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): July 26, 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 July 26, 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 July 26, 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: 8/2/2004
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
July 26, 2004 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Mortgage Pass-Through Certificates
Record Date: 6/30/2004
Distribution Date: 7/26/2004
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 1.70000% 115,302,827.11 168,790.53 7,201,208.53
A-2 07384YJP2 SEN 1.75000% 123,275,861.41 185,769.87 6,576,535.51
A-3 07384YJQ0 SEN 2.05000% 28,579,000.00 50,449.87 0.00
A-IO 07384YJT4 IO 5.00000% 0.00 215,416.67 0.00
M-1 07384YJU1 MEZ 2.50000% 25,851,000.00 55,651.46 0.00
M-2 07384YJV9 MEZ 3.30000% 23,265,000.00 66,111.38 0.00
B 07384YJW7 SUB 4.80000% 20,680,000.00 85,477.33 0.00
B-IO BSA032BIO IO 0.00000% 0.00 941,581.28 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 346,259,842.77 1,769,248.39 13,777,744.04
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 108,101,618.58 7,369,999.06 0.00
A-2 0.00 116,699,325.90 6,762,305.38 0.00
A-3 0.00 28,579,000.00 50,449.87 0.00
A-IO 0.00 0.00 215,416.67 0.00
M-1 0.00 25,851,000.00 55,651.46 0.00
M-2 0.00 23,265,000.00 66,111.38 0.00
B 0.00 20,680,000.00 85,477.33 0.00
B-IO 0.00 0.00 941,581.28 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 0.00 332,482,098.73 15,546,992.43 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-1 200,005,000.00 115,302,827.11 0.00 7,201,208.53 0.00 0.00
A-2 218,628,000.00 123,275,861.41 0.00 6,576,535.51 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 517,008,719.35 346,259,842.77 0.00 13,777,744.04 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 7,201,208.53 108,101,618.58 0.54049458 7,201,208.53
A-2 6,576,535.51 116,699,325.90 0.53378033 6,576,535.51
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 13,777,744.04 332,482,098.73 0.64308799 13,777,744.04
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-1 200,005,000.00 576.49972306 0.00000000 36.00514252 0.00000000
A-2 218,628,000.00 563.86126850 0.00000000 30.08093890 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 36.00514252 540.49458054 0.54049458 36.00514252
A-2 0.00000000 30.08093890 533.78032960 0.53378033 30.08093890
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 1.70000% 115,302,827.11 168,790.53 0.00 0.00
A-2 218,628,000.00 1.75000% 123,275,861.41 185,769.87 0.00 0.00
A-3 28,579,000.00 2.05000% 28,579,000.00 50,449.87 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 2.50000% 25,851,000.00 55,651.46 0.00 0.00
M-2 23,265,000.00 3.30000% 23,265,000.00 66,111.38 0.00 0.00
B 20,680,000.00 4.80000% 20,680,000.00 85,477.33 0.00 0.00
B-IO 0.00 0.00000% 346,259,842.77 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 517,008,719.35 827,667.11 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 0.00 168,790.53 0.00 108,101,618.58
A-2 0.00 0.00 185,769.87 0.00 116,699,325.90
A-3 0.00 0.00 50,449.87 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 55,651.46 0.00 25,851,000.00
