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 15, 2003
ASSET BACKED SECURITIES HOME EQUITY LOAN TRUST
Asset-Backed Pass-Through Certificates, Series 2003-HE3 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-86750-05 54-2116940
Pooling and Servicing Agreement) (Commission 54-2116934
(State or other File Number) 54-2116935
jurisdiction 54-2116937
of Incorporation) 54-2116939
54-2116938
54-2116936
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 15, 2003 a distribution was made to holders of ASSET BACKED
SECURITIES HOME EQUITY LOAN TRUST LOAN TRUST, Asset-Backed Pass-Through
Certificates, Series 2003-HE3 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-HE3 Trust, relating to the
December 15, 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 HOME EQUITY LOAN TRUST
Asset-Backed Pass-Through Certificates, Series 2003-HE3 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: 12/22/03
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset-
Backed Pass-Through Certificates, Series 2003-HE3
Trust, relating to the December 15, 2003 distribution.
Asset Backed Securities Corp Home Equity Loan Trust
Asset-Backed Pass-Through Certificates
Record Date: 11/30/03
Distribution Date: 12/15/03
ABSC Series: 2003-HE3
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 04541GEK4 SEN IO 4.00000% 0.00 141,333.33 0.00
B-IO 04541GED0 SUB IO 3.50000% 0.00 151,666.67 0.00
A-INV-IO 04541GEC2 SEN IO 0.19000% 0.00 71,391.44 0.00
A1 04541GEH1 SEN 1.45000% 270,852,249.58 305,461.15 8,234,249.17
A2 04541GEJ7 SEN 1.47000% 172,961,616.70 197,752.78 5,938,620.05
M1 04541GEL2 MEZ 1.95000% 39,440,000.00 59,817.33 0.00
M2 04541GEM0 MEZ 3.12000% 33,380,000.00 81,002.13 0.00
M3 04541GEN8 MEZ 3.47000% 10,620,000.00 28,662.20 0.00
M4 04541GEP3 MEZ 5.12000% 15,200,000.00 60,529.78 0.00
M5 04541GEQ1 MEZ 5.12000% 9,112,000.00 36,286.01 0.00
X 04541GEE8 SUB OC 0.00000% 0.01 0.46 0.00
P 04541GEF5 SEN 0.00000% 100.00 262,207.22 0.00
Totals 551,565,966.29 1,396,110.50 14,172,869.22
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 0.00 141,333.33 0.00
B-IO 0.00 0.00 151,666.67 0.00
A-INV-IO 0.00 0.00 71,391.44 0.00
A1 0.00 262,618,000.41 8,539,710.32 0.00
A2 0.00 167,022,996.65 6,136,372.83 0.00
M1 0.00 39,440,000.00 59,817.33 0.00
M2 0.00 33,380,000.00 81,002.13 0.00
M3 0.00 10,620,000.00 28,662.20 0.00
M4 0.00 15,200,000.00 60,529.78 0.00
M5 0.00 9,112,000.00 36,286.01 0.00
X 0.00 0.01 0.46 0.00
P 0.00 100.00 262,207.22 0.00
Totals 0.00 537,393,097.07 15,568,979.72 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
A-INV-IO 0.00 0.00 0.00 0.00 0.00 0.00
A1 302,800,000.00 270,852,249.58 0.00 8,234,249.17 0.00 0.00
A2 196,200,000.00 172,961,616.70 0.00 5,938,620.05 0.00 0.00
M1 39,440,000.00 39,440,000.00 0.00 0.00 0.00 0.00
M2 33,380,000.00 33,380,000.00 0.00 0.00 0.00 0.00
M3 10,620,000.00 10,620,000.00 0.00 0.00 0.00 0.00
M4 15,200,000.00 15,200,000.00 0.00 0.00 0.00 0.00
M5 9,112,000.00 9,112,000.00 0.00 0.00 0.00 0.00
X 0.01 0.01 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
Totals 606,752,100.01 551,565,966.29 0.00 14,172,869.22 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
A-INV-IO 0.00 0.00 0.00000000 0.00
A1 8,234,249.17 262,618,000.41 0.86729855 8,234,249.17
A2 5,938,620.05 167,022,996.65 0.85128948 5,938,620.05
M1 0.00 39,440,000.00 1.00000000 0.00
M2 0.00 33,380,000.00 1.00000000 0.00
M3 0.00 10,620,000.00 1.00000000 0.00
M4 0.00 15,200,000.00 1.00000000 0.00
M5 0.00 9,112,000.00 1.00000000 0.00
X 0.00 0.01 1.00000000 0.00
P 0.00 100.00 1.00000000 0.00
Totals 14,172,869.22 537,393,097.07 0.88568807 14,172,869.22
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
