8-K 1 bsa02002.txt NOVEMBER 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): November 25, 2002 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset-Backed Certificates, Series 2002-2 Trust (Exact name of registrant as specified in its charter) 51-0423835 New York (governing law of 333-56242-13 51-0423843 Pooling and Servicing Agreement) (Commission 51-0423846 (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 November 25, 2002 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset-Backed Certificates, Series 2002-2 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 2002-2 Trust, relating to the November 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 2002-2 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: 12/3/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2002-2 Trust, relating to the November 25, 2002 distribution. EX-99.1

Bear Stearns Asset Backed Securities ~~Mortgage Pass~~Asset-~~Through~~Backed Certificates Record Date: 910/3031/02 Distribution Date: 1011/25/02 BSA Series: 2002-2 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-IO 07384YEP7 IO 5.00000% 0.00 162,500.00 0.00 A-1 07384YEM4 SEN 2.~~14375~~16000% ~~274~~261,~~251~~145,~~144~~259.4929 ~~489~~485,~~938~~730.2418 1310,~~105~~318,~~885~~345.2119 A-2 07384YEN2 SEN 2.~~41375~~43000% 3634,~~085~~361,~~847~~380.4976 7271,~~585~~901.1819 1,~~724~~357,~~466~~683.7342 M-1 07384YEQ5 MEZ 2.~~61375~~63000% 18,510,000.00 4041,~~317~~920.0901 0.00 M-2 07384YER3 MEZ 3.~~31375~~33000% 16,562,000.00 4547,~~735~~491.2754 0.00 B 07384YES1 SUB 4.~~06375~~08000% 19,484,000.00 6568,~~981~~453.7579 0.00 B-IO 07384YEV4 IO 0.00000% 0.00 1,~~226~~490,~~502~~642.1440 0.00 OC BSA0202OC OC 0.00000% 1,~~627~~948,441.4058 0.00 0.00 R-1 07384YET9 RES 0.00000% 0.00 0.00 0.00 R-2 07384YEU6 RES 0.00000% 0.00 0.00 0.00 R-3 07384YEW2 RES 0.00000% 0.00 0.00 0.00 Totals ~~366~~352,~~520~~011,~~433~~081.3863 2,~~103~~368,~~559~~639.6711 1411,~~830~~676,~~351~~028.9461

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-IO 0.00 0.00 162,500.00 0.00 A-1 0.00 ~~261~~250,~~145~~826,~~259~~914.2909 1310,~~595~~804,~~823~~075.4537 0.00 A-2 0.00 3433,~~361~~003,~~380~~697.7634 1,~~797~~429,~~051~~584.9161 0.00 M-1 0.00 18,510,000.00 4041,~~317~~920.0901 0.00 M-2 0.00 16,562,000.00 4547,~~735~~491.2754 0.00 B 0.00 19,484,000.00 6568,~~981~~453.7579 0.00 B-IO 0.00 0.00 1,~~226~~490,~~502~~642.1440 0.00 OC 0.00 1,948,441.58 0.00 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 Totals 0.00 ~~352~~340,~~011~~335,~~081~~053.6301 1614,~~933~~044,~~911~~667.6172 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-IO 0.00 0.00 0.00 0.00 0.00 0.00 A-1 296,163,000.00 ~~274~~261,~~251~~145,~~144~~259.4929 0.00 1310,~~105~~318,~~885~~345.2119 0.00 0.00 A-2 38,969,000.00 3634,~~085~~361,~~847~~380.4976 0.00 1,~~724~~357,~~466~~683.7342 0.00 0.00 M-1 18,510,000.00 18,510,000.00 0.00 0.00 0.00 0.00 M-2 16,562,000.00 16,562,000.00 0.00 0.00 0.00 0.00 B 19,484,000.00 19,484,000.00 0.00 0.00 0.00 0.00 B-IO 0.00 0.00 0.00 0.00 0.00 0.00 OC 315.60 1,~~627~~948,441.4058 0.00 0.00 0.00 0.00 R-1 50.00 0.00 0.00 0.00 0.00 0.00 R-2 50.00 0.00 0.00 0.00 0.00 0.00 R-3 50.00 0.00 0.00 0.00 0.00 0.00 Totals 389,688,465.60 ~~366~~352,~~520~~011,~~433~~081.3863 0.00 1411,~~830~~676,~~351~~028.9461 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-IO 0.00 0.00 0.00000000 0.00 A-1 1310,~~105~~318,~~885~~345.2119 ~~261~~250,~~145~~826,~~259~~914.2909 0.~~88176193~~84692184 1310,~~105~~318,~~885~~345.2119 A-2 1,~~724~~357,~~466~~683.7342 3433,~~361~~003,~~380~~697.7634 0.~~88176193~~84692184 1,~~724~~357,~~466~~683.7342 M-1 0.00 18,510,000.00 1.00000000 0.00 M-2 0.00 16,562,000.00 1.00000000 0.00 B 0.00 19,484,000.00 1.00000000 0.00 B-IO 0.00 0.00 0.00000000 0.00 OC 0.00 1,948,441.58 6,173.76926489 0.00 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 R-3 0.00 0.00 0.00000000 0.00 Totals 1411,~~830~~676,~~351~~028.9461 ~~352~~340,~~011~~335,~~081~~053.6301 0.~~90331409~~87335162 1411,~~830~~676,~~351~~028.9461

