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): August 26, 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 52-7281894
Pooling and Servicing Agreement) (Commission 52-2365593
(State or other File Number) 52-2365594
jurisdiction 52-2365595
of Incorporation) 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 August 26, 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 August 26
, 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: 8/29/02
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 August 26, 2002 distribution.
EX-99.1
Bear Stearns Asset Backed Securities, INC.
Asset-Backed Certificates
Record Date: 7/31/02
Distribution Date: 8/26/02
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 2.18688% 362,212,956.36 704,103.35 5,304,555.14
A-2 55660AAB8 SEN 2.18688% 164,605,433.00 319,975.40 2,402,522.41
A-IO 55660AAC6 SEN 0.30000% 0.00 204,060.86 0.00
M-1 55660AAD4 MEZ 3.28688% 56,897,000.00 166,234.32 0.00
M-2 55660AAE2 MEZ 4.08688% 61,112,000.00 222,006.59 0.00
B-1 55660AAF9 MEZ 5.08688% 59,005,000.00 266,801.20 0.00
B-2 BSAAC2BIO MEZ 5.08688% 59,005,000.00 266,801.20 0.00
HL MAV020AHL JUN 0.00000% 0.00 657,942.59 0.00
C MAV0200AC JUN 0.00000% 53,406,044.72 0.00 0.00
R-3 MAV020AR3 JUN 0.00000% 0.00 0.00 0.00
Totals 816,243,434.08 2,807,925.51 7,707,077.55
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 356,908,401.22 6,008,658.49 0.00
A-2 0.00 162,202,910.60 2,722,497.81 0.00
A-IO 0.00 0.00 204,060.86 0.00
M-1 0.00 56,897,000.00 166,234.32 0.00
M-2 0.00 61,112,000.00 222,006.59 0.00
B-1 0.00 59,005,000.00 266,801.20 0.00
B-2 0.00 59,005,000.00 266,801.20 0.00
HL 0.00 0.00 657,942.59 0.00
C 0.00 54,050,123.21 0.00 0.00
R-3 0.00 0.00 0.00 0.00
Totals 0.00 809,180,435.03 10,515,003.06 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-1 381,329,000.00 362,212,956.36 0.00 5,304,555.14 0.00 0.00
A-2 175,000,000.00 164,605,433.00 0.00 2,402,522.41 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 53,406,044.72 0.00 0.00 0.00 0.00
R-3 0.00 0.00 0.00 0.00 0.00 0.00
Totals 842,922,269.90 816,243,434.08 0.00 7,707,077.55 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 5,304,555.14 356,908,401.22 0.93595924 5,304,555.14
A-2 2,402,522.41 162,202,910.60 0.92687377 2,402,522.41
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 54,050,123.21 1.06872770 0.00
R-3 0.00 0.00 0.00000000 0.00
Totals 7,707,077.55 809,180,435.03 0.95997041 7,707,077.55
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-1 381,329,000.00 949.86994527 0.00000000 13.91070477 0.00000000
A-2 175,000,000.00 940.60247429 0.00000000 13.72869949 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 1055.99240139 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 13.91070477 935.95924050 0.93595924 13.91070477
A-2 0.00000000 13.72869949 926.87377486 0.92687377 13.72869949
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 1,068.72770120 1.06872770 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 2.18688% 362,212,956.36 704,103.35 0.00 0.00
A-2 175,000,000.00 2.18688% 164,605,433.00 319,975.40 0.00 0.00
A-IO 0.00 0.30000% 816,243,434.08 204,060.86 0.00 0.00
M-1 56,897,000.00 3.28688% 56,897,000.00 166,234.32 0.00 0.00
M-2 61,112,000.00 4.08688% 61,112,000.00 222,006.59 0.00 0.00
B-1 59,005,000.00 5.08688% 59,005,000.00 266,801.20 0.00 0.00
B-2 59,005,000.00 5.08688% 59,005,000.00 266,801.20 0.00 0.00
HL 0.00 0.00000% 0.00 0.00 0.00 0.00
C 50,574,269.90 0.00000% 53,406,044.72 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 2,149,982.92 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 0.00 704,103.35 0.00 356,908,401.22
A-2 0.00 0.00 319,975.40 0.00 162,202,910.60
A-IO 0.00 0.00 204,060.86 0.00 809,180,435.03
M-1 0.00 0.00 166,234.32 0.00 56,897,000.00
M-2 0.00 0.00 222,006.59 0.00 61,112,000.00
B-1 0.00 0.00 266,801.20 0.00 59,005,000.00
