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): March 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 March 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
March 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: 4/2/2004
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 March 25, 2004 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Asset-Backed Certificates
Record Date: 2/29/2004
Distribution Date: 3/25/2004
BSA Series: 2003-2
Contact: Customer Service - CTSLink
Wells Fargo Bank, 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-1 07384YJN7 SEN 1.49000% 136,036,604.51 163,281.71 4,008,752.12
A-2 07384YJP2 SEN 1.54000% 154,861,183.42 192,113.90 6,723,312.78
A-3 07384YJQ0 SEN 1.84000% 28,579,000.00 42,360.43 0.00
A-IO 07384YJT4 IO 5.00000% 0.00 215,416.67 0.00
M-1 07384YJU1 MEZ 2.29000% 25,851,000.00 47,687.91 0.00
M-2 07384YJV9 MEZ 3.09000% 23,265,000.00 57,910.46 0.00
B 07384YJW7 SUB 4.59000% 20,680,000.00 76,464.30 0.00
B-IO BSA032BIO IO 0.00000% 0.00 1,567,973.90 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 398,578,942.18 2,363,209.28 10,732,064.90
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 132,027,852.39 4,172,033.83 0.00
A-2 0.00 148,137,870.64 6,915,426.68 0.00
A-3 0.00 28,579,000.00 42,360.43 0.00
A-IO 0.00 0.00 215,416.67 0.00
M-1 0.00 25,851,000.00 47,687.91 0.00
M-2 0.00 23,265,000.00 57,910.46 0.00
B 0.00 20,680,000.00 76,464.30 0.00
B-IO 0.00 0.00 1,567,973.90 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 0.00 387,846,877.28 13,095,274.18 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-1 200,005,000.00 136,036,604.51 0.00 4,008,752.12 0.00 0.00
A-2 218,628,000.00 154,861,183.42 0.00 6,723,312.78 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 517,008,719.35 398,578,942.18 0.00 10,732,064.90 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 4,008,752.12 132,027,852.39 0.66012276 4,008,752.12
A-2 6,723,312.78 148,137,870.64 0.67757959 6,723,312.78
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 10,732,064.90 387,846,877.28 0.75017473 10,732,064.90
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-1 200,005,000.00 680.16601840 0.00000000 20.04325952 0.00000000
A-2 218,628,000.00 708.33188530 0.00000000 30.75229513 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 20.04325952 660.12275888 0.66012276 20.04325952
A-2 0.00000000 30.75229513 677.57959017 0.67757959 30.75229513
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 0.00000000 16,345,225.69596910 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 1.49000% 136,036,604.51 163,281.71 0.00 0.00
A-2 218,628,000.00 1.54000% 154,861,183.42 192,113.90 0.00 0.00
A-3 28,579,000.00 1.84000% 28,579,000.00 42,360.43 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 2.29000% 25,851,000.00 47,687.91 0.00 0.00
M-2 23,265,000.00 3.09000% 23,265,000.00 57,910.46 0.00 0.00
B 20,680,000.00 4.59000% 20,680,000.00 76,464.30 0.00 0.00
B-IO 0.00 0.00000% 398,578,942.18 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 517,008,719.35 795,235.38 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 0.00 163,281.71 0.00 132,027,852.39
