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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) March 26, 2003
BEAR STEARNS ASSET BACKED SECURITIES, INC.
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(Exact name of registrant as specified in its charter)
Delaware 333-56242 13-3836437
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
383 Madison Avenue
New York, New York 10179
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code, is (212) 272-2000
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Item 5. OTHER EVENTS.
On or about March 31, 2003, the Registrant will cause the
issuance and sale of approximately $499,784,201 initial principal
amount of Bear Stearns Asset Backed Securities Trust 2003-AC1,
Asset-Backed Certificates, Series 2003-AC1 (the "Certificates")
pursuant to a Pooling and Servicing Agreement to be dated as of March
1, 2003, between the Registrant as depositor, EMC Mortgage
Corporation, as seller and company, Wells Fargo Bank Minnesota,
National Association, as master servicer and securities administrator
and JPMorgan Chase Bank, as trustee.
In connection with the sale and the Series 2003-AC1, Class A-1,
Class A-IO, Class M-1, Class M-2, Class B-1 and Class B-2 Certificates
(the "Underwritten Certificates"), the Registrant has been advised by
Bear, Stearns & Co. Inc. (the "Underwriter"), that the Underwriter has
furnished to prospective investors certain computational materials
(the "Computational Materials") with respect to the Underwritten
Certificates following the effective date of Registration Statement
No.333-56242, which Computational Materials are being filed as
exhibits to this report.
The Computational Materials have been provided by the
Underwriter. The information in the Computational Materials is
preliminary and may be superseded by the Prospectus Supplement
relating to the Certificates and by any other information subsequently
filed with the Securities and Exchange Commission.
The Computational Materials were prepared by the Underwriter at
the request of certain prospective investors, based on assumptions
provided by, and satisfying the special requirements of, such
prospective investors. The Computational Materials may be based on
assumptions that differ from the assumptions set forth in the
Prospectus Supplement. The Computational Materials may not include,
and do not purport to include, information based on assumptions
representing a complete set of possible scenarios. Accordingly, the
Computational Materials may not be relevant to or appropriate for
investors other than those specifically requesting them.
In addition, the actual characteristics and performance of the
mortgage loans underlying the Underwritten Certificates (the "Mortgage
Loans") may differ from the assumptions used in the Computational
Materials, which are hypothetical in nature and which were provided to
certain investors only to give a general sense of how the yield,
average life, duration, expected maturity, interest rate sensitivity
and cash flow characteristics of the Underwritten Certificates might
vary under varying prepayment and other scenarios. Any difference
between such assumptions and the actual characteristics and
performance of the Mortgage Loans will affect the actual yield,
average life, duration, expected maturity, interest rate sensitivity
and cash flow characteristics of the Underwritten Certificates.
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Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial Statements.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
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1 99 Computational Materials--Computational
Materials (as defined in Item 5) that have
been provided by the Underwriter to
certain prospective purchasers of Bear
Stearns Asset Backed Securities Trust
2003-AC1, Asset-Backed Certificates,
Series 2003-AC1 (filed in paper pursuant
to the automatic SEC exemption pursuant
to Release 33-7427, August 7, 1997)
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on behalf of the
Registrant by the undersigned thereunto duly authorized.
BEAR STEARNS ASSET BACKED SECURITIES,
INC.
By: /s/ Joseph Jurkowski
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Name: Joseph Jurkowski
Title: Managing Director
Dated: March 26, 2003
EXHIBIT INDEX
Item 601(a) of Sequentially
Regulation S-K Numbered
Exhibit Number Exhibit No. Description Page
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1 99 Computational Filed Manually
Materials