8-K 1 bsa02002.txt DECEMBER 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): December 26, 2002 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset-Backed Certificates, Series 2002-2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-56242-13 Pooling and Servicing Agreement) (Commission 51-0423835 (State or other File Number) 51-0423846 jurisdiction 51-0423843 of Incorporation) IRS EIN 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 December 26, 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 Mortgage Pass-Through Certificates, Series 2002-2 Trust, relating to the December 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 2002-2 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: 1/7/03 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 December 26, 2002 distribution. EX-99.1

Bear Stearns Asset Backed Securities ~~Asset~~Mortgage Pass-~~Backed~~Through Certificates Record Date: 1011/3130/02 Distribution Date: 1112/2526/02 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 21.~~16000~~71000% ~~261~~250,~~145~~826,~~259~~914.2909 ~~485~~369,~~730~~342.1863 10,~~318~~557,~~345~~367.1918 A-2 07384YEN2 SEN 21.~~43000~~98000% 3433,~~361~~003,~~380~~697.7634 7156,~~901~~271.1930 1,~~357~~389,~~683~~133.4283 M-1 07384YEQ5 MEZ 2.~~63000~~18000% 18,510,000.00 4134,~~920~~747.0138 0.00 M-2 07384YER3 MEZ 32.~~33000~~88000% 16,562,000.00 4741,~~491~~073.5476 0.00 B 07384YES1 SUB 43.~~08000~~63000% 19,484,000.00 6860,~~453~~903.7974 0.00 B-IO 07384YEV4 IO 0.00000% 0.00 1,~~490~~489,~~642~~209.4059 0.00 OC BSA0202OC OC 0.00000% 1,948,441.58 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 ~~352~~340,~~011~~335,~~081~~053.6301 2,~~368~~214,~~639~~048.1140 11,~~676~~946,~~028~~501.6101

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 ~~250~~240,~~826~~269,~~914~~546.0991 10,~~804~~926,~~075~~709.3781 0.00 A-2 0.00 3331,~~003~~614,~~697~~563.3451 1,~~429~~445,~~584~~405.6113 0.00 M-1 0.00 18,510,000.00 4134,~~920~~747.0138 0.00 M-2 0.00 16,562,000.00 4741,~~491~~073.5476 0.00 B 0.00 19,484,000.00 6860,~~453~~903.7974 0.00 B-IO 0.00 0.00 1,~~490~~489,~~642~~209.4059 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 ~~340~~328,~~335~~388,~~053~~552.0100 14,~~044~~160,~~667~~549.7241 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 ~~261~~250,~~145~~826,~~259~~914.2909 0.00 10,~~318~~557,~~345~~367.1918 0.00 0.00 A-2 38,969,000.00 3433,~~361~~003,~~380~~697.7634 0.00 1,~~357~~389,~~683~~133.4283 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 1,948,441.58 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 ~~352~~340,~~011~~335,~~081~~053.6301 0.00 11,~~676~~946,~~028~~501.6101 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 10,~~318~~557,~~345~~367.1918 ~~250~~240,~~826~~269,~~914~~546.0991 0.~~84692184~~81127469 10,~~318~~557,~~345~~367.1918 A-2 1,~~357~~389,~~683~~133.4283 3331,~~003~~614,~~697~~563.3451 0.~~84692184~~81127469 1,~~357~~389,~~683~~133.4283 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 11,~~676~~946,~~028~~501.6101 ~~340~~328,~~335~~388,~~053~~552.0100 0.~~87335162~~84269508 11,~~676~~946,~~028~~501.6101

