8-K 1 bsl05001_10505.txt 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): May 25, 2005 BEAR STEARNS ALT-A TRUST Mortgage Pass-Through Certificates, Series 2005-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-106323-26 54-2165593 Pooling and Servicing Agreement) (Commission 54-2167992 (State or other File Number) IRS EIN jurisdiction of Incorporation) c/o Wells Fargo Bank, 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On May 25, 2005 a distribution was made to holders of BEAR STEARNS ALT-A TRUST, Mortgage Pass-Through Certificates, Series 2005-1 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2005-1 Trust, relating to the May 25, 2005 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 ALT-A TRUST Mortgage Pass-Through Certificates, Series 2005-1 Trust (Registrant) By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Officer By: Beth Belfield as Officer Date: 5/25/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2005-1 Trust, relating to the May 25, 2005 distribution. EX-99.1

~~SECURITIES~~Bear ~~AND EXCHANGE~~Stearns ~~COMMISSION~~ALT-A ~~Washington~~Trust Mortgage Loan Pass-Through Certificates Record Date: 4/29/2005 Distribution Date: 5/25/2005 Bear Stearns ALT-A Trust Mortgage Loan Pass-Through Certificates Series 2005-1 Contact: Customer Service - CTSLink Wells Fargo Bank, DN.CA. ~~20549~~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 07386HQG9 SEN 3.30000% 709,582,826.44 1,951,352.77 17,889,085.16 M-1 07386HQH7 MEZ 3.52000% 23,173,000.00 67,974.13 0.00 M-2 07386HQJ3 MEZ 3.77000% 18,294,000.00 57,473.65 0.00 B-1 07386HQK0 SUB 4.32000% 8,131,000.00 29,271.60 0.00 B-2 07386HQL8 SUB 4.92000% 7,724,000.00 31,668.40 0.00 B-3 07386HQM6 SUB 4.92000% 6,098,000.00 25,001.80 0.00 R 07386HQN4 RES 0.00000% 0.00 0.00 0.00 XP 07386HQP9 SEN 0.00000% 100.00 0.00 0.00 B-IO 07386HQQ7 IO 0.00000% 4,471,937.00 1,440,695.52 0.00 Totals 777,474,863.44 3,603,437.87 17,889,085.16

~~FORM~~Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 691,693,741.28 19,840,437.93 0.00 M-1 0.00 23,173,000.00 67,974.13 0.00 M-2 0.00 18,294,000.00 57,473.65 0.00 B-1 0.00 8,131,000.00 29,271.60 0.00 B-K2 0.00 7,724,000.00 31,668.40 0.00 B-3 0.00 6,098,000.00 25,001.80 0.00 R 0.00 0.00 0.00 0.00 XP 0.00 100.00 0.00 0.00 B-IO 0.00 4,471,937.00 1,440,695.52 0.00 Totals 0.00 759,585,778.28 21,492,523.03 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

~~CURRENT~~Principal ~~REPORT~~Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-1 745,187,000.00 709,582,826.44 0.00 17,889,085.16 0.00 0.00 M-1 23,173,000.00 23,173,000.00 0.00 0.00 0.00 0.00 M-2 18,294,000.00 18,294,000.00 0.00 0.00 0.00 0.00 B-1 8,131,000.00 8,131,000.00 0.00 0.00 0.00 0.00 B-2 7,724,000.00 7,724,000.00 0.00 0.00 0.00 0.00 B-3 6,098,000.00 6,098,000.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 XP 100.00 100.00 0.00 0.00 0.00 0.00 B-IO 4,472,506.10 4,471,937.00 0.00 0.00 0.00 0.00 Totals 813,079,606.10 777,474,863.44 0.00 17,889,085.16 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.

