8-K 1 bsa02ac2.txt JULY 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): July 25, 2002 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset-Backed Certificates, Series 2002-AC2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-43091-12 Pooling and Servicing Agreement) (Commission 02-0606786 (State or other File Number) 01-0698820 jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank Minnesota, 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) ITEM 5. Other Events On July 25, 2002 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset-Backed Certificates, Series 2002-AC2 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset-Backed Certificates, Series 2002-AC2 Trust, relating to the July 25, 2002 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 2002-AC2 Trust By: Wells Fargo Bank Minnesota, N.A. as Securities Administrator By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 7/30/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset-Backed Certificates, Series 2002-AC2 Trust, relating to the July 25, 2002 distribution. EX-99.1

Bear Stearns Asset Backed Securities Asset-Backed Certificates Record Date: 46/30/02 Distribution Date: 57/2825/02 BSA Series: 2002-AC2 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, 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 07384YDD5 SEN 6.75000% 4027,~~460~~960,~~000~~964.0055 ~~227~~157,~~587~~280.5043 28,~~152~~098,~~790~~737.2365 A-2 07384YDE3 SEN 4.70000% 27,775,724.00 108,788.25 0.00 A-3 07384YDF0 SEN 2.~~25000~~19000% 32,537,276.00 6159,~~007~~380.3953 0.00 A-4 07384YDG8 SEN 6.~~25000~~31000% 0.00 ~~169~~171,~~464~~091.9884 0.00 A-5 07384YDH6 SEN 2.~~40000~~34000% 3331,~~314~~231,~~285~~112.0048 6660,~~628~~900.5767 ~~358~~1,~~798~~349,789.3657 A-6 07384YDJ2 SEN 6.~~10000~~16000% 0.00 ~~169~~160,~~347~~319.6271 0.00 A-7 07384YDK9 SEN 6.25000% 99,112,715.00 516,212.06 0.00 A-8 07384YDL7 SEN 0.50000% 0.00 41,296.96 0.00 A-9 07384YDM5 SEN 6.50000% 29,100,000.00 157,625.00 0.00 A-10 07384YDN3 SEN 0.50000% 0.00 12,125.00 0.00 PO 07384YDQ6 PO 0.00000% 1,~~505~~483,~~268~~716.8423 0.00 1,~~770~~871.4947 X-1 07384YDP8 SEN 0.~~88269~~86330% 0.00 ~~213~~198,~~829~~598.2752 0.00 B-1 07384YDR4 SUB 7.00000% 9,~~447~~434,~~600~~320.0024 55,~~111~~033.0053 6,~~610~~750.2002 B-2 07384YDS2 SUB 7.00000% 5,~~232~~225,~~500~~145.0008 30,~~522~~480.9201 3,~~661~~738.0246 B-3 07384YDT0 SUB 7.00000% 4,~~651~~644,~~100~~562.0031 27,~~131~~093.4228 3,~~254~~323.2307 B-4 07384YDW3 SUB 7.00000% 1,~~744~~741,~~200~~748.0031 10,~~174~~160.5020 1,~~220~~246.3618 B-5 07384YDY9 SUB 7.00000% 2,~~034~~032,~~900~~039.0070 11,~~870~~853.2556 1,~~423~~453.7687 B-6 07384YEA0 SUB 7.00000% 3,~~779~~774,~~816~~503.0089 22,~~048~~017.9394 2,~~644~~700.6256 R-1 07384YDU7 RES 7.00000% 500.00 0.2900 500.00 R-2 07384YDV5 RES 7.00000% 500.00 0.3000 500.00 Totals ~~290~~276,~~695~~053,~~484~~827.8479 1,~~900~~800,~~772~~257.2149 29,~~532~~469,~~273~~610.2785

