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): June 25, 2002
MADISON AVENUE MANUFACTURED HOUSING CONTRACT TRUST
Asset-Backed Certificates, Series 2002-A Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-56242-06
Pooling and Servicing Agreement) (Commission 52-2365593
(State or other File Number) 52-2365594
jurisdiction 52-2365595
of Incorporation) 52-7281894
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 June 25, 2002 a distribution was made to holders of MADISON AVENUE
MANUFACTURED HOUSING CONTRACT TRUST, Asset-Backed Certificates, Series
2002-A 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 Asset-Backed
Certificates, Series 2002-A
Trust, relating to the June 25,
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.
MADISON AVENUE MANUFACTURED HOUSING CONTRACT TRUST
Asset-Backed Certificates, Series 2002-A Trust
By: Wells Fargo Bank Minnesota, NA, as Trustee
By: /s/ Beth Belfield, Assistant Vice President
By: Beth Belfield, Assistant Vice President
Date: 7/2/02
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset-
Backed Certificates, Series 2002-A Trust,
relating to the June 25, 2002 distribution.
EX-99.1
Bear Stearns Asset Backed Securities, INC.
Asset-Backed Certificates
Record Date: 5/31/02
Distribution Date: 6/25/02
MAV Series: 2002-A
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-1 55660AAA0 SEN 2.19000% 372,917,292.55 635,202.45 5,690,878.80
A-2 55660AAB8 SEN 2.19000% 170,079,675.30 289,702.38 2,868,219.26
A-IO 55660AAC6 SEN 0.30000% 0.00 207,637.59 0.00
M-1 55660AAD4 MEZ 3.29000% 56,897,000.00 145,593.10 0.00
M-2 55660AAE2 MEZ 4.09000% 61,112,000.00 194,404.06 0.00
B-1 55660AAF9 MEZ 5.09000% 59,005,000.00 233,594.24 0.00
B-2 BSAAC2BIO MEZ 5.09000% 59,005,000.00 233,594.24 0.00
HL MAV020AHL JUN 0.00000% 0.00 1,165,754.28 0.00
C MAV0200AC JUN 0.00000% 51,534,407.08 0.00 0.00
R-3 MAV020AR3 JUN 0.00000% 0.00 0.00 0.00
Totals 830,550,374.93 3,105,482.34 8,559,098.06
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 367,226,413.75 6,326,081.25 0.00
A-2 0.00 167,211,456.04 3,157,921.64 0.00
A-IO 0.00 0.00 207,637.59 0.00
M-1 0.00 56,897,000.00 145,593.10 0.00
M-2 0.00 61,112,000.00 194,404.06 0.00
B-1 0.00 59,005,000.00 233,594.24 0.00
B-2 0.00 59,005,000.00 233,594.24 0.00
HL 0.00 0.00 1,165,754.28 0.00
C 0.00 52,687,159.30 0.00 0.00
R-3 0.00 0.00 0.00 0.00
Totals 0.00 823,144,029.09 11,664,580.40 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-1 381,329,000.00 372,917,292.55 0.00 5,690,878.80 0.00 0.00
A-2 175,000,000.00 170,079,675.30 0.00 2,868,219.26 0.00 0.00
A-IO 0.00 0.00 0.00 0.00 0.00 0.00
M-1 56,897,000.00 56,897,000.00 0.00 0.00 0.00 0.00
M-2 61,112,000.00 61,112,000.00 0.00 0.00 0.00 0.00
B-1 59,005,000.00 59,005,000.00 0.00 0.00 0.00 0.00
B-2 59,005,000.00 59,005,000.00 0.00 0.00 0.00 0.00
HL 0.00 0.00 0.00 0.00 0.00 0.00
C 50,574,269.90 51,534,407.08 0.00 0.00 0.00 0.00
R-3 0.00 0.00 0.00 0.00 0.00 0.00
Totals 842,922,269.90 830,550,374.93 0.00 8,559,098.06 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-1 5,690,878.80 367,226,413.75 0.96301727 5,690,878.80
A-2 2,868,219.26 167,211,456.04 0.95549403 2,868,219.26
A-IO 0.00 0.00 0.00000000 0.00
M-1 0.00 56,897,000.00 1.00000000 0.00
M-2 0.00 61,112,000.00 1.00000000 0.00
B-1 0.00 59,005,000.00 1.00000000 0.00
B-2 0.00 59,005,000.00 1.00000000 0.00
HL 0.00 0.00 0.00000000 0.00
C 0.00 52,687,159.30 1.04177795 0.00
R-3 0.00 0.00 0.00000000 0.00
Totals 8,559,098.06 823,144,029.09 0.97653610 8,559,098.06
