8-K 1 bsa04sd1_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-SD1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-25 54-2147339 Pooling and Servicing Agreement) (Commission 54-2147340 (State or other File Number) IRS EIN jurisdiction 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-SD1 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-SD1 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-SD1 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-SD1 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-SD1 Contact: CTSLink Customer Service Wells Fargo Bank, N.A. Corporate Trust Services 9062 Old Annapolis Road Columbia, MD 21045-1951 Telephone: (301) 815-6600 Fax: (301) 815-6600 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A-1 07384YSD9 SEN 12.~~78500~~10250% 8979,~~106~~923,~~603~~941.3666 ~~145~~149,~~800~~368.6897 53,~~515~~521,~~176~~592.8101 A-2 07384YSE7 SEN 2.~~06500~~38250% 80,997,000.00 ~~153~~171,~~320~~533.5765 0.00 M-1 07384YSF4 MEZ 4.98000% 8,204,000.00 34,046.60 0.00 M-2 07384YSG2 MEZ 5.32000% 6,541,000.00 28,998.43 0.00 M-3 07384YSH0 MEZ 5.50000% 5,765,000.00 26,422.92 0.00 B 07384YSJ6 SUB 5.50000% 2,217,006.00 10,161.28 0.00 BIO 07384YSU1 IO 0.00000% 0.00 ~~573~~500,~~005~~399.8793 0.00 OC BSA03S3OC OC 0.00000% 2,217,280.07 0.00 0.00 R-1 07384YSM9 RES 0.00000% 0.00 0.00 0.00 R-2 07384YSN7 RES 0.00000% 0.00 0.00 0.00 Totals ~~195~~185,~~047~~865,~~889~~227.4373 ~~971~~920,~~756~~931.3578 53,~~515~~521,~~176~~592.8101

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 8376,~~591~~402,~~426~~349.5565 53,~~660~~670,~~977~~960.4998 0.00 A-2 0.00 80,997,000.00 ~~153~~171,~~320~~533.5765 0.00 M-1 0.00 8,204,000.00 34,046.60 0.00 M-2 0.00 6,541,000.00 28,998.43 0.00 M-3 0.00 5,765,000.00 26,422.92 0.00 B 0.00 2,217,006.00 10,161.28 0.00 BIO 0.00 0.00 ~~573~~500,~~005~~399.8793 0.00 OC 0.00 2,217,280.07 0.00 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 Totals 0.00 ~~189~~182,~~532~~343,~~712~~635.6272 64,~~486~~442,~~933~~523.1679 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-1 118,004,000.00 8979,~~106~~923,~~603~~941.3666 0.00 53,~~515~~521,~~176~~592.8101 0.00 0.00 A-2 80,997,000.00 80,997,000.00 0.00 0.00 0.00 0.00 M-1 8,204,000.00 8,204,000.00 0.00 0.00 0.00 0.00 M-2 6,541,000.00 6,541,000.00 0.00 0.00 0.00 0.00 M-3 5,765,000.00 5,765,000.00 0.00 0.00 0.00 0.00 B 2,217,006.00 2,217,006.00 0.00 0.00 0.00 0.00 BIO 0.00 0.00 0.00 0.00 0.00 0.00 OC 0.89 2,217,280.07 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 Totals 221,728,106.89 ~~195~~185,~~047~~865,~~889~~227.4373 0.00 53,~~515~~521,~~176~~592.8101 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 53,~~515~~521,~~176~~592.8101 8376,~~591~~402,~~426~~349.5565 0.~~70837791~~64745559 53,~~515~~521,~~176~~592.8101 A-2 0.00 80,997,000.00 1.00000000 0.00 M-1 0.00 8,204,000.00 1.00000000 0.00 M-2 0.00 6,541,000.00 1.00000000 0.00 M-3 0.00 5,765,000.00 1.00000000 0.00 B 0.00 2,217,006.00 1.00000000 0.00 BIO 0.00 0.00 0.00000000 0.00 OC 0.00 2,217,280.0007 ~~2491325~~491,325.92134831 0.00 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 Totals 53,~~515~~521,~~176~~592.8101 ~~189~~182,~~532~~343,~~712~~635.6272 0.~~85479787~~82237493 53,~~515~~521,~~176~~592.8101

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 118,004,000.00 ~~755~~677.~~11510932~~29858022 0.00000000 4629.~~73720221~~84298846 0.00000000 A-2 80,997,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 8,204,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 6,541,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 5,765,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 2,217,006.00 1000.00000000 0.00000000 0.00000000 0.00000000 BIO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.~~892491325921~~89 491325921.34831000 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

