8-K 1 arc02bc2.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 AMORTIZING RESIDENTIAL COLLATERAL TRUST Mortgage Pass-Through Certificates, Series 2002-BC2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-82904-06 04-3678727 Pooling and Servicing Agreement) (Commission 04-3678721 (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 AMORTIZING RESIDENTIAL COLLATERAL TRUST, Mortgage Pass-Through Certificates, Series 2002-BC2 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 Mortgage Pass-Through Certificates, Series 2002-BC2 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. AMORTIZING RESIDENTIAL COLLATERAL TRUST Mortgage Pass-Through Certificates, Series 2002-BC2 Trust By: Wells Fargo Bank Minnesota, NA, as Securities Administrator By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 8/28/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2002-BC2 Trust, relating to the August 26, 2002 distribution. EX-99.1

Amortizing Residential Collateral Mortgage Trust Mortgage Pass-Through Certificates Record Date: 67/3031/02 Distribution Date: 78/2526/02 ARC Series: 2002-BC2 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 86358RC39 SEN 2.~~15000~~14688% ~~602~~592,~~981~~335,~~433~~654.3221 1,~~080~~130,~~341~~376.7351 107,~~645~~980,~~779~~707.1121 A-IO 86358RC47 SEN 6.00000% 0.00 1,093,108.08 0.00 M-1 86358RC54 SUB 2.~~59000~~58688% 24,843,000.00 5357,~~619~~125.4821 0.00 M-2 86358RC62 SUB 3.~~04000~~03688% 14,906,000.00 3740,~~761~~237.8799 0.00 B 86358RC70 SUB 3.~~69000~~68688% 6,625,000.00 2021,~~371~~711.8863 0.00 X ARC02BC2X SEN 0.00000% 3,312,743.25 1,~~833~~706,~~595~~372.9432 0.00 P ARC02BC2P SEN 0.00000% 0.00 8097,~~906~~624.7782 0.00 R-I ARC02B2R1 RES 0.00000% 0.00 0.00 0.00 R-II ARC02B2R2 RES 0.00000% 0.00 0.00 0.00 R-III ARC02B2R3 RES 0.00000% 0.00 0.00 0.00 Totals ~~652~~642,~~668~~022,~~176~~397.5746 4,~~199~~146,~~705~~556.7556 107,~~645~~980,~~779~~707.1121

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 ~~592~~584,~~335~~354,~~654~~947.2100 119,~~726~~111,~~120~~083.8472 0.00 A-IO 0.00 0.00 1,093,108.08 0.00 M-1 0.00 24,843,000.00 5357,~~619~~125.4821 0.00 M-2 0.00 14,906,000.00 3740,~~761~~237.8799 0.00 B 0.00 6,625,000.00 2021,~~371~~711.8863 0.00 X 0.00 3,312,743.25 1,~~833~~706,~~595~~372.9432 0.00 P 0.00 0.00 8097,~~906~~624.7782 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 ~~642~~634,~~022~~041,~~397~~690.4625 1412,~~845~~127,~~484~~263.8677 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 612,803,000.00 ~~602~~592,~~981~~335,~~433~~654.3221 0.00 107,~~645~~980,~~779~~707.1121 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 24,843,000.00 24,843,000.00 0.00 0.00 0.00 0.00 M-2 14,906,000.00 14,906,000.00 0.00 0.00 0.00 0.00 B 6,625,000.00 6,625,000.00 0.00 0.00 0.00 0.00 X 3,312,743.25 3,312,743.25 0.00 0.00 0.00 0.00 P 0.00 0.00 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 662,489,743.25 ~~652~~642,~~668~~022,~~176~~397.5746 0.00 107,~~645~~980,~~779~~707.1121 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 107,~~645~~980,~~779~~707.1121 ~~592~~584,~~335~~354,~~654~~947.2100 0.~~96660045~~95357716 107,~~645~~980,~~779~~707.1121 A-IO 0.00 0.00 0.00000000 0.00 M-1 0.00 24,843,000.00 1.00000000 0.00 M-2 0.00 14,906,000.00 1.00000000 0.00 B 0.00 6,625,000.00 1.00000000 0.00 X 0.00 3,312,743.25 1.00000000 0.00 P 0.00 0.00 0.00000000 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 107,~~645~~980,~~779~~707.1121 ~~642~~634,~~022~~041,~~397~~690.4625 0.~~96910541~~95705888 107,~~645~~980,~~779~~707.1121

