8-K 1 bsa02ac1.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-AC1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-56242-04 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 August 26, 2002 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset-Backed Certificates, Series 2002-AC1 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-AC1 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-AC1 Trust By: Wells Fargo Bank Minnesota, NA, as Securities Administrator By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 8/27/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset- Backed Certificates, Series 2002-AC1 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-AC1 Contact: Customer Service - SecuritiesLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 846-8130 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution I-A 07384YBW5 SEN 8.00000% ~~255~~249,~~034~~308,~~791~~340.0269 1,~~699~~661,~~945~~879.7494 57,~~726~~721,~~450~~530.3472 II-A 07384YBX3 SEN 8.00000% ~~173~~168,~~891~~164,~~631~~700.8033 1,~~159~~120,~~082~~979.4152 511,~~726~~096,~~931~~177.4801 X-1 07384YCA2 SEN 0.~~30852~~30627% 0.00 7472,~~493~~459.1019 0.00 R-1 07384YCG9 RES 8.00000% 0.00 0.00 0.00 X-2 07384YCB0 SEN 0.~~18874~~19132% 0.00 31,~~652~~151.1567 0.00 R-2 07384YCH7 RES 8.00000% 0.00 1.0112 0.00 X-3 07384YCC8 SEN 1.00000% 0.00 40,~~456~~430.2043 0.00 PO-1 07384YBY1 PO 0.00000% 6,~~641~~526,~~217~~704.6876 0.00 ~~114~~136,~~512~~843.9289 PO-2 07384YBZ8 PO 0.00000% 6,~~948~~818,~~847~~839.1955 0.00 ~~130~~268,~~007~~807.6486 B-1 07384YCD6 SUB 7.00000% 19,~~422~~408,~~043~~453.0385 113,~~276~~204.1801 13,~~589~~669.1878 B-2 07384YCE4 SUB 7.00000% 9,~~711~~704,~~121~~326.1852 56,~~638~~602.6759 6,~~794~~834.6696 B-3 07384YCF1 SUB 7.00000% 8,~~323~~318,~~832~~008.39 48,~~547~~516.5259 5,~~824~~858.0055 B-4 07384YCJ3 SUB 7.00000% 3,~~884~~881,~~408~~690.6177 22,~~655~~640.2481 2,~~717~~733.8496 B-5 07384YCL8 SUB 7.00000% 2,~~219~~218,~~662~~109.0601 12,~~945~~937.8560 1,~~553~~562.0526 B-6 07384YCN4 SUB 7.00000% 4,~~994~~991,~~542~~047.4689 29,~~129~~111.9337 3,~~494~~515.5730 XP BSA2AC1XP SEN 0.00000% 100.00 2223,~~615~~830.5123 0.00 Totals ~~491~~479,~~072~~340,~~197~~321.4276 3,~~311~~233,~~439~~745.5107 1119,~~731~~257,~~875~~534.6829

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A 0.00 ~~249~~241,~~308~~586,~~340~~809.6997 79,~~426~~383,~~396~~410.0866 0.00 II-A 0.00 ~~168~~157,~~164~~068,~~700~~523.3331 612,~~886~~217,~~013~~156.8953 0.00 X-1 0.00 0.00 7472,~~493~~459.1019 0.00 R-1 0.00 0.00 0.00 0.00 X-2 0.00 0.00 31,~~652~~151.1567 0.00 R-2 0.00 0.00 1.0112 0.00 X-3 0.00 0.00 40,~~456~~430.2043 0.00 PO-1 0.00 6,~~526~~389,~~704~~860.7686 ~~114~~136,~~512~~843.9289 0.00 PO-2 0.00 6,~~818~~550,~~839~~031.5568 ~~130~~268,~~007~~807.6486 0.00 B-1 0.00 19,~~408~~394,~~453~~784.8508 126,~~865~~873.3679 0.00 B-2 0.00 9,~~704~~697,~~326~~491.5256 63,~~433~~437.3355 0.00 B-3 0.00 8,~~318~~312,~~008~~149.3984 54,~~371~~375.5214 0.00 B-4 0.00 3,~~881~~878,~~690~~956.7782 