8-K 1 bsa02ac3.txt DECEMBER 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): December 26, 2002 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset Backed Certificates, Series 2002-AC3 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-43091-13 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 December 26, 2002 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset Backed Certificates, Series 2002-AC3 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-AC3 Trust, relating to the December 26, 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-AC3 Trust By: Wells Fargo Bank, N. A. as Securities Administrator By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 1/7/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2002-AC3 Trust, relating to the December 26, 2002 distribution. EX-99.1

Bear Stearns Asset Backed Securities Mortgage Pass-Through Certificates Record Date: ~~10/31/02~~ 11/2530/02 Distribution Date: 12/26/02 BSA Series: 2002-AC3 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-1 07384YEC6 SEN 1.~~98000~~53000% 6751,~~949~~810,~~894~~857.2297 ~~115~~68,~~854~~260.5781 1612,~~139~~790,~~036~~734.2535 A-2 07384YED4 SEN 5.49000% 56,316,000.00 257,645.70 0.00 A-3 07384YEE2 SEN 6.40000% 48,522,000.00 258,784.00 0.00 A-4 07384YEF9 SEN 6.68000% 15,804,000.00 87,975.60 0.00 A-5 07384YEG7 SEN 6.74000% 23,249,000.00 130,581.88 0.00 A-IO 07384YEH5 IO 78.~~96870~~00000% 0.00 ~~172~~173,~~442~~120.5800 0.00 M-1 07384YEJ1 MEZ 6.65000% 9,087,000.00 50,357.13 0.00 M-2 07384YEK8 MEZ 6.~~99000~~96040% 4,544,000.00 26,~~468~~356.8073 0.00 B 07384YEL6 SUB 6.~~99526~~96040% 3,245,000.00 18,~~916~~822.3509 0.00 B-IO 07383GBZ8 OC 0.00000% 209.93 ~~398~~344,~~625~~161.1522 0.00 R-I 07383GBT2 RES 0.00000% 0.00 0.00 0.00 R-II 07383GBV7 RES 0.00000% 0.00 0.00 0.00 R-III 07383GBX3 RES 0.00000% 0.00 0.00 0.00 Totals ~~228~~212,~~717~~578,~~104~~067.1590 1,~~517~~416,~~651~~065.76 16 12,~~139~~790,~~036~~734.2535

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 5139,~~810~~020,~~857~~123.9762 1612,~~254~~858,~~890~~995.8216 0.00 A-2 0.00 56,316,000.00 257,645.70 0.00 A-3 0.00 48,522,000.00 258,784.00 0.00 A-4 0.00 15,804,000.00 87,975.60 0.00 A-5 0.00 23,249,000.00 130,581.88 0.00 A-IO 0.00 0.00 ~~172~~173,~~442~~120.5800 0.00 M-1 0.00 9,087,000.00 50,357.13 0.00 M-2 0.00 4,544,000.00 26,~~468~~356.8073 0.00 B 0.00 3,245,000.00 18,~~916~~822.3509 0.00 B-IO 0.00 209.93 ~~398~~344,~~625~~161.1522 0.00 R-I 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 Totals 0.00 ~~212~~199,~~578~~787,~~067~~333.9055 1714,~~656~~206,~~688~~799.0151 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-1 98,866,000.00 6751,~~949~~810,~~894~~857.2297 0.00 1612,~~139~~790,~~036~~734.2535 0.00 0.00 A-2 56,316,000.00 56,316,000.00 0.00 0.00 0.00 0.00 A-3 48,522,000.00 48,522,000.00 0.00 0.00 0.00 0.00 A-4 15,804,000.00 15,804,000.00 0.00 0.00 0.00 0.00 A-5 23,249,000.00 23,249,000.00 0.00 0.00 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 9,087,000.00 9,087,000.00 0.00 0.00 0.00 0.00 M-2 4,544,000.00 4,544,000.00 0.00 0.00 0.00 0.00 B 3,245,000.00 3,245,000.00 0.00 0.00 0.00 0.00 B-IO 209.93 209.93 0.00 0.00 0.00 0.00 R-I 0.00 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 0.00 0.00 Totals 259,633,209.93 ~~228~~212,~~717~~578,~~104~~067.1590 0.00 1612,~~139~~790,~~036~~734.2535 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-1 1612,~~139~~790,~~036~~734.2535 5139,~~810~~020,~~857~~123.9762 0.~~52405132~~39467687 1612,~~139~~790,~~036~~734.2535 A-2 0.00 56,316,000.00 1.00000000 0.00 A-3 0.00 48,522,000.00 1.00000000 0.00 A-4 0.00 15,804,000.00 1.00000000 0.00 A-5 0.00 23,249,000.00 1.00000000 0.00 A-IO 0.00 0.00 0.00000000 0.00 M-1 0.00 9,087,000.00 1.00000000 0.00 M-2 0.00 4,544,000.00 1.00000000 0.00 B 0.00 3,245,000.00 1.00000000 0.00 B-IO 0.00 209.93 1.00000000 0.00 R-I 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 R-III 0.00 0.00 0.00000000 0.00 Totals 1612,~~139~~790,~~036~~734.2535 ~~212~~199,~~578~~787,~~067~~333.9055 0.~~81876301~~76949838 1612,~~139~~790,~~036~~734.2535