B-2 0.00 0.00 266,801.20 0.00 59,005,000.00
HL 0.00 0.00 657,942.59 0.00 0.00
C 0.00 0.00 0.00 0.00 54,050,123.21
R-3 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 2,807,925.51 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 2.18688% 949.86994527 1.84644585 0.00000000 0.00000000
A-2 175,000,000.00 2.18688% 940.60247429 1.82843086 0.00000000 0.00000000
A-IO 0.00 0.30000% 968.34958943 0.24208740 0.00000000 0.00000000
M-1 56,897,000.00 3.28688% 1000.00000000 2.92167109 0.00000000 0.00000000
M-2 61,112,000.00 4.08688% 1000.00000000 3.63278227 0.00000000 0.00000000
B-1 59,005,000.00 5.08688% 1000.00000000 4.52167104 0.00000000 0.00000000
B-2 59,005,000.00 5.08688% 1000.00000000 4.52167104 0.00000000 0.00000000
HL 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
C 50,574,269.90 0.00000% 1055.99240139 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 1.84644585 0.00000000 935.95924050
A-2 0.00000000 0.00000000 1.82843086 0.00000000 926.87377486
A-IO 0.00000000 0.00000000 0.24208740 0.00000000 959.97040751
M-1 0.00000000 0.00000000 2.92167109 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 3.63278227 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 4.52167104 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 4.52167104 0.00000000 1000.00000000
HL 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
C 0.00000000 0.00000000 0.00000000 0.00000000 1068.72770120
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 13,419,651.29
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 399,100.10
Realized Losses (2,019,448.33)
Prepayment Penalties 0.00
Total Deposits 11,799,303.06
Withdrawals
Reimbursement for Servicer Advances 100,287.01
Payment of Service Fee 1,184,012.99
Payment of Interest and Principal 10,515,003.06
Total Withdrawals (Pool Distribution Amount) 11,799,303.06
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 680,202.65
Backup Servicing Fee - Wells Fargo 13,604.06
Certificate Insurer Premium - Ambac 94,388.29
Trustee Fee 3,401.01
Yield Maintenance Agreement Fee - Bear Stearns 392,416.98
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 1,184,012.99
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 738 0 0 0 738
27,719,188.93 0.00 0.00 0.00 27,719,188.93
60 Days 181 0 0 0 181
6,504,097.79 0.00 0.00 0.00 6,504,097.79
90 Days 176 0 0 87 263
6,978,440.74 0.00 0.00 3,498,235.94 10,476,676.68
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 1,095 0 0 87 1,182
41,201,727.46 0.00 0.00 3,498,235.94 44,699,963.40
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 3.452955% 0.000000% 0.000000% 0.000000% 3.452955%
3.425588% 0.000000% 0.000000% 0.000000% 3.425588%
60 Days 0.846863% 0.000000% 0.000000% 0.000000% 0.846863%
0.803788% 0.000000% 0.000000% 0.000000% 0.803788%
90 Days 0.823469% 0.000000% 0.000000% 0.407056% 1.230524%
0.862408% 0.000000% 0.000000% 0.432318% 1.294727%
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 5.123286% 0.000000% 0.000000% 0.407056% 5.530342%
5.091785% 0.000000% 0.000000% 0.432318% 5.524103%
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 552 0 0 0 552
20,456,729.41 0.00 0.00 0.00 20,456,729.41
60 Days 134 0 0 0 134
4,699,459.51 0.00 0.00 0.00 4,699,459.51
90 Days 130 0 0 68 198
4,805,098.52 0.00 0.00 2,728,306.71 7,533,405.23
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 816 0 0 68 884
29,961,287.44 0.00 0.00 2,728,306.71 32,689,594.15
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 4.615385% 0.000000% 0.000000% 0.000000% 4.615385%
4.984699% 0.000000% 0.000000% 0.000000% 4.984699%
60 Days 1.120401% 0.000000% 0.000000% 0.000000% 1.120401%
1.145119% 0.000000% 0.000000% 0.000000% 1.145119%
90 Days 1.086957% 0.000000% 0.000000% 0.568562% 1.655518%
1.170860% 0.000000% 0.000000% 0.664808% 1.835668%
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 6.822742% 0.000000% 0.000000% 0.568562% 7.391304%
