8-K 1 bsa02ac1.txt MAY 8-K 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 28, 2002 BEAR STEARNS ASSET BACKED SECURITIES TRUST Mortgage Pass-Through Certificates, Series 2002-AC1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-56242-04 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 May 28, 2002 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Mortgage Pass-Through Certificates, Series 2002-AC1 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-AC1 Trust, relating to the May 28, 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 Mortgage Pass-Through Certificates, Series 2002-AC1 Trust By: Wells Fargo Bank Minnesota, NA, as Securities Administrator By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 5/30/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2002-AC1 Trust, relating to the May 28, 2002 distribution. EX-99.1

Bear Stearns Asset Backed Securities Mortgage Pass-Through Certificates Record Date: 24/2830/02 Distribution Date: 35/2528/02 BSA Series: 2002-AC1 Contact: Customer Service - SecuritiesLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 846-8130 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution I-A 07384YBW5 SEN 8.00000% ~~284~~274,~~212~~134,~~505~~060.3269 1,~~894~~827,~~615~~425.3903 47,~~645~~433,~~229~~629.9976 II-A 07384YBX3 SEN 8.00000% ~~203~~192,~~868~~748,~~201~~020.6505 1,~~359~~284,~~024~~891.7562 59,~~167~~292,~~216~~921.2038 X-1 07384YCA2 SEN 0.~~31141~~52806% 0.00 8279,~~895~~689.0360 0.00 R-1 07384YCG9 RES 8.00000% 0.00 0.00 0.00 X-2 07384YCB0 SEN 0.~~19040~~46290% 0.00 3634,~~803~~537.1796 0.00 R-2 07384YCH7 RES 8.00000% 0.00 0.7268 0.00 X-3 07384YCC8 SEN 1.00000% 0.00 40,~~570~~515.4774 0.00 PO-1 07384YBY1 PO 0.00000% 76,~~043~~917,~~442~~063.1170 0.00 4177,~~716~~709.4711 PO-2 07384YBZ8 PO 0.00000% 7,~~605~~414,~~605~~125.5649 0.00 51264,~~550~~670.5778 B-1 07384YCD6 SUB 7.00000% 19,~~475~~448,~~006~~795.0840 113,~~596~~442.1391 13,~~064~~281.9480 B-2 07384YCE4 SUB 7.00000% 9,~~737~~724,~~602~~497.9750 56,~~798~~722.6404 6,~~532~~640.5497 B-3 07384YCF1 SUB 7.00000% 8,~~346~~335,~~531~~297.1183 48,~~684~~618.6497 5,~~599~~692.3327 B-4 07384YCJ3 SUB 7.00000% 3,~~895~~889,~~001~~759.2208 22,~~719~~688.2358 2,~~612~~656.9936 B-5 07384YCL8 SUB 7.00000% 2,~~225~~222,~~714~~719.9847 12,~~982~~964.4290 1,~~493~~517.1492 B-6 07384YCN4 SUB 7.00000% 5,~~008~~001,~~168~~422.6807 29,~~212~~172.2280 3,~~362~~415.0253 XP BSA2AC1XP SEN 0.00000% 100.00 1415,~~037~~483.8030 0.00 Totals ~~551~~529,~~417~~835,~~879~~861.6828 3,~~711~~566,~~940~~154.6113 917,~~938~~102,~~378~~135.1988