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 3819,~~307~~862,~~209~~226.7791 28,~~380~~256,~~377~~018.7308 0.00 A-2 0.00 27,775,724.00 108,788.25 0.00 A-3 0.00 32,537,276.00 6159,~~007~~380.3953 0.00 A-4 0.00 0.00 ~~169~~171,~~464~~091.9884 0.00 A-5 0.00 3229,~~955~~881,~~486~~322.6490 ~~425~~1,~~426~~410,690.9324 0.00 A-6 0.00 0.00 ~~169~~160,~~347~~319.6271 0.00 A-7 0.00 99,112,715.00 516,212.06 0.00 A-8 0.00 0.00 41,296.96 0.00 A-9 0.00 29,100,000.00 157,625.00 0.00 A-10 0.00 0.00 12,125.00 0.00 PO 0.00 1,~~503~~481,~~498~~844.3576 1,~~770~~871.4947 0.00 X-1 0.00 0.00 ~~213~~198,~~829~~598.2752 0.00 B-1 0.00 9,~~440~~427,~~989~~570.8021 61,~~721~~783.2055 0.00 B-2 0.00 5,~~228~~221,~~838~~406.9862 34,~~183~~218.9447 0.00 B-3 0.00 4,~~647~~641,~~845~~239.7724 30,~~385~~416.6535 0.00 B-4 0.00 1,~~742~~740,~~979~~502.6413 11,~~394~~406.8638 0.00 B-5 0.00 2,~~033~~030,~~476~~585.2482 13,~~294~~307.0143 0.00 B-6 0.00 3,~~777~~771,~~171~~803.3833 24,~~693~~718.5550 0.00 R-1 0.00 0.00 500.2900 0.00 R-2 0.00 0.00 500.3000 0.00 Totals 0.00 ~~288~~266,~~163~~584,~~211~~216.5792 411,~~433~~269,~~045~~868.4834 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 40,460,000.00 4027,~~460~~960,~~000~~964.0055 ~~157~~151,~~299~~916.53 17,~~995~~946,~~490~~821.7112 0.00 0.00 A-2 27,775,724.00 27,775,724.00 0.00 0.00 0.00 0.00 A-3 32,537,276.00 32,537,276.00 0.00 0.00 0.00 0.00 A-4 0.00 0.00 0.00 0.00 0.00 0.00 A-5 33,314,285.00 3331,~~314~~231,~~285~~112.0048 2625,~~216~~319.5942 ~~332~~1,~~581~~324,470.7815 0.00 0.00 A-6 0.00 0.00 0.00 0.00 0.00 0.00 A-7 99,112,715.00 99,112,715.00 0.00 0.00 0.00 0.00 A-8 0.00 0.00 0.00 0.00 0.00 0.00 A-9 29,100,000.00 29,100,000.00 0.00 0.00 0.00 0.00 A-10 0.00 0.00 0.00 0.00 0.00 0.00 PO 1,505,268.84 1,~~505~~483,~~268~~716.8423 1,~~690~~697.9164 79173.5983 0.00 0.00 X-1 0.00 0.00 0.00 0.00 0.00 0.00 B-1 9,447,600.00 9,~~447~~434,~~600~~320.0024 6,~~610~~750.2002 0.00 0.00 0.00 B-2 5,232,500.00 5,~~232~~225,~~500~~145.0008 3,~~661~~738.0246 0.00 0.00 0.00 B-3 4,651,100.00 4,~~651~~644,~~100~~562.0031 3,~~254~~323.2307 0.00 0.00 0.00 B-4 1,744,200.00 1,~~744~~741,~~200~~748.0031 1,~~220~~246.3618 0.00 0.00 0.00 B-5 2,034,900.00 2,~~034~~032,~~900~~039.0070 1,~~423~~453.7687 0.00 0.00 0.00 B-6 3,779,816.00 3,~~779~~774,~~816~~503.0089 2,~~644~~700.6256 0.00 0.00 0.00 R-1 50.00 500.00 30.6500 460.3500 0.00 0.00 R-2 50.00 500.00 30.6500 460.3500 0.00 0.00 Totals 290,695,484.84 ~~290~~276,~~695~~053,~~484~~827.8479 ~~204~~198,~~028~~145.5275 29,~~328~~271,~~244~~465.7810 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 28,~~152~~098,~~790~~737.2365 3819,~~307~~862,~~209~~226.7791 0.