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): November 17, 2003
ASSET BACKED SECURITIES CORP HOME EQUITY LOAN TRUST
Asset-Backed Pass-Through Certificates, Series 2003-HE1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-86750-03 54-2090849
Pooling and Servicing Agreement) (Commission 54-2090850
(State or other File Number) 54-2090851
jurisdiction 54-2090848
of Incorporation) 54-2090847
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 November 17, 2003 a distribution was made to holders of ASSET BACKED
SECURITIES CORP HOME EQUITY LOAN TRUST, Asset-Backed Pass-Through Certificates,
Series 2003-HE1 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 Pass-Through Certificates,
Series 2003-HE1 Trust, relating to the
November 17, 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.
ASSET BACKED SECURITIES CORP HOME EQUITY LOAN TRUST
Asset-Backed Pass-Through Certificates, Series 2003-HE1 Trust
By: Wells Fargo Bank Minnesota, N.A. as Trustee
By: /s/ Beth Belfield as Assistant Vice President
By: Beth Belfield as Assistant Vice President
Date: 11/18/03
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset-
Backed Pass-Through Certificates, Series 2003-HE1
Trust, relating to the November 17, 2003 distribution.
EX-99.1
Asset Backed Securities Corp Home Equity Loan Trust
Asset-Backed Pass-Through Certificates
Record Date: 10/31/03
Distribution Date: 11/17/03
ABSC Series: 2003-HE1
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 04541GDJ8 SEN IO 5.00000% 0.00 325,000.00 0.00
B-IO 00077SAB2 SUB IO 3.50000% 0.00 145,833.33 0.00
A1 04541GDE9 SEN 1.62000% 167,949,376.23 249,404.82 9,185,235.45
A2 04541GDF6 SEN 1.62000% 109,854,182.60 163,133.46 7,203,598.24
A3 04541GDG4 SEN 1.39000% 124,522,959.83 158,663.00 12,926,176.98
A4 04541GDH2 SEN 1.71000% 72,600,000.00 113,800.50 0.00
M1 04541GDK5 MEZ 2.14000% 49,700,000.00 97,494.83 0.00
M2 04541GDL3 MEZ 3.47000% 41,200,000.00 131,050.33 0.00
M3 04541GDM1 MEZ 4.62000% 28,800,000.00 121,968.00 0.00
M4 04541GDN9 MEZ 5.62000% 11,242,900.00 57,919.67 0.00
X 00077SAC0 SUB OC 0.00000% 0.01 2,239,042.65 0.00
P 00077SAD8 SEN 0.00000% 100.00 535,052.39 0.00
CSFB SEN 0.00000% 0.00 0.00 0.00
Totals 605,869,518.67 4,338,362.98 29,315,010.67
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 0.00 325,000.00 0.00
B-IO 0.00 0.00 145,833.33 0.00
A1 0.00 158,764,140.78 9,434,640.27 0.00
A2 0.00 102,650,584.36 7,366,731.70 0.00
A3 0.00 111,596,782.85 13,084,839.98 0.00
A4 0.00 72,600,000.00 113,800.50 0.00
M1 0.00 49,700,000.00 97,494.83 0.00
M2 0.00 41,200,000.00 131,050.33 0.00
M3 0.00 28,800,000.00 121,968.00 0.00
M4 0.00 11,242,900.00 57,919.67 0.00
X 0.00 0.01 2,239,042.65 0.00
P 0.00 100.00 535,052.39 0.00
CSFB 0.00 0.00 0.00 0.00
Totals 0.00 576,554,508.00 33,653,373.65 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
B-IO 0.00 0.00 0.00 0.00 0.00 0.00
A1 217,500,000.00 167,949,376.23 0.00 9,185,235.45 0.00 0.00
A2 143,000,000.00 109,854,182.60 0.00 7,203,598.24 0.00 0.00
A3 184,000,000.00 124,522,959.83 0.00 12,926,176.98 0.00 0.00
A4 72,600,000.00 72,600,000.00 0.00 0.00 0.00 0.00
M1 49,700,000.00 49,700,000.00 0.00 0.00 0.00 0.00
M2 41,200,000.00 41,200,000.00 0.00 0.00 0.00 0.00
M3 28,800,000.00 28,800,000.00 0.00 0.00 0.00 0.00
M4 11,242,900.00 11,242,900.00 0.00 0.00 0.00 0.00
X 0.00 0.01 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
CSFB 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
