8-K 1 abfs2003_1nov.txt 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 17, 2003 BEAR STEARNS ASSET BACKED SECURITIES INC., (as depositor under the Pooling and Servicing Agreement, dated March 1, 2003 providing for the issuance of ABFS Mortgage Loan Trust 2003-1 Mortgage Pass-Through Certificates, Series 2003-1, Class A, Class A-IO, Class M, Class X, Class I and Class R) BEAR STEARNS ASSET BACKED SECURITIES INC. (Exact name of registrant as specified in its charter) Delaware 333-91334-03 13-3836437 (State or other (Commission File Number) (IRS Employer jurisdiction of Identification No.) incorporation) 245 Park Avenue New York, New York 10167 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code : (212) 272-4095 N/A (Former name or former address, if changed since last report.) Item 5. Other Events. This current report on Form 8-K relates to the monthly distribution reported to the holders of ABFS Mortgage Loan Trust 2003-1 Mortgage Pass-Through Certificates, Series 2003-1 pursuant to the terms of the Pooling and Servicing Agreement, dated as of March 1, 2003 among Bear Stearns Asset Backed Securities, Inc. as Depositor, American Business Credit Inc., as Servicer, and JPMorgan Chase Bank, as Trustee, Collateral Agent and Back-up Servicer. On November 17, 2003 distributions were made to the Certificateholders. Specific information with respect to these distributions is filed as Exhibit 99.1. Item 7. Financial Statements and Exhibits. (a) Not applicable (b) Not applicable (c) The following exhibit is filed as part of this report: Statement to Certificateholders on November 17, 2003 as Exhibit 99.1. -2- BEAR STEARNS ASSET BACKED SECURITIES INC. ABFS Mortgage Loan Trust 2003-1 Mortgage Pass-Through Certificates, Series 2003-1 ----------------------------------------------------------------------------- SIGNATURE 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. JPMorgan Chase Bank, Date: November 17, 2003 By: /s/ Jennifer McCourt ----------------------------- Jennifer McCourt Vice President -3- INDEX TO EXHIBITS Exhibit Number Description of Exhibits 99.1 Statement to Certificateholders November 17, 2003 -4- Exhibit 99.1 Statement to Certificateholders November 17, 2003 -5- ABFS MORTGAGE LOAN TRUST 2003-1 STATEMENT TO CERTIFICATEHOLDERS November 17, 2003 ----------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTION IN DOLLARS ----------------------------------------------------------------------------------------------------------------------------------- ORIGINAL BEGINNING ENDING FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE ---------------------------------------------------------------------------------------------------------------------------------- A 387,000,000.00 345,408,565.10 15,957,191.51 1,088,036.98 17,045,228.49 0.00 0.00 329,451,373.59 M 63,000,000.00 63,000,000.00 0.00 151,305.00 151,305.00 0.00 0.00 63,000,000.00 R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 TOTALS 450,000,000.00 408,408,565.10 15,957,191.51 1,239,341.98 17,196,533.49 0.00 0.00 392,451,373.59 AIO 118,125,000.00 112,106,250.00 0.00 373,687.50 373,687.50 0.00 0.00 112,106,250.00 X 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 I 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 M1 25,875,000.00 25,875,000.00 0.00 62,143.13 62,143.13 0.00 0.00 25,875,000.00 M2 23,625,000.00 23,625,000.00 0.00 56,739.38 56,739.38 0.00 0.00 23,625,000.00 M3 13,500,000.00 13,500,000.00 0.00 32,422.50 32,422.50 0.00 0.00 13,500,000.00 --------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------ FACTOR INFORMATION PER $1,000 OF ORIGINAL FACE ------------------------------------------------------------------------------------------------------ BEGINNING ENDING PASS-THROUGH RATES CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL CLASS CURRENT ------------------------------------------------------------------------------------------------------- --------------------- A 000759DE7 892.52859199 41.23305300 2.81146506 44.04451806 851.29553899 A 3.780000 % M 000759DG2 1,000.00000000 0.00000000 2.40166667 2.40166667 1,000.00000000 M 2.620000 % TOTALS 907.57458911 35.46042558 2.75409329 38.21451887 872.11416353 AIO 000759DF4 949.04761905 0.00000000 3.16349206 3.16349206 949.04761905 AIO 4.000000 % M1 000759DG2 1,000.00000000 0.00000000 2.40166686 2.40166686 1,000.00000000 M1 2.620000 % M2 000759DG2 1,000.00000000 0.00000000 2.40166688 2.40166688 1,000.00000000 M2 2.620000 % M3 000759DG2 1,000.00000000 0.00000000 2.40166667 2.40166667 1,000.00000000 M3 2.620000 % ------------------------------------------------------------------------------------------------------- --------------------- IF THERE, ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: Joseph M. Costantino JPMorgan Chase Bank - Structured Finance Services 450 W. 33rd St New York, New York 10001 Tel: (212) 946-3881 Fax: (212) 946-8302 Email: Joseph.M.Costantino@JPMorgan.com

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): October 31, 2003

Delaware 333-91334-03 13-3836437

(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

383 Madison Avenue New York, NY 10179

(Address of principal executive offices) Zip Code

Registrant's telephone, including area code: (212) 272-2000

ITEM 5. Other Events

The following brief summary of a certain agreement entered into by us does not describe all material terms of the agreement and is qualified entirely by reference to such agreement, attached hereto as Exhibit 4.1.

On October 31, 2003, Bear Stearns Asset Backed Securities, Inc. (the "Depositor"), American Business Credit, Inc. ("ABC"), EMC Mortgage Corporation ("EMC") and JPMorgan Chase Bank, as trustee, entered into an amendment (the "Amendment") to the Pooling and Servicing Agreement, dated as of March 1, 2003, among the Depositor, ABC, as servicer, and JPMorgan Chase Bank, as trustee, collateral agent and back-up servicer. Under the terms of the Amendment, EMC has replaced JPMorgan Chase Bank as the back-up servicer. In addition, under the terms of the Amendment, ABC was designated as the servicer of the mortgage loans for a term of 90 days commencing October 31, 2003. Radian Asset Assurance, Inc., as the certificate insurer (the "Certificate Insurer"), may, in its sole discretion, direct the Trustee to send a written notice to ABC extending any such term for one or more terms of 90 days, or such longer terms as may be specified in the notice by the Certificate Insurer.

Exhibit No. 4.1 Amendment to the Pooling and Servicing Agreement

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.

Date: November 10, 2003 BEAR STEARNS ASSET BACKED SECURITIES, INC. By: /s/ Jonathan Lieberman Name: Jonathan Lieberman Title: Senior Managing Director

EXHIBIT INDEX

Exhibit Number 4.1 Description Amendment No. 1 to the Pooling and Servicing Agreement, among Bear Stearns Asset Backed Securities, Inc., American Business Credit, Inc., EMC Mortgage Corporation and JPMorgan Chase Bank, as Trustee, dated as of October 31, 2003.

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