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): February 25, 2004
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 54-2121830
Pooling and Servicing Agreement) (Commission 54-2121828
(State or other File Number) 54-2121829
jurisdiction IRS EIN
of Incorporation)
c/o Wells Fargo Bank, 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 February 25, 2004 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
February 25, 2004 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, N.A. as Securities Administrator
By: /s/ Beth Belfield as Assistant Vice President
By: Beth Belfield as Assistant Vice President
Date: 3/4/04
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset-
Bakced Certificates, Series 2003-2 Trust,
relating to the February 25, 2004 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Asset-Backed Certificates
Record Date: 1/31/04
Distribution Date: 2/25/04
BSA Series: 2003-2
Contact: CTSLink Customer Service
Wells Fargo Bank, 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 1.50000% 138,583,679.54 173,229.60 2,547,075.03
A-2 07384YJP2 SEN 1.55000% 159,406,023.84 205,899.45 4,544,840.42
A-3 07384YJQ0 SEN 1.85000% 28,579,000.00 44,059.29 0.00
A-IO 07384YJT4 IO 5.00000% 0.00 215,416.68 0.00
M-1 07384YJU1 MEZ 2.30000% 25,851,000.00 49,547.75 0.00
M-2 07384YJV9 MEZ 3.10000% 23,265,000.00 60,101.25 0.00
B 07384YJW7 SUB 4.60000% 20,680,000.00 79,273.33 0.00
B-IO BSA032BIO IO 0.00000% 0.00 1,577,633.77 0.00
R-1 BSA0302R1 RES 0.00000% 0.00 0.00 0.00
R-2 BSA0302R2 RES 0.00000% 0.00 0.00 0.00
R-3 BSA0302R3 RES 0.00000% 0.00 0.00 0.00
OC BSA0302OC OC 0.00000% 9,306,154.25 0.00 0.00
Totals 405,670,857.63 2,405,161.12 7,091,915.45
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 136,036,604.51 2,720,304.63 0.00
A-2 0.00 154,861,183.42 4,750,739.87 0.00
A-3 0.00 28,579,000.00 44,059.29 0.00
A-IO 0.00 0.00 215,416.68 0.00
M-1 0.00 25,851,000.00 49,547.75 0.00
M-2 0.00 23,265,000.00 60,101.25 0.00
B 0.00 20,680,000.00 79,273.33 0.00
B-IO 0.00 0.00 1,577,633.77 0.00
R-1 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00
R-3 0.00 0.00 0.00 0.00
OC 0.00 9,306,154.25 0.00 0.00
Totals 0.00 398,578,942.18 9,497,076.57 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-1 200,005,000.00 138,583,679.54 0.00 2,547,075.03 0.00 0.00
A-2 218,628,000.00 159,406,023.84 0.00 4,544,840.42 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 0.00 0.00 0.00 0.00 0.00
R-2 50.00 0.00 0.00 0.00 0.00 0.00
R-3 50.00 0.00 0.00 0.00 0.00 0.00
OC 569.35 9,306,154.25 0.00 0.00 0.00 0.00
Totals 517,008,719.35 405,670,857.63 0.00 7,091,915.45 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 2,547,075.03 136,036,604.51 0.68016602 2,547,075.03
A-2 4,544,840.42 154,861,183.42 0.70833189 4,544,840.42
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 0.00 0.00 0.00000000 0.00
R-2 0.00 0.00 0.00000000 0.00
R-3 0.00 0.00 0.00000000 0.00
OC 0.00 9,306,154.25 16,345.22569597 0.00
Totals 7,091,915.45 398,578,942.18 0.77093273 7,091,915.45
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-1 200,005,000.00 692.90107517 0.00000000 12.73505677 0.00000000
A-2 218,628,000.00 729.11989242 0.00000000 20.78800712 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 0.00000000 0.00000000 0.00000000 0.00000000
R-2 50.00 0.00000000 0.00000000 0.00000000 0.00000000
R-3 50.00 0.00000000 0.00000000 0.00000000 0.00000000
OC 569.35 16345225.69596910 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 12.73505677 680.16601840 0.68016602 12.73505677
