8-K 1 bsa02ac3.txt AUGUST 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): August 26, 2002 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset-Backed Certificates, Series 2002-AC3 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-43091-13 Pooling and Servicing Agreement) (Commission Pending (State or other File Number) IRS EIN jurisdiction 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 August 26, 2002 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset-Backed Certificates, Series 2002-AC3 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-AC3 Trust, relating to the August 26, 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-AC3 Trust By: Wells Fargo Bank, N. A. as Securities Administrator By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 9/3/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset- Backed Certificates, Series 2002-AC3 Trust, relating to the August 26, 2002 distribution. EX-99.1

Bear Stearns Asset Backed Securities Asset-Backed Certificates Record Date: 67/3031/02 Distribution Date: 78/2526/02 BSA Series: 2002-AC3 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 07384YEC6 SEN 1.~~99000~~98688% 9894,~~866~~424,~~000~~449.0068 ~~147~~166,~~557~~764.5149 46,~~441~~518,~~550~~891.3209 A-2 07384YED4 SEN 5.49000% 56,316,000.00 257,645.70 0.00 A-3 07384YEE2 SEN 6.40000% 48,522,000.00 258,784.00 0.00 A-4 07384YEF9 SEN 6.68000% 15,804,000.00 87,975.60 0.00 A-5 07384YEG7 SEN 6.74000% 23,249,000.00 130,581.88 0.00 A-IO 07384YEH5 IO 8.00000% 0.00 173,120.00 0.00 M-1 07384YEJ1 MEZ 6.65000% 9,087,000.00 50,357.13 0.00 M-2 07384YEK8 MEZ 6.99000% 4,544,000.00 26,468.80 0.00 B 07384YEL6 SUB 7.00000% 3,245,000.00 18,929.17 0.00 B-IO 07383GBZ8 OC 0.00000% 209.93 ~~579~~530,~~779~~188.2412 0.00 R-I 07383GBT2 RES 0.00000% 0.00 0.00 0.00 R-II 07383GBV7 RES 0.00000% 0.00 0.00 0.00 R-III 07383GBX3 RES 0.00000% 0.00 0.00 0.00 Totals ~~259~~255,~~633~~191,~~209~~659.9361 1,~~731~~700,~~199~~814.0389 46,~~441~~518,~~550~~891.3209

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 9487,~~424~~905,~~449~~558.6859 46,~~589~~685,~~107~~655.8358 0.00 A-2 0.00 56,316,000.00 257,645.70 0.00 A-3 0.00 48,522,000.00 258,784.00 0.00 A-4 0.00 15,804,000.00 87,975.60 0.00 A-5 0.00 23,249,000.00 130,581.88 0.00 A-IO 0.00 0.00 173,120.00 0.00 M-1 0.00 9,087,000.00 50,357.13 0.00 M-2 0.00 4,544,000.00 26,468.80 0.00 B 0.00 3,245,000.00 18,929.17 0.00 B-IO 0.00 209.93 ~~579~~530,~~779~~188.2412 0.00 R-I 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 Totals 0.00 ~~255~~248,~~191~~672,~~659~~768.6152 68,~~172~~219,~~749~~705.3598 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 98,866,000.00 9894,~~866~~424,~~000~~449.0068 0.00 46,~~441~~518,~~550~~891.3209 0.00 0.00 A-2 56,316,000.00 56,316,000.00 0.00 0.00 0.00 0.00 A-3 48,522,000.00 48,522,000.00 0.00 0.00 0.00 0.00 A-4 15,804,000.00 15,804,000.00 0.00 0.00 0.00 0.00 A-5 23,249,000.00 23,249,000.00 0.00 0.00 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 9,087,000.00 9,087,000.00 0.00 0.00 0.00 0.00 M-2 4,544,000.00 4,544,000.00 0.00 0.00 0.00 0.00 B 3,245,000.00 3,245,000.00 0.00 0.00 0.00 0.00 B-IO 209.93 209.93 0.00 0.00 0.00 0.00 R-I 0.00 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 0.00 0.00 Totals 259,633,209.93 ~~259~~255,~~633~~191,~~209~~659.9361 0.00 46,~~441~~518,~~550~~891.3209 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 46,~~441~~518,~~550~~891.3209 9487,~~424~~905,~~449~~558.6859 0.~~95507505~~88913842 46,~~441~~518,~~550~~891.3209 A-2 0.00 56,316,000.00 1.00000000 0.00 A-3 0.00 48,522,000.00 1.00000000 0.00 A-4 0.00 15,804,000.00 1.00000000 0.00 A-5 0.00 23,249,000.00 1.00000000 0.00 A-IO 0.00 0.00 0.00000000 0.00 M-1 0.00 9,087,000.00 1.00000000 0.00 M-2 0.00 4,544,000.00 1.00000000 0.00 B 0.00 3,245,000.00 1.00000000 0.00 B-IO 0.00 209.93 1.00000000 0.00 R-I 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 R-III 0.00 0.00 0.00000000 0.00 Totals 46,~~441~~518,~~550~~891.3209 ~~255~~248,~~191~~672,~~659~~768.6152 0.~~98289298~~95778490 46,~~441~~518,~~550~~891.3209

