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): May 28, 2002
BEAR STEARNS ASSET BACKED SECURITIES TRUST
Mortgage Pass-Through Certificates, Series 2001-AC2 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-43091-11
Pooling and Servicing Agreement) (Commission 52-2316429
(State or other File Number) 52-2316431
jurisdiction 52-2316430
of Incorporation) 52-2316434
IRS EIN
c/o Wells Fargo Bank Minnesota, 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)
ITEM 5. Other Events
On May 28, 2002 a distribution was made to holders of BEAR STEARNS ASSET BACKED
SECURITIES TRUST, Mortgage Pass-Through Certificates, Series 2001-AC2 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of
Regulation S-K
Exhibit Number Description
EX-99.1 Monthly report distributed to
holders of Mortgage Pass-Through
Certificates, Series 2001-AC2
Trust, relating to the May 28,
2002 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
Mortgage Pass-Through Certificates, Series 2001-AC2 Trust
By: Wells Fargo Bank Minnesota, NA, Securities Administrator
By: /s/ Beth Belfield, Assistant Vice President
By: Beth Belfield, Assistant Vice President
Date: 5/30/02
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage
Pass-Through Certificates, Series 2001-AC2 Trust,
relating to the May 28, 2002 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Mortgage Pass-Through Certificates
Record Date: 4/30/02
Distribution Date: 5/28/02
BSA Series: 2001-AC2
Contact: Customer Service - CTSLink
Wells Fargo Bank Minnesota, 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
<s> <c> <c> <c> <c> <c> <c>
A-IO 07384YBC9 IO 8.00000% 0.00 134,800.00 0.00
I-A1 07384YAX4 SEN 2.10000% 49,422,117.03 95,137.57 3,285,487.86
I-A2 07384YAY2 SEN 4.91000% 62,927,000.00 257,476.31 0.00
I-A3 07384YAZ9 SEN 5.72000% 13,090,000.00 62,395.67 0.00
I-A4 07384YBA3 SEN 6.16000% 21,231,000.00 108,985.80 0.00
I-A5 07384YBB1 SEN 6.38000% 25,685,000.00 136,558.58 0.00
II-F 07384YBD7 SEN 2.45000% 189,619,220.16 425,853.16 15,511,416.84
II-INV 07384YBE5 SEN 5.55000% 0.00 964,687.78 0.00
II-A-2 07384YBF2 SEN 5.82000% 37,290,000.00 180,856.50 0.00
II-A-3 07384YBG0 SEN 6.45000% 26,381,000.00 141,797.87 0.00
M-1 07384YBH8 SUB 6.05000% 11,890,000.00 59,945.42 0.00
M-2 07384YBJ4 SUB 6.30000% 10,569,000.00 55,487.25 0.00
B 07384YBK1 SUB 6.75000% 7,927,000.00 44,589.37 0.00
B-IO BSAAC2BIO IO 0.00000% 1,849,617.39 508,735.86 0.00
P BSA01AC2P SUB 0.00000% 100.00 3,069.55 0.00
R-1 BSA1AC2R1 RES 0.00000% 0.00 0.00 0.00
R-2 BSA1AC2R2 RES 0.00000% 0.00 0.00 0.00
R-3 BSA1AC2R3 RES 0.00000% 0.00 0.00 0.00
R-4 BSA1AC2R4 RES 0.00000% 0.00 0.00 0.00
Totals 457,881,054.58 3,180,376.69 18,796,904.70
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-IO 0.00 0.00 134,800.00 0.00
I-A1 0.00 46,136,629.17 3,380,625.43 0.00
I-A2 0.00 62,927,000.00 257,476.31 0.00
I-A3 0.00 13,090,000.00 62,395.67 0.00
I-A4 0.00 21,231,000.00 108,985.80 0.00
I-A5 0.00 25,685,000.00 136,558.58 0.00
II-F 0.00 174,107,803.32 15,937,270.00 0.00
II-INV 0.00 0.00 964,687.78 0.00
II-A-2 0.00 37,290,000.00 180,856.50 0.00
II-A-3 0.00 26,381,000.00 141,797.87 0.00
M-1 0.00 11,890,000.00 59,945.42 0.00
M-2 0.00 10,569,000.00 55,487.25 0.00
B 0.00 7,927,000.00 44,589.37 0.00