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 4629.~~73720221~~84298846 ~~708~~647.~~37790710~~45559176 0.~~70837791~~64745559 4629.~~73720221~~84298846 A-2 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 M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 BIO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.~~000000002491325921~~00000000 91,325,921.34831000 2491325.92134831 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 (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 A-1 118,004,000.00 12.~~78500~~10250% 8979,~~106~~923,~~603~~941.3666 ~~145~~149,~~800~~368.6897 0.00 0.00 A-2 80,997,000.00 2.~~06500~~38250% 80,997,000.00 ~~153~~171,~~320~~533.5765 0.00 0.00 M-1 8,204,000.00 4.98000% 8,204,000.00 34,046.60 0.00 0.00 M-2 6,541,000.00 5.32000% 6,541,000.00 28,998.43 0.00 0.00 M-3 5,765,000.00 5.50000% 5,765,000.00 26,422.92 0.00 0.00 B 2,217,006.00 5.50000% 2,217,006.00 10,161.28 0.00 0.00 BIO 0.00 0.00000% ~~195~~185,~~047~~865,~~889~~227.4373 0.00 0.00 0.00 OC 0.89 0.00000% 2,217,280.07 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 Totals 221,728,106.89 ~~398~~420,~~750~~531.4885 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 ~~145~~149,~~800~~368.6897 0.00 8376,~~591~~402,~~426~~349.5565 A-2 0.00 0.00 ~~153~~171,~~320~~533.5765 0.00 80,997,000.00 M-1 0.00 0.00 34,046.60 0.00 8,204,000.00 M-2 0.00 0.00 28,998.43 0.00 6,541,000.00 M-3 0.00 0.00 26,422.92 0.00 5,765,000.00 B 0.00 0.00 10,161.28 0.00 2,217,006.00 BIO 0.00 0.00 ~~573~~500,~~005~~399.8793 0.00 ~~189~~182,~~532~~343,~~712~~635.6272 OC 0.00 0.00 0.00 0.00 2,217,280.07 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 ~~971~~920,~~756~~931.3578 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 A-1 118,004,000.00 12.~~78500~~10250% ~~755~~677.~~11510932~~29858022 1.~~23555710~~26579582 0.00000000 0.00000000 A-2 80,997,000.00 2.~~06500~~38250% 1000.00000000 12.~~89291665~~11777782 0.00000000 0.00000000 M-1 8,204,000.00 4.98000% 1000.00000000 4.15000000 0.00000000 0.00000000 M-2 6,541,000.00 5.32000% 1000.00000000 4.43333282 0.00000000 0.00000000 M-3 5,765,000.00 5.50000% 1000.00000000 4.58333391 0.00000000 0.00000000 B 2,217,006.00 5.50000% 1000.00000000 4.58333446 0.00000000 0.00000000 BIO 0.00 0.00000% ~~879~~838.~~67186539~~25778411 0.00000000 0.00000000 0.00000000 OC 0.89 0.00000%~~2491325921~~ 491325921.34831000 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 (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 A-1 0.00000000 0.00000000 1.~~23555710~~26579582 0.00000000 ~~708~~647.~~37790710~~45559176 A-2 0.00000000 0.00000000 12.~~89291665~~11777782 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 4.15000000 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 4.43333282 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 4.58333391 0.00000000 1000.00000000 B 0.00000000 0.00000000 4.58333446 0.00000000 1000.00000000 BIO 0.00000000 0.00000000 2.~~58427376~~25681878 0.00000000 ~~854~~822.~~79825160~~37529790 OC 0.00000000 0.00000000 0.00000000 0.~~000000002491325921~~00000000 491325921.34831000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 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 64,~~535~~488,~~981~~911.0971 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~120~~126,~~755~~557.1411 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 64,~~656~~615,~~736~~468.2382 Withdrawals Reimbursement for Servicer Advances ~~116~~122,~~593~~199.3313 Payment of Service Fee 5350,~~209~~745.7490 Payment of Interest and Principal 64,~~486~~442,~~933~~523.1679 Total Withdrawals (Pool Distribution Amount) 64,~~656~~615,~~736~~468.2382 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 5350,~~209~~745.7490 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 5350,~~209~~745.7490

