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): December 26, 2002
BEAR STEARNS ASSET BACKED SECURITIES TRUST
Asset-Backed 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 December 26, 2002 a distribution was made to holders of BEAR STEARNS ASSET
BACKED SECURITIES TRUST, Asset-Backed 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 Asset-Backed
Certificates, Series 2001-AC2
Trust, relating to the December
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.
BEAR STEARNS ASSET BACKED SECURITIES TRUST
Asset-Backed 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: 1/7/03
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of
Asset-Backed Certificates, Series 2001-AC2 Trust,
relating to the December 26, 2002 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Mortgage Pass-Through Certificates
Record Date: 11/30/02
Distribution Date: 12/26/02
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 1.63000% 5,773,027.20 8,103.09 5,773,027.20
I-A2 07384YAY2 SEN 4.91000% 62,927,000.00 257,476.31 3,373,293.32
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 1.98000% 87,897,560.01 145,030.97 14,897,396.56
II-INV 07384YBE5 SEN 6.02000% 0.00 440,952.76 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% 1,849,617.39 329,264.85 0.00
P BSA01AC2P SUB 0.00000% 100.00 1,781.84 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 312,510,304.60 2,108,026.28 24,043,717.08
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 0.00 5,781,130.29 0.00
I-A2 0.00 59,553,706.68 3,630,769.63 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 73,000,163.45 15,042,427.53 0.00
II-INV 0.00 0.00 440,952.76 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 1,849,617.39 329,264.85 0.00
P 0.00 100.00 1,781.84 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 0.00 288,466,587.52 26,151,743.36 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 5,773,027.20 0.00 5,773,027.20 0.00 0.00
I-A2 62,927,000.00 62,927,000.00 0.00 3,373,293.32 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 87,897,560.01 0.00 14,897,396.56 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 528,462,111.00 312,510,304.60 0.00 24,043,717.08 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 5,773,027.20 0.00 0.00000000 5,773,027.20
I-A2 3,373,293.32 59,553,706.68 0.94639355 3,373,293.32
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 14,897,396.56 73,000,163.45 0.29938345 14,897,396.56
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 24,043,717.08 288,466,587.52 0.54586049 24,043,717.08
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 85.35309372 0.00000000 85.35309372 0.00000000
I-A2 62,927,000.00 1000.00000000 0.00000000 53.60645383 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 243,835,000.00 360.47966867 0.00000000 61.09621900 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 85.35309372 0.00000000 0.00000000 85.35309372
I-A2 0.00000000 53.60645383 946.39354617 0.94639355 53.60645383
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 61.09621900 299.38344967 0.29938345 61.09621900
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 1.63000% 5,773,027.20 8,103.09 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 1.98000% 87,897,560.01 145,030.97 0.00 0.00
II-INV 0.00 6.02000% 87,897,560.01 440,952.76 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 1,776,979.61 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 8,103.09 0.00 0.00
I-A2 0.00 0.00 257,476.31 0.00 59,553,706.68
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 0.00 145,030.97 0.00 73,000,163.45
II-INV 0.00 0.00 440,952.76 0.00 73,000,163.45
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 0.00 329,264.85 0.00 1,849,617.39
P 0.00 0.00 1,781.84 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 2,108,026.28 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 1.63000% 85.35309372 0.11980262 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 1.98000% 360.47966867 0.59479144 0.00000000 0.00000000