~~94679213~~49091021 28,~~152~~098,~~790~~737.2365 A-2 0.00 27,775,724.00 1.00000000 0.00 A-3 0.00 32,537,276.00 1.00000000 0.00 A-4 0.00 0.00 0.00000000 0.00 A-5 ~~358~~1,~~798~~349,789.3657 3229,~~955~~881,~~486~~322.6490 0.~~98922989~~89695225 ~~358~~1,~~798~~349,789.3657 A-6 0.00 0.00 0.00000000 0.00 A-7 0.00 99,112,715.00 1.00000000 0.00 A-8 0.00 0.00 0.00000000 0.00 A-9 0.00 29,100,000.00 1.00000000 0.00 A-10 0.00 0.00 0.00000000 0.00 PO 1,~~770~~871.4947 1,~~503~~481,~~498~~844.3576 0.~~99882380~~98443861 1,~~770~~871.4947 X-1 0.00 0.00 0.00000000 0.00 B-1 6,~~610~~750.2002 9,~~440~~427,~~989~~570.8021 0.~~99930033~~99787991 6,~~610~~750.2002 B-2 3,~~661~~738.0246 5,~~228~~221,~~838~~406.9862 0.~~99930033~~99787991 3,~~661~~738.0246 B-3 3,~~254~~323.2307 4,~~647~~641,~~845~~239.7724 0.~~99930033~~99787991 3,~~254~~323.2307 B-4 1,~~220~~246.3618 1,~~742~~740,~~979~~502.6413 0.~~99930033~~99787990 1,~~220~~246.3618 B-5 1,~~423~~453.7687 2,~~033~~030,~~476~~585.2482 0.~~99930033~~99787991 1,~~423~~453.7687 B-6 2,~~644~~700.6256 3,~~777~~771,~~171~~803.3833 0.~~99930033~~99788014 2,~~644~~700.6256 R-1 500.00 0.00 0.00000000 500.00 R-2 500.00 0.00 0.00000000 500.00 Totals 29,~~532~~469,~~273~~610.2785 ~~288~~266,~~163~~584,~~211~~216.5792 0.~~99128891~~91705661 29,~~532~~469,~~273~~610.2785

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 40,460,000.00 ~~1000~~691.~~00000000~~07673134 3.~~88777879~~75473381 49196.~~32008675~~41179239 0.00000000 A-2 27,775,724.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-3 32,537,276.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-4 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A-5 33,314,285.00 ~~1000~~937.~~00000000~~46909111 0.~~78694740~~76001691 939.~~98315828~~75682354 0.00000000 A-6 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A-7 99,112,715.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-8 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A-9 29,100,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-10 0.00 0.00000000 0.00000000 0.00000000 0.00000000 PO 1,505,268.84 ~~1000~~985.~~00000000~~68188657 1.~~12332758~~12779854 0.~~05287428~~11548103 0.00000000 X-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 B-1 9,447,600.00 ~~1000~~998.~~00000000~~59437741 0.~~69966976~~71446928 0.00000000 0.00000000 B-2 5,232,500.00 ~~1000~~998.~~00000000~~59437745 0.~~69966937~~71446918 0.00000000 0.00000000 B-3 4,651,100.00 ~~1000~~998.~~00000000~~59437767 0.~~69966890~~71446970 0.00000000 0.00000000 B-4 1,744,200.00 ~~1000~~998.~~00000000~~59437564 0.~~69966747~~71447082 0.00000000 0.00000000 B-5 2,034,900.00 ~~1000~~998.~~00000000~~59437810 0.~~69967075~~71446754 0.00000000 0.00000000 B-6 3,779,816.00 ~~1000~~998.~~00000000~~59461148 0.~~69966898~~71446864 0.00000000 0.00000000 R-1 50.00 ~~1000~~0.00000000 730.00000000 ~~927~~0.00000000 0.00000000 R-2 50.00 ~~1000~~0.00000000 730.00000000 ~~927~~0.00000000 0.00000000 Per $1000 denomination.