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A 0.00 ~~279~~266,~~567~~700,~~275~~430.3393 69,~~539~~261,~~845~~054.3879 0.00 II-A 0.00 ~~198~~183,~~700~~455,~~985~~098.4567 610,~~526~~577,~~240~~813.9500 0.00 X-1 0.00 0.00 8279,~~895~~689.0360 0.00 R-1 0.00 0.00 0.00 0.00 X-2 0.00 0.00 3634,~~803~~537.1796 0.00 R-2 0.00 0.00 0.7268 0.00 X-3 0.00 0.00 40,~~570~~515.4774 0.00 PO-1 0.00 76,~~001~~839,~~725~~354.6459 4177,~~716~~709.4711 0.00 PO-2 0.00 7,~~554~~149,~~055~~454.0071 51264,~~550~~670.5778 0.00 B-1 0.00 19,~~461~~435,~~941~~513.1461 126,~~661~~724.0771 0.00 B-2 0.00 9,~~731~~717,~~070~~856.4453 63,~~331~~363.1801 0.00 B-3 0.00 8,~~340~~329,~~931~~605.7856 54,~~283~~311.9724 0.00 B-4 0.00 3,~~892~~887,~~388~~102.2372 25,~~332~~344.2294 0.00 B-5 0.00 2,~~224,~~221,201.8455 14,~~475~~482.5682 0.00 B-6 0.00 54,~~004~~998,~~806~~006.6454 32,~~574~~588.2433 14.0910 XP 0.00 100.00 1415,~~037~~483.8030 0.00 Totals 0.00 ~~541~~512,~~479~~733,~~501~~725.4941 1320,~~650~~668,~~318~~290.8001 14.0910 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) I-A 287,145,000.00 ~~284~~274,~~212~~134,~~505~~060.3269 ~~190~~187,~~299~~048.2810 47,~~454~~246,~~930~~581.7167 0.00 0.00 II-A 206,224,000.00 ~~203~~192,~~868~~748,~~201~~020.6505 ~~137~~131,~~128~~785.2565 59,~~030~~161,~~087~~135.9474 0.00 0.00 X-1 0.00 0.00 0.00 0.00 0.00 0.00 R-1 50.00 0.00 0.00 0.00 0.00 0.00 X-2 0.00 0.00 0.00 0.00 0.00 0.00 R-2 50.00 0.00 0.00 0.00 0.00 0.00 X-3 0.00 0.00 0.00 0.00 0.00 0.00 PO-1 7,073,728.00 76,~~043~~917,~~442~~063.1170 6,~~096~~108.2294 3571,~~620~~600.2517 0.00 0.00 PO-2 7,643,009.00 7,~~605~~414,~~605~~125.5649 5,~~954~~895.2385 45258,~~596~~774.3492 0.00 0.00 B-1 19,488,000.00 19,~~475~~448,~~006~~795.0840 13,~~064~~281.9480 0.00 0.00 0.00 B-2 9,744,100.00 9,~~737~~724,~~602~~497.9750 6,~~532~~640.5497 0.00 0.00 0.00 B-3 8,352,100.00 8,~~346~~335,~~531~~297.1183 5,~~599~~692.3327 0.00 0.00 0.00 B-4 3,897,600.00 3,~~895~~889,~~001~~759.2208 2,~~612~~656.9936 0.00 0.00 0.00 B-5 2,227,200.00 2,~~225~~222,~~714~~719.9847 1,~~493~~517.1492 0.00 0.00 0.00 B-6 5,011,522.00 5,~~008~~001,~~168~~422.6807 3,~~362~~415.0253 0.00 0.00 0.00 XP 100.00 100.00 0.00 0.00 0.00 0.00 Totals 556,806,459.00 ~~551~~529,~~417~~835,~~879~~861.6828 ~~372~~364,~~142~~043.9439 916,~~566~~738,~~235~~092.2450 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 I-A 47,~~645~~433,~~229~~629.9976 ~~279~~266,~~567~~700,~~275~~430.3393 0.~~97361011~~92880054 47,~~645~~433,~~229~~629.9976 II-A 59,~~167~~292,~~216~~921.2038 ~~198~~183,~~700~~455,~~985~~098.4567 0.~~96352018~~88959141 59,~~167~~292,~~216~~921.2038 X-1 0.00 0.00 0.00000000 0.00 R-1 0.00 0.00 0.00000000 0.00 X-2 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 X-3 0.00 0.00 0.00000000 0.00 PO-1 4177,~~716~~709.4711 76,~~001~~839,~~725~~354.6459 0.~~98982116~~96686706 4177,~~716~~709.4711 PO-2 51264,~~550~~670.5778 7,~~554~~149,~~055~~454.0071 0.~~98836139~~93542409 51264,~~550~~670.5778 B-1 13,~~064~~281.9480 19,~~461~~435,~~941~~513.1461 0.~~99866283~~99730673 13,~~064~~281.9480 B-2 6,~~532~~640.5497 9,~~731~~717,~~070~~856.4453 0.~~99866283~~99730673 6,~~532~~640.5497 B-3 5,~~599~~692.3327 8,~~340~~329,~~931~~605.7856 0.