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 612,803,000.00 ~~983~~966.~~97271769~~60044779 0.00000000 1713.~~37226990~~02328352 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 24,843,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 14,906,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 6,625,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 3,312,743.25 1000.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000000 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 2) All classes are 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 0.00000000 1713.~~37226990~~02328352 ~~966~~953.~~60044779~~57716428 0.~~96660045~~95357716 1713.~~37226990~~02328352 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 X 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 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 612,803,000.00 2.~~15000~~14688% ~~602~~592,~~981~~335,~~433~~654.3221 1,~~080~~130,~~341~~376.7351 0.00 0.00 A-IO 0.00 6.00000% 218,621,615.00 1,093,108.08 0.00 0.00 M-1 24,843,000.00 2.~~59000~~58688% 24,843,000.00 5357,~~619~~125.4821 0.00 0.00 M-2 14,906,000.00 3.~~04000~~03688% 14,906,000.00 3740,~~761~~237.8799 0.00 0.00 B 6,625,000.00 3.~~69000~~68688% 6,625,000.00 2021,~~371~~711.8863 0.00 0.00 X 3,312,743.25 0.00000% 3,312,743.25 0.00 0.00 0.00 P 0.00 0.00000% 0.01 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 662,489,743.25 2,~~285~~342,~~203~~559.0442 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 0.00 0.00 1,~~080~~130,~~341~~376.7351 0.00 ~~592~~584,~~335~~354,~~654~~947.2100 A-IO 0.00 0.00 1,093,108.08 0.00 218,621,615.00 M-1 0.00 0.00 5357,~~619~~125.4821 0.00 24,843,000.00 M-2 0.00 0.00 3740,~~761~~237.8799 0.00 14,906,000.00 B 0.00 0.00 2021,~~371~~711.8863 0.00 6,625,000.00 X 0.00 0.00 1,~~833~~706,~~595~~372.9432 0.00 3,312,743.25 P 0.00 0.00 8097,~~906~~624.7782 0.00 0.01 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 4,~~199~~146,~~705~~556.7556 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 612,803,000.00 2.~~15000~~14688% ~~983~~966.~~97271769~~60044779 1.~~76295111~~84460016 0.00000000 0.00000000 A-IO 0.00 6.00000% 1000.00000000 5.00000002 0.00000000 0.00000000 M-1 24,843,000.00 2.~~59000~~58688% 1000.00000000 2.~~15833353~~29944894 0.00000000 0.00000000 M-2 14,906,000.00 3.~~04000~~03688% 1000.00000000 2.~~53333356~~69944922 0.00000000 0.00000000 B 6,625,000.00 3.~~69000~~68688% 1000.00000000 3.~~07500075~~27722717 0.00000000 0.00000000 X 3,312,743.25 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000% 0.00000000 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 5) All classes are 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 0.00000000 0.00000000 1.~~76295111~~84460016 0.00000000 ~~966~~953.~~60044779~~57716428 A-IO 0.00000000 0.00000000 5.00000002 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 2.~~15833353~~29944894 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~53333356~~69944922 0.00000000 1000.00000000 B 0.00000000 0.00000000 3.~~07500075~~27722717 0.00000000 1000.00000000 X 0.00000000 0.00000000 ~~553~~515.~~49775145~~09344106 0.00000000 1000.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 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 (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 1512,~~438~~645,~~647~~606.7948 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~153~~199,~~288~~382.5661 Realized Losses 0.00 Prepayment Penalties 8097,~~906~~624.7782 Total Deposits 1512,~~672~~942,~~843~~613.1291 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~827~~815,~~358~~350.2614 Payment of Interest and Principal 1412,~~845~~127,~~484~~263.8677 Total Withdrawals (Pool Distribution Amount) 1512,~~672~~942,~~843~~613.1291 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~816~~805,~~923~~077.5278 Credit Risk Manager Fee 8,~~152~~025.1428 Securities Administrator Fee 2,~~282~~247.6008 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~827~~815,~~358~~350.2614