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 53200.~~20786530~~16652620 ~~946~~490.~~79213470~~91020539 0.~~94679213~~49091021 53200.~~20786530~~16652620 A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-5 0.00000000 1040.~~77010538~~51684045 ~~989~~896.~~22989462~~95225036 0.~~98922989~~89695225 1040.~~77010538~~51684045 A-6 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-8 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-9 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-10 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 PO 0.00000000 1.~~17619521~~24327957 ~~998~~984.~~82380479~~43860699 0.~~99882380~~98443861 1.~~17619521~~24327957 X-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 0.~~69966976~~71446928 ~~999~~997.~~30033024~~87990707 0.~~99930033~~99787991 0.~~69966976~~71446928 B-2 0.00000000 0.~~69966937~~71446918 ~~999~~997.~~30033063~~87990827 0.~~99930033~~99787991 0.~~69966937~~71446918 B-3 0.00000000 0.~~69966890~~71446970 ~~999~~997.~~30033110~~87990798 0.~~99930033~~99787991 0.~~69966890~~71446970 B-4 0.00000000 0.~~69966747~~71447082 ~~999~~997.~~30033253~~87990483 0.~~99930033~~99787990 0.~~69966747~~71447082 B-5 0.00000000 0.~~69967075~~71446754 ~~999~~997.~~30032925~~87990565 0.~~99930033~~99787991 0.~~69967075~~71446754 B-6 0.00000000 0.~~69966898~~71446864 ~~999~~997.~~30033102~~88014284 0.~~99930033~~99788014 0.~~69966898~~71446864 R-1 0.00000000 ~~1,000~~0.00000000 0.00000000 0.00000000 ~~1,000~~0.00000000 R-2 0.00000000 ~~1,000~~0.00000000 0.00000000 0.00000000 ~~1,000~~0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankrupcy, 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 40,460,000.00 6.75000% 4027,~~460~~960,~~000~~964.0055 ~~227~~157,~~587~~280.5043 0.00 0.00 A-2 27,775,724.00 4.70000% 27,775,724.00 108,788.25 0.00 0.00 A-3 32,537,276.00 2.~~25000~~19000% 32,537,276.00 6159,~~007~~380.3953 0.00 0.00 A-4 0.00 6.~~25000~~31000% 32,537,276.00 ~~169~~171,~~464~~091.9884 0.00 0.00 A-5 33,314,285.00 2.~~40000~~34000% 3331,~~314~~231,~~285~~112.0048 6660,~~628~~900.5767 0.00 0.00 A-6 0.00 6.~~10000~~16000% 3331,~~314~~231,~~285~~112.0048 ~~169~~160,~~347~~319.6271 0.00 0.00 A-7 99,112,715.00 6.25000% 99,112,715.00 516,212.06 0.00 0.00 A-8 0.00 0.50000% 99,112,715.00 41,296.96 0.00 0.00 A-9 29,100,000.00 6.50000% 29,100,000.00 157,625.00 0.00 0.00 A-10 0.00 0.50000% 29,100,000.00 12,125.00 0.00 0.00 PO 1,505,268.84 0.00000% 1,~~505~~483,~~268~~716.8423 0.00 0.00 0.00 X-1 0.00 0.