UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------ FORM 10-K [X] Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2001 [ ] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to Commission File Number 333-56242-15 BEAR STEARNS ASSET BACKED SECURITIES INC (Exact name of registrant as specified in its charter) Delaware 13-3836437 (State or other jurisdiction of (IRS Employer Identification No.) incorporation) 245 Park Avenue New York, New York 10167 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code : (212) 272-4095 ABFS Mortgage Loan Trust 2001-2 Mortgage Pass-Through Certificates, Series 2001-2 (Title of each class of securities covered by this Form) Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X] Documents incorporated by reference: None BEAR STEARNS ASSET BACKED SECURITIES INC. ABFS Mortgage Loan Trust 2001-2 Mortgage Pass-Through Certificates, Series 2001-2 - ----------------------------------------------------------------------- PART I Item 1. Business Omitted. Item 2. Properties Omitted. Item 3. Legal Proceedings The Registrant is not aware of any material legal proceeding with respect to, the Company, the Master Servicer or the Trustee, as related to the Trust. Item 4. Submission of Matters to a Vote of Security Holders No matter was submitted to a vote or consent of Holders of the Offered Certificates during the fiscal year covered by this report. PART II Item 5. Market for Registrant's Common Equity and Related Stockholder Matters The Trust does not issue stock. There is currently no established secondary market for the Certificates. Item 6. Selected Financial Data Omitted. Item 7. Management's Discussion and Analysis of Financial condition and Results of Operations Omitted. Item 8. Financial Statements and Supplementary Data Omitted. Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure There was no change of accountants or disagreement with accountants on any matter of accounting principles or practices or financial disclosure. PART III Item 10. Directors and Executive Officers of the Registrant Omitted. Item 11. Executive Compensation Omitted. Item 12. Security Ownership of Certain Beneficial Owners and Management Omitted. Item 13. Certain Relationships and Related Transactions No reportable transactions have occurred. PART IV Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K (a) The following documents are filed as part of this report: (1) Financial Statements: Omitted. (2) Financial Statement Schedules: Omitted. (3) Exhibits: Annual Statement as to Compliance, filed as Exhibit 99.1 hereto. Annual Independent Public Accountants' Servicing Report filed as Exhibit 99.2 hereto. (b) Reports on Form 8-K: The following Current Reports on Form 8-K were filed by the Registrant for the last quarter of 2001. Current Reports on Form 8-K dated October 25, 2001, November 26, 2001, and December 26, 2001 were filed for the purpose of filing the Monthly Statement sent to the Holders of the Offered Certificates for payments made on the same date. The items reported in such Current Report were Item 5 (Other Events). (c) Exhibits to this report are listed in Item (14)(a)(3) above. Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2001 BEAR STEARNS ASSET BACKED SECURITIES INC. ABFS Mortgage Loan Trust 2001-2 Mortgage Pass-Through Certificates, Series 2001-2 - ----------------------------------------------------------------------- SIGNATURE Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. I, Jennifer H McCourt, certify that: 1. I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by this annual report, of Bear Stearns Asset Backed Securities Inc., ABFS Mortgage Loan Trust 2001-2 Mortgage Pass-Through Certificates, Series 2001-2. 2. Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report; 3. Based on my knowledge, the servicing information required to be provided to the trustee by the servicer under the pooling and servicing agreement is included in these reports. JPMorgan Chase Bank not in its individual capacity but solely as Trustee and Collateral Agent under the Agreement referred to herein Date: January 8, 2003 By: /s/ Jennifer H McCourt ------------------------------------- Jennifer H McCourt Vice President SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(D) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT. The registrant has not sent an annual report or proxy material to its security holders. The registrant will not be sending an annual report or proxy material to its security holders subsequent to the filing of this form. EXHIBIT INDEX Exhibit Description 99.1 Annual Statement as to Compliance 99.2 Annual Independent Auditors' Report EXHIBIT 99.1 Annual Statement as to Compliance ---------------- American Business Credit, Inc. Bala Pointe Office Centre 111 Presidential Boulevard Bala Cynwyd, PA 19004 (610) 668-2440 fax (610) 949-7001 1-800-537-1162 September 28, 2002 VIA UPS VIA UPS Mr. Randy Kahn Mr. Errol Arne Chase Manhattan Bank MBIA 450 West 33rd Street 113 King Street 15th floor Armonk, NY 10504 New York, NY 10001 $355,000,000.00 Mortgage Loan Trust Series 2001-2 Class A-1, Class A-2, Class A-3, Class A-4, Class A-IO, Class R Bear Stearns Asset Backed Securities Inc. Annual Compliance Certificate As discussed, on behalf of the Seller, the above-mentioned Certificate must be delivered to the Certificate Insurer within ninety (90) days after the close of the fiscal year being June 02. Pursuant in Section 2.03 of the Insurance and Indemnity Agreement among Financial Security Assurance Inc., Prudential Securities Secured Financing Corporation, American Business Credit, Inc. HomeAmerican Credit, Inc. D/B/A Upland Mortgage and ABFS 2001-2, Inc. dated as of June 1, 2001, undersigned does hereby certify the following: 1) I have reviewed the Company's performance under the Transaction Documents to which it is a party during such period has been made under such officer's supervision and 2) To the best of my knowledge following reasonable inquiry, no Trigger Event, Default or Event of Default has occurred, or if a Trigger Event, Default or Event of Default has occurred, specifying the nature thereof, and, if the Company has a right to cure any such Default or Event of Default, stating in reasonable detail the steps, if any, being taken by the Company to cure such Default or to otherwise comply with the terms of the agreement to which such Default or Event of Default relates. IN WITNESS THEREOF, the undersigned has executed this Certificate as of the 28th day of September 2002. American Business Credit, Inc. BY: /s/ Anna M. Bucceroni ------------------------------ Anna M. Bucceroni Senior Vice President (corporate seal) <page> Exhibit 99.2 Annual Independent Auditors' Report ------------------------ BDO Seldman, LLP Accountants and Consultants 1700 Market Streete, 29th floor Philadelphia, PA 19103-3962 Telephone: (215) 636-5500 fax: (215) 636-5501 Independent Auditors' Report American Business Financial Services, Inc. Bala Cynwyd, Pennsylvania We have examined management's assertion about American Business Credit, Inc.'s compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform single Attestation Program for Mortgage Bankers (USAP) as of and for the year ended December 31, 2001 included in the accompanying management assertion. Management is responsible for American Business Credit, Inc.'s compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's asertion about the entity's compliance based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about American Business Credit, Inc.'s compliance with the minimum servicing standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on American Business Credit, Inc.'s compliance with the mimimum servicing standards. In our opinion, management's asertion that American Business Credit, Inc., complied with the aforementioned minimum servicing standards as of and for the year ended December 31, 2001 is fairly stated, in all material respects. February 25, 2002 /s/ BDO Seldman, LLP - ---------------------- BDO Seldman, LLP