25,~~373~~374.0877 0.00 B-5 0.00 2,~~218~~216,~~109~~546.0175 14,~~498~~499.9086 0.00 B-6 0.00 4,~~991~~987,~~047~~532.8959 32,~~624~~626.5067 14.10 XP 0.00 100.00 2223,~~615~~830.5123 0.00 Totals 0.00 ~~479~~460,~~340~~082,~~321~~787.7646 1522,~~043~~491,~~315~~279.1936 14.10 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) I-A 287,145,000.00 ~~255~~249,~~034~~308,~~791~~340.0269 ~~176~~174,~~515~~358.5514 57,~~549~~547,~~934~~172.7958 0.00 0.00 II-A 206,224,000.00 ~~173~~168,~~891~~164,~~631~~700.8033 ~~123~~119,~~475~~587.4989 510,~~603~~976,~~455~~589.9913 0.00 0.00 X-1 0.00 0.00 0.00 0.00 0.00 0.00 R-1 50.00 0.00 0.00 0.00 0.00 0.00 X-2 0.00 0.00 0.00 0.00 0.00 0.00 R-2 50.00 0.00 0.00 0.00 0.00 0.00 X-3 0.00 0.00 0.00 0.00 0.00 0.00 PO-1 7,073,728.00 6,~~641~~526,~~217~~704.6876 5,~~973~~933.1670 ~~108~~130,~~539~~910.7619 0.00 0.00 PO-2 7,643,009.00 6,~~948~~818,~~847~~839.1955 5,~~834~~606.3112 ~~124~~263,~~173~~201.3374 0.00 0.00 B-1 19,488,000.00 19,~~422~~408,~~043~~453.0385 13,~~589~~669.1878 0.00 0.00 0.00 B-2 9,744,100.00 9,~~711~~704,~~121~~326.1852 6,~~794~~834.6696 0.00 0.00 0.00 B-3 8,352,100.00 8,~~323~~318,~~832~~008.39 5,~~824~~858.0055 0.00 0.00 0.00 B-4 3,897,600.00 3,~~884~~881,~~408~~690.6177 2,~~717~~733.8496 0.00 0.00 0.00 B-5 2,227,200.00 2,~~219~~218,~~662~~109.0601 1,~~553~~562.0526 0.00 0.00 0.00 B-6 5,011,522.00 4,~~994~~991,~~542~~047.4689 3,~~494~~515.5730 0.00 0.00 0.00 XP 100.00 100.00 0.00 0.00 0.00 0.00 Totals 556,806,459.00 ~~491~~479,~~072~~340,~~197~~321.4276 ~~345~~339,~~771~~660.8166 1118,~~386~~917,~~103~~873.8764 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 I-A 57,~~726~~721,~~450~~530.3472 ~~249~~241,~~308~~586,~~340~~809.6997 0.~~86823152~~84134082 57,~~726~~721,~~450~~530.3472 II-A 511,~~726~~096,~~931~~177.4801 ~~168~~157,~~164~~068,~~700~~523.3331 0.~~81544680~~76164037 511,~~726~~096,~~931~~177.4801 X-1 0.00 0.00 0.00000000 0.00 R-1 0.00 0.00 0.00000000 0.00 X-2 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 X-3 0.00 0.00 0.00000000 0.00 PO-1 ~~114~~136,~~512~~843.9289 6,~~526~~389,~~704~~860.7686 0.~~92266832~~90332295 ~~114~~136,~~512~~843.9289 PO-2 ~~130~~268,~~007~~807.6486 6,~~818~~550,~~839~~031.5568 0.~~89216689~~85699646 ~~130~~268,~~007~~807.6486 B-1 13,~~589~~669.1878 19,~~408~~394,~~453~~784.8508 0.~~99591820~~99521675 13,~~589~~669.1878 B-2 6,~~794~~834.6696 9,~~704~~697,~~326~~491.5256 0.~~99591820~~99521675 6,~~794~~834.6696 B-3 5,~~824~~858.0055 8,~~318~~312,~~008~~149.3984 0.~~99591820~~99521675 5,~~824~~858.0055 B-4 2,~~717~~733.8496 3,~~881~~878,~~690~~956.7782 0.~~99591820~~99521675 2,~~717~~733.8496 B-5 1,~~553~~562.0526 2,~~218~~216,~~109~~546.0175 0.~~99591820~~99521675 1,~~553~~562.0526 B-6 3,~~494~~515.5730 4,~~991~~987,~~047~~532.8959 0.~~99591459~~99521315 3,~~494~~515.5730 XP 0.00 100.00 1.00000000 0.00 Totals 1119,~~731~~257,~~875~~534.6829 ~~479~~460,~~340~~082,~~321~~787.7646 0.~~86087421~~82628852 1119,~~731~~257,~~875~~534.6829