~~88269~~86330% ~~290~~276,~~695~~053,~~485~~828.8069 ~~213~~198,~~829~~598.2752 0.00 0.00 B-1 9,447,600.00 7.00000% 9,~~447~~434,~~600~~320.0024 55,~~111~~033.0053 0.00 0.00 B-2 5,232,500.00 7.00000% 5,~~232~~225,~~500~~145.0008 30,~~522~~480.9201 0.00 0.00 B-3 4,651,100.00 7.00000% 4,~~651~~644,~~100~~562.0031 27,~~131~~093.4228 0.00 0.00 B-4 1,744,200.00 7.00000% 1,~~744~~741,~~200~~748.0031 10,~~174~~160.5020 0.00 0.00 B-5 2,034,900.00 7.00000% 2,~~034~~032,~~900~~039.0070 11,~~870~~853.2556 0.00 0.00 B-6 3,779,816.00 7.00000% 3,~~779~~774,~~816~~503.0089 22,~~048~~017.9394 0.00 0.00 R-1 50.00 7.00000% 500.00 0.2900 0.00 0.00 R-2 50.00 7.00000% 500.00 0.2900 0.00 0.00 Totals 290,695,484.84 1,~~900~~800,~~772~~257.2049 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 ~~227~~157,~~587~~280.5043 0.00 3819,~~307~~862,~~209~~226.7791 A-2 0.00 0.00 108,788.25 0.00 27,775,724.00 A-3 0.00 0.00 6159,~~007~~380.3953 0.00 32,537,276.00 A-4 0.00 0.00 ~~169~~171,~~464~~091.9884 0.00 32,537,276.00 A-5 0.00 0.00 6660,~~628~~900.5767 0.00 3229,~~955~~881,~~486~~322.6490 A-6 0.00 0.00 ~~169~~160,~~347~~319.6271 0.00 3229,~~955~~881,~~486~~322.6490 A-7 0.00 0.00 516,212.06 0.00 99,112,715.00 A-8 0.00 0.00 41,296.96 0.00 99,112,715.00 A-9 0.00 0.00 157,625.00 0.00 29,100,000.00 A-10 0.00 0.00 12,125.00 0.00 29,100,000.00 PO 0.00 0.00 0.00 0.00 1,~~503~~481,~~498~~844.3576 X-1 0.00 0.00 ~~213~~198,~~829~~598.2752 0.00 ~~288~~266,~~163~~584,~~212~~217.5080 B-1 0.00 0.00 55,~~111~~033.0053 0.00 9,~~440~~427,~~989~~570.8021 B-2 0.00 0.00 30,~~522~~480.9201 0.00 5,~~228~~221,~~838~~406.9862 B-3 0.00 0.00 27,~~131~~093.4228 0.00 4,~~647~~641,~~845~~239.7724 B-4 0.00 0.00 10,~~174~~160.5020 0.00 1,~~742~~740,~~979~~502.6413 B-5 0.00 0.00 11,~~870~~853.2556 0.00 2,~~033~~030,~~476~~585.2482 B-6 0.00 0.00 22,~~048~~017.9394 0.00 3,~~777~~771,~~171~~803.3833 R-1 0.00 0.00 0.2900 0.00 0.00 R-2 0.00 0.00 0.3000 0.00 0.00 Totals 0.00 0.00 1,~~900~~800,~~772~~257.2149 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, 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 40,460,000.00 6.75000% ~~1000~~691.~~00000000~~07673134 53.~~62500000~~88730672 0.00000000 0.00000000 A-2 27,775,724.00 4.70000% 1000.00000000 3.91666658 0.00000000 0.00000000 A-3 32,537,276.00 2.~~25000~~19000% 1000.00000000 1.~~87499992~~82500004 0.00000000 0.00000000 A-4 0.00 6.~~25000~~31000% 1000.00000000 5.~~20833336~~25833324 0.00000000 0.00000000 A-5 33,314,285.00 2.~~40000~~34000% ~~1000~~937.~~00000000~~46909111 21.~~00000000~~82806475 0.00000000 0.00000000 A-6 0.00 6.~~10000~~16000% ~~1000~~937.~~00000000~~46909111 54.~~08333347~~81234131 0.00000000 0.00000000 A-7 99,112,715.00 6.25000% 1000.00000000 5.20833336 0.00000000 0.00000000 A-8 0.00 0.50000% 1000.00000000 0.41666662 0.00000000 0.00000000 A-9 29,100,000.00 6.50000% 1000.00000000 5.41666667 0.00000000 0.00000000 A-10 0.00 0.50000% 1000.00000000 0.41666667 0.00000000 0.00000000 PO 1,505,268.84 0.00000% ~~1000~~985.~~00000000~~68188657 0.00000000 0.00000000 0.00000000 X-1 0.00 0.~~88269~~86330% ~~1000~~949.~~00000000~~63232033 0.~~73557823~~68318405 0.00000000 0.00000000 B-1 9,447,600.00 7.00000% ~~1000~~998.