A-2 0.00000000 20.78800712 708.33188530 0.70833189 20.78800712
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 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 0.0000000016,345,225.69596910 16345.22569597 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-1 200,005,000.00 1.50000% 138,583,679.54 173,229.60 0.00 0.00
A-2 218,628,000.00 1.55000% 159,406,023.84 205,899.45 0.00 0.00
A-3 28,579,000.00 1.85000% 28,579,000.00 44,059.29 0.00 0.00
A-IO 0.00 5.00000% 51,700,000.00 215,416.67 0.01 0.00
M-1 25,851,000.00 2.30000% 25,851,000.00 49,547.75 0.00 0.00
M-2 23,265,000.00 3.10000% 23,265,000.00 60,101.25 0.00 0.00
B 20,680,000.00 4.60000% 20,680,000.00 79,273.33 0.00 0.00
B-IO 0.00 0.00000% 405,670,857.63 0.00 0.00 0.00
R-1 50.00 0.00000% 0.00 0.00 0.00 0.00
R-2 50.00 0.00000% 0.00 0.00 0.00 0.00
R-3 50.00 0.00000% 0.00 0.00 0.00 0.00
OC 569.35 0.00000% 9,306,154.25 0.00 0.00 0.00
Totals 517,008,719.35 827,527.34 0.01 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 0.00 173,229.60 0.00 136,036,604.51
A-2 0.00 0.00 205,899.45 0.00 154,861,183.42
A-3 0.00 0.00 44,059.29 0.00 28,579,000.00
A-IO 0.00 0.00 215,416.68 0.00 51,700,000.00
M-1 0.00 0.00 49,547.75 0.00 25,851,000.00
M-2 0.00 0.00 60,101.25 0.00 23,265,000.00
B 0.00 0.00 79,273.33 0.00 20,680,000.00
B-IO 0.00 0.00 1,577,633.77 0.00 398,578,942.18
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 9,306,154.25
Totals 0.00 0.00 2,405,161.12 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-1 200,005,000.00 1.50000% 692.90107517 0.86612635 0.00000000 0.00000000
A-2 218,628,000.00 1.55000% 729.11989242 0.94177987 0.00000000 0.00000000
A-3 28,579,000.00 1.85000% 1000.00000000 1.54166661 0.00000000 0.00000000
A-IO 0.00 5.00000% 1000.00000000 4.16666673 0.00000019 0.00000000
M-1 25,851,000.00 2.30000% 1000.00000000 1.91666667 0.00000000 0.00000000
M-2 23,265,000.00 3.10000% 1000.00000000 2.58333333 0.00000000 0.00000000
B 20,680,000.00 4.60000% 1000.00000000 3.83333317 0.00000000 0.00000000
B-IO 0.00 0.00000% 784.65016187 0.00000000 0.00000000 0.00000000
R-1 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-2 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-3 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
OC 569.35 0.00000% 16345225.69596910 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 0.86612635 0.00000000 680.16601840
A-2 0.00000000 0.00000000 0.94177987 0.00000000 708.33188530
A-3 0.00000000 0.00000000 1.54166661 0.00000000 1000.00000000
A-IO 0.00000000 0.00000000 4.16666692 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 1.91666667 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.58333333 0.00000000 1000.00000000
B 0.00000000 0.00000000 3.83333317 0.00000000 1000.00000000
B-IO 0.00000000 0.00000000 3.05146542 0.00000000 770.93295123
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 16345225.69596910
<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 9,702,489.05
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 492,457.68
Realized Loss (Gains, Subsequent Expenses & Recoveries) (61,275.51)
Prepayment Penalties 0.00
Total Deposits 10,133,671.22
Withdrawals
Reimbursement for Servicer Advances 480,519.11
Payment of Service Fee 156,075.54
Payment of Interest and Principal 9,497,076.57
Total Withdrawals (Pool Distribution Amount) 10,133,671.22
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 152,695.03
Master Servicing Fee 3,380.51
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 156,075.54
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 115 2 0 117