II-INV 0.00 6.02000% 360.47966867 1.80840634 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 0.11980262 0.00000000 0.00000000
I-A2 0.00000000 0.00000000 4.09166669 0.00000000 946.39354617
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 0.59479144 0.00000000 299.38344967
II-INV 0.00000000 0.00000000 1.80840634 0.00000000 299.38344967
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 29933168.18181818 0.00000000 168147035.45454544
P 0.00000000 0.00000000 17818.40000000 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 26,098,443.72
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 180,814.15
Realized Losses (30,334.44)
Prepayment Penalties 0.00
Total Deposits 26,248,923.43
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 97,180.07
Payment of Interest and Principal 26,151,743.36
Total Withdrawals (Pool Distribution Amount) 26,248,923.43
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 94,575.82
Trustee Fee 2,604.25
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 97,180.07
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 2 0 0 2
239,241.28 0.00 0.00 239,241.28
30 Days 23 0 1 0 24
4,739,008.36 0.00 200,332.70 0.00 4,939,341.06
60 Days 20 1 0 0 21
3,926,235.13 316,364.44 0.00 0.00 4,242,599.57
90 Days 11 0 0 0 11
2,534,959.46 0.00 0.00 0.00 2,534,959.46
120 Days 4 0 5 0 9
589,152.65 0.00 1,060,871.34 0.00 1,650,023.99
150 Days 2 2 5 0 9
450,162.19 256,620.86 733,844.89 0.00 1,440,627.94
180+ Days 4 2 25 6 37
648,386.06 668,275.71 5,247,032.87 1,303,114.76 7,866,809.40
Totals 64 7 36 6 113
12,887,903.85 1,480,502.29 7,242,081.80 1,303,114.76 22,913,602.70
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 0.146199% 0.000000% 0.000000% 0.146199%
0.082891% 0.000000% 0.000000% 0.082891%
30 Days 1.681287% 0.000000% 0.073099% 0.000000% 1.754386%
1.641948% 0.000000% 0.069410% 0.000000% 1.711358%
60 Days 1.461988% 0.073099% 0.000000% 0.000000% 1.535088%
1.360342% 0.109612% 0.000000% 0.000000% 1.469955%
90 Days 0.804094% 0.000000% 0.000000% 0.000000% 0.804094%
0.878300% 0.000000% 0.000000% 0.000000% 0.878300%
120 Days 0.292398% 0.000000% 0.365497% 0.000000% 0.657895%
0.204127% 0.000000% 0.367565% 0.000000% 0.571692%
150 Days 0.146199% 0.146199% 0.365497% 0.000000% 0.657895%
0.155970% 0.088913% 0.254259% 0.000000% 0.499142%
180+ Days 0.292398% 0.146199% 1.827485% 0.438596% 2.704678%
0.224650% 0.231541% 1.817965% 0.451497% 2.725652%
Totals 4.678363% 0.511696% 2.631579% 0.438596% 8.260234%
4.465336% 0.512957% 2.509200% 0.451497% 7.938990%
<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 2 0 0 2
239,241.28 0.00 0.00 239,241.28
30 Days 17 0 1 0 18
2,152,043.52 0.00 200,332.70 0.00 2,352,376.22
60 Days 13 0 0 0 13
1,489,231.18 0.00 0.00 0.00 1,489,231.18
90 Days 7 0 0 0 7
966,055.24 0.00 0.00 0.00 966,055.24
120 Days 4 0 4 0 8
589,152.65 0.00 593,728.77 0.00 1,182,881.42
150 Days 1 2 5 0 8
136,681.89 256,620.86 733,844.89 0.00 1,127,147.64
180 Days 3 0 19 3 25
318,899.18 0.00 2,861,544.46 155,569.72 3,336,013.36
Totals 45 4 29 3 81
5,652,063.66 495,862.14 4,389,450.82 155,569.72 10,692,946.34
0-29 Days 0.208768% 0.000000% 0.000000% 0.208768%
0.181637% 0.000000% 0.000000% 0.181637%
30 Days 1.774530% 0.000000% 0.104384% 0.000000% 1.878914%
1.633875% 0.000000% 0.152097% 0.000000% 1.785972%
60 Days 1.356994% 0.000000% 0.000000% 0.000000% 1.356994%
1.130655% 0.000000% 0.000000% 0.000000% 1.130655%
90 Days 0.730689% 0.000000% 0.000000% 0.000000% 0.730689%
0.733449% 0.000000% 0.000000% 0.000000% 0.733449%
120 Days 0.417537% 0.000000% 0.417537% 0.000000% 0.835073%
0.447297% 0.000000% 0.450771% 0.000000% 0.898068%
150 Days 0.104384% 0.208768% 0.521921% 0.000000% 0.835073%
0.103772% 0.194832% 0.557150% 0.000000% 0.855753%
