8-K 1 bsa02002.txt OCTOBER 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): October 25, 2002 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset-Backed Certificates, Series 2002-2 Trust (Exact name of registrant as specified in its charter) 51-0423835 New York (governing law of 333-56242-13 51-0423843 Pooling and Servicing Agreement) (Commission 51-0423846 (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 October 25, 2002 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset-Backed Certificates, Series 2002-2 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 2002-2 Trust, relating to the October 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 2002-2 Trust By: Wells Fargo Bank Minnesota, N. A., as Securities Administrator By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 11/12/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset-Backed Certificates, Series 2002-2 Trust, relating to the October 25, 2002 distribution. EX-99.1

Bear Stearns Asset Backed Securities Mortgage Pass-Through Certificates Record Date: 89/3130/02 Distribution Date: 910/25/02 BSA Series: 2002-2 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 07384YEP7 IO 5.00000% 0.00 162,500.00 0.00 A-1 07384YEM4 SEN 2.~~14000~~14375% ~~286~~274,~~468~~251,~~018~~144.6849 ~~510~~489,~~867~~938.9724 1213,~~216~~105,~~875~~885.3421 A-2 07384YEN2 SEN 2.~~41000~~41375% 3736,~~693~~085,~~338~~847.6849 7572,~~700~~585.7918 1,~~607~~724,~~491~~466.2073 M-1 07384YEQ5 MEZ 2.~~61000~~61375% 18,510,000.00 40,~~259~~317.2509 0.00 M-2 07384YER3 MEZ 3.~~31000~~31375% 16,562,000.00 45,~~683~~735.5227 0.00 B 07384YES1 SUB 4.~~06000~~06375% 19,484,000.00 65,~~920~~981.8775 0.00 B-IO 07384YEV4 IO 0.00000% 0.00 01,226,502.0014 0.00 OC BSA0202OC OC 0.00000% ~~315~~1,627,441.6040 0.00 0.00 R-1 07384YET9 RES 0.00000% 0.00 0.00 0.00 R-2 07384YEU6 RES 0.00000% 0.00 0.00 0.00 R-3 07384YEW2 RES 0.00000% 0.00 0.00 0.00 Totals ~~378~~366,~~717~~520,~~672~~433.9638 ~~900~~2,~~932~~103,559.4067 1314,~~824~~830,~~366~~351.5494

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-IO 0.00 0.00 162,500.00 0.00 A-1 0.00 ~~274~~261,~~251~~145,~~144~~259.4929 1213,~~727~~595,~~743~~823.3145 0.00 A-2 0.00 3634,~~085~~361,~~847~~380.4976 1,~~683~~797,~~191~~051.9991 0.00 M-1 0.00 18,510,000.00 40,~~259~~317.2509 0.00 M-2 0.00 16,562,000.00 45,~~683~~735.5227 0.00 B 0.00 19,484,000.00 65,~~920~~981.8775 0.00 B-IO 0.00 0.00 01,226,502.0014 0.00 OC 0.00 1,~~627~~948,441.4058 0.00 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 Totals 0.00 ~~366~~352,~~520~~011,~~433~~081.3863 1416,~~725~~933,~~298~~911.9461 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 A-1 296,163,000.00 ~~286~~274,~~468~~251,~~018~~144.6849 0.00 1213,~~216~~105,~~875~~885.3421 0.00 0.00 A-2 38,969,000.00 3736,~~693~~085,~~338~~847.6849 0.00 1,~~607~~724,~~491~~466.2073 0.00 0.00 M-1 18,510,000.00 18,510,000.00 0.00 0.00 0.00 0.00 M-2 16,562,000.00 16,562,000.00 0.00 0.00 0.00 0.00 B 19,484,000.00 19,484,000.00 0.00 0.00 0.00 0.00 B-IO 0.00 0.00 0.00 0.00 0.00 0.00 OC 315.60 ~~315~~1,627,441.6040 0.00 0.00 0.00 0.00 R-1 50.00 0.00 0.00 0.00 0.00 0.00 R-2 50.00 0.00 0.00 0.00 0.00 0.00 R-3 50.00 0.00 0.00 0.00 0.00 0.00 Totals 389,688,465.60 ~~378~~366,~~717~~520,~~672~~433.9638 0.00 1314,~~824~~830,~~366~~351.5494 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 A-1 1213,~~216~~105,~~875~~885.3421 ~~274~~261,~~251~~145,~~144~~259.4929 0.~~92601420~~88176193 1213,~~216~~105,~~875~~885.3421 A-2 1,~~607~~724,~~491~~466.2073 3634,~~085~~361,~~847~~380.4976 0.~~92601420~~88176193 1,~~607~~724,~~491~~466.2073 M-1 0.00 18,510,000.00 1.00000000 0.00 M-2 0.00 16,562,000.00 1.00000000 0.00 B 0.00 19,484,000.00 1.00000000 0.00 B-IO 0.00 0.00 0.00000000 0.00 OC 0.00 1,~~627~~948,441.4058 56,~~156~~173.~~65842839~~76926489 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 Totals 1314,~~824~~830,~~366~~351.5494 ~~366~~352,~~520~~011,~~433~~081.3863 0.~~94054730~~90331409 1314,~~824~~830,~~366~~351.5494

