UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-K

(Mark one)

/X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2002

/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

Commission File Number: 333-43091-15

Bear Stearns Asset Backed Securities Trust
Asset Backed Certificates
Series 2002-AC5 Trust

(Exact name of registrant as specified in its charter)

New York 56-2302985
56-2302979
56-2302830
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)

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

Securities registered pursuant to Section 12(b) of the Act:

NONE.

Securities registered pursuant to Section 12(g) of the Act:

NONE.

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.

Yes X No ___

Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K ( 229.405 of this chapter) is not contained
herein, and will not be contained, to the best of registrant's knowledge,
in definitive proxy or information statements incorporated by reference
in Part III of this Form 10-K or any amendment to this Form 10-K.

Not applicable.

State the aggregate market value of the voting and non-voting common
equity held by non-affiliates of the registrant. The aggregate market
value shall be computed by reference to the price at which the common
equity was sold, or the average bid and asked prices of such common
equity, as of a specified date within 60 days prior to the date of
filing. (See definition of affiliate in Rule 405, 17 CFR 230.405.)

Not applicable.

Indicate the number of shares outstanding of each of the registrant's
classes of common stock, as of the latest practicable date.

Not applicable.

List hereunder the following documents if incorporated by reference and
the Part of the Form 10-K (e.g. Part I, Part II, etc..) into which the
document is incorporated: (1)Any annual report to security holders; (2)
Any proxy or information statement; and (3)Any prospectus filed pursuant
to Rule 424(b) or (c) under the Securities Act of 1933. The listed
documents should be clearly described for identification purposes (e.g.
annual report to security holders for fiscal year ended December 24, 1980).

Not applicable.

PART I

Item 1. Business.

Omitted.

Item 2. Properties.

See Item 14(a), Exhibits 99.1, 99.2, and 99.3, for information
provided in lieu of information required by Item 102 of
Regulation S-K.

Item 3. Legal Proceedings.

The registrant knows of no material pending legal proceedings
involving the trusts created under the Pooling and Servicing
Agreement (the Trusts), the Trustee, the Servicer or the
registrant with respect to the Trusts other than routine
litigation incidental to the duties of the respective parties.

Item 4. Submission of Matters to a Vote of Security Holders.

None.

PART II

Item 5. Market for registrant's Common Equity and Related Stockholder
Matters.

No established public trading market for the Certificates exists.

Records provided to the Trust by the DTC and the Trustee
indicate that as of December 31, 2002, the number of holders of
record for each class of Certificate were as follows:

Class I-A1 1
Class I-A2 1
Class II-A1 2
Class II-A2 2
Class II-A3 2
Class II-A4 2
Class II-A5 1
Class III-A 1
Class B-1 2
Class B-2 1
Class B-3 1
Class B-4 1
Class B-5 1
Class B-6 1
Class BX 1
Class I-PO 1
Class II-PO 1
Class III-PO 1
Class R-I 1
Class R-II 1
Class R-III 1
Class I-X 1
Class II-X 1
Class III-X 1
Class XP 1

Total: 30

Item 6. Selected Financial Data.

Omitted.

Item 7. Management's Discussion and Analysis of Financial Condition
and Results of Operation.

Omitted.

Item 7A. Quantitative and Qualitative Disclosures about Market Risk.

Not applicable.

Item 8. Financial Statements and Supplementary Data.

See Item 14(a), Exhibits 99.1, 99.2, 99.3, for information
provided in lieu of information required by Item 302 of
Regulation S-K.

Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure.

None.

PART III

Item 10. Directors and Executive Officers of the Registrant.

Not applicable.

Item 11. Executive Compensation.

Not applicable.

Item 12. Security Ownership of Certain Beneficial Owners and Management.

Not applicable.

Item 13. Certain Relationships and Related Transactions.

Not applicable.

Item 14. Controls and Procedures.

Not applicable.

PART IV

Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

(a) Exhibits

(99.1) Annual Independent Accountants' Servicing Reports concerning
servicing activities for the year ended December 31, 2002.

<s> <c>
a) EMC Mortgage Corp, as Servicer <F2>
b) National City Mortgage Co, as Servicer <F2>

(99.2) Report of Management as to Compliance with Minimum Servicing
Standards for the year ended December 31, 2002.