8,090,551.36 280,831.06 0.00 8,371,382.42
30 Days 220 16 2 0 238
20,262,445.37 703,926.09 148,929.59 0.00 21,115,301.05
60 Days 93 12 12 0 117
9,176,147.17 753,654.27 2,643,535.34 0.00 12,573,336.78
90 Days 33 6 21 0 60
2,452,750.22 355,933.31 2,086,192.03 0.00 4,894,875.56
120 Days 12 8 31 0 51
2,369,052.62 753,998.24 2,845,432.65 0.00 5,968,483.51
150 Days 8 8 22 1 39
824,551.79 920,681.61 3,657,047.33 74,722.13 5,477,002.86
180+ Days 17 27 64 10 118
1,419,201.70 2,319,564.39 8,226,399.45 1,085,921.44 13,051,086.98
Totals 383 192 154 11 740
36,504,148.87 13,898,309.27 19,888,367.45 1,160,643.57 71,451,469.16
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 2.856433% 0.049677% 0.000000% 2.906110%
2.025265% 0.070299% 0.000000% 2.095564%
30 Days 5.464481% 0.397417% 0.049677% 0.000000% 5.911575%
5.072191% 0.176210% 0.037281% 0.000000% 5.285682%
60 Days 2.309985% 0.298063% 0.298063% 0.000000% 2.906110%
2.297017% 0.188658% 0.661742% 0.000000% 3.147417%
90 Days 0.819672% 0.149031% 0.521610% 0.000000% 1.490313%
0.613984% 0.089099% 0.522225% 0.000000% 1.225308%
120 Days 0.298063% 0.198708% 0.769995% 0.000000% 1.266766%
0.593032% 0.188744% 0.712282% 0.000000% 1.494059%
150 Days 0.198708% 0.198708% 0.546448% 0.024839% 0.968703%
0.206406% 0.230469% 0.915449% 0.018705% 1.371029%
180+ Days 0.422255% 0.670641% 1.589667% 0.248385% 2.930949%
0.355261% 0.580644% 2.059271% 0.271833% 3.267010%
Totals 9.513164% 4.769001% 3.825137% 0.273224% 18.380527%
9.137891% 3.479091% 4.978550% 0.290538% 17.886070%
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 8 1 0 9
637,380.60 149,099.48 0.00 786,480.08
30 Days 17 0 0 0 17
1,905,408.92 0.00 0.00 0.00 1,905,408.92
60 Days 17 1 1 0 19
1,361,807.84 156,303.45 79,134.20 0.00 1,597,245.49
90 Days 0 0 7 0 7
0.00 0.00 537,727.44 0.00 537,727.44
120 Days 1 0 4 0 5
139,274.06 0.00 321,298.79 0.00 460,572.85
150 Days 2 0 1 0 3
132,237.88 0.00 41,000.06 0.00 173,237.94
180 Days 0 6 8 3 17
0.00 514,655.02 857,374.64 477,756.47 1,849,786.13
Totals 37 15 22 3 77
3,538,728.70 1,308,339.07 1,985,634.61 477,756.47 7,310,458.85
0-29 Days 2.127660% 0.265957% 0.000000% 2.393617%
1.214532% 0.284110% 0.000000% 1.498641%
30 Days 4.521277% 0.000000% 0.000000% 0.000000% 4.521277%
3.630765% 0.000000% 0.000000% 0.000000% 3.630765%
60 Days 4.521277% 0.265957% 0.265957% 0.000000% 5.053191%
2.594931% 0.297837% 0.150791% 0.000000% 3.043558%
90 Days 0.000000% 0.000000% 1.861702% 0.000000% 1.861702%
0.000000% 0.000000% 1.024642% 0.000000% 1.024642%
120 Days 0.265957% 0.000000% 1.063830% 0.000000% 1.329787%
0.265387% 0.000000% 0.612236% 0.000000% 0.877624%
150 Days 0.531915% 0.000000% 0.265957% 0.000000% 0.797872%
0.251980% 0.000000% 0.078126% 0.000000% 0.330106%
180 Days 0.000000% 1.595745% 2.127660% 0.797872% 4.521277%
0.000000% 0.980677% 1.633731% 0.910367% 3.524776%
Totals 9.840426% 3.989362% 5.851064% 0.797872% 20.478723%
6.743063% 2.493046% 3.783635% 0.910367% 13.930111%
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 30 1 0 31
3,179,039.47 131,731.58 0.00 3,310,771.05
30 Days 65 2 1 0 68
8,923,206.33 105,559.65 116,488.34 0.00 9,145,254.32
60 Days 34 1 6 0 41
4,226,371.19 116,807.77 1,809,938.31 0.00 6,153,117.27
90 Days 7 1 9 0 17
621,369.59 117,010.10 834,658.75 0.00 1,573,038.44
120 Days 5 5 8 0 18
1,977,325.79 558,902.41 1,037,860.08 0.00 3,574,088.28
150 Days 3 5 13 1 22
512,678.57 760,106.63 2,800,799.58 74,722.13 4,148,306.91
180 Days 4 11 24 2 41
781,508.07 1,263,654.17 4,846,819.86 160,080.80 7,052,062.90
Totals 118 55 62 3 238