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 A-1 296,163,000.00 ~~967~~926.~~26471126~~01420329 0.00000000 4144.~~25051185~~25227057 0.00000000 A-2 38,969,000.00 ~~967~~926.~~26471503~~01420334 0.00000000 4144.~~25051195~~25227052 0.00000000 M-1 18,510,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 16,562,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 19,484,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 OC 315.60 ~~1000~~5156658.~~00000000~~42839037 0.00000000 0.00000000 0.00000000 R-1 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-2 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-3 50.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All classes are 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 A-1 0.00000000 4144.~~25051185~~25227057 ~~926~~881.~~01420329~~76193275 0.~~92601420~~88176193 4144.~~25051185~~25227057 A-2 0.00000000 4144.~~25051195~~25227052 ~~926~~881.~~01420334~~76193282 0.~~92601420~~88176193 4144.~~25051195~~25227052 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 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.00000000 56,~~156~~173,~~658~~769.~~42839037~~26489227 ~~5156~~6173.~~65842839~~76926489 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 (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 5.00000% 39,000,000.00 162,500.00 0.00 0.00 A-1 296,163,000.00 2.~~14000~~14375% ~~286~~274,~~468~~251,~~018~~144.6849 ~~510~~489,~~867~~938.9724 0.00 0.00 A-2 38,969,000.00 2.~~41000~~41375% 3736,~~693~~085,~~338~~847.6849 7572,~~700~~585.7918 0.00 0.00 M-1 18,510,000.00 2.~~61000~~61375% 18,510,000.00 40,~~259~~317.2509 0.00 0.00 M-2 16,562,000.00 3.~~31000~~31375% 16,562,000.00 45,~~683~~735.5227 0.00 0.00 B 19,484,000.00 4.~~06000~~06375% 19,484,000.00 65,~~920~~981.8775 0.00 0.00 B-IO 0.00 0.00000% 0.00 0.00 0.00 0.00 OC 315.60 0.00000% ~~315~~1,627,441.6040 0.00 0.00 0.00 R-1 50.00 0.00000% 0.00 0.00 0.00 0.00 R-2 50.00 0.00000% 0.00 0.00 0.00 0.00 R-3 50.00 0.00000% 0.00 0.00 0.00 0.00 Totals 389,688,465.60 ~~900~~877,~~932~~057.4053 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 0.00 162,500.00 0.00 39,000,000.00 A-1 0.00 0.00 ~~510~~489,~~867~~938.9724 0.00 ~~274~~261,~~251~~145,~~144~~259.4929 A-2 0.00 0.00 7572,~~700~~585.7918 0.00 3634,~~085~~361,~~847~~380.4976 M-1 0.00 0.00 40,~~259~~317.2509 0.00 18,510,000.00 M-2 0.00 0.00 45,~~683~~735.5227 0.00 16,562,000.00 B 0.00 0.00 65,~~920~~981.8775 0.00 19,484,000.00 B-IO 0.00 0.00 01,226,502.0014 0.00 0.00 OC 0.00 0.00 0.00 0.00 1,~~627~~948,441.4058 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 Totals 0.00 0.00 ~~900~~2,~~932~~103,559.4067 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 5.00000% 1000.00000000 4.16666667 0.00000000 0.00000000 A-1 296,163,000.00 2.~~14000~~14375% ~~967~~926.~~26471126~~01420329 1.~~72495541~~65428578 0.00000000 0.00000000 A-2 38,969,000.00 2.~~41000~~41375% ~~967~~926.~~26471503~~01420334 1.~~94259001~~86263902 0.00000000 0.00000000 M-1 18,510,000.00 2.~~61000~~61375% 1000.00000000 2.~~17500000~~17812480 0.00000000 0.00000000 M-2 16,562,000.00 3.~~31000~~31375% 1000.00000000 2.~~75833353~~76145816 0.00000000 0.00000000 B 19,484,000.00 4.~~06000~~06375% 1000.00000000 3.~~38333350~~38645812 0.00000000 0.00000000 B-IO 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 OC 315.60 0.00000% ~~1000~~5156658.~~00000000~~42839037 0.00000000 0.00000000 0.00000000 R-1 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-3 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All classes are per $1,000 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 A-IO 0.00000000 0.00000000 4.16666667 0.00000000 1000.00000000 A-1 0.00000000 0.00000000 1.~~72495541~~65428578 0.00000000 ~~926~~881.~~01420329~~76193275 A-2 0.00000000 0.00000000 1.~~94259001~~86263902 0.00000000 ~~926~~881.~~01420334~~76193282 M-1 0.00000000 0.00000000 2.~~17500000~~17812480 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~75833353~~76145816 0.00000000 1000.00000000 B 0.00000000 0.00000000 3.~~38333350~~38645812 0.00000000 1000.00000000 B-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.00000000 0.00000000 0.00000000 ~~5156658~~6173769.~~42839037~~26489227 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 (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 1416,~~716~~858,~~476~~421.7793 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~135~~216,~~567~~196.0989 Realized Losses 0(18,132.0012) Prepayment Penalties 0.00 Total Deposits 1417,~~852~~056,~~043~~486.8670 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~126~~122,~~744~~575.9209 Payment of Interest and Principal 1416,~~725~~933,~~298~~911.9461 Total Withdrawals (Pool Distribution Amount) 1417,~~852~~056,~~043~~486.8670 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~123~~119,~~588~~520.9274 Master Servicing Fee 3,~~156~~054.0035 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~126~~122,~~744~~575.9209

