8-K 1 bsa02ac3.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-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 November 25, 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 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-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: 12/3/02 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 November 25, 2002 distribution.

Bear Stearns Asset Backed Securities Mortgage Pass-Through Certificates Record Date: 910/3031/02 ~~Distribution Date: 10~~11/25/02 Distribution Date: 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.~~96375~~98000% 7667,~~886~~949,~~523~~894.2122 ~~125~~115,~~821~~854.5957 816,~~936~~139,~~628~~036.9925 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 7.~~98373~~96870% 0.00 172,~~767~~442.8158 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 76.~~00000~~99526% 3,245,000.00 18,~~929~~916.1735 0.00 B-IO 07383GBZ8 OC 0.00000% 209.93 ~~450~~398,~~640~~625.9615 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 ~~237~~228,~~653~~717,~~733~~104.1415 1,~~579~~517,~~972~~651.6476 816,~~936~~139,~~628~~036.9925

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 6751,~~949~~810,~~894~~857.2297 916,~~062~~254,~~450~~890.5882 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 0.00 172,~~767~~442.8158 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~~916.1735 0.00 B-IO 0.00 209.93 ~~450~~398,~~640~~625.9615 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 ~~228~~212,~~717~~578,~~104~~067.1590 1017,~~516~~656,~~601~~688.6301 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 7667,~~886~~949,~~523~~894.2122 0.00 816,~~936~~139,~~628~~036.9925 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 ~~237~~228,~~653~~717,~~733~~104.1415 0.00 816,~~936~~139,~~628~~036.9925 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-1 816,~~936~~139,~~628~~036.9925 6751,~~949~~810,~~894~~857.2297 0.~~68729284~~52405132 816,~~936~~139,~~628~~036.9925 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 816,~~936~~139,~~628~~036.9925 ~~228~~212,~~717~~578,~~104~~067.1590 0.~~88092392~~81876301 816,~~936~~139,~~628~~036.9925

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 ~~777~~687.~~68417059~~29284304 0.00000000 90163.~~39132755~~24152135 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 90163.~~39132755~~24152135 ~~687~~524.~~29284304~~05132169 0.~~68729284~~52405132 90163.~~39132755~~24152135 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.~~96375~~98000% 7667,~~886~~949,~~523~~894.2122 ~~125~~115,~~821~~854.5957 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 7.~~98373~~96870% 25,968,000.00 172,~~767~~442.8158 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 76.~~00000~~99526% 3,245,000.00 18,~~929~~916.1735 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,~~129~~119,~~331~~026.6861 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 ~~125~~115,~~821~~854.5957 0.00 6751,~~949~~810,~~894~~857.2297 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 0.00 172,~~767~~442.8158 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~~916.1735 0.00 3,245,000.00 B-IO 0.00 0.00 ~~450~~398,~~640~~625.9615 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,~~579~~517,~~972~~651.6476 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.~~96375~~98000% ~~777~~687.~~68417059~~29284304 1.~~27264773~~17183430 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 7.~~98373~~96870% 1000.00000000 6.~~65310421~~64057994 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 76.~~00000~~99526% 1000.00000000 5.~~83333436~~82938367 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.~~27264773~~17183430 0.00000000 ~~687~~524.~~29284304~~05132169 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.~~65310421~~64057994 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~~82938367 0.00000000 1000.00000000 B-IO 0.00000000 0.00000000 ~~2146624~~1898847.~~87495832~~94931644 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 1017,~~502~~629,~~690~~321.3093 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 5560,~~149~~355.9227 Realized Losses 0.00 Prepayment Penalties 0.00 Total Deposits 1017,~~557~~689,~~840~~677.2220 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 4132,~~238~~989.5919 Payment of Interest and Principal 1017,~~516~~656,~~601~~688.6301 Total Withdrawals (Pool Distribution Amount) 1017,~~557~~689,~~840~~677.2220 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 2533,~~286~~797.4417 Servicing Fee Support 2026,~~549~~241.3821 Non-Supported Prepayment/Curtailment Interest Shortfall 47,~~737~~555.0596