~~99866282~~99730673 5,~~599~~692.3327 B-4 2,~~612~~656.9936 3,~~892~~887,~~388~~102.2372 0.~~99866283~~99730673 2,~~612~~656.9936 B-5 1,~~493~~517.1492 2,~~224,~~221,201.8455 0.~~99866282~~99730673 1,~~493~~517.1492 B-6 3,~~362~~415.0253 54,~~004~~998,~~806~~006.6454 0.~~99866002~~99730312 3,~~362~~415.0253 XP 0.00 100.00 1.00000000 0.00 Totals 917,~~938~~102,~~378~~135.1988 ~~541~~512,~~479~~733,~~501~~725.4941 0.~~97247346~~92084730 917,~~938~~102,~~378~~135.1988

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A 287,145,000.00 ~~989~~954.~~78740817~~68860920 0.~~66272887~~65140643 1525.~~51456828~~23666325 0.00000000 II-A 206,224,000.00 ~~988~~934.~~57650734~~65367780 0.~~66494807~~63904129 2444.~~39137996~~42322785 0.00000000 X-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-1 50.00 0.00000000 0.00000000 0.00000000 0.00000000 X-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-2 50.00 0.00000000 0.00000000 0.00000000 0.00000000 X-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000 PO-1 7,073,728.00 ~~995~~977.~~71853908~~85265422 0.~~86181148~~86360968 510.~~03556965~~12198518 0.00000000 PO-2 7,643,009.00 ~~995~~970.~~10618920~~05321988 0.~~77904265~~77140430 533.~~96575773~~85772802 0.00000000 B-1 19,488,000.00 ~~999~~997.~~33323481~~98826970 0.~~67040948~~68153736 0.00000000 0.00000000 B-2 9,744,100.00 ~~999~~997.~~33323447~~98826982 0.~~67040979~~68153755 0.00000000 0.00000000 B-3 8,352,100.00 ~~999~~997.~~33323476~~98827002 0.~~67040984~~68153758 0.00000000 0.00000000 B-4 3,897,600.00 ~~999~~997.~~33323584~~98826970 0.~~67041000~~68153736 0.00000000 0.00000000 B-5 2,227,200.00 ~~999~~997.~~33323455~~98826778 0.~~67041128~~68153736 0.00000000 0.00000000 B-6 5,011,522.00 ~~999~~997.~~33087792~~98465815 0.~~67085807~~68153547 0.00000000 0.00000000 XP 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 2) All Senior Classes are per $1,000 denomination, all Offered Subordinate Classes are $25,000 denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution I-A 0.00000000 1625.~~17729715~~88806965 ~~973~~928.~~61011102~~80053955 0.~~97361011~~92880054 1625.~~17729715~~88806965 II-A 0.00000000 2545.~~05632807~~06226909 ~~963~~889.~~52017927~~59140871 0.~~96352018~~88959141 2545.~~05632807~~06226909 X-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 PO-1 0.00000000 510.~~89738113~~98559487 ~~989~~966.~~82115795~~86705935 0.~~98982116~~96686706 510.~~89738113~~98559487 PO-2 0.00000000 634.~~74480038~~62913363 ~~988~~935.~~36139013~~42408625 0.~~98836139~~93542409 634.~~74480038~~62913363 B-1 0.00000000 0.~~67040948~~68153736 ~~998~~997.~~66282533~~30673286 0.~~99866283~~99730673 0.~~67040948~~68153736 B-2 0.00000000 0.~~67040979~~68153755 ~~998~~997.~~66282571~~30673228 0.~~99866283~~99730673 0.~~67040979~~68153755 B-3 0.00000000 0.~~67040984~~68153758 ~~998~~997.~~66282492~~30673244 0.~~99866282~~99730673 0.~~67040984~~68153758 B-4 0.00000000 0.