8-K 1 abfs2003_1june.txt 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): June 15, 2003 BEAR STEARNS ASSET BACKED SECURITIES INC., (as depositor under the Pooling and Servicing Agreement, dated March 1, 2003 providing for the issuance of ABFS Mortgage Loan Trust 2003-1 Mortgage Pass-Through Certificates, Series 2003-1, Class A, Class A-IO, Class M, Class X, Class I and Class R) BEAR STEARNS ASSET BACKED SECURITIES INC. (Exact name of registrant as specified in its charter) Delaware 333-91334-03 13-3836437 (State or other (Commission File Number) (IRS Employer jurisdiction of Identification No.) incorporation) 245 Park Avenue New York, New York 10167 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code : (212) 272-4095 N/A (Former name or former address, if changed since last report.) Item 5. Other Events. This current report on Form 8-K relates to the monthly distribution reported to the holders of ABFS Mortgage Loan Trust 2003-1 Mortgage Pass-Through Certificates, Series 2003-1 pursuant to the terms of the Pooling and Servicing Agreement, dated as of March 1, 2003 among Bear Stearns Asset Backed Securities, Inc. as Depositor, American Business Credit Inc., as Servicer, and JPMorgan Chase Bank, as Trustee, Collateral Agent and Back-up Servicer. On June 15, 2003 distributions were made to the Certificateholders. Specific information with respect to these distributions is filed as Exhibit 99.1. Item 7. Financial Statements and Exhibits. (a) Not applicable (b) Not applicable (c) The following exhibit is filed as part of this report: Statement to Certificateholders on June 15, 2003 as Exhibit 99.1. -2- BEAR STEARNS ASSET BACKED SECURITIES INC. ABFS Mortgage Loan Trust 2003-1 Mortgage Pass-Through Certificates, Series 2003-1 ----------------------------------------------------------------------------- SIGNATURE 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. JPMorgan Chase Bank, Date: June 25, 2003 By: /s/ Jennifer McCourt ----------------------------- Jennifer McCourt Vice President -3- INDEX TO EXHIBITS Exhibit Number Description of Exhibits 99.1 Statement to Certificateholders June 15, 2003 -4- Exhibit 99.1 Statement to Certificateholders June 15, 2003 -5- ABFS MORTGAGE LOAN TRUST 2003-1 STATEMENT TO CERTIFICATEHOLDERS June 15, 2003 ----------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTION IN DOLLARS ----------------------------------------------------------------------------------------------------------------------------------- ORIGINAL BEGINNING ENDING FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE ---------------------------------------------------------------------------------------------------------------------------------- A 387,000,000.00 383,524,652.60 4,137,547.82 1,208,102.66 5,345,650.48 0.00 0.00 379,387,104.78 M 63,000,000.00 63,000,000.00 0.00 157,360.00 157,360.00 0.00 0.00 63,000,000.00 R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 TOTALS 450,000,000.00 446,524,652.60 4,137,547.82 1,365,462.66 5,503,010.48 0.00 0.00 442,387,104.78 AIO 118,125,000.00 118,125,000.00 0.00 393,750.00 393,750.00 0.00 0.00 118,125,000.00 X 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 I 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 M1 25,875,000.00 25,875,000.00 0.00 64,630.00 64,630.00 0.00 0.00 25,875,000.00 M2 23,625,000.00 23,625,000.00 0.00 59,010.00 59,010.00 0.00 0.00 23,625,000.00 M3 13,500,000.00 13,500,000.00 0.00 33,720.00 33,720.00 0.00 0.00 13,500,000.00 --------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------ FACTOR INFORMATION PER $1,000 OF ORIGINAL FACE ------------------------------------------------------------------------------------------------------ BEGINNING ENDING CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL ------------------------------------------------------------------------------------------------------- A 000759DE7 991.01977416 10.69133804 3.12171230 13.81305034 980.32843612 M 000759DG2 1,000.00000000 0.00000000 2.49777778 2.49777778 1,000.00000000 TOTALS 992.27700578 9.19455071 3.03436147 12.22891218 983.08245507 AIO 000759DF4 1,000.00000000 0.00000000 3.33333333 3.33333333 1,000.00000000 M1 000759DG2 1,000.00000000 0.00000000 2.49777778 2.49777778 1,000.00000000 M2 000759DG2 1,000.00000000 0.00000000 2.49777778 2.49777778 1,000.00000000 M3 000759DG2 1,000.00000000 0.00000000 2.49777778 2.49777778 1,000.00000000 ------------------------------------------------------------------------------------------------------- -------------------------------------------------- PASS-THROUGH RATES -------------------------------------------------- CLASS PREVIOUS CURRENT NEXT ------------------------------------------------- A 3.780000% 3.780000% 3.780000% M 2.810000% 0.000000% 0.000000% M1 2.810000% 0.000000% 0.000000% M2 2.810000% 0.000000% 0.000000% M3 2.810000% 0.000000% 0.000000% AIO 4.000000% 4.000000% 4.000000% -------------------------------------------------- IF THERE, ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: Joseph M. Costantino JPMorgan Chase Bank - Structured Finance Services 450 W. 33rd St New York, New York 10001 Tel: (212) 946-3881 Fax: (212) 946-8302 Email: Joseph.M.Costantino@JPMorgan.com

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): March 25, 2003

Delaware 333-91334 13-3836437

(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

383 Madison Avenue New York, NY 10179

(Address of principal executive offices) Zip Code

Registrant's telephone, including area code: (212) 272-2000

ITEM 5. Other Events Filing of Computational Materials

In connection with the proposed offering of the Bear Stearns Asset Backed Securities, Inc., ABFS Mortgage Loan Trust 2003-1, Mortgage Pass-Through Certificates, Series 2003-1 (the “Certificates”), Bear, Stearns & Co. Inc., as the underwriter (the “Underwriter”), has prepared certain materials (the “Computational Materials”) for distribution to its potential investors. Although Bear Stearns Asset Backed Securities, Inc. (the “Company”) provided the Underwriter with certain information regarding the characteristics of the mortgage loans (the “Mortgage Loans”) in the related portfolio, the Company did not participate in the preparation of the Computational Materials.

For purposes of this Form 8-K, “Computational Materials” shall mean the Series 2003-1 term sheet, computer generated tables and/or charts displaying, with respect to the Certificates, any of the following: yield; average life; duration, expected maturity; interest rate sensitivity; loss sensitivity; cash flow characteristics; background information regarding the Mortgage Loans; the proposed structure; decrement tables; or similar information (tabular or otherwise) of a statistical, mathematical, tabular or computational nature. The Computational Materials are attached hereto as Exhibit 99.1.

ITEM 7. Financial Statements and Exhibits

(a) (b) (c) Not applicable. Not applicable. Exhibits: 99.1 The ABFS Mortgage Loan Trust 2003-1 Computational Materials, filed on Form 8-K dated March 25, 2003

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.

Date: March 25, 2003 BEAR STEARNS ASSET BACKED SECURITIES, INC. By: /S/ JONATHAN LIEBERMAN Name: Jonathan Lieberman Title: Senior Managing Director

INDEX TO EXHIBITS

Paper (P) or Exhibit No. (99.1) Description The ABFS Mortgage Loan Trust 2003-1 Computational Materials, filed on Form 8-K dated March 25, 2003 Paper (P) or Electronic (E) P

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