-----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, MqXVwv0RPcFV7n3w+k06pM7IqKxruI4m4KrQ+wui9RtnzWnFxkk42+Bz56M7ZFvb SXhVWbz5OJRa5RdDKJ68Bw== 0001056404-04-003109.txt : 20040927 0001056404-04-003109.hdr.sgml : 20040927 20040927072116 ACCESSION NUMBER: 0001056404-04-003109 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040924 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20040927 DATE AS OF CHANGE: 20040927 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 SEC ACT: 1934 Act SEC FILE NUMBER: 333-91334-13 FILM NUMBER: 041046108 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 1 bsa03ac5_sep.txt SEPTEMBER 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): September 27, 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 54-2126366 (State or other File Number) 54-2126367 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On September 27, 2004 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset Backed Certificates, Series 2003-AC5 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2003-AC5 Trust, relating to the September 27, 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 (Registrant) 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: 9/23/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2003-AC5 Trust, relating to the September 27, 2004 distribution. EX-99.1
Bear Stearns Asset Backed Securities Mortgage Pass-Through Certificates Record Date: 8/31/2004 Distribution Date: 9/27/2004 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% 106,012,801.30 463,806.01 2,943,654.15 A-2 07384YMB9 SEN 5.00000% 127,416,344.41 530,901.43 3,537,965.67 A-3 07384YMC7 SEN 2.21500% 32,235,148.17 59,500.71 895,072.36 A-4 07384YMD5 IO 5.78500% 0.00 155,400.28 0.00 A-5 07384YNA0 SEN 4.75000% 113,585,144.25 449,607.86 3,153,915.16 M-1 07384YME3 MEZ 5.25000% 30,116,722.40 131,760.66 836,250.09 M-2 07384YMF0 MEZ 3.31500% 26,770,504.05 81,348.87 743,335.75 B 07384YMG8 SUB 4.86500% 10,039,512.24 44,772.04 278,766.82 C 07384YMM5 OC 0.00000% 4,951,784.96 0.00 0.00 P 07384YML7 SEN 0.00000% 100.00 32,785.26 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 451,128,061.78 1,949,883.12 12,388,960.00
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 103,069,147.15 3,407,460.16 0.00 A-2 0.00 123,878,378.75 4,068,867.10 0.00 A-3 0.00 31,340,075.82 954,573.07 0.00 A-4 0.00 0.00 155,400.28 0.00 A-5 0.00 110,431,229.09 3,603,523.02 0.00 M-1 0.00 29,280,472.31 968,010.75 0.00 M-2 0.00 26,027,168.30 824,684.62 0.00 B 0.00 9,760,745.42 323,538.86 0.00 C 0.00 5,292,272.52 0.00 0.00 P 0.00 100.00 32,785.26 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 0.00 439,079,589.36 14,338,843.12 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-1 140,000,000.00 106,012,801.30 0.00 2,943,654.15 0.00 0.00 A-2 168,265,417.00 127,416,344.41 0.00 3,537,965.67 0.00 0.00 A-3 42,569,583.00 32,235,148.17 0.00 895,072.36 0.00 0.00 A-4 0.00 0.00 0.00 0.00 0.00 0.00 A-5 150,000,000.00 113,585,144.25 0.00 3,153,915.16 0.00 0.00 M-1 39,772,000.00 30,116,722.40 0.00 836,250.09 0.00 0.00 M-2 35,353,000.00 26,770,504.05 0.00 743,335.75 0.00 0.00 B 13,258,132.00 10,039,512.24 0.00 278,766.82 0.00 0.00 C 0.19 4,951,784.96 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 589,218,232.19 451,128,061.78 0.00 12,388,960.00 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 2,943,654.15 103,069,147.15 0.73620819 2,943,654.15 A-2 3,537,965.67 123,878,378.75 0.73620819 3,537,965.67 A-3 895,072.36 31,340,075.82 0.73620819 895,072.36 A-4 0.00 0.00 0.00000000 0.00 A-5 3,153,915.16 110,431,229.09 0.73620819 3,153,915.16 M-1 836,250.09 29,280,472.31 0.73620819 836,250.09 M-2 743,335.75 26,027,168.30 0.73620819 743,335.75 B 278,766.82 9,760,745.42 0.73620819 278,766.82 C 0.00 5,292,272.52 854,065.89473680 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 12,388,960.00 439,079,589.36 0.74519009 12,388,960.00