M-2 0.00 0.00 66,111.38 0.00 23,265,000.00
B 0.00 0.00 85,477.33 0.00 20,680,000.00
B-IO 0.00 0.00 941,581.28 0.00 332,482,098.73
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 1,769,248.39 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 1.70000% 576.49972306 0.84393155 0.00000000 0.00000000
A-2 218,628,000.00 1.75000% 563.86126850 0.84970759 0.00000000 0.00000000
A-3 28,579,000.00 2.05000% 1000.00000000 1.76527765 0.00000000 0.00000000
A-IO 0.00 5.00000% 1000.00000000 4.16666673 0.00000000 0.00000000
M-1 25,851,000.00 2.50000% 1000.00000000 2.15277784 0.00000000 0.00000000
M-2 23,265,000.00 3.30000% 1000.00000000 2.84166688 0.00000000 0.00000000
B 20,680,000.00 4.80000% 1000.00000000 4.13333317 0.00000000 0.00000000
B-IO 0.00 0.00000% 669.73714421 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 0.84393155 0.00000000 540.49458054
A-2 0.00000000 0.00000000 0.84970759 0.00000000 533.78032960
A-3 0.00000000 0.00000000 1.76527765 0.00000000 1000.00000000
A-IO 0.00000000 0.00000000 4.16666673 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 2.15277784 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.84166688 0.00000000 1000.00000000
B 0.00000000 0.00000000 4.13333317 0.00000000 1000.00000000
B-IO 0.00000000 0.00000000 1.82121020 0.00000000 643.08817772
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 16,008,927.22
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 439,800.55
Realized Loss (Gains, Subsequent Expenses & Recoveries) (327,963.38)
Prepayment Penalties 0.00
Total Deposits 16,120,764.39
Withdrawals
Reimbursement for Servicer Advances 439,658.52
Payment of Service Fee 134,113.44
Payment of Interest and Principal 15,546,992.43
Total Withdrawals (Pool Distribution Amount) 16,120,764.39
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 131,227.99
Master Servicing Fee 2,885.45
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 134,113.44
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 126 0 0 126
9,747,243.33 0.00 0.00 9,747,243.33
30 Days 161 16 0 0 177
14,359,207.91 1,066,048.61 0.00 0.00 15,425,256.52
60 Days 65 9 9 0 83
7,484,670.57 742,637.41 1,083,720.62 0.00 9,311,028.60
90 Days 25 10 26 0 61
2,227,088.96 493,527.04 2,365,188.63 0.00 5,085,804.63
120 Days 5 8 27 0 40
300,036.01 444,256.70 4,675,847.18 0.00 5,420,139.89
150 Days 4 6 20 0 30
287,109.23 610,964.91 2,286,125.75 0.00 3,184,199.89
180+ Days 11 57 85 24 177
623,544.37 5,303,167.01 7,714,793.52 3,349,346.38 16,990,851.28
Totals 271 232 167 24 694
25,281,657.05 18,407,845.01 18,125,675.70 3,349,346.38 65,164,524.14
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 3.641618% 0.000000% 0.000000% 3.641618%
2.923925% 0.000000% 0.000000% 2.923925%
30 Days 4.653179% 0.462428% 0.000000% 0.000000% 5.115607%
4.307396% 0.319787% 0.000000% 0.000000% 4.627184%
60 Days 1.878613% 0.260116% 0.260116% 0.000000% 2.398844%
2.245210% 0.222772% 0.325089% 0.000000% 2.793071%
90 Days 0.722543% 0.289017% 0.751445% 0.000000% 1.763006%
0.668070% 0.148046% 0.709496% 0.000000% 1.525612%
120 Days 0.144509% 0.231214% 0.780347% 0.000000% 1.156069%
0.090003% 0.133266% 1.402635% 0.000000% 1.625904%