~~Pursuant to~~Principal ~~Section~~Distribution 13Statement ~~or 15~~(dcontinued) ofTotal ~~theSecurities~~Ending ~~Exchange~~Ending ~~Act of~~Total ~~1934Date of~~Principal ~~Report~~Certificate ~~(Date~~Certificate ofPrincipal ~~earliest~~Class ~~event~~Reduction ~~reported)~~Balance ~~January~~Percentage 31Distribution A-1 17,889,085.16 ~~2005 STRUCTURED~~691,693,741.28 ~~ASSET~~0.92821499 ~~MORTGAGE~~17,889,085.16 ~~INVESTMENTS II~~M-1 ~~INC~~0. ~~(Exact~~00 ~~name~~23,173,000.00 of1.00000000 ~~registrant~~0.00 asM-2 ~~specified~~0.00 in18,294,000.00 ~~its~~1.00000000 ~~charter)~~0.00 B-1 0.00 8,131,000.00 1.00000000 0.00 B-2 0.00 7,724,000.00 1.00000000 0.00 B-3 0.00 6,098,000.00 1.00000000 0.00 R 0.00 0.00 0.00000000 0.00 XP 0.00 100.00 1.00000000 0.00 B-IO 0.00 4,471,937.00 0.99987276 0.00 Totals 17,889,085.16 759,585,778.28 0.93420838 17,889,085.16

~~Delaware(State~~Principal orDistribution ~~OtherJurisdictionof~~Factors ~~Incorporation~~Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) ~~383~~Amount ~~Madison~~Balance ~~AvenueNew~~Distribution ~~York~~Distribution Accretion A-1 745,187,000.00 ~~New~~952.22115582 ~~York(Address~~0.00000000 of24.00616914 ~~PrincipalExecutive~~0.00000000 ~~Offices)~~M-1 ~~333~~23,173,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-~~120916(CommissionFile~~2 ~~Number)~~18,294,000.00 301000.00000000 0.00000000 0.00000000 0.00000000 B-~~0183252(I~~1 8,131,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-2 7,724,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-3 6,098,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 R 0.S00 0.00000000 ~~EmployerIdentification~~0.00000000 No0.)00000000 ~~10l79(Zip~~0.00000000 ~~Code)~~XP 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-IO 4,472,506.10 999.87275590 0.00000000 0.00000000 0.00000000

~~Registrants~~Principal ~~telephone~~Distribution ~~number~~Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1 0.00000000 24.00616914 928.21498668 0.92821499 24.00616914 M-1 0.00000000 0.00000000 1, ~~including~~000.00000000 ~~area~~1.00000000 ~~code~~0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 is1.00000000 0.00000000 B-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 XP 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-IO 0.00000000 0.00000000 999.87275590 0.99987276 0.00000000 (~~212~~3) ~~272-2000~~Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

~~Items~~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 ~~through~~745,187,000.00 3.30000% 709,582,826.44 1,951,352.77 0.00 0.00 M-1 23,173,000.00 3.52000% 23,173,000.00 67,974.13 0.00 0.00 M-2 18,294,000.00 3.77000% 18,294,000.00 57,473.65 0.00 0.00 B-1 8,131,000.00 4.32000% 8,131,000.00 29,271.60 0.00 0.00 B-2 7,724,000.00 ~~are~~4.92000% ~~not~~7,724,000.00 ~~included because~~31,668.40 ~~they~~0.00 ~~are~~0.00 ~~not~~B-3 ~~applicable~~6,098,000.00 4.92000% 6,098,000.00 25,001.80 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 XP 100.00 0.00000% 100.00 0.00 0.00 0.00 B-IO 4,472,506.10 0.00000% 777,474,763.44 0.00 0.00 0.00 Totals 813,079,606.10 2,162,742.35 0.00 0.00

~~Item~~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 1,951,352.77 0.00 691,693,741.28 M-1 0.00 0.00 67,974.13 0.00 23,173,000.00 M-2 0.00 0.00 57,473.65 0.00 18,294,000.00 B-1 0.00 0.00 29,271.60 0.00 8,131,000.0100 B-2 0.00 ~~Other~~0.00 ~~Events~~31,668.40 0.00 7,724,000.00 B-3 0.00 0.00 25,001.80 0.00 6,098,000.00 R 0.00 0.00 0.00 0.00 0.00 XP 0.00 0.00 0.00 0.00 100.00 B-IO 0.00 0.00 1,440,695.52 0.00 759,585,678.28 Totals 0.00 0.00 3,603,437.87 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