SERVICING FEES Gross Servicing Fee 5654,~~664~~256.6401 Master Servicing Fee 3,~~960~~811.8894 MBIA Insurance Fee 1,162.45 Supported Prepayment/Curtailment Interest Shortfall 2026,~~549~~241.3821 Net Servicing Fee 4132,~~238~~989.5919

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Financial Guaranty 0.00 0.00 0.00 0.00 Reserve Fund 0.00 235,~~956~~672.9883 235,~~956~~672.9883 0.00 Financial Guaranty 0.00 0.00 0.00 0.00 Reserve Fund 0.00 0.00 0.00 0.00

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 10 0 10 0.00 ~~159,075~~0.6600 0.00 ~~159,075~~0.6600 30 Days 1211 0 0 0 1211 3,~~407~~643,~~275~~519.1832 0.00 0.00 0.00 3,~~407~~643,~~275~~519.1832 60 Days 67 0 0 0 67 2,~~930~~740,~~366~~415.5907 0.00 0.00 0.00 2,~~930~~740,~~366~~415.5907 90 Days 24 0 0 0 24 ~~392~~990,~~252~~541.7395 0.00 0.00 0.00 ~~392~~990,~~252~~541.7395 120 Days 02 0 0 0 02 0392,252.0073 0.00 0.00 0.00 0392,252.0073 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 2024 0 10 0 2124 67,~~729~~766,~~894~~729.5007 0.00 ~~159,075~~0.6600 0.00 67,~~888~~766,~~970~~729.1607 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.~~137741~~000000% 0.000000% 0.~~137741~~000000% 0.000000% 0.~~069502~~000000% 0.000000% 0.~~069502~~000000% 30 Days 1.~~652893~~610542% 0.000000% 0.000000% 0.000000% 1.~~652893~~610542% 1.~~488672~~712704% 0.000000% 0.000000% 0.000000% 1.~~488672~~712704% 60 Days 01.~~826446~~024890% 0.000000% 0.000000% 0.000000% 01.~~826446~~024890% 1.~~280306~~288183% 0.000000% 0.000000% 0.000000% 1.~~280306~~288183% 90 Days 0.~~275482~~585652% 0.000000% 0.000000% 0.000000% 0.~~275482~~585652% 0.~~171379~~465623% 0.000000% 0.000000% 0.000000% 0.~~171379~~465623% 120 Days 0.~~000000~~292826% 0.000000% 0.000000% 0.000000% 0.~~000000~~292826% 0.~~000000~~184386% 0.000000% 0.000000% 0.000000% 0.~~000000~~184386% 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 23.~~754821~~513909% 0.000000% 0.~~137741~~000000% 0.000000% 23.~~892562~~513909% 23.~~940358~~650895% 0.000000% 0.~~069502~~000000% 0.000000% 3.~~009860~~650895%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 5560,~~149~~355.9227

COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 8.~~289846~~273358% Weighted Average Net Coupon 87.~~003725~~988696% Weighted Average Pass-Through Rate 7.~~983725~~968696% Weighted Average Maturity(Stepdown Calculation ) ~~327~~326 Beginning Scheduled Collateral Loan Count ~~750~~726 Number Of Loans Paid In Full 2443 Ending Scheduled Collateral Loan Count ~~726~~683 Beginning Scheduled Collateral Balance ~~237~~228,~~653~~717,~~733~~104.1415 Ending Scheduled Collateral Balance ~~228~~212,~~717~~578,~~104~~067.1590 Ending Actual Collateral Balance at 3031-~~Sep~~Oct-2002 ~~228~~212,~~880~~734,~~115~~911.6366 Monthly P &I Constant 1,~~830~~763,~~637~~788.7239 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 ~~228~~212,~~717~~578,~~104~~067.1590 Scheduled Principal ~~184~~179,~~140~~350.0227 Unscheduled Principal 815,~~752~~959,~~488~~685.9798 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 209.93 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount ~~450~~398,~~640~~625.9615

Miscellaneous Reporting Rolling 3 Month 60+Days DLQs Average 01.~~986344~~441543% Triger Event Exists? NOYES Prepayment Charges Remitted 235,~~956~~672.9883

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