<s> <c>
a) EMC Mortgage Corp, as Servicer <F2>
b) National City Mortgage Co, as Servicer <F2>

(99.3) Annual Statements of Compliance under the Pooling and Servicing
Agreements for the year ended December 31, 2002.

<s> <c>
a) EMC Mortgage Corp, as Servicer <F1>
b) National City Mortgage Co, as Servicer <F2>

(99.4) Aggregate Statement of Principal and Interest Distributions to
Certificate Holders.

(b) On November 18, 2002, a report on Form 8-K was filed in order to
provide the Pooling and Servicing Agreement for the Certificates.

On December 09, 2002 and January 09, 2003 reports on Form 8-K
were filed by the Company in order to provide the statements for the
monthly distributions to holders of the Certificates. No other
reports on Form 8-K have been filed during the last quarter of the
period covered by this report.

(d) Omitted.

<F1> Such document (i) is not filed herewith since such document was not
received by the reporting person at least three business days prior to
the due date covered by this report, and (ii) will be included in an
amendment to this report on Form 10-K/A to be filed within 30 days of the
Reporting Person's receipt of such document.

<F2> Filed herewith.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized:

Bear Stearns Asset Backed Securities Trust
Asset Backed Certificates
Series 2002-AC5 Trust
(Registrant)

Signed: Bear Stearns Asset Backed Securities Inc. as Depositor

By: Jeffrey Mayer, Vice President

By: /s/ Jeffrey Mayer

Dated: March 31, 2003

Sarbanes-Oxley Certification

I, Jeffrey Mayer, certify that:

1. I have reviewed this annual report on Form 10-K, and all reports on Form
8-K containing distribution or servicing reports filed in respect of
periods included in the year covered by this annual report, of Bear
Stearns Asset Backed Securities Trust Asset Backed Certificates
Series 2002-AC5 Trust;

2. Based on my knowledge, the information in these reports, taken as a whole,
does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading as of
the last day of the period covered by this annual report;

3. Based on my knowledge, the distribution or servicing information required
to be provided to the trustee by the servicer under the pooling and
servicing, or similar, agreement, for inclusion in these reports is
included in these reports;

4. Based on my knowledge and upon the annual compliance statement
included in the report and required to be delivered to the
trustee in accordance with the terms of the pooling and
servicing, or similar, agreement, and except as disclosed
in the reports, the servicer has fulfilled its obligations
under the servicing agreement; and

5. The reports disclose all significant deficiencies relating to the
servicer's compliance with the minimum servicing standards based upon the
report provided by an independent public accountant, after conducting a
review in compliance with the Uniform Single Attestation Program for
Mortgage Bankers or similar procedure, as set forth in the pooling and
servicing, or similar, agreement, that is included in these reports.

In giving the certifications above, I have reasonably relied on
information provided to me by the following unaffiliated parties: EMC
Mortgage Corporation, as Servicer, National City Mortgage Co., as Servicer
and Wells Fargo Bank Minnesota, N.A., as Master Servicer.

Date: March 31, 2003

/s/ Jeffrey Mayer
Signature

Vice President
Title

SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO
SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED
SECURITIES PURSUANT TO SECTION 12 OF THE ACT.

(a)(i) No annual report is provided to the Certificateholders other than
with respect to aggregate principal and interest distributions.

(a)(ii) No proxy statement, form of proxy or other proxy soliciting
material has been sent to any Certificateholder with respect to any
annual or other meeting of Certificateholders.

Ex-99.1(a)

Deloitte & Touche (logo)

Deloitte & Touche
750 College Road East
3rd Floor
Princeton, New Jersey 08540

Tel: (609) 514-3600
Fax: (609) 514-3603
www.deloitte.com

INDEPENDENT ACCOUNTANTS' REPORT

Board of Directors and Stockholder
EMC Mortgage Corporation

We have examined the accompanying management assertion that EMC Mortgage
Corporation (the "Company") (a wholly owned subsidiary of The Bear Stearns
Companies Inc.) complied with the minimum servicing standards identified in the
Mortgage Bankers Association of America's Uniform Single Attestation Program
for Mortgage Bankers as of and for the year ended November 30, 2002.
Management is responsible for the Company's compliance with those requirements.
Our responsibility is to express an opinion on management's compliance based
on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the Company's
compliance with the minimum servicing standards and performing such other
procedures as we considered necessary in the circumstances. We believe that our
examination provides a reasonable basis for our opinion. Our examination does
not provide a legal determination on the Company's compliance with the minimum
servicing standards.

