8-K 1 bsa01ac2.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 2001-AC2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-43091-11 Pooling and Servicing Agreement) (Commission 52-2316429 (State or other File Number) 52-2316431 jurisdiction 52-2316430 of Incorporation) 52-2316434 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 May 28, 2002 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Mortgage Pass-Through Certificates, Series 2001-AC2 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 2001-AC2 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 2001-AC2 Trust By: Wells Fargo Bank Minnesota, NA, 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 2001-AC2 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: 2001-AC2 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 07384YBC9 IO 8.00000% 0.00 134,800.00 0.00 I-A1 07384YAX4 SEN 2.10000% 5649,~~355~~422,~~410~~117.1603 9295,~~047~~137.1757 3,~~006~~285,~~736~~487.8786 I-A2 07384YAY2 SEN 4.91000% 62,927,000.00 257,476.31 0.00 I-A3 07384YAZ9 SEN 5.72000% 13,090,000.00 62,395.67 0.00 I-A4 07384YBA3 SEN 6.16000% 21,231,000.00 108,985.80 0.00 I-A5 07384YBB1 SEN 6.38000% 25,685,000.00 136,558.58 0.00 II-F 07384YBD7 SEN 2.45000% ~~215~~189,~~486~~619,~~056~~220.6316 ~~439~~425,~~950~~853.7016 1215,~~090~~511,~~953~~416.5084 II-INV 07384YBE5 SEN 5.55000% 0.00 ~~996~~964,~~623~~687.0178 0.00 II-A-2 07384YBF2 SEN 5.82000% 37,290,000.00 180,856.50 0.00 II-A-3 07384YBG0 SEN 6.45000% 26,381,000.00 141,797.8887 0.00 M-1 07384YBH8 SUB 6.05000% 11,890,000.00 59,945.42 0.00 M-2 07384YBJ4 SUB 6.30000% 10,569,000.00 55,487.25 0.00 B 07384YBK1 SUB 6.75000% 7,927,000.00 44,589.3837 0.00 B-IO BSAAC2BIO IO 0.00000% 1,849,617.39 ~~695~~508,~~693~~735.7186 0.00 P BSA01AC2P SUB 0.00000% 100.00 43,~~511~~069.9355 0.00 R-1 BSA1AC2R1 RES 0.00000% 0.00 0.00 0.00 R-2 BSA1AC2R2 RES 0.00000% 0.00 0.00 0.00 R-3 BSA1AC2R3 RES 0.00000% 0.00 0.00 0.00 R-4 BSA1AC2R4 RES 0.00000% 0.00 0.00 0.00 Totals ~~490~~457,~~681~~881,~~184~~054.1858 3,~~411~~180,~~719~~376.3169 1518,~~097~~796,~~690~~904.3770

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-IO 0.00 0.00 134,800.00 0.00 I-A1 0.00 5346,~~348~~136,~~673~~629.2917 3,~~098~~380,~~784~~625.0443 0.00 I-A2 0.00 62,927,000.00 257,476.31 0.00 I-A3 0.00 13,090,000.00 62,395.67 0.00 I-A4 0.00 21,231,000.00 108,985.80 0.00 I-A5 0.00 25,685,000.00 136,558.58 0.00 II-F 0.00 ~~203~~174,~~395~~107,~~103~~803.1332 1215,~~530~~937,~~904~~270.2000 0.00 II-INV 0.00 0.00 ~~996~~964,~~623~~687.0178 0.00 II-A-2 0.00 37,290,000.00 180,856.50 0.00 II-A-3 0.00 26,381,000.00 141,797.8887 0.00 M-1 0.00 11,890,000.00 59,945.42 0.00 M-2 0.00 10,569,000.00 55,487.25 0.00 B 0.00 7,927,000.00 44,589.3837 0.00 B-IO 0.00 1,849,617.39 ~~695~~508,~~693~~735.7186 0.00 P 0.00 100.00 43,~~511~~069.9355 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 R-4 0.00 0.00 0.00 0.00 Totals 0.00 ~~475~~439,~~583~~084,~~493~~149.8188 1821,~~509~~977,~~409~~281.6839 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 I-A1 67,637,000.00 5649,~~355~~422,~~410~~117.1603 0.00 3,~~006~~285,~~736~~487.8786 0.00 0.00 I-A2 62,927,000.00 62,927,000.00 0.00 0.00 0.00 0.00 I-A3 13,090,000.00 13,090,000.00 0.00 0.00 0.00 0.00 I-A4 21,231,000.00 21,231,000.00 0.00 0.00 0.00 0.00 I-A5 25,685,000.00 25,685,000.00 0.00 0.00 0.00 0.00 II-F 243,835,000.00 ~~215~~189,~~486~~619,~~056~~220.6316 0.00 1215,~~090~~511,~~953~~416.5084 0.00 0.00 II-INV 0.00 0.00 0.00 0.00 0.00 0.00 