Totals 748,043,000.00 605,869,518.67 0.00 29,315,010.67 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
B-IO 0.00 0.00 0.00000000 0.00
A1 9,185,235.45 158,764,140.78 0.72995007 9,185,235.45
A2 7,203,598.24 102,650,584.36 0.71783625 7,203,598.24
A3 12,926,176.98 111,596,782.85 0.60650425 12,926,176.98
A4 0.00 72,600,000.00 1.00000000 0.00
M1 0.00 49,700,000.00 1.00000000 0.00
M2 0.00 41,200,000.00 1.00000000 0.00
M3 0.00 28,800,000.00 1.00000000 0.00
M4 0.00 11,242,900.00 1.00000000 0.00
X 0.00 0.01 0.00000000 0.00
P 0.00 100.00 1.00000000 0.00
CSFB 0.00 0.00 0.00000000 0.00
CSFB 0.00 0.00 0.00000000 0.00
Totals 29,315,010.67 576,554,508.00 0.77075049 29,315,010.67
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
B-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
A1 217,500,000.00 772.18104014 0.00000000 42.23096759 0.00000000
A2 143,000,000.00 768.21106713 0.00000000 50.37481287 0.00000000
A3 184,000,000.00 676.75521647 0.00000000 70.25096185 0.00000000
A4 72,600,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M1 49,700,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M2 41,200,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M3 28,800,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M4 11,242,900.00 1000.00000000 0.00000000 0.00000000 0.00000000
X 0.00 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
CSFB 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
</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
B-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A1 0.00000000 42.23096759 729.95007255 0.72995007 42.23096759
A2 0.00000000 50.37481287 717.83625427 0.71783625 50.37481287
A3 0.00000000 70.25096185 606.50425462 0.60650425 70.25096185
A4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CSFB 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) 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>
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 5.00000% 78,000,000.00 325,000.00 0.00 0.00
B-IO 0.00 3.50000% 50,000,000.00 145,833.33 0.00 0.00
A1 217,500,000.00 1.62000% 167,949,376.23 249,404.82 0.00 0.00
A2 143,000,000.00 1.62000% 109,854,182.60 163,133.46 0.00 0.00
A3 184,000,000.00 1.39000% 124,522,959.83 158,663.00 0.00 0.00
A4 72,600,000.00 1.71000% 72,600,000.00 113,800.50 0.00 0.00
M1 49,700,000.00 2.14000% 49,700,000.00 97,494.83 0.00 0.00
M2 41,200,000.00 3.47000% 41,200,000.00 131,050.33 0.00 0.00
M3 28,800,000.00 4.62000% 28,800,000.00 121,968.00 0.00 0.00
M4 11,242,900.00 5.62000% 11,242,900.00 57,919.67 0.00 0.00
X 0.00 0.00000% 0.01 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
CSFB 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 748,043,000.00 1,564,267.94 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 0.00 325,000.00 0.00 76,000,000.00
B-IO 0.00 0.00 145,833.33 0.00 50,000,000.00
A1 0.00 0.00 249,404.82 0.00 158,764,140.78
A2 0.00 0.00 163,133.46 0.00 102,650,584.36
A3 0.00 0.00 158,663.00 0.00 111,596,782.85
A4 0.00 0.00 113,800.50 0.00 72,600,000.00
M1 0.00 0.00 97,494.83 0.00 49,700,000.00
M2 0.00 0.00 131,050.33 0.00 41,200,000.00
M3 0.00 0.00 121,968.00 0.00 28,800,000.00
M4 0.00 0.00 57,919.67 0.00 11,242,900.00
X 504.89 0.00 2,239,042.65 0.00 0.01
P 0.00 0.00 535,052.39 0.00 100.00
CSFB 0.00 0.00 0.00 0.00 0.00
Totals 504.89 0.00 4,338,362.98 0.00
<FN>
(4) 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>
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 5.00000% 792.68292683 3.30284553 0.00000000 0.00000000
