-----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, J2S5mXKJljYiqjFKf6tqk5JTRk0EdeIDT0F6h12HuH+WxJhkAKsCX1hpkAr6G5WK WHYSWmqOW86qruBCMPKP5Q== 0001056404-04-004201.txt : 20041203 0001056404-04-004201.hdr.sgml : 20041203 20041203124520 ACCESSION NUMBER: 0001056404-04-004201 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20041126 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041203 DATE AS OF CHANGE: 20041203 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASSET-BACKED CERTIFICATES SERIES 2003-AC5 CENTRAL INDEX KEY: 0001265697 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 000000000 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: 041182774 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_nov.txt NOVEMBER 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): November 26, 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 November 26, 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 November 26, 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: 11/30/2004 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 November 26, 2004 distribution. EX-99.1
Bear Stearns Asset Backed Securities Mortgage Pass-Through Certificates Record Date: 10/31/2004 Distribution Date: 11/26/2004 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% 100,293,898.66 438,785.81 3,055,685.73 A-2 07384YMB9 SEN 5.00000% 120,542,819.15 502,261.75 3,672,615.96 A-3 07384YMC7 SEN 2.53250% 30,496,210.31 64,359.71 929,137.62 A-4 07384YMD5 IO 5.46750% 0.00 138,948.36 0.00 A-5 07384YNA0 SEN 4.75000% 107,457,748.57 425,353.59 3,273,949.00 M-1 07384YME3 MEZ 5.25000% 28,492,063.86 124,652.78 868,076.66 M-2 07384YMF0 MEZ 3.63250% 25,326,358.58 81,776.00 771,626.13 B 07384YMG8 SUB 5.18250% 9,497,926.77 43,753.78 289,376.32 C 07384YMM5 OC 0.00000% 5,634,266.10 0.00 0.00 P 07384YML7 SEN 0.00000% 100.00 27,272.91 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 427,741,392.00 1,847,164.69 12,860,467.42
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 97,238,212.93 3,494,471.54 0.00 A-2 0.00 116,870,203.19 4,174,877.71 0.00 A-3 0.00 29,567,072.69 993,497.33 0.00 A-4 0.00 0.00 138,948.36 0.00 A-5 0.00 104,183,799.57 3,699,302.59 0.00 M-1 0.00 27,623,987.19 992,729.44 0.00 M-2 0.00 24,554,732.46 853,402.13 0.00 B 0.00 9,208,550.45 333,130.10 0.00 C 0.00 5,949,042.41 0.00 0.00 P 0.00 100.00 27,272.91 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 0.00 415,195,700.89 14,707,632.11 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-1 140,000,000.00 100,293,898.66 0.00 3,055,685.73 0.00 0.00 A-2 168,265,417.00 120,542,819.15 0.00 3,672,615.96 0.00 0.00 A-3 42,569,583.00 30,496,210.31 0.00 929,137.62 0.00 0.00 A-4 0.00 0.00 0.00 0.00 0.00 0.00 A-5 150,000,000.00 107,457,748.57 0.00 3,273,949.00 0.00 0.00 M-1 39,772,000.00 28,492,063.86 0.00 868,076.66 0.00 0.00 M-2 35,353,000.00 25,326,358.58 0.00 771,626.13 0.00 0.00 B 13,258,132.00 9,497,926.77 0.00 289,376.32 0.00 0.00 C 0.19 5,634,266.10 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 589,218,232.19 427,741,392.00 0.00 12,860,467.42 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 3,055,685.73 97,238,212.93 0.69455866 3,055,685.73 A-2 3,672,615.96 116,870,203.19 0.69455866 3,672,615.96 A-3 929,137.62 29,567,072.69 0.69455866 929,137.62 A-4 0.00 0.00 0.00000000 0.00 A-5 3,273,949.00 104,183,799.57 0.69455866 3,273,949.00 M-1 868,076.66 27,623,987.19 0.69455866 868,076.66 M-2 771,626.13 24,554,732.46 0.69455866 771,626.13 B 289,376.32 9,208,550.45 0.69455866 289,376.32 C 0.00 5,949,042.41 310,749.52631580 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 12,860,467.42 415,195,700.89 0.70465522 12,860,467.42