A-INV-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
A1 302,800,000.00 894.49223771 0.00000000 27.19368946 0.00000000
A2 196,200,000.00 881.55767941 0.00000000 30.26819597 0.00000000
M1 39,440,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M2 33,380,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M3 10,620,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M4 15,200,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M5 9,112,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
X 0.01 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 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
A-INV-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A1 0.00000000 27.19368946 867.29854825 0.86729855 27.19368946
A2 0.00000000 30.26819597 851.28948344 0.85128948 30.26819597
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
M5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
X 0.00000000 0.00000000 0.00000000 1.00000000 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 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 4.00000% 42,400,000.00 141,333.33 0.00 0.00
B-IO 0.00 3.50000% 52,000,000.00 151,666.67 0.00 0.00
A-INV-IO 0.00 0.19000% 483,100,000.00 71,391.44 0.00 0.00
A1 302,800,000.00 1.45000% 270,852,249.58 305,461.15 0.00 0.00
A2 196,200,000.00 1.47000% 172,961,616.70 197,752.78 0.00 0.00
M1 39,440,000.00 1.95000% 39,440,000.00 59,817.33 0.00 0.00
M2 33,380,000.00 3.12000% 33,380,000.00 81,002.13 0.00 0.00
M3 10,620,000.00 3.47000% 10,620,000.00 28,662.20 0.00 0.00
M4 15,200,000.00 5.12000% 15,200,000.00 60,529.78 0.00 0.00
M5 9,112,000.00 5.12000% 9,112,000.00 36,286.01 0.00 0.00
X 0.01 0.00000% 0.01 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
Totals 606,752,100.01 1,133,902.82 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 0.00 141,333.33 0.00 41,500,000.00
B-IO 0.00 0.00 151,666.67 0.00 52,000,000.00
A-INV-IO 0.00 0.00 71,391.44 0.00 462,600,000.00
A1 0.00 0.00 305,461.15 0.00 262,618,000.41
A2 0.00 0.00 197,752.78 0.00 167,022,996.65
M1 0.00 0.00 59,817.33 0.00 39,440,000.00
M2 0.00 0.00 81,002.13 0.00 33,380,000.00
M3 0.00 0.00 28,662.20 0.00 10,620,000.00
M4 0.00 0.00 60,529.78 0.00 15,200,000.00
M5 0.00 0.00 36,286.01 0.00 9,112,000.00
X 0.00 0.00 0.46 0.00 0.01
P 0.00 0.00 262,207.22 0.00 100.00
Totals 0.00 0.00 1,396,110.50 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 4.00000% 892.63157895 2.97543853 0.00000000 0.00000000
B-IO 0.00 3.50000% 1000.00000000 2.91666673 0.00000000 0.00000000
A-INV-IO 0.00 0.19000% 805.16666667 0.11898573 0.00000000 0.00000000
A1 302,800,000.00 1.45000% 894.49223771 1.00878847 0.00000000 0.00000000
A2 196,200,000.00 1.47000% 881.55767941 1.00791427 0.00000000 0.00000000
M1 39,440,000.00 1.95000% 1000.00000000 1.51666658 0.00000000 0.00000000
M2 33,380,000.00 3.12000% 1000.00000000 2.42666657 0.00000000 0.00000000
M3 10,620,000.00 3.47000% 1000.00000000 2.69888889 0.00000000 0.00000000
M4 15,200,000.00 5.12000% 1000.00000000 3.98222237 0.00000000 0.00000000
M5 9,112,000.00 5.12000% 1000.00000000 3.98222234 0.00000000 0.00000000
X 0.01 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 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 2.97543853 0.00000000 873.68421053
B-IO 0.00000000 0.00000000 2.91666673 0.00000000 1000.00000000
A-INV-IO 0.00000000 0.00000000 0.11898573 0.00000000 771.00000000
A1 0.00000000 0.00000000 1.00878847 0.00000000 867.29854825
A2 0.00000000 0.00000000 1.00791427 0.00000000 851.28948344
M1 0.00000000 0.00000000 1.51666658 0.00000000 1000.00000000
M2 0.00000000 0.00000000 2.42666657 0.00000000 1000.00000000
M3 0.00000000 0.00000000 2.69888889 0.00000000 1000.00000000