17,042,459.54 6,101,080.20 11,578,296.50 234,802.93 34,956,639.17
0-29 Days 3.275109% 0.109170% 0.000000% 3.384279%
2.654666% 0.110003% 0.000000% 2.764668%
30 Days 7.096070% 0.218341% 0.109170% 0.000000% 7.423581%
7.451348% 0.088148% 0.097274% 0.000000% 7.636769%
60 Days 3.711790% 0.109170% 0.655022% 0.000000% 4.475983%
3.529243% 0.097541% 1.511394% 0.000000% 5.138177%
90 Days 0.764192% 0.109170% 0.982533% 0.000000% 1.855895%
0.518876% 0.097710% 0.696984% 0.000000% 1.313570%
120 Days 0.545852% 0.545852% 0.873362% 0.000000% 1.965066%
1.651171% 0.466713% 0.866668% 0.000000% 2.984552%
150 Days 0.327511% 0.545852% 1.419214% 0.109170% 2.401747%
0.428114% 0.634729% 2.338815% 0.062397% 3.464055%
180 Days 0.436681% 1.200873% 2.620087% 0.218341% 4.475983%
0.652600% 1.055218% 4.047350% 0.133676% 5.888844%
Totals 12.882096% 6.004367% 6.768559% 0.327511% 25.982533%
14.231352% 5.094724% 9.668488% 0.196073% 29.190636%
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 56 0 0 56
3,066,506.76 0.00 0.00 3,066,506.76
30 Days 117 9 1 0 127
8,470,080.31 368,420.12 32,441.25 0.00 8,870,941.68
60 Days 40 8 5 0 53
3,443,772.81 322,089.51 754,462.83 0.00 4,520,325.15
90 Days 24 5 5 0 34
1,743,163.49 238,923.21 713,805.84 0.00 2,695,892.54
120 Days 5 3 16 0 24
221,879.43 195,095.83 1,335,619.31 0.00 1,752,594.57
150 Days 2 3 7 0 12
129,976.13 160,574.98 758,966.09 0.00 1,049,517.20
180 Days 12 9 26 5 52
557,212.60 485,142.20 2,274,306.86 448,084.17 3,764,745.83
Totals 200 93 60 5 358
14,566,084.77 4,836,752.61 5,869,602.18 448,084.17 25,720,523.73
0-29 Days 2.299795% 0.000000% 0.000000% 2.299795%
1.441762% 0.000000% 0.000000% 1.441762%
30 Days 4.804928% 0.369610% 0.041068% 0.000000% 5.215606%
3.982330% 0.173218% 0.015253% 0.000000% 4.170801%
60 Days 1.642710% 0.328542% 0.205339% 0.000000% 2.176591%
1.619139% 0.151435% 0.354722% 0.000000% 2.125296%
90 Days 0.985626% 0.205339% 0.205339% 0.000000% 1.396304%
0.819573% 0.112333% 0.335606% 0.000000% 1.267513%
120 Days 0.205339% 0.123203% 0.657084% 0.000000% 0.985626%
0.104320% 0.091727% 0.627961% 0.000000% 0.824008%
150 Days 0.082136% 0.123203% 0.287474% 0.000000% 0.492813%
0.061110% 0.075497% 0.356839% 0.000000% 0.493446%
180 Days 0.492813% 0.369610% 1.067762% 0.205339% 2.135524%
0.261982% 0.228097% 1.069298% 0.210673% 1.770049%
Totals 8.213552% 3.819302% 2.464066% 0.205339% 14.702259%
6.848454% 2.274069% 2.759678% 0.210673% 12.092874%
<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 21 0 0 21
1,207,624.53 0.00 0.00 1,207,624.53
30 Days 21 5 0 0 26
963,749.81 229,946.32 0.00 0.00 1,193,696.13
60 Days 2 2 0 0 4
144,195.33 158,453.54 0.00 0.00 302,648.87
90 Days 2 0 0 0 2
88,217.14 0.00 0.00 0.00 88,217.14
120 Days 1 0 3 0 4
30,573.34 0.00 150,654.47 0.00 181,227.81
150 Days 1 0 1 0 2
49,659.21 0.00 56,281.60 0.00 105,940.81
180 Days 1 1 6 0 8
80,481.03 56,113.00 247,898.09 0.00 384,492.12
Totals 28 29 10 0 67
1,356,875.86 1,652,137.39 454,834.16 0.00 3,463,847.41
0-29 Days 7.023411% 0.000000% 0.000000% 7.023411%
8.295794% 0.000000% 0.000000% 8.295794%
30 Days 7.023411% 1.672241% 0.000000% 0.000000% 8.695652%
6.620493% 1.579620% 0.000000% 0.000000% 8.200113%
60 Days 0.668896% 0.668896% 0.000000% 0.000000% 1.337793%
0.990552% 1.088499% 0.000000% 0.000000% 2.079051%
90 Days 0.668896% 0.000000% 0.000000% 0.000000% 0.668896%
0.606009% 0.000000% 0.000000% 0.000000% 0.606009%
120 Days 0.334448% 0.000000% 1.003344% 0.000000% 1.337793%
0.210024% 0.000000% 1.034923% 0.000000% 1.244947%
150 Days 0.334448% 0.000000% 0.334448% 0.000000% 0.668896%
0.341135% 0.000000% 0.386627% 0.000000% 0.727762%