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-1 381,329,000.00 977.94107595 0.00000000 14.92380281 0.00000000
A-2 175,000,000.00 971.88385886 0.00000000 16.38982434 0.00000000
A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
M-1 56,897,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 61,112,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-1 59,005,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-2 59,005,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
HL 0.00 0.00000000 0.00000000 0.00000000 0.00000000
C 50,574,269.90 1018.98469680 0.00000000 0.00000000 0.00000000
R-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
All Classes are 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-1 0.00000000 14.92380281 963.01727314 0.96301727 14.92380281
A-2 0.00000000 16.38982434 955.49403451 0.95549403 16.38982434
A-IO 0.00000000 0.00000000 0.00000000 0.00000000 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-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
HL 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
C 0.00000000 0.00000000 1,041.77795160 1.04177795 0.00000000
R-3 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-1 381,329,000.00 2.19000% 372,917,292.55 635,202.45 0.00 0.00
A-2 175,000,000.00 2.19000% 170,079,675.30 289,702.38 0.00 0.00
A-IO 0.00 0.30000% 830,550,374.92 207,637.59 0.00 0.00
M-1 56,897,000.00 3.29000% 56,897,000.00 145,593.10 0.00 0.00
M-2 61,112,000.00 4.09000% 61,112,000.00 194,404.06 0.00 0.00
B-1 59,005,000.00 5.09000% 59,005,000.00 233,594.24 0.00 0.00
B-2 59,005,000.00 5.09000% 59,005,000.00 233,594.24 0.00 0.00
HL 0.00 0.00000% 0.00 0.00 0.00 0.00
C 50,574,269.90 0.00000% 51,534,407.08 0.00 0.00 0.00
R-3 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 842,922,269.90 1,939,728.06 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-1 0.00 0.00 635,202.45 0.00 367,226,413.75
A-2 0.00 0.00 289,702.38 0.00 167,211,456.04
A-IO 0.00 0.00 207,637.59 0.00 823,144,029.06
M-1 0.00 0.00 145,593.10 0.00 56,897,000.00
M-2 0.00 0.00 194,404.06 0.00 61,112,000.00
B-1 0.00 0.00 233,594.24 0.00 59,005,000.00
B-2 0.00 0.00 233,594.24 0.00 59,005,000.00
HL 0.00 0.00 1,165,754.28 0.00 0.00
C 0.00 0.00 0.00 0.00 52,687,159.30
R-3 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 3,105,482.34 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-1 381,329,000.00 2.19000% 977.94107595 1.66575962 0.00000000 0.00000000
A-2 175,000,000.00 2.19000% 971.88385886 1.65544217 0.00000000 0.00000000
A-IO 0.00 0.30000% 985.32261453 0.24633065 0.00000000 0.00000000
M-1 56,897,000.00 3.29000% 1000.00000000 2.55888887 0.00000000 0.00000000
M-2 61,112,000.00 4.09000% 1000.00000000 3.18111107 0.00000000 0.00000000
B-1 59,005,000.00 5.09000% 1000.00000000 3.95888891 0.00000000 0.00000000
B-2 59,005,000.00 5.09000% 1000.00000000 3.95888891 0.00000000 0.00000000
HL 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
C 50,574,269.90 0.00000% 1018.98469680 0.00000000 0.00000000 0.00000000
R-3 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
All Classes are Per 1,000 Denomination
</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-1 0.00000000 0.00000000 1.66575962 0.00000000 963.01727314
A-2 0.00000000 0.00000000 1.65544217 0.00000000 955.49403451
A-IO 0.00000000 0.00000000 0.24633065 0.00000000 976.53610345
M-1 0.00000000 0.00000000 2.55888887 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 3.18111107 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 3.95888891 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 3.95888891 0.00000000 1000.00000000