M4 0.00000000 0.00000000 3.98222237 0.00000000 1000.00000000
M5 0.00000000 0.00000000 3.98222234 0.00000000 1000.00000000
X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 2622072.20000000 0.00000000 1000.00000000
<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 15,499,219.25
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 239,110.42
Realized Loss (Gains, Subsequent Expenses & Recoveries) (20,736.90)
Prepayment Penalties 262,207.22
Total Deposits 15,979,799.99
Withdrawals
Reimbursement for Servicer Advances 166,748.13
Payment of Service Fee 244,072.14
Payment of Interest and Principal 15,568,979.72
Total Withdrawals (Pool Distribution Amount) 15,979,799.99
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 233,526.04
Strip Amount 10,546.10
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 244,072.14
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Reserve Fund 1,000.00 0.46 0.46 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 13 0 0 13
1,363,338.65 0.00 0.00 1,363,338.65
30 Days 121 1 0 0 122
17,771,214.24 165,076.66 0.00 0.00 17,936,290.90
60 Days 33 4 2 0 39
5,243,525.64 397,830.00 194,255.99 0.00 5,835,611.63
90 Days 9 0 15 0 24
1,618,640.27 0.00 2,384,358.64 0.00 4,002,998.91
120 Days 0 0 18 0 18
0.00 0.00 2,697,539.59 0.00 2,697,539.59
150 Days 3 1 10 2 16
212,615.84 97,113.63 1,496,856.80 141,407.35 1,947,993.62
180+ Days 0 1 4 0 5
0.00 62,653.08 781,655.63 0.00 844,308.71
Totals 166 20 49 2 237
24,845,995.99 2,086,012.02 7,554,666.65 141,407.35 34,628,082.01
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 0.365374% 0.000000% 0.000000% 0.365374%
0.248541% 0.000000% 0.000000% 0.248541%
30 Days 3.400787% 0.028106% 0.000000% 0.000000% 3.428893%
3.239745% 0.030094% 0.000000% 0.000000% 3.269839%
60 Days 0.927487% 0.112423% 0.056211% 0.000000% 1.096121%
0.955910% 0.072526% 0.035413% 0.000000% 1.063849%
90 Days 0.252951% 0.000000% 0.421585% 0.000000% 0.674536%
0.295083% 0.000000% 0.434676% 0.000000% 0.729759%
120 Days 0.000000% 0.000000% 0.505902% 0.000000% 0.505902%
0.000000% 0.000000% 0.491769% 0.000000% 0.491769%
150 Days 0.084317% 0.028106% 0.281057% 0.056211% 0.449691%
0.038760% 0.017704% 0.272881% 0.025779% 0.355125%
180+ Days 0.000000% 0.028106% 0.112423% 0.000000% 0.140528%
0.000000% 0.011422% 0.142498% 0.000000% 0.153920%
Totals 4.665542% 0.562114% 1.377178% 0.056211% 6.661046%
4.529499% 0.380286% 1.377238% 0.025779% 6.312802%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 239,110.42
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 7.691323%
Weighted Average Net Coupon 7.191371%
Weighted Average Pass-Through Rate 7.191371%
Weighted Average Maturity(Stepdown Calculation ) 347
Beginning Scheduled Collateral Loan Count 3,629
Number Of Loans Paid In Full 71
Ending Scheduled Collateral Loan Count 3,558
Beginning Scheduled Collateral Balance 560,516,430.59
Ending Scheduled Collateral Balance 548,537,443.34
Ending Actual Collateral Balance at 30-Nov-2003 548,537,443.34
Monthly P &I Constant 4,053,969.87
Special Servicing Fee 0.00
Prepayment Penalties 262,207.22
Realized Loss Amount 20,736.90
Cumulative Realized Loss 20,736.90
Ending Scheduled Balance for Premium Loans 548,537,443.34
Scheduled Principal 461,062.52
Unscheduled Principal 11,517,924.73
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 0.00
Specified O/C Amount 14,258,683.44
Overcollateralized Amount 8,929,727.41
Overcollateralized Deficiency Amount 5,328,956.03
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 0.00
Excess Cash Amount 2,214,618.87
Miscellaneous Reporting
Overcollateralization Release Amount 0.00