B-IO 0.00 1,849,617.39 508,735.86 0.00
P 0.00 100.00 3,069.55 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
R-4 0.00 0.00 0.00 0.00
Totals 0.00 439,084,149.88 21,977,281.39 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
</FN>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<s> <c> <c> <c> <c> <c> <c>
A-IO 0.00 0.00 0.00 0.00 0.00 0.00
I-A1 67,637,000.00 49,422,117.03 0.00 3,285,487.86 0.00 0.00
I-A2 62,927,000.00 62,927,000.00 0.00 0.00 0.00 0.00
I-A3 13,090,000.00 13,090,000.00 0.00 0.00 0.00 0.00
I-A4 21,231,000.00 21,231,000.00 0.00 0.00 0.00 0.00
I-A5 25,685,000.00 25,685,000.00 0.00 0.00 0.00 0.00
II-F 243,835,000.00 189,619,220.16 0.00 15,511,416.84 0.00 0.00
II-INV 0.00 0.00 0.00 0.00 0.00 0.00
II-A-2 37,290,000.00 37,290,000.00 0.00 0.00 0.00 0.00
II-A-3 26,381,000.00 26,381,000.00 0.00 0.00 0.00 0.00
M-1 11,890,000.00 11,890,000.00 0.00 0.00 0.00 0.00
M-2 10,569,000.00 10,569,000.00 0.00 0.00 0.00 0.00
B 7,927,000.00 7,927,000.00 0.00 0.00 0.00 0.00
B-IO 11.00 1,849,617.39 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
R-1 0.00 0.00 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00 0.00 0.00
R-3 0.00 0.00 0.00 0.00 0.00 0.00
R-4 0.00 0.00 0.00 0.00 0.00 0.00
Totals 528,462,111.00 457,881,054.58 0.00 18,796,904.70 0.00 0.00
<FN>
(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.
</FN>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c>
A-IO 0.00 0.00 0.00000000 0.00
I-A1 3,285,487.86 46,136,629.17 0.68212116 3,285,487.86
I-A2 0.00 62,927,000.00 1.00000000 0.00
I-A3 0.00 13,090,000.00 1.00000000 0.00
I-A4 0.00 21,231,000.00 1.00000000 0.00
I-A5 0.00 25,685,000.00 1.00000000 0.00
II-F 15,511,416.84 174,107,803.32 0.71403943 15,511,416.84
II-INV 0.00 0.00 0.00000000 0.00
II-A-2 0.00 37,290,000.00 1.00000000 0.00
II-A-3 0.00 26,381,000.00 1.00000000 0.00
M-1 0.00 11,890,000.00 1.00000000 0.00
M-2 0.00 10,569,000.00 1.00000000 0.00
B 0.00 7,927,000.00 1.00000000 0.00
B-IO 0.00 1,849,617.39 168,147.03545455 0.00
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
R-4 0.00 0.00 0.00000000 0.00
Totals 18,796,904.70 439,084,149.88 0.83087158 18,796,904.70
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<s> <c> <c> <c> <c> <c>
A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
I-A1 67,637,000.00 730.69646835 0.00000000 48.57530435 0.00000000
I-A2 62,927,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
I-A3 13,090,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
I-A4 21,231,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
I-A5 25,685,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
II-F 243,835,000.00 777.65382394 0.00000000 63.61439843 0.00000000
II-INV 0.00 0.00000000 0.00000000 0.00000000 0.00000000
II-A-2 37,290,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
II-A-3 26,381,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 11,890,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 10,569,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 7,927,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-IO 11.00 168147035.45454544 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-4 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
Per $1,000 denomination.
