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): May 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 May 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
May 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: 5/28/04
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 May 25, 2004 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Asset-Backed Certificates
Record Date: 4/30/04
Distribution Date: 5/25/04
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 1.50000% 126,374,713.54 152,702.78 6,800,539.69
A-2 07384YJP2 SEN 1.55000% 137,927,782.78 172,218.16 6,851,610.60
A-3 07384YJQ0 SEN 1.85000% 28,579,000.00 42,590.65 0.00
A-IO 07384YJT4 IO 5.00000% 0.00 215,416.67 0.00
M-1 07384YJU1 MEZ 2.30000% 25,851,000.00 47,896.16 0.00
M-2 07384YJV9 MEZ 3.10000% 23,265,000.00 58,097.88 0.00
B 07384YJW7 SUB 4.60000% 20,680,000.00 76,630.89 0.00
B-IO BSA032BIO IO 0.00000% 0.00 1,441,869.59 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 371,983,650.57 2,207,422.78 13,652,150.29
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 119,574,173.85 6,953,242.47 0.00
A-2 0.00 131,076,172.18 7,023,828.76 0.00
A-3 0.00 28,579,000.00 42,590.65 0.00
A-IO 0.00 0.00 215,416.67 0.00
M-1 0.00 25,851,000.00 47,896.16 0.00
M-2 0.00 23,265,000.00 58,097.88 0.00
B 0.00 20,680,000.00 76,630.89 0.00
B-IO 0.00 0.00 1,441,869.59 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 0.00 358,331,500.28 15,859,573.07 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-1 200,005,000.00 126,374,713.54 0.00 6,800,539.69 0.00 0.00
A-2 218,628,000.00 137,927,782.78 0.00 6,851,610.60 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 517,008,719.35 371,983,650.57 0.00 13,652,150.29 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 6,800,539.69 119,574,173.85 0.59785592 6,800,539.69
A-2 6,851,610.60 131,076,172.18 0.59953973 6,851,610.60
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 13,652,150.29 358,331,500.28 0.69308599 13,652,150.29
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-1 200,005,000.00 631.85777126 0.00000000 34.00184840 0.00000000
A-2 218,628,000.00 630.87885715 0.00000000 31.33912674 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 34.00184840 597.85592285 0.59785592 34.00184840
A-2 0.00000000 31.33912674 599.53973041 0.59953973 31.33912674
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 1.50000% 126,374,713.54 152,702.78 0.00 0.00
A-2 218,628,000.00 1.55000% 137,927,782.78 172,218.16 0.00 0.00
A-3 28,579,000.00 1.85000% 28,579,000.00 42,590.65 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 2.30000% 25,851,000.00 47,896.16 0.00 0.00
M-2 23,265,000.00 3.10000% 23,265,000.00 58,097.88 0.00 0.00
B 20,680,000.00 4.60000% 20,680,000.00 76,630.89 0.00 0.00
B-IO 0.00 0.00000% 371,983,650.57 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 517,008,719.35 765,553.19 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 0.00 152,702.78 0.00 119,574,173.85
A-2 0.00 0.00 172,218.16 0.00 131,076,172.18
A-3 0.00 0.00 42,590.65 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 47,896.16 0.00 25,851,000.00