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 ~~881~~846.~~76193275~~92184402 0.00000000 3435.~~84008870~~64715099 0.00000000 A-2 38,969,000.00 ~~881~~846.~~76193282~~92184403 0.00000000 3435.~~84008879~~64715107 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 6173769.26489227 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 3435.~~84008870~~64715099 ~~846~~811.~~92184402~~27469302 0.~~84692184~~81127469 3435.~~84008870~~64715099 A-2 0.00000000 3435.~~84008879~~64715107 ~~846~~811.~~92184403~~27469296 0.~~84692184~~81127469 3435.~~84008879~~64715107 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.~~2648922~~26489227 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 21.~~16000~~71000% ~~261~~250,~~145~~826,~~259~~914.2909 ~~485~~369,~~730~~342.1863 0.00 0.00 A-2 38,969,000.00 21.~~43000~~98000% 3433,~~361~~003,~~380~~697.7634 7156,~~901~~271.1930 0.00 0.00 M-1 18,510,000.00 2.~~63000~~18000% 18,510,000.00 4134,~~920~~747.0138 0.00 0.00 M-2 16,562,000.00 32.~~33000~~88000% 16,562,000.00 4741,~~491~~073.5476 0.00 0.00 B 19,484,000.00 43.~~08000~~63000% 19,484,000.00 6860,~~453~~903.7974 0.00 0.00 B-IO 0.00 0.00000% 0.00 0.00 0.00 0.00 OC 315.60 0.00000% 1,948,441.58 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~~724,~~996~~838.7181 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 ~~485~~369,~~730~~342.1863 0.00 ~~250~~240,~~826~~269,~~914~~546.0991 A-2 0.00 0.00 7156,~~901~~271.1930 0.00 3331,~~003~~614,~~697~~563.3451 M-1 0.00 0.00 4134,~~920~~747.0138 0.00 18,510,000.00 M-2 0.00 0.00 4741,~~491~~073.5476 0.00 16,562,000.00 B 0.00 0.00 6860,~~453~~903.7974 0.00 19,484,000.00 B-IO 0.00 0.00 1,~~490~~489,~~642~~209.4059 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,~~368~~214,~~639~~048.1140 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 21.~~16000~~71000% ~~881~~846.~~76193275~~92184402 1.~~64007719~~24709241 0.00000000 0.00000000 A-2 38,969,000.00 21.~~43000~~98000% ~~881~~846.~~76193282~~92184403 1.~~84508686~~44400164 0.00000000 0.00000000 M-1 18,510,000.00 2.~~63000~~18000% 1000.00000000 21.~~26472231~~87722204 0.00000000 0.00000000 M-2 16,562,000.00 32.~~33000~~88000% 1000.00000000 2.~~86750030~~48000000 0.00000000 0.00000000 B 19,484,000.00 43.~~08000~~63000% 1000.00000000 3.~~51333350~~12583350 0.00000000 0.00000000 B-IO 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 OC 315.60 0.00000% 6173769.26489227 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.~~64007719~~24709241 0.00000000 ~~846~~811.~~92184402~~27469302 A-2 0.00000000 0.00000000 1.~~84508686~~44400164 0.00000000 ~~846~~811.~~92184403~~27469296 M-1 0.00000000 0.00000000 21.~~26472231~~87722204 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~86750030~~48000000 0.00000000 1000.00000000 B 0.00000000 0.00000000 3.~~51333350~~12583350 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 1314,~~918~~056,~~697~~845.7130 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~243~~253,~~615~~250.7938 Realized Losses 0(53,706.0044) Prepayment Penalties 0.00 Total Deposits 14,~~162~~256,~~313~~389.5024 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~117~~95,~~645~~839.7883 Payment of Interest and Principal 14,~~044~~160,~~667~~549.7241 Total Withdrawals (Pool Distribution Amount) 14,~~162~~256,~~313~~389.5024 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall ~~349~~18,188.7316 Servicing Fee Support ~~349~~18,188.7316 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00

SERVICING FEES Gross Servicing Fee ~~115~~111,~~062~~191.0886 Master Servicing Fee 2,~~933~~836.4313 Supported Prepayment/Curtailment Interest Shortfall ~~349~~18,188.7316 Net Servicing Fee ~~117~~95,~~645~~839.7883

