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-AC1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-56242-02
Pooling and Servicing Agreement) (Commission 52-2316422
(State or other File Number) 52-2316423
jurisdiction 52-2316421
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 December 26, 2002 a distribution was made to holders of BEAR STEARNS ASSET
BACKED SECURITIES TRUST, Asset-Backed Certificates, Series 2001-AC1
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 2001-AC1
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-AC1 Trust
By: Wells Fargo Bank Minnesota, N.A. as 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-AC1 Trust,
relating to the December 26, 2002 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Asset-Backed Certificates
Record Date: 11/30/02
Distribution Date: 12/26/02
BSA Series: 2001-AC1
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 07384YAS5 IO 8.00000% 0.00 161,333.33 0.00
I-A1 07384YAM8 SEN 1.53000% 0.00 0.00 0.00
I-A2 07384YAN6 SEN 5.64000% 30,798,079.48 144,750.97 5,155,533.01
I-A3 07384YAP1 SEN 6.35000% 16,107,000.00 85,232.88 0.00
I-A4 07384YAQ9 SEN 6.90000% 24,405,000.00 140,328.75 0.00
I-A5 07384YAW6 SEN 7.05603% 13,250,000.00 77,910.33 0.00
II-A 07384YAR7 SEN 7.00000% 41,101,754.63 239,760.24 3,742,669.96
M-1 07384YAT3 SUB 6.85000% 4,841,000.00 27,634.04 0.00
M-2 07384YAU0 SUB 7.00000% 4,236,000.00 24,710.00 0.00
B 07384YAV8 SUB 7.00000% 3,025,000.00 17,645.83 0.00
B-IO BSA1ACBIO IO 0.00000% 605,159.64 20,593.07 0.00
P BSA01AC1P SUB 0.00000% 100.00 0.00 0.00
R-1 BSA01ACR1 RES 0.00000% 0.00 0.00 0.00
R-2 BSA01ACR2 RES 0.00000% 0.00 0.00 0.00
R-3 BSA01ACR3 RES 0.00000% 0.00 0.00 0.00
Totals 138,369,093.75 939,899.44 8,898,202.97
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 0.00 161,333.33 0.00
I-A1 0.00 0.00 0.00 0.00
I-A2 0.00 25,642,546.47 5,300,283.98 0.00
I-A3 0.00 16,107,000.00 85,232.88 0.00
I-A4 0.00 24,405,000.00 140,328.75 0.00
I-A5 0.00 13,250,000.00 77,910.33 0.00
II-A 0.00 37,359,084.67 3,982,430.20 0.00
M-1 0.00 4,841,000.00 27,634.04 0.00
M-2 0.00 4,236,000.00 24,710.00 0.00
B 0.00 3,025,000.00 17,645.83 0.00
B-IO 0.00 605,159.64 20,593.07 0.00
P 0.00 100.00 0.00 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
Totals 0.00 129,470,890.78 9,838,102.41 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 38,552,000.00 0.00 0.00 0.00 0.00 0.00
I-A2 40,056,000.00 30,798,079.48 0.00 5,155,533.01 0.00 0.00
I-A3 16,107,000.00 16,107,000.00 0.00 0.00 0.00 0.00
I-A4 24,405,000.00 24,405,000.00 0.00 0.00 0.00 0.00
I-A5 13,250,000.00 13,250,000.00 0.00 0.00 0.00 0.00
II-A 97,591,000.00 41,101,754.63 0.00 3,742,669.96 0.00 0.00
M-1 4,841,000.00 4,841,000.00 0.00 0.00 0.00 0.00
M-2 4,236,000.00 4,236,000.00 0.00 0.00 0.00 0.00
B 3,025,000.00 3,025,000.00 0.00 0.00 0.00 0.00
B-IO 756.67 605,159.64 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
Totals 242,063,856.67 138,369,093.75 0.00 8,898,202.97 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 0.00 0.00 0.00000000 0.00
I-A2 5,155,533.01 25,642,546.47 0.64016743 5,155,533.01
I-A3 0.00 16,107,000.00 1.00000000 0.00
I-A4 0.00 24,405,000.00 1.00000000 0.00
I-A5 0.00 13,250,000.00 1.00000000 0.00
II-A 3,742,669.96 37,359,084.67 0.38281281 3,742,669.96
M-1 0.00 4,841,000.00 1.00000000 0.00
M-2 0.00 4,236,000.00 1.00000000 0.00
B 0.00 3,025,000.00 1.00000000 0.00
B-IO 0.00 605,159.64 799.76692614 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
Totals 8,898,202.97 129,470,890.78 0.53486255 8,898,202.97
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 38,552,000.00 0.00000000 0.00000000 0.00000000 0.00000000
I-A2 40,056,000.00 768.87556121 0.00000000 128.70813386 0.00000000