II-A-2 37,290,000.00 37,290,000.00 0.00 0.00 0.00 0.00 II-A-3 26,381,000.00 26,381,000.00 0.00 0.00 0.00 0.00 M-1 11,890,000.00 11,890,000.00 0.00 0.00 0.00 0.00 M-2 10,569,000.00 10,569,000.00 0.00 0.00 0.00 0.00 B 7,927,000.00 7,927,000.00 0.00 0.00 0.00 0.00 B-IO 11.00 1,849,617.39 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 R-1 0.00 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 0.00 0.00 R-4 0.00 0.00 0.00 0.00 0.00 0.00 Totals 528,462,111.00 ~~490~~457,~~681~~881,~~184~~054.1858 0.00 1518,~~097~~796,~~690~~904.3770 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 I-A1 3,~~006~~285,~~736~~487.8786 5346,~~348~~136,~~673~~629.2917 0.~~78874985~~68212116 3,~~006~~285,~~736~~487.8786 I-A2 0.00 62,927,000.00 1.00000000 0.00 I-A3 0.00 13,090,000.00 1.00000000 0.00 I-A4 0.00 21,231,000.00 1.00000000 0.00 I-A5 0.00 25,685,000.00 1.00000000 0.00 II-F 1215,~~090~~511,~~953~~416.5084 ~~203~~174,~~395~~107,~~103~~803.1332 0.~~83415057~~71403943 1215,~~090~~511,~~953~~416.5084 II-INV 0.00 0.00 0.00000000 0.00 II-A-2 0.00 37,290,000.00 1.00000000 0.00 II-A-3 0.00 26,381,000.00 1.00000000 0.00 M-1 0.00 11,890,000.00 1.00000000 0.00 M-2 0.00 10,569,000.00 1.00000000 0.00 B 0.00 7,927,000.00 1.00000000 0.00 B-IO 0.00 1,849,617.39 168,147.03545455 0.00 P 0.00 100.00 1.00000000 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 R-4 0.00 0.00 0.00000000 0.00 Totals 1518,~~097~~796,~~690~~904.3770 ~~475~~439,~~583~~084,~~493~~149.8188 0.~~89993868~~83087158 1518,~~097~~796,~~690~~904.3770

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 I-A1 67,637,000.00 ~~833~~730.~~20387007~~69646835 0.00000000 4448.~~45402472~~57530435 0.00000000 I-A2 62,927,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 I-A3 13,090,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 I-A4 21,231,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 I-A5 25,685,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 II-F 243,835,000.00 ~~883~~777.~~73718551~~65382394 0.00000000 4963.~~58662005~~61439843 0.00000000 II-INV 0.00 0.00000000 0.00000000 0.00000000 0.00000000 II-A-2 37,290,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 II-A-3 26,381,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 11,890,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 10,569,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 7,927,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-IO 11.00 168147035.45454544 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-4 0.00 0.00000000 0.00000000 0.00000000 0.00000000 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 I-A1 0.00000000 4448.~~45402472~~57530435 ~~788~~682.~~74984535~~12116401 0.~~78874985~~68212116 4448.~~45402472~~57530435 I-A2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 I-A3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 I-A4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 I-A5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 II-F 0.00000000 4963.~~58662005~~61439843 ~~834~~714.~~15056546~~03942551 0.~~83415057~~71403943 4963.