M-2 0.00 0.00 58,097.88 0.00 23,265,000.00
B 0.00 0.00 76,630.89 0.00 20,680,000.00
B-IO 0.00 0.00 1,441,869.59 0.00 358,331,500.28
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 2,207,422.78 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% 631.85777126 0.76349481 0.00000000 0.00000000
A-2 218,628,000.00 1.55000% 630.87885715 0.78772234 0.00000000 0.00000000
A-3 28,579,000.00 1.85000% 1000.00000000 1.49027783 0.00000000 0.00000000
A-IO 0.00 5.00000% 1000.00000000 4.16666673 0.00000000 0.00000000
M-1 25,851,000.00 2.30000% 1000.00000000 1.85277784 0.00000000 0.00000000
M-2 23,265,000.00 3.10000% 1000.00000000 2.49722244 0.00000000 0.00000000
B 20,680,000.00 4.60000% 1000.00000000 3.70555561 0.00000000 0.00000000
B-IO 0.00 0.00000% 719.49223402 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 0.76349481 0.00000000 597.85592285
A-2 0.00000000 0.00000000 0.78772234 0.00000000 599.53973041
A-3 0.00000000 0.00000000 1.49027783 0.00000000 1000.00000000
A-IO 0.00000000 0.00000000 4.16666673 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 1.85277784 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.49722244 0.00000000 1000.00000000
B 0.00000000 0.00000000 3.70555561 0.00000000 1000.00000000
B-IO 0.00000000 0.00000000 2.78886981 0.00000000 693.08619145
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 15,768,524.70
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 694,799.89
Realized Loss (Gains, Subsequent Expenses & Recoveries) (43,320.38)
Prepayment Penalties 0.00
Total Deposits 16,420,004.21
Withdrawals
Reimbursement for Servicer Advances 417,356.48
Payment of Service Fee 143,074.66
Payment of Interest and Principal 15,859,573.07
Total Withdrawals (Pool Distribution Amount) 16,420,004.21
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 139,974.80
Master Servicing Fee 3,099.86
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 143,074.66
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 103 0 0 103
7,636,403.06 0.00 0.00 7,636,403.06
30 Days 415 30 0 0 445
30,064,547.98 2,226,634.82 0.00 0.00 32,291,182.80
60 Days 150 14 3 0 167
12,706,238.71 1,006,607.46 217,970.05 0.00 13,930,816.22
90 Days 67 15 4 0 86
8,229,782.88 916,318.34 915,848.92 0.00 10,061,950.14
120 Days 25 4 17 0 46
1,772,617.24 526,920.71 1,898,059.72 0.00 4,197,597.67
150 Days 10 5 38 0 53
829,204.11 399,549.90 3,231,405.07 0.00 4,460,159.08
180+ Days 16 58 95 18 187
1,221,381.06 4,920,896.23 12,968,511.50 1,550,382.65 20,661,171.44
Totals 683 229 157 18 1,087
54,823,771.98 17,633,330.52 19,231,795.26 1,550,382.65 93,239,280.41
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 2.794357% 0.000000% 0.000000% 2.794357%
2.126114% 0.000000% 0.000000% 2.126114%
30 Days 11.258817% 0.813890% 0.000000% 0.000000% 12.072708%
8.370518% 0.619936% 0.000000% 0.000000% 8.990453%
60 Days 4.069452% 0.379816% 0.081389% 0.000000% 4.530657%
3.537648% 0.280258% 0.060687% 0.000000% 3.878593%
90 Days 1.817689% 0.406945% 0.108519% 0.000000% 2.333152%
2.291321% 0.255120% 0.254989% 0.000000% 2.801430%
120 Days 0.678242% 0.108519% 0.461205% 0.000000% 1.247965%
0.493529% 0.146704% 0.528454% 0.000000% 1.168688%