~~00000000~~59437741 5.~~83333333~~82513337 0.00000000 0.00000000 B-2 5,232,500.00 7.00000% ~~1000~~998.~~00000000~~59437745 5.~~83333397~~82513330 0.00000000 0.00000000 B-3 4,651,100.00 7.00000% ~~1000~~998.~~00000000~~59437767 5.~~83333405~~82513384 0.00000000 0.00000000 B-4 1,744,200.00 7.00000% ~~1000~~998.~~00000000~~59437564 5.~~83333333~~82513473 0.00000000 0.00000000 B-5 2,034,900.00 7.00000% ~~1000~~998.~~00000000~~59437810 5.~~83333333~~82513146 0.00000000 0.00000000 B-6 3,779,816.00 7.00000% ~~1000~~998.~~00000000~~59461148 5.~~83333422~~82513540 0.00000000 0.00000000 R-1 50.00 7.00000% ~~1000~~0.00000000 50.~~80000000~~00000000 0.00000000 0.00000000 R-2 50.00 7.00000% ~~1000~~0.00000000 50.~~80000000~~00000000 0.00000000 0.00000000 Per $1000 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 53.~~62500000~~88730672 0.00000000 ~~946~~490.~~79213470~~91020539 A-2 0.00000000 0.00000000 3.91666658 0.00000000 1000.00000000 A-3 0.00000000 0.00000000 1.~~87499992~~82500004 0.00000000 1000.00000000 A-4 0.00000000 0.00000000 5.~~20833336~~25833324 0.00000000 1000.00000000 A-5 0.00000000 0.00000000 21.~~00000000~~82806475 0.00000000 ~~989~~896.~~22989462~~95225036 A-6 0.00000000 0.00000000 54.~~08333347~~81234131 0.00000000 ~~989~~896.~~22989462~~95225036 A-7 0.00000000 0.00000000 5.20833336 0.00000000 1000.00000000 A-8 0.00000000 0.00000000 0.41666662 0.00000000 1000.00000000 A-9 0.00000000 0.00000000 5.41666667 0.00000000 1000.00000000 A-10 0.00000000 0.00000000 0.41666667 0.00000000 1000.00000000 PO 0.00000000 0.00000000 0.00000000 0.00000000 ~~998~~984.~~82380479~~43860699 X-1 0.00000000 0.00000000 0.~~73557823~~68318405 0.00000000 ~~991~~917.~~28891426~~05661361 B-1 0.00000000 0.00000000 5.~~83333333~~82513337 0.00000000 ~~999~~997.~~30033024~~87990707 B-2 0.00000000 0.00000000 5.~~83333397~~82513330 0.00000000 ~~999~~997.~~30033063~~87990827 B-3 0.00000000 0.00000000 5.~~83333405~~82513384 0.00000000 ~~999~~997.~~30033110~~87990798 B-4 0.00000000 0.00000000 5.~~83333333~~82513473 0.00000000 ~~999~~997.~~30033253~~87990483 B-5 0.00000000 0.00000000 5.~~83333333~~82513146 0.00000000 ~~999~~997.~~30032925~~87990565 B-6 0.00000000 0.00000000 5.~~83333422~~82513540 0.00000000 ~~999~~997.~~30033102~~88014284 R-1 0.00000000 0.00000000 50.~~80000000~~00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 60.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy,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 411,~~523~~328,~~473~~160.6336 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 3347,~~258~~892.2288 Realized Losses 0.00 Prepayment Penalties 0.00 Total Deposits 411,~~556~~376,~~731~~053.8524 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~123~~106,~~686~~184.3790 Payment of Interest and Principal 411,~~433~~269,~~045~~868.4834 Total Withdrawals (Pool Distribution Amount) 411,~~556~~376,~~731~~053.8524 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall ~~(230~~9,971.~~50)~~51 Servicing Fee Support ~~(230~~9,971.~~50)~~51 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00