150 Days 0.115607% 0.173410% 0.578035% 0.000000% 0.867052%
0.086125% 0.183274% 0.685779% 0.000000% 0.955179%
180+ Days 0.317919% 1.647399% 2.456647% 0.693642% 5.115607%
0.187047% 1.590815% 2.314241% 1.004719% 5.096822%
Totals 7.832370% 6.705202% 4.826590% 0.693642% 20.057803%
7.583853% 5.521884% 5.437241% 1.004719% 19.547696%
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 10 0 0 10
821,750.02 0.00 0.00 821,750.02
30 Days 12 1 0 0 13
1,852,392.15 84,446.43 0.00 0.00 1,936,838.58
60 Days 5 2 0 0 7
577,796.44 218,941.02 0.00 0.00 796,737.46
90 Days 2 0 3 0 5
154,858.36 0.00 167,409.28 0.00 322,267.64
120 Days 0 0 1 0 1
0.00 0.00 154,220.84 0.00 154,220.84
150 Days 0 0 2 0 2
0.00 0.00 512,056.16 0.00 512,056.16
180 Days 1 12 10 1 24
71,063.86 1,141,021.35 833,261.05 70,085.91 2,115,432.17
Totals 20 25 16 1 62
2,656,110.81 2,266,158.82 1,666,947.33 70,085.91 6,659,302.87
0-29 Days 3.030303% 0.000000% 0.000000% 3.030303%
1.824453% 0.000000% 0.000000% 1.824453%
30 Days 3.636364% 0.303030% 0.000000% 0.000000% 3.939394%
4.112689% 0.187488% 0.000000% 0.000000% 4.300177%
60 Days 1.515152% 0.606061% 0.000000% 0.000000% 2.121212%
1.282826% 0.486094% 0.000000% 0.000000% 1.768920%
90 Days 0.606061% 0.000000% 0.909091% 0.000000% 1.515152%
0.343817% 0.000000% 0.371683% 0.000000% 0.715500%
120 Days 0.000000% 0.000000% 0.303030% 0.000000% 0.303030%
0.000000% 0.000000% 0.342402% 0.000000% 0.342402%
150 Days 0.000000% 0.000000% 0.606061% 0.000000% 0.606061%
0.000000% 0.000000% 1.136869% 0.000000% 1.136869%
180 Days 0.303030% 3.636364% 3.030303% 0.303030% 7.272727%
0.157776% 2.533300% 1.850010% 0.155605% 4.696691%
Totals 6.060606% 7.575758% 4.848485% 0.303030% 18.787879%
5.897108% 5.031335% 3.700963% 0.155605% 14.785012%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
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
3,094,837.71 0.00 0.00 3,094,837.71
30 Days 47 4 0 0 51
5,044,498.87 483,368.10 0.00 0.00 5,527,866.97
60 Days 17 1 4 0 22
3,255,038.09 283,786.63 282,391.31 0.00 3,821,216.03
90 Days 9 2 11 0 22
1,368,328.21 150,689.96 1,574,417.88 0.00 3,093,436.05
120 Days 0 3 7 0 10
0.00 209,424.11 1,925,539.42 0.00 2,134,963.53
150 Days 1 3 4 0 8
176,435.10 441,891.17 926,119.80 0.00 1,544,446.07
180 Days 1 20 35 11 67
148,721.92 2,577,084.92 3,793,749.28 2,601,539.80 9,121,095.92
Totals 75 61 61 11 208
9,993,022.19 7,241,082.60 8,502,217.69 2,601,539.80 28,337,862.28
0-29 Days 3.539823% 0.000000% 0.000000% 3.539823%
3.116604% 0.000000% 0.000000% 3.116604%
30 Days 5.941846% 0.505689% 0.000000% 0.000000% 6.447535%
5.079977% 0.486768% 0.000000% 0.000000% 5.566744%
60 Days 2.149178% 0.126422% 0.505689% 0.000000% 2.781290%
3.277931% 0.285783% 0.284377% 0.000000% 3.848091%
90 Days 1.137800% 0.252845% 1.390645% 0.000000% 2.781290%
1.377952% 0.151750% 1.585491% 0.000000% 3.115192%
120 Days 0.000000% 0.379267% 0.884956% 0.000000% 1.264223%
0.000000% 0.210897% 1.939082% 0.000000% 2.149979%
150 Days 0.126422% 0.379267% 0.505689% 0.000000% 1.011378%
0.177676% 0.444999% 0.932633% 0.000000% 1.555308%
180 Days 0.126422% 2.528445% 4.424779% 1.390645% 8.470291%
0.149768% 2.595210% 3.820431% 2.619836% 9.185245%
