8-K 1 bsa01ac2.txt JULY 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): July 25, 2002 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset-Backed 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 July 25, 2002 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset-Backed 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 Asset-Backed Certificates, Series 2001-AC2 Trust, relating to the July 25, 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 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: 7/30/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset-Backed Certificates, Series 2001-AC2 Trust, relating to the July 25, 2002 distribution. EX-99.1

Bear Stearns Asset Backed Securities ~~Mortgage Pass~~Asset-~~Through~~Backed Certificates Record Date: 46/30/02 Distribution Date: 57/2825/02 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~~09000% 4940,~~422~~468,~~117~~063.0391 9570,~~137~~481.5788 34,~~285~~570,~~487~~504.8650 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~~44000% ~~189~~158,~~619~~819,~~220~~514.1631 ~~425~~322,~~853~~933.1601 157,~~511~~593,~~416~~167.8439 II-INV 07384YBE5 SEN 5.~~55000~~56000% 0.00 ~~964~~735,~~687~~863.7875 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% 26,381,000.00 141,797.8788 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 44,589.3738 0.00 B-IO BSAAC2BIO IO 0.00000% 1,849,617.39 ~~508~~566,~~735~~253.8644 0.00 P BSA01AC2P SUB 0.00000% 100.00 36,~~069~~634.5512 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 ~~457~~418,~~881~~127,~~054~~295.5861 32,~~180~~885,~~376~~058.6999 1812,~~796~~163,~~904~~671.7089

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 4635,~~136~~897,~~629~~559.1741 34,~~380~~640,~~625~~986.4338 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 ~~174~~151,~~107~~226,~~803~~346.3292 157,~~937~~916,~~270~~100.0040 0.00 II-INV 0.00 0.00 ~~964~~735,~~687~~863.7875 0.00 II-A-2 0.00 37,290,000.00 180,856.50 0.00 II-A-3 0.00 26,381,000.00 141,797.8788 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 44,589.3738 0.00 B-IO 0.00 1,849,617.39 ~~508~~566,~~735~~253.8644 0.00 P 0.00 100.00 36,~~069~~634.5512 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 ~~439~~405,~~084~~963,~~149~~623.8872 2115,~~977~~048,~~281~~730.3988 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 4940,~~422~~468,~~117~~063.0391 0.00 34,~~285~~570,~~487~~504.8650 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 ~~189~~158,~~619~~819,~~220~~514.1631 0.00 157,~~511~~593,~~416~~167.8439 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 ~~457~~418,~~881~~127,~~054~~295.5861 0.00 1812,~~796~~163,~~904~~671.7089 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 34,~~285~~570,~~487~~504.8650 4635,~~136~~897,~~629~~559.1741 0.~~68212116~~53073849 34,~~285~~570,~~487~~504.8650 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 157,~~511~~593,~~416~~167.8439 ~~174~~151,~~107~~226,~~803~~346.3292 0.~~71403943~~62019951 157,~~511~~593,~~416~~167.8439 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 1812,~~796~~163,~~904~~671.7089 ~~439~~405,~~084~~963,~~149~~623.8872 0.~~83087158~~76819816 1812,~~796~~163,~~904~~671.7089

