8-K 1 arc02bc2.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 AMORTIZING RESIDENTIAL COLLATERAL TRUST Mortgage Pass-Through Certificates, Series 2002-BC2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-82904-06 Pooling and Servicing Agreement) (Commission 04-3678721 (State or other File Number) 04-3678727 jurisdiction 04-3679824 of Incorporation) 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 December 26, 2002 a distribution was made to holders of AMORTIZING RESIDENTIAL COLLATERAL TRUST, Mortgage Pass-Through Certificates, Series 2002-BC2 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2002-BC2 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. AMORTIZING RESIDENTIAL COLLATERAL TRUST Mortgage Pass-Through Certificates, Series 2002-BC2 Trust By: Wells Fargo Bank Minnesota, NA, as Securities Administrator By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 12/31/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2002-BC2 Trust, relating to the December 26, 2002 distribution. EX-99.1

Amortizing Residential Collateral Mortgage Trus Mortgage Pass-Through Certificates Record Date: ~~10/31/02~~ 11/2530/02 Distribution Date: 12/26/02 ARC Series: 2002-BC2 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 86358RC39 SEN 21.~~14000~~69000% ~~564~~550,~~993~~396,~~214~~104.7806 1800,~~041,155~~977.0550 14,~~597~~636,~~110~~974.7282 A-IO 86358RC47 SEN 6.00000% 0.00 894,359.5323 0.00 M-1 86358RC54 SUB 2.~~58000~~13000% 24,843,000.00 5545,~~192~~566.7104 0.00 M-2 86358RC62 SUB 32.~~03000~~58000% 14,906,000.00 3833,~~892~~116.1506 0.00 B 86358RC70 SUB 3.~~68000~~23000% 6,625,000.00 2018,~~993~~426.8566 0.00 X ARC02BC2X SEN 0.00000% 3,312,743.25 1,~~823~~990,~~300~~044.4406 0.00 P ARC02BC2P SEN 0.00000% 0.00 ~~348~~380,~~794~~175.4484 0.00 R-I ARC02B2R1 RES 0.00000% 0.00 0.00 0.00 R-II ARC02B2R2 RES 0.00000% 0.00 0.00 0.00 R-III ARC02B2R3 RES 0.00000% 0.00 0.00 0.00 Totals ~~614~~600,~~679~~082,~~958~~847.0331 4,~~222~~162,~~688~~665.1739 14,~~597~~636,~~110~~974.7282

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 ~~550~~535,~~396~~759,~~104~~129.0624 15,~~638~~437,~~265~~952.7732 0.00 A-IO 0.00 0.00 894,359.5323 0.00 M-1 0.00 24,843,000.00 5545,~~192~~566.7104 0.00 M-2 0.00 14,906,000.00 3833,~~892~~116.1506 0.00 B 0.00 6,625,000.00 2018,~~993~~426.8566 0.00 X 0.00 3,312,743.25 1,~~823~~990,~~300~~044.4406 0.00 P 0.00 0.00 ~~348~~380,~~794~~175.4484 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 ~~600~~585,~~082~~445,~~847~~872.3149 18,~~819~~799,~~798~~640.8921 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 612,803,000.00 ~~564~~550,~~993~~396,~~214~~104.7806 0.00 14,~~597~~636,~~110~~974.7282 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 24,843,000.00 24,843,000.00 0.00 0.00 0.00 0.00 M-2 14,906,000.00 14,906,000.00 0.00 0.00 0.00 0.00 B 6,625,000.00 6,625,000.00 0.00 0.00 0.00 0.00 X 3,312,743.25 3,312,743.25 0.00 0.00 0.00 0.00 P 0.00 0.00 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 662,489,743.25 ~~614~~600,~~679~~082,~~958~~847.0331 0.00 14,~~597~~636,~~110~~974.7282 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 14,~~597~~636,~~110~~974.7282 ~~550~~535,~~396~~759,~~104~~129.0624 0.~~89816157~~87427628 14,~~597~~636,~~110~~974.7282 A-IO 0.00 0.00 0.00000000 0.00 M-1 0.00 24,843,000.00 1.00000000 0.00 M-2 0.00 14,906,000.00 1.00000000 0.00 B 0.00 6,625,000.00 1.00000000 0.00 X 0.00 3,312,743.25 1.00000000 0.00 P 0.00 0.00 0.00000000 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 14,~~597~~636,~~110~~974.7282 ~~600~~585,~~082~~445,~~847~~872.3149 0.~~90579945~~88370556 14,~~597~~636,~~110~~974.7282