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A-1 296,163,000.00 ~~926~~881.~~01420329~~76193275 0.00000000 4434.~~25227057~~84008870 0.00000000 A-2 38,969,000.00 ~~926~~881.~~01420334~~76193282 0.00000000 4434.~~25227052~~84008879 0.00000000 M-1 18,510,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 16,562,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 19,484,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 OC 315.60 ~~5156658~~6173769.~~42839037~~26489227 0.00000000 0.00000000 0.00000000 R-1 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-2 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-3 50.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All classes are per $1,000 denomination

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-1 0.00000000 4434.~~25227057~~84008870 ~~881~~846.~~76193275~~92184402 0.~~88176193~~84692184 4434.~~25227057~~84008870 A-2 0.00000000 4434.~~25227052~~84008879 ~~881~~846.~~76193282~~92184403 0.~~88176193~~84692184 4434.~~25227052~~84008879 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 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.00000000 6,173,769.~~26489227~~2648922 6173.76926489 0.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-3 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-IO 0.00 5.00000% 39,000,000.00 162,500.00 0.00 0.00 A-1 296,163,000.00 2.~~14375~~16000% ~~274~~261,~~251~~145,~~144~~259.4929 ~~489~~485,~~938~~730.2418 0.00 0.00 A-2 38,969,000.00 2.~~41375~~43000% 3634,~~085~~361,~~847~~380.4976 7271,~~585~~901.1819 0.00 0.00 M-1 18,510,000.00 2.~~61375~~63000% 18,510,000.00 4041,~~317~~920.0901 0.00 0.00 M-2 16,562,000.00 3.~~31375~~33000% 16,562,000.00 4547,~~735~~491.2754 0.00 0.00 B 19,484,000.00 4.~~06375~~08000% 19,484,000.00 6568,~~981~~453.7579 0.00 0.00 B-IO 0.00 0.00000% 0.00 0.00 0.00 0.00 OC 315.60 0.00000% 1,~~627~~948,441.4058 0.00 0.00 0.00 R-1 50.00 0.00000% 0.00 0.00 0.00 0.00 R-2 50.00 0.00000% 0.00 0.00 0.00 0.00 R-3 50.00 0.00000% 0.00 0.00 0.00 0.00 Totals 389,688,465.60 877,~~057~~996.5371 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-IO 0.00 0.00 162,500.00 0.00 39,000,000.00 A-1 0.00 0.00 ~~489~~485,~~938~~730.2418 0.00 ~~261~~250,~~145~~826,~~259~~914.2909 A-2 0.00 0.00 7271,~~585~~901.1819 0.00 3433,~~361~~003,~~380~~697.7634 M-1 0.00 0.00 4041,~~317~~920.0901 0.00 18,510,000.00 M-2 0.00 0.00 4547,~~735~~491.2754 0.00 16,562,000.00 B 0.00 0.00 6568,~~981~~453.7579 0.00 19,484,000.00 B-IO 0.00 0.00 1,~~226~~490,~~502~~642.1440 0.00 0.00 OC 0.00 0.00 0.00 0.00 1,948,441.58 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 2,~~103~~368,~~559~~639.6711 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-IO 0.00 5.00000% 1000.00000000 4.16666667 0.00000000 0.00000000 A-1 296,163,000.00 2.