~~58662005~~61439843 II-INV 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 II-A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 II-A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 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 168,147,035.4545454 168147.03545455 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 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 R-4 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 8.00000% 20,220,000.00 134,800.00 0.00 0.00 I-A1 67,637,000.00 2.10000% 5649,~~355~~422,~~410~~117.1603 9295,~~047~~137.1758 0.00 0.00 I-A2 62,927,000.00 4.91000% 62,927,000.00 257,476.31 0.00 0.00 I-A3 13,090,000.00 5.72000% 13,090,000.00 62,395.67 0.00 0.00 I-A4 21,231,000.00 6.16000% 21,231,000.00 108,985.80 0.00 0.00 I-A5 25,685,000.00 6.38000% 25,685,000.00 136,558.58 0.00 0.00 II-F 243,835,000.00 2.45000% ~~215~~189,~~486~~619,~~056~~220.6316 ~~439~~425,~~950~~853.7017 0.00 0.00 II-INV 0.00 5.55000% ~~215~~189,~~486~~619,~~056~~220.6316 ~~996~~964,~~623~~687.0178 0.00 0.00 II-A-2 37,290,000.00 5.82000% 37,290,000.00 180,856.50 0.00 0.00 II-A-3 26,381,000.00 6.45000% 26,381,000.00 141,797.88 0.00 0.00 M-1 11,890,000.00 6.05000% 11,890,000.00 59,945.42 0.00 0.00 M-2 10,569,000.00 6.30000% 10,569,000.00 55,487.25 0.00 0.00 B 7,927,000.00 6.75000% 7,927,000.00 44,589.38 0.00 0.00 B-IO 11.00 0.00000% 1,849,617.39 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 R-1 0.00 0.00000% 0.00 0.00 0.00 0.00 R-2 0.00 0.00000% 0.00 0.00 0.00 0.00 R-3 0.00 0.00000% 0.00 0.00 0.00 0.00 R-4 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 528,462,111.00 2,~~711~~668,~~513~~571.6732 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 0.00 134,800.00 0.00 20,220,000.00 I-A1 0.00 0.00 9295,~~047~~137.1757 0.00 5346,~~348~~136,~~673~~629.2917 I-A2 0.00 0.00 257,476.31 0.00 62,927,000.00 I-A3 0.00 0.00 62,395.67 0.00 13,090,000.00 I-A4 0.00 0.00 108,985.80 0.00 21,231,000.00 I-A5 0.00 0.00 136,558.58 0.00 25,685,000.00 II-F 0.00 0.00 ~~439~~425,~~950~~853.7016 0.00 ~~203~~174,~~395~~107,~~103~~803.1332 II-INV 0.00 0.00 ~~996~~964,~~623~~687.0178 0.00 ~~203~~174,~~395~~107,~~103~~803.1332 II-A-2 0.00 0.00 180,856.50 0.00 37,290,000.00 II-A-3 0.00 0.00 141,797.8887 0.00 26,381,000.00 M-1 0.00 0.00 59,945.42 0.00 11,890,000.00 M-2 0.00 0.00 55,487.25 0.00 10,569,000.00 B 0.00 0.00 44,589.3837 0.00 7,927,000.00 B-IO 0.00 0.00 ~~695~~508,~~693~~735.7186 0.00 1,849,617.39 P 0.00 0.00 43,~~511~~069.9355 0.00 100.00 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 R-4 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 3,~~411~~180,~~719~~376.3169 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 8.00000% 1000.00000000 6.66666667 0.00000000 0.00000000 I-A1 67,637,000.00 2.10000% ~~833~~730.~~20387007~~69646835 1.~~36089966~~40659077 0.00000000 0.00000000 I-A2 62,927,000.00 4.91000% 1000.00000000 4.09166669 0.00000000 0.00000000 I-A3 13,090,000.00 5.72000% 1000.00000000 4.76666692 0.00000000 0.00000000 I-A4 21,231,000.00 6.16000% 1000.00000000 5.13333333 0.00000000 0.00000000 I-A5 25,685,000.00 6.38000% 1000.00000000 5.31666654 0.00000000 0.00000000 II-F 243,835,000.00 2.45000% ~~883~~777.~~73718551~~65382394 1.~~80429676~~74648090 0.00000000 0.00000000 II-INV 0.00 5.55000% ~~883~~777.~~73718551~~65382394 43.~~08728448~~95631382 0.00000000 0.00000000 II-A-2 37,290,000.00 5.82000% 1000.00000000 4.85000000 0.00000000 0.00000000 II-A-3 26,381,000.00 6.45000% 1000.00000000 5.37500019 0.00000000 0.00000000 M-1 11,890,000.00 6.05000% 1000.00000000 5.04166695 0.00000000 0.00000000 M-2 10,569,000.00 6.30000% 1000.00000000 5.25000000 0.00000000 0.00000000 B 7,927,000.00 6.75000% 1000.00000000 5.62500063 0.00000000 0.00000000 B-IO 11.00 0.00000% 168147035.45454544 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-4 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 All denominations are per $1,000.