180 Days 0.334448% 0.334448% 2.006689% 0.000000% 2.675585%
0.552866% 0.385469% 1.702940% 0.000000% 2.641274%
Totals 9.364548% 9.698997% 3.344482% 0.000000% 22.408027%
9.321079% 11.349382% 3.124490% 0.000000% 23.794950%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 492,457.68
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 7.757557%
Weighted Average Net Coupon 7.305875%
Weighted Average Pass-Through Rate 7.295876%
Weighted Average Maturity(Stepdown Calculation ) 296
Beginning Scheduled Collateral Loan Count 4,086
Number Of Loans Paid In Full 60
Ending Scheduled Collateral Loan Count 4,026
Beginning Scheduled Collateral Balance 405,670,857.63
Ending Scheduled Collateral Balance 398,578,942.18
Ending Actual Collateral Balance at 31-Jan-2004 399,481,096.47
Monthly P &I Constant 3,244,123.98
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 61,275.51
Cumulative Realized Loss 183,630.76
Ending Scheduled Balance for Premium Loans 398,578,942.18
Scheduled Principal 619,043.24
Unscheduled Principal 6,472,872.21
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 61,275.51
Overcollateralized reduction Amount 0.00
Specified O/C Amount 9,306,154.25
Overcollateralized Amount 9,306,154.25
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 61,275.51
Excess Cash Amount 1,638,909.29
Group Level Collateral Statement
Group Group 1 Group 2 Group 3
Collateral Description Mixed Fixed Mixed ARM Mixed Fixed
Weighted Average Coupon Rate 6.924057 7.065920 8.252902
Weighted Average Net Rate 6.532867 6.610265 7.791880
Weighted Average Maturity 311 315 283
Beginning Loan Count 382 928 2,475
Loans Paid In Full 6 12 40
Ending Loan Count 376 916 2,435
Beginning Scheduled Balance 53,086,837.38 121,312,344.00 216,667,956.21
Ending scheduled Balance 52,378,208.54 119,438,432.30 212,244,237.91
Record Date 01/31/2004 01/31/2004 01/31/2004
Principal And Interest Constant 383,225.94 878,191.55 1,846,406.96
Scheduled Principal 76,912.36 162,186.28 355,408.25
Unscheduled Principal 631,716.48 1,711,725.42 4,068,310.05
Scheduled Interest 306,313.58 714,319.46 1,490,116.09
Servicing Fees 17,305.86 46,063.84 83,240.44
Master Servicing Fees 442.39 1,010.92 1,805.52
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 288,565.33 667,244.70 1,405,070.13
Realized Loss Amount 57,472.73 0.00 3,802.78
Cumulative Realized Loss 57,472.73 0.00 126,158.03
Percentage of Cumulative Losses 0.0818 0.0000 0.0469
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 6.522867 6.600265 7.781881
Group Level Collateral Statement
Group Group 4 Total
Collateral Description Mixed ARM Fixed & Mixed ARM
Weighted Average Coupon Rate 9.183675 7.757557
Weighted Average Net Rate 8.683674 7.305875
Weighted Average Maturity 258 296
Beginning Loan Count 301 4,086
Loans Paid In Full 2 60
Ending Loan Count 299 4,026
Beginning Scheduled Balance 14,603,720.04 405,670,857.63
Ending scheduled Balance 14,518,063.43 398,578,942.18
Record Date 01/31/2004 01/31/2004
Principal And Interest Constant 136,299.53 3,244,123.98
Scheduled Principal 24,536.35 619,043.24
Unscheduled Principal 61,120.26 6,472,872.21
Scheduled Interest 111,763.18 2,622,512.31
Servicing Fees 6,084.89 152,695.03
Master Servicing Fees 121.68 3,380.51
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 105,556.61 2,466,436.77
Realized Loss Amount 0.00 61,275.51
Cumulative Realized Loss 0.00 183,630.76
Percentage of Cumulative Losses 0.0000 0.0355
Prepayment Penalties 0.00 0.00
Special Servicing Fee 0.00 0.00
Pass-Through Rate 8.673675 7.295876