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 ~~730~~598.~~69646835~~31251992 0.00000000 4867.~~57530435~~57402753 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 ~~777~~651.~~65382394~~34010421 0.00000000 6331.~~61439843~~14059667 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 4867.~~57530435~~57402753 ~~682~~530.~~12116401~~73849239 0.~~68212116~~53073849 4867.~~57530435~~57402753 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 6331.~~61439843~~14059667 ~~714~~620.~~03942551~~19950754 0.~~71403943~~62019951 6331.~~61439843~~14059667 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~~09000% 4940,~~422~~468,~~117~~063.0391 9570,~~137~~481.5888 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~~44000% ~~189~~158,~~619~~819,~~220~~514.1631 ~~425~~322,~~853~~933.1701 0.00 0.00 II-INV 0.00 5.~~55000~~56000% ~~189~~158,~~619~~819,~~220~~514.1631 ~~964~~735,~~687~~863.7875 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,~~668~~312,~~571~~171.3243 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 9570,~~137~~481.5788 0.00 4635,~~136~~897,~~629~~559.1741 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 ~~425~~322,~~853~~933.1601 0.00 ~~174~~151,~~107~~226,~~803~~346.3292 II-INV 0.00 0.00 ~~964~~735,~~687~~863.7875 0.00 ~~174~~151,~~107~~226,~~803~~346.3292 II-A-2 0.00 0.00 180,856.50 0.00 37,290,000.00 II-A-3 0.00 0.00 141,797.8788 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 44,589.3738 0.00 7,927,000.00 B-IO 0.00 0.00 ~~508~~566,~~735~~253.8644 0.00 1,849,617.39 P 0.00 0.00 36,~~069~~634.5512 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 32,~~180~~885,~~376~~058.6999 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~~09000% ~~730~~598.~~69646835~~31251992 1.~~40659077~~04206100 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~~44000% ~~777~~651.~~65382394~~34010421 1.~~74648090~~32439154 0.00000000 0.00000000 II-INV 0.00 5.~~55000~~56000% ~~777~~651.~~65382394~~34010421 3.~~95631382~~01787582 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.~~40659062~~04206100 0.00000000 ~~682~~530.~~12116401~~73849239 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.~~74648086~~32439154 0.00000000 ~~714~~620.~~03942551~~19950754 II-INV 0.00000000 0.00000000 3.~~95631382~~01787582 0.00000000 ~~714~~620.~~03942551~~19950754 II-A-2 0.00000000 0.00000000 4.85000000 0.00000000 1000.00000000 II-A-3 0.00000000 0.00000000 5.~~37499981~~37500019 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.~~62499937~~62500063 0.00000000 1000.00000000 B-IO 0.00000000 0.00000000 ~~46248714~~51477585.~~54545455~~45454545 0.00000000 168147035.45454544 P 0.00000000 0.00000000 ~~30695~~66341.~~50000000~~20000000 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 2115,~~990~~036,~~529~~886.9287 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~134~~164,~~005~~032.0726 Realized Losses 0(20,170.0088) Prepayment Penalties 0.00 Total Deposits 2215,~~124~~180,~~534~~748.9925 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~147~~132,~~253~~017.6037 Payment of Interest and Principal 2115,~~977~~048,~~281~~730.3988 Total Withdrawals (Pool Distribution Amount) 2215,~~124~~180,~~534~~748.9925 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~143~~128,~~438~~532.1097 Trustee Fee 3,~~815~~484.5040 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~147~~132,~~253~~017.6037