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A 287,145,000.00 ~~888~~868.~~17423608~~23152306 0.~~61472618~~60721287 1926.~~32798687~~28348946 0.00000000 II-A 206,224,000.00 ~~843~~815.~~21723854~~44679732 0.~~59874452~~57989317 2753.~~17169675~~22653585 0.00000000 X-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-1 50.00 0.00000000 0.00000000 0.00000000 0.00000000 X-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-2 50.00 0.00000000 0.00000000 0.00000000 0.00000000 X-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000 PO-1 7,073,728.00 ~~938~~922.~~85680648~~66832426 0.~~84441471~~83883633 1518.~~34406751~~50653432 0.00000000 PO-2 7,643,009.00 ~~909~~892.~~17689486~~16688741 0.~~76335250~~73349645 1634.~~24665495~~43692661 0.00000000 B-1 19,488,000.00 ~~996~~995.~~61550852~~91819838 0.~~69731014~~70144602 0.00000000 0.00000000 B-2 9,744,100.00 ~~996~~995.~~61550887~~91819870 0.~~69731017~~70144600 0.00000000 0.00000000 B-3 8,352,100.00 ~~996~~995.~~61550867~~91819902 0.~~69730966~~70144634 0.00000000 0.00000000 B-4 3,897,600.00 ~~996~~995.~~61550954~~91819838 0.~~69731117~~70144704 0.00000000 0.00000000 B-5 2,227,200.00 ~~996~~995.~~61550826~~91819774 0.~~69731052~~70144576 0.00000000 0.00000000 B-6 5,011,522.00 ~~996~~995.~~61189954~~91459241 0.~~69730713~~70144359 0.00000000 0.00000000 XP 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 2) All Senior Classes are per $1,000 denomination, all Offered Subordinate Classes are $25,000 ~~denomination.~~

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution I-A 0.00000000 1926.~~94271305~~89070233 ~~868~~841.~~23152306~~34082074 0.~~86823152~~84134082 1926.~~94271305~~89070233 II-A 0.00000000 2753.~~77044127~~80642898 ~~815~~761.~~44679732~~64036829 0.~~81544680~~76164037 2753.~~77044127~~80642898 X-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 PO-1 0.00000000 1619.~~18848223~~34537064 ~~922~~903.~~66832426~~32295220 0.~~92266832~~90332295 1619.~~18848223~~34537064 PO-2 0.00000000 1735.~~01000745~~17042306 ~~892~~856.~~16688741~~99646304 0.~~89216689~~85699646 1735.~~01000745~~17042306 B-1 0.00000000 0.~~69731014~~70144602 995.~~91819838~~21675287 0.~~99591820~~99521675 0.~~69731014~~70144602 B-2 0.00000000 0.~~69731017~~70144600 995.~~91819870~~21675270 0.~~99591820~~99521675 0.~~69731017~~70144600 B-3 0.00000000 0.~~69730966~~70144634 995.~~91819902~~21675267 0.~~99591820~~99521675 0.~~69730966~~70144634 B-4 0.00000000 0.~~69731117~~70144704 995.~~91819838~~21675390 0.~~99591820~~99521675 0.~~69731117~~70144704 B-5 0.00000000 0.~~69731052~~70144576 995.~~91819774~~21675198 0.~~99591820~~99521675 0.~~69731052~~70144576 B-6 0.00000000 0.~~69730713~~70144359 995.~~91459241~~21314882 0.~~99591459~~99521315 0.~~69730713~~70144359 XP 0.00000000 0.00000000 1,000.00000000 1.00000000 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 I-A 287,145,000.00 8.00000% ~~255~~249,~~034~~308,~~791~~340.0269 1,~~700~~662,~~231~~055.9460 0.00 0.00 II-A 206,224,000.00 8.00000% ~~173~~168,~~891~~164,~~631~~700.8033 1,~~159~~121,~~277~~098.5500 0.00 0.00 X-1 0.00 0.