</FN>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c> <c>
A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
I-A1 0.00000000 48.57530435 682.12116401 0.68212116 48.57530435
I-A2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
I-A3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
I-A4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
I-A5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
II-F 0.00000000 63.61439843 714.03942551 0.71403943 63.61439843
II-INV 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
II-A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
II-A-3 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
B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-IO 0.00000000 0.00000000 168,147,035.4545454 168147.03545455 0.00000000
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
R-4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
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
<s> <c> <c> <c> <c> <c> <c>
A-IO 0.00 8.00000% 20,220,000.00 134,800.00 0.00 0.00
I-A1 67,637,000.00 2.10000% 49,422,117.03 95,137.58 0.00 0.00
I-A2 62,927,000.00 4.91000% 62,927,000.00 257,476.31 0.00 0.00
I-A3 13,090,000.00 5.72000% 13,090,000.00 62,395.67 0.00 0.00
I-A4 21,231,000.00 6.16000% 21,231,000.00 108,985.80 0.00 0.00
I-A5 25,685,000.00 6.38000% 25,685,000.00 136,558.58 0.00 0.00
II-F 243,835,000.00 2.45000% 189,619,220.16 425,853.17 0.00 0.00
II-INV 0.00 5.55000% 189,619,220.16 964,687.78 0.00 0.00
II-A-2 37,290,000.00 5.82000% 37,290,000.00 180,856.50 0.00 0.00
II-A-3 26,381,000.00 6.45000% 26,381,000.00 141,797.88 0.00 0.00
M-1 11,890,000.00 6.05000% 11,890,000.00 59,945.42 0.00 0.00
M-2 10,569,000.00 6.30000% 10,569,000.00 55,487.25 0.00 0.00
B 7,927,000.00 6.75000% 7,927,000.00 44,589.38 0.00 0.00
B-IO 11.00 0.00000% 1,849,617.39 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
R-1 0.00 0.00000% 0.00 0.00 0.00 0.00
R-2 0.00 0.00000% 0.00 0.00 0.00 0.00
R-3 0.00 0.00000% 0.00 0.00 0.00 0.00
R-4 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 528,462,111.00 2,668,571.32 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
<s> <c> <c> <c> <c> <c>
A-IO 0.00 0.00 134,800.00 0.00 20,220,000.00
I-A1 0.00 0.00 95,137.57 0.00 46,136,629.17
I-A2 0.00 0.00 257,476.31 0.00 62,927,000.00
I-A3 0.00 0.00 62,395.67 0.00 13,090,000.00
I-A4 0.00 0.00 108,985.80 0.00 21,231,000.00
I-A5 0.00 0.00 136,558.58 0.00 25,685,000.00
II-F 0.00 0.00 425,853.16 0.00 174,107,803.32
II-INV 0.00 0.00 964,687.78 0.00 174,107,803.32
II-A-2 0.00 0.00 180,856.50 0.00 37,290,000.00
II-A-3 0.00 0.00 141,797.87 0.00 26,381,000.00
M-1 0.00 0.00 59,945.42 0.00 11,890,000.00
M-2 0.00 0.00 55,487.25 0.00 10,569,000.00
B 0.00 0.00 44,589.37 0.00 7,927,000.00
B-IO 0.00 0.00 508,735.86 0.00 1,849,617.39
P 0.00 0.00 3,069.55 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
R-4 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 3,180,376.69 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
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
<s> <c> <c> <c> <c> <c> <c>
A-IO 0.00 8.00000% 1000.00000000 6.66666667 0.00000000 0.00000000
I-A1 67,637,000.00 2.10000% 730.69646835 1.40659077 0.00000000 0.00000000
I-A2 62,927,000.00 4.91000% 1000.00000000 4.09166669 0.00000000 0.00000000
I-A3 13,090,000.00 5.72000% 1000.00000000 4.76666692 0.00000000 0.00000000
I-A4 21,231,000.00 6.16000% 1000.00000000 5.13333333 0.00000000 0.00000000
I-A5 25,685,000.00 6.38000% 1000.00000000 5.31666654 0.00000000 0.00000000
II-F 243,835,000.00 2.45000% 777.65382394 1.74648090 0.00000000 0.00000000
II-INV 0.00 5.55000% 777.65382394 3.95631382 0.00000000 0.00000000
II-A-2 37,290,000.00 5.82000% 1000.00000000 4.85000000 0.00000000 0.00000000
II-A-3 26,381,000.00 6.45000% 1000.00000000 5.37500019 0.00000000 0.00000000
M-1 11,890,000.00 6.05000% 1000.00000000 5.04166695 0.00000000 0.00000000
M-2 10,569,000.00 6.30000% 1000.00000000 5.25000000 0.00000000 0.00000000
B 7,927,000.00 6.75000% 1000.00000000 5.62500063 0.00000000 0.00000000
B-IO 11.00 0.00000% 168147035.45454544 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
R-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-3 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-4 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
All denominations are per $1,000.