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 0 1 ~~125~~169,~~978~~186.9886 0.00 0.00 ~~125~~169,~~978~~186.9886 30 Days 2440 0 0 0 2440 49,~~549~~569,~~101~~187.8238 0.00 0.00 0.00 49,~~549~~569,~~101~~187.8238 60 Days 912 0 0 0 912 12,~~736~~582,~~404~~339.5980 0.00 0.00 0.00 12,~~736~~582,~~404~~339.5980 90 Days 145 0 274 0 419 31,~~468~~384,~~366~~671.4055 0.00 7521,~~135,386~~810.2574 0.00 101,~~603~~906,~~752~~482.6529 120 Days 04 0 01 0 05 01,145,650.0095 0.00 0151,588.0005 0.00 01,297,239.00 150 Days 05 0 05 0 010 01,103,091.0084 0.00 01,387,265.0030 0.00 02,490,357.0014 180+ Days 0 0 15 0 115 1 0.00 0.00 3,173,188.96 0.00 ~~246~~3,~~009.47 246~~173,~~009~~188.4796 Totals 4766 1 2725 10 7692 915,~~753~~784,~~872~~941.8152 ~~125~~169,~~978~~186.9886 75,~~135~~233,~~386~~853.2505 ~~246,009~~0.4700 1721,~~261~~187,~~247~~981.5143 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.~~052493~~055960% 0.000000% 0.000000% 0.~~052493~~055960% 0.~~028671~~041642% 0.000000% 0.000000% 0.~~028671~~041642% 30 Days 12.~~259843~~238388% 0.000000% 0.000000% 0.000000% 12.~~259843~~238388% 12.~~035322~~355262% 0.000000% 0.000000% 0.000000% 12.~~035322~~355262% 60 Days 0.~~472441~~671517% 0.000000% 0.000000% 0.000000% 0.~~472441~~671517% 0.~~395185~~635591% 0.000000% 0.000000% 0.000000% 0.~~395185~~635591% 90 Days 0.~~734908~~279799% 0.000000% 10.~~417323~~223839% 0.000000% 20.~~152231~~503637% 0.~~789359~~340809% 0.000000% 10.~~623929~~128433% 0.000000% 20.~~413288~~469242% 120 Days 0.~~000000~~223839% 0.000000% 0.~~000000~~055960% 0.000000% 0.~~000000~~279799% 0.~~000000~~281979% 0.000000% 0.~~000000~~037310% 0.000000% 0.~~000000~~319289% 150 Days 0.~~000000~~279799% 0.000000% 0.~~000000~~279799% 0.000000% 0.~~000000~~559597% 0.~~000000~~271504% 0.000000% 0.~~000000~~341447% 0.000000% 0.~~000000~~612951% 180+ Days 0.000000% 0.000000% 0.~~000000~~839396% 0.~~052493~~000000% 0.~~052493~~839396% 0.000000% 0.000000% 0.~~000000~~781016% 0.~~055989~~000000% 0.~~055989~~781016% Totals 23.~~467192~~693341% 0.~~052493~~055960% 1.~~417323~~398993% 0.~~052493~~000000% 35.~~989501~~148293% 23.~~219866~~885144% 0.~~028671~~041642% 1.~~623929~~288207% 0.~~055989~~000000% 35.~~928455~~214993% Delinquencies are stratified according to the ~~information~~informaiton 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 1 0 0 1 ~~125~~169,~~978~~186.9886 0.00 0.00 ~~125~~169,~~978~~186.9886 30 Days 2024 0 0 0 2024 23,~~870~~447,~~494~~953.0455 0.00 0.00 0.00 23,~~870~~447,~~494~~953.0455 60 Days 711 0 0 0 711 1,~~051~~934,~~775~~692.7407 0.00 0.00 0.00 1,~~051~~934,~~775~~692.7407 90 Days 72 0 164 0 236 1301,~~051,226~~370.3475 0.00 2521,~~542,770~~810.9874 0.00 3823,~~593,997~~181.3249 120 Days 02 0 01 0 03 0425,717.0061 0.00 0151,588.0005 0.00 0577,305.0066 150 Days 04 0 02 0 06 0631,116.0081 0.00 0258,549.0028 0.00 0889,666.0009 180 Days 0 0 11 0 111 1 0.00 0.00 1,594,609.92 0.00 ~~246~~1,~~009.47 246~~594,~~009~~609.4792 Totals 3443 1 1618 10 5262 46,~~973~~740,~~496~~850.1279 ~~125~~169,~~978~~186.9886 2,~~542~~526,~~770~~557.9899 ~~246,009~~0.4700 79,~~888~~436,~~255~~595.5564 0-29 Days 0.