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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): March 31, 2003
BEAR STEARNS ASSET BACKED SECURITIES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 333-91344 13-3836437
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
383 MADISON AVENUE 10179
NEW YORK, NEW YORK (Zip Code)
(Address of Principal
Executive Offices)
Registrant's telephone number, including area code: (212) 272-2000
No Change
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(Former name or former address, if changed since last report)
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Item 2. Acquisition or Disposition of Assets
Description of the Certificates and the Mortgage Loans
Bear Stearns Asset Backed Securities, Inc. registered
issuances of up to $10,000,000,000 principal amount of Mortgage Pass-Through
Certificates on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, as amended (the "Act"), by the Registration Statements
on Form S-3 (Registration File No. 333-91344) (as amended, the "Registration
Statement"). Pursuant to the Registration Statement, ABFS Mortgage Loan Trust
2003-1 (the "Trust") issued approximately $450,000,000 in aggregate principal
amount of its Mortgage Pass-Through Certificates, Series 2003-1 (the
"Certificates"), on March 31, 2003. This Current Report on Form 8-K is being
filed to satisfy an undertaking to file copies of certain agreements executed in
connection with the issuance of the Certificates, the forms of which were filed
as Exhibits to the Registration Statement.
The Certificates were issued pursuant to a Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"), attached hereto as
Exhibit 4.1, dated as of March 1, 2003, between Bear Stearns Asset Backed
Securities, Inc., American Business Credit, Inc., in its capacity as servicer
(the "Servicer"), and JPMorgan Chase Bank, in its capacity as trustee,
collateral agent and back-up servicer (the "Trustee"). The Certificates consist
of three classes of senior and mezzanine Certificates, the Class A
Certificates (the "Class A Certificates"), the Class A-IO Certificates
(the "Class A-IO Certificates") and the Class M Certificates(the "Class M
Certificates", and, collectively with theClass A Certificates and the
Class A-IO Certificates, the "Offered Certificates") and three classes of
subordinated Certificates (the "Class I Certificates", "Class X Certificates"
and the "Class R Certificates"). Only the Offered Certificates were offered.
The Certificates initially evidenced, in the aggregate, 100% of the undivided
beneficial ownership interests in the Trust.
The assets of the Trust consist primarily of one pool of
fixed-rate, closed-end, conventional, monthly pay, generally fully amortizing,
business and consumer purpose residential home equity loans (the "Mortgage
Loans") secured by first or second lien mortgages or deeds of trust (the
"Mortgages") on real properties (the "Mortgage Properties"). The Mortgaged
Properties securing the Mortgage Loans consist primarily of single family
residences (which may be detached, part of a two-to four-family dwelling, a
condominium unit or a unit in a planned unit development).
Interest distributions on the Offered Certificates are based
on the Certificate Principal Balance thereof and the then applicable
Pass-Through Rate thereof. The Pass-Through Rates for the Class A Certificates
and the Class A-IO Certificates are 3.78% and 4.00% per annum respectively. The
Pass-Through Rate for the Class M Certificates is adjustable.
The Class A Certificates and the Class M Certificates have
original Certificate Principal Balances of $387,000,000 and $63,000,000
respectively. The Class A-IO Certificates has an original notional amount of
$118,125,000. No principal will be paid on the Class A-IO Certificates.
As of the Closing Date, the Mortgage Loans possessed the
characteristics described in the Prospectus dated February 25, 2003 and the
Prospectus Supplement dated March 26, 2003 filed pursuant to Rule 424(b) (5) of
the Act on March 31, 2003.
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Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
1.1 Underwriting Agreement, dated March 26, 2003, between Bear
Stearns Asset Backed Securities, Inc. an Bear Stearns &
Co. Inc.
4.1 Pooling and Servicing Agreement, dated as of March 1, 2003,
among Bear Stearns Asset Backed Securities, Inc., American
Business Credit, Inc., as servicer, and JPMorgan Chase Bank,
as trustee and collateral agent.
4.2 Unaffiliated Seller's Agreement, dated as of March 1, 2003,
among American Business Credit, Inc., Home American Credit,
Inc. d/b/a/ Upland Mortgage, American Business Mortgage
Services, Inc., Bear Stearns Asset Backed Securities, Inc. and
ABFS 2003-1, Inc.
8.1 Opinion of Stroock & Stroock & Lavan LLP, special counsel to
Bear Stearns Asset-Backed Securities, Inc. and ABFS Mortgage
Loan Trust 2003-1 regarding certain tax matters.
10.1 Certificate Insurance Policy, dated March 31, 2003.
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SIGNATURES
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, INC.
As Depositor and on behalf of ABFS
Mortgage Loan Trust 2003-1
Registrant
By: /s/ Jonathan Lieberman
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Name: Jonathan Lieberman
Title: Senior Managing Director
Dated: March 31, 2003
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
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1.1 Underwriting Agreement, dated March 26, 2003, between Bear
Stearns Asset Backed Securities, Inc. and Bear Stearns &
Co. Inc.
4.1 Pooling and Servicing Agreement, dated as of March 1, 2003,
among Bear Stearns Asset Backed Securities, Inc., American
Business Credit, Inc., as servicer, and JPMorgan Chase Bank,
as trustee and collateral agent.
4.2 Unaffiliated Seller's Agreement, dated as of March 1, 2003,
among American Business Credit, Inc., Home American Credit,
Inc. d/b/a/ Upland Mortgage, American Business Mortgage
Services, Inc., Bear Stearns Asset Backed Securities, Inc. and
ABFS 2003-1, Inc.
8.1 Opinion of Stroock & Stroock & Lavan LLP, special counsel to
Bear Stearns Asset-Backed Securities, Inc. and ABFS Mortgage
Loan Trust 2003-1 regarding certain tax matters.
10.1 Certificate Insurance Policy, dated March 31, 2003.