-----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, ClGsk4AEJhroGHX0V947DeMLHIOBSNpR6it3vtCkZ42u1ELVZunq00+r5UJdVMKl Dc0NlNq08SHt+eqKENm8VA== 0001056404-04-003116.txt : 20040927 0001056404-04-003116.hdr.sgml : 20040927 20040927072447 ACCESSION NUMBER: 0001056404-04-003116 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: BEAR STEARNS ASSET-BACKED CERTIFICATES SERIES 2004-SD1 CENTRAL INDEX KEY: 0001285497 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: 333-91334-25 FILM NUMBER: 041046115 BUSINESS ADDRESS: STREET 1: 245 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10167 8-K 1 bsa04sd1_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 2004-SD1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-25 54-2147339 Pooling and Servicing Agreement) (Commission 54-2147340 (State or other File Number) IRS EIN jurisdiction 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 2004-SD1 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-SD1 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 2004-SD1 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: 9/24/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2004-SD1 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: 2004-SD1 Contact: CTSLink Customer Service Wells Fargo Bank, N.A. Corporate Trust Services 9062 Old Annapolis Road Columbia, MD 21045-1951 Telephone: (301) 815-6600 Fax: (301) 815-6600 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A-1 07384YSD9 SEN 1.78500% 89,106,603.36 145,800.68 5,515,176.81 A-2 07384YSE7 SEN 2.06500% 80,997,000.00 153,320.57 0.00 M-1 07384YSF4 MEZ 4.98000% 8,204,000.00 34,046.60 0.00 M-2 07384YSG2 MEZ 5.32000% 6,541,000.00 28,998.43 0.00 M-3 07384YSH0 MEZ 5.50000% 5,765,000.00 26,422.92 0.00 B 07384YSJ6 SUB 5.50000% 2,217,006.00 10,161.28 0.00 BIO 07384YSU1 IO 0.00000% 0.00 573,005.87 0.00 OC BSA03S3OC OC 0.00000% 2,217,280.07 0.00 0.00 R-1 07384YSM9 RES 0.00000% 0.00 0.00 0.00 R-2 07384YSN7 RES 0.00000% 0.00 0.00 0.00 Totals 195,047,889.43 971,756.35 5,515,176.81
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 83,591,426.55 5,660,977.49 0.00 A-2 0.00 80,997,000.00 153,320.57 0.00 M-1 0.00 8,204,000.00 34,046.60 0.00 M-2 0.00 6,541,000.00 28,998.43 0.00 M-3 0.00 5,765,000.00 26,422.92 0.00 B 0.00 2,217,006.00 10,161.28 0.00 BIO 0.00 0.00 573,005.87 0.00 OC 0.00 2,217,280.07 0.00 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 Totals 0.00 189,532,712.62 6,486,933.16 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-1 118,004,000.00 89,106,603.36 0.00 5,515,176.81 0.00 0.00 A-2 80,997,000.00 80,997,000.00 0.00 0.00 0.00 0.00 M-1 8,204,000.00 8,204,000.00 0.00 0.00 0.00 0.00 M-2 6,541,000.00 6,541,000.00 0.00 0.00 0.00 0.00 M-3 5,765,000.00 5,765,000.00 0.00 0.00 0.00 0.00 B 2,217,006.00 2,217,006.00 0.00 0.00 0.00 0.00 BIO 0.00 0.00 0.00 0.00 0.00 0.00 OC 0.89 2,217,280.07 0.00 0.00 0.00 0.00 R-1 50.00 0.00 0.00 0.00 0.00 0.00 R-2 50.00 0.00 0.00 0.00 0.00 0.00 Totals 221,728,106.89 195,047,889.43 0.00 5,515,176.81 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 5,515,176.81 83,591,426.55 0.70837791 5,515,176.81 A-2 0.00 80,997,000.00 1.00000000 0.00 M-1 0.00 8,204,000.00 1.00000000 0.00 M-2 0.00 6,541,000.00 1.00000000 0.00 M-3 0.00 5,765,000.00 1.00000000 0.00 B 0.00 2,217,006.00 1.00000000 0.00 BIO 0.00 0.00 0.00000000 0.00 OC 0.00 2,217,280.00 2491325.92134831 0.00 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 Totals 5,515,176.81 189,532,712.62 0.85479787 5,515,176.81
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 118,004,000.00 755.11510932 0.00000000 46.73720221 0.00000000 A-2 80,997,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 8,204,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 6,541,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 5,765,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 2,217,006.00 1000.00000000 0.00000000 0.00000000 0.00000000 BIO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.892491325921.34831000 0.00000000 0.00000000 0.00000000 R-1 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-2 50.00 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 46.73720221 708.37790710 0.70837791 46.73720221 A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 BIO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.000000002491325921.34831000 2491325.92134831 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 (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-1 118,004,000.00 1.78500% 89,106,603.36 145,800.68 0.00 0.00 A-2 80,997,000.00 2.06500% 80,997,000.00 153,320.57 0.00 0.00 M-1 8,204,000.00 4.98000% 8,204,000.00 34,046.60 0.00 0.00 M-2 6,541,000.00 5.32000% 6,541,000.00 28,998.43 0.00 0.00 M-3 5,765,000.00 5.50000% 5,765,000.00 26,422.92 0.00 0.00 B 2,217,006.00 5.50000% 2,217,006.00 10,161.28 0.00 0.00 BIO 0.00 0.00000% 195,047,889.43 0.00 0.00 0.00 OC 0.89 0.00000% 2,217,280.07 0.00 0.00 0.00 R-1 50.00 0.00000% 0.00 0.00 0.00 0.00 R-2 50.00 0.00000% 0.00 0.00 0.00 0.00 Totals 