HL 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
C 0.00000000 0.00000000 0.00000000 0.00000000 1041.77795160
R-3 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 13,722,164.10
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 859,317.44
Realized Losses (1,717,768.91)
Prepayment Penalties 0.00
Total Deposits 12,863,712.63
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 1,199,132.23
Payment of Interest and Principal 11,664,580.40
Total Withdrawals (Pool Distribution Amount) 12,863,712.63
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 692,125.15
Backup Servicing Fee - Wells Fargo 13,842.51
Certificate Insurer Premium - Ambac 97,286.96
Trustee Fee 3,460.63
Yield Maintenance Agreement Fee - Bear Stearns 392,416.98
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 1,199,132.23
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Financial Guaranty 0.00 0.00 0.00 0.00
Reserve Fund 5,000.00 0.00 0.00 5,000.00
Financial Guaranty 0.00 0.00 0.00 0.00
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 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 385 0 0 0 385
14,081,063.63 0.00 0.00 0.00 14,081,063.63
60 Days 129 0 0 0 129
4,602,839.29 0.00 0.00 0.00 4,602,839.29
90 Days 93 0 0 60 153
3,781,151.77 0.00 0.00 2,231,759.44 6,012,911.21
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 607 0 0 60 667
22,465,054.69 0.00 0.00 2,231,759.44 24,696,814.13
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 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 1.770603% 0.000000% 0.000000% 0.000000% 1.770603%
1.710644% 0.000000% 0.000000% 0.000000% 1.710644%
60 Days 0.593267% 0.000000% 0.000000% 0.000000% 0.593267%
0.559178% 0.000000% 0.000000% 0.000000% 0.559178%
90 Days 0.427704% 0.000000% 0.000000% 0.275938% 0.703642%
0.459355% 0.000000% 0.000000% 0.271126% 0.730481%
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 2.791575% 0.000000% 0.000000% 0.275938% 3.067513%
2.729177% 0.000000% 0.000000% 0.271126% 3.000303%
<fn>
Delinquencies are stratified accroding to the information the Servicer has provided. All 90+
delinquencies are reported in the 90 day delinquency field.
</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 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 305 0 0 0 305
11,052,394.10 0.00 0.00 0.00 11,052,394.10
60 Days 102 0 0 0 102
3,519,297.19 0.00 0.00 0.00 3,519,297.19
90 Days 66 0 0 45 111
2,571,134.86 0.00 0.00 1,527,551.43 4,098,686.29
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 473 0 0 45 518
17,142,826.15 0.00 0.00 1,527,551.43 18,670,377.58
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 2.503694% 0.000000% 0.000000% 0.000000% 2.503694%
2.650928% 0.000000% 0.000000% 0.000000% 2.650928%
60 Days 0.837301% 0.000000% 0.000000% 0.000000% 0.837301%
0.844107% 0.000000% 0.000000% 0.000000% 0.844107%
90 Days 0.541783% 0.000000% 0.000000% 0.369397% 0.911180%
0.616689% 0.000000% 0.000000% 0.366385% 0.983074%
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 3.882778% 0.000000% 0.000000% 0.369397% 4.252175%
4.111725% 0.000000% 0.000000% 0.366385% 4.478109%
<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 80 0 0 0 80
3,028,669.53 0.00 0.00 0.00 3,028,669.53
60 Days 27 0 0 0 27
1,083,542.10 0.00 0.00 0.00 1,083,542.10
90 Days 27 0 0 15 42
1,210,016.91 0.00 0.00 704,208.01 1,914,224.92
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 134 0 0 15 149