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 98,866,000.00 ~~687~~524.~~29284304~~05132169 0.00000000 ~~163~~129.~~24152135~~37444976 0.00000000 A-2 56,316,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-3 48,522,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-4 15,804,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-5 23,249,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 9,087,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 4,544,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 3,245,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-IO 209.93 1000.00000000 0.00000000 0.00000000 0.00000000 R-I 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00 0.00000000 0.00000000 0.00000000 0.00000000 Per $1000 denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1 0.00000000 ~~163~~129.~~24152135~~37444976 ~~524~~394.~~05132169~~67687193 0.~~52405132~~39467687 ~~163~~129.~~24152135~~37444976 A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 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 1,000.00000000 1.00000000 0.00000000 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-III 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-1 98,866,000.00 1.~~98000~~53000% 6751,~~949~~810,~~894~~857.2297 ~~115~~68,~~854~~260.5781 0.00 0.00 A-2 56,316,000.00 5.49000% 56,316,000.00 257,645.70 0.00 0.00 A-3 48,522,000.00 6.40000% 48,522,000.00 258,784.00 0.00 0.00 A-4 15,804,000.00 6.68000% 15,804,000.00 87,975.60 0.00 0.00 A-5 23,249,000.00 6.74000% 23,249,000.00 130,581.88 0.00 0.00 A-IO 0.00 78.~~96870~~00000% 25,968,000.00 ~~172~~173,~~442~~120.5800 0.00 0.00 M-1 9,087,000.00 6.65000% 9,087,000.00 50,357.13 0.00 0.00 M-2 4,544,000.00 6.~~99000~~96040% 4,544,000.00 26,~~468~~356.8073 0.00 0.00 B 3,245,000.00 6.~~99526~~96040% 3,245,000.00 18,~~916~~822.3509 0.00 0.00 B-IO 209.93 0.00000% 209.93 0.00 0.00 0.00 R-I 0.00 0.00000% 0.00 0.00 0.00 0.00 R-II 0.00 0.00000% 0.00 0.00 0.00 0.00 R-III 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 259,633,209.93 1,~~119~~071,~~026~~903.6194 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-1 0.00 0.00 ~~115~~68,~~854~~260.5781 0.00 5139,~~810~~020,~~857~~123.9762 A-2 0.00 0.00 257,645.70 0.00 56,316,000.00 A-3 0.00 0.00 258,784.00 0.00 48,522,000.00 A-4 0.00 0.00 87,975.60 0.00 15,804,000.00 A-5 0.00 0.00 130,581.88 0.00 23,249,000.00 A-IO 0.00 0.00 ~~172~~173,~~442~~120.5800 0.00 25,968,000.00 M-1 0.00 0.00 50,357.13 0.00 9,087,000.00 M-2 0.00 0.00 26,~~468~~356.8073 0.00 4,544,000.00 B 0.00 0.00 18,~~916~~822.3509 0.00 3,245,000.00 B-IO 0.00 0.00 ~~398~~344,~~625~~161.1522 0.00 209.93 R-I 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 1,~~517~~416,~~651~~065.7616 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-1 98,866,000.00 1.~~98000~~53000% ~~687~~524.~~29284304~~05132169 10.~~17183430~~69043766 0.00000000 0.00000000 A-2 56,316,000.00 5.49000% 1000.00000000 4.57500000 0.00000000 0.00000000 A-3 48,522,000.00 6.40000% 1000.00000000 5.33333333 0.00000000 0.00000000 A-4 15,804,000.00 6.68000% 1000.00000000 5.56666667 0.00000000 0.00000000 A-5 23,249,000.00 6.74000% 1000.00000000 5.61666652 0.00000000 0.00000000 A-IO 0.00 78.~~96870~~00000% 1000.00000000 6.~~64057994~~66666667 0.00000000 0.00000000 M-1 9,087,000.00 6.65000% 1000.00000000 5.54166722 0.00000000 0.00000000 M-2 4,544,000.00 6.~~99000~~96040% 1000.00000000 5.~~82500000~~80033671 0.00000000 0.00000000 B 3,245,000.00 6.~~99526~~96040% 1000.00000000 5.~~82938367~~80033590 0.00000000 0.00000000 B-IO 209.93 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R-I 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 Per $1000 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-1 0.00000000 0.00000000 10.~~17183430~~69043766 0.00000000 ~~524~~394.~~05132169~~67687193 A-2 0.00000000 0.00000000 4.57500000 0.00000000 1000.00000000 A-3 0.00000000 0.00000000 5.33333333 0.00000000 1000.00000000 A-4 0.00000000 0.00000000 5.56666667 0.00000000 1000.00000000 A-5 0.00000000 0.00000000 5.61666652 0.00000000 1000.00000000 A-IO 0.00000000 0.00000000 6.~~64057994~~66666667 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 5.54166722 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 5.~~82500000~~80033671 0.00000000 1000.00000000 B 0.00000000 0.00000000 5.~~82938367~~80033590 0.00000000 1000.00000000 B-IO 0.00000000 0.00000000 ~~1898847~~1639409.~~94931644~~42218835 0.00000000 1000.00000000 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-III 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 1714,~~629~~179,~~321~~222.9391 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 60,~~355~~958.2784 Realized Losses 0.00 Prepayment Penalties 0.00 Total Deposits 1714,~~689~~240,~~677~~181.2075 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 3233,~~989~~382.1924 Payment of Interest and Principal 1714,~~656~~206,~~688~~799.0151 Total Withdrawals (Pool Distribution Amount) 1714,~~689~~240,~~677~~181.2075 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 3325,~~797~~998.1773 Servicing Fee Support 2621,~~241~~588.2104 Non-Supported Prepayment/Curtailment Interest Shortfall 74,~~555~~410.9669