SERVICING FEES Gross Servicing Fee ~~118~~111,~~610~~555.9554 Master Servicing Fee 4,~~844~~600.9287 Supported Prepayment/Curtailment Interest Shortfall ~~(230~~9,971.~~50)~~51 Net Servicing Fee ~~123~~106,~~686~~184.3790

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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 86 0 0 0 86 43,~~384~~118,~~278~~163.7059 0.00 0.00 0.00 43,~~384~~118,~~278~~163.7059 60 Days 05 0 0 0 05 02,216,854.0085 0.00 0.00 0.00 02,216,854.0085 90 Days 02 0 0 0 02 0874,387.0014 0.00 0.00 0.00 0874,387.0014 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 813 0 0 0 813 46,~~384~~209,~~278~~405.7058 0.00 0.00 0.00 46,~~384~~209,~~278~~405.7058 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 10.~~190476~~958466% 0.000000% 0.000000% 0.000000% 10.~~190476~~958466% 1.~~520454~~168872% 0.000000% 0.000000% 0.000000% 1.~~520454~~168872% 60 Days 0.~~000000~~798722% 0.000000% 0.000000% 0.000000% 0.~~000000~~798722% 0.~~000000~~831008% 0.000000% 0.000000% 0.000000% 0.~~000000~~831008% 90 Days 0.~~000000~~319489% 0.000000% 0.000000% 0.000000% 0.~~000000~~319489% 0.~~000000~~327772% 0.000000% 0.000000% 0.000000% 0.~~000000~~327772% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 12.~~190476~~076677% 0.000000% 0.000000% 0.000000% 12.~~190476~~076677% 12.~~520454~~327652% 0.000000% 0.000000% 0.000000% 12.~~520454~~327652%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 3347,~~258~~892.2288

COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 8.~~356076~~330610% Weighted Average Net Coupon 7.~~866447~~845680% Weighted Average Pass-Through Rate 7.~~846447~~825680% Weighted Average Maturity(Stepdown Calculation ) ~~342~~340 Beginning Scheduled Collateral Loan Count ~~678~~648 Number Of Loans Paid In Full 622 Ending Scheduled Collateral Loan Count ~~672~~626 Beginning Scheduled Collateral Balance ~~290~~276,~~695~~053,~~484~~827.8479 Ending Scheduled Collateral Balance ~~288~~266,~~163~~584,~~212~~216.4593 Ending Actual Collateral Balance at 30-~~Apr~~Jun-2002 ~~288~~266,~~353~~766,~~221~~928.3411 Monthly P &I Constant 2,~~228~~116,~~256~~484.6151 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 ~~288~~266,~~163~~584,~~212~~216.4593 Scheduled Principal ~~204~~198,~~028~~145.5376 Unscheduled Principal 29,~~328~~271,~~244~~465.7610

Miscellaneous Reporting Senior Percent 90.~~701582~~220232% Senior Prep Percent 100.000000% Subordinate Percent 9.~~298418~~779768% Subordinate Prep Percent 0.000000% Three Month Rolling Average 3,083,453.22 Prepayment Penalties 0.00

Filing Compare · BEAR STEARNS ASSET BCK SEC TR AS-BCK CER SER 2002-AC2