~~14375~~16000% ~~926~~881.~~01420329~~76193275 1.~~65428578~~64007719 0.00000000 0.00000000 A-2 38,969,000.00 2.~~41375~~43000% ~~926~~881.~~01420334~~76193282 1.~~86263902~~84508686 0.00000000 0.00000000 M-1 18,510,000.00 2.~~61375~~63000% 1000.00000000 2.~~17812480~~26472231 0.00000000 0.00000000 M-2 16,562,000.00 3.~~31375~~33000% 1000.00000000 2.~~76145816~~86750030 0.00000000 0.00000000 B 19,484,000.00 4.~~06375~~08000% 1000.00000000 3.~~38645812~~51333350 0.00000000 0.00000000 B-IO 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 OC 315.60 0.00000% ~~5156658~~6173769.~~42839037~~26489227 0.00000000 0.00000000 0.00000000 R-1 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-3 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All classes are per $1,000 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 A-IO 0.00000000 0.00000000 4.16666667 0.00000000 1000.00000000 A-1 0.00000000 0.00000000 1.~~65428578~~64007719 0.00000000 ~~881~~846.~~76193275~~92184402 A-2 0.00000000 0.00000000 1.~~86263902~~84508686 0.00000000 ~~881~~846.~~76193282~~92184403 M-1 0.00000000 0.00000000 2.~~17812480~~26472231 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~76145816~~86750030 0.00000000 1000.00000000 B 0.00000000 0.00000000 3.~~38645812~~51333350 0.00000000 1000.00000000 B-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.00000000 0.00000000 0.00000000 6173769.26489227 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-3 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 1613,~~858~~918,~~421~~697.9371 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~216~~243,~~196~~615.8979 Realized Losses ~~(18,132~~0.~~12)~~00 Prepayment Penalties 0.00 Total Deposits 1714,~~056~~162,~~486~~313.7050 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~122~~117,~~575~~645.0978 Payment of Interest and Principal 1614,~~933~~044,~~911~~667.6172 Total Withdrawals (Pool Distribution Amount) 1714,~~056~~162,~~486~~313.7050 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0349.0073 Servicing Fee Support 0349.0073 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00

SERVICING FEES Gross Servicing Fee ~~119~~115,~~520~~062.7408 Master Servicing Fee 32,~~054~~933.3543 Supported Prepayment/Curtailment Interest Shortfall 0349.0073 Net Servicing Fee ~~122~~117,~~575~~645.0978

