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): July 25, 2003
BEAR STEARNS ASSET BACKED SECURITIES TRUST
Asset-Backed Certificates, Series 2003-2 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-91334-05 Pending
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
of Incorporation)
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 July 25, 2003 a distribution was made to holders of BEAR STEARNS ASSET
BACKED SECURITIES TRUST, Asset-Backed Certificates, Series 2003-2
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 2003-2 Trust, relating to the
July 25, 2003 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 2003-2 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: 8/5/03
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset-Backed
Certificates, Series 2003-2 Trust,
relating to the July 25, 2003 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Asset-Backed Certificates
Record Date: 6/30/03
Distribution Date: 7/25/03
BSA Series: 2003-2
Contact: CTSLink Customer Service
Wells Fargo Bank Minnesota, N.A.
Corporate Trust Services
9062 Old Annapolis Road
Columbia, MD 21045-1951
Telephone: (301) 815-6600
Fax: (301) 815-6600
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 07384YJN7 SEN 1.51375% 200,005,000.00 210,248.31 8,381,964.69
A-2 07384YJP2 SEN 1.56375% 218,628,000.00 237,416.34 7,830,438.99
A-3 07384YJQ0 SEN 1.86375% 28,579,000.00 36,988.97 0.00
A-IO 07384YJT4 IO 5.00000% 0.00 215,416.67 0.00
M-1 07384YJU1 MEZ 2.31375% 25,851,000.00 41,536.63 0.00
M-2 07384YJV9 MEZ 3.11375% 23,265,000.00 50,306.52 0.00
B 07384YJW7 SUB 4.61375% 20,680,000.00 66,258.58 0.00
B-IO BSA032BIO IO 0.00000% 0.00 2,290,606.51 0.00
R-1 BSA0302R1 RES 0.00000% 50.00 0.00 50.00
R-2 BSA0302R2 RES 0.00000% 50.00 0.00 50.00
R-3 BSA0302R3 RES 0.00000% 50.00 0.00 50.00
OC BSA0302OC OC 0.00000% 569.35 0.00 0.00
Totals 517,008,719.35 3,148,778.53 16,212,553.68
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 191,623,035.31 8,592,213.00 0.00
A-2 0.00 210,797,561.01 8,067,855.33 0.00
A-3 0.00 28,579,000.00 36,988.97 0.00
A-IO 0.00 0.00 215,416.67 0.00
M-1 0.00 25,851,000.00 41,536.63 0.00
M-2 0.00 23,265,000.00 50,306.52 0.00
B 0.00 20,680,000.00 66,258.58 0.00
B-IO 0.00 0.00 2,290,606.51 0.00
R-1 0.00 0.00 50.00 0.00
R-2 0.00 0.00 50.00 0.00
R-3 0.00 0.00 50.00 0.00
OC 0.00 567.94 0.00 0.00
Totals 0.00 500,796,164.26 19,361,332.21 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-1 200,005,000.00 200,005,000.00 0.00 8,381,964.69 0.00 0.00
A-2 218,628,000.00 218,628,000.00 0.00 7,830,438.99 0.00 0.00
A-3 28,579,000.00 28,579,000.00 0.00 0.00 0.00 0.00
A-IO 0.00 0.00 0.00 0.00 0.00 0.00
M-1 25,851,000.00 25,851,000.00 0.00 0.00 0.00 0.00
M-2 23,265,000.00 23,265,000.00 0.00 0.00 0.00 0.00
B 20,680,000.00 20,680,000.00 0.00 0.00 0.00 0.00
B-IO 0.00 0.00 0.00 0.00 0.00 0.00
R-1 50.00 50.00 0.00 50.00 0.00 0.00
R-2 50.00 50.00 0.00 50.00 0.00 0.00
R-3 50.00 50.00 0.00 50.00 0.00 0.00
OC 569.35 569.35 0.00 0.00 0.00 0.00
Totals 517,008,719.35 517,008,719.35 0.00 16,212,553.68 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 8,381,964.69 191,623,035.31 0.95809122 8,381,964.69
A-2 7,830,438.99 210,797,561.01 0.96418373 7,830,438.99
A-3 0.00 28,579,000.00 1.00000000 0.00
A-IO 0.00 0.00 0.00000000 0.00
M-1 0.00 25,851,000.00 1.00000000 0.00
M-2 0.00 23,265,000.00 1.00000000 0.00
B 0.00 20,680,000.00 1.00000000 0.00
B-IO 0.00 0.00 0.00000000 0.00
R-1 50.00 0.00 0.00000000 50.00
R-2 50.00 0.00 0.00000000 50.00
R-3 50.00 0.00 0.00000000 50.00
OC 0.00 567.94 0.99752349 0.00
Totals 16,212,553.68 500,796,164.26 0.96864162 16,212,553.68
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-1 200,005,000.00 1000.00000000 0.00000000 41.90877573 0.00000000
A-2 218,628,000.00 1000.00000000 0.00000000 35.81626777 0.00000000
A-3 28,579,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
M-1 25,851,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 23,265,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 20,680,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-1 50.00 1000.00000000 0.00000000 1000.00000000 0.00000000