B-IO 0.00 3.50000% 1000.00000000 2.91666660 0.00000000 0.00000000
A1 217,500,000.00 1.62000% 772.18104014 1.14668883 0.00000000 0.00000000
A2 143,000,000.00 1.62000% 768.21106713 1.14079343 0.00000000 0.00000000
A3 184,000,000.00 1.39000% 676.75521647 0.86229891 0.00000000 0.00000000
A4 72,600,000.00 1.71000% 1000.00000000 1.56750000 0.00000000 0.00000000
M1 49,700,000.00 2.14000% 1000.00000000 1.96166660 0.00000000 0.00000000
M2 41,200,000.00 3.47000% 1000.00000000 3.18083325 0.00000000 0.00000000
M3 28,800,000.00 4.62000% 1000.00000000 4.23500000 0.00000000 0.00000000
M4 11,242,900.00 5.62000% 1000.00000000 5.15166639 0.00000000 0.00000000
X 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
CSFB 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) Per $1 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-IO 0.00000000 0.00000000 3.30284553 0.00000000 772.35772358
B-IO 0.00000000 0.00000000 2.91666660 0.00000000 1000.00000000
A1 0.00000000 0.00000000 1.14668883 0.00000000 729.95007255
A2 0.00000000 0.00000000 1.14079343 0.00000000 717.83625427
A3 0.00000000 0.00000000 0.86229891 0.00000000 606.50425462
A4 0.00000000 0.00000000 1.56750000 0.00000000 1000.00000000
M1 0.00000000 0.00000000 1.96166660 0.00000000 1000.00000000
M2 0.00000000 0.00000000 3.18083325 0.00000000 1000.00000000
M3 0.00000000 0.00000000 4.23500000 0.00000000 1000.00000000
M4 0.00000000 0.00000000 5.15166639 0.00000000 1000.00000000
X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 5350523.90000000 0.00000000 1000.00000000
CSFB 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) 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>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<s> <c>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 33,460,248.51
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 438,296.08
Realized Loss (Gains, Subsequent Expenses & Recoveries) (33,094.02)
Prepayment Penalties 535,052.39
Total Deposits 34,400,502.96
Withdrawals
Reimbursement for Servicer Advances 466,634.23
Payment of Service Fee 280,495.08
Payment of Interest and Principal 33,653,373.65
Total Withdrawals (Pool Distribution Amount) 34,400,502.96
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 504.89
SERVICING FEES
<s> <c>
Gross Servicing Fee 258,067.08
Strip Amount 22,428.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 280,495.08
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Reserve Fund 1,000.00 0.00 0.00 1,000.00
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 26 3 0 29
3,931,812.15 310,826.12 0.00 4,242,638.27
30 Days 134 0 2 0 136
18,567,693.93 0.00 166,061.05 0.00 18,733,754.98
60 Days 42 4 8 0 54
7,417,926.30 933,899.90 1,072,360.90 0.00 9,424,187.10
90 Days 42 21 132 4 199
6,850,514.82 3,148,683.79 20,209,531.33 438,450.25 30,647,180.19
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 218 51 145 4 418
32,836,135.05 8,014,395.84 21,758,779.40 438,450.25 63,047,760.54
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 0.650488% 0.075056% 0.000000% 0.725544%
0.665228% 0.052589% 0.000000% 0.717817%
30 Days 3.352514% 0.000000% 0.050038% 0.000000% 3.402552%
3.141490% 0.000000% 0.028096% 0.000000% 3.169586%
60 Days 1.050788% 0.100075% 0.200150% 0.000000% 1.351013%
1.255048% 0.158008% 0.181434% 0.000000% 1.594489%
90 Days 1.050788% 0.525394% 3.302477% 0.100075% 4.978734%
1.159047% 0.532729% 3.419274% 0.074182% 5.185232%
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 5.454091% 1.275957% 3.627721% 0.100075% 10.457843%