~~080580~~084531% 0.000000% 0.000000% 0.~~080580~~084531% 0.~~069486~~098891% 0.000000% 0.000000% 0.~~069486~~098891% 30 Days 12.~~611604~~028740% 0.000000% 0.000000% 0.000000% 12.~~611604~~028740% 12.~~583265~~015360% 0.000000% 0.000000% 0.000000% 12.~~583265~~015360% 60 Days 0.~~564061~~929839% 0.000000% 0.000000% 0.000000% 0.~~564061~~929839% 01.~~580123~~130845% 0.000000% 0.000000% 0.000000% 01.~~580123~~130845% 90 Days 0.~~564061~~169062% 0.000000% 10.~~289283~~338123% 0.000000% 10.~~853344~~507185% 0.~~579820~~176154% 0.000000% 10.~~402504~~305003% 0.000000% 10.~~982324~~481157% 120 Days 0.~~000000~~169062% 0.000000% 0.~~000000~~084531% 0.000000% 0.~~000000~~253593% 0.~~000000~~248836% 0.000000% 0.~~000000~~088605% 0.000000% 0.~~000000~~337440% 150 Days 0.~~000000~~338123% 0.000000% 0.~~000000~~169062% 0.000000% 0.~~000000~~507185% 0.~~000000~~368894% 0.000000% 0.~~000000~~151124% 0.000000% 0.~~000000~~520018% 180 Days 0.000000% 0.000000% 0.~~000000~~929839% 0.~~080580~~000000% 0.~~080580~~929839% 0.000000% 0.000000% 0.~~000000~~932064% 0.~~135690~~000000% 0.~~135690~~932064% Totals 23.~~739726~~634827% 0.~~080580~~084531% 1.~~289283~~521555% 0.~~080580~~000000% 45.~~190169~~240913% 23.~~743208~~940089% 0.~~069486~~098891% 1.~~402504~~476796% 0.~~135690~~000000% 45.~~350888~~515776% 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 0 0 0 0.00 0.00 0.00 0.00 30 Days 416 0 0 0 416 16,~~678~~121,~~607~~233.7883 0.00 0.00 0.00 16,~~678~~121,~~607~~233.7883 60 Days 21 0 0 0 21 ~~684~~647,~~628~~647.8573 0.00 0.00 0.00 ~~684~~647,~~628~~647.8573 90 Days 73 0 110 0 183 21,~~417~~083,~~140~~300.0680 0.00 ~~4,592,615~~0.2700 0.00 71,~~009~~083,~~755~~300.3380 120 Days 02 0 0 0 02 0719,933.0034 0.00 0.00 0.00 0719,933.0034 150 Days 01 0 03 0 04 0471,975.0003 0.00 01,128,716.0002 0.00 01,600,691.0005 180 Days 0 0 04 0 04 0.00 0.00 01,578,579.0004 0.00 01,578,579.0004 Totals 1323 0 117 0 2430 49,~~780~~044,~~376~~090.6973 0.00 42,~~592~~707,~~615~~295.2706 0.00 911,~~372~~751,~~991~~385.9679 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 02.~~602410~~649007% 0.000000% 0.000000% 0.000000% 02.~~602410~~649007% 02.~~650401~~602499% 0.000000% 0.000000% 0.000000% 02.~~650401~~602499% 60 Days 0.~~301205~~165563% 0.000000% 0.000000% 0.000000% 0.~~301205~~165563% 0.~~265270~~275353% 0.000000% 0.000000% 0.000000% 0.~~265270~~275353% 90 Days 10.~~054217~~496689% 0.000000% 10.~~656627~~000000% 0.000000% 20.~~710843~~496689% 0.~~936556~~460575% 0.000000% 10.~~779476~~000000% 0.000000% 20.~~716033~~460575% 120 Days 0.~~000000~~331126% 0.000000% 0.000000% 0.000000% 0.~~000000~~331126% 0.~~000000~~306086% 0.000000% 0.000000% 0.000000% 0.~~000000~~306086% 150 Days 0.~~000000~~165563% 0.000000% 0.~~000000~~496689% 0.000000% 0.~~000000~~662252% 0.~~000000~~200665% 0.000000% 0.~~000000~~479884% 0.000000% 0.~~000000~~680549% 180 Days 0.000000% 0.000000% 0.~~000000~~662252% 0.000000% 0.~~000000~~662252% 0.000000% 0.000000% 0.~~000000~~671147% 0.000000% 0.~~000000~~671147% Totals 13.~~957831~~807947% 0.000000% 1.~~656627~~158940% 0.000000% 34.~~614458~~966887% 13.~~852227~~845178% 0.000000% 1.~~779476~~151031% 0.000000% 34.~~631703~~996210% ~~Delinquencies are stratified according to the information provided by the 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 ~~134~~164,~~005~~032.0726