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 98,866,000.00 ~~1000~~955.~~00000000~~07504784 0.00000000 4465.~~92495216~~93663231 0.00000000 A-2 56,316,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-3 48,522,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-4 15,804,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-5 23,249,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 9,087,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 4,544,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 3,245,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-IO 209.93 1000.00000000 0.00000000 0.00000000 0.00000000 R-I 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00 0.00000000 0.00000000 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 4465.~~92495216~~93663231 ~~955~~889.~~07504784~~13841553 0.~~95507505~~88913842 4465.~~92495216~~93663231 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 1,000.00000000 1.00000000 0.00000000 A-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 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 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-IO 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00000000 0.00000000 0.00000000 0.00000000 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 98,866,000.00 1.~~99000~~98688% 9894,~~866~~424,~~000~~449.0068 ~~147~~166,~~557~~764.5149 0.00 0.00 A-2 56,316,000.00 5.49000% 56,316,000.00 257,645.70 0.00 0.00 A-3 48,522,000.00 6.40000% 48,522,000.00 258,784.00 0.00 0.00 A-4 15,804,000.00 6.68000% 15,804,000.00 87,975.60 0.00 0.00 A-5 23,249,000.00 6.74000% 23,249,000.00 130,581.88 0.00 0.00 A-IO 0.00 8.00000% 25,968,000.00 173,120.00 0.00 0.00 M-1 9,087,000.00 6.65000% 9,087,000.00 50,357.13 0.00 0.00 M-2 4,544,000.00 6.99000% 4,544,000.00 26,468.80 0.00 0.00 B 3,245,000.00 7.00000% 3,245,000.00 18,929.17 0.00 0.00 B-IO 209.93 0.00000% 209.93 0.00 0.00 0.00 R-I 0.00 0.00000% 0.00 0.00 0.00 0.00 R-II 0.00 0.00000% 0.00 0.00 0.00 0.00 R-III 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 259,633,209.93 1,~~151~~170,~~419~~626.7977 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 ~~147~~166,~~557~~764.5149 0.00 9487,~~424~~905,~~449~~558.6859 A-2 0.00 0.00 257,645.70 0.00 56,316,000.00 A-3 0.00 0.00 258,784.00 0.00 48,522,000.00 A-4 0.00 0.00 87,975.60 0.00 15,804,000.00 A-5 0.00 0.00 130,581.88 0.00 23,249,000.00 A-IO 0.00 0.00 173,120.00 0.00 25,968,000.00 M-1 0.00 0.00 50,357.13 0.00 9,087,000.00 M-2 0.00 0.00 26,468.80 0.00 4,544,000.00 B 0.00 0.00 18,929.17 0.00 3,245,000.00 B-IO 0.00 0.00 ~~579~~530,~~779~~188.2412 0.00 209.93 R-I 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 1,~~731~~700,~~199~~814.0389 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 98,866,000.00 1.~~99000~~98688% ~~1000~~955.~~00000000~~07504784 1.~~49250005~~68677290 0.00000000 0.00000000 A-2 56,316,000.00 5.49000% 1000.00000000 4.57500000 0.00000000 0.00000000 A-3 48,522,000.00 6.40000% 1000.00000000 5.33333333 0.00000000 0.00000000 A-4 15,804,000.00 6.68000% 1000.00000000 5.56666667 0.00000000 0.00000000 A-5 23,249,000.00 6.74000% 1000.00000000 5.61666652 0.00000000 0.00000000 A-IO 0.00 8.00000% 1000.00000000 6.66666667 0.00000000 0.00000000 M-1 9,087,000.00 6.65000% 1000.00000000 5.54166722 0.00000000 0.00000000 M-2 4,544,000.00 6.99000% 1000.00000000 5.82500000 0.00000000 0.00000000 B 3,245,000.00 7.00000% 1000.00000000 5.83333436 0.00000000 0.00000000 B-IO 209.93 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R-I 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00 0.00000% 0.00000000 0.00000000 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 1.~~49250005~~68677290 0.00000000 ~~955~~889.~~07504784~~13841553 A-2 0.00000000 0.00000000 4.57500000 0.00000000 1000.00000000 A-3 0.00000000 0.00000000 5.33333333 0.00000000 1000.00000000 A-4 0.00000000 0.00000000 5.56666667 0.00000000 1000.00000000 A-5 0.00000000 0.00000000 5.61666652 0.00000000 1000.00000000 A-IO 0.00000000 0.00000000 6.66666667 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 5.54166722 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 5.82500000 0.00000000 1000.00000000 B 0.00000000 0.00000000 5.83333436 0.00000000 1000.00000000 B-IO 0.00000000 0.00000000 ~~2761774~~2525547.~~11518125~~18239413 0.00000000 1000.00000000 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00000000 0.00000000 0.00000000 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 68,~~219~~247,~~237~~522.6064 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 1634,~~047~~313.0569 Realized Losses 0.00 Prepayment Penalties 0.00 Total Deposits 68,~~235~~281,~~284~~836.6533 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 62,~~535~~130.3035 Payment of Interest and Principal 68,~~172~~219,~~749~~705.3598 Total Withdrawals (Pool Distribution Amount) 68,~~235~~281,~~284~~836.6533 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 43,~~762~~612.1935 Servicing Fee Support 43,~~762~~612.1935 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00