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 6.66666667 0.00000000 1000.00000000 I-A1 0.00000000 0.00000000 1.~~36089966~~40659062 0.00000000 ~~788~~682.~~74984535~~12116401 I-A2 0.00000000 0.00000000 4.09166669 0.00000000 1000.00000000 I-A3 0.00000000 0.00000000 4.76666692 0.00000000 1000.00000000 I-A4 0.00000000 0.00000000 5.13333333 0.00000000 1000.00000000 I-A5 0.00000000 0.00000000 5.31666654 0.00000000 1000.00000000 II-F 0.00000000 0.00000000 1.~~80429676~~74648086 0.00000000 ~~834~~714.~~15056546~~03942551 II-INV 0.00000000 0.00000000 43.~~08728448~~95631382 0.00000000 ~~834~~714.~~15056546~~03942551 II-A-2 0.00000000 0.00000000 4.85000000 0.00000000 1000.00000000 II-A-3 0.00000000 0.00000000 5.~~37500019~~37499981 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 5.04166695 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 5.25000000 0.00000000 1000.00000000 B 0.00000000 0.00000000 5.~~62500063~~62499937 0.00000000 1000.00000000 B-IO 0.00000000 0.00000000 ~~63244882~~46248714.~~72727272~~54545455 0.00000000 168147035.45454544 P 0.00000000 0.00000000 ~~45119~~30695.~~30000000~~50000000 0.00000000 1000.00000000 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 R-4 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 1821,~~552~~990,~~440~~529.1392 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~116~~134,~~033~~005.1607 Realized Losses 0.00 Prepayment Penalties 0.00 Total Deposits 1822,~~668~~124,~~473~~534.2999 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~159~~147,~~063~~253.6160 Payment of Interest and Principal 1821,~~509~~977,~~409~~281.6839 Total Withdrawals (Pool Distribution Amount) 1822,~~668~~124,~~473~~534.2999 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~154~~143,~~974~~438.6410 Trustee Fee 43,~~088~~815.9750 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~159~~147,~~063~~253.6160

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 1 0 15 0 151 125,978.98 0.00 ~~4,397,945.70~~ 0.00 4125,~~397,945~~978.7098 30 Days 2924 0 0 0 2924 54,~~536~~549,~~810~~101.0782 0.00 0.00 0.00 54,~~536~~549,~~810~~101.0782 60 Days 119 0 0 0 119 21,~~446~~736,~~756~~404.8659 0.00 0.00 0.00 21,~~446~~736,~~756~~404.8659 90 Days 914 0 027 0 941 23,~~514~~468,~~085~~366.1140 0.00 07,135,386.0025 0.00 210,~~514~~603,~~085~~752.1165 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 01 01 0.00 0.00 0.00 0246,009.0047 0246,009.0047 Totals 4947 01 1527 01 6476 109,~~497~~753,~~652~~872.0481 0125,978.0098 47,~~397~~135,~~945~~386.7025 0246,009.0047 1417,~~895~~261,~~597~~247.7451 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~~052493% 0.~~744048~~000000% 0.000000% 0.~~744048~~052493% 0.~~000000~~028671% 0.~~924301~~000000% 0.000000% 0.~~924301~~028671% 30 Days 1.~~438492~~259843% 0.000000% 0.000000% 0.000000% 1.~~438492~~259843% 1.~~163652~~035322% 0.000000% 0.000000% 0.000000% 1.~~163652~~035322% 60 Days 0.~~545635~~472441% 0.000000% 0.000000% 0.000000% 0.~~545635~~472441% 0.~~514226~~395185% 0.000000% 0.000000% 0.000000% 0.~~514226~~395185% 90 Days 0.~~446429~~734908% 0.000000% 01.~~000000~~417323% 0.000000% 02.~~446429~~152231% 0.~~528377~~789359% 0.000000% 01.~~000000~~623929% 0.000000% 02.~~528377~~413288% 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% 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~~052493% 0.~~000000~~052493% 0.000000% 0.000000% 0.000000% 0.~~000000~~055989% 0.~~000000~~055989% Totals 2.~~430556~~467192% 0.~~000000~~052493% 01.~~744048~~417323% 0.~~000000~~052493% 3.~~174603~~989501% 2.~~206255~~219866% 0.~~000000~~028671% 01.~~924301~~623929% 0.~~000000~~055989% 3.~~130556~~928455% Delinquencies are stratified according to the information provided by the servicer. All 90 day delinquencies reported are actually 90+ day delinquencies.