5.555584% 1.355965% 3.681393% 0.074182% 10.667124%
Delinquency Status By Groups
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
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 10 2 0 12
1,580,648.65 223,880.71 0.00 1,804,529.36
30 Days 68 0 1 0 69
8,451,329.56 0.00 128,375.63 0.00 8,579,705.19
60 Days 15 1 3 0 19
1,954,027.28 61,830.21 242,173.70 0.00 2,258,031.19
90 Days 15 7 60 2 84
2,437,086.22 850,305.12 7,635,384.75 254,124.75 11,176,900.84
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 98 18 66 2 184
12,842,443.06 2,492,783.98 8,229,814.79 254,124.75 23,819,166.58
0-29 Days 3.875969% 0.775194% 0.000000% 4.651163%
4.792626% 0.678820% 0.000000% 5.471446%
30 Days 26.356589% 0.000000% 0.387597% 0.000000% 26.744186%
25.624962% 0.000000% 0.389243% 0.000000% 26.014205%
60 Days 5.813953% 0.387597% 1.162791% 0.000000% 7.364341%
5.924733% 0.187473% 0.734286% 0.000000% 6.846492%
90 Days 5.813953% 2.713178% 23.255814% 0.775194% 32.558140%
7.389399% 2.578179% 23.150966% 0.770522% 33.889065%
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 37.984496% 6.976744% 25.581395% 0.775194% 71.317829%
38.939094% 7.558278% 24.953315% 0.770522% 72.221209%
<caption>
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
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 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
60 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
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 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
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% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
<caption>
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
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 16 1 0 17
2,351,163.50 86,945.41 0.00 2,438,108.91
30 Days 66 0 1 0 67
10,116,364.37 0.00 37,685.42 0.00 10,154,049.79
60 Days 27 3 5 0 35
5,463,899.02 872,069.69 830,187.20 0.00 7,166,155.91
90 Days 27 14 72 2 115
4,413,428.60 2,298,378.67 12,574,146.58 184,325.50 19,470,279.35
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 120 33 79 2 234
19,993,691.99 5,521,611.86 13,528,964.61 184,325.50 39,228,593.96
0-29 Days 1.324503% 0.082781% 0.000000% 1.407285%
1.658283% 0.061323% 0.000000% 1.719606%
30 Days 5.463576% 0.000000% 0.082781% 0.000000% 5.546358%
7.135105% 0.000000% 0.026580% 0.000000% 7.161684%
60 Days 2.235099% 0.248344% 0.413907% 0.000000% 2.897351%
3.853706% 0.615074% 0.585534% 0.000000% 5.054313%
90 Days 2.235099% 1.158940% 5.960265% 0.165563% 9.519868%
3.112806% 1.621054% 8.868586% 0.130005% 13.732451%
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 9.933775% 2.731788% 6.539735% 0.165563% 19.370861%
14.101616% 3.894411% 9.542023% 0.130005% 27.668055%
<caption>
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
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 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
60 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
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 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
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% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 438,296.08
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 7.972921%
Weighted Average Net Coupon 7.473201%
Weighted Average Pass-Through Rate 7.429772%
Weighted Average Maturity(Stepdown Calculation ) 342
Beginning Scheduled Collateral Loan Count 4,146
Number Of Loans Paid In Full 149