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 140,000,000.00 757.23429500 0.00000000 21.02610107 0.00000000 A-2 168,265,417.00 757.23429497 0.00000000 21.02610110 0.00000000 A-3 42,569,583.00 757.23429497 0.00000000 21.02610120 0.00000000 A-4 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A-5 150,000,000.00 757.23429500 0.00000000 21.02610107 0.00000000 M-1 39,772,000.00 757.23429548 0.00000000 21.02610103 0.00000000 M-2 35,353,000.00 757.23429553 0.00000000 21.02610104 0.00000000 B 13,258,132.00 757.23429515 0.00000000 21.02610081 0.00000000 C 0.19 62026105.26320000 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 21.02610107 736.20819393 0.73620819 21.02610107 A-2 0.00000000 21.02610110 736.20819393 0.73620819 21.02610110 A-3 0.00000000 21.02610120 736.20819401 0.73620819 21.02610120 A-4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-5 0.00000000 21.02610107 736.20819393 0.73620819 21.02610107 M-1 0.00000000 21.02610103 736.20819446 0.73620819 21.02610103 M-2 0.00000000 21.02610104 736.20819450 0.73620819 21.02610104 B 0.00000000 21.02610081 736.20819434 0.73620819 21.02610081 C 0.00000000 0.0000000054,065,894.73680000 27854065.89473680 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% 106,012,801.30 463,806.01 0.00 0.00 A-2 168,265,417.00 5.00000% 127,416,344.41 530,901.44 0.00 0.00 A-3 42,569,583.00 2.21500% 32,235,148.17 59,500.71 0.00 0.00 A-4 0.00 5.78500% 32,235,148.17 155,400.28 0.00 0.00 A-5 150,000,000.00 4.75000% 113,585,144.25 449,607.86 0.00 0.00 M-1 39,772,000.00 5.25000% 30,116,722.40 131,760.66 0.00 0.00 M-2 35,353,000.00 3.31500% 26,770,504.05 81,348.87 0.00 0.00 B 13,258,132.00 4.86500% 10,039,512.24 44,772.04 0.00 0.00 C 0.19 0.00000% 4,951,784.96 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 1,917,097.87 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 0.00 463,806.01 0.00 103,069,147.15 A-2 0.00 0.00 530,901.43 0.00 123,878,378.75 A-3 0.00 0.00 59,500.71 0.00 31,340,075.82 A-4 0.00 0.00 155,400.28 0.00 31,340,075.82 A-5 0.00 0.00 449,607.86 0.00 110,431,229.09 M-1 0.00 0.00 131,760.66 0.00 29,280,472.31 M-2 0.00 0.00 81,348.87 0.00 26,027,168.30 B 0.00 0.00 44,772.04 0.00 9,760,745.42 C 0.00 0.00 0.00 0.00 5,292,272.52 P 0.00 0.00 32,785.26 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 1,949,883.12 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% 757.23429500 3.31290007 0.00000000 0.00000000 A-2 168,265,417.00 5.00000% 757.23429497 3.15514293 0.00000000 0.00000000 A-3 42,569,583.00 2.21500% 757.23429497 1.39772828 0.00000000 0.00000000 A-4 0.00 5.78500% 757.23429497 3.65050041 0.00000000 0.00000000 A-5 150,000,000.00 4.75000% 757.23429500 2.99738573 0.00000000 0.00000000 M-1 39,772,000.00 5.25000% 757.23429548 3.31290003 0.00000000 0.00000000 M-2 35,353,000.00 3.31500% 757.23429553 2.30104574 0.00000000 0.00000000 B 13,258,132.00 4.86500% 757.23429515 3.37694933 0.00000000 0.00000000 C 0.19 0.00000% 62026105.26320000 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 3.31290007 0.00000000 736.20819393 A-2 0.00000000 0.00000000 3.15514287 0.00000000 736.20819393 A-3 0.00000000 0.00000000 1.39772828 0.00000000 736.20819401 A-4 0.00000000 