A1 PTR (excl CAP) for Next Distribution 1.49250%
A2 PTR (excl CAP) for Next Distribution 1.51250%
M1 PTR (excl CAP) for Next Distribution 1.99250%
M2 PTR (excl CAP) for Next Distribution 3.16250%
M3 PTR (excl CAP) for Next Distribution 3.51250%
M4 PTR (excl CAP) for Next Distribution 5.16250%
M5 PTR (excl CAP) for Next Distribution 5.16250%
Overcollateralization Increase 2,193,881.97
Percentage of PPP being passed 74.65%
Has a Stepdown Date occurred? If so, wh NO
Did a Trigger Event occur? NO
Group Level Collateral Statement
Group Sub Group 1 Sub Group 1 Sub Group 1
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM
Weighted Average Coupon Rate 7.675157 7.582778 7.921518
Weighted Average Net Rate 7.175157 7.082779 7.421518
Weighted Average Maturity (6) (6) (6)
Beginning Loan Count 1,789 101 455
Loans Paid In Full 35 3 5
Ending Loan Count 1,754 98 450
Beginning Scheduled Balance 271,707,141.55 14,470,752.55 55,283,364.09
Ending scheduled Balance 265,987,893.48 13,969,201.75 54,556,578.00
Record Date 11/30/2003 11/30/2003 11/30/2003
Principal And Interest Constant 1,946,759.60 102,730.58 420,046.70
Scheduled Principal 208,930.37 11,290.16 55,106.57
Unscheduled Principal 5,510,317.70 490,260.64 671,679.52
Scheduled Interest 1,737,829.23 91,440.42 364,940.13
Servicing Fees 113,211.30 6,029.47 23,034.74
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 1,624,617.93 85,410.95 341,905.39
Realized Loss Amount 0.00 0.00 0.00
Cumulative Realized Loss 0.00 0.00 0.00
Percentage of Cumulative Losses 0.0000 0.0000 0.0000
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 7.175157 7.082778 7.421518
Group Level Collateral Statement
Group Sub Group 2 Sub Group 2 Sub Group 2
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM
Weighted Average Coupon Rate 7.467677 7.277096 8.177946
Weighted Average Net Rate 6.967677 6.777095 7.677946
Weighted Average Maturity (6) (6) (6)
Beginning Loan Count 709 30 545
Loans Paid In Full 17 0 11
Ending Loan Count 692 30 534
Beginning Scheduled Balance 152,269,261.70 5,363,943.91 61,421,966.79
Ending scheduled Balance 148,849,676.48 5,359,335.05 59,814,758.58
Record Date 11/30/2003 11/30/2003 11/30/2003
Principal And Interest Constant 1,068,271.03 36,944.48 479,217.48
Scheduled Principal 120,689.66 4,416.20 60,629.56
Unscheduled Principal 3,298,895.56 192.66 1,546,578.65
Scheduled Interest 947,581.37 32,528.28 418,587.92
Servicing Fees 63,445.53 2,234.98 25,592.48
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 884,135.84 30,293.30 392,995.44
Realized Loss Amount 20,736.90 0.00 0.00
Cumulative Realized Loss 20,736.90 0.00 0.00
Percentage of Cumulative Losses 0.0124 0.0000 0.0000
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 6.967677 6.777096 7.677946
Group Level Collateral Statement
Group Total
Collateral Description Fixed & Mixed ARM
Weighted Average Coupon Rate 7.691323
Weighted Average Net Rate 7.191371
Weighted Average Maturity 347.00
Record Date 11/30/2003
Principal And Interest Constant 4,053,969.87
Beginning Loan Count 3,629
Loans Paid In Full 71
Ending Loan Count 3,558
Beginning Scheduled Balance 560,516,430.59
Ending Scheduled Balance 548,537,443.34
Scheduled Principal 461,062.52
Unscheduled Principal 11,517,924.73
Scheduled Interest 3,592,907.35
Servicing Fee 233,548.50
Master Servicing Fee 0.00
Trustee Fee 0.00
Fry Amount 0.00
Special Hazard Fee 0.00
Other Fee 0.00
Pool Insurance Fee 0.00
Spread 1 0.00
Spread 2 0.00
Spread 3 0.00
Net Interest 3,359,358.85
Realized Loss Amount 20,736.90
Cumulative Realized Loss 20,736.90
Percentage of Cumulative Losses 0.0034
Prepayment Penalties 0.00
Special Servicing Fee 0.00
Pass-Through Rate 7.191371