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 140,000,000.00 716.38499043 0.00000000 21.82632664 0.00000000 A-2 168,265,417.00 716.38499045 0.00000000 21.82632668 0.00000000 A-3 42,569,583.00 716.38499043 0.00000000 21.82632656 0.00000000 A-4 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A-5 150,000,000.00 716.38499047 0.00000000 21.82632667 0.00000000 M-1 39,772,000.00 716.38499095 0.00000000 21.82632656 0.00000000 M-2 35,353,000.00 716.38499081 0.00000000 21.82632676 0.00000000 B 13,258,132.00 716.38499074 0.00000000 21.82632667 0.00000000 C 0.19 654032105.26320000 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 21.82632664 694.55866379 0.69455866 21.82632664 A-2 0.00000000 21.82632668 694.55866377 0.69455866 21.82632668 A-3 0.00000000 21.82632656 694.55866387 0.69455866 21.82632656 A-4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-5 0.00000000 21.82632667 694.55866380 0.69455866 21.82632667 M-1 0.00000000 21.82632656 694.55866414 0.69455866 21.82632656 M-2 0.00000000 21.82632676 694.55866433 0.69455866 21.82632676 B 0.00000000 21.82632667 694.55866407 0.69455866 21.82632667 C 0.00000000 0.00000000 31,310,749,526.31580000 31310749.52631580 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% 100,293,898.66 438,785.81 0.00 0.00 A-2 168,265,417.00 5.00000% 120,542,819.15 502,261.75 0.00 0.00 A-3 42,569,583.00 2.53250% 30,496,210.31 64,359.71 0.00 0.00 A-4 0.00 5.46750% 30,496,210.31 138,948.36 0.00 0.00 A-5 150,000,000.00 4.75000% 107,457,748.57 425,353.59 0.00 0.00 M-1 39,772,000.00 5.25000% 28,492,063.86 124,652.78 0.00 0.00 M-2 35,353,000.00 3.63250% 25,326,358.58 81,776.00 0.00 0.00 B 13,258,132.00 5.18250% 9,497,926.77 43,753.78 0.00 0.00 C 0.19 0.00000% 5,634,266.10 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 1,819,891.78 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 0.00 438,785.81 0.00 97,238,212.93 A-2 0.00 0.00 502,261.75 0.00 116,870,203.19 A-3 0.00 0.00 64,359.71 0.00 29,567,072.69 A-4 0.00 0.00 138,948.36 0.00 29,567,072.69 A-5 0.00 0.00 425,353.59 0.00 104,183,799.57 M-1 0.00 0.00 124,652.78 0.00 27,623,987.19 M-2 0.00 0.00 81,776.00 0.00 24,554,732.46 B 0.00 0.00 43,753.78 0.00 9,208,550.45 C 0.00 0.00 0.00 0.00 5,949,042.41 P 0.00 0.00 27,272.91 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 1,847,164.69 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% 716.38499043 3.13418436 0.00000000 0.00000000 A-2 168,265,417.00 5.00000% 716.38499045 2.98493748 0.00000000 0.00000000 A-3 42,569,583.00 2.53250% 716.38499043 1.51187081 0.00000000 0.00000000 A-4 0.00 5.46750% 716.38499043 3.26402915 0.00000000 0.00000000 A-5 150,000,000.00 4.75000% 716.38499047 2.83569060 0.00000000 0.00000000 M-1 39,772,000.00 5.25000% 716.38499095 3.13418435 0.00000000 0.00000000 M-2 35,353,000.00 3.63250% 716.38499081 2.31312760 0.00000000 0.00000000 B 13,258,132.00 5.18250% 716.38499074 3.30014666 0.00000000 0.00000000 C 0.19 0.00000% 654032105.26320000 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 3.13418436 0.00000000 694.55866379 A-2 0.00000000 0.00000000 2.98493748 0.00000000 694.55866377 A-3 0.00000000 0.00000000 1.51187081 0.00000000 694.55866387 A-4 0.00000000 0.00000000 3.26402915 0.00000000 694.55866387 A-5 0.00000000 0.00000000 2.83569060 0.00000000 694.55866380 