0.00000000 3.65050041 0.00000000 736.20819401 A-5 0.00000000 0.00000000 2.99738573 0.00000000 736.20819393 M-1 0.00000000 0.00000000 3.31290003 0.00000000 736.20819446 M-2 0.00000000 0.00000000 2.30104574 0.00000000 736.20819450 B 0.00000000 0.00000000 3.37694933 0.00000000 736.20819434 C 0.00000000 0.00000000 0.00000000 0.00000000 854065894.73680000 P 0.00000000 0.00000000 327852.60000000 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 14,419,468.12 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 45,855.71 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 14,465,323.83 Withdrawals Reimbursement for Servicer Advances 32,495.72 Payment of Service Fee 93,984.99 Payment of Interest and Principal 14,338,843.12 Total Withdrawals (Pool Distribution Amount) 14,465,323.83 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 93,984.99 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 93,984.99
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 8 0 0 8 1,419,659.84 0.00 0.00 1,419,659.84 30 Days 19 0 0 0 19 3,959,393.26 0.00 0.00 0.00 3,959,393.26 60 Days 3 0 0 0 3 866,637.15 0.00 0.00 0.00 866,637.15 90 Days 1 0 1 0 2 154,822.34 0.00 61,199.75 0.00 216,022.09 120 Days 1 0 1 0 2 49,310.38 0.00 43,755.85 0.00 93,066.23 150 Days 1 0 0 1 2 179,642.28 0.00 0.00 212,053.68 391,695.96 180+ Days 1 0 4 2 7 118,684.41 0.00 829,213.02 443,847.04 1,391,744.47 Totals 26 8 6 3 43 5,328,489.82 1,419,659.84 934,168.62 655,900.72 8,338,219.00 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 0.324281% 0.000000% 0.000000% 0.324281% 0.322938% 0.000000% 0.000000% 0.322938% 30 Days 0.770166% 0.000000% 0.000000% 0.000000% 0.770166% 0.900666% 0.000000% 0.000000% 0.000000% 0.900666% 60 Days 0.121605% 0.000000% 0.000000% 0.000000% 0.121605% 0.197139% 0.000000% 0.000000% 0.000000% 0.197139% 90 Days 0.040535% 0.000000% 0.040535% 0.000000% 0.081070% 0.035218% 0.000000% 0.013921% 0.000000% 0.049140% 120 Days 0.040535% 0.000000% 0.040535% 0.000000% 0.081070% 0.011217% 0.000000% 0.009953% 0.000000% 0.021170% 150 Days 0.040535% 0.000000% 0.000000% 0.040535% 0.081070% 0.040864% 0.000000% 0.000000% 0.048237% 0.089101% 180+ Days 0.040535% 0.000000% 0.162140% 0.081070% 0.283745% 0.026998% 0.000000% 0.188626% 0.100964% 0.316588% Totals 1.053912% 0.324281% 0.243210% 0.121605% 1.743008% 1.212103% 0.322938% 0.212501% 0.149202% 1.896743%
OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 45,855.71
COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 6.255175% Weighted Average Net Coupon 6.005175% Weighted Average Pass-Through Rate 6.005175% Weighted Average Maturity(Stepdown Calculation ) 323 Beginning Scheduled Collateral Loan Count 2,527 Number Of Loans Paid In Full 60 Ending Scheduled Collateral Loan Count 2,467 Beginning Scheduled Collateral Balance 451,127,961.79 Ending Scheduled Collateral Balance 439,079,489.34 Ending Actual Collateral Balance at 31-Aug-2004 439,607,165.21 Monthly P &I Constant 2,961,561.97 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 439,079,489.34 Scheduled Principal 609,991.56 Unscheduled Principal 11,438,480.89 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 340,487.56 Overcollateralized reduction Amount 0.00 Specified O/C Amount 7,365,227.00 Overcollateralized Amount 5,292,272.52 Overcollateralized Deficiency Amount 2,072,954.48 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 340,487.56 Excess Cash Amount 373,272.82
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 0.005846%
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