150 Days 0.271297% 0.135648% 1.030928% 0.000000% 1.437873%
0.230866% 0.111242% 0.899682% 0.000000% 1.241790%
180+ Days 0.434075% 1.573521% 2.577320% 0.488334% 5.073250%
0.340055% 1.370067% 3.610670% 0.431655% 5.752446%
Totals 18.529571% 6.212697% 4.259360% 0.488334% 29.489962%
15.263937% 4.909440% 5.354482% 0.431655% 25.959514%
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
706,806.80 0.00 0.00 706,806.80
30 Days 31 1 0 0 32
2,651,340.72 63,378.75 0.00 0.00 2,714,719.47
60 Days 12 1 1 0 14
1,456,629.38 84,647.54 68,959.78 0.00 1,610,236.70
90 Days 3 1 0 0 4
887,763.40 155,861.52 0.00 0.00 1,043,624.92
120 Days 1 0 4 0 5
207,307.75 0.00 558,920.08 0.00 766,227.83
150 Days 2 0 2 0 4
152,429.46 0.00 204,441.07 0.00 356,870.53
180 Days 0 9 14 1 24
0.00 862,817.31 1,098,479.42 70,085.91 2,031,382.64
Totals 49 20 21 1 91
5,355,470.71 1,873,511.92 1,930,800.35 70,085.91 9,229,868.89
0-29 Days 2.298851% 0.000000% 0.000000% 2.298851%
1.453866% 0.000000% 0.000000% 1.453866%
30 Days 8.908046% 0.287356% 0.000000% 0.000000% 9.195402%
5.453676% 0.130367% 0.000000% 0.000000% 5.584043%
60 Days 3.448276% 0.287356% 0.287356% 0.000000% 4.022989%
2.996214% 0.174116% 0.141847% 0.000000% 3.312177%
90 Days 0.862069% 0.287356% 0.000000% 0.000000% 1.149425%
1.826085% 0.320599% 0.000000% 0.000000% 2.146685%
120 Days 0.287356% 0.000000% 1.149425% 0.000000% 1.436782%
0.426422% 0.000000% 1.149671% 0.000000% 1.576093%
150 Days 0.574713% 0.000000% 0.574713% 0.000000% 1.149425%
0.313540% 0.000000% 0.420525% 0.000000% 0.734065%
180 Days 0.000000% 2.586207% 4.022989% 0.287356% 6.896552%
0.000000% 1.774772% 2.259518% 0.144163% 4.178453%
Totals 14.080460% 5.747126% 6.034483% 0.287356% 26.149425%
11.015937% 3.853721% 3.971560% 0.144163% 18.985381%
<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 28 0 0 28
3,323,498.80 0.00 0.00 3,323,498.80
30 Days 115 3 0 0 118
11,239,631.73 436,402.80 0.00 0.00 11,676,034.53
60 Days 39 5 1 0 45
4,072,631.26 561,758.02 65,792.95 0.00 4,700,182.23
90 Days 28 2 0 0 30
4,495,730.85 220,358.12 0.00 0.00 4,716,088.97
120 Days 5 2 6 0 13
382,584.61 410,175.55 847,706.47 0.00 1,640,466.63
150 Days 0 1 13 0 14
0.00 80,908.81 1,521,955.86 0.00 1,602,864.67
180 Days 3 21 41 8 73
511,175.17 2,516,020.56 8,139,550.85 848,610.02 12,015,356.60
Totals 190 62 61 8 321
20,701,753.62 7,549,122.66 10,575,006.13 848,610.02 39,674,492.43
0-29 Days 3.329370% 0.000000% 0.000000% 3.329370%
3.101093% 0.000000% 0.000000% 3.101093%
30 Days 13.674197% 0.356718% 0.000000% 0.000000% 14.030916%
10.487484% 0.407199% 0.000000% 0.000000% 10.894683%
60 Days 4.637337% 0.594530% 0.118906% 0.000000% 5.350773%
3.800094% 0.524166% 0.061390% 0.000000% 4.385650%
90 Days 3.329370% 0.237812% 0.000000% 0.000000% 3.567182%
4.194880% 0.205612% 0.000000% 0.000000% 4.400492%
120 Days 0.594530% 0.237812% 0.713436% 0.000000% 1.545779%
0.356982% 0.382727% 0.790979% 0.000000% 1.530688%
150 Days 0.000000% 0.118906% 1.545779% 0.000000% 1.664685%
0.000000% 0.075494% 1.420108% 0.000000% 1.495602%
180 Days 0.356718% 2.497027% 4.875149% 0.951249% 8.680143%
0.476968% 2.347650% 7.594858% 0.791822% 11.211298%