</FN>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<s> <c> <c> <c> <c> <c>
A-IO 0.00000000 0.00000000 6.66666667 0.00000000 1000.00000000
I-A1 0.00000000 0.00000000 1.40659062 0.00000000 682.12116401
I-A2 0.00000000 0.00000000 4.09166669 0.00000000 1000.00000000
I-A3 0.00000000 0.00000000 4.76666692 0.00000000 1000.00000000
I-A4 0.00000000 0.00000000 5.13333333 0.00000000 1000.00000000
I-A5 0.00000000 0.00000000 5.31666654 0.00000000 1000.00000000
II-F 0.00000000 0.00000000 1.74648086 0.00000000 714.03942551
II-INV 0.00000000 0.00000000 3.95631382 0.00000000 714.03942551
II-A-2 0.00000000 0.00000000 4.85000000 0.00000000 1000.00000000
II-A-3 0.00000000 0.00000000 5.37499981 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 5.04166695 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 5.25000000 0.00000000 1000.00000000
B 0.00000000 0.00000000 5.62499937 0.00000000 1000.00000000
B-IO 0.00000000 0.00000000 46248714.54545455 0.00000000 168147035.45454544
P 0.00000000 0.00000000 30695.50000000 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
R-4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<s> <c>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 21,990,529.92
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 134,005.07
Realized Losses 0.00
Prepayment Penalties 0.00
Total Deposits 22,124,534.99
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 147,253.60
Payment of Interest and Principal 21,977,281.39
Total Withdrawals (Pool Distribution Amount) 22,124,534.99
Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<s> <c>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES
<s> <c>
Gross Servicing Fee 143,438.10
Trustee Fee 3,815.50
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 147,253.60
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s> <c> <c> <c> <c> <c>
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 0 0 1
125,978.98 0.00 0.00 125,978.98
30 Days 24 0 0 0 24
4,549,101.82 0.00 0.00 0.00 4,549,101.82
60 Days 9 0 0 0 9
1,736,404.59 0.00 0.00 0.00 1,736,404.59
90 Days 14 0 27 0 41
3,468,366.40 0.00 7,135,386.25 0.00 10,603,752.65
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 0 0 0 1 1
0.00 0.00 0.00 246,009.47 246,009.47
Totals 47 1 27 1 76
9,753,872.81 125,978.98 7,135,386.25 246,009.47 17,261,247.51
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 0.052493% 0.000000% 0.000000% 0.052493%
0.028671% 0.000000% 0.000000% 0.028671%
30 Days 1.259843% 0.000000% 0.000000% 0.000000% 1.259843%
1.035322% 0.000000% 0.000000% 0.000000% 1.035322%
60 Days 0.472441% 0.000000% 0.000000% 0.000000% 0.472441%
0.395185% 0.000000% 0.000000% 0.000000% 0.395185%
90 Days 0.734908% 0.000000% 1.417323% 0.000000% 2.152231%
0.789359% 0.000000% 1.623929% 0.000000% 2.413288%
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 0.000000% 0.000000% 0.000000% 0.052493% 0.052493%
0.000000% 0.000000% 0.000000% 0.055989% 0.055989%
Totals 2.467192% 0.052493% 1.417323% 0.052493% 3.989501%
2.219866% 0.028671% 1.623929% 0.055989% 3.928455%
<fn>
Delinquencies are stratified according to the information provided by the servicer.
All 90 day delinquencies reported are actually 90+ day delinquencies.