~~67041000~~68153736 ~~998~~997.~~66282584~~30673235 0.~~99866283~~99730673 0.~~67041000~~68153736 B-5 0.00000000 0.~~67041128~~68153736 ~~998~~997.~~66282328~~30673042 0.~~99866282~~99730673 0.~~67041128~~68153736 B-6 0.00000000 0.~~67085807~~68153547 ~~998~~997.~~66001586~~30312268 0.~~99866002~~99730312 0.~~67085807~~68153547 XP 0.00000000 0.00000000 1,000.00000000 1.00000000 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 I-A 287,145,000.00 8.00000% ~~284~~274,~~212~~134,~~505~~060.3269 1,~~894~~827,~~750~~560.0440 0.00 0.00 II-A 206,224,000.00 8.00000% ~~203~~192,~~868~~748,~~201~~020.6505 1,~~359~~284,~~121~~986.3480 0.00 0.00 X-1 0.00 0.~~31141~~52806% ~~319~~181,~~449~~104,~~814~~801.1633 8279,~~900~~695.9250 0.00 0.00 X-2 0.00 0.~~19040~~46290% ~~231~~89,~~968~~541,~~063~~953.2514 3634,~~805~~540.7952 0.00 0.00 R-1 50.00 8.00000% 0.00 0.00 0.00 0.00 X-3 0.00 1.00000% 48,~~688~~622,~~022~~491.7636 40,~~573~~518.3574 0.00 0.00 R-2 50.00 8.00000% 0.00 0.00 0.00 0.00 PO-1 7,073,728.00 0.00000% 76,~~043~~917,~~442~~063.1170 0.00 0.00 0.00 PO-2 7,643,009.00 0.00000% 7,~~605~~414,~~605~~125.5649 0.00 0.00 0.00 B-1 19,488,000.00 7.00000% 19,~~475~~448,~~006~~795.0840 113,~~604~~451.2031 0.00 0.00 B-2 9,744,100.00 7.00000% 9,~~737~~724,~~602~~497.9750 56,~~802~~726.6824 0.00 0.00 B-3 8,352,100.00 7.00000% 8,~~346~~335,~~531~~297.1183 48,~~688~~622.1057 0.00 0.00 B-4 3,897,600.00 7.00000% 3,~~895~~889,~~001~~759.2208 22,~~720~~690.8426 0.00 0.00 B-5 2,227,200.00 7.00000% 2,~~225~~222,~~714~~719.9847 12,~~983~~965.3486 0.00 0.00 B-6 5,011,522.00 7.00000% 5,~~008~~001,~~168~~422.6807 29,~~214~~174.3096 0.00 0.00 XP 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 556,806,459.00 3,~~698~~550,~~164~~933.9016 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 I-A ~~134~~135.6537 0.00 1,~~894~~827,~~615~~425.3903 0.00 ~~279~~266,~~567~~700,~~275~~430.3393 II-A 9695.5918 0.00 1,~~359~~284,~~024~~891.7562 0.00 ~~198~~183,~~700~~455,~~985~~098.4567 X-1 5.8990 0.00 8279,~~895~~689.0360 0.00 ~~314~~175,~~743~~796,~~990~~819.0291 X-2 2.6256 0.00 3634,~~803~~537.1796 0.00 ~~226~~85,~~735~~286,~~511~~805.4796 R-1 0.00 0.00 0.00 0.00 0.00 X-3 23.8800 0.00 40,~~570~~515.4774 0.00 48,~~655~~589,~~360~~286.0751 R-2 0.00 0.00 0.7268 0.00 0.00 PO-1 0.00 0.00 0.00 0.00 76,~~001~~839,~~725~~354.6459 PO-2 0.00 0.00 0.00 0.00 7,~~554~~149,~~055~~454.0071 B-1 8.0740 0.00 113,~~596~~442.1391 0.00 19,~~461~~435,~~941~~513.1461 B-2 4.0420 0.00 56,~~798~~722.6404 0.00 9,~~731~~717,~~070~~856.4453 B-3 3.4660 0.00 48,~~684~~618.6497 0.00 8,~~340~~329,~~931~~605.7856 B-4 1.6168 0.00 22,~~719~~688.2358 0.00 3,~~892~~887,~~388~~102.2372 B-5 0.9296 0.00 12,~~982~~964.4290 0.00 2,~~224,~~221,201.8455 B-6 2.0816 0.00 29,~~212~~172.2280 0.00 54,~~004~~998,~~806~~006.6454 XP 0.00 0.00 1415,~~037~~483.8030 0.00 100.00 Totals ~~262~~263.8101 0.00 3,~~711~~566,~~940~~154.6113 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 I-A 287,145,000.00 8.00000% ~~989~~954.