R-2 50.00 1000.00000000 0.00000000 1000.00000000 0.00000000
R-3 50.00 1000.00000000 0.00000000 1000.00000000 0.00000000
OC 569.35 1000.00000000 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 41.90877573 958.09122427 0.95809122 41.90877573
A-2 0.00000000 35.81626777 964.18373223 0.96418373 35.81626777
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
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 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-1 0.00000000 1,000.00000000 0.00000000 0.00000000 1,000.00000000
R-2 0.00000000 1,000.00000000 0.00000000 0.00000000 1,000.00000000
R-3 0.00000000 1,000.00000000 0.00000000 0.00000000 1,000.00000000
OC 0.00000000 0.00000000 997.52349170 0.99752349 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-1 200,005,000.00 1.51375% 200,005,000.00 210,248.31 0.00 0.00
A-2 218,628,000.00 1.56375% 218,628,000.00 237,416.34 0.00 0.00
A-3 28,579,000.00 1.86375% 28,579,000.00 36,988.97 0.00 0.00
A-IO 0.00 5.00000% 51,700,000.00 215,416.67 0.00 0.00
M-1 25,851,000.00 2.31375% 25,851,000.00 41,536.63 0.00 0.00
M-2 23,265,000.00 3.11375% 23,265,000.00 50,306.52 0.00 0.00
B 20,680,000.00 4.61375% 20,680,000.00 66,258.58 0.00 0.00
B-IO 0.00 0.00000% 517,008,569.35 0.00 0.00 0.00
R-1 50.00 0.00000% 50.00 0.00 0.00 0.00
R-2 50.00 0.00000% 50.00 0.00 0.00 0.00
R-3 50.00 0.00000% 50.00 0.00 0.00 0.00
OC 569.35 0.00000% 569.35 0.00 0.00 0.00
Totals 517,008,719.35 858,172.02 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 0.00 210,248.31 0.00 191,623,035.31
A-2 0.00 0.00 237,416.34 0.00 210,797,561.01
A-3 0.00 0.00 36,988.97 0.00 28,579,000.00
A-IO 0.00 0.00 215,416.67 0.00 51,700,000.00
M-1 0.00 0.00 41,536.63 0.00 25,851,000.00
M-2 0.00 0.00 50,306.52 0.00 23,265,000.00
B 0.00 0.00 66,258.58 0.00 20,680,000.00
B-IO 0.00 0.00 2,290,606.51 0.00 500,796,164.26
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
OC 0.00 0.00 0.00 0.00 567.94
Totals 0.00 0.00 3,148,778.53 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-1 200,005,000.00 1.51375% 1000.00000000 1.05121527 0.00000000 0.00000000
A-2 218,628,000.00 1.56375% 1000.00000000 1.08593748 0.00000000 0.00000000
A-3 28,579,000.00 1.86375% 1000.00000000 1.29427097 0.00000000 0.00000000
A-IO 0.00 5.00000% 1000.00000000 4.16666673 0.00000000 0.00000000
M-1 25,851,000.00 2.31375% 1000.00000000 1.60677072 0.00000000 0.00000000
M-2 23,265,000.00 3.11375% 1000.00000000 2.16232624 0.00000000 0.00000000
B 20,680,000.00 4.61375% 1000.00000000 3.20399323 0.00000000 0.00000000
B-IO 0.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
R-1 50.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
R-2 50.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
R-3 50.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
OC 569.35 0.00000% 1000.00000000 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 1.05121527 0.00000000 958.09122427
A-2 0.00000000 0.00000000 1.08593748 0.00000000 964.18373223
A-3 0.00000000 0.00000000 1.29427097 0.00000000 1000.00000000
A-IO 0.00000000 0.00000000 4.16666673 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 1.60677072 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.16232624 0.00000000 1000.00000000
B 0.00000000 0.00000000 3.20399323 0.00000000 1000.00000000
B-IO 0.00000000 0.00000000 4.43050008 0.00000000 968.64190257
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
OC 0.00000000 0.00000000 0.00000000 0.00000000 997.52349170
<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 19,144,015.57
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 415,144.84
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
Total Deposits 19,559,160.41
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 197,828.20
Payment of Interest and Principal 19,361,332.21
Total Withdrawals (Pool Distribution Amount) 19,559,160.41
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 193,519.79
Master Servicing Fee 4,308.41
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 197,828.20
