UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549
                               ------------------

                                    FORM 10-K

[X]      Annual  report  pursuant  to  Section  13 or  15(d)  of the Securities
         Exchange Act of 1934 for the fiscal year ended December 31, 2003

[ ]      Transition report pursuant to Section 13 or 15(d) of the
         Securities Exchange Act of 1934 for the transition period from   to


                                             Commission File Number 333-91334-03

                   BEAR STEARNS ASSET BACKED SECURITIES INC
             (Exact name of registrant as specified in its charter)


       Delaware                                        13-3836437
 (State or other jurisdiction of               (IRS Employer Identification No.)
     incorporation)

245 Park Avenue
New York, New York                                         10167
(Address of principal executive offices)                (Zip Code)

Registrant's telephone number, including area code : (212) 272-4095

                        ABFS Mortgage Loan Trust 2003-1
               Mortgage Pass-Through Certificates, Series 2003-1
            (Title of each class of securities covered by this Form)

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 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. [X]

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Exchange Act Rule 12b-2). Yes  No [X]

                   Documents incorporated by reference: None





<PAGE>

BEAR STEARNS ASSET BACKED SECURITIES INC.
ABFS Mortgage Loan Trust 2003-1
Mortgage Pass-Through Certificates, Series 2003-1
-----------------------------------------------------------------------


PART I

Item 1.  Business

         Omitted.

Item 2.  Properties

         Omitted.

Item 3.  Legal Proceedings

     The Registrant is not aware of any material legal  proceeding  with respect
to, the Company, the Servicer or the Trustee, as related to the Trust.

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

No  matter  was  submitted  to a vote  or  consent  of  Holders  of the  Offered
Certificates during the fiscal year covered by this report.


PART II

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

The Trust does not issue stock. There is currently no established secondary
market for the Certificates. As of December 31, 2003, the number of holders of
each Class of Offered Certificates was 5.


Item 6.  Selected Financial Data

         Omitted.

Item 7.  Management's Discussion and Analysis of Financial condition and
         Results of Operations

         Omitted.

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

         Not Applicable.

Item 8.  Financial Statements and Supplementary Data

         Not Applicable.

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

     There was no change of accountants or disagreement  with accountants on any
matter of accounting principles or practices or financial disclosure.

Item 9A. Controls and Procedures.

         Not Applicable.

                                      -2-

<PAGE>

PART III

Item 10. Directors and Executive Officers of the Registrant

         Omitted.

Item 11. Executive Compensation

         Omitted.

Item 12. Security Ownership of Certain Beneficial Owners and Management

         Omitted.

Item 13. Certain Relationships and Related Transactions

        No reportable transactions have occurred.

Item 14. Principal Accounting Fees and Services

         Not applicable.

PART IV

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

(a) Not applicable.

(b) Reports on Form 8-K: The following  Current Reports on Form 8-K with respect
    to the Trust were filed by the Registrant for the last quarter of 2003.

    Current Reports on Form 8-K dated  October 27, 2003,  November  25,  2003,
    and December 26, 2003 were filed for the  purpose of filing the  Monthly
    Statement sent to the Holders of the Offered  Certificates  for payments
    made on the same date. The items reported in such Current Report were
    Item 5 and Item 7.

(c) Exhibits to this report.

     Annual  Independent  Accountant's  Servicing Report  concerning  servicing
activities for the year ended December 31, 2003, filed as Exhibit 99.1 hereto.

     Report of Management as to Compliance with Minimum Servicing  Standards for
the year ended December 31, 2003, filed as Exhibit 99.2 herto.

     Annual  Statement of Compliance for the year ended December 31, 2003, filed
as Exhibit 99.3 hereto.

(d) Not applicable.


                                      -3-

<PAGE>


BEAR STEARNS ASSET BACKED SECURITIES INC.
ABFS Mortgage Loan Trust 2003-1
Mortgage Pass-Through Certificates, Series 2003-1
-----------------------------------------------------------------------

SIGNATURE

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.

                                     AMERICAN BUSINESS CREDIT, INC.