COLLATERAL STATEMENT Collateral Description Fixed 30 Year Weighted Average Gross Coupon 8.~~712903~~697676% Weighted Average Net Coupon 8.~~336985~~328794% Weighted Average Pass-Through Rate 8.~~335029~~337834% Weighted Average Maturity(Stepdown Calculation ) ~~332~~330 Beginning Scheduled Collateral Loan Count 1,~~958~~836 Number Of Loans Paid In Full 5349 Ending Scheduled Collateral Loan Count 1,~~905~~787 Beginning Scheduled Collateral Balance ~~457~~418,~~881~~127,~~054~~295.5861 Ending Scheduled Collateral Balance ~~439~~405,~~084~~963,~~149~~623.8872 Ending Actual Collateral Balance at 30-~~Apr~~Jun-2002 ~~439~~406,~~390~~289,~~227~~756.2361 Monthly P &I Constant 3,~~626~~314,~~063~~052.7211 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 020,170.0088 Cumulative Realized Loss 020,170.0088 Ending Scheduled Balance for Premium Loans ~~439~~405,~~084~~963,~~149~~623.8872 Scheduled Principal ~~301~~283,~~502~~438.5599 Unscheduled Principal 1811,~~495~~880,~~402~~232.1590 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 ~~511~~593,~~805~~058.4144

Miscellaneous Reporting 3 Month Rolling Delinquency ~~Average~~Avg 2.~~602577~~941474%

Group Level Collateral Statement Group Group 1 Group 2 Total Collateral Description Fixed 30 Year Fixed 30 Year Fixed 30 Year Weighted Average Coupon Rate 8.~~743899~~743509 8.~~691992~~664519 8.~~712903~~697676 Weighted Average Net Rate 8.~~383087~~390056 8.~~305881~~284476 8.~~336985~~328794 Weighted Average Maturity ~~322~~320 ~~337~~335 ~~332~~330 Beginning Loan Count 1,~~256~~211 ~~702~~625 1,~~958~~836 Loans Paid In Full 1528 3821 5349 Ending Loan Count 1,~~241~~183 ~~664~~604 1,~~905~~787 Beginning Scheduled Balance ~~184~~175,~~466~~512,~~146~~093.6856 ~~273~~242,~~414~~615,~~907~~202.9005 ~~457~~418,~~881~~127,~~054~~295.5861 Ending scheduled Balance ~~181~~170,~~180~~941,~~658~~589.8206 ~~257~~235,~~903~~022,~~491~~034.0666 ~~439~~405,~~084~~963,~~149~~623.8872 Record Date 0406/30/2002 0406/30/2002 0406/30/2002 Principal And Interest Constant 1,~~472~~401,~~441~~912.6771 21,~~153~~912,~~622~~139.0540 3,~~626~~314,~~063~~052.7211 Scheduled Principal ~~128~~123,~~313~~086.9035 ~~173~~160,~~188~~352.6564 ~~301~~283,~~502~~438.5599 Unscheduled Principal 34,~~157~~447,~~173~~418.96 15 7,~~338~~432,~~228~~814.1975 1811,~~495~~880,~~402~~232.1590 Scheduled Interest 1,~~347~~278,~~197~~826.3236 1,~~980~~758,~~433~~420.4088 3,~~327~~037,~~630~~247.7224 Servicing Fees 5551,~~464~~696.7005 8776,~~973~~836.6492 ~~143~~128,~~438~~532.3497 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 1,~~537~~462.2260 2,~~278~~021.4580 3,~~815~~484.6740 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,~~290~~225,~~195~~667.4071 1,~~890~~679,~~181~~562.3116 32,~~180~~905,~~376~~229.7187 Realized Loss Amount 0.00 020,170.0088 020,170.0088 Cumulative Realized Loss 0.00 020,170.0088 020,170.0088 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 0.00 Pass-Through Rate 8.~~393055~~380056 8.~~295881~~307289 8.~~335029~~337834

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