Totals 9.481669% 7.711757% 7.711757% 1.390645% 26.295828%
10.063303% 7.292009% 8.562014% 2.619836% 28.537162%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
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 63 0 0 63
4,469,725.27 0.00 0.00 4,469,725.27
30 Days 84 9 0 0 93
6,617,528.26 428,031.49 0.00 0.00 7,045,559.75
60 Days 40 5 5 0 50
3,562,320.76 168,388.29 801,329.31 0.00 4,532,038.36
90 Days 13 6 12 0 31
663,423.10 293,781.39 623,361.47 0.00 1,580,565.96
120 Days 4 5 15 0 24
269,912.68 234,832.59 2,356,188.73 0.00 2,860,934.00
150 Days 2 2 12 0 16
39,096.23 59,474.15 740,599.56 0.00 839,169.94
180 Days 7 22 32 11 72
273,688.27 1,425,026.08 2,692,467.54 653,676.50 5,044,858.39
Totals 150 112 76 11 349
11,425,969.30 7,079,259.26 7,213,946.61 653,676.50 26,372,851.67
0-29 Days 3.046422% 0.000000% 0.000000% 3.046422%
2.540667% 0.000000% 0.000000% 2.540667%
30 Days 4.061896% 0.435203% 0.000000% 0.000000% 4.497099%
3.761514% 0.243300% 0.000000% 0.000000% 4.004815%
60 Days 1.934236% 0.241779% 0.241779% 0.000000% 2.417795%
2.024883% 0.095715% 0.455489% 0.000000% 2.576087%
90 Days 0.628627% 0.290135% 0.580271% 0.000000% 1.499033%
0.377101% 0.166990% 0.354329% 0.000000% 0.898420%
120 Days 0.193424% 0.241779% 0.725338% 0.000000% 1.160542%
0.153423% 0.133483% 1.339297% 0.000000% 1.626203%
150 Days 0.096712% 0.096712% 0.580271% 0.000000% 0.773694%
0.022223% 0.033806% 0.420969% 0.000000% 0.476998%
180 Days 0.338491% 1.063830% 1.547389% 0.531915% 3.481625%
0.155569% 0.810009% 1.530444% 0.371561% 2.867582%
Totals 7.253385% 5.415861% 3.675048% 0.531915% 16.876209%
6.494713% 4.023970% 4.100528% 0.371561% 14.990772%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
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 25 0 0 25
1,360,930.33 0.00 0.00 1,360,930.33
30 Days 18 2 0 0 20
844,788.63 70,202.59 0.00 0.00 914,991.22
60 Days 3 1 0 0 4
89,515.28 71,521.47 0.00 0.00 161,036.75
90 Days 1 2 0 0 3
40,479.29 49,055.69 0.00 0.00 89,534.98
120 Days 1 0 4 0 5
30,123.33 0.00 239,898.19 0.00 270,021.52
150 Days 1 1 2 0 4
71,577.90 109,599.59 107,350.23 0.00 288,527.72
180 Days 2 3 8 1 14
130,070.32 160,034.66 395,315.65 24,044.17 709,464.80
Totals 26 34 14 1 75
1,206,554.75 1,821,344.33 742,564.07 24,044.17 3,794,507.32
0-29 Days 9.225092% 0.000000% 0.000000% 9.225092%
10.395211% 0.000000% 0.000000% 10.395211%
30 Days 6.642066% 0.738007% 0.000000% 0.000000% 7.380074%
6.452759% 0.536229% 0.000000% 0.000000% 6.988989%
60 Days 1.107011% 0.369004% 0.000000% 0.000000% 1.476015%
0.683746% 0.546303% 0.000000% 0.000000% 1.230049%
90 Days 0.369004% 0.738007% 0.000000% 0.000000% 1.107011%
0.309193% 0.374703% 0.000000% 0.000000% 0.683896%
120 Days 0.369004% 0.000000% 1.476015% 0.000000% 1.845018%
0.230091% 0.000000% 1.832417% 0.000000% 2.062509%
150 Days 0.369004% 0.369004% 0.738007% 0.000000% 1.476015%
0.546734% 0.837156% 0.819975% 0.000000% 2.203865%
180 Days 0.738007% 1.107011% 2.952030% 0.369004% 5.166052%
0.993518% 1.222395% 3.019544% 0.183657% 5.419114%
Totals 9.594096% 12.546125% 5.166052% 0.369004% 27.675277%
9.216042% 13.911997% 5.671936% 0.183657% 28.983631%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 439,800.55