221,728,106.89 398,750.48 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 0.00 145,800.68 0.00 83,591,426.55 A-2 0.00 0.00 153,320.57 0.00 80,997,000.00 M-1 0.00 0.00 34,046.60 0.00 8,204,000.00 M-2 0.00 0.00 28,998.43 0.00 6,541,000.00 M-3 0.00 0.00 26,422.92 0.00 5,765,000.00 B 0.00 0.00 10,161.28 0.00 2,217,006.00 BIO 0.00 0.00 573,005.87 0.00 189,532,712.62 OC 0.00 0.00 0.00 0.00 2,217,280.07 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 971,756.35 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-1 118,004,000.00 1.78500% 755.11510932 1.23555710 0.00000000 0.00000000 A-2 80,997,000.00 2.06500% 1000.00000000 1.89291665 0.00000000 0.00000000 M-1 8,204,000.00 4.98000% 1000.00000000 4.15000000 0.00000000 0.00000000 M-2 6,541,000.00 5.32000% 1000.00000000 4.43333282 0.00000000 0.00000000 M-3 5,765,000.00 5.50000% 1000.00000000 4.58333391 0.00000000 0.00000000 B 2,217,006.00 5.50000% 1000.00000000 4.58333446 0.00000000 0.00000000 BIO 0.00 0.00000% 879.67186539 0.00000000 0.00000000 0.00000000 OC 0.89 0.00000%2491325921.34831000 0.00000000 0.00000000 0.00000000 R-1 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 50.00 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 1.23555710 0.00000000 708.37790710 A-2 0.00000000 0.00000000 1.89291665 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 4.15000000 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 4.43333282 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 4.58333391 0.00000000 1000.00000000 B 0.00000000 0.00000000 4.58333446 0.00000000 1000.00000000 BIO 0.00000000 0.00000000 2.58427376 0.00000000 854.79825160 OC 0.00000000 0.00000000 0.00000000 0.000000002491325921.34831000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 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 6,535,981.09 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 120,755.14 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 6,656,736.23 Withdrawals Reimbursement for Servicer Advances 116,593.33 Payment of Service Fee 53,209.74 Payment of Interest and Principal 6,486,933.16 Total Withdrawals (Pool Distribution Amount) 6,656,736.23 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 53,209.74 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 53,209.74
OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Financial Guaranty 0.00 0.00 0.00 0.00 Reserve Fund 0.00 0.00 0.00 0.00
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 20 0 0 20 2,333,455.23 0.00 0.00 2,333,455.23 30 Days 51 5 0 0 56 5,682,863.30 554,463.63 0.00 0.00 6,237,326.93 60 Days 31 5 2 0 38 3,690,245.76 554,254.26 422,119.82 0.00 4,666,619.84 90 Days 10 1 2 0 13 1,274,069.59 103,290.03 612,495.68 0.00 1,989,855.30 120 Days 5 2 6 0 13 375,003.32 145,828.32 867,625.86 0.00 1,388,457.50 150 Days 4 2 5 0 11 408,147.80 211,154.23 1,036,929.12 0.00 1,656,231.15 180+ Days 2 2 5 1 10 485,456.06 214,951.00 589,172.07 118,938.82 1,408,517.95 Totals 103 37 20 1 161 11,915,785.83 4,117,396.70 3,528,342.55 118,938.82 19,680,463.90 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 1.529052% 0.000000% 0.000000% 1.529052% 1.228671% 0.000000% 0.000000% 1.228671% 30 Days 3.899083% 0.382263% 0.000000% 0.000000% 4.281346% 2.992287% 0.291950% 0.000000% 0.000000% 3.284237% 60 Days 2.370031% 0.382263% 0.152905% 0.000000% 2.905199% 1.943083% 0.291840% 0.222265% 0.000000% 2.457188% 90 Days 0.764526% 0.076453% 0.152905% 0.000000% 0.993884% 0.670856% 0.054387% 0.322507% 0.000000% 1.047750% 120 Days 0.382263% 0.152905% 0.458716% 0.000000% 0.993884% 0.197456% 0.076785% 0.456845% 0.000000% 0.731086% 150 Days 0.305810% 0.152905% 0.382263% 0.000000% 0.840979% 0.214908% 0.111182% 0.545990% 0.000000% 0.872081% 180+ Days 0.152905% 0.152905% 0.382263% 0.076453% 0.764526% 0.255615% 0.113182% 0.310226% 0.062627% 0.741649% Totals 7.874618% 2.828746% 1.529052% 0.076453% 12.308869% 6.274205% 2.167997% 1.857833% 0.062627% 10.362662%
OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 120,755.14
COLLATERAL STATEMENT Collateral Description Fixed 30 Year Weighted Average Gross Coupon 6.306395% Weighted Average Net Coupon 5.979031% Weighted Average Pass-Through Rate 5.979031% Weighted Average Maturity(Stepdown Calculation ) 294 Beginning Scheduled Collateral Loan Count 1,335 Number Of Loans Paid In Full 27 Ending Scheduled Collateral Loan Count 1,308 Beginning Scheduled Collateral Balance 195,047,889.43 Ending Scheduled Collateral Balance 189,532,712.62 Ending Actual Collateral Balance at 31-Aug-2004 189,917,073.61 Monthly P &I Constant 1,386,707.88 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 189,532,712.62 Scheduled Principal 361,666.94 Unscheduled Principal 5,153,509.87 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 2,217,280.07 Overcollateralized Amount 2,217,280.07 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 573,005.87
Three month rolling delinquency % 5.767872% Trigger Event NO Yield Maintenance 0.00
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