8-K 1 arc02bc2.txt OCTOBER 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): October 25, 2002 AMORTIZING RESIDENTIAL COLLATERAL TRUST Mortgage Pass-Through Certificates, Series 2002-BC2 Trust (Exact name of registrant as specified in its charter) 04-3678727 New York (governing law of 333-82904-06 04-3678721 Pooling and Servicing Agreement) (Commission 04-3679824 (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 October 25, 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 October 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. 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: 11/5/02 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 October 25, 2002 distribution. EX-99.1

Amortizing Residential Collateral Mortgage Trus Mortgage Pass-Through Certificates Record Date: 89/3130/02 Distribution Date: 910/25/02 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.~~12000~~12375% ~~584~~574,~~354~~941,~~947~~652.0044 1,~~032~~017,~~360~~526.4195 9,~~413~~948,~~294~~437.5666 A-IO 86358RC47 SEN 6.00000% 0.00 1,093,108.08 0.00 M-1 86358RC54 SUB 2.~~56000~~56375% 24,843,000.00 5253,~~998~~076.4003 0.00 M-2 86358RC62 SUB 3.~~01000~~01375% 14,906,000.00 37,~~389~~435.2280 0.00 B 86358RC70 SUB 3.~~66000~~66375% 6,625,000.00 20,~~206~~226.2595 0.00 X ARC02BC2X SEN 0.00000% 3,312,743.25 1,~~763~~716,~~001~~911.4019 0.00 P ARC02BC2P SEN 0.00000% 0.00 87149,~~313~~537.0022 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 ~~634~~624,~~041~~628,~~690~~395.2569 4,~~086~~087,~~376~~822.7622 9,~~413~~948,~~294~~437.5666

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 ~~574~~564,~~941~~993,~~652~~214.4478 10,~~445~~965,~~654~~964.9761 0.00 A-IO 0.00 0.00 1,093,108.08 0.00 M-1 0.00 24,843,000.00 5253,~~998~~076.4003 0.00 M-2 0.00 14,906,000.00 37,~~389~~435.2280 0.00 B 0.00 6,625,000.00 20,~~206~~226.2595 0.00 X 0.00 3,312,743.25 1,~~763~~716,~~001~~911.4019 0.00 P 0.00 0.00 87149,~~313~~537.0022 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 ~~624~~614,~~628~~679,~~395~~958.6903 1314,~~499~~036,~~671~~259.3288 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 ~~584~~574,~~354~~941,~~947~~652.0044 0.00 9,~~413~~948,~~294~~437.5666 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 ~~634~~624,~~041~~628,~~690~~395.2569 0.00 9,~~413~~948,~~294~~437.5666 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 9,~~413~~948,~~294~~437.5666 ~~574~~564,~~941~~993,~~652~~214.4478 0.~~93821612~~92198180 9,~~413~~948,~~294~~437.5666 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 9,~~413~~948,~~294~~437.5666 ~~624~~614,~~628~~679,~~395~~958.6903 0.~~94284991~~92783317 9,~~413~~948,~~294~~437.5666

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 612,803,000.00 ~~953~~938.~~57716428~~21611911 0.00000000 1516.~~36104516~~23431618 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 1516.~~36104516~~23431618 ~~938~~921.~~21611911~~98180293 0.~~93821612~~92198180 1516.~~36104516~~23431618 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.~~12000~~12375% ~~584~~574,~~354~~941,~~947~~652.0044 1,~~032~~017,~~360~~526.4195 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.~~56000~~56375% 24,843,000.00 5253,~~998~~076.4003 0.00 0.00 M-2 14,906,000.00 3.~~01000~~01375% 14,906,000.00 37,~~389~~435.2280 0.00 0.00 B 6,625,000.00 3.~~66000~~66375% 6,625,000.00 20,~~206~~226.2595 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,~~236~~221,~~062~~373.3681 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,~~032~~017,~~360~~526.4195 0.00 ~~574~~564,~~941~~993,~~652~~214.4478 A-IO 0.00 0.00 1,093,108.08 0.00 ~~218~~178,~~621~~872,~~615~~230.00 M-1 0.00 0.00 5253,~~998~~076.4003 0.00 24,843,000.00 M-2 0.00 0.00 37,~~389~~435.2280 0.00 14,906,000.00 B 0.00 0.00 20,~~206~~226.2595 0.00 6,625,000.00 X 0.00 0.00 1,~~763~~716,~~001~~911.4019 0.00 3,312,743.25 P 0.00 0.00 87149,~~313~~537.0022 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,~~086~~087,~~376~~822.7622 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.~~12000~~12375% ~~953~~938.~~57716428~~21611911 1.~~68465300~~66044708 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.~~56000~~56375% 1000.00000000 2.~~13333333~~13645816 0.00000000 0.00000000 M-2 14,906,000.00 3.~~01000~~01375% 1000.00000000 2.~~50833356~~51145847 0.00000000 0.00000000 B 6,625,000.00 3.~~66000~~66375% 1000.00000000 3.~~05000000~~05312453 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.~~68465300~~66044708 0.00000000 ~~938~~921.~~21611911~~98180293 A-IO 0.00000000 0.00000000 5.00000002 0.00000000 ~~1000~~818.~~00000000~~18181610 M-1 0.00000000 0.00000000 2.~~13333333~~13645816 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~50833356~~51145847 0.00000000 1000.00000000 B 0.00000000 0.00000000 3.~~05000000~~05312453 0.00000000 1000.00000000 X 0.00000000 0.00000000 ~~532~~518.~~18775708~~27475311 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 1314,~~964~~411,~~927~~610.4323 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~252~~267,~~177~~278.2442 Realized Losses 0.00 Prepayment Penalties 87149,~~313~~537.0022 Total Deposits 14,~~304~~828,~~417~~425.6787 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~804~~792,~~746~~165.3599 Payment of Interest and Principal 1314,~~499~~036,~~671~~259.3288 Total Withdrawals (Pool Distribution Amount) 14,~~304~~828,~~417~~425.6787 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~794~~782,~~601~~171.6794 Credit Risk Manager Fee 7,~~925~~807.5285 Securities Administrator Fee 2,~~219~~186.1620 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~804~~792,~~746~~165.3599