~~30852~~30627% ~~289~~283,~~793~~933,~~438~~014.9697 7472,~~505~~466.6485 0.00 0.00 X-2 0.00 0.~~18874~~19132% ~~201~~195,~~278~~407,~~758~~306.4577 31,~~657~~154.4896 0.00 0.00 R-1 50.00 8.00000% 0.00 0.00 0.00 0.00 X-3 0.00 1.00000% 48,~~555~~521,~~609~~636.7142 40,~~463~~434.0170 0.00 0.00 R-2 50.00 8.00000% 0.00 0.00 0.00 0.00 PO-1 7,073,728.00 0.00000% 6,~~641~~526,~~217~~704.6876 0.00 0.00 0.00 PO-2 7,643,009.00 0.00000% 6,~~948~~818,~~847~~839.1955 0.00 0.00 0.00 B-1 19,488,000.00 7.00000% 19,~~422~~408,~~043~~453.0385 113,~~295~~215.2598 0.00 0.00 B-2 9,744,100.00 7.00000% 9,~~711~~704,~~121~~326.1852 56,~~648~~608.2157 0.00 0.00 B-3 8,352,100.00 7.00000% 8,~~323~~318,~~832~~008.39 48,~~555~~521.6972 0.00 0.00 B-4 3,897,600.00 7.00000% 3,~~884~~881,~~408~~690.6177 22,~~659~~643.0520 0.00 0.00 B-5 2,227,200.00 7.00000% 2,~~219~~218,~~662~~109.0601 12,~~948~~938.0397 0.00 0.00 B-6 5,011,522.00 7.00000% 4,~~994~~991,~~542~~047.4689 29,~~134~~114.8345 0.00 0.00 XP 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 556,806,459.00 3,~~289~~210,~~376~~253.6800 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 I-A ~~286~~175.2066 0.00 1,~~699~~661,~~945~~879.7494 0.00 ~~249~~241,~~308~~586,~~340~~809.6997 II-A ~~195~~118.1448 0.00 1,~~159~~120,~~082~~979.4152 0.00 ~~168~~157,~~164~~068,~~700~~523.3331 X-1 127.5466 0.00 7472,~~493~~459.1019 0.00 ~~283~~276,~~933~~054,~~014~~989.9755 X-2 53.3329 0.00 31,~~652~~151.1567 0.00 ~~195~~184,~~407~~027,~~306~~797.7791 R-1 0.00 0.00 0.00 0.00 0.00 X-3 64.8127 0.00 40,~~456~~430.2043 0.00 48,~~521~~487,~~636~~461.4263 R-2 0.00 0.00 1.0112 0.00 0.00 PO-1 0.00 0.00 0.00 0.00 6,~~526~~389,~~704~~860.7686 PO-2 0.00 0.00 0.00 0.00 6,~~818~~550,~~839~~031.5568 B-1 1911.0797 0.00 113,~~276~~204.1801 0.00 19,~~408~~394,~~453~~784.8508 B-2 95.5498 0.00 56,~~638~~602.6759 0.00 9,~~704~~697,~~326~~491.5256 B-3 85.1713 0.00 48,~~547~~516.5259 0.00 8,~~318~~312,~~008~~149.3984 B-4 32.8139 0.00 22,~~655~~640.2481 0.00 3,~~881~~878,~~690~~956.7782 B-5 21.1837 0.00 12,~~945~~937.8560 0.00 2,~~218~~216,~~109~~546.0175 B-6 43.9008 0.00 29,~~129~~111.9337 0.00 4,~~991~~987,~~047~~532.8959 XP 0.00 0.00 2223,~~615~~830.5123 0.00 100.00 Totals ~~553~~339.6928 0.00 3,~~311~~233,~~439~~745.5107 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 I-A 287,145,000.00 8.00000% ~~888~~868.~~17423608~~23152306 5.~~92116157~~78821014 0.00000000 0.00000000 II-A 206,224,000.00 8.00000% ~~843~~815.~~21723854~~44679732 5.~~62144828~~43631197 0.00000000 0.00000000 X-1 0.00 0.~~30852~~30627% ~~898~~880.~~77541591~~59969382 0.~~23107437~~22475120 0.00000000 0.00000000 X-2 0.00 0.~~18874~~19132% ~~858~~833.~~78924726~~73772365 0.~~13507190~~13292781 0.00000000 0.00000000 R-1 50.00 8.00000% 0.00000000 0.00000000 0.00000000 0.00000000 X-3 0.00 1.00000% ~~996~~995.~~61513705~~91782740 0.~~83051265~~82993158 0.00000000 0.00000000 R-2 50.00 8.00000% 0.00000000 0.00000000 0.00000000 0.00000000 PO-1 7,073,728.00 0.00000% ~~938~~922.~~85680648~~66832426 0.00000000 0.00000000 0.00000000 PO-2 7,643,009.00 0.00000% ~~909~~892.