~~78740817~~68860920 6.~~59858274~~36459071 0.00000000 0.00000000 II-A 206,224,000.00 8.00000% ~~988~~934.~~57650734~~65367780 6.~~59051003~~23102452 0.00000000 0.00000000 X-1 0.00 0.~~31141~~52806% ~~990~~561.~~75272585~~68470799 0.~~25711179~~24717039 0.00000000 0.00000000 X-2 0.00 0.~~19040~~46290% ~~989~~382.~~73026245~~04561240 0.~~15703802~~14737286 0.00000000 0.00000000 R-1 50.00 8.00000% 0.00000000 0.00000000 0.00000000 0.00000000 X-3 0.00 1.00000% ~~999~~997.~~33294557~~98789841 0.~~83277741~~83165652 0.00000000 0.00000000 R-2 50.00 8.00000% 0.00000000 0.00000000 0.00000000 0.00000000 PO-1 7,073,728.00 0.00000% ~~995~~977.~~71853908~~85265422 0.00000000 0.00000000 0.00000000 PO-2 7,643,009.00 0.00000% ~~995~~970.~~10618920~~05321988 0.00000000 0.00000000 0.00000000 B-1 19,488,000.00 7.00000% ~~999~~997.~~33323481~~98826970 5.~~82944376~~82159842 0.00000000 0.00000000 B-2 9,744,100.00 7.00000% ~~999~~997.~~33323447~~98826982 5.~~82944346~~82159871 0.00000000 0.00000000 B-3 8,352,100.00 7.00000% ~~999~~997.~~33323476~~98827002 5.~~82944409~~82159816 0.00000000 0.00000000 B-4 3,897,600.00 7.00000% ~~999~~997.~~33323584~~98826970 5.~~82944376~~82159791 0.00000000 0.00000000 B-5 2,227,200.00 7.00000% ~~999~~997.~~33323455~~98826778 5.~~82944504~~82159662 0.00000000 0.00000000 B-6 5,011,522.00 7.00000% ~~999~~997.~~33087792~~98465815 5.~~82942667~~82157676 0.00000000 0.00000000 XP 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 2) All Senior Classes are per $1,000 denomination, all Offered Subordinate Classes are $25,000 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 I-A 0.~~00046893~~00047143 0.00000000 6.~~59811381~~36411928 0.00000000 ~~973~~928.~~61011102~~80053955 II-A 0.~~00046837~~00046154 0.00000000 6.~~59004165~~23056298 0.00000000 ~~963~~889.~~52017927~~59140871 X-1 0.~~00001827~~00001830 0.00000000 0.~~25709352~~24715209 0.00000000 ~~976~~545.~~15791976~~22235043 X-2 0.~~00001118~~00001092 0.00000000 0.~~15702684~~14736194 0.00000000 ~~967~~363.~~40471137~~89032035 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X-3 0.~~00005911~~00006158 0.00000000 0.~~83271829~~83159495 0.00000000 ~~998~~997.~~66253629~~30636117 R-2 0.00000000 0.00000000 1413.~~40000000~~60000000 0.00000000 0.00000000 PO-1 0.00000000 0.00000000 0.00000000 0.00000000 ~~989~~966.~~82115795~~86705935 PO-2 0.00000000 0.00000000 0.00000000 0.00000000 ~~988~~935.~~36139013~~42408625 B-1 0.~~00041410~~00043103 0.00000000 5.~~82902966~~82116739 0.00000000 ~~998~~997.~~66282533~~30673286 B-2 0.~~00041461~~00043103 0.00000000 5.~~82902885~~82116768 0.00000000 ~~998~~997.~~66282571~~30673228 B-3 0.~~00041427~~00043103 0.00000000 5.~~82902982~~82116713 0.00000000 ~~998~~997.~~66282492~~30673244 B-4 0.~~00041307~~00043103 0.00000000 5.~~82903069~~82116687 0.00000000 ~~998~~997.~~66282584~~30673235 B-5 0.