A-2 0.00 0.00 192,113.90 0.00 148,137,870.64
A-3 0.00 0.00 42,360.43 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 47,687.91 0.00 25,851,000.00
M-2 0.00 0.00 57,910.46 0.00 23,265,000.00
B 0.00 0.00 76,464.30 0.00 20,680,000.00
B-IO 0.00 0.00 1,567,973.90 0.00 387,846,877.28
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 2,363,209.28 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 1.49000% 680.16601840 0.81638814 0.00000000 0.00000000
A-2 218,628,000.00 1.54000% 708.33188530 0.87872505 0.00000000 0.00000000
A-3 28,579,000.00 1.84000% 1000.00000000 1.48222226 0.00000000 0.00000000
A-IO 0.00 5.00000% 1000.00000000 4.16666673 0.00000000 0.00000000
M-1 25,851,000.00 2.29000% 1000.00000000 1.84472206 0.00000000 0.00000000
M-2 23,265,000.00 3.09000% 1000.00000000 2.48916656 0.00000000 0.00000000
B 20,680,000.00 4.59000% 1000.00000000 3.69750000 0.00000000 0.00000000
B-IO 0.00 0.00000% 770.93295123 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 0.81638814 0.00000000 660.12275888
A-2 0.00000000 0.00000000 0.87872505 0.00000000 677.57959017
A-3 0.00000000 0.00000000 1.48222226 0.00000000 1000.00000000
A-IO 0.00000000 0.00000000 4.16666673 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 1.84472206 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.48916656 0.00000000 1000.00000000
B 0.00000000 0.00000000 3.69750000 0.00000000 1000.00000000
B-IO 0.00000000 0.00000000 3.03278126 0.00000000 750.17494926
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 13,309,001.03
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 490,129.51
Realized Loss (Gains, Subsequent Expenses & Recoveries) (58,145.03)
Prepayment Penalties 0.00
Total Deposits 13,740,985.51
Withdrawals
Reimbursement for Servicer Advances 492,457.68
Payment of Service Fee 153,253.65
Payment of Interest and Principal 13,095,274.18
Total Withdrawals (Pool Distribution Amount) 13,740,985.51
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 149,932.17
Master Servicing Fee 3,321.48
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 153,253.65
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 120 0 0 120
8,347,131.42 0.00 0.00 8,347,131.42
30 Days 192 13 5 0 210
19,027,996.15 677,888.84 371,868.20 0.00 20,077,753.19
60 Days 92 10 8 0 110
9,876,085.40 838,536.93 2,026,982.98 0.00 12,741,605.31
90 Days 29 3 32 0 64
2,356,194.26 172,997.02 3,308,190.59 0.00 5,837,381.87
120 Days 12 7 21 0 40
757,249.21 436,928.45 2,127,772.13 0.00 3,321,949.79
150 Days 5 9 26 0 40
567,347.77 816,881.82 3,891,026.59 0.00 5,275,256.18
180+ Days 17 35 79 12 143
1,510,322.53 3,364,121.98 9,570,412.65 1,141,558.04 15,586,415.20
Totals 347 197 171 12 727
34,095,195.32 14,654,486.46 21,296,253.14 1,141,558.04 71,187,492.96
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 3.054990% 0.000000% 0.000000% 3.054990%
2.147094% 0.000000% 0.000000% 2.147094%
30 Days 4.887984% 0.330957% 0.127291% 0.000000% 5.346232%
4.894484% 0.174370% 0.095654% 0.000000% 5.164509%
60 Days 2.342159% 0.254582% 0.203666% 0.000000% 2.800407%
2.540380% 0.215693% 0.521392% 0.000000% 3.277465%
90 Days 0.738289% 0.076375% 0.814664% 0.000000% 1.629328%