~~17689486~~16688741 0.00000000 0.00000000 0.00000000 B-1 19,488,000.00 7.00000% ~~996~~995.~~61550852~~91819838 5.~~81359041~~80952278 0.00000000 0.00000000 B-2 9,744,100.00 7.00000% ~~996~~995.~~61550887~~91819870 5.~~81359079~~80952269 0.00000000 0.00000000 B-3 8,352,100.00 7.00000% ~~996~~995.~~61550867~~91819902 5.~~81359059~~80952335 0.00000000 0.00000000 B-4 3,897,600.00 7.00000% ~~996~~995.~~61550954~~91819838 5.~~81359041~~80952381 0.00000000 0.00000000 B-5 2,227,200.00 7.00000% ~~996~~995.~~61550826~~91819774 5.~~81359106~~80952317 0.00000000 0.00000000 B-6 5,011,522.00 7.00000% ~~996~~995.~~61189954~~91459241 5.~~81356921~~80950258 0.00000000 0.00000000 XP 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 2) All Senior Classes are per $1,000 denomination, all Offered Subordinate Classes are $25,000 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 I-A 0.~~00099671~~00061175 0.00000000 5.~~92016486~~78759839 0.00000000 ~~868~~841.~~23152306~~34082074 II-A 0.~~00094625~~00057452 0.00000000 5.~~62050203~~43573745 0.00000000 ~~815~~761.~~44679732~~64036829 X-1 0.~~00003889~~00002376 0.00000000 0.~~23103548~~22472744 0.00000000 ~~880~~856.~~59969382~~16651273 X-2 0.~~00002274~~00001404 0.00000000 0.~~13504915~~13291377 0.00000000 ~~833~~785.~~73772365~~18515942 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X-3 0.~~00013978~~00008764 0.00000000 0.~~83037288~~82984394 0.00000000 995.~~91782740~~21638192 R-2 0.00000000 0.00000000 2022.~~20000000~~40000000 0.00000000 0.00000000 PO-1 0.00000000 0.00000000 0.00000000 0.00000000 ~~922~~903.~~66832426~~32295220 PO-2 0.00000000 0.00000000 0.00000000 0.00000000 ~~892~~856.~~16688741~~99646304 B-1 0.~~00097855~~00061422 0.00000000 5.~~81261186~~80890856 0.00000000 995.~~91819838~~21675287 B-2 0.~~00097905~~00061370 0.00000000 5.~~81261173~~80890898 0.00000000 995.~~91819870~~21675270 B-3 0.~~00097820~~00061422 0.00000000 5.~~81261240~~80890914 0.00000000 995.~~91819902~~21675267 B-4 0.~~00097752~~00061320 0.00000000 5.~~81261289~~80891061 0.00000000 995.~~91819838~~21675390 B-5 0.~~00097881~~00061512 0.00000000 5.~~81261225~~80890805 0.00000000 995.~~91819774~~21675198 B-6 0.~~00097775~~00061458 0.00000000 5.~~81259146~~80888800 0.00000000 995.~~91459241~~21314882 XP 0.00000000 0.00000000 ~~226155~~238302.~~10000000~~30000000 0.00000000 1000.00000000 (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 1522,~~072~~468,~~791~~335.6652 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~125~~152,~~883~~531.9889 Realized Losses 0.00 Prepayment Penalties 0.00 Total Deposits 1522,~~198~~620,~~675~~867.6441 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~155~~129,~~360~~588.4505 Payment of Interest and Principal 1522,~~043~~491,~~315~~279.1936 Total Withdrawals (Pool Distribution Amount) 1522,~~198~~620,~~675~~867.6441 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 1536,~~269~~279.4656 Servicing Fee Support 1435,~~715~~940.7728 Non-Supported Prepayment/Curtailment Interest Shortfall ~~553~~339.6928