180 Days 0.313152% 0.000000% 1.983299% 0.313152% 2.609603%
0.242115% 0.000000% 2.172543% 0.118112% 2.532769%
Totals 4.697286% 0.417537% 3.027140% 0.313152% 8.455115%
4.291162% 0.376469% 3.332560% 0.118112% 8.118302%
<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 6 0 0 0 6
2,586,964.84 0.00 0.00 0.00 2,586,964.84
60 Days 7 1 0 0 8
2,437,003.95 316,364.44 0.00 0.00 2,753,368.39
90 Days 4 0 0 0 4
1,568,904.22 0.00 0.00 0.00 1,568,904.22
120 Days 0 0 1 0 1
0.00 0.00 467,142.57 0.00 467,142.57
150 Days 1 0 0 0 1
313,480.30 0.00 0.00 0.00 313,480.30
180 Days 1 2 6 3 12
329,486.88 668,275.71 2,385,488.41 1,147,545.04 4,530,796.04
Totals 19 3 7 3 32
7,235,840.19 984,640.15 2,852,630.98 1,147,545.04 12,220,656.36
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 1.463415% 0.000000% 0.000000% 0.000000% 1.463415%
1.648724% 0.000000% 0.000000% 0.000000% 1.648724%
60 Days 1.707317% 0.243902% 0.000000% 0.000000% 1.951220%
1.553151% 0.201625% 0.000000% 0.000000% 1.754776%
90 Days 0.975610% 0.000000% 0.000000% 0.000000% 0.975610%
0.999894% 0.000000% 0.000000% 0.000000% 0.999894%
120 Days 0.000000% 0.000000% 0.243902% 0.000000% 0.243902%
0.000000% 0.000000% 0.297719% 0.000000% 0.297719%
150 Days 0.243902% 0.000000% 0.000000% 0.000000% 0.243902%
0.199787% 0.000000% 0.000000% 0.000000% 0.199787%
180 Days 0.243902% 0.487805% 1.463415% 0.731707% 2.926829%
0.209989% 0.425905% 1.520319% 0.731353% 2.887566%
Totals 4.634146% 0.731707% 1.707317% 0.731707% 7.804878%
4.611545% 0.627531% 1.818038% 0.731353% 7.788467%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 180,814.15
COLLATERAL STATEMENT
Collateral Description Fixed 30 Year
Weighted Average Gross Coupon 8.641204%
Weighted Average Net Coupon 8.278044%
Weighted Average Pass-Through Rate 8.268045%
Weighted Average Maturity(Stepdown Calculation ) 325
Beginning Scheduled Collateral Loan Count 1,466
Number Of Loans Paid In Full 98
Ending Scheduled Collateral Loan Count 1,368
Beginning Scheduled Collateral Balance 312,510,304.60
Ending Scheduled Collateral Balance 288,466,587.52
Ending Actual Collateral Balance at 30-Nov-2002 288,621,148.25
Monthly P &I Constant 2,452,074.04
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 30,334.44
Cumulative Realized Loss 38,228.08
Ending Scheduled Balance for Premium Loans 288,466,587.52
Scheduled Principal 216,533.27
Unscheduled Principal 23,827,183.81
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 30,334.44
Overcollateralized reduction Amount 0.00
Specified O/C Amount 1,849,617.39
Overcollateralized Amount 1,849,617.39
Overcollateralized Deficiency Amount 30,334.44
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 30,334.44
Excess Cash Amount 361,381.12
Miscellaneous Reporting
3 Month Rolling Delinquency Avg 5.342966%
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 8.732396 8.462643 8.641204
Weighted Average Net Rate 8.384090 8.087301 8.278044
Weighted Average Maturity 315 330 325
Beginning Loan Count 1,015 451 1,466
Loans Paid In Full 57 41 98
Ending Loan Count 958 410 1,368
Beginning Scheduled Balance 140,817,056.85 171,693,247.75 312,510,304.60
Ending scheduled Balance 131,651,941.23 156,814,646.29 288,466,587.52
Record Date 11/30/2002 11/30/2002 11/30/2002
Principal And Interest Constant 1,126,289.39 1,325,784.65 2,452,074.04
Scheduled Principal 101,564.13 114,969.14 216,533.27
Unscheduled Principal 9,063,551.49 14,763,632.32 23,827,183.81
Scheduled Interest 1,024,725.26 1,210,815.51 2,235,540.77
Servicing Fees 40,872.83 53,702.99 94,575.82
Master Servicing Fees 0.00 0.00 0.00
Trustee Fee 1,173.47 1,430.78 2,604.25
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 982,678.96 1,155,681.74 2,138,360.70
Realized Loss Amount 30,334.44 0.00 30,334.44
Cumulative Realized Loss 34,434.92 3,793.16 38,228.08
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 8.374090 8.077301 8.268045