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 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 306 0 0 0 306
33,296,920.39 0.00 0.00 0.00 33,296,920.39
60 Days 123 0 0 0 123
14,755,319.55 0.00 0.00 0.00 14,755,319.55
90 Days 53 0 0 0 53
5,091,883.07 0.00 0.00 0.00 5,091,883.07
120 Days 1 0 0 0 1
65,834.60 0.00 0.00 0.00 65,834.60
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 483 0 0 0 483
53,209,957.61 0.00 0.00 0.00 53,209,957.61
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 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 6.440749% 0.000000% 0.000000% 0.000000% 6.440749%
6.640449% 0.000000% 0.000000% 0.000000% 6.640449%
60 Days 2.588929% 0.000000% 0.000000% 0.000000% 2.588929%
2.942673% 0.000000% 0.000000% 0.000000% 2.942673%
90 Days 1.115555% 0.000000% 0.000000% 0.000000% 1.115555%
1.015481% 0.000000% 0.000000% 0.000000% 1.015481%
120 Days 0.021048% 0.000000% 0.000000% 0.000000% 0.021048%
0.013129% 0.000000% 0.000000% 0.000000% 0.013129%
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 10.166281% 0.000000% 0.000000% 0.000000% 10.166281%
10.611733% 0.000000% 0.000000% 0.000000% 10.611733%
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 27 0 0 0 27
3,107,971.77 0.00 0.00 0.00 3,107,971.77
60 Days 12 0 0 0 12
809,774.27 0.00 0.00 0.00 809,774.27
90 Days 7 0 0 0 7
874,745.76 0.00 0.00 0.00 874,745.76
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 46 0 0 0 46
4,792,491.80 0.00 0.00 0.00 4,792,491.80
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 5.908096% 0.000000% 0.000000% 0.000000% 5.908096%
4.506309% 0.000000% 0.000000% 0.000000% 4.506309%
60 Days 2.625821% 0.000000% 0.000000% 0.000000% 2.625821%
1.174107% 0.000000% 0.000000% 0.000000% 1.174107%
90 Days 1.531729% 0.000000% 0.000000% 0.000000% 1.531729%
1.268311% 0.000000% 0.000000% 0.000000% 1.268311%
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 10.065646% 0.000000% 0.000000% 0.000000% 10.065646%
6.948727% 0.000000% 0.000000% 0.000000% 6.948727%
<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 104 0 0 0 104
17,634,948.28 0.00 0.00 0.00 17,634,948.28
60 Days 50 0 0 0 50
8,796,452.51 0.00 0.00 0.00 8,796,452.51
90 Days 14 0 0 0 14
2,056,598.99 0.00 0.00 0.00 2,056,598.99
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 168 0 0 0 168
28,487,999.78 0.00 0.00 0.00 28,487,999.78
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 9.335727% 0.000000% 0.000000% 0.000000% 9.335727%
11.450560% 0.000000% 0.000000% 0.000000% 11.450560%
60 Days 4.488330% 0.000000% 0.000000% 0.000000% 4.488330%
5.711630% 0.000000% 0.000000% 0.000000% 5.711630%
90 Days 1.256732% 0.000000% 0.000000% 0.000000% 1.256732%
1.335372% 0.000000% 0.000000% 0.000000% 1.335372%
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 15.080790% 0.000000% 0.000000% 0.000000% 15.080790%
18.497562% 0.000000% 0.000000% 0.000000% 18.497562%
<Caption>
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 3 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 150 0 0 0 150
11,262,490.72 0.00 0.00 0.00 11,262,490.72
60 Days 55 0 0 0 55
4,887,998.82 0.00 0.00 0.00 4,887,998.82
90 Days 30 0 0 0 30
2,041,728.42 0.00 0.00 0.00 2,041,728.42
120 Days 1 0 0 0 1
65,834.60 0.00 0.00 0.00 65,834.60
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 236 0 0 0 236
18,258,052.56 0.00 0.00 0.00 18,258,052.56
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 5.253940% 0.000000% 0.000000% 0.000000% 5.253940%
4.295668% 0.000000% 0.000000% 0.000000% 4.295668%
60 Days 1.926445% 0.000000% 0.000000% 0.000000% 1.926445%
1.864349% 0.000000% 0.000000% 0.000000% 1.864349%
90 Days 1.050788% 0.000000% 0.000000% 0.000000% 1.050788%
0.778743% 0.000000% 0.000000% 0.000000% 0.778743%
120 Days 0.035026% 0.000000% 0.000000% 0.000000% 0.035026%
0.025110% 0.000000% 0.000000% 0.000000% 0.025110%
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 8.266200% 0.000000% 0.000000% 0.000000% 8.266200%
6.963870% 0.000000% 0.000000% 0.000000% 6.963870%
<Caption>
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 4 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 25 0 0 0 25