I-A3 16,107,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
I-A4 24,405,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
I-A5 13,250,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
II-A 97,591,000.00 421.16337193 0.00000000 38.35056470 0.00000000
M-1 4,841,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 4,236,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 3,025,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-IO 756.67 799766.92613689 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
<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 0.00000000 0.00000000 0.00000000 0.00000000
I-A2 0.00000000 128.70813386 640.16742735 0.64016743 128.70813386
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-A 0.00000000 38.35056470 382.81280723 0.38281281 38.35056470
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 799,766.92613689 799.76692614 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
<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% 24,200,000.00 161,333.33 0.00 0.00
I-A1 38,552,000.00 1.53000% 0.00 0.00 0.00 0.00
I-A2 40,056,000.00 5.64000% 0.00 144,750.97 0.00 0.00
I-A3 16,107,000.00 6.35000% 0.00 85,232.88 0.00 0.00
I-A4 24,405,000.00 6.90000% 0.00 140,328.75 0.00 0.00
I-A5 13,250,000.00 7.05603% 0.00 77,910.33 0.00 0.00
II-A 97,591,000.00 7.00000% 0.00 239,760.24 0.00 0.00
M-1 4,841,000.00 6.85000% 0.00 27,634.04 0.00 0.00
M-2 4,236,000.00 7.00000% 0.00 24,710.00 0.00 0.00
B 3,025,000.00 7.00000% 0.00 17,645.83 0.00 0.00
B-IO 756.67 0.00000% 0.00 0.00 0.00 0.00
P 100.00 0.00000% 0.00 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
Totals 242,063,856.67 919,306.37 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 0.00 161,333.33 0.00 24,200,000.00
I-A1 0.00 0.00 0.00 0.00 0.00
I-A2 0.00 0.00 144,750.97 0.00 0.00
I-A3 0.00 0.00 85,232.88 0.00 0.00
I-A4 0.00 0.00 140,328.75 0.00 0.00
I-A5 0.00 0.00 77,910.33 0.00 0.00
II-A 0.00 0.00 239,760.24 0.00 0.00
M-1 0.00 0.00 27,634.04 0.00 0.00
M-2 0.00 0.00 24,710.00 0.00 0.00
B 0.00 0.00 17,645.83 0.00 0.00
B-IO 0.00 0.00 20,593.07 0.00 0.00
P 0.00 0.00 0.00 0.00 0.00
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
Totals 0.00 0.00 939,899.44 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 6.66666653 0.00000000 0.00000000
I-A1 38,552,000.00 1.53000% 0.00000000 0.00000000 0.00000000 0.00000000
I-A2 40,056,000.00 5.64000% 0.00000000 3.61371505 0.00000000 0.00000000
I-A3 16,107,000.00 6.35000% 0.00000000 5.29166698 0.00000000 0.00000000
I-A4 24,405,000.00 6.90000% 0.00000000 5.75000000 0.00000000 0.00000000
I-A5 13,250,000.00 7.05603% 0.00000000 5.88002491 0.00000000 0.00000000
II-A 97,591,000.00 7.00000% 0.00000000 2.45678638 0.00000000 0.00000000
M-1 4,841,000.00 6.85000% 0.00000000 5.70833299 0.00000000 0.00000000
M-2 4,236,000.00 7.00000% 0.00000000 5.83333333 0.00000000 0.00000000
B 3,025,000.00 7.00000% 0.00000000 5.83333223 0.00000000 0.00000000
B-IO 756.67 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 0.00000000 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
<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 6.66666653 0.00000000 1000.00000000
I-A1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
I-A2 0.00000000 0.00000000 3.61371505 0.00000000 0.00000000
I-A3 0.00000000 0.00000000 5.29166698 0.00000000 0.00000000
I-A4 0.00000000 0.00000000 5.75000000 0.00000000 0.00000000
I-A5 0.00000000 0.00000000 5.88002491 0.00000000 0.00000000
II-A 0.00000000 0.00000000 2.45678638 0.00000000 0.00000000
M-1 0.00000000 0.00000000 5.70833299 0.00000000 0.00000000
M-2 0.00000000 0.00000000 5.83333333 0.00000000 0.00000000
