8-K 1 bsa04ac2_nov.txt NOVEMBER 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): November 26, 2004 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset Backed Certificates, Series 2004-AC2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-113636-02 54-2151924 Pooling and Servicing Agreement) (Commission 54-2151925 (State or other File Number) 54-2151926 jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank, 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On November 26, 2004 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset Backed Certificates, Series 2004-AC2 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2004-AC2 Trust, relating to the November 26, 2004 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 2004-AC2 Trust (Registrant) By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 12/2/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2004-AC2 Trust, relating to the November 26, 2004 distribution. EX-99.1

Bear Stearns Asset Backed Securities Mortgage Pass-Through Certificates Record Date: 810/31/2004 Distribution Date: 911/2726/2004 BSA Series: 2004-AC2 Contact: Customer Service - CTSLink Wells Fargo Bank, 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 I-A1 073879AA6 SEN 5.25000% ~~103~~94,~~452~~806,~~113~~985.8997 ~~452~~414,~~602~~780.9463 57,~~828~~028,~~102~~956.9102 I-A2 073879AB4 SEN 5.25000% 4,537,091.00 19,849.7778 0.00 I-A3 073879AC2 SEN 2.~~11500~~43250% 4037,~~495~~254,~~951~~028.7276 7175,~~374~~517.1103 2,~~185~~635,~~538~~858.5950 I-A4 073879AD0 SEN 5.~~88500~~56750% 0.00 ~~198~~172,~~598~~843.8720 0.00 II-A 073879AG3 SEN 5.00000% 8076,~~702~~441,~~898~~878.4000 ~~336~~318,~~262~~507.1681 1,~~441~~311,~~429~~051.5291 I-X 073879AE8 SEN 0.~~87523~~84265% 0.00 8474,~~814~~516.5804 0.00 II-X 073879AH1 SEN 0.~~52293~~51245% 0.00 3230,~~463~~169.4246 0.00 I-PO 073879AF5 SEN 0.00000% 1,~~895~~871,~~586~~479.3741 0.00 2065,~~792~~186.4477 II-PO 073879AJ7 SEN 0.00000% ~~235~~223,~~856~~457.0382 0.00 ~~1,217~~976.1720 B-1 073879AK4 SUB 5.~~66023~~66157% 6,~~988~~962,~~465~~150.9893 32,~~963~~847.5926 13,~~112~~300.7128 B-2 073879AL2 SUB 5.~~66023~~66157% 3,~~897~~882,~~261~~585.0087 18,~~382~~317.8294 7,~~312~~417.5717 B-3 073879AM0 SUB 5.~~66023~~66157% 2,~~553~~543,~~172~~558.5255 12,~~042~~000.9545 4,~~790~~859.6113 B-4 073879AR9 SUB 5.~~66023~~66157% 2,~~016~~008,~~132~~540.7399 9,~~509~~476.8125 3,~~782~~837.9405 B-5 073879AS7 SUB 5.~~66023~~66157% ~~806~~803,~~056~~020.0282 3,~~802~~788.0563 1,~~512~~534.4307 B-6 073879AT5 SUB 5.~~66023~~66157% 2,~~554~~544,~~341~~723.9053 12,~~048~~005.4794 4,~~792~~861.8036 P 073879AV0 SEN 0.00000% 100.00 ~~4,810~~0.2600 0.00 R-1 073879AN8 RES 5.00000% 0.00 0.00 0.00 R-2 073879AP3 RES 5.00000% 0.00 0.00 0.00 R-3 073879AQ1 RES 5.00000% 0.00 0.00 0.00 Totals ~~250~~233,~~135~~879,~~027~~601.5665 1,~~289~~194,~~525~~620.8042 911,~~512~~077,~~384~~838.6946

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A1 0.00 9787,~~624~~778,~~010~~029.9795 67,~~280~~443,~~705~~736.8565 0.00 I-A2 0.00 4,537,091.00 19,849.7778 0.00 I-A3 0.00 3834,~~310~~618,~~413~~170.1326 2,~~256~~711,~~912~~375.7053 0.00 I-A4 0.00 0.00 ~~198~~172,~~598~~843.8720 0.00 II-A 0.00 7975,~~261~~130,~~468~~826.8809 1,~~777~~629,~~691~~559.6872 0.00 I-X 0.00 0.00 8474,~~814~~516.5804 0.00 II-X 0.00 0.00 3230,~~463~~169.4246 0.00 I-PO 0.00 1,~~874~~806,~~793~~292.9364 2065,~~792~~186.4477 0.00 II-PO 0.00 ~~234~~222,~~638~~481.8663 ~~1,217~~976.1720 0.00 B-1 0.00 6,~~975~~948,~~353~~850.2765 46,~~076~~147.3054 0.00 B-2 0.00 3,~~889~~875,~~948~~168.4370 25,~~695~~735.3911 0.00 B-3 0.00 2,~~548~~538,~~381~~699.9142 16,~~833~~859.5658 0.00 B-4 0.00 2,~~012~~004,~~349~~703.7993 13,~~292~~313.7530 0.00 B-5 0.00 ~~804~~801,~~543~~486.5975 5,~~314~~322.4870 0.00 B-6 0.00 2,~~549~~539,~~549~~862.1017 16,~~841~~867.2730 0.00 P 0.00 100.00 ~~4,810~~0.2600 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 ~~240~~222,~~622~~801,~~642~~763.8619 1012,~~801~~272,~~910~~458.4988 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) I-A1 114,500,000.00 ~~103~~94,~~452~~806,~~113~~985.8997 9387,~~594~~768.2290 56,~~734~~941,~~508~~187.7013 0.00 0.00 I-A2 4,537,091.00 4,537,091.00 0.00 0.00 0.00 0.00 I-A3 44,638,909.00 4037,~~495~~254,~~951~~028.7276 3532,~~097~~913.8334 2,~~150~~602,~~440~~945.7516 0.00 0.00 I-A4 0.00 0.00 0.00 0.00 0.00 0.00 II-A 85,959,000.00 8076,~~702~~441,~~898~~878.4000 ~~309~~299,~~754~~479.8770 1,~~131~~011,~~674~~572.6521 0.00 0.00 I-X 0.00 0.00 0.00 0.00 0.00 0.00 II-X 0.00 0.00 0.00 0.00 0.00 0.00 I-PO 1,920,994.00 1,~~895~~871,~~586~~479.3741 1,~~892~~893.2508 1863,~~900~~293.1969 0.00 0.00 II-PO 256,831.00 ~~235~~223,~~856~~457.0382 ~~998~~967.8881 ~~218~~8.2939 0.00 0.00 B-1 7,040,000.00 6,~~988~~962,~~465~~150.9893 13,~~112~~300.7128 0.00 0.00 0.00 B-2 3,926,000.00 3,~~897~~882,~~261~~585.0087 7,~~312~~417.5717 0.00 0.00 0.00 B-3 2,572,000.00 2,~~553~~543,~~172~~558.5255 4,~~790~~859.6113 0.00 0.00 0.00 B-4 2,031,000.00 2,~~016~~008,~~132~~540.7399 3,~~782~~837.9405 0.00 0.00 0.00 B-5 812,000.00 ~~806~~803,~~056~~020.0282 1,~~512~~534.4307 0.00 0.00 0.00 B-6 2,573,178.01 2,~~554~~544,~~341~~723.9053 4,~~792~~861.8036 0.00 0.00 0.00 P 100.00 100.00 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 270,767,253.01 ~~250~~233,~~135~~879,~~027~~601.5665 ~~476~~458,~~642~~831.1189 910,~~035~~619,~~742~~006.58 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 I-A1 57,~~828~~028,~~102~~956.9102 9787,~~624~~778,~~010~~029.9795 0.~~85261145~~76662035 57,~~828~~028,~~102~~956.9102 I-A2 0.00 4,537,091.00 1.00000000 0.00 I-A3 2,~~185~~635,~~538~~858.5950 3834,~~310~~618,~~413~~170.1326 0.~~85822915~~77551560 2,~~185~~635,~~538~~858.5950 I-A4 0.00 0.00 0.00000000 0.00 II-A 1,~~441~~311,~~429~~051.5291 7975,~~261~~130,~~468~~826.8809 0.~~92208459~~87403095 1,~~441~~311,~~429~~051.5291 I-X 0.00 0.00 0.00000000 0.00 II-X 0.00 0.00 0.00000000 0.00 I-PO 2065,~~792~~186.4477 1,~~874~~806,~~793~~292.9364 0.~~97594991~~94029062 2065,~~792~~186.4477 II-PO ~~1,217~~976.1720 ~~234~~222,~~638~~481.8663 0.~~91359244~~86625692 ~~1,217~~976.1720 B-1 13,~~112~~300.7128 6,~~975~~948,~~353~~850.2765 0.~~99081723~~98705265 13,~~112~~300.7128 B-2 7,~~312~~417.5717 3,~~889~~875,~~948~~168.4370 0.~~99081723~~98705265 7,~~312~~417.5717 B-3 4,~~790~~859.6113 2,~~548~~538,~~381~~699.9142 0.~~99081723~~98705265 4,~~790~~859.6113 B-4 3,~~782~~837.9405 2,~~012~~004,~~349~~703.7993 0.~~99081723~~98705265 3,~~782~~837.9405 B-5 1,~~512~~534.4307 ~~804~~801,~~543~~486.5975 0.~~99081723~~98705265 1,~~512~~534.4307 B-6 4,~~792~~861.8036 2,~~549~~539,~~549~~862.1017 0.~~99081723~~98705265 4,~~792~~861.8036 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 Totals 911,~~512~~077,~~384~~838.6946 ~~240~~222,~~622~~801,~~642~~763.8619 0.~~88866966~~82285343 911,~~512~~077,~~384~~838.6946