~~00041307~~00043103 0.00000000 5.~~82903197~~82116559 0.00000000 ~~998~~997.~~66282328~~30673042 B-6 0.~~00041504~~00043101 0.00000000 5.~~82901163~~82114575 0.00000000 ~~998~~997.~~66001586~~30312268 XP 0.00000000 0.00000000 ~~140378~~154833.00000000 0.00000000 1000.00000000 (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 1320,~~781~~750,~~258~~091.1190 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 62102,~~510~~770.6605 Realized Losses 0.00 Prepayment Penalties 0.00 Total Deposits 1320,~~843~~852,~~768~~861.7795 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~193~~184,~~449~~571.9794 Payment of Interest and Principal 1320,~~650~~668,~~318~~290.8001 Total Withdrawals (Pool Distribution Amount) 1320,~~843~~852,~~768~~861.7795 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~184~~175,~~259~~741.6226 Master Servicing Fee 98,~~190~~830.3568 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~193~~184,~~449~~571.9794

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 2632 0 0 0 2632 68,~~778~~276,~~254~~790.0243 0.00 0.00 0.00 68,~~778~~276,~~254~~790.0243 60 Days 38 0 0 0 38 1,~~179~~027,~~042~~588.6346 0.00 0.00 0.00 1,~~179~~027,~~042~~588.6346 90 Days 08 0 0 0 08 03,618,614.0066 0.00 0.00 0.00 03,618,614.0066 120 Days 1 0 0 0 1 ~~282~~76,~~978~~409.4034 0.00 0.00 0.00 ~~282~~76,~~978~~409.4034 150 Days 01 0 0 0 01 0454,434.0041 0.00 0.00 0.00 0454,434.0041 180+ Days 1 0 0 0 1 ~~108~~282,~~355~~978.5540 0.00 0.00 0.00 ~~108~~282,~~355~~978.5540 Totals 3151 0 0 0 3151 813,~~348~~736,~~630~~815.6070 0.00 0.00 0.00 813,~~348~~736,~~630~~815.6070 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 1.~~009709~~296071% 0.000000% 0.000000% 0.000000% 1.~~009709~~296071% 1.~~251003~~613222% 0.000000% 0.000000% 0.000000% 1.~~251003~~613222% 60 Days 0.~~116505~~324018% 0.000000% 0.000000% 0.000000% 0.~~116505~~324018% 0.~~217606~~200286% 0.000000% 0.000000% 0.000000% 0.~~217606~~200286% 90 Days 0.~~000000~~324018% 0.000000% 0.000000% 0.000000% 0.~~000000~~324018% 0.~~000000~~705301% 0.000000% 0.000000% 0.000000% 0.~~000000~~705301% 120 Days 0.~~038835~~040502% 0.000000% 0.000000% 0.000000% 0.~~038835~~040502% 0.~~052227~~014893% 0.000000% 0.000000% 0.000000% 0.~~052227~~014893% 150 Days 0.~~000000~~040502% 0.000000% 0.000000% 0.000000% 0.~~000000~~040502% 0.~~000000~~088573% 0.000000% 0.000000% 0.000000% 0.~~000000~~088573% 180+ Days 0.~~038835~~040502% 0.000000% 0.000000% 0.000000% 0.~~038835~~040502% 0.~~019998~~055155% 0.000000% 0.000000% 0.000000% 0.~~019998~~055155% Totals 12.~~203883~~065614% 0.000000% 0.000000% 0.000000% 12.~~203883~~065614% 12.~~540834~~677431% 0.000000% 0.000000% 0.000000% 12.