Totals 22.592152% 7.372176% 7.253270% 0.951249% 38.168847%
19.316408% 7.043941% 9.867335% 0.791822% 37.019506%
<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 50 0 0 50
2,656,106.00 0.00 0.00 2,656,106.00
30 Days 225 17 0 0 242
14,129,324.47 1,252,990.15 0.00 0.00 15,382,314.62
60 Days 87 6 1 0 94
6,621,853.35 250,568.85 83,217.32 0.00 6,955,639.52
90 Days 31 11 4 0 46
2,679,416.03 511,515.46 915,848.92 0.00 4,106,780.41
120 Days 15 1 7 0 23
910,249.11 7,145.57 491,433.17 0.00 1,408,827.85
150 Days 7 3 20 0 30
646,469.30 297,599.34 1,336,061.62 0.00 2,280,130.26
180 Days 11 25 33 8 77
580,135.57 1,382,023.70 3,376,823.58 607,642.55 5,946,625.40
Totals 376 113 65 8 562
25,567,447.83 6,357,949.07 6,203,384.61 607,642.55 38,736,424.06
0-29 Days 2.255300% 0.000000% 0.000000% 2.255300%
1.399214% 0.000000% 0.000000% 1.399214%
30 Days 10.148850% 0.766802% 0.000000% 0.000000% 10.915652%
7.443210% 0.660065% 0.000000% 0.000000% 8.103274%
60 Days 3.924222% 0.270636% 0.045106% 0.000000% 4.239964%
3.488337% 0.131998% 0.043838% 0.000000% 3.664173%
90 Days 1.398286% 0.496166% 0.180424% 0.000000% 2.074876%
1.411494% 0.269462% 0.482462% 0.000000% 2.163418%
120 Days 0.676590% 0.045106% 0.315742% 0.000000% 1.037438%
0.479512% 0.003764% 0.258883% 0.000000% 0.742159%
150 Days 0.315742% 0.135318% 0.902120% 0.000000% 1.353180%
0.340555% 0.156773% 0.703826% 0.000000% 1.201154%
180 Days 0.496166% 1.127650% 1.488498% 0.360848% 3.473162%
0.305611% 0.728039% 1.778882% 0.320101% 3.132632%
Totals 16.959856% 5.096978% 2.931890% 0.360848% 25.349571%
13.468717% 3.349314% 3.267891% 0.320101% 20.406024%
<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 17 0 0 17
949,991.46 0.00 0.00 949,991.46
30 Days 44 9 0 0 53
2,044,251.06 473,863.12 0.00 0.00 2,518,114.18
60 Days 12 2 0 0 14
555,124.72 109,633.05 0.00 0.00 664,757.77
90 Days 5 1 0 0 6
166,872.60 28,583.24 0.00 0.00 195,455.84
120 Days 4 1 0 0 5
272,475.77 109,599.59 0.00 0.00 382,075.36
150 Days 1 1 3 0 5
30,305.35 21,041.75 168,946.52 0.00 220,293.62
180 Days 2 3 7 1 13
130,070.32 160,034.66 353,657.65 24,044.17 667,806.80
Totals 68 34 10 1 113
3,199,099.82 1,852,746.87 522,604.17 24,044.17 5,598,495.03
0-29 Days 6.071429% 0.000000% 0.000000% 6.071429%
7.007901% 0.000000% 0.000000% 7.007901%
30 Days 15.714286% 3.214286% 0.000000% 0.000000% 18.928571%
15.080039% 3.495595% 0.000000% 0.000000% 18.575635%
60 Days 4.285714% 0.714286% 0.000000% 0.000000% 5.000000%
4.095046% 0.808742% 0.000000% 0.000000% 4.903788%
90 Days 1.785714% 0.357143% 0.000000% 0.000000% 2.142857%
1.230986% 0.210853% 0.000000% 0.000000% 1.441839%
120 Days 1.428571% 0.357143% 0.000000% 0.000000% 1.785714%
2.010000% 0.808495% 0.000000% 0.000000% 2.818495%
150 Days 0.357143% 0.357143% 1.071429% 0.000000% 1.785714%
0.223557% 0.155221% 1.246285% 0.000000% 1.625063%
180 Days 0.714286% 1.071429% 2.500000% 0.357143% 4.642857%
0.959503% 1.180544% 2.608863% 0.177369% 4.926280%
Totals 24.285714% 12.142857% 3.571429% 0.357143% 40.357143%
23.599132% 13.667351% 3.855149% 0.177369% 41.299001%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 694,799.89