M-1 0.00000000 0.00000000 3.13418435 0.00000000 694.55866414 M-2 0.00000000 0.00000000 2.31312760 0.00000000 694.55866433 B 0.00000000 0.00000000 3.30014666 0.00000000 694.55866407 C 0.00000000 0.00000000 0.00000000 0.00000000 310749526.31580000 P 0.00000000 0.00000000 272729.10000000 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 14,793,410.05 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 48,706.64 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 14,842,116.69 Withdrawals Reimbursement for Servicer Advances 45,371.81 Payment of Service Fee 89,112.77 Payment of Interest and Principal 14,707,632.11 Total Withdrawals (Pool Distribution Amount) 14,842,116.69 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 89,112.77 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 89,112.77
OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Net Wac 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 1,705,906.77 0.00 0.00 1,705,906.77 30 Days 12 0 0 0 12 2,640,587.59 0.00 0.00 0.00 2,640,587.59 60 Days 8 1 0 0 9 1,832,756.96 200,701.47 0.00 0.00 2,033,458.43 90 Days 3 0 0 0 3 673,057.58 0.00 0.00 0.00 673,057.58 120 Days 0 0 1 0 1 0.00 0.00 132,816.65 0.00 132,816.65 150 Days 0 0 1 0 1 0.00 0.00 61,199.75 0.00 61,199.75 180+ Days 1 0 6 4 11 179,642.28 0.00 997,207.81 699,656.57 1,876,506.66 Totals 24 9 8 4 45 5,326,044.41 1,906,608.24 1,191,224.21 699,656.57 9,123,533.43 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 0.339703% 0.000000% 0.000000% 0.339703% 0.410339% 0.000000% 0.000000% 0.410339% 30 Days 0.509554% 0.000000% 0.000000% 0.000000% 0.509554% 0.635167% 0.000000% 0.000000% 0.000000% 0.635167% 60 Days 0.339703% 0.042463% 0.000000% 0.000000% 0.382166% 0.440851% 0.048277% 0.000000% 0.000000% 0.489128% 90 Days 0.127389% 0.000000% 0.000000% 0.000000% 0.127389% 0.161897% 0.000000% 0.000000% 0.000000% 0.161897% 120 Days 0.000000% 0.000000% 0.042463% 0.000000% 0.042463% 0.000000% 0.000000% 0.031948% 0.000000% 0.031948% 150 Days 0.000000% 0.000000% 0.042463% 0.000000% 0.042463% 0.000000% 0.000000% 0.014721% 0.000000% 0.014721% 180+ Days 0.042463% 0.000000% 0.254777% 0.169851% 0.467091% 0.043211% 0.000000% 0.239868% 0.168295% 0.451375% Totals 1.019108% 0.382166% 0.339703% 0.169851% 1.910828% 1.281126% 0.458615% 0.286537% 0.168295% 2.194574%
OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 48,706.64
COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 6.238671% Weighted Average Net Coupon 5.988671% Weighted Average Pass-Through Rate 5.988671% Weighted Average Maturity(Stepdown Calculation ) 321 Beginning Scheduled Collateral Loan Count 2,409 Number Of Loans Paid In Full 54 Ending Scheduled Collateral Loan Count 2,355 Beginning Scheduled Collateral Balance 427,741,292.00 Ending Scheduled Collateral Balance 415,195,600.88 Ending Actual Collateral Balance at 31-Oct-2004 415,731,482.31 Monthly P &I Constant 2,815,006.18 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 415,195,600.88 Scheduled Principal 591,225.33 Unscheduled Principal 11,954,465.79 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 314,776.31 Overcollateralized reduction Amount 0.00 Specified O/C Amount 7,365,227.00 Overcollateralized Amount 5,949,042.41 Overcollateralized Deficiency Amount 1,416,184.60 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 314,776.31 Excess Cash Amount 342,049.22
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 0.009141%
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