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 ~~142~~188 0 0 0 ~~142~~188 1116,~~016~~731,~~421~~294.0861 0.00 0.00 0.00 1116,~~016~~731,~~421~~294.0861 60 Days 4149 0 0 0 4149 34,~~662~~857,~~693~~790.8305 0.00 0.00 0.00 34,~~662~~857,~~693~~790.8305 90 Days 1026 0 0 0 1026 ~~431~~2,~~330~~824,456.9131 0.00 0.00 0.00 ~~431~~2,~~330~~824,456.9131 120 Days 312 0 0 0 312 ~~413~~519,~~399~~444.0581 0.00 0.00 0.00 ~~413~~519,~~399~~444.0581 150 Days 04 0 0 0 04 0440,552.0071 0.00 0.00 0.00 0440,552.0071 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals ~~196~~279 0 0 0 ~~196~~279 1525,~~523~~373,~~844~~538.8749 0.00 0.00 0.00 1525,~~523~~373,~~844~~538.8749 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 35.~~972028~~374500% 0.000000% 0.000000% 0.000000% 35.~~972028~~374500% 34.~~002096~~746816% 0.000000% 0.000000% 0.000000% 34.~~002096~~746816% 60 Days 1.~~146853~~400800% 0.000000% 0.000000% 0.000000% 1.~~146853~~400800% 01.~~998124~~378198% 0.000000% 0.000000% 0.000000% 01.~~998124~~378198% 90 Days 0.~~279720~~743282% 0.000000% 0.000000% 0.000000% 0.~~279720~~743282% 0.~~117542~~801323% 0.000000% 0.000000% 0.000000% 0.~~117542~~801323% 120 Days 0.~~083916~~343053% 0.000000% 0.000000% 0.000000% 0.~~083916~~343053% 0.~~112656~~147371% 0.000000% 0.000000% 0.000000% 0.~~112656~~147371% 150 Days 0.~~000000~~114351% 0.000000% 0.000000% 0.000000% 0.~~000000~~114351% 0.~~000000~~124989% 0.000000% 0.000000% 0.000000% 0.~~000000~~124989% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 57.~~482517~~975986% 0.000000% 0.000000% 0.000000% 57.~~482517~~975986% 47.~~230419~~198698% 0.000000% 0.000000% 0.000000% 47.~~230419~~198698%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~135~~216,~~567~~196.0989

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 8.~~411979~~398769% Weighted Average Net Coupon 8.~~020377~~007454% Weighted Average Pass-Through Rate 87.~~010377~~997454% Weighted Average Maturity(Stepdown Calculation ) ~~289~~288 Beginning Scheduled Collateral Loan Count 3,~~653~~575 Number Of Loans Paid In Full 7877 Ending Scheduled Collateral Loan Count 3,~~575~~498 Beginning Scheduled Collateral Balance ~~378~~366,~~717~~520,~~672~~433.9638 Ending Scheduled Collateral Balance ~~366~~352,~~520~~011,~~433~~081.3862 Ending Actual Collateral Balance at 3130-~~Aug~~Sep-2002 ~~366~~352,~~957~~474,~~651~~014.1996 Monthly P &I Constant 3,~~278~~170,~~459~~695.7801 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 018,132.0012 Cumulative Realized Loss 018,132.0012 Ending Scheduled Balance for Premium Loans ~~366~~352,~~520~~011,~~433~~081.3862 Scheduled Principal ~~621~~605,~~781~~427.6697 Unscheduled Principal 1113,~~575~~903,~~457~~923.9279 Required Overcollateralization Amount 1,948,441.58 Overcollateralized Increase Amount 1339,~~627,126~~132.9630 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1,948,441.58 Overcollateralized Amount 1,~~627~~948,441.4058 Overcollateralized Deficiency Amount ~~321,000~~0.1800 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 1339,~~627,126~~132.9630 Excess Cash Amount 1,~~627~~565,~~126~~634.9644

Stated Principal Balances of the Fixed ~~Rate~~Ra ~~Mortgage Loans 60~~250,~~025~~617,~~069~~547.5799 Stated Principal Balance of the ~~Adjustable~~Adjustabl ~~Rate Mortgage Loans 106~~101,~~495~~393,~~363~~533.8163

Miscellaneous Reporting Rolling Avg 3-Month Del Percentage 0.~~000000~~014125% Trigger Event Exists? NO Excess Yield Maintenance Amount 0.00

Filing Compare · BEAR STEARNS ASSET BACKED CERT SERS 2002-2