000% 0.101784% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.507614% 0.145033% 0.036258% 0.000000% 0.688905% 0.570267% 0.115437% 0.024447% 0.000000% 0.710151%
OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 20,211.10
COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 6.288492% Weighted Average Net Coupon 6.038492% Weighted Average Pass-Through Rate 6.038492% Weighted Average Maturity(Stepdown Calculation ) 327 Beginning Scheduled Collateral Loan Count 2,845 Number Of Loans Paid In Full 87 Ending Scheduled Collateral Loan Count 2,758 Beginning Scheduled Collateral Balance 522,573,837.99 Ending Scheduled Collateral Balance 500,512,508.48 Ending Actual Collateral Balance at 30-Apr-2004 501,063,818.64 Monthly P &I Constant 3,410,565.26 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 500,512,508.48 Scheduled Principal 672,064.04 Unscheduled Principal 21,389,265.47 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 439,647.73 Overcollateralized reduction Amount 0.00 Specified O/C Amount 7,365,227.00 Overcollateralized Amount 3,789,889.25 Overcollateralized Deficiency Amount 3,575,337.75 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 439,647.73 Excess Cash Amount 441,868.72
Miscellaneous Reporting Net WAC Rate Carryover Amount Class A-1 0.00 Net WAC Rate Carryover Amount Class A-2 0.00 Net WAC Rate Carryover Amount Class A-3 0.00 Net WAC Rate Carryover Amount Class A-4 0.00 Net WAC Rate Carryover Amount Class A-5 0.00 Net WAC Rate Carryover Amount Class B 0.00 Net WAC Rate Carryover Amount Class M-1 0.00 Net WAC Rate Carryover Amount Class M-2 0.00 Three month rolling average 0.006091%
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