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A1 114,500,000.00 ~~903~~828.~~51191170~~00861109 0.~~81741677~~76654061 5060.~~08304541~~62172166 0.00000000 I-A2 4,537,091.00 1000.00000000 0.00000000 0.00000000 0.00000000 I-A3 44,638,909.00 ~~907~~834.~~18954892~~56405173 0.~~78626093~~73732402 4858.~~17413324~~31112853 0.00000000 I-A4 0.00 0.00000000 0.00000000 0.00000000 0.00000000 II-A 85,959,000.00 ~~938~~889.~~85338824~~28300701 3.~~60351877~~48398306 1311.~~16528403~~76807792 0.00000000 I-X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 II-X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 I-PO 1,920,994.00 ~~986~~974.~~77370674~~22449524 0.~~98503691~~98546898 932.~~83875535~~94840588 0.00000000 II-PO 256,831.00 ~~918~~870.~~33162663~~05782012 3.~~88925013~~76827564 0.~~84993634~~03266740 0.00000000 B-1 7,040,000.00 ~~992~~988.~~67982670~~94189347 1.~~86260085~~88924432 0.00000000 0.00000000 B-2 3,926,000.00 ~~992~~988.~~67982680~~94189251 1.~~86260061~~88924350 0.00000000 0.00000000 B-3 2,572,000.00 ~~992~~988.~~67982893~~94189347 1.~~86260109~~88924184 0.00000000 0.00000000 B-4 2,031,000.00 ~~992~~988.~~67982767~~94189562 1.~~86259970~~88924175 0.00000000 0.00000000 B-5 812,000.00 ~~992~~988.~~67982759~~94189655 1.~~86259852~~88924877 0.00000000 0.00000000 B-6 2,573,178.01 ~~992~~988.~~67982630~~94189213 1.~~86259947~~88924357 0.00000000 0.00000000 P 100.00 1000.00000000 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

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution I-A1 0.00000000 5061.~~90046210~~38826218 ~~852~~766.~~61144952~~62034891 0.~~85261145~~76662035 5061.~~90046210~~38826218 I-A2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 I-A3 0.00000000 4859.~~96039439~~04845255 ~~858~~775.~~22915453~~51559918 0.~~85822915~~77551560 4859.~~96039439~~04845255 I-A4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 II-A 0.00000000 1615.~~76880280~~25206098 ~~922~~874.~~08458544~~03094603 0.~~92208459~~87403095 1615.~~76880280~~25206098 I-X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 II-X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 I-PO 0.00000000 1033.~~82379227~~93387486 ~~975~~940.~~94991447~~29062038 0.~~97594991~~94029062 1033.~~82379227~~93387486 II-PO 0.00000000 43.~~73918647~~80094303 ~~913~~866.~~59244016~~25691603 0.~~91359244~~86625692 43.~~73918647~~80094303 B-1 0.00000000 1.~~86260085~~88924432 ~~990~~987.~~81722585~~05264915 0.~~99081723~~98705265 1.~~86260085~~88924432 B-2 0.00000000 1.~~86260061~~88924350 ~~990~~987.~~81722618~~05264901 0.~~99081723~~98705265 1.~~86260061~~88924350 B-3 0.00000000 1.~~86260109~~88924184 ~~990~~987.~~81722784~~05265163 0.~~99081723~~98705265 1.~~86260109~~88924184 B-4 0.00000000 1.~~86259970~~88924175 ~~990~~987.~~81722797~~05264894 0.~~99081723~~98705265 1.~~86259970~~88924175 B-5 0.00000000 1.~~86259852~~88924877 ~~990~~987.~~81722906~~05264778 0.~~99081723~~98705265 1.~~86259852~~88924877 B-6 0.00000000 1.~~86259947~~88924357 ~~990~~987.~~81722683~~05264857 0.~~99081723~~98705265 1.~~86259947~~88924357 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 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, 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 I-A1 114,500,000.00 5.25000% ~~103~~94,~~452~~806,~~113~~985.8997 ~~452~~414,~~603~~780.0056 0.00 0.00 I-A2 4,537,091.00 5.25000% 4,537,091.00 19,849.77 0.00 0.00 I-A3 44,638,909.00 2.~~11500~~43250% 4037,~~495~~254,~~951~~028.7276 7175,~~374~~517.1102 0.00 0.00 I-A4 0.00 5.