0.606073% 0.044499% 0.850951% 0.000000% 1.501523%
120 Days 0.305499% 0.178208% 0.534623% 0.000000% 1.018330%
0.194784% 0.112389% 0.547317% 0.000000% 0.854490%
150 Days 0.127291% 0.229124% 0.661914% 0.000000% 1.018330%
0.145936% 0.210123% 1.000871% 0.000000% 1.356930%
180+ Days 0.432790% 0.891039% 2.011202% 0.305499% 3.640530%
0.388493% 0.865338% 2.461753% 0.293638% 4.009222%
Totals 8.834012% 5.015275% 4.353360% 0.305499% 18.508147%
8.770151% 3.769507% 5.477938% 0.293638% 18.311233%
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 0 0 8
635,790.04 0.00 0.00 635,790.04
30 Days 21 1 2 0 24
2,818,893.11 156,009.75 199,219.74 0.00 3,174,122.60
60 Days 6 0 0 0 6
656,344.67 0.00 0.00 0.00 656,344.67
90 Days 3 0 10 0 13
260,151.70 0.00 825,460.09 0.00 1,085,611.79
120 Days 1 0 3 0 4
71,253.64 0.00 270,526.28 0.00 341,779.92
150 Days 0 0 4 0 4
0.00 0.00 280,519.72 0.00 280,519.72
180 Days 0 6 9 3 18
0.00 514,414.05 898,264.52 477,756.47 1,890,435.04
Totals 31 15 28 3 77
3,806,643.12 1,306,213.84 2,473,990.35 477,756.47 8,064,603.78
0-29 Days 2.179837% 0.000000% 0.000000% 2.179837%
1.243616% 0.000000% 0.000000% 1.243616%
30 Days 5.722071% 0.272480% 0.544959% 0.000000% 6.539510%
5.513800% 0.305158% 0.389677% 0.000000% 6.208635%
60 Days 1.634877% 0.000000% 0.000000% 0.000000% 1.634877%
1.283821% 0.000000% 0.000000% 0.000000% 1.283821%
90 Days 0.817439% 0.000000% 2.724796% 0.000000% 3.542234%
0.508861% 0.000000% 1.614613% 0.000000% 2.123474%
120 Days 0.272480% 0.000000% 0.817439% 0.000000% 1.089918%
0.139373% 0.000000% 0.529154% 0.000000% 0.668527%
150 Days 0.000000% 0.000000% 1.089918% 0.000000% 1.089918%
0.000000% 0.000000% 0.548701% 0.000000% 0.548701%
180 Days 0.000000% 1.634877% 2.452316% 0.817439% 4.904632%
0.000000% 1.006202% 1.757020% 0.934499% 3.697721%
Totals 8.446866% 4.087193% 7.629428% 0.817439% 20.980926%
7.445855% 2.554975% 4.839165% 0.934499% 15.774495%
<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 30 0 0 30
3,174,476.38 0.00 0.00 3,174,476.38
30 Days 67 3 1 0 71
7,758,915.94 177,910.77 65,925.43 0.00 8,002,752.14
60 Days 27 1 4 0 32
4,498,083.38 337,990.44 1,347,910.22 0.00 6,183,984.04
90 Days 10 1 15 0 26
1,189,325.16 116,807.77 2,004,642.07 0.00 3,310,775.00
120 Days 2 2 4 0 8
156,621.57 198,005.24 388,874.01 0.00 743,500.82
150 Days 2 5 7 0 14
363,980.13 527,404.30 2,609,180.33 0.00 3,500,564.76
180 Days 5 16 35 3 59
979,994.65 2,148,012.06 5,620,876.70 234,802.93 8,983,686.34
Totals 113 58 66 3 240
14,946,920.83 6,680,606.96 12,037,408.76 234,802.93 33,899,739.48
0-29 Days 3.344482% 0.000000% 0.000000% 3.344482%
2.710220% 0.000000% 0.000000% 2.710220%
30 Days 7.469342% 0.334448% 0.111483% 0.000000% 7.915273%
6.624200% 0.151892% 0.056284% 0.000000% 6.832376%
60 Days 3.010033% 0.111483% 0.445931% 0.000000% 3.567447%
3.840254% 0.288560% 1.150783% 0.000000% 5.279597%
90 Days 1.114827% 0.111483% 1.672241% 0.000000% 2.898551%
1.015390% 0.099725% 1.711470% 0.000000% 2.826585%
120 Days 0.222965% 0.222965% 0.445931% 0.000000% 0.891862%
0.133716% 0.169048% 0.332002% 0.000000% 0.634766%
150 Days 0.222965% 0.557414% 0.780379% 0.000000% 1.560758%
0.310749% 0.450273% 2.227596% 0.000000% 2.988619%