</fn>
Delinquency Status By Groups
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
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 1 0 0 1
125,978.98 0.00 0.00 125,978.98
30 Days 20 0 0 0 20
2,870,494.04 0.00 0.00 0.00 2,870,494.04
60 Days 7 0 0 0 7
1,051,775.74 0.00 0.00 0.00 1,051,775.74
90 Days 7 0 16 0 23
1,051,226.34 0.00 2,542,770.98 0.00 3,593,997.32
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 0 0 0 1 1
0.00 0.00 0.00 246,009.47 246,009.47
Totals 34 1 16 1 52
4,973,496.12 125,978.98 2,542,770.98 246,009.47 7,888,255.55
0-29 Days 0.080580% 0.000000% 0.000000% 0.080580%
0.069486% 0.000000% 0.000000% 0.069486%
30 Days 1.611604% 0.000000% 0.000000% 0.000000% 1.611604%
1.583265% 0.000000% 0.000000% 0.000000% 1.583265%
60 Days 0.564061% 0.000000% 0.000000% 0.000000% 0.564061%
0.580123% 0.000000% 0.000000% 0.000000% 0.580123%
90 Days 0.564061% 0.000000% 1.289283% 0.000000% 1.853344%
0.579820% 0.000000% 1.402504% 0.000000% 1.982324%
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 0.000000% 0.000000% 0.000000% 0.080580% 0.080580%
0.000000% 0.000000% 0.000000% 0.135690% 0.135690%
Totals 2.739726% 0.080580% 1.289283% 0.080580% 4.190169%
2.743208% 0.069486% 1.402504% 0.135690% 4.350888%
<caption>
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
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
1,678,607.78 0.00 0.00 0.00 1,678,607.78
60 Days 2 0 0 0 2
684,628.85 0.00 0.00 0.00 684,628.85
90 Days 7 0 11 0 18
2,417,140.06 0.00 4,592,615.27 0.00 7,009,755.33
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 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 13 0 11 0 24
4,780,376.69 0.00 4,592,615.27 0.00 9,372,991.96
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.602410% 0.000000% 0.000000% 0.000000% 0.602410%
0.650401% 0.000000% 0.000000% 0.000000% 0.650401%
60 Days 0.301205% 0.000000% 0.000000% 0.000000% 0.301205%
0.265270% 0.000000% 0.000000% 0.000000% 0.265270%
90 Days 1.054217% 0.000000% 1.656627% 0.000000% 2.710843%
0.936556% 0.000000% 1.779476% 0.000000% 2.716033%
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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 1.957831% 0.000000% 1.656627% 0.000000% 3.614458%
1.852227% 0.000000% 1.779476% 0.000000% 3.631703%
<fn>
Delinquencies are stratified according to the information provided by the servicer.
All 90 day delinquencies reported are actually 90+ day delinquencies.
</fn>
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 134,005.07
COLLATERAL STATEMENT
Collateral Description Fixed 30 Year
Weighted Average Gross Coupon 8.712903%
Weighted Average Net Coupon 8.336985%
Weighted Average Pass-Through Rate 8.335029%
Weighted Average Maturity(Stepdown Calculation ) 332
Beginning Scheduled Collateral Loan Count 1,958
Number Of Loans Paid In Full 53
Ending Scheduled Collateral Loan Count 1,905
Beginning Scheduled Collateral Balance 457,881,054.58
Ending Scheduled Collateral Balance 439,084,149.88
Ending Actual Collateral Balance at 30-Apr-2002 439,390,227.23
Monthly P &I Constant 3,626,063.72
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 439,084,149.88
Scheduled Principal 301,502.55
Unscheduled Principal 18,495,402.15
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 0.00
Specified O/C Amount 1,849,617.39
Overcollateralized Amount 1,849,617.39
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 0.00
Excess Cash Amount 511,805.41
Miscellaneous Reporting
3 Month Rolling Delinquency Average 2.602577%
Group Level Collateral Statement
Group Group 1 Group 2 Total
Collateral Description Fixed 30 Year Fixed 30 Year Fixed 30 Year
Weighted Average Coupon Rate 8.743899 8.691992 8.712903
Weighted Average Net Rate 8.383087 8.305881 8.336985
Weighted Average Maturity 322 337 332
Beginning Loan Count 1,256 702 1,958
Loans Paid In Full 15 38 53
Ending Loan Count 1,241 664 1,905
Beginning Scheduled Balance 184,466,146.68 273,414,907.90 457,881,054.58
Ending scheduled Balance 181,180,658.82 257,903,491.06 439,084,149.88
Record Date 04/30/2002 04/30/2002 04/30/2002
Principal And Interest Constant 1,472,441.67 2,153,622.05 3,626,063.72
Scheduled Principal 128,313.90 173,188.65 301,502.55
Unscheduled Principal 3,157,173.96 15,338,228.19 18,495,402.15
Scheduled Interest 1,347,197.32 1,980,433.40 3,327,630.72
Servicing Fees 55,464.70 87,973.64 143,438.34
Master Servicing Fees 0.00 0.00 0.00
Trustee Fee 1,537.22 2,278.45 3,815.67
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 1,290,195.40 1,890,181.31 3,180,376.71
Realized Loss Amount 0.00 0.00 0.00
Cumulative Realized Loss 0.00 0.00 0.00
Percentage of Cumulative Losses 0.00 0.00 0.00
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 8.393055 8.295881 8.335029