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 1215 0 0 1215 1,~~017~~287,~~061~~213.0473 0.00 0.00 1,~~017~~287,~~061~~213.0473 30 Days 8680 21 0 0 8881 119,~~530~~867,~~054~~159.5418 ~~345~~205,~~053~~465.2949 0.00 0.00 1110,~~875~~072,~~107~~624.8367 60 Days 2622 2 2722 0 5546 42,~~042~~364,~~337~~940.0464 ~~248~~158,~~920~~808.6170 4,~~369~~364,~~782~~805.9949 0.00 86,~~661~~888,~~040~~554.6483 90 Days 125 34 2332 0 3841 1596,~~597,195~~367.7712 ~~679~~684,~~421~~083.9236 46,~~379~~022,~~398~~073.0467 0.00 67,~~656~~302,~~015~~524.7315 120 Days 4 34 2325 0 3033 ~~325~~261,~~464~~169.4986 ~~284~~561,~~140~~234.8841 34,~~306~~928,~~547~~344.9610 0.00 35,~~916~~750,~~153~~748.3337 150 Days 23 03 1121 01 1328 ~~241~~158,~~451~~819.6845 0253,789.0011 2,~~177~~847,~~713~~271.3648 0279,623.0029 23,~~419~~539,~~165~~503.0433 180+ Days 1 02 010 0 113 5064,~~991~~951.2368 0123,702.0017 02,213,502.0042 0.00 502,~~991~~402,156.2327 Totals ~~131~~115 2231 84110 01 ~~237~~257 1713,~~787~~313,~~494~~407.7593 23,~~574~~274,~~597~~296.7497 1420,~~233~~375,~~442~~997.3516 0279,623.0029 3437,~~595~~243,~~534~~325.8435 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.~~274914~~347866% 0.000000% 0.000000% 0.~~274914~~347866% 0.~~162724~~209274% 0.000000% 0.000000% 0.~~162724~~209274% 30 Days 1.~~970218~~855288% 0.~~045819~~023191% 0.000000% 0.000000% 21.~~016037~~878479% 1.~~844745~~604195% 0.~~055207~~033404% 0.000000% 0.000000% 1.~~899951~~637600% 60 Days 0.~~595647~~510204% 0.~~045819~~046382% 0.~~618557~~510204% 0.000000% 1.~~260023~~066790% 0.~~646751~~384490% 0.~~039826~~025819% 0.~~699141~~709627% 0.000000% 1.~~385718~~119936% 90 Days 0.~~274914~~115955% 0.~~068729~~092764% 0.~~526919~~742115% 0.000000% 0.~~870561~~950835% 0.~~255542~~096957% 0.~~108704~~111218% 0.~~700679~~979064% 0.000000% 1.~~064926~~187239% 120 Days 0.~~091638~~092764% 0.~~068729~~092764% 0.~~526919~~579777% 0.000000% 0.~~687285~~765306% 0.~~052073~~042461% 0.~~045461~~091245% 0.~~529029~~801246% 0.000000% 0.~~626563~~934952% 150 Days 0.~~045819~~069573% 0.~~000000~~069573% 0.~~252005~~487013% 0.~~000000~~023191% 0.~~297824~~649351% 0.~~038631~~025821% 0.~~000000~~041261% 0.~~348422~~462907% 0.~~000000~~045461% 0.~~387053~~575450% 180+ Days 0.~~022910~~023191% 0.~~000000~~046382% 0.~~000000~~231911% 0.000000% 0.~~022910~~301484% 0.~~008158~~010560% 0.~~000000~~020111% 0.~~000000~~359870% 0.000000% 0.~~008158~~390541% Totals 32.~~001145~~666976% 0.~~504009~~718924% 12.~~924399~~551020% 0.~~000000~~023191% 5.~~429553~~960111% 2.~~845900~~164484% 0.~~411921~~532333% 23.~~277272~~312714% 0.~~000000~~045461% 56.~~535093~~054992%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~252~~267,~~177~~278.2442

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 9.~~104346~~100557% Weighted Average Net Coupon 7.~~600468~~597894% Weighted Average Pass-Through Rate 7.~~596268~~593693% Weighted Average Maturity(Stepdown Calculation ) ~~345~~344 Beginning Scheduled Collateral Loan Count 4,~~424~~365 Number Of Loans Paid In Full 5953 Ending Scheduled Collateral Loan Count 4,~~365~~312 Beginning Scheduled Collateral Balance ~~634~~624,~~041~~628,~~690~~395.2569 Ending Scheduled Collateral Balance ~~624~~614,~~628~~679,~~395~~958.6903 Ending Actual Collateral Balance at 3130-~~Aug~~Sep-2002 ~~625~~615,~~021~~084,~~717~~664.4017 Monthly P &I Constant 5,~~204~~125,~~031~~908.4131 Special Servicing Fee 0.00 Prepayment Penalties 87149,~~313~~537.0022 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~624~~614,~~628~~679,~~395~~958.6903 Scheduled Principal ~~393~~388,~~585~~853.5204 Unscheduled Principal 9,~~019~~559,~~709~~584.0462 Extra principal distribution Amount 0.00 Excess Cash Amount 1,~~769~~723,~~641~~519.4745

Libor Rate Used 1.810%

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