~~88500~~56750% 4037,~~495~~254,~~951~~028.7276 ~~198~~172,~~598~~843.9017 0.00 0.00 II-A 85,959,000.00 5.00000% 8076,~~702~~441,~~898~~878.4000 ~~336~~318,~~262~~507.0883 0.00 0.00 I-X 0.00 0.~~87523~~84265% 106,116,~~286,696~~366.8063 8474,~~814~~516.6003 0.00 0.00 II-X 0.00 0.~~52293~~51245% 7470,~~495~~648,~~433~~199.1150 3230,~~463~~169.4146 0.00 0.00 I-PO 1,920,994.00 0.00000% 1,~~895~~871,~~586~~479.3741 0.00 0.00 0.00 II-PO 256,831.00 0.00000% ~~235~~223,~~856~~457.0382 0.00 0.00 0.00 B-1 7,040,000.00 5.~~66023~~66157% 6,~~988~~962,~~465~~150.9893 32,~~963~~847.5925 0.00 0.00 B-2 3,926,000.00 5.~~66023~~66157% 3,~~897~~882,~~261~~585.0087 18,~~382~~317.8294 0.00 0.00 B-3 2,572,000.00 5.~~66023~~66157% 2,~~553~~543,~~172~~558.5255 12,~~042~~000.9545 0.00 0.00 B-4 2,031,000.00 5.~~66023~~66157% 2,~~016~~008,~~132~~540.7399 9,~~509~~476.8125 0.00 0.00 B-5 812,000.00 5.~~66023~~66157% ~~806~~803,~~056~~020.0282 3,~~802~~788.0563 0.00 0.00 B-6 2,573,178.01 5.~~66023~~66157% 2,~~554~~544,~~341~~723.9053 12,~~048~~005.4794 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 R-1 50.00 5.00000% 0.00 0.00 0.00 0.00 R-2 50.00 5.00000% 0.00 0.00 0.00 0.00 R-3 50.00 5.00000% 0.00 0.00 0.00 0.00 Totals 270,767,253.01 1,~~284~~194,~~715~~620.5630 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 I-A1 0.00 0.00 ~~452~~414,~~602~~780.9463 0.00 9787,~~624~~778,~~010~~029.9795 I-A2 0.00 0.00 19,849.7778 0.00 4,537,091.00 I-A3 0.00 0.00 7175,~~374~~517.1103 0.00 3834,~~310~~618,~~413~~170.1326 I-A4 0.00 0.00 ~~198~~172,~~598~~843.8720 0.00 3834,~~310~~618,~~413~~170.1326 II-A 0.00 0.00 ~~336~~318,~~262~~507.1681 0.00 7975,~~261~~130,~~468~~826.8809 I-X 0.00 0.00 8474,~~814~~516.5804 0.00 ~~109~~98,~~556~~405,~~846~~343.5227 II-X 0.00 0.00 3230,~~463~~169.4246 0.00 7369,~~085~~364,~~961~~645.2016 I-PO 0.00 0.00 0.00 0.00 1,~~874~~806,~~793~~292.9364 II-PO 0.00 0.00 0.00 0.00 ~~234~~222,~~638~~481.8663 B-1 0.00 0.00 32,~~963~~847.5926 0.00 6,~~975~~948,~~353~~850.2765 B-2 0.00 0.00 18,~~382~~317.8294 0.00 3,~~889~~875,~~948~~168.4370 B-3 0.00 0.00 12,~~042~~000.9545 0.00 2,~~548~~538,~~381~~699.9142 B-4 0.00 0.00 9,~~509~~476.8125 0.00 2,~~012~~004,~~349~~703.7993 B-5 0.00 0.00 3,~~802~~788.0563 0.00 ~~804~~801,~~543~~486.5975 B-6 0.00 0.00 12,~~048~~005.4794 0.00 2,~~549~~539,~~549~~862.1017 P 0.00 0.00 ~~4,810~~0.2600 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 Totals 0.00 0.00 1,~~289~~194,~~525~~620.8042 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, 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 I-A1 114,500,000.00 5.25000% ~~903~~828.~~51191170~~00861109 3.~~95286463~~62253764 0.00000000 0.00000000 I-A2 4,537,091.00 5.25000% 1000.00000000 4.37499931 0.00000000 0.00000000 I-A3 44,638,909.00 2.~~11500~~43250% ~~907~~834.~~18954892~~56405173 1.~~59892147~~69173086 0.00000000 0.00000000 I-A4 0.00 5.~~88500~~56750% ~~907~~834.~~18954892~~56405173 43.~~44900882~~87202944 0.00000000 0.00000000 II-A 85,959,000.00 5.00000% ~~938~~889.~~85338824~~28300701 3.~~91188916~~70534592 0.00000000 0.00000000 I-X 0.00 0.~~87523~~84265% ~~890~~812.~~53209797~~64695966 0.~~64951646~~57064925 0.00000000 0.00000000 II-X 0.00 0.~~52293~~51245% ~~939~~890.~~06076204~~56401567 0.~~40922125~~38030460 0.00000000 0.00000000 I-PO 1,920,994.00 0.00000% ~~986~~974.~~77370674~~22449524 0.00000000 0.00000000 0.00000000 II-PO 256,831.00 0.00000% ~~918~~870.~~33162663~~05782012 0.00000000 0.00000000 0.00000000 B-1 7,040,000.00 5.