B 0.00000000 0.00000000 5.83333223 0.00000000 0.00000000
B-IO 0.00000000 0.00000000 27215.39112163 0.00000000 0.00000000
P 0.00000000 0.00000000 0.00000000 0.00000000 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
<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 9,789,856.78
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 111,906.75
Realized Losses (35,047.65)
Prepayment Penalties 0.00
Total Deposits 9,866,715.88
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 28,613.47
Payment of Interest and Principal 9,838,102.41
Total Withdrawals (Pool Distribution Amount) 9,866,715.88
Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<s> <c>
Total Prepayment/Curtailment Interest Shortfall 213.43
Servicing Fee Support 213.43
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES
<s> <c>
Gross Servicing Fee 28,826.90
Trustee Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 213.43
Net Servicing Fee 28,613.47
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
370,965.91 0.00 0.00 370,965.91
30 Days 20 0 0 0 20
3,138,105.14 0.00 0.00 0.00 3,138,105.14
60 Days 9 1 0 0 10
1,253,545.13 127,161.44 0.00 0.00 1,380,706.57
90 Days 4 1 1 0 6
529,014.82 104,659.99 91,049.75 0.00 724,724.56
120 Days 4 0 3 0 7
660,522.26 0.00 625,503.80 0.00 1,286,026.06
150 Days 3 1 5 0 9
845,376.47 95,488.23 748,335.20 0.00 1,689,199.90
180+ Days 1 4 18 7 30
104,031.20 612,615.19 3,527,935.79 1,439,411.29 5,683,993.47
Totals 41 9 27 7 84
6,530,595.02 1,310,890.76 4,992,824.54 1,439,411.29 14,273,721.61
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 0.250000% 0.000000% 0.000000% 0.250000%
0.286366% 0.000000% 0.000000% 0.286366%
30 Days 2.500000% 0.000000% 0.000000% 0.000000% 2.500000%
2.422453% 0.000000% 0.000000% 0.000000% 2.422453%
60 Days 1.125000% 0.125000% 0.000000% 0.000000% 1.250000%
0.967671% 0.098162% 0.000000% 0.000000% 1.065833%
90 Days 0.500000% 0.125000% 0.125000% 0.000000% 0.750000%
0.408372% 0.080792% 0.070286% 0.000000% 0.559449%
120 Days 0.500000% 0.000000% 0.375000% 0.000000% 0.875000%
0.509889% 0.000000% 0.482856% 0.000000% 0.992745%
150 Days 0.375000% 0.125000% 0.625000% 0.000000% 1.125000%
0.652586% 0.073712% 0.577676% 0.000000% 1.303974%
180+ Days 0.125000% 0.500000% 2.250000% 0.875000% 3.750000%
0.080307% 0.472907% 2.723382% 1.111150% 4.387746%
Totals 5.125000% 1.125000% 3.375000% 0.875000% 10.500000%
5.041278% 1.011939% 3.854199% 1.111150% 11.018566%
<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
370,965.91 0.00 0.00 370,965.91
30 Days 16 0 0 0 16
1,822,299.15 0.00 0.00 0.00 1,822,299.15
60 Days 8 1 0 0 9
978,367.68 127,161.44 0.00 0.00 1,105,529.12
90 Days 4 1 1 0 6
529,014.82 104,659.99 91,049.75 0.00 724,724.56
120 Days 4 0 2 0 6
660,522.26 0.00 236,817.90 0.00 897,340.16
150 Days 2 1 4 0 7
248,515.23 95,488.23 390,858.41 0.00 734,861.87
180 Days 1 4 13 5 23
104,031.20 612,615.19 1,534,095.03 732,479.59 2,983,221.01
Totals 35 9 20 5 69
4,342,750.34 1,310,890.76 2,252,821.09 732,479.59 8,638,941.78
0-29 Days 0.287356% 0.000000% 0.000000% 0.287356%
0.428616% 0.000000% 0.000000% 0.428616%
30 Days 2.298851% 0.000000% 0.000000% 0.000000% 2.298851%
2.105496% 0.000000% 0.000000% 0.000000% 2.105496%
60 Days 1.149425% 0.143678% 0.000000% 0.000000% 1.293103%
1.130412% 0.146923% 0.000000% 0.000000% 1.277335%
90 Days 0.574713% 0.143678% 0.143678% 0.000000% 0.862069%
0.611227% 0.120925% 0.105199% 0.000000% 0.837351%
120 Days 0.574713% 0.000000% 0.287356% 0.000000% 0.862069%
0.763172% 0.000000% 0.273621% 0.000000% 1.036793%
150 Days 0.287356% 0.143678% 0.574713% 0.000000% 1.005747%
0.287136% 0.110328% 0.451600% 0.000000% 0.849064%
180 Days 0.143678% 0.574713% 1.867816% 0.718391% 3.304598%