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 612,803,000.00 ~~921~~898.~~98180293~~16156915 0.00000000 23.~~82023378~~88528584 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 24,843,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 14,906,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 6,625,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 3,312,743.25 1000.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000000 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 2) All classes are 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 0.00000000 23.~~82023378~~88528584 ~~898~~874.~~16156915~~27628331 0.~~89816157~~87427628 23.~~82023378~~88528584 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 X 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 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 612,803,000.00 21.~~14000~~69000% ~~564~~550,~~993~~396,~~214~~104.7806 1800,~~041,158~~977.8350 0.00 0.00 A-IO 0.00 6.00000% 178,872,230.00 894,~~362~~359.7723 0.00 0.00 M-1 24,843,000.00 2.~~58000~~13000% 24,843,000.00 5545,~~193~~566.0204 0.00 0.00 M-2 14,906,000.00 32.~~03000~~58000% 14,906,000.00 3833,~~892~~116.3306 0.00 0.00 B 6,625,000.00 3.~~68000~~23000% 6,625,000.00 2018,~~993~~426.9366 0.00 0.00 X 3,312,743.25 0.00000% 3,312,743.25 0.00 0.00 0.00 P 0.00 0.00000% 0.01 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 662,489,743.25 21,~~050~~792,~~600~~445.8849 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 0.00 0.00 1800,~~041,155~~977.0550 0.00 ~~550~~535,~~396~~759,~~104~~129.0624 A-IO 0.00 0.00 894,359.5323 0.00 178,872,230.00 M-1 0.00 0.00 5545,~~192~~566.7104 0.00 24,843,000.00 M-2 0.00 0.00 3833,~~892~~116.1506 0.00 14,906,000.00 B 0.00 0.00 2018,~~993~~426.8566 0.00 6,625,000.00 X 0.00 0.00 1,~~823~~990,~~300~~044.4406 0.00 3,312,743.25 P 0.00 0.00 ~~348~~380,~~794~~175.4484 0.00 0.01 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 4,~~222~~162,~~688~~665.1739 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 612,803,000.00 21.~~14000~~69000% ~~921~~898.~~98180293~~16156915 1.~~69901066~~30707177 0.00000000 0.00000000 A-IO 0.00 6.00000% 818.18181610 4.~~09091649~~09090030 0.00000000 0.00000000 M-1 24,843,000.00 2.~~58000~~13000% 1000.00000000 21.~~22167291~~83416013 0.00000000 0.00000000 M-2 14,906,000.00 32.~~03000~~58000% 1000.00000000 2.~~60917282~~22165973 0.00000000 0.00000000 B 6,625,000.00 3.~~68000~~23000% 1000.00000000 32.~~16889509~~78138264 0.00000000 0.00000000 X 3,312,743.25 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000% 0.00000000 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 5) All classes are 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 0.00000000 0.00000000 1.~~69900449~~30707177 0.00000000 ~~898~~874.~~16156915~~27628331 A-IO 0.00000000 0.00000000 4.~~09090167~~09090030 0.00000000 818.18181610 M-1 0.00000000 0.00000000 21.~~22166043~~83416013 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~60916074~~22165973 0.00000000 1000.00000000 B 0.00000000 0.00000000 32.~~16888302~~78138264 0.00000000 1000.00000000 X 0.00000000 0.00000000 ~~550~~600.~~38990420~~72390458 0.00000000 1000.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 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 (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 18,~~944~~819,~~908~~297.5610 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~306~~361,~~002~~228.7100 Realized Losses 0.00 Prepayment Penalties ~~348~~380,~~794~~175.4484 Total Deposits 19,~~599~~560,~~705~~700.7194 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~779~~761,~~906~~060.8273 Payment of Interest and Principal 18,~~819~~799,~~798~~640.8921 Total Withdrawals (Pool Distribution Amount) 19,~~599~~560,~~705~~700.7194 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~770~~751,~~071~~459.9141 Credit Risk Manager Fee 7,~~683~~501.5004 Securities Administrator Fee 2,~~151~~100.4128 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~779~~761,~~906~~060.8273