~~66023~~66157% ~~992~~988.~~67982670~~94189347 4.~~68232813~~66580256 0.00000000 0.00000000 B-2 3,926,000.00 5.~~66023~~66157% ~~992~~988.~~67982680~~94189251 4.~~68232807~~66580234 0.00000000 0.00000000 B-3 2,572,000.00 5.~~66023~~66157% ~~992~~988.~~67982893~~94189347 4.~~68232893~~66580482 0.00000000 0.00000000 B-4 2,031,000.00 5.~~66023~~66157% ~~992~~988.~~67982767~~94189562 4.~~68232890~~66580502 0.00000000 0.00000000 B-5 812,000.00 5.~~66023~~66157% ~~992~~988.~~67982759~~94189655 4.~~68232759~~66580049 0.00000000 0.00000000 B-6 2,573,178.01 5.~~66023~~66157% ~~992~~988.~~67982630~~94189213 4.~~68233055~~66580235 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R-1 50.00 5.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 50.00 5.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-3 50.00 5.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) Per $1 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 I-A1 0.00000000 0.00000000 3.~~95286410~~62253825 0.00000000 ~~852~~766.~~61144952~~62034891 I-A2 0.00000000 0.00000000 4.~~37499931~~37500152 0.00000000 1000.00000000 I-A3 0.00000000 0.00000000 1.~~59892147~~69173109 0.00000000 ~~858~~775.~~22915453~~51559918 I-A4 0.00000000 0.00000000 43.~~44900815~~87203012 0.00000000 ~~858~~775.~~22915453~~51559918 II-A 0.00000000 0.00000000 3.~~91189009~~70534569 0.00000000 ~~922~~874.~~08458544~~03094603 I-X 0.00000000 0.00000000 0.~~64951631~~57064933 0.00000000 ~~838~~753.~~99440833~~59537424 II-X 0.00000000 0.00000000 0.~~40922138~~38030460 0.00000000 ~~921~~874.~~29350155~~38402360 I-PO 0.00000000 0.00000000 0.00000000 0.00000000 ~~975~~940.~~94991447~~29062038 II-PO 0.00000000 0.00000000 0.00000000 0.00000000 ~~913~~866.~~59244016~~25691603 B-1 0.00000000 0.00000000 4.~~68232813~~66580398 0.00000000 ~~990~~987.~~81722585~~05264915 B-2 0.00000000 0.00000000 4.~~68232807~~66580234 0.00000000 ~~990~~987.~~81722618~~05264901 B-3 0.00000000 0.00000000 4.~~68232893~~66580482 0.00000000 ~~990~~987.~~81722784~~05265163 B-4 0.00000000 0.00000000 4.~~68232890~~66580502 0.00000000 ~~990~~987.~~81722797~~05264894 B-5 0.00000000 0.00000000 4.~~68232759~~66580049 0.00000000 ~~990~~987.~~81722906~~05264778 B-6 0.00000000 0.00000000 4.~~68233055~~66580235 0.00000000 ~~990~~987.~~81722683~~05264857 P 0.00000000 0.00000000 ~~48102~~0.~~60000000~~00000000 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 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,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 1012,~~857~~290,~~455~~507.4872 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 65102,~~135~~871.1046 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 1012,~~922~~393,~~590~~379.5818 Withdrawals Reimbursement for Servicer Advances 6569,~~441~~271.8993 Payment of Service Fee 5551,~~238~~648.2037 Payment of Interest and Principal 1012,~~801~~272,~~910~~458.4988 Total Withdrawals (Pool Distribution Amount) 1012,~~922~~393,~~590~~379.5818 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 5248,~~111~~724.5191 Master Servicing Fee 32,~~126~~923.6946 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 5551,~~238~~648.2037