7.300679% 0.000000% 0.000000% 0.664808% 7.965486%
<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 186 0 0 0 186
7,262,459.52 0.00 0.00 0.00 7,262,459.52
60 Days 47 0 0 0 47
1,804,638.28 0.00 0.00 0.00 1,804,638.28
90 Days 46 0 0 19 65
2,173,342.22 0.00 0.00 769,929.23 2,943,271.45
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 279 0 0 19 298
11,240,440.02 0.00 0.00 769,929.23 12,010,369.25
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 1.977461% 0.000000% 0.000000% 0.000000% 1.977461%
1.822755% 0.000000% 0.000000% 0.000000% 1.822755%
60 Days 0.499681% 0.000000% 0.000000% 0.000000% 0.499681%
0.452934% 0.000000% 0.000000% 0.000000% 0.452934%
90 Days 0.489050% 0.000000% 0.000000% 0.201999% 0.691048%
0.545472% 0.000000% 0.000000% 0.193239% 0.738711%
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 2.966192% 0.000000% 0.000000% 0.201999% 3.168191%
2.821161% 0.000000% 0.000000% 0.193239% 3.014400%
<FN>
Delinquencies are stratified according to the information the Servicer has provided. All 90+ delinquencies are reported in the 90
day delinquency field.
</FN>
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 399,100.10
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 9.931967%
Weighted Average Net Coupon 8.931967%
Weighted Average Pass-Through Rate 8.906967%
Weighted Average Maturity(Stepdown Calculation ) 300
Beginning Scheduled Collateral Loan Count 21,566
Number Of Loans Paid In Full 193
Ending Scheduled Collateral Loan Count 21,373
Beginning Scheduled Collateral Balance 816,243,434.08
Ending Scheduled Collateral Balance 809,180,435.03
Ending Actual Collateral Balance at 31-Jul-2002 809,180,435.03
Monthly P &I Constant 7,922,720.60
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 2,019,448.33
Cumulative Realized Loss 6,637,677.02
Ending Scheduled Balance for Premium Loans 809,180,435.03
Scheduled Principal 1,166,968.26
Unscheduled Principal 5,896,030.79
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 2,663,526.83
Overcollateralized reduction Amount 0.00
Specified O/C Amount 809,180,435.03
Overcollateralized Amount 54,050,123.21
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 644,078.50
Excess Cash Amount 1,288,156.99
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 17,203.76
Cumulative Insurance Payments received from Ambac 0.00
Adjusted Net WAC Cap Rate 7.9460976291%
Group I Liquidated Loan Count 63
Group I Liquidated Loan Balances 2,196,694.20
Group II Liquidated Loan Count 17
Group II Liquidated Loan Balances 597,358.68
Loan Count of Current Period Repossessions 79
Actual Balance of Current Period Repossessions 3,026,709.58
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 10.284173 9.568017 9.931967
Weighted Average Net Rate 9.284172 8.568018 8.931967
Pass-Through Rate 9.259172 8.543018 8.906967
Weighted Average Maturity 306 293 300
Beginning Loan Count 12,083 9,483 21,566
Loans Paid In Full 123 77 200
Ending Loan Count 11,960 9,406 21,366
Beginning Scheduled Balance 414,814,813.80 401,428,620.28 816,243,434.08
Ending scheduled Balance 410,600,288.99 398,580,146.04 809,180,435.03
Record Date 07/31/2002 07/31/2002 07/31/2002
Principal And Interest Constant 7,769,547.43 6,049,203.96 13,818,751.39
Scheduled Principal 566,161.71 600,806.55 1,166,968.26
Unscheduled Principal 3,648,363.10 2,247,667.69 5,896,030.79
Scheduled Interest 3,555,022.62 3,200,729.72 6,755,752.34
Servicing Fees 345,679.17 334,523.48 680,202.65
Master Servicing Fees 6,917.47 6,686.59 13,604.06
Trustee Fee 1,729.36 1,671.65 3,401.01
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 3,200,701.47 2,857,843.14 6,058,544.61
Realized Loss Amount 1,630,184.86 389,263.47 2,019,448.33
Cumulative Realized Loss 5,165,013.25 1,472,663.77 6,637,677.02
Percentage of Cumulative Losses 0.01 0.00 0.01
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00