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 211 0 0 211 271,~~180,866~~243.8343 0.00 0.00 271,~~180,866~~243.8343 30 Days ~~103~~119 40 0 0 ~~107~~119 1417,~~092~~682,~~535~~895.7985 ~~405,069~~0.8000 0.00 0.00 1417,~~497~~682,~~605~~895.5985 60 Days 1727 03 1830 0 3560 23,~~238~~618,~~518~~886.9093 0221,276.0042 15,~~897~~346,~~502~~862.8581 0.00 49,~~136~~187,~~021~~026.7516 90 Days 87 53 2319 10 3729 ~~657~~625,~~213~~375.2218 ~~626~~279,~~932~~005.2594 32,~~953~~163,~~414~~164.5138 ~~99,858~~0.8800 53,~~337~~067,~~418~~545.8650 120 Days 2 4 306 021 361 8132 202,~~129~~258.1458 ~~732~~1,~~806~~123,004.5832 53,~~211~~358,~~095~~735.2461 062,784.0069 64,~~025~~746,~~030~~783.9620 150 Days 3 31 2421 02 3027 ~~200~~208,~~017~~195.7713 ~~552~~79,~~112~~362.2980 43,~~540~~820,~~790~~260.3310 0249,213.0020 54,~~292~~357,~~920~~031.3923 180+ Days 35 613 2834 38 4060 ~~137~~178,~~466~~639.1797 ~~962~~2,~~006~~828,494.9868 45,~~335~~909,~~098~~507.0933 ~~487~~848,~~095~~914.2853 59,~~921~~765,~~666~~556.5251 Totals ~~136~~165 4327 ~~123~~125 411 ~~306~~328 1722,~~406~~516,~~880~~251.9964 54,~~459~~602,~~794~~387.7359 1920,~~937~~598,~~901~~530.0223 ~~586~~1,~~954~~160,912.1642 4348,~~391~~878,~~530~~081.9088 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.~~497748~~024266% 0.000000% 0.000000% 0.~~497748~~024266% 0.~~363169~~012160% 0.000000% 0.000000% 0.~~363169~~012160% 30 Days 2.~~441337~~887649% 0.~~094809~~000000% 0.000000% 0.000000% 2.~~536146~~887649% 23.~~346762~~018056% 0.~~067454~~000000% 0.000000% 0.000000% 23.~~414216~~018056% 60 Days 0.~~402939~~655181% 0.~~000000~~072798% 0.~~426641~~727979% 0.000000% 01.~~829580~~455957% 0.~~372770~~617659% 0.~~000000~~037767% 0.~~315982~~912584% 0.000000% 01.~~688752~~568010% 90 Days 0.~~189618~~169862% 0.~~118511~~072798% 0.~~545153~~461053% 0.~~023702~~000000% 0.~~876985~~703713% 0.~~109443~~106737% 0.~~104400~~047620% 0.~~658343~~369202% 0.~~016629~~000000% 0.~~888815~~523558% 120 Days 0.~~047405~~097064% 0.~~094809~~145596% 0.~~711069~~509585% 0.~~000000~~024266% 0.~~853283~~776511% 0.~~013510~~034521% 0.~~122031~~191671% 0.~~867779~~573258% 0.~~000000~~010716% 10.~~003319~~810165% 150 Days 0.~~071107~~072798% 0.~~071107~~024266% 0.~~568855~~509585% 0.~~000000~~048532% 0.~~711069~~655181% 0.~~033308~~035534% 0.~~091941~~013545% 0.~~756156~~652029% 0.~~000000~~042535% 0.~~881404~~743643% 180+ Days 0.~~071107~~121330% 0.~~142214~~315457% 0.~~663664~~825042% 0.~~071107~~194128% 01.~~948092~~455957% 0.~~022892~~030490% 0.~~160198~~482758% 01.~~721903~~008615% 0.~~081114~~144890% 01.~~986107~~666752% Totals 34.~~223513~~003883% 10.~~019199~~655181% 23.~~915383~~033244% 0.~~094809~~266926% 7.~~252904~~959233% 23.~~898684~~842997% 0.~~909193~~785520% 3.~~320162~~515687% 0.~~097743~~198141% 78.~~225782~~342345%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~306~~361,~~002~~228.7100

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 9.~~098190~~098588% Weighted Average Net Coupon 7.~~594828~~595876% Weighted Average Pass-Through Rate 7.~~590628~~591676% Weighted Average Maturity(Stepdown Calculation ) ~~343~~342 Beginning Scheduled Collateral Loan Count 4,~~312~~219 Number Of Loans Paid In Full 9398 Ending Scheduled Collateral Loan Count 4,~~219~~121 Beginning Scheduled Collateral Balance ~~614~~600,~~679~~082,~~958~~847.0331 Ending Scheduled Collateral Balance ~~600~~585,~~082~~445,~~847~~872.3149 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2002 ~~600~~585,~~509~~903,~~809~~411.8668 Monthly P &I Constant 54,~~047~~931,~~489~~169.9661 Special Servicing Fee 0.00 Prepayment Penalties ~~348~~380,~~794~~175.4484 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~600~~585,~~082~~445,~~847~~872.3149 Scheduled Principal ~~387~~381,~~093~~247.9510 Unscheduled Principal 14,~~210~~255,~~016~~727.7772 Extra principal distribution Amount 0.00 Excess Cash Amount 1,~~829~~996,~~896~~416.0728

Filing Compare · STRUCTURED ASSET SEC CORP MORT PASS THR CERT SER 2002-BC2