SERVICING FEES Gross Servicing Fee 5450,~~256~~264.0184 Master Servicing Fee 3,~~811~~542.9499 MBIA Insurance Fee 1,162.45 Supported Prepayment/Curtailment Interest Shortfall 2621,~~241~~588.2104 Net Servicing Fee 3233,~~989~~382.1924

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Financial Guaranty 0.00 0.00 0.00 0.00 Reserve Fund 0.00 3534,~~672~~575.83 35 34,~~672~~575.8335 0.00 Financial Guaranty 0.00 0.00 0.00 0.00 Reserve Fund 0.00 0.00 0.00 0.00

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 1110 0 0 0 1110 32,~~643~~148,~~519~~373.3272 0.00 0.00 0.00 32,~~643~~148,~~519~~373.3272 60 Days 74 0 0 0 74 2,~~740~~254,~~415~~504.0729 0.00 0.00 0.00 2,~~740~~254,~~415~~504.0729 90 Days 46 0 0 0 46 ~~990~~2,~~541~~377,887.9573 0.00 0.00 0.00 ~~990~~2,~~541~~377,887.9573 120 Days 23 0 0 0 23 ~~392~~686,~~252~~970.7350 0.00 0.00 0.00 ~~392~~686,~~252~~970.7350 150 Days 02 0 0 0 02 0392,252.0073 0.00 0.00 0.00 0392,252.0073 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 2425 0 0 0 2425 7,~~766~~859,~~729~~988.0797 0.00 0.00 0.00 7,~~766~~859,~~729~~988.0797 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.~~610542~~543210% 0.000000% 0.000000% 0.000000% 1.~~610542~~543210% 1.~~712704~~074470% 0.000000% 0.000000% 0.000000% 1.~~712704~~074470% 60 Days 10.~~024890~~617284% 0.000000% 0.000000% 0.000000% 10.~~024890~~617284% 1.~~288183~~127549% 0.000000% 0.000000% 0.000000% 1.~~288183~~127549% 90 Days 0.~~585652~~925926% 0.000000% 0.000000% 0.000000% 0.~~585652~~925926% 01.~~465623~~189257% 0.000000% 0.000000% 0.000000% 01.~~465623~~189257% 120 Days 0.~~292826~~462963% 0.000000% 0.000000% 0.000000% 0.~~292826~~462963% 0.~~184386~~343576% 0.000000% 0.000000% 0.000000% 0.~~184386~~343576% 150 Days 0.~~000000~~308642% 0.000000% 0.000000% 0.000000% 0.~~000000~~308642% 0.~~000000~~196178% 0.000000% 0.000000% 0.000000% 0.~~000000~~196178% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 3.~~513909~~858025% 0.000000% 0.000000% 0.000000% 3.~~513909~~858025% 3.~~650895~~931031% 0.000000% 0.000000% 0.000000% 3.~~650895~~931031%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 60,~~355~~958.2784

COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 8.~~273358~~303973% Weighted Average Net Coupon 78.~~988696~~020228% Weighted Average Pass-Through Rate 78.~~968696~~000228% Weighted Average Maturity(Stepdown Calculation ) ~~326~~325 Beginning Scheduled Collateral Loan Count ~~726~~683 Number Of Loans Paid In Full 4335 Ending Scheduled Collateral Loan Count ~~683~~648 Beginning Scheduled Collateral Balance ~~228~~212,~~717~~578,~~104~~067.1590 Ending Scheduled Collateral Balance ~~212~~199,~~578~~787,~~067~~333.9055 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2002 ~~212~~199,~~734~~947,~~911~~290.6634 Monthly P &I Constant 1,~~763~~644,~~788~~695.3991 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 ~~212~~199,~~578~~787,~~067~~333.9055 Scheduled Principal ~~179~~169,~~350~~249.2783 Unscheduled Principal 1512,~~959~~621,~~685~~484.9852 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1,298,387.00 Overcollateralized Amount 209.93 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount ~~398~~344,~~625~~161.1522

Miscellaneous Reporting Rolling 3 Month 60+Days DLQs Average 12.~~441543~~077914% Triger Event Exists? ~~YES~~NO Prepayment Charges Remitted 3534,~~672~~575.8335

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