OnInterest ~~January~~Distribution ~~31,~~Factors ~~2005,~~Statement ~~Structured~~Beginning ~~Asset Mortgage~~Payment ~~Investments~~of IIOriginal ~~Inc.~~Current ~~caused~~Certificate/ ~~the~~Current ~~issuance~~Unpaid ~~and~~Current ~~sale~~Face ofCertificate ~~the~~Notional ~~Mortgage~~Accrued ~~Pass~~Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A-~~Through Certificates~~1 745,187,000.00 ~~Series~~3.30000% ~~2005~~952.22115582 2.61860817 0.00000000 0.00000000 M-1 23,173,000.00 ~~pursuant~~3.52000% to1000.00000000 a2.93333319 ~~Pooling~~0.00000000 ~~and~~0.00000000 ~~Servicing~~M-2 ~~Agreement~~18,294,000.00 ~~dated~~3.77000% as1000.00000000 ~~of January~~3.14166667 0.00000000 0.00000000 B-1, ~~2005~~8,131,000.00 ~~among~~4.32000% ~~Structured~~1000.00000000 ~~Asset~~3.60000000 ~~Mortgage~~0.00000000 ~~Investments~~0.00000000 IIB-2 ~~Inc.~~7,724,000.00 as4.92000% ~~seller,~~1000.00000000 ~~Wells Fargo~~4.10000000 ~~Bank~~0.00000000 0.00000000 B-3 6,098,000.00 ~~National~~4.92000% ~~Association~~1000.00000000 as4.10000000 ~~master~~0.00000000 ~~servicer~~0.00000000 ~~and~~R ~~securities~~0.00 ~~administrator,~~0.00000% ~~EMC Mortgage~~0.00000000 ~~Corporation~~0.00000000 ~~and~~0.00000000 ~~JPMorgan~~0.00000000 ~~Chase~~XP ~~Bank,~~100.00 N0.A00000% 1000.00000000 0.00000000 0.00000000 0.00000000 B-IO 4,472,506.10 as0.00000% ~~trustee~~173834.25445524 0.00000000 0.00000000 0.00000000 (5) Per $1 denomination.

~~Item~~Interest 9Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A-1 0.0100000000 0. ~~Financial~~00000000 ~~Statements~~2.61860817 ~~and Exhibits~~0.00000000 928.21498668 M-1 0.00000000 0.00000000 2.93333319 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 3.14166667 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 3.60000000 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 4.10000000 0.00000000 1000.00000000 B-3 0.00000000 0.00000000 4.10000000 0.00000000 1000.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 XP 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 B-IO 0.00000000 0.00000000 322.12265065 0.00000000 169834.46445831 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,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 21,734,725.04 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (aServicer Advances) ~~Not~~ ~~applicable~~25,611.56 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 21,760,336.60 Withdrawals Reimbursement for Servicer Advances 105,839.66 Payment of Service Fee 161,973.91 Payment of Interest and Principal 21,492,523.03 Total Withdrawals (Pool Distribution Amount) 21,760,336.60 Ending Balance 0.00

~~(b) Not~~PREPAYMENT/CURTAILMENT ~~applicable~~INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00

~~(c) Exhibits~~SERVICING ~~(executed~~FEES ~~copies):~~Gross ~~The~~Servicing ~~following~~Fee ~~execution~~161,973.91 ~~copies~~Supported ofPrepayment/Curtailment ~~Exhibits~~Interest toShortfall ~~the~~0.00 ~~Form~~Net ~~S-3~~Servicing ~~Registration~~Fee ~~Statement of the Registrant are hereby filed:~~ 161,973.91

~~ExhibitNumber~~OTHER ~~SequentiallyNumberedExhibit~~ACCOUNTS ~~Page~~Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 0.00 0.00 0.00 0.00 XP Reserve Fund 100.00 0.00 0.00 100.00 Financial Guaranty 0.00 0.00 0.00 0.00