Ending Scheduled Collateral Loan Count 3,997
Beginning Scheduled Collateral Balance 619,708,314.67
Ending Scheduled Collateral Balance 590,393,303.98
Ending Actual Collateral Balance at 31-Oct-2003 591,047,428.07
Monthly P &I Constant 4,625,144.99
Special Servicing Fee 0.00
Prepayment Penalties 535,052.39
Realized Loss Amount 33,094.02
Cumulative Realized Loss 79,654.95
Ending Scheduled Balance for Premium Loans 590,393,303.98
Scheduled Principal 509,191.69
Unscheduled Principal 28,805,819.00
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 0.00
Specified O/C Amount 13,838,796.00
Overcollateralized Amount 13,805,701.99
Overcollateralized Deficiency Amount 33,094.01
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 33,094.01
Excess Cash Amount 2,272,641.55
Miscellaneous Reporting
Credit Enhancement Percentage 24.517345%
Payment under the CAP Agreement 0.00
A1 PTR (excl CAP) for Next Distribution 1.62
A2 PTR (excl CAP) for Next Distribution 1.62
A3 PTR (excl CAP) for Next Distribution 1.39
A4 PTR (excl CAP) for Next Distribution 1.71
M1 PTR (excl CAP) for Next Distribution 2.14
M2 PTR (excl CAP) for Next Distribution 3.47
M3 PTR (excl CAP) for Next Distribution 4.62
M4 PTR (excl CAP) for Next Distribution 5.62
OC Increase 33,094.01
% of Prepayment Penalties Being Passed 87.96
Group Level Collateral Statement
Group 1 1 2
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM
Weighted Average Coupon Rate 7.969451 8.014156 7.961837
Weighted Average Net Rate 7.469451 7.514787 7.461837
Weighted Average Maturity 347 347 347
Beginning Loan Count 264 1,347 1,235
Loans Paid In Full 6 50 27
Ending Loan Count 258 1,297 1,208
Beginning Scheduled Balance 33,819,356.84 185,260,385.16 145,505,927.93
Ending scheduled Balance 32,943,083.14 176,961,792.71 141,611,365.44
Record Date 10/31/2003 10/31/2003 10/31/2003
Principal And Interest Constant 257,586.50 1,374,028.84 1,113,574.07
Scheduled Principal 32,985.09 136,774.14 148,162.06
Unscheduled Principal 843,288.61 8,161,818.31 3,746,400.43
Scheduled Interest 224,601.41 1,237,254.70 965,412.01
Servicing Fees 14,091.39 77,094.42 60,627.47
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 210,510.02 1,160,160.28 904,784.54
Realized Loss Amount 0.00 0.00 0.00
Cumulative Realized Loss 0.00 0.00 25,808.23
Percentage of Cumulative Losses 0.0000 0.0000 0.0150
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 7.469451 7.514787 7.461837
Group Level Collateral Statement
Group 2 Total
Collateral Description Fixed 15/30 & ARM Fixed & Mixed ARM
Weighted Average Coupon Rate 7.942934 7.972921
Weighted Average Net Rate 7.443156 7.473201
Weighted Average Maturity 343 342
Beginning Loan Count 1,300 4,146
Loans Paid In Full 66 149
Ending Loan Count 1,234 3,997
Beginning Scheduled Balance 255,122,644.74 619,708,314.67
Ending scheduled Balance 238,877,062.69 590,393,303.98
Record Date 10/31/2003 10/31/2003
Principal And Interest Constant 1,879,955.58 4,625,144.99
Scheduled Principal 191,270.40 509,191.69
Unscheduled Principal 16,054,311.65 28,805,819.00
Scheduled Interest 1,688,685.18 4,115,953.30
Servicing Fees 106,253.80 258,067.08
Master Servicing Fees 0.00 0.00
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 1,582,431.38 3,857,886.22
Realized Loss Amount 33,094.02 33,094.02
Cumulative Realized Loss 53,846.72 79,654.95
Percentage of Cumulative Losses 0.0172 0.0106
Prepayment Penalties 0.00 0.00
Special Servicing Fee 0.00 0.00
Pass-Through Rate 7.443156 7.429772