Date:  March 30, 2004            By: Anna M. Bucceroni
                                     --------------------------------------
                              Name:  Anna M. Bucceroni
                            Title:   Senior Vice President


                                      -4-

<PAGE>
               CERTIFICATION OF AMERICAN BUSINESS CREDIT, INC.

Issuer:  ABFS 2003-1, Inc.

     I, Anna M.  Bucceroni,  the Senior  Vice  President  of  American  Business
Credit,  Inc.,  the  servicer of the asset backed  securities  issued by Issuer,
certifies 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 Credit  Suisse  First
Boston Mortgage Securities Corp. with respect to the Issuer;

     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.

     I have  disclosed to the  registrant's  certified  public  accountants  all
significant  deficiencies relating to the servicer's compliance with the minimum
servicing  standards  in  accordance  with  pooling and  servicing,  or similar,
agreement, that is included in these reports.


    Signature:  /s/ Anna M. Bucceroni
               --------------------------------------
                 Anna M. Bucceroni

        Title:   Senior Vice President

         Date:   March 30, 2004

                                      -5-
<page>

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.

The  registrant  has not sent an annual report or proxy material to its security
holders.  The registrant  will not be sending an annual report or proxy material
to its security holders subsequent to the filing of this form.

                                      -6-

<page>



                                 EXHIBIT INDEX

Exhibit Description

99.1    Annual Independent Accountant's Servicing Report

99.2    Report of Management as to Compliance with Minimum Servicing Standards

99.3    Annual Statement as to Compliance



                                      -7-

<PAGE>

                                  EXHIBIT 99.1
                Annual Independent Accountant's Servicing Report
                        -------------------------------
BDO Seldman, LLP
Accountants and Consultants
1700 Market Street, 29th Floor
Philadelphia, PA  19103-3962
Telephone (215) 636-5500
Faz (215) 636-5501

Independent Auditors' Report

American Business Credit, Inc.
Bala Cynwyd, Pennsylvania

We have examined  management's  assertion about American Business Credit, Inc.'s
compliance  with the minimum  servicing  standards  identified  in the  Mortgage
Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers  (USAP) as of and for the year ended  December 31, 2003  included in the
accompanying  management  assertion.  Management  is  responsible  for  American
Business Credit,  Inc.'s compliance with those minimum servicing standards.  Our
responsibility  is to express an opinion  on  management's  assertion  about the
entity's compliance based on our examination.

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

In our opinion,  management's  assertion  that American  Business  Credit,  Inc.
complied with the aforementioned  minimum servicing  standards as of and for the
year ended December 31, 2003 is fairly stated, in all material respects.

/s/ BDO Seidman, LLP
------------------------------

February 13, 2004



                                      -8-

<page>



                                  EXHIBIT 99.2
     Report of Management as to Compliance with Minimum Servicing Standards
                                  -----------

American Business Credit Inc.
100 Penn Square East
Philadelphia, PA  19107
Phone 215.940.4000


February 13, 2004

BDO Seidman, LLP
1700 Market Street, 29th Floor
Philadelphia, PA  19103

BDO Seidman LLP:

In  connection  with your  engagement  to examine our  assertion  that  American
Business  Credit,  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 (USAP) as of and for the
year ended December 31, 2003, we recognized that obtaining  representations from
us  concerning  the  information  contained  in  this  letter  is a  significant
procedure in enabling you to express an opinion on management's  assertion about
compliance  with  the  minimum  servicing  standards.  Accordingly,  we make the
following represenations, which are true to the best of our knowledge and belief
in all material respects:

1.   We are  responsible for complying with the minimum  servicing  standards in
     the USAP and all federal and state regulations.

2.   We are responsible for  establishing  and  maintaining  effective  internal
     control over compliance with the minimum servicing standards.

3.   We have  performed  an  evaluation  of  American  Business  Credit,  Inc.'s
     compliance with the miinimum servicing standards.

4.   As of and for the year ended December 31, 2003,  American  Business Credit,
     Inc. as complied with the minimum servicing standards.