10LOAN 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.~~1 Pooling~~00 ~~and~~0.00 ~~Servicing~~0.00 ~~Agreement~~0.00 30 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 11 0 0 0 11 3, ~~dated~~265,175.96 as0.00 of0.00 ~~January~~0.00 13,265,175.96 ~~2005~~90 ~~among~~Days ~~Structured~~2 ~~Asset~~1 ~~Mortgage~~0 ~~Investments~~0 II3 ~~Inc~~623,933.44 239,900.00 ~~as seller~~0.00 0.00 863,833.44 ~~Wells~~120 ~~Fargo~~Days ~~Bank~~1 0 0 0 1 296,256.99 ~~National~~0.00 ~~Association~~0.00 as0.00 ~~master~~296,256.99 ~~servicer~~150 ~~and~~Days ~~securities administrator~~1 0 2 0 3 172,000.00 ~~EMC~~0.00 ~~Mortgage~~620,000.00 ~~Corporation~~0.00 ~~and~~792,000.00 ~~JPMorgan~~180+ ~~Chase~~Days ~~Bank~~0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 15 1 2 0 18 4,357,366.39 N239,900.A00 620,000.00 0.00 5,217,266.39 asNo ~~trustee~~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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.340768% 0.000000% 0.000000% 0.000000% 0.340768% 0.429815% 0.000000% 0.000000% 0.000000% 0.429815% 90 Days 0.061958% 0.030979% 0.000000% 0.000000% 0.092937% 0.082132% 0.031580% 0.000000% 0.000000% 0.113712% 120 Days 0.030979% 0.000000% 0.000000% 0.000000% 0.030979% 0.038998% 0.000000% 0.000000% 0.000000% 0.038998% 150 Days 0.030979% 0.000000% 0.061958% 0.000000% 0.092937% 0.022641% 0.000000% 0.081614% 0.000000% 0.104256% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.464684% 0.030979% 0.061958% 0.000000% 0.557621% 0.573587% 0.031580% 0.081614% 0.000000% 0.686781%

~~Pursuant to~~OTHER ~~the~~INFORMATION ~~requirements~~Current ofPeriod ~~the~~Class ~~Securities~~A ~~Exchange~~Insufficient ~~Act~~Funds of0.00 ~~1934,~~Principal ~~the~~Balance ~~Registrant has duly caused this report to be signed on behalf~~ of ~~the~~Contaminated ~~Registrant~~Properties by0.00 ~~the~~Periodic ~~undersigned~~Advance ~~thereunto duly authorized~~25,611. 56

~~STRUCTURED~~COLLATERAL ~~ASSET~~STATEMENT ~~MORTGAGE~~Collateral ~~INVESTMENTS~~Description IIFixed ~~INC~~& Mixed ARM Weighted Average Gross Coupon 5.811756% ~~By:~~Weighted Average Net Coupon 5.561756% Weighted Average Pass-Through Rate 5.561756% Weighted Average Maturity(Stepdown Calculation ) 355 Beginning Scheduled Collateral Loan Count 3,298 Number Of Loans Paid In Full 70 Ending Scheduled Collateral Loan Count 3,228 Beginning Scheduled Collateral Balance 777,474,763.44 Ending Scheduled Collateral Balance 759,585,678.28 Ending Actual Collateral Balance at 29-Apr-2005 759,669,481.71 Monthly P &I Constant 3,873,357.88 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal 107,946.55 Unscheduled Principal 17,781,138.61 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/~~s/Baron~~C ~~Silverstein~~Amount ~~Name:~~4,471,937.00 ~~Baron~~Overcollateralized ~~Silverstein~~Amount ~~Title:~~4,471,937.00 ~~Vice~~Overcollateralized ~~President~~Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 1,440,695.52

~~Dated:~~Miscellaneous ~~February~~Reporting ~~15,~~Trigger ~~2005~~Event NO

EXHIBIT INDEX

ExhibitNumber1 Item 601 (a) ofRegulation S-KExhibit No. 4 SequentiallyNumberedDescription Pooling and ServicingAgreement Page5

EXHIBIT 1

Filing Compare · Bear Stearns BSALTA 2005-1