~~540834~~677431%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group I 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 1622 0 0 0 1622 23,~~359~~150,~~682~~706.6423 0.00 0.00 0.00 23,~~359~~150,~~682~~706.6423 60 Days 18 0 0 0 18 761,~~409~~027,588.3446 0.00 0.00 0.00 761,~~409~~027,588.3446 90 Days 01 0 0 0 01 0223,005.00 0.00 0.00 0.00 0223,005.00 120 Days 1 0 0 0 1 ~~282~~76,~~978~~409.4034 0.00 0.00 0.00 ~~282~~76,~~978~~409.4034 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 1 0 0 0 1 ~~108~~282,~~355~~978.5540 0.00 0.00 0.00 ~~108~~282,~~355~~978.5540 Totals 1933 0 0 0 1933 24,~~827~~760,~~425~~687.9343 0.00 0.00 0.00 24,~~827~~760,~~425~~687.9343 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 01.~~788955~~122449% 0.000000% 0.000000% 0.000000% 01.~~788955~~122449% 01.~~749247~~043767% 0.000000% 0.000000% 0.000000% 01.~~749247~~043767% 60 Days 0.~~049310~~408163% 0.000000% 0.000000% 0.000000% 0.~~049310~~408163% 0.~~024262~~340420% 0.000000% 0.000000% 0.000000% 0.~~024262~~340420% 90 Days 0.~~000000~~051020% 0.000000% 0.000000% 0.000000% 0.~~000000~~051020% 0.~~000000~~073877% 0.000000% 0.000000% 0.000000% 0.~~000000~~073877% 120 Days 0.~~049310~~051020% 0.000000% 0.000000% 0.000000% 0.~~049310~~051020% 0.~~089851~~025313% 0.000000% 0.000000% 0.000000% 0.~~089851~~025313% 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.~~049310~~051020% 0.000000% 0.000000% 0.000000% 0.~~049310~~051020% 0.~~034405~~093745% 0.000000% 0.000000% 0.000000% 0.~~034405~~093745% Totals 01.~~936884~~683673% 0.000000% 0.000000% 0.000000% 01.~~936884~~683673% 01.~~897765~~577121% 0.000000% 0.000000% 0.000000% 01.~~897765~~577121% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group II 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 10 0 0 0 10 45,~~418~~126,~~571~~084.3820 0.00 0.00 0.00 45,~~418~~126,~~571~~084.3820 60 Days 20 0 0 0 20 ~~1,102,633~~0.2900 0.00 0.00 0.00 ~~1,102,633~~0.2900 90 Days 07 0 0 0 07 03,395,609.0066 0.00 0.00 0.00 03,395,609.0066 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 01 0 0 0 01 0454,434.0041 0.00 0.00 0.00 0454,434.0041 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 1218 0 0 0 1218 58,~~521~~976,~~204~~128.6727 0.00 0.00 0.00 58,~~521~~976,~~204~~128.6727 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.~~828154~~964637% 0.000000% 0.000000% 0.000000% 1.~~828154~~964637% 12.~~947493~~427120% 0.000000% 0.000000% 0.000000% 12.~~947493~~427120% 60 Days 0.~~365631~~000000% 0.000000% 0.000000% 0.000000% 0.~~365631~~000000% 0.~~485987~~000000% 0.000000% 0.000000% 0.000000% 0.~~485987~~000000% 90 Days 01.~~000000~~375246% 0.000000% 0.000000% 0.000000% 01.~~000000~~375246% 01.~~000000~~607768% 0.000000% 0.000000% 0.000000% 01.~~000000~~607768% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.~~000000~~196464% 0.000000% 0.000000% 0.000000% 0.~~000000~~196464% 0.~~000000~~215168% 0.000000% 0.000000% 0.000000% 0.~~000000~~215168% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 23.~~193784~~536346% 0.000000% 0.000000% 0.000000% 23.~~193784~~536346% 24.~~433480~~250056% 0.000000% 0.000000% 0.000000% 24.~~433480~~250056%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 62102,~~510~~770.6605