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 ~~188~~178 0 0 0 ~~188~~178 16,~~731~~433,~~294~~178.6145 0.00 0.00 0.00 16,~~731~~433,~~294~~178.6145 60 Days 4963 0 0 0 4963 46,~~857~~164,~~790~~686.0518 0.00 0.00 0.00 46,~~857~~164,~~790~~686.0518 90 Days 2633 0 0 0 2633 23,~~824~~241,~~456~~544.3125 0.00 0.00 0.00 23,~~824~~241,~~456~~544.3125 120 Days 1220 0 0 0 1220 ~~519~~2,~~444~~095,314.8166 0.00 0.00 0.00 ~~519~~2,~~444~~095,314.8166 150 Days 412 0 0 0 412 ~~440~~795,~~552~~168.7175 0.00 0.00 0.00 ~~440~~795,~~552~~168.7175 180+ Days 02 0 0 0 02 0107,415.0034 0.00 0.00 0.00 0107,415.0034 Totals ~~279~~308 0 0 0 ~~279~~308 2528,~~373~~837,~~538~~307.4963 0.00 0.00 0.00 2528,~~373~~837,~~538~~307.4963 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 5.~~374500~~221473% 0.000000% 0.000000% 0.000000% 5.~~374500~~221473% 4.~~746816~~822018% 0.000000% 0.000000% 0.000000% 4.~~746816~~822018% 60 Days 1.~~400800~~848049% 0.000000% 0.000000% 0.000000% 1.~~400800~~848049% 1.~~378198~~808915% 0.000000% 0.000000% 0.000000% 1.~~378198~~808915% 90 Days 0.~~743282~~968026% 0.000000% 0.000000% 0.000000% 0.~~743282~~968026% 0.~~801323~~951172% 0.000000% 0.000000% 0.000000% 0.~~801323~~951172% 120 Days 0.~~343053~~586682% 0.000000% 0.000000% 0.000000% 0.~~343053~~586682% 0.~~147371~~614832% 0.000000% 0.000000% 0.000000% 0.~~147371~~614832% 150 Days 0.~~114351~~352009% 0.000000% 0.000000% 0.000000% 0.~~114351~~352009% 0.~~124989~~233328% 0.000000% 0.000000% 0.000000% 0.~~124989~~233328% 180+ Days 0.~~000000~~058668% 0.000000% 0.000000% 0.000000% 0.~~000000~~058668% 0.~~000000~~031519% 0.000000% 0.000000% 0.000000% 0.~~000000~~031519% Totals 79.~~975986~~034908% 0.000000% 0.000000% 0.000000% 79.~~975986~~034908% 78.~~198698~~461785% 0.000000% 0.000000% 0.000000% 78.~~198698~~461785%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~216~~243,~~196~~615.8979

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 8.~~398769~~415085% Weighted Average Net Coupon 8.~~007454~~022840% Weighted Average Pass-Through Rate 78.~~997454~~012840% Weighted Average Maturity(Stepdown Calculation ) ~~288~~287 Beginning Scheduled Collateral Loan Count 3,~~575~~498 Number Of Loans Paid In Full 7789 Ending Scheduled Collateral Loan Count 3,~~498~~409 Beginning Scheduled Collateral Balance ~~366~~352,~~520~~011,~~433~~081.3862 Ending Scheduled Collateral Balance ~~352~~340,~~011~~335,~~081~~053.6201 Ending Actual Collateral Balance at 3031-~~Sep~~Oct-2002 ~~352~~340,~~474~~794,~~014~~601.9677 Monthly P &I Constant 3,~~170~~082,~~695~~538.0136 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount (18,132.12) Cumulative Realized Loss ~~18,132~~0.1200 Ending Scheduled Balance for Premium Loans ~~352~~340,~~011~~335,~~081~~053.6201 Scheduled Principal ~~605~~616,~~427~~294.9734 Unscheduled Principal 1311,~~903~~059,~~923~~734.7927 Required Overcollateralization Amount 1,948,441.58 Overcollateralized Increase Amount ~~339,132~~0.3000 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1,948,441.58 Overcollateralized Amount 1,948,441.58 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount ~~339,132~~0.3000 Excess Cash Amount 1,~~565~~472,~~634~~510.4428

Stated Principal Balances of the Fixed RaRate ~~250~~Mortgage Loans 242,~~617~~485,~~547~~078.9910 Stated Principal Balance of the ~~Adjustabl~~Adjustable ~~101~~Rate Mortgage Loans 97,~~393~~849,~~533~~974.6391

Miscellaneous Reporting Rolling Avg 3-Month Del Percentage 02.~~014125~~434543% Trigger Event Exists? NO Excess Yield Maintenance Amount 0.00

Filing Compare · BEAR STEARNS ASSET BACKED CERT SERS 2002-2