In our opinion, management's assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended November
30, 2002 is fairly stated, in all material respects.

/s/ Deloitte & Touche LLP

January 15, 2003

Deloitte
Touche
Tohmatsu (logo)

Ex-99.1(b)

ERNST & YOUNG (logo)

Ernst & Young LLP
1300 Huntington Building
925 Euclid Avenue
Cleveland, Ohio 44115-1405

Phone: (216) 861-5000
www.ey.com

Report on Management's Assertion on Compliance
with Minimum Servicing Standards Set Forth in the
Uniform Single Attestation Program for Mortgage Bankers

Report of Independent Accountants

Board of Directors
National City Mortgage Co.

We have examined management's assertion, included in the accompanying Report of
Management, that National City Mortgage Co. (NCM) complied with the minimum
servicing standards set forth in the Mortgage Bankers Association of America's
Uniform Single Attestation Program for Mortgage Bankers (USAP) for the year
ended December 31, 2002. Management is responsible for NCM's compliance with
those requirements. Our responsibility is to express an opinion on
management's assertions about NCM's compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about NCM's
compliance with those requirements and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide
a legal determination on NCM's compliance with specified requirements.

In our opinion, management's assertion, that NCM complied with the
aforementioned requirements for the year ended December 31, 2002, is fairly
stated, in all material respects.

This report is intended solely for the information and use of the audit
committee, management, Federal Home Loan Mortgage Corporation, Federal National
Mortgage Association, Government National Mortgage Association and NCM's private
investors and is not intended to be and should not be used by anyone other than
these specified parties.

/s/ Ernst & Young LLP

February 24, 2002

A Member Practice of Ernst & Young Global

Ex-99.2(a)

EMC Mortgage Corporation (logo)

January 15, 2003

As of and for the year ended November 30, 2002, EMC Mortgage Corporation (the
"Company") (a wholly owned subsidiary of The Bear Stearns Companies, Inc.), has
complied in all material respects with the minimum servicing standards set
forth in the Mortgage Bankers Association of America's Uniform Single
Attestation Program for Mortgage Bankers.

As of November 30, 2002 and for the year then ended, the company had in effect
a fidelity bond in the amount of $200,000,000, and errors and omissions
liability coverage in the amount of $10,000,000 on any individual mortgage
impairment claim.

/s/ Ralene Ruyle
Ralane Ruyle, President

/s/ Beverly A. Sibblies
Beveryly A. Sibblies, Executive Vice President

/s/ Scott D. Samlin
Scott D. Samlin, Senior Vice President

Two MacArthur Ridge, 909 Hidden Ridge Drive, Suite 200, Irving Texas 75038
Mailing Address: P.O. Box 141358 Irving, Texax 75014-1358

Member
Mortgage Bankers
Association of America (logo)

Ex-99.2(b)

National City Mortgage (logo)

National City Mortgage Co.
3232 Newmark Drive * Miamisburg, Ohio 45342
Telephone (937) 910-1200

Mailing Address:
P.O. Box 1820
Dayton, Ohio 45401-1820

Management's Assertion on Compliance with Minimum Servicing
Standards Set Forth in the Uniform Single Attestation Program
for Mortgage Bankers

Report on Management

We, as members of management of National City Mortgage Co. (NCM), are
responsible for complying with the minimum servicing standards as set forth in
the Mortgage Bankers Association of America's Uniform Single Attestation
Program for Mortgage Bankers (USAP). We are also responsible for establishing
and maintaining effective internal control over compliance with these standards.
We have performed an evaluation of NCM's compliance with the minimum servicing
standards as set forth in the USAP as of December 31, 2002 and for the year then
ended. Based on this evaluation, we assert that during the year ended December
31, 2002, NCM complied, in all material respects, with the minimum servicing
standards set forth in the USAP.

As of and for this same period, NCM had in effect a fidelity bond policy in the
amount of $50 million and an errors and omissions policy in the amount of $40
million.