5,322,228.54 0.00 0.00 704,208.01 6,026,436.55
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.836645% 0.000000% 0.000000% 0.000000% 0.836645%
0.749589% 0.000000% 0.000000% 0.000000% 0.749589%
60 Days 0.282368% 0.000000% 0.000000% 0.000000% 0.282368%
0.268174% 0.000000% 0.000000% 0.000000% 0.268174%
90 Days 0.282368% 0.000000% 0.000000% 0.156871% 0.439239%
0.299476% 0.000000% 0.000000% 0.174290% 0.473766%
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 1.401380% 0.000000% 0.000000% 0.156871% 1.558251%
1.317240% 0.000000% 0.000000% 0.174290% 1.491530%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 859,317.44
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 10.366816%
Weighted Average Net Coupon 9.366816%
Weighted Average Pass-Through Rate 9.341816%
Weighted Average Maturity(Stepdown Calculation ) 302
Beginning Scheduled Collateral Loan Count 21,940
Number Of Loans Paid In Full 196
Ending Scheduled Collateral Loan Count 21,744
Beginning Scheduled Collateral Balance 830,550,374.92
Ending Scheduled Collateral Balance 823,144,029.06
Ending Actual Collateral Balance at 31-May-2002 823,144,029.06
Monthly P &I Constant 8,243,857.13
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 1,717,768.91
Cumulative Realized Loss 3,083,137.40
Ending Scheduled Balance for Premium Loans 823,144,029.06
Scheduled Principal 1,068,721.45
Unscheduled Principal 6,337,624.41
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 2,870,521.12
Overcollateralized reduction Amount 0.00
Specified O/C Amount 823,144,029.06
Overcollateralized Amount 52,687,159.27
Overcollateralized Deficiency Amount 2,870,521.12
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 2,870,521.12
Excess Cash Amount 2,870,521.12
Trigger Event Not Triggered
In Effect Since N/A
Comments N/A
Servicer Termination Event Not Triggered
In Effect Since N/A
Comments N/A
Step Down Date Do Not Step Down
In Effect Since N/A
Comments N/A
Yield Maintenance Agreement Amount 0.00
Extraordinary Trust Fund Expense 0.00
Cumulative Insurance Payments received from Ambac 0.00
Adjusted Net WAC Cap Rate 5.7904773170%
Group I Liquidated Loan Count 61
Group I Liquidated Loan Balances 2,139,350.28
Group II Liquidated Loan Count 20
Group II Liquidated Loan Balances 415,960.96
Group Level Collateral Statement
Group Group 1 Group 2 Total
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 12.139043 8.531346 10.366816
Weighted Average Net Rate 11.139044 7.531345 9.366816
Weighted Average Maturity 308 295 302
Beginning Loan Count 12,283 9,657 21,940
Loans Paid In Full 101 95 196
Ending Loan Count 12,182 9,562 21,744
Beginning Scheduled Balance 422,554,986.78 407,995,388.14 830,550,374.92
Ending scheduled Balance 418,407,796.71 404,736,232.35 823,144,029.06
Record Date 05/31/2002 05/31/2002 05/31/2002
Principal And Interest Constant 4,815,131.44 3,428,725.70 8,243,857.14
Scheduled Principal 540,620.44 528,101.01 1,068,721.45
Unscheduled Principal 3,606,569.63 2,731,054.78 6,337,624.41
Scheduled Interest 4,274,511.00 2,900,624.69 7,175,135.69
Servicing Fees 352,128.87 339,996.28 692,125.15
Master Servicing Fees 7,042.59 6,799.92 13,842.51
Trustee Fee 1,760.64 1,699.99 3,460.63
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 3,913,578.90 2,552,128.50 6,465,707.40
Realized Loss Amount 1,440,352.11 277,416.80 1,717,768.91
Cumulative Realized Loss 2,436,931.93 646,205.47 3,083,137.40
Percentage of Cumulative Losses 0.01 0.00 0.00
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 11.114044 7.506345 9.341816