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 02 0 0 02 0255,685.0037 0.00 0.00 0255,685.0037 30 Days 2948 01 0 0 2949 611,~~404~~987,~~611~~438.5124 0160,071.0038 0.00 0.00 612,~~404~~147,~~611~~509.5162 60 Days 108 0 0 0 108 1912,~~999,222~~336.1388 0.00 0.00 0.00 1912,~~999,222~~336.1388 90 Days 04 0 0 0 04 0871,092.0055 0.00 0.00 0.00 0871,092.0055 120 Days 12 0 02 0 14 ~~590~~445,~~321~~410.5957 0.00 0468,593.0084 0.00 ~~590~~914,~~321~~004.5941 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 1 0 0 1 0 1 ~~255,000~~0.00 0.00 0255,000.00 0.00 255,000.00 Totals 4162 03 03 0 4168 914,~~249~~216,~~155~~278.2324 0415,756.0075 0723,593.0084 0.00 915,~~249~~355,~~155~~628.2383 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~~237248% 0.000000% 0.000000% 0.~~000000~~237248% 0.~~000000~~114578% 0.000000% 0.000000% 0.~~000000~~114578% 30 Days 35.~~232999~~693950% 0.~~000000~~118624% 0.000000% 0.000000% 35.~~232999~~812574% 25.~~657720~~371802% 0.~~000000~~071731% 0.000000% 0.000000% 25.~~657720~~443533% 60 Days 10.~~114827~~948992% 0.000000% 0.000000% 0.000000% 10.~~114827~~948992% 0.~~829617~~408836% 0.000000% 0.000000% 0.000000% 0.~~829617~~408836% 90 Days 0.~~000000~~474496% 0.000000% 0.000000% 0.000000% 0.~~000000~~474496% 0.~~000000~~390353% 0.000000% 0.000000% 0.000000% 0.~~000000~~390353% 120 Days 0.~~111483~~237248% 0.000000% 0.~~000000~~237248% 0.000000% 0.~~111483~~474496% 0.~~244966~~199597% 0.000000% 0.~~000000~~209986% 0.000000% 0.~~244966~~409583% 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.~~111483~~000000% 0.000000% 0.~~000000~~118624% 0.000000% 0.~~111483~~118624% 0.~~105817~~000000% 0.000000% 0.~~000000~~114270% 0.000000% 0.~~105817~~114270% Totals 47.~~570792~~354686% 0.~~000000~~355872% 0.~~000000~~355872% 0.000000% 48.~~570792~~066429% 36.~~838119~~370588% 0.~~000000~~186309% 0.~~000000~~324256% 0.000000% 36.~~838119~~881153%

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 2 0 0 2 255,685.37 0.00 0.00 255,685.37 30 Days 44 1 0 0 45 10,981,740.55 160,071.38 0.00 0.00 11,141,811.93 60 Days 8 0 0 0 8 912,336.88 0.00 0.00 300.00 912,336.88 90 Days 242 0 0 0 242 5496,~~663~~346.95 0.00 0.00 0.00 496,346.5295 120 Days 2 0 2 0 4 445,410.57 0.00 468,593.84 0.00 914,004.41 150 Days 0 0 0 0 0 0.00 50.00 0.00 0.00 0.00 180 Days 0 0 1 0 1 0.00 0.00 255,~~663~~000.00 0.00 255,~~346~~000.5200 Totals 56 3 3 0 62 12,835,834.95 415,756.75 723,593.84 0.00 13,975,185.54 0-29 Days 0.312989% 0.000000% 0.000000% 0.312989% 0.181016% 0.000000% 0.000000% 0.181016% 30 Days 6.885759% 0.156495% 0.000000% 0.000000% 7.042254% 7.774678% 0.113325% 0.000000% 0.000000% 7.888002% 60 Days 1.251956% 0.000000% 0.000000% 0.000000% 1.251956% 0.645902% 0.000000% 0.000000% 0.000000% 0.645902% 90 Days 0.312989% 0.000000% 0.000000% 0.000000% 0.312989% 0.351396% 0.000000% 0.000000% 0.000000% 0.351396% 120 Days 0.312989% 0.000000% 0.312989% 0.000000% 0.625978% 0.315335% 0.000000% 0.331748% 0.000000% 0.647082% 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% 0.156495% 0.000000% 0.156495% 0.000000% 0.000000% 0.180531% 0.000000% 0.180531% Totals 8.763693% 0.469484% 0.469484% 0.000000% 9.702660% 9.087310% 0.294341% 0.512278% 0.000000% 9.893929% 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 4 0 0 0 4 1,~~559~~005,~~659~~697.8969 0.00 0.00 0.00 1,~~559~~005,~~659~~697.8969 9060 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 2 0 0 0 2 374,745.60 0.00 0.00 0.00 374,745.60 120 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 10 0 0 0 10 ~~255,000~~0.00 0.00 0.00 0.00 ~~255,000~~0.00 Totals 346 0 0 0 346 71,~~478~~380,~~006~~443.4129 0.00 0.00 0.00 71,~~478~~380,~~006~~443.4129 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 31.~~513909~~960784% 0.000000% 0.000000% 0.000000% 31.