/s/ Charles Abourezk
Charles Abourezk, Senior Vice President

February 24, 2003

No one Cares More!

Ex-99.3(b)

National City Mortgage (logo)

National City Mortgage Co.
3232 Newmark Drive * Miamisburg, Ohio 45342
Telephone (937) 910-1200

Mailing Address:
P.O. Box 1820
Dayton, Ohio 45401-1820

Wells Fargo Bank Minnesota NA
Attn: Monyette Perry
9062 Old Annapolis Road
Columbia, Maryland 21045

RE: Officer's Certification - National City Mortgage Investor Number 746, 754,
759 and 768

Dear Master Servicer:

The undersigned Officer certifies the following for the 2002 fiscal year:

a. I have reviewed the activities and performance of the Servicer during the
preceding fiscal year under the terms of the Servicing Agreement, Trust
Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide or
obligations under these Agreements throughout such year, or if there has been
a default or failure of the servicer to perform any of such duties,
responsibilities or obligations, a description of each default or failure and
the nature and status thereof has been reported to WELLS FARGO BANK MINNESOTA
NA;

b. I have confirmed that the Servicer is currently an approved FNMA or FHLMC
servicer in good standing;

c. I have confirmed that the Fidelity Bond, the Errors and Omissions Insurance
Policy and any other bonds required under the terms of the Servicing Agreement,
Trust Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide
are in full force and effect;

d. All premiums for each Hazard Insurance Policy, Flood Insurance Policy (if
applicable) and Primary Mortgage Insurance Policy (if applicable), with respect
to each Mortgaged Property, have been paid and that all such insurance policies
are in full force and effect;

e. All real estate taxes, governmental assessments and any other expenses
accrued and due, that if not paid could result in a lien or encumbrance on any
Mortgaged Property, have been paid, or if any such costs or expenses have not
been paid with respect to any Mortgaged Property, the reason for the non-
payment has been reported to WELLS FARGO BANK MINNESOTA NA;

f. All custodial accounts have been reconciled and are properly funded; and

g. All annual reports of Foreclosure and Abandonment of Mortgaged Property
required per section 6050H, 6050J and 6050P of the Internal Revenue Code,
respectively, have been prepared and filed.

Certified By:
/s/ Mary Beth Criswell
Officer (Mary Beth Criswell)

Vice President
Title

February 14, 2003
Date

No one Cares More!

Ex-99.4
Schedule of Year-To-Date Principal and Interest Distributions to
Certificateholders

Class Interest Principal Losses Ending Balance
<s> <c> <c> <c> <c>
I-A1 255,763.53 566,736.59 0.00 70,907,263.41
I-A2 755,236.14 0.00 0.00 0.00
II-A1 789,669.58 8,091,253.35 0.00 71,908,746.65
II-A2 30,873.38 0.00 0.00 2,849,850.00
II-A3 696,754.65 5,039,443.56 0.00 44,786,642.44
II-A4 528,146.89 6,895,155.12 0.00 50,320,844.88
II-A5 102,730.44 0.00 0.00 10,957,914.00
III-A 1,025,623.17 4,683,822.23 0.00 91,109,177.77
B-1 167,387.37 23,525.47 0.00 15,433,474.53
B-2 89,265.32 12,545.80 0.00 8,230,454.20
B-3 55,792.18 7,841.31 0.00 5,144,158.68
B-4 42,730.41 5,646.60 0.00 3,704,353.40
B-5 33,239.88 4,392.48 0.00 2,881,607.52
B-6 30,890.71 4,082.62 0.00 2,677,954.85
BX 19,860.77 0.00 0.00 0.00
I-PO 0.00 16,698.43 0.00 5,787,724.97
II-PO 0.00 457.94 0.00 129,644.25
III-PO 0.00 2,799.36 0.00 8,528.96
R-I 0.27 50.00 0.00 0.00
R-II 0.68 50.00 0.00 0.00
R-III 0.27 50.00 0.00 0.00
I-X 26,211.32 0.00 0.00 0.00
II-X 331,998.05 0.00 0.00 0.00
III-X 227,428.28 0.00 0.00 0.00
XP 7,104.92 0.00 0.00 100.00