180 Days 0.557414% 1.783724% 3.901895% 0.334448% 6.577480%
0.836674% 1.833872% 4.798842% 0.200464% 7.669852%
Totals 12.597547% 6.465998% 7.357860% 0.334448% 26.755853%
12.760983% 5.703590% 10.276977% 0.200464% 28.942015%
<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 60 0 0 60
3,262,359.80 0.00 0.00 3,262,359.80
30 Days 92 6 2 0 100
7,800,850.78 205,356.97 106,723.03 0.00 8,112,930.78
60 Days 53 7 4 0 64
4,397,877.58 369,815.80 679,072.76 0.00 5,446,766.14
90 Days 16 1 6 0 23
906,717.40 7,513.25 411,015.20 0.00 1,325,245.85
120 Days 8 5 13 0 26
460,888.46 238,923.21 1,397,066.64 0.00 2,096,878.31
150 Days 2 4 13 0 19
172,794.30 289,477.52 922,036.71 0.00 1,384,308.53
180 Days 10 12 28 6 56
400,187.64 645,582.87 2,747,091.74 428,998.64 4,221,860.89
Totals 181 95 66 6 348
14,139,316.16 5,019,029.42 6,263,006.08 428,998.64 25,850,350.30
0-29 Days 2.532714% 0.000000% 0.000000% 2.532714%
1.582864% 0.000000% 0.000000% 1.582864%
30 Days 3.883495% 0.253271% 0.084424% 0.000000% 4.221190%
3.784895% 0.099637% 0.051781% 0.000000% 3.936313%
60 Days 2.237231% 0.295483% 0.168848% 0.000000% 2.701562%
2.133806% 0.179431% 0.329479% 0.000000% 2.642716%
90 Days 0.675390% 0.042212% 0.253271% 0.000000% 0.970874%
0.439930% 0.003645% 0.199420% 0.000000% 0.642996%
120 Days 0.337695% 0.211060% 0.548755% 0.000000% 1.097509%
0.223618% 0.115923% 0.677843% 0.000000% 1.017384%
150 Days 0.084424% 0.168848% 0.548755% 0.000000% 0.802026%
0.083838% 0.140452% 0.447363% 0.000000% 0.671653%
180 Days 0.422119% 0.506543% 1.181933% 0.253271% 2.363867%
0.194167% 0.313230% 1.332861% 0.208146% 2.048405%
Totals 7.640355% 4.010131% 2.785986% 0.253271% 14.689743%
6.860255% 2.435183% 3.038748% 0.208146% 12.542331%
<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 22 0 0 22
1,274,505.20 0.00 0.00 1,274,505.20
30 Days 12 3 0 0 15
649,336.32 138,611.35 0.00 0.00 787,947.67
60 Days 6 2 0 0 8
323,779.77 130,730.69 0.00 0.00 454,510.46
90 Days 0 1 1 0 2
0.00 48,676.00 67,073.23 0.00 115,749.23
120 Days 1 0 1 0 2
68,485.54 0.00 71,305.20 0.00 139,790.74
150 Days 1 0 2 0 3
30,573.34 0.00 79,289.83 0.00 109,863.17
180 Days 2 1 7 0 10
130,140.24 56,113.00 304,179.69 0.00 490,432.93
Totals 22 29 11 0 62
1,202,315.21 1,648,636.24 521,847.95 0.00 3,372,799.40
0-29 Days 7.457627% 0.000000% 0.000000% 7.457627%
8.847628% 0.000000% 0.000000% 8.847628%
30 Days 4.067797% 1.016949% 0.000000% 0.000000% 5.084746%
4.507700% 0.962241% 0.000000% 0.000000% 5.469941%
60 Days 2.033898% 0.677966% 0.000000% 0.000000% 2.711864%
2.247683% 0.907534% 0.000000% 0.000000% 3.155216%
90 Days 0.000000% 0.338983% 0.338983% 0.000000% 0.677966%
0.000000% 0.337909% 0.465623% 0.000000% 0.803532%
120 Days 0.338983% 0.000000% 0.338983% 0.000000% 0.677966%
0.475427% 0.000000% 0.495001% 0.000000% 0.970429%
150 Days 0.338983% 0.000000% 0.677966% 0.000000% 1.016949%
0.212240% 0.000000% 0.550431% 0.000000% 0.762671%
180 Days 0.677966% 0.338983% 2.372881% 0.000000% 3.389831%
0.903435% 0.389537% 2.111619% 0.000000% 3.404591%
Totals 7.457627% 9.830508% 3.728814% 0.000000% 21.016949%
8.346485% 11.444850% 3.622674% 0.000000% 23.414009%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 490,129.51