~~513909~~960784% 31.~~656791~~227887% 0.000000% 0.000000% 0.000000% 31.~~656791~~227887% 60 Days 10.~~317716~~000000% 0.000000% 0.000000% 0.000000% 10.~~317716~~000000% 10.~~007063~~000000% 0.000000% 0.000000% 0.000000% 10.~~007063~~000000% 90 Days 0.~~000000~~980392% 0.000000% 0.000000% 0.000000% 0.~~000000~~980392% 0.~~000000~~457538% 0.000000% 0.000000% 0.000000% 0.~~000000~~457538% 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.~~146413~~000000% 0.000000% 0.000000% 0.000000% 0.~~146413~~000000% 0.~~164652~~000000% 0.000000% 0.000000% 0.000000% 0.~~164652~~000000% Totals 42.~~978038~~941176% 0.000000% 0.000000% 0.000000% 42.~~978038~~941176% 41.~~828506~~685425% 0.000000% 0.000000% 0.000000% 41.~~828506~~685425%

~~DELINQUENT~~OTHER ~~BANKRUPTCY~~INFORMATION ~~FORECLOSURE~~Current ~~REO~~Period ~~Total~~Class ~~Group~~A 2Insufficient NoFunds ~~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~~Principal ~~0.00~~Balance ~~0.00~~of 30Contaminated ~~Days~~Properties 5 0 ~~0 0 5 741,264~~.~~99 0.~~00 ~~0.00~~Periodic ~~0.00~~Advance ~~741~~102,~~264~~871.99 60 Days 1 0 0 0 1 439,562.24 0.00 0.00 0.00 439,562.24 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 1 0 0 0 1 590,321.59 0.00 0.00 0.00 590,321.59 150 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 7 0 0 0 7 1,771,148.82 0.00 0.00 0.00 1,771,148.82 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 2.336449% 0.000000% 0.000000% 0.000000% 2.336449% 0.860841% 0.000000% 0.000000% 0.000000% 0.860841% 60 Days 0.467290% 0.000000% 0.000000% 0.000000% 0.467290% 0.510469% 0.000000% 0.000000% 0.000000% 0.510469% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.467290% 0.000000% 0.000000% 0.000000% 0.467290% 0.685548% 0.000000% 0.000000% 0.000000% 0.685548% 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 3.271028% 0.000000% 0.000000% 0.000000% 3.271028% 2.056859% 0.000000% 0.000000% 0.000000% 2.056859%46

~~OTHER~~COLLATERAL ~~INFORMATION~~STATEMENT ~~Current~~Collateral ~~Period~~Description ~~Class~~Mixed AFixed ~~Insufficient~~Weighted ~~Funds~~Average Gross Coupon 6.394415% Weighted Average Net Coupon 6.144415% Weighted Average Pass-Through Rate 6.129415% Weighted Average Maturity(Stepdown Calculation ) 288 Beginning Scheduled Collateral Loan Count 879 Number Of Loans Paid In Full 36 Ending Scheduled Collateral Loan Count 843 Beginning Scheduled Collateral Balance 233,879,501.46 Ending Scheduled Collateral Balance 222,801,662.99 Ending Actual Collateral Balance at 31-Oct-2004 223,154,883.82 Monthly P &I Constant 1,705,100.69 Special Servicing Fee 0.00 ~~Principal~~Prepayment ~~Balance~~Penalties of0.00 ~~Contaminated~~Realized ~~Properties~~Loss Amount 0.00 ~~Periodic~~Cumulative ~~Advance~~Realized 65Loss 0.00 Ending Scheduled Balance for Premium Loans 222,~~135~~801,662.99 Scheduled Principal 458,831.89 Unscheduled Principal 10,619,006.58

~~COLLATERAL~~Miscellaneous ~~STATEMENT~~Reporting ~~Collateral~~Senior ~~Description~~Prep. ~~Mixed~~Percentage ~~Fixed~~Group ~~Weighted~~1 ~~Average Gross Coupon 6~~100.~~428308~~000000% ~~Weighted~~Senior ~~Average Net Coupon 6~~Prep.~~178308%~~ ~~Weighted~~Percentage ~~Average~~Group ~~Pass-Through~~2 ~~Rate 6~~100.