SERVICING FEES Gross Servicing Fee ~~161~~157,~~891~~539.7945 Master Servicing Fee 87,~~184~~988.4388 Supported Prepayment/Curtailment Interest Shortfall 1435,~~715~~940.7728 Net Servicing Fee ~~155~~129,~~360~~588.4505

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 45 0 0 0 45 9,~~058~~894,~~484~~918.1882 0.00 0.00 0.00 9,~~058~~894,~~484~~918.1882 60 Days 1120 0 0 0 1120 23,~~384~~440,~~345~~416.1811 0.00 0.00 0.00 23,~~384~~440,~~345~~416.1811 90 Days 159 0 0 0 159 42,~~184~~076,~~445~~566.8300 0.00 0.00 0.00 42,~~184~~076,~~445~~566.8300 120 Days 213 0 0 0 213 ~~218~~3,~~756~~936,977.4071 0.00 0.00 0.00 ~~218~~3,~~756~~936,977.4071 150 Days 2 0 0 2 0 2 218,756.40 0.00 0.00 ~~588,304.20~~ 0.00 ~~588~~218,~~304~~756.2040 180+ Days 0 0 02 0 02 0.00 0.00 0588,304.0020 0.00 0588,304.0020 Totals 7389 0 2 0 7591 1519,~~846~~567,~~031~~635.5904 0.00 588,304.20 0.00 1620,~~434~~155,~~335~~939.7924 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 1.~~919795~~975417% 0.000000% 0.000000% 0.000000% 1.~~919795~~975417% 12.~~888403~~149176% 0.000000% 0.000000% 0.000000% 12.~~888403~~149176% 60 Days 0.~~469283~~877963% 0.000000% 0.000000% 0.000000% 0.~~469283~~877963% 0.~~497059~~747258% 0.000000% 0.000000% 0.000000% 0.~~497059~~747258% 90 Days 0.~~639932~~395083% 0.000000% 0.000000% 0.000000% 0.~~639932~~395083% 0.~~872323~~451030% 0.000000% 0.000000% 0.000000% 0.~~872323~~451030% 120 Days 0.~~085324~~570676% 0.000000% 0.000000% 0.000000% 0.~~085324~~570676% 0.~~045604~~855111% 0.000000% 0.000000% 0.000000% 0.~~045604~~855111% 150 Days 0.~~000000~~087796% 0.000000% 0.~~085324~~000000% 0.000000% 0.~~085324~~087796% 0.~~000000~~047514% 0.000000% 0.~~122643~~000000% 0.000000% 0.~~122643~~047514% 180+ Days 0.000000% 0.000000% 0.~~000000~~087796% 0.000000% 0.~~000000~~087796% 0.000000% 0.000000% 0.~~000000~~127780% 0.000000% 0.~~000000~~127780% Totals 3.~~114334~~906936% 0.000000% 0.~~085324~~087796% 0.000000% 3.~~199659~~994732% 34.~~303388~~250090% 0.000000% 0.~~122643~~127780% 0.000000% 34.~~426031~~377869%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group I 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 3935 0 0 0 3935 6,~~657~~103,~~371~~821.8704 0.00 0.00 0.00 6,~~657~~103,~~371~~821.8704 60 Days 818 0 0 0 818 12,~~071~~668,~~747~~538.3553 0.00 0.00 0.00 12,~~071~~668,~~747~~538.3553 90 Days 107 0 0 0 107 1,~~396~~102,~~143~~992.1879 0.00 0.00 0.00 1,~~396~~102,~~143~~992.1879 120 Days 28 0 0 0 28 ~~218~~1,~~756~~148,675.4006 0.00 0.00 0.00 ~~218~~1,~~756~~148,675.4006 150 Days 2 0 0 1 0 12 218,756.40 0.00 0.00 ~~223,005.20~~ 0.00 ~~223~~218,~~005~~756.2040 180 Days 0 0 01 0 01 0.00 0.00 0223,005.0020 0.00 0223,005.0020 Totals 5970 0 1 0 6071 911,~~344~~242,~~018~~783.8082 0.00 223,005.20 0.00 911,~~567~~465,~~024~~789.0002 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 21.~~083333~~912568% 0.000000% 0.000000% 0.000000% 21.~~083333~~912568% 2.~~343024~~209608% 0.000000% 0.000000% 0.000000% 2.~~343024~~209608% 60 Days 0.~~427350~~983607% 0.000000% 0.000000% 0.000000% 0.