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 7.755679%
Weighted Average Net Coupon 7.304279%
Weighted Average Pass-Through Rate 7.294279%
Weighted Average Maturity(Stepdown Calculation ) 295
Beginning Scheduled Collateral Loan Count 4,026
Number Of Loans Paid In Full 98
Ending Scheduled Collateral Loan Count 3,928
Beginning Scheduled Collateral Balance 398,578,942.18
Ending Scheduled Collateral Balance 387,846,877.28
Ending Actual Collateral Balance at 29-Feb-2004 388,764,054.80
Monthly P &I Constant 3,191,130.63
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 58,145.03
Cumulative Realized Loss 241,775.79
Ending Scheduled Balance for Premium Loans 387,846,877.28
Scheduled Principal 615,088.68
Unscheduled Principal 10,116,976.22
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 58,145.03
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 58,145.03
Excess Cash Amount 1,626,118.93
Group Level Collateral Statement
Group Group 1 Group 2 Group 3
Collateral Description Mixed Fixed Mixed ARM Mixed Fixed
Weighted Average Coupon Rate 6.920199 7.087421 8.240189
Weighted Average Net Rate 6.529858 6.631906 7.779360
Weighted Average Maturity 310 314 282
Beginning Loan Count 376 916 2,435
Loans Paid In Full 9 19 66
Ending Loan Count 367 897 2,369
Beginning Scheduled Balance 52,378,208.54 119,438,432.30 212,244,237.91
Ending scheduled Balance 51,017,626.49 116,811,981.16 205,652,179.77
Record Date 02/29/2004 02/29/2004 02/29/2004
Principal And Interest Constant 378,820.81 865,790.41 1,810,811.67
Scheduled Principal 76,764.44 160,365.06 353,367.89
Unscheduled Principal 1,283,817.61 2,466,086.08 6,238,690.25
Scheduled Interest 302,056.37 705,425.35 1,457,443.78
Servicing Fees 17,037.82 45,338.26 81,506.90
Master Servicing Fees 436.52 995.33 1,768.65
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 284,582.03 659,091.76 1,374,168.23
Realized Loss Amount 0.00 0.00 58,145.03
Cumulative Realized Loss 57,472.73 0.00 184,303.06
Percentage of Cumulative Losses 0.0818 0.0000 0.0685
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 6.519858 6.621907 7.769360
Group Level Collateral Statement
Group Group 4 Total
Collateral Description Mixed ARM Fixed & Mixed ARM
Weighted Average Coupon Rate 9.184403 7.755679
Weighted Average Net Rate 8.684403 7.304279
Weighted Average Maturity 257 295
Beginning Loan Count 299 4,026
Loans Paid In Full 4 98
Ending Loan Count 295 3,928
Beginning Scheduled Balance 14,518,063.43 398,578,942.18
Ending scheduled Balance 14,365,089.86 387,846,877.28
Record Date 02/29/2004 02/29/2004
Principal And Interest Constant 135,707.74 3,191,130.63
Scheduled Principal 24,591.29 615,088.68
Unscheduled Principal 128,382.28 10,116,976.22
Scheduled Interest 111,116.45 2,576,041.95
Servicing Fees 6,049.19 149,932.17
Master Servicing Fees 120.98 3,321.48
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 104,946.28 2,422,788.30
Realized Loss Amount 0.00 58,145.03
Cumulative Realized Loss 0.00 241,775.79
Percentage of Cumulative Losses 0.0000 0.0468
Prepayment Penalties 0.00 0.00
Special Servicing Fee 0.00 0.00
Pass-Through Rate 8.674403 7.294279