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 7.731847%
Weighted Average Net Coupon 7.280295%
Weighted Average Pass-Through Rate 7.270295%
Weighted Average Maturity(Stepdown Calculation ) 293
Beginning Scheduled Collateral Loan Count 3,792
Number Of Loans Paid In Full 106
Ending Scheduled Collateral Loan Count 3,686
Beginning Scheduled Collateral Balance 371,983,650.57
Ending Scheduled Collateral Balance 358,331,500.28
Ending Actual Collateral Balance at 30-Apr-2004 359,171,904.80
Monthly P &I Constant 2,978,994.90
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 43,320.38
Cumulative Realized Loss 334,695.21
Ending Scheduled Balance for Premium Loans 358,331,500.28
Scheduled Principal 582,227.73
Unscheduled Principal 13,069,922.56
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 43,320.38
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 43,320.38
Excess Cash Amount 1,485,189.97
Group Level Collateral Statement
Group Group 1 Group 2 Group 3
Collateral Description Mixed Fixed Mixed ARM Mixed Fixed
Weighted Average Coupon Rate 6.890133 7.060698 8.227525
Weighted Average Net Rate 6.501096 6.604429 7.766227
Weighted Average Maturity 308 312 280
Beginning Loan Count 357 869 2,279
Loans Paid In Full 9 28 62
Ending Loan Count 348 841 2,217
Beginning Scheduled Balance 49,821,301.81 112,372,061.33 195,846,140.41
Ending scheduled Balance 48,524,538.59 106,889,864.02 189,400,150.71
Record Date 04/30/2004 04/30/2004 04/30/2004
Principal And Interest Constant 360,731.40 812,056.36 1,675,579.39
Scheduled Principal 74,668.57 150,868.74 332,805.21
Unscheduled Principal 1,222,094.65 5,331,328.57 6,113,184.49
Scheduled Interest 286,062.83 661,187.62 1,342,774.18
Servicing Fees 16,151.93 42,726.54 75,286.27
Master Servicing Fees 415.17 936.45 1,632.04
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 269,495.73 617,524.63 1,265,855.87
Realized Loss Amount 0.00 0.00 43,320.38
Cumulative Realized Loss 58,253.88 0.00 276,441.33
Percentage of Cumulative Losses 0.0829 0.0000 0.1027
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 6.491096 6.594429 7.756226
Group Level Collateral Statement
Group Group 4 Total
Collateral Description Mixed ARM Fixed & Mixed ARM
Weighted Average Coupon Rate 9.186008 7.731847
Weighted Average Net Rate 8.686008 7.280295
Weighted Average Maturity 255 293
Beginning Loan Count 287 3,792
Loans Paid In Full 7 106
Ending Loan Count 280 3,686
Beginning Scheduled Balance 13,944,147.02 371,983,650.57
Ending scheduled Balance 13,516,946.96 358,331,500.28
Record Date 04/30/2004 04/30/2004
Principal And Interest Constant 130,627.75 2,978,994.90
Scheduled Principal 23,885.21 582,227.73
Unscheduled Principal 403,314.85 13,069,922.56
Scheduled Interest 106,742.54 2,396,767.17
Servicing Fees 5,810.06 139,974.80
Master Servicing Fees 116.20 3,099.86
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 100,816.28 2,253,692.51
Realized Loss Amount 0.00 43,320.38
Cumulative Realized Loss 0.00 334,695.21
Percentage of Cumulative Losses 0.0000 0.0647
Prepayment Penalties 0.00 0.00
Special Servicing Fee 0.00 0.00
Pass-Through Rate 8.676008 7.270295