~~427350~~983607% 0.~~377195~~966022% 0.000000% 0.000000% 0.000000% 0.~~377195~~966022% 90 Days 0.~~534188~~382514% 0.000000% 0.000000% 0.000000% 0.~~534188~~382514% 0.~~491365~~399288% 0.000000% 0.000000% 0.000000% 0.~~491365~~399288% 120 Days 0.~~106838~~437158% 0.000000% 0.000000% 0.000000% 0.~~106838~~437158% 0.~~076990~~415825% 0.000000% 0.000000% 0.000000% 0.~~076990~~415825% 150 Days 0.~~000000~~109290% 0.000000% 0.~~053419~~000000% 0.000000% 0.~~053419~~109290% 0.~~000000~~079191% 0.000000% 0.~~078485~~000000% 0.000000% 0.~~078485~~079191% 180 Days 0.000000% 0.000000% 0.~~000000~~054645% 0.000000% 0.~~000000~~054645% 0.000000% 0.000000% 0.~~000000~~080729% 0.000000% 0.~~000000~~080729% Totals 3.~~151709~~825137% 0.000000% 0.~~053419~~054645% 0.000000% 3.~~205128~~879781% 34.~~288574~~069934% 0.000000% 0.~~078485~~080729% 0.000000% 34.~~367060~~150663% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group II 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 610 0 0 0 610 23,~~401~~791,~~112~~097.3178 0.00 0.00 0.00 23,~~401~~791,~~112~~097.3178 60 Days 32 0 0 0 32 1771,~~312,597~~877.8358 0.00 0.00 0.00 1771,~~312,597~~877.8358 90 Days 52 0 0 0 5 2 973,~~788,302~~573.6521 0.00 0.00 0.00 2973,~~788,302~~573.6521 120 Days 05 0 0 0 05 02,788,302.0065 0.00 0.00 0.00 02,788,302.0065 150 Days 0 0 10 0 10 0.00 0.00 ~~365,299~~0.00 0.00 ~~365,299~~0.00 180 Days 0 0 01 0 01 0.00 0.00 0365,299.00 0.00 0365,299.00 Totals 1419 0 1 0 1520 68,~~502~~324,~~012~~851.7922 0.00 365,299.00 0.00 68,~~867~~690,~~311~~150.7922 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 12.~~271186~~232143% 0.000000% 0.000000% 0.000000% 12.~~271186~~232143% 12.~~227849~~058530% 0.000000% 0.000000% 0.000000% 12.~~227849~~058530% 60 Days 0.~~635593~~446429% 0.000000% 0.000000% 0.000000% 0.~~635593~~446429% 0.~~671219~~419122% 0.000000% 0.000000% 0.000000% 0.~~671219~~419122% 90 Days 10.~~059322~~446429% 0.000000% 0.000000% 0.000000% 10.~~059322~~446429% 10.~~425845~~528641% 0.000000% 0.000000% 0.000000% 10.~~425845~~528641% 120 Days 01.~~000000~~116071% 0.000000% 0.000000% 0.000000% 01.~~000000~~116071% 01.~~000000~~514022% 0.000000% 0.000000% 0.000000% 01.~~000000~~514022% 150 Days 0.000000% 0.000000% 0.~~211864~~000000% 0.000000% 0.~~211864~~000000% 0.000000% 0.000000% 0.~~186802~~000000% 0.000000% 0.~~186802~~000000% 180 Days 0.000000% 0.000000% 0.~~000000~~223214% 0.000000% 0.~~000000~~223214% 0.000000% 0.000000% 0.~~000000~~198354% 0.000000% 0.~~000000~~198354% Totals 24.~~966102~~241071% 0.000000% 0.~~211864~~223214% 0.000000% 34.~~177966~~464286% 34.~~324913~~520315% 0.000000% 0.~~186802~~198354% 0.000000% 34.~~511715~~718669%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~125~~152,~~883~~531.9889

