-----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, Q19Cqn4Ano6ZdvYne7baDYQzqgVpSjnpR5G72RVlUOqNW8NKB8xSQcItv5xD2YTA PsvuVXYfO+fecSdH/LxdKQ== 0001056404-04-004192.txt : 20041203 0001056404-04-004192.hdr.sgml : 20041203 20041203124046 ACCESSION NUMBER: 0001056404-04-004192 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 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BEAR STEARNS ASSET BACKED SECURITIES TRUST 2004 AC1 CENTRAL INDEX KEY: 0001281912 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: 333-91334-19 FILM NUMBER: 041182745 BUSINESS ADDRESS: STREET 1: 245 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10167 8-K 1 bsa04ac1_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 2004-AC1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-19 54-2144741 Pooling and Servicing Agreement) (Commission 54-2144742 (State or other File Number) 54-2144743 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 2004-AC1 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 2004-AC1 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 2004-AC1 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: 12/2/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2004-AC1 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: 2004-AC1 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 07384YQJ8 SEN 5.12500% 106,471,332.87 454,721.32 5,303,933.52 A-2 07384YQK5 SEN 2.43250% 35,903,497.59 72,779.38 1,788,554.34 A-3 07384YQL3 SEN 5.56750% 0.00 166,577.27 0.00 M-1 07384YQM1 SUB 2.48250% 10,857,469.07 23,958.82 540,871.36 M-2 07384YQN9 SUB 3.03250% 12,696,568.07 34,224.30 632,487.18 B 07384YQP4 SUB 3.73250% 9,193,902.98 30,503.33 457,999.81 C 07384YQQ2 SUB 0.00000% 2,420,785.22 0.00 0.00 P 07384YQS8 SUB 0.00000% 100.00 9,038.25 0.00 R-1 07384YQR0 RES 0.00000% 0.00 0.00 0.00 R-2 07384YQT6 RES 0.00000% 0.00 0.00 0.00 R-3 07384YQU3 RES 0.00000% 0.00 0.00 0.00 Totals 177,543,655.80 791,802.67 8,723,846.21
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 101,167,399.36 5,758,654.84 0.00 A-2 0.00 34,114,943.25 1,861,333.72 0.00 A-3 0.00 0.00 166,577.27 0.00 M-1 0.00 10,316,597.72 564,830.18 0.00 M-2 0.00 12,064,080.89 666,711.48 0.00 B 0.00 8,735,903.17 488,503.14 0.00 C 0.00 2,565,700.55 0.00 0.00 P 0.00 100.00 9,038.25 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 0.00 168,964,724.94 9,515,648.88 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-1 149,075,000.00 106,471,332.87 0.00 5,303,933.52 0.00 0.00 A-2 50,270,000.00 35,903,497.59 0.00 1,788,554.34 0.00 0.00 A-3 0.00 0.00 0.00 0.00 0.00 0.00 M-1 15,202,000.00 10,857,469.07 0.00 540,871.36 0.00 0.00 M-2 17,777,000.00 12,696,568.07 0.00 632,487.18 0.00 0.00 B 12,872,771.00 9,193,902.98 0.00 457,999.81 0.00 0.00 C 0.81 2,420,785.22 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 245,196,871.81 177,543,655.80 0.00 8,723,846.21 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 5,303,933.52 101,167,399.36 0.67863424 5,303,933.52 A-2 1,788,554.34 34,114,943.25 0.67863424 1,788,554.34 A-3 0.00 0.00 0.00000000 0.00 M-1 540,871.36 10,316,597.72 0.67863424 540,871.36 M-2 632,487.18 12,064,080.89 0.67863424 632,487.18 B 457,999.81 8,735,903.17 0.67863424 457,999.81 C 0.00 2,565,700.5167,531.54320988 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 8,723,846.21 168,964,724.94 0.68909821 8,723,846.21
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 149,075,000.00 714.21320054 0.00000000 35.57896039 0.00000000 A-2 50,270,000.00 714.21320052 0.00000000 35.57896041 0.00000000 A-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 15,202,000.00 714.21320024 0.00000000 35.57896066 0.00000000 M-2 17,777,000.00 714.21320077 0.00000000 35.57896045 0.00000000 B 12,872,771.00 714.21320087 0.00000000 35.57896043 0.00000000 C 0.81 988623728.39506000 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 35.57896039 678.63424021 0.67863424 35.57896039 A-2 0.00000000 35.57896041 678.63424010 0.67863424 35.57896041 A-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-1 0.00000000 35.57896066 678.63424023 0.67863424 35.57896066 M-2 0.00000000 35.57896045 678.63424031 0.67863424 35.57896045 B 0.00000000 35.57896043 678.63424044 0.67863424 35.57896043 C 0.00000000 0.00000000 3,167,531,543.20988000 3167531.54320988 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-1 149,075,000.00 5.12500% 106,471,332.87 454,721.32 0.00 0.00 A-2 50,270,000.00 2.43250% 35,903,497.59 72,779.38 0.00 0.00 A-3 0.00 5.56750% 35,903,497.59 166,577.27 0.00 0.00 M-1 15,202,000.00 2.48250% 10,857,469.07 23,958.82 0.00 0.00 M-2 17,777,000.00 3.03250% 12,696,568.07 34,224.30 0.00 0.00 B 12,872,771.00 3.73250% 9,193,902.98 30,503.33 0.00 0.00 C 0.81 0.00000% 2,420,785.22 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 245,196,871.81 782,764.42 