SERVICING FEES Gross Servicing Fee 6160,~~807~~327.8407 Master Servicing Fee 4,~~327~~253.2018 MBIA Insurance Fee 1,162.45 Supported Prepayment/Curtailment Interest Shortfall 43,~~762~~612.1935 Net Servicing Fee 62,~~535~~130.3035

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 59 0 0 0 59 12,~~115~~793,~~593~~227.5005 0.00 0.00 0.00 12,~~115~~793,~~593~~227.5005 60 Days 12 0 0 0 12 ~~791~~625,~~639~~891.6674 0.00 0.00 0.00 ~~791~~625,~~639~~891.6674 90 Days 01 0 0 0 01 0791,630.0050 0.00 0.00 0.00 0791,630.0050 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 612 0 0 0 612 14,~~907~~210,~~233~~749.1629 0.00 0.00 0.00 14,~~907~~210,~~233~~749.1629 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 01.~~629723~~158301% 0.000000% 0.000000% 0.000000% 01.~~629723~~158301% 01.~~436873~~122499% 0.000000% 0.000000% 0.000000% 01.~~436873~~122499% 60 Days 0.~~125945~~257400% 0.000000% 0.000000% 0.000000% 0.~~125945~~257400% 0.~~310011~~251524% 0.000000% 0.000000% 0.000000% 0.~~310011~~251524% 90 Days 0.~~000000~~128700% 0.000000% 0.000000% 0.000000% 0.~~000000~~128700% 0.~~000000~~318128% 0.000000% 0.000000% 0.000000% 0.~~000000~~318128% 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 01.~~755668~~544402% 0.000000% 0.000000% 0.000000% 01.~~755668~~544402% 01.~~746883~~692151% 0.000000% 0.000000% 0.000000% 01.~~746883~~692151%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 1634,~~047~~313.0569

COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 8.~~312480~~306969% Weighted Average Net Coupon 8.~~026810~~023290% Weighted Average Pass-Through Rate 8.~~006810~~003290% Weighted Average Maturity(Stepdown Calculation ) ~~330~~329 Beginning Scheduled Collateral Loan Count ~~803~~794 Number Of Loans Paid In Full 917 Ending Scheduled Collateral Loan Count ~~794~~777 Beginning Scheduled Collateral Balance ~~259~~255,~~633~~191,~~209~~659.9361 Ending Scheduled Collateral Balance ~~255~~248,~~191~~672,~~659~~768.6152 Ending Actual Collateral Balance at 3031-~~Jun~~Jul-2002 ~~255~~248,~~358~~840,~~871~~028.1878 Monthly P &I Constant 1,~~994~~961,~~742~~592.2129 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 ~~255~~248,~~191~~672,~~659~~768.6152 Scheduled Principal ~~196~~195,~~245~~034.6865 Unscheduled Principal 46,~~245~~323,~~304~~856.5044 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1,298,387.00 Overcollateralized Amount 209.7993 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount ~~579~~530,~~779~~188.2412

Miscellaneous Reporting Rolling 3 Month 60+Days DLQs Average 0.000000% Triger Event Exists? NO Prepayment ~~Penalties~~Charges 0Remitted 13,292.0050 Amount on deposit in The Reserve Fund 13,292.50

Filing Compare · BEAR STEARNS ASSET BACKED SEC INC ASST BK CERT SER 2002-AC3