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 2025 0 0 2025 2,~~333~~661,~~455~~048.2319 0.00 0.00 2,~~333~~661,~~455~~048.2319 30 Days 5147 54 0 0 5651 5,~~682~~438,~~863~~635.3057 ~~554~~466,~~463~~718.6343 0.00 0.00 65,~~237~~905,~~326~~354.9300 60 Days 3137 5 2 0 3844 34,~~690~~436,~~245~~148.7618 ~~554~~606,~~254~~297.2689 ~~422~~308,~~119~~853.8270 0.00 45,~~666~~351,~~619~~299.8477 90 Days 106 1 24 0 1311 1606,~~274,069~~661.5929 ~~103~~124,~~290~~593.0315 ~~612~~494,~~495~~985.6800 0.00 1,~~989~~226,~~855~~239.3044 120 Days 53 21 69 0 13 ~~375~~397,~~003~~586.3280 ~~145~~90,~~828~~764.3295 ~~867~~920,~~625~~991.8674 0.00 1,~~388~~409,~~457~~343.5049 150 Days 40 3 0 2 5 0 ~~11 408,147~~.8000 ~~211~~378,~~154~~315.2346 ~~1,036,929.12~~ 0.00 1573,~~656~~891.13 952,~~231~~206.1559 180+ Days 2 24 514 14 1024 ~~485~~203,~~456~~521.0613 ~~214~~457,~~951~~947.0017 ~~589~~2,~~172~~270,036.0723 ~~118~~513,~~938~~352.8200 13,~~408~~444,~~517~~856.9553 Totals ~~103~~95 3743 2029 16 ~~161~~173 11,~~915~~082,~~785~~552.8397 4,~~117~~785,~~396~~685.7024 3,~~528~~994,~~342~~866.5567 ~~118~~1,~~938~~087,243.8213 1920,~~680~~950,~~463~~348.9001 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.~~529052~~963865% 0.000000% 0.000000% 1.~~529052~~963865% 1.~~228671~~456139% 0.000000% 0.000000% 1.~~228671~~456139% 30 Days 3.~~899083~~692066% 0.~~382263~~314218% 0.000000% 0.000000% 4.~~281346~~006284% 2.~~992287~~976048% 0.~~291950~~255391% 0.000000% 0.000000% 3.~~284237~~231439% 60 Days 2.~~370031~~906520% 0.~~382263~~392773% 0.~~152905~~157109% 0.000000% 23.~~905199~~456402% 12.~~943083~~427482% 0.~~291840~~331769% 0.~~222265~~169006% 0.000000% 2.~~457188~~928258% 90 Days 0.~~764526~~471328% 0.~~076453~~078555% 0.~~152905~~314218% 0.000000% 0.~~993884~~864101% 0.~~670856~~331968% 0.~~054387~~068178% 0.~~322507~~270858% 0.000000% 10.~~047750~~671004% 120 Days 0.~~382263~~235664% 0.~~152905~~078555% 0.~~458716~~706991% 0.000000% 01.~~993884~~021210% 0.~~197456~~217561% 0.~~076785~~049667% 0.~~456845~~503971% 0.000000% 0.~~731086~~771200% 150 Days 0.~~305810~~000000% 0.~~152905~~235664% 0.~~382263~~000000% 0.~~000000~~157109% 0.~~840979~~392773% 0.~~214908~~000000% 0.~~111182~~207016% 0.~~545990~~000000% 0.~~000000~~314036% 0.~~872081~~521052% 180+ Days 0.~~152905~~157109% 0.~~152905~~314218% 01.~~382263~~099764% 0.~~076453~~314218% 01.~~764526~~885310% 0.~~255615~~111368% 0.~~113182~~250591% 01.~~310226~~242175% 0.~~062627~~280909% 01.~~741649~~885042% Totals 7.~~874618~~462687% 23.~~828746~~377848% 12.~~529052~~278083% 0.~~076453~~471328% 1213.~~308869~~589945% 6.~~274205~~064428% 2.~~167997~~618751% 12.~~857833~~186011% 0.~~062627~~594945% 1011.~~362662~~464133%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~120~~126,~~755~~557.1411

COLLATERAL STATEMENT Collateral Description Fixed 30 Year Weighted Average Gross Coupon 6.~~306395~~273434% Weighted Average Net Coupon 5.~~979031~~945804% Weighted Average Pass-Through Rate 5.~~979031~~945803% Weighted Average Maturity(Stepdown Calculation ) ~~294~~292 Beginning Scheduled Collateral Loan Count 1,~~335~~292 Number Of Loans Paid In Full 2719 Ending Scheduled Collateral Loan Count 1,~~308~~273 Beginning Scheduled Collateral Balance ~~195~~185,~~047~~865,~~889~~227.4373 Ending Scheduled Collateral Balance ~~189~~182,~~532~~343,~~712~~635.6272 Ending Actual Collateral Balance at 31-~~Aug~~Oct-2004 ~~189~~182,~~917~~746,~~073~~895.6119 Monthly P &I Constant 1,~~386~~320,~~707~~146.8870 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 ~~189~~182,~~532~~343,~~712~~635.6272 Scheduled Principal ~~361~~348,~~666~~469.9403 Unscheduled Principal 53,~~153~~173,~~509~~122.8798 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 2,217,280.07 Overcollateralized Amount 2,217,280.07 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount ~~573~~500,~~005~~399.8793

Miscellaneous Reporting Three month rolling delinquency % 57.~~767872~~767242% Trigger Event NO Yield Maintenance 0.00

Filing Compare · BEAR STEARNS ASSET-BACKED CERTIFICATES SERIES 2004-SD1