5.   We have  disclosed  to you all known  instances of  noncompliance  with the
     minimum servicing standards.

6.   We have made available to you all documentation  related to compliance with
     the minimum servicing standards.

7.   We have not made our own interpretation of any minimum servicing standards.

8.   We have disclosed all  communications  from regulatory  agencies,  internal
     auditors  or other  independent  practitioners  or  consultants  concerning
     possible noncompliance with the minimum servicing standards.

9.   We have made available to you all  information  that we believe is relevant
     to the minimum servicing standards.

10.  We have  disclosed  all known  noncompliance  that  occured  subsequent  to
     December 31, 2003.

11.  Management is not aware of any information  indicating that an illegal act,
     or violations or possible  violations of any  regulations,  has or may have
     occurred  whether or not perceived to have a material effect on the monthly
     servicer reports.

12.  All payment  allocations  are in compliance  with underlying loan documents
     and applicable laws and regulations.

13.  We believe the coverage  provided by our fidelity  bond is adequate and has
     not changed since inception.

Sincerely,

/s/ Anthony J. Santilli                         Date:  3/15/04
---------------------------------------
President and Chief Executive Officer
American Business Financial Services, Inc.
(On behalf of American Business Credit, Inc.)


/s/ Albert W. Mandia                            Date:  3/15/04
----------------------------------------
Executive Vice President and Chief Financial Officer
American Business Financial Services, Inc.
(On behalf of American Business Credit, Inc.)


/s/ Jeffrey M. Ruben                            Date:  3/15/04
----------------------------------------
Executive Vice President
American Business Financial Services, Inc.
(On behalf of American Business Credit, Inc.)


/s/ Carole Santilli                             Date:  3/16/04
----------------------------------------
Sr. Vice President Servicing
American Business Financial Services, Inc.
(On behalf of American Business Credit, Inc.)

/s/ John Borys                                  Date:  3/17/04
----------------------------------------
Senior Vice President Cash Collections
American Business Financial Services, Inc.
(On behalf of American Business Credit, Inc.)


/s/ Anna Bucceroni                              Date:  3/15/04
----------------------------------------
Senior Vice President Securitization
American Business Financial Services, Inc.
(On behalf of American Business Credit, Inc.)

                                      -9-


<page>
                                  EXHIBIT 99.3
                        Annual Statement as to Compliance
                        -------------------------------
American Business Credit, Inc.

March 19, 2004

Mr. Joseph Costantino
JP Morgan Chase Bank
4 New York Plaza, 6th Floor
New York, NY  10004

Ms. Ernestine Warner
Standard and Poors Corporation
55 Water Street
New York, NY  10041

Ms. Taruna Reddy
Moody's Investor Service
99 Church Street, 4th floor
New York, NY  10041

                                $450,000,000.00
                        ABFS MORTGAGE LOAN TRUST 2003-1
               MORTGAGE PASS THROUGH CERTIFICATES, SERIES 2003-1
                 ANNUAL OFFICER'S CERTIFICATE AS TO COMPLIANCE

Pursuant  to  Section  5.09  of  the  Pooling  and  Servicing   Agreement   (The
"Agreement") dated as of March 1, 2003 between American Business Credit, INc. as
Servicer  (the  "Servicer"),  Bear  Stearns  Asset  Backed  Securities,  Inc. as
Depositor, and JP Morgan Chase Bank as Trustee (the "Trustee"),  the undersigned
does hereby certify the following:

1.  I have reviewed the activities of the Servicer for the period ended
December 31, 2003 and its performance under the Agreement.

2.  To the best of my knowledge, based on such review, the Servicer has
fulfilled its duties, responsibilities and obligations under the Agreement in
all material respects throughout such period.

IN WITNESS WHEREOF, the undersigned has executed this Certificate as of the
19th day of March, 2004.

American Business Credit, Inc.

Attest:

/s/ Jeffrey M. Ruben
--------------------------
Executive Vice President

/s/ Albert W. Mandia
--------------------------
Executive Vice President and Chief Financial Officer


                                      -10-