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 1 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 01 8 0 8 0~~.00~~ 1 125,~~379,044~~978.1898 0.00 10.00 125,~~379,044~~978.1898 30 Days 2420 0 0 0 2420 32,~~679~~870,~~349~~494.7104 0.00 0.00 0.00 32,~~679~~870,~~349~~494.7104 60 Days 7 0 0 0 7 1,~~151~~051,~~676~~775.1374 0.00 0.00 0.00 1,~~151~~051,~~676~~775.1374 90 Days 57 0 016 0 523 ~~884~~1,~~915~~051,226.1834 0.00 02,542,770.0098 0.00 ~~884~~3,~~915~~593,997.1832 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 01 01 0.00 0.00 0.00 0246,009.0047 0246,009.0047 Totals 3634 01 816 01 4452 54,~~715~~973,~~941~~496.0212 0125,978.0098 12,~~379~~542,~~044~~770.1898 0246,009.0047 7,~~094~~888,~~985~~255.2055 0-29 Days 0.~~000000~~080580% 0.~~625978~~000000% 0.000000% 0.~~625978~~080580% 0.~~000000~~069486% 0.~~731543~~000000% 0.000000% 0.~~731543~~069486% 30 Days 1.~~877934~~611604% 0.000000% 0.000000% 0.000000% 1.~~877934~~611604% 1.~~951787~~583265% 0.000000% 0.000000% 0.000000% 1.~~951787~~583265% 60 Days 0.~~547731~~564061% 0.000000% 0.000000% 0.000000% 0.~~547731~~564061% 0.~~610930~~580123% 0.000000% 0.000000% 0.000000% 0.~~610930~~580123% 90 Days 0.~~391236~~564061% 0.000000% 01.~~000000~~289283% 0.000000% 01.~~391236~~853344% 0.~~469422~~579820% 0.000000% 01.~~000000~~402504% 0.000000% 01.~~469422~~982324% 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% 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~~080580% 0.~~000000~~080580% 0.000000% 0.000000% 0.000000% 0.~~000000~~135690% 0.~~000000~~135690% Totals 2.~~816901~~739726% 0.~~000000~~080580% 01.~~625978~~289283% 0.~~000000~~080580% 34.~~442879~~190169% 32.~~032139~~743208% 0.~~000000~~069486% 01.~~731543~~402504% 0.~~000000~~135690% 34.~~763682~~350888% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 2 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 70 0 70 0.00 ~~3,018,901~~0.5200 0.00 ~~3,018,901~~0.5200 30 Days 54 0 0 0 54 1,~~857~~678,~~460~~607.3678 0.00 0.00 0.00 1,~~857~~678,~~460~~607.3678 60 Days 42 0 0 0 42 1684,~~295,080~~628.7385 0.00 0.00 0.00 1684,~~295,080~~628.7385 90 Days 47 0 011 0 418 12,~~629~~417,~~169~~140.9306 0.00 04,592,615.0027 0.00 17,~~629~~009,~~169~~755.9333 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 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 13 0 711 0 2024 4,~~781~~780,~~711~~376.0269 0.00 34,~~018~~592,~~901~~615.5227 0.00 79,~~800~~372,~~612~~991.5496 0-29 Days 0.000000% 0.~~948509~~000000% 0.000000% 0.~~948509~~000000% 0.000000% 10.~~050779~~000000% 0.000000% 10.~~050779~~000000% 30 Days 0.~~677507~~602410% 0.000000% 0.000000% 0.000000% 0.~~677507~~602410% 0.~~646520~~650401% 0.000000% 0.000000% 0.000000% 0.~~646520~~650401% 60 Days 0.~~542005~~301205% 0.000000% 0.000000% 0.000000% 0.~~542005~~301205% 0.~~450774~~265270% 0.000000% 0.000000% 0.000000% 0.~~450774~~265270% 90 Days 01.~~542005~~054217% 0.000000% 01.~~000000~~656627% 0.000000% 02.~~542005~~710843% 0.~~567060~~936556% 0.000000% 01.