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 7.736767%
Weighted Average Net Coupon 7.281983%
Weighted Average Pass-Through Rate 7.271983%
Weighted Average Maturity(Stepdown Calculation ) 291
Beginning Scheduled Collateral Loan Count 3,580
Number Of Loans Paid In Full 120
Ending Scheduled Collateral Loan Count 3,460
Beginning Scheduled Collateral Balance 346,259,842.77
Ending Scheduled Collateral Balance 332,482,098.73
Ending Actual Collateral Balance at 30-Jun-2004 333,361,654.26
Monthly P &I Constant 2,788,899.89
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 327,963.38
Cumulative Realized Loss 662,658.59
Ending Scheduled Balance for Premium Loans 332,482,098.73
Scheduled Principal 556,456.77
Unscheduled Principal 13,221,287.27
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 327,963.38
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 327,963.38
Excess Cash Amount 1,269,544.66
Group Level Collateral Statement
Group Group 1 Group 2 Group 3
Collateral Description Mixed Fixed Mixed ARM Mixed Fixed
Weighted Average Coupon Rate 6.885119 7.098441 8.216013
Weighted Average Net Rate 6.485036 6.639482 7.752737
Weighted Average Maturity 306 310 278
Beginning Loan Count 341 821 2,140
Loans Paid In Full 11 30 72
Ending Loan Count 330 791 2,068
Beginning Scheduled Balance 47,234,203.99 103,908,851.88 181,682,535.52
Ending scheduled Balance 44,947,060.19 99,002,084.69 175,483,954.13
Record Date 06/30/2004 06/30/2004 06/30/2004
Principal And Interest Constant 342,454.69 756,564.78 1,563,577.52
Scheduled Principal 71,443.78 141,905.77 319,655.85
Unscheduled Principal 2,215,700.02 4,764,861.42 5,878,925.54
Scheduled Interest 271,010.91 614,659.01 1,243,921.67
Servicing Fees 15,747.97 39,741.57 70,140.85
Master Servicing Fees 393.61 865.89 1,514.00
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 254,869.33 574,051.55 1,172,266.82
Realized Loss Amount 70,410.28 93,708.68 147,742.87
Cumulative Realized Loss 128,664.16 93,708.68 424,184.20
Percentage of Cumulative Losses 0.1830 0.0582 0.1576
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 6.475037 6.629482 7.742737
Group Level Collateral Statement
Group Group 4 Total
Collateral Description Mixed ARM Fixed & Mixed ARM
Weighted Average Coupon Rate 9.187102 7.736767
Weighted Average Net Rate 8.687102 7.281983
Weighted Average Maturity 253 291
Beginning Loan Count 278 3,580
Loans Paid In Full 7 120
Ending Loan Count 271 3,460
Beginning Scheduled Balance 13,434,251.38 346,259,842.77
Ending scheduled Balance 13,048,999.72 332,482,098.73
Record Date 06/30/2004 06/30/2004
Principal And Interest Constant 126,302.90 2,788,899.89
Scheduled Principal 23,451.37 556,456.77
Unscheduled Principal 361,800.29 13,221,287.27
Scheduled Interest 102,851.53 2,232,443.12
Servicing Fees 5,597.60 131,227.99
Master Servicing Fees 111.95 2,885.45
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 97,141.98 2,098,329.68
Realized Loss Amount 16,101.55 327,963.38
Cumulative Realized Loss 16,101.55 662,658.59
Percentage of Cumulative Losses 0.0972 0.1282
Prepayment Penalties 0.00 0.00
Special Servicing Fee 0.00 0.00
Pass-Through Rate 8.677102 7.271983