0.120198% 0.707820% 1.772503% 0.846312% 3.446833%
Totals 5.028736% 1.293103% 2.873563% 0.718391% 9.913793%
5.017642% 1.514612% 2.602924% 0.846312% 9.981489%
<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
1,315,805.99 0.00 0.00 0.00 1,315,805.99
60 Days 1 0 0 0 1
275,177.45 0.00 0.00 0.00 275,177.45
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
120 Days 0 0 1 0 1
0.00 0.00 388,685.90 0.00 388,685.90
150 Days 1 0 1 0 2
596,861.24 0.00 357,476.79 0.00 954,338.03
180 Days 0 0 5 2 7
0.00 0.00 1,993,840.76 706,931.70 2,700,772.46
Totals 6 0 7 2 15
2,187,844.68 0.00 2,740,003.45 706,931.70 5,634,779.83
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 3.846154% 0.000000% 0.000000% 0.000000% 3.846154%
3.060524% 0.000000% 0.000000% 0.000000% 3.060524%
60 Days 0.961538% 0.000000% 0.000000% 0.000000% 0.961538%
0.640054% 0.000000% 0.000000% 0.000000% 0.640054%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.961538% 0.000000% 0.961538%
0.000000% 0.000000% 0.904072% 0.000000% 0.904072%
150 Days 0.961538% 0.000000% 0.961538% 0.000000% 1.923077%
1.388281% 0.000000% 0.831480% 0.000000% 2.219761%
180 Days 0.000000% 0.000000% 4.807692% 1.923077% 6.730769%
0.000000% 0.000000% 4.637613% 1.644302% 6.281914%
Totals 5.769231% 0.000000% 6.730769% 1.923077% 14.423077%
5.088860% 0.000000% 6.373164% 1.644302% 13.106325%
OTHER INFORMATION
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Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 111,906.75
COLLATERAL STATEMENT
Collateral Description Fixed 30 Year
Weighted Average Gross Coupon 8.705187%
Weighted Average Net Coupon 8.455187%
Weighted Average Pass-Through Rate 8.455187%
Weighted Average Maturity(Stepdown Calculation ) 318
Beginning Scheduled Collateral Loan Count 840
Number Of Loans Paid In Full 40
Ending Scheduled Collateral Loan Count 800
Beginning Scheduled Collateral Balance 138,369,093.75
Ending Scheduled Collateral Balance 129,470,890.78
Ending Actual Collateral Balance at 30-Nov-2002 129,542,456.72
Monthly P &I Constant 1,104,366.45
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 35,047.65
Cumulative Realized Loss 175,966.51
Ending Scheduled Balance for Premium Loans 129,470,890.78
Scheduled Principal 100,592.44
Unscheduled Principal 8,797,610.53
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 35,047.65
Overcollateralized reduction Amount 0.00
Specified O/C Amount 605,159.64
Overcollateralized Amount 605,159.64
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 35,047.65
Excess Cash Amount 55,640.72
Miscellaneous Reporting
3 Month Rolling Delinquency Average 8.165842%
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 8.778100 8.562035 8.705187
Weighted Average Net Rate 8.528100 8.312035 8.455187
Weighted Average Maturity 312 326 318
Beginning Loan Count 727 113 840
Loans Paid In Full 31 9 40
Ending Loan Count 696 104 800
Beginning Scheduled Balance 91,675,047.29 46,694,046.46 138,369,093.75
Ending scheduled Balance 86,504,772.90 42,966,117.88 129,470,890.78
Record Date 11/30/2002 11/30/2002 11/30/2002
Principal And Interest Constant 738,328.60 366,037.85 1,104,366.45
Scheduled Principal 67,717.97 32,874.47 100,592.44
Unscheduled Principal 5,102,556.42 3,695,054.11 8,797,610.53
Scheduled Interest 670,610.63 333,163.38 1,003,774.01
Servicing Fees 19,098.97 9,727.93 28,826.90
Master Servicing Fees 0.00 0.00 0.00
Trustee Fee 0.00 0.00 0.00
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 651,511.66 323,435.45 974,947.11
Realized Loss Amount 35,047.65 0.00 35,047.65
Cumulative Realized Loss 72,102.59 103,863.92 175,966.51
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 8.528100 8.312035 8.455187