1,291,509.62 0.00 0.00 0.00 1,291,509.62
60 Days 6 0 0 0 6
261,093.95 0.00 0.00 0.00 261,093.95
90 Days 2 0 0 0 2
118,809.90 0.00 0.00 0.00 118,809.90
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 33 0 0 0 33
1,671,413.47 0.00 0.00 0.00 1,671,413.47
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 7.692308% 0.000000% 0.000000% 0.000000% 7.692308%
7.940756% 0.000000% 0.000000% 0.000000% 7.940756%
60 Days 1.846154% 0.000000% 0.000000% 0.000000% 1.846154%
1.605318% 0.000000% 0.000000% 0.000000% 1.605318%
90 Days 0.615385% 0.000000% 0.000000% 0.000000% 0.615385%
0.730494% 0.000000% 0.000000% 0.000000% 0.730494%
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 10.153846% 0.000000% 0.000000% 0.000000% 10.153846%
10.276568% 0.000000% 0.000000% 0.000000% 10.276568%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 415,144.84
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 7.767624%
Weighted Average Net Coupon 7.318456%
Weighted Average Pass-Through Rate 7.308456%
Weighted Average Maturity(Stepdown Calculation ) 303
Beginning Scheduled Collateral Loan Count 4,842
Number Of Loans Paid In Full 91
Ending Scheduled Collateral Loan Count 4,751
Beginning Scheduled Collateral Balance 517,008,719.35
Ending Scheduled Collateral Balance 500,796,164.26
Ending Actual Collateral Balance at 30-Jun-2003 501,425,700.36
Monthly P &I Constant 4,085,327.83
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Ending Scheduled Balance for Premium Loans 500,796,164.26
Scheduled Principal 738,721.09
Unscheduled Principal 15,473,682.59
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 0.00
Specified O/C Amount 9,306,154.25
Overcollateralized Amount 567.94
Overcollateralized Deficiency Amount 9,305,586.31
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 0.00
Excess Cash Amount 2,290,606.51
Group Level Collateral Statement
Group Group 1 Group 2 Group 3
Collateral Description Mixed Fixed Mixed ARM Mixed Fixed
Weighted Average Coupon Rate 6.981697 7.218781 8.215364
Weighted Average Net Rate 6.587235 6.763377 7.758766
Weighted Average Maturity 318 322 290
Beginning Loan Count 463 1,148 2,900
Loans Paid In Full 6 34 45
Ending Loan Count 457 1,114 2,855
Beginning Scheduled Balance 70,299,082.00 160,920,971.99 269,224,900.89
Ending scheduled Balance 68,865,106.33 153,972,982.97 261,725,066.38
Record Date 06/30/2003 06/30/2003 06/30/2003
Principal And Interest Constant 501,382.66 1,176,690.05 2,255,207.39
Scheduled Principal 92,376.90 208,645.72 412,056.89
Unscheduled Principal 1,341,598.77 6,739,343.30 7,087,777.62
Scheduled Interest 409,005.76 968,044.33 1,843,150.50
Servicing Fees 23,108.60 61,069.94 102,439.74
Master Servicing Fees 585.82 1,341.02 2,243.54
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 385,311.34 905,633.37 1,738,467.22
Realized Loss Amount 0.00 0.00 0.00
Cumulative Realized Loss 0.00 0.00 0.00
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 6.577235 6.753378 7.748766
Group Level Collateral Statement
Group Group 4 Total
Collateral Description Mixed ARM Fixed & Mixed ARM
Weighted Average Coupon Rate 9.157868 7.767624
Weighted Average Net Rate 8.657868 7.318456
Weighted Average Maturity 265 303
Beginning Loan Count 331 4,842
Loans Paid In Full 6 91
Ending Loan Count 325 4,751
Beginning Scheduled Balance 16,563,613.06 517,008,567.94
Ending scheduled Balance 16,233,008.58 500,796,164.26
Record Date 06/30/2003 06/30/2003
Principal And Interest Constant 152,047.73 4,085,327.83
Scheduled Principal 25,641.58 738,721.09
Unscheduled Principal 304,962.90 15,473,682.59
Scheduled Interest 126,406.15 3,346,606.74
Servicing Fees 6,901.51 193,519.79
Master Servicing Fees 138.03 4,308.41
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 0.00 0.00
Pool Insurance Fee 0.00 0.00
Spread Fee 1 0.00 0.00
Spread Fee 2 0.00 0.00
Spread Fee 3 0.00 0.00
Net Interest 119,366.61 3,148,778.54
Realized Loss Amount 0.00 0.00
Cumulative Realized Loss 0.00 0.00
Percentage of Cumulative Losses 0.00 0.00
Prepayment Penalties 0.00 0.00
Special Servicing Fee 0.00 0.00
Pass-Through Rate 8.647868 7.308456