~~163308~~000000% ~~Weighted~~Senior ~~Average~~Percentage ~~Maturity(Stepdown~~Group ~~Calculation~~1 ~~) 290 Beginning Scheduled Collateral Loan Count 922 Number Of Loans Paid In Full 25 Ending Scheduled Collateral Loan Count 897 Beginning Scheduled Collateral Balance 250,134,927~~91.36677224% ~~Ending~~Senior ~~Scheduled~~Percentage ~~Collateral~~Group ~~Balance~~2 ~~240,622,542~~92.66337158% ~~Ending~~Subordinate ~~Actual~~Percentage ~~Collateral~~Group ~~Balance~~1 ~~at 31-Aug-2004 240,981,462~~8.38322776% ~~Monthly~~Subordinate PPercentage &IGroup ~~Constant~~2 ~~1,816,595~~7.77662842% ~~Special~~Sub ~~Servicing Fee 0~~Prep.00 ~~Prepayment~~Percentage ~~Penalties~~ 0.00000000% ~~Realized~~Three ~~Loss~~month ~~Amount~~rolling ~~0.00~~average ~~Cumulative Realized Loss~~ 0~~.00 Ending Scheduled Balance for Premium Loans 240,622,542.66 Scheduled Principal 476,642.12 Unscheduled Principal 9,035,742.58~~

~~Miscellaneous~~Group ~~Reporting~~Level ~~Senior~~Collateral ~~Prep.~~Statement ~~Percentage~~Group Group 1 ~~100~~Group 2 Total Collateral Description Mixed Fixed Mixed Fixed Mixed Fixed Weighted Average Coupon Rate 6.~~000000%~~783263 ~~Senior~~5.687677 ~~Prep~~6.394415 ~~Percentage~~Weighted ~~Group~~Average 2Net Rate 6.533262 5.437677 6.144415 Weighted Average Maturity 350 169 288 Beginning Loan Count 672 207 879 Loans Paid In Full 33 3 36 Ending Loan Count 639 204 843 Beginning Scheduled Balance 150,870,435.23 83,009,066.23 233,879,501.46 Ending scheduled Balance 141,129,477.98 81,672,185.01 222,801,662.99 Record Date 10/31/2004 10/31/2004 10/31/2004 Principal And Interest Constant 986,359.42 718,741.27 1,705,100.~~000000%~~69 ~~Senior~~Scheduled ~~Percentage~~Principal ~~Group~~133,531.27 325,300.62 458,831.89 Unscheduled Principal 9,607,425.98 1,011,580.60 9210,619,006.~~279747%~~58 ~~Senior~~Scheduled ~~Percentage~~Interest ~~Group~~852,828.15 393,440.65 1,246,268.80 Servicing Fees 31,431.36 17,293.55 48,724.91 Master Servicing Fees 1,885.84 1,037.62 2,923.46 92Trustee Fee 0.~~659865%~~00 ~~Subordinate~~0.00 ~~Percentage~~0.00 ~~Group~~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 70.~~720253%~~00 ~~Subordinate~~0.00 ~~Percentage~~0.00 ~~Group~~Spread Fee 2 70.~~340135%~~00 ~~Sub~~0.00 ~~Prep~~0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest 819,510.95 375,109.48 1,194,620.43 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.~~000000%~~0000 ~~Three~~0.0000 ~~month~~0.0000 ~~rolling~~Prepayment ~~average~~Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.518263 5.422677 6.129415

Group Level Collateral Statement Group Group 1 Group 2 Total Collateral Description Mixed Fixed Mixed Fixed Mixed Fixed Weighted Average Coupon Rate 6.820295 5.697568 6.428308 Weighted Average Net Rate 6.570295 5.447568 6.178308 Weighted Average Maturity 352 171 290 Beginning Loan Count 705 217 922 Loans Paid In Full 22 3 25 Ending Loan Count 683 214 897 Beginning Scheduled Balance 162,803,220.08 87,331,707.28 250,134,927.36 Ending scheduled Balance 154,758,019.58 85,864,523.08 240,622,542.66 Record Date 08/31/2004 08/31/2004 08/31/2004 Principal And Interest Constant 1,066,655.89 749,939.88 1,816,595.77 Scheduled Principal 141,350.86 335,291.26 476,642.12 Unscheduled Principal 7,903,849.64 1,131,892.94 9,035,742.58 Scheduled Interest 925,305.03 414,648.62 1,339,953.65 Servicing Fees 33,917.38 18,194.13 52,111.51 Master Servicing Fees 2,035.05 1,091.64 3,126.69 Trustee Fee 0.00 0.00 0.00 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 889,352.60 395,362.85 1,284,715.45 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.555295 5.432568 6.163308

Filing Compare · BEAR STEARNS ASSET BACKED SECURITIES I TRUST 2004-AC2