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 1 01 0 12 89,~~833~~777.4336 056,912.0013 0.00 89146,~~833~~689.4349 30 Days 7280 0 01 0 7281 1110,~~119~~933,~~549~~336.8800 0.00 084,264.0037 0.00 11,~~119~~017,~~549~~600.8837 60 Days 4550 0 0 0 4550 68,~~090~~162,~~208~~600.2128 0.00 0.00 0.00 68,~~090~~162,~~208~~600.2128 90 Days 1232 0 81 0 2033 14,~~774~~183,~~315~~971.2269 0.00 148,~~220,374~~890.7593 0.00 24,~~994~~232,~~689~~862.9762 120 Days 310 0 16 0 416 ~~405~~1,~~512~~541,231.4527 0.00 971,~~600~~078,974.0075 0.00 ~~503~~2,~~112~~620,206.4502 150 Days 02 0 01 0 03 0337,336.0005 0.00 097,600.00 0.00 0434,936.0005 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals ~~132~~174 1 910 0 ~~142~~185 1925,~~389~~158,~~585~~475.7629 89,~~833~~777.4336 1,~~317~~366,~~974~~642.7518 0.00 2026,~~797~~614,~~393~~894.9483 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.~~022346~~022604% 0.~~000000~~022604% 0.000000% 0.~~022346~~045208% 0.~~013985~~014151% 0.~~000000~~008971% 0.000000% 0.~~013985~~023122% 30 Days 1.~~608939~~808318% 0.000000% 0.~~000000~~022604% 0.000000% 1.~~608939~~830922% 1.~~731003~~723404% 0.000000% 0.~~000000~~013282% 0.000000% 1.~~731003~~736687% 60 Days 1.~~005587~~130199% 0.000000% 0.000000% 0.000000% 1.~~005587~~130199% 01.~~948075~~286658% 0.000000% 0.000000% 0.000000% 01.~~948075~~286658% 90 Days 0.~~268156~~723327% 0.000000% 0.~~178771~~022604% 0.000000% 0.~~446927~~745931% 0.~~276211~~659513% 0.000000% 0.~~189978~~007707% 0.000000% 0.~~466189~~667219% 120 Days 0.~~067039~~226040% 0.000000% 0.~~022346~~135624% 0.000000% 0.~~089385~~361664% 0.~~063127~~242942% 0.000000% 0.~~015194~~170077% 0.000000% 0.~~078321~~413019% 150 Days 0.~~000000~~045208% 0.000000% 0.~~000000~~022604% 0.000000% 0.~~000000~~067812% 0.~~000000~~053174% 0.000000% 0.~~000000~~015385% 0.000000% 0.~~000000~~068558% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 23.~~949721~~933092% 0.~~022346~~022604% 0.~~201117~~226040% 0.000000% 34.~~173184~~181736% 3.~~018416~~965691% 0.~~013985~~014151% 0.~~205172~~215422% 0.000000% 34.~~237572~~195264%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~153~~199,~~288~~382.5661

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 9.~~113880~~104526% Weighted Average Net Coupon 7.~~610734~~599760% Weighted Average Pass-Through Rate 7.~~606533~~595560% Weighted Average Maturity(Stepdown Calculation ) ~~347~~346 Beginning Scheduled Collateral Loan Count 4,~~373~~475 Number Of Loans Paid In Full ~~(102)~~51 Ending Scheduled Collateral Loan Count 4,~~475~~424 Beginning Scheduled Collateral Balance ~~627~~642,~~524~~022,~~140~~397.6946 Ending Scheduled Collateral Balance ~~642~~634,~~022~~041,~~397~~690.4625 Ending Actual Collateral Balance at 3031-~~Jun~~Jul-2002 ~~642~~634,~~376~~403,~~188~~381.8816 Monthly P &I Constant 5,~~348~~265,~~106~~340.6033 Special Servicing Fee 0.00 Prepayment Penalties 8097,~~906~~624.7782 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~642~~634,~~022~~041,~~397~~690.4625 Scheduled Principal 394,~~932~~248.2989 Unscheduled Principal 107,~~250~~586,~~846~~458.8232 Extra principal distribution Amount 0.00 Excess Cash Amount 1,~~840~~713,~~289~~186.1518

Libor Rate Used 1.8483688% ~~Funds Remaining in the Pre-Funding Account $0.00 Subsequent Mortgage Loans $24,646,975.00 Remaining Funds in the Capitalized Interest $0.00~~

Filing Compare · STRUCTURED ASSET SEC CORP MORT PASS THR CERT SER 2002-BC2