COLLATERAL STATEMENT Collateral Description Fixed 30 Year Weighted Average Gross Coupon 8.~~468965~~460104% Weighted Average Net Coupon 8.~~067978~~062076% Weighted Average Pass-Through Rate 78.~~956510~~042076% Weighted Average Maturity(Stepdown Calculation ) ~~341~~339 Beginning Scheduled Collateral Loan Count 2,~~614~~533 Number Of Loans Paid In Full 3964 Ending Scheduled Collateral Loan Count 2,~~575~~469 Beginning Scheduled Collateral Balance ~~551~~529,~~417~~835,~~877~~861.4128 Ending Scheduled Collateral Balance ~~541~~512,~~479~~733,~~501~~725.4941 Ending Actual Collateral Balance at 2830-~~Feb~~Apr-2002 ~~541~~513,~~825~~059,~~533~~545.6778 Monthly P &I Constant 4,~~263~~099,~~756~~695.4810 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal ~~372~~364,~~140~~043.6837 Unscheduled Principal 916,~~566~~738,~~235~~092.2450

~~Group~~Miscellaneous ~~Level~~Reporting ~~Collateral~~Senior ~~Statement~~Percentage Group ~~Group~~ I ~~Group II Total Collateral Description Fixed 30 Year Fixed 30 Year Fixed 30 Year Weighted Average Coupon Rate 8~~90.~~550501~~685772% ~~8.356680~~Subordinate ~~8.468965~~Percentage ~~Weighted~~Group ~~Average~~I Net Rate 8.155026 7.948103 8.067978 Weighted Average Maturity 329 341 341 Beginning Loan Count 2,054 560 2,614 Loans Paid In Full 26 13 39 Ending Loan Count 2,028 547 2,575 Beginning Scheduled Balance 319,449,814.16 231,968,063.25 551,417,877.41 Ending scheduled Balance 314,743,990.02 226,735,511.47 541,479,501.49 Record Date 02/28/2002 02/28/2002 02/28/2002 Principal And Interest Constant 2,491,486.53 1,772,269.95 4,263,756.48 Scheduled Principal 215,273.18 156,867.50 372,140.68 Unscheduled Principal 4,490,550.96 5,075,684.28 9~~,566,235~~.24314228% ~~Scheduled~~Senior ~~Interest 2,276,213~~Prep.35 ~~1,615,402.45~~Percentage ~~3,891,615.80~~Group ~~Servicing~~I ~~Fees 105,278~~100.83000000% ~~78,980.79~~Subordinate ~~184,259~~Prep.62 ~~Master~~Percentage ~~Servicing~~Group ~~Fees~~I ~~5,324.33 3,866.02 9,190.35 Trustee Fee~~ 0.00000000% ~~0.00~~Senior ~~0.00~~Percentage ~~FRY~~Group ~~Amount~~II 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 31,626.14 10,404.74 42,030.88 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest 2,133,984.05 1,522,150.90 ~~3,656,134~~.95400983% ~~Realized~~Subordinate ~~Loss~~Percentage ~~Amount~~Group ~~0.00~~II 09.00599017% ~~0.00~~Senior ~~Cumulative Realized Loss 0~~Prep.00 ~~0.00 0.00~~ Percentage ofGroup ~~Cumulative~~I ~~Losses 0~~100.00000000% ~~0.00~~Subordinate 0Prep.00 ~~Prepayment~~Percentage ~~Penalties~~Group ~~0.00~~II 0.00000000% ~~0.00~~Three ~~Special~~Months ~~Servicing~~Rolling ~~Fee~~Average 0.00022335% ~~0.00~~Prepayment ~~0.00~~Charge ~~Pass-Through~~Payment ~~Rate~~Amount 815,483.~~016223 7.874277 7.956510~~30

Filing Compare · BEAR STEARNS ASSET BACKED SEC TR ASSET BACK CER SER 2002-AC1