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 0.00 454,721.32 0.00 101,167,399.36 A-2 0.00 0.00 72,779.38 0.00 34,114,943.25 A-3 0.00 0.00 166,577.27 0.00 34,114,943.25 M-1 0.00 0.00 23,958.82 0.00 10,316,597.72 M-2 0.00 0.00 34,224.30 0.00 12,064,080.89 B 0.00 0.00 30,503.33 0.00 8,735,903.17 C 0.00 0.00 0.00 0.00 2,565,700.55 P 0.00 0.00 9,038.25 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 0.00 791,802.67 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-1 149,075,000.00 5.12500% 714.21320054 3.05028556 0.00000000 0.00000000 A-2 50,270,000.00 2.43250% 714.21320052 1.44776964 0.00000000 0.00000000 A-3 0.00 5.56750% 714.21320052 3.31365168 0.00000000 0.00000000 M-1 15,202,000.00 2.48250% 714.21320024 1.57603079 0.00000000 0.00000000 M-2 17,777,000.00 3.03250% 714.21320077 1.92520110 0.00000000 0.00000000 B 12,872,771.00 3.73250% 714.21320087 2.36960092 0.00000000 0.00000000 C 0.81 0.00000% 988623728.39506000 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 3.05028556 0.00000000 678.63424021 A-2 0.00000000 0.00000000 1.44776964 0.00000000 678.63424010 A-3 0.00000000 0.00000000 3.31365168 0.00000000 678.63424010 M-1 0.00000000 0.00000000 1.57603079 0.00000000 678.63424023 M-2 0.00000000 0.00000000 1.92520110 0.00000000 678.63424031 B 0.00000000 0.00000000 2.36960092 0.00000000 678.63424044 C 0.00000000 0.00000000 0.00000000 0.00000000 167531543.20988000 P 0.00000000 0.00000000 90382.50000000 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 9,630,851.86 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 16,496.46 Realized Loss (Gains, Subsequent Expenses & Recoveries) (81,269.84) Prepayment Penalties 0.00 Total Deposits 9,566,078.48 Withdrawals Reimbursement for Servicer Advances 13,399.34 Payment of Service Fee 37,030.26 Payment of Interest and Principal 9,515,648.88 Total Withdrawals (Pool Distribution Amount) 9,566,078.48 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 36,988.24 Miscellaneous Fee 42.02 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 37,030.26
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 Class P Certificate Account 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 1 0 0 1 247,439.93 0.00 0.00 247,439.93 30 Days 4 0 0 0 4 706,081.60 0.00 0.00 0.00 706,081.60 60 Days 3 0 0 0 3 768,856.55 0.00 0.00 0.00 768,856.55 90 Days 0 0 1 0 1 0.00 0.00 89,303.67 0.00 89,303.67 120 Days 0 0 2 0 2 0.00 0.00 215,260.75 0.00 215,260.75 150 Days 0 0 1 0 1 0.00 0.00 32,375.61 0.00 32,375.61 180+ Days 0 1 3 0 4 0.00 131,105.95 542,154.79 0.00 673,260.74 Totals 7 2 7 0 16 1,474,938.15 378,545.88 879,094.82 0.00 2,732,578.85 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 0.118064% 0.000000% 0.000000% 0.118064% 0.146300% 0.000000% 0.000000% 0.146300% 30 Days 0.472255% 0.000000% 0.000000% 0.000000% 0.472255% 0.417475% 0.000000% 0.000000% 0.000000% 0.417475% 60 Days 0.354191% 0.000000% 0.000000% 0.000000% 0.354191% 0.454591% 0.000000% 0.000000% 0.000000% 0.454591% 90 Days 0.000000% 0.000000% 0.118064% 0.000000% 0.118064% 0.000000% 0.000000% 0.052801% 0.000000% 0.052801% 120 Days 0.000000% 0.000000% 0.236128% 0.000000% 0.236128% 0.000000% 0.000000% 0.127274% 0.000000% 0.127274% 150 Days 0.000000% 0.000000% 0.118064% 0.000000% 0.118064% 0.000000% 0.000000% 0.019142% 0.000000% 0.019142% 180+ Days 0.000000% 0.118064% 0.354191% 0.000000% 0.472255% 0.000000% 0.077517% 0.320552% 0.000000% 0.398069% Totals 0.826446% 0.236128% 0.826446% 0.000000% 1.889020% 0.872066% 0.223817% 0.519770% 0.000000% 1.615653%
OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 16,496.46
COLLATERAL STATEMENT Collateral Description Fixed 30 Year Weighted Average Gross Coupon 7.069678% Weighted Average Net Coupon 6.819678% Weighted Average Pass-Through Rate 6.819394% Weighted Average Maturity(Stepdown Calculation ) 338 Beginning Scheduled Collateral Loan Count 879 Number Of Loans Paid In Full 32 Ending Scheduled Collateral Loan Count 847 Beginning Scheduled Collateral Balance 177,543,555.80 Ending Scheduled Collateral Balance 168,964,624.93 Ending Actual Collateral Balance at 31-Oct-2004 169,131,551.06 Monthly P &I Constant 1,233,882.10 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 81,269.84 Cumulative Realized Loss 81,269.84 Ending Scheduled Balance for Premium Loans 168,964,624.93 Scheduled Principal 187,902.26 Unscheduled Principal 8,391,028.61 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 226,185.17 Overcollateralized reduction Amount 0.00 Specified O/C Amount 3,432,755.00 Overcollateralized Amount 2,565,700.55 Overcollateralized Deficiency Amount 867,054.45 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 226,185.17 Excess Cash Amount 235,223.42
Miscellaneous Reporting 3 MONTH ROLLING DELQ % 1.036780%
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