COLLATERAL STATEMENT Collateral Description Fixed 30 Year Weighted Average Gross Coupon 8.~~453634~~451071% Weighted Average Net Coupon 8.~~058030~~056680% Weighted Average Pass-Through Rate 7.~~948766~~947988% Weighted Average Maturity(Stepdown Calculation ) ~~337~~336 Beginning Scheduled Collateral Loan Count 2,~~391~~344 Number Of Loans Paid In Full 4766 Ending Scheduled Collateral Loan Count 2,~~344~~278 Beginning Scheduled Collateral Balance ~~491~~479,~~072~~340,~~197~~321.4174 Ending Scheduled Collateral Balance ~~479~~460,~~340~~082,~~321~~787.7446 Ending Actual Collateral Balance at 3031-~~Jun~~Jul-2002 ~~479~~460,~~690~~405,~~226~~241.9144 Monthly P &I Constant 3,~~805~~715,~~225~~443.7209 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal ~~345~~339,~~771~~660.8064 Unscheduled Principal 1118,~~386~~917,~~103~~873.8764

Miscellaneous Reporting Senior Percentage Group I 9089.~~069854~~871186% Subordinate Percentage Group I 910.~~930146~~128814% Senior Prep. Percentage Group I 100.000000% Subordinate Prep. Percentage Group I 0.000000% Senior Percentage Group II 89.~~482741~~170246% Subordinate Percentage Group II 10.~~517259~~829754% Senior Prep. Percentage Group II 100.000000% Subordinate Prep. Percentage Group II 0.000000% Three Months Rolling Average 01.~~012450~~63205% Prepayment Charge Payment Amount 2223,~~615~~830.5123

Group Level Collateral Statement Group Group I Group II Total Collateral Description Fixed 30 Year Fixed 30 Year Fixed 30 Year Weighted Average Coupon Rate 8.~~536238~~533418 8.~~334705~~331418 8.~~453634~~451071 Weighted Average Net Rate 8.~~145183~~142377 7.~~932551~~932160 8.~~058030~~056680 Weighted Average Maturity ~~325~~324 ~~337~~336 ~~337~~336 Beginning Loan Count 1,~~905~~872 ~~486~~472 2,~~391~~344 Loans Paid In Full 3342 1424 4766 Ending Loan Count 1,~~872~~830 ~~472~~448 2,~~344~~278 Beginning Scheduled Balance ~~289~~283,~~793~~933,~~438~~014.9697 ~~201~~195,~~278~~407,~~758~~306.4577 ~~491~~479,~~072~~340,~~197~~321.4174 Ending scheduled Balance ~~283~~276,~~933~~054,~~014~~989.9755 ~~195~~184,~~407~~027,~~306~~797.7791 ~~479~~460,~~340~~082,~~321~~787.7446 Record Date 0607/3031/2002 0607/3031/2002 0607/3031/2002 Principal And Interest Constant 2,~~263~~219,~~404~~041.1583 1,~~541~~496,~~821~~401.5726 3,~~805~~715,~~225~~443.7209 Scheduled Principal ~~201~~199,~~949~~942.4465 ~~143~~139,~~822~~717.3699 ~~345~~339,~~771~~660.8064 Unscheduled Principal 57,~~658~~678,~~474~~082.5577 511,~~727~~239,~~629~~790.3287 1118,~~386~~917,~~103~~873.8764 Scheduled Interest 2,~~061~~019,~~454~~099.7118 1,~~397~~356,~~999~~683.2127 3,~~459~~375,~~453~~782.9245 Servicing Fees 9492,~~437~~524.5854 6765,~~454~~014.2191 ~~161~~157,~~891~~539.7945 Master Servicing Fees 4,~~829~~732.8409 3,~~354~~256.5979 87,~~184~~988.4388 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 2827,~~400~~918.1082 87,~~128~~509.9445 3635,~~529~~428.0427 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest 1,~~933~~893,~~787~~923.1973 1,~~319~~280,~~061~~902.4712 3,~~252~~174,~~848~~825.6685 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.00 0.00 0.00 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 8.~~007581~~004382 7.~~864087~~866044 7.~~948766~~947988

Filing Compare · BEAR STEARNS ASSET BACKED SEC TR ASSET BACK CER SER 2002-AC1