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 ~~178~~174 0 0 0 ~~178~~174 1613,~~433~~579,~~178~~693.4544 0.00 0.00 0.00 1613,~~433~~579,~~178~~693.4544 60 Days 6359 0 0 0 6359 6,~~164~~558,~~686~~556.1847 0.00 0.00 0.00 6,~~164~~558,~~686~~556.1847 90 Days 3336 0 0 0 3336 3,~~241~~966,~~544~~861.2535 0.00 0.00 0.00 3,~~241~~966,~~544~~861.2535 120 Days 2024 0 0 0 2024 2,~~095~~085,~~314~~117.6650 0.00 0.00 0.00 2,~~095~~085,~~314~~117.6650 150 Days 1216 0 0 0 1216 ~~795~~1,~~168~~642,566.7594 0.00 0.00 0.00 ~~795~~1,~~168~~642,566.7594 180+ Days 213 0 0 0 213 ~~107~~873,~~415~~110.3487 0.00 0.00 0.00 ~~107~~873,~~415~~110.3487 Totals ~~308~~322 0 0 0 ~~308~~322 28,~~837~~705,~~307~~906.6357 0.00 0.00 0.00 28,~~837~~705,~~307~~906.6357 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.~~221473~~236232% 0.000000% 0.000000% 0.000000% 5.~~221473~~236232% 4.~~822018~~129260% 0.000000% 0.000000% 0.000000% 4.~~822018~~129260% 60 Days 1.~~848049~~775504% 0.000000% 0.000000% 0.000000% 1.~~848049~~775504% 1.~~808915~~994300% 0.000000% 0.000000% 0.000000% 1.~~808915~~994300% 90 Days 01.~~968026~~083358% 0.000000% 0.000000% 0.000000% 01.~~968026~~083358% 01.~~951172~~206228% 0.000000% 0.000000% 0.000000% 01.~~951172~~206228% 120 Days 0.~~586682~~722239% 0.000000% 0.000000% 0.000000% 0.~~586682~~722239% 0.~~614832~~634034% 0.000000% 0.000000% 0.000000% 0.~~614832~~634034% 150 Days 0.~~352009~~481493% 0.000000% 0.000000% 0.000000% 0.~~352009~~481493% 0.~~233328~~499465% 0.000000% 0.000000% 0.000000% 0.~~233328~~499465% 180+ Days 0.~~058668~~391213% 0.000000% 0.000000% 0.000000% 0.~~058668~~391213% 0.~~031519~~265492% 0.000000% 0.000000% 0.000000% 0.~~031519~~265492% Totals 9.~~034908~~690039% 0.000000% 0.000000% 0.000000% 9.~~034908~~690039% 8.~~461785~~728780% 0.000000% 0.000000% 0.000000% 8.~~461785~~728780%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~243~~253,~~615~~250.7938

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 8.~~415085~~398017% Weighted Average Net Coupon 8.~~022840~~005961% Weighted Average Pass-Through Rate 87.~~012840~~995961% Weighted Average Maturity(Stepdown Calculation ) ~~287~~286 Beginning Scheduled Collateral Loan Count 3,~~498~~409 Number Of Loans Paid In Full 8986 Ending Scheduled Collateral Loan Count 3,~~409~~323 Beginning Scheduled Collateral Balance ~~352~~340,~~011~~335,~~081~~053.6201 Ending Scheduled Collateral Balance ~~340~~328,~~335~~388,~~053~~552.0100 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2002 ~~340~~328,~~794~~865,~~601~~053.7783 Monthly P &I Constant 32,~~082~~965,~~538~~873.3667 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount ~~(18~~53,~~132~~706.~~12)~~44 Cumulative Realized Loss 053,706.0044 Ending Scheduled Balance for Premium Loans ~~340~~328,~~335~~388,~~053~~552.0100 Scheduled Principal ~~616~~583,~~294~~814.3451 Unscheduled Principal 11,~~059~~362,~~734~~686.2750 Required Overcollateralization Amount 1,948,441.58 Overcollateralized Increase Amount 053,706.0044 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 053,706.0044 Excess Cash Amount 1,~~472~~542,~~510~~916.2803

~~Stated~~Miscellaneous ~~Principal~~Reporting ~~Balances~~Rolling ofAvg ~~the~~3-Month ~~Fixed~~Del ~~Rate~~Percentage ~~Mortgage Loans 242,485,078~~4.10587966% ~~Stated~~Trigger ~~Principal~~Event ~~Balance~~Exists? ofNO ~~the~~Excess ~~Adjustable~~Yield ~~Rate~~Maintenance ~~Mortgage~~Amount ~~Loans 97,849,974~~0.9100

Miscellaneous Reporting Rolling Avg 3-Month Del Percentage 2.434543% Trigger Event Exists? NO Excess Yield Maintenance Amount 0.00

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