~~000000~~779476% 0.000000% 02.~~567060~~716033% 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% 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 1.~~761518~~957831% 0.000000% 01.~~948509~~656627% 0.000000% 23.~~710027~~614458% 1.~~664354~~852227% 0.000000% 1.~~050779~~779476% 0.000000% 23.~~715133~~631703% Delinquencies are stratified according to the information provided by the ~~swervicer~~servicer. All 90 day delinquencies reported are actually 90+ day delinquencies.

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~116~~134,~~033~~005.1607

COLLATERAL STATEMENT Collateral Description Fixed 30 Year Weighted Average Gross Coupon 8.~~721600~~712903% Weighted Average Net Coupon 8.~~342598~~336985% Weighted Average Pass-Through Rate 8.~~343632~~335029% Weighted Average Maturity(Stepdown Calculation ) ~~334~~332 Beginning Scheduled Collateral Loan Count 21,~~062~~958 Number Of Loans Paid In Full 4653 Ending Scheduled Collateral Loan Count 21,~~016~~905 Beginning Scheduled Collateral Balance ~~490~~457,~~681~~881,~~184~~054.1858 Ending Scheduled Collateral Balance ~~475~~439,~~583~~084,~~493~~149.8188 Ending Actual Collateral Balance at 2830-~~Feb~~Apr-2002 ~~475~~439,~~813~~390,~~133~~227.0523 Monthly P &I Constant 3,~~882~~626,~~764~~063.4372 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 ~~475~~439,~~583~~084,~~493~~149.8188 Scheduled Principal 0301,502.0055 Unscheduled Principal 1518,~~097~~495,~~690~~402.3715 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1,849,617.39 Overcollateralized Amount 1,849,617.39 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount ~~700~~511,~~205~~805.6441

~~Group~~Miscellaneous ~~Level~~Reporting ~~Collateral~~3 ~~Statement~~Month ~~Group~~Rolling ~~Group~~Delinquency ~~1 Group 2 Total Collateral Description Fixed 30 Year Fixed 30 Year Fixed 30 Year Weighted~~ Average ~~Coupon Rate 8.734222 8.713528 8.721600 Weighted Average Net Rate 8.369087 8.325657 8.342598 Weighted Average Maturity 324 339 334 Beginning Loan Count 1,294 768~~ 2~~,062 Loans Paid In Full 16 30 46 Ending Loan Count 1,278 738 2,016 Beginning Scheduled Balance 191,399,439~~.81 299,281,744.37 490,681,184.18 Ending scheduled Balance 188,392,702.94 287,190,790.87 475,583,493.81 Record Date 02/28/2002 02/28/2002 02/28/2002 Principal And Interest Constant 1,523,263.35 2,359,501.08 3,882,764.43 Scheduled Principal 130,159.02 186,334.43 316,493.45 Unscheduled Principal 2,876,577.85 11,904,619.07 14,781,196.92 Scheduled Interest 1,397,616.26 2,173,166.65 3,570,782.91 Servicing Fees 58,238.92 96,735.71 154,974.63 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 1,594.98 2,493.99 4,088.97 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 0.00 0.00 0.00 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 1,337,782.36 2,073,936.95 3,411,719.31 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.00 0.00 0.00 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00602577%

Filing Compare · BEAR STEARNS ASSET BACKED CERTIFICATES SERIES 2001-AC2