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): August 25, 2004
BEAR STEARNS ASSET BACKED SECURITIES TRUST 2003-SD2
(Exact name of registrant as specified in its charter)
New York (governing law of 333-91334-11 54-2132831
Pooling and Servicing Agreement) (Commission 54-2132830
(State or other File Number)
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)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act(17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act(17 CFR 240.13e-4(c))
ITEM 8.01 Other Events
On August 25, 2004 a distribution was made to holders of BEAR STEARNS ASSET
BACKED SECURITIES TRUST, Asset Backed Certificates, Series 2003-SD2 Trust.
ITEM 9.01 Financial Statements and Exhibits
(c) Exhibits
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of
Asset Backed Certificates, Series
2003-SD2 Trust, relating to the August
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-SD2 Trust
(Registrant)
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: 8/26/2004
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Certificates, Series 2003-SD2 Trust, relating to the
August 25, 2004 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Asset Backed Certificates
Record Date: 7/31/2004
Distribution Date: 8/25/2004
BSA Series: 2003-SD2
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>
I-A 07384YLH7 SEN 6.07694% 32,359,972.61 163,874.70 910,507.37
II-A 07384YLJ3 SEN 5.08948% 68,817,122.88 291,869.35 2,449,918.93
III-A 07384YLK0 SEN 4.73878% 20,832,799.31 82,268.40 1,396,202.56
B-1 07384YLL8 SUB 5.28344% 7,800,461.83 34,344.42 11,172.03
B-2 07384YLM6 SUB 5.28344% 6,466,264.57 28,470.12 9,261.15
B-3 07384YLN4 SUB 5.28344% 5,131,771.03 22,594.52 7,349.86
B-4 07384YMH6 SUB 5.28344% 3,797,573.77 16,720.22 5,438.98
B-5 07384YMJ2 SUB 5.28344% 2,565,984.27 11,297.70 3,675.07
B-6 07384YMK9 SUB 5.28344% 6,363,624.21 28,018.21 9,114.15
R-I 07384YLP9 RES 0.00000% 0.00 0.00 0.00
R-II 07384YLQ7 RES 0.00000% 0.00 0.01 0.00
Totals 154,135,574.48 679,457.65 4,802,640.10
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
I-A 0.00 31,449,465.24 1,074,382.07 0.00
II-A 0.00 66,367,203.95 2,741,788.28 0.00
III-A 0.00 19,436,596.75 1,478,470.96 0.00
B-1 0.00 7,789,289.81 45,516.45 0.00
B-2 0.00 6,457,003.41 37,731.27 0.00
B-3 0.00 5,124,421.18 29,944.38 0.00
B-4 0.00 3,792,134.78 22,159.20 0.00
B-5 0.00 2,562,309.20 14,972.77 0.00
B-6 42,655.30 6,311,854.76 37,132.36 42,655.30
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.01 0.00
Totals 42,655.30 149,290,279.08 5,482,097.75 42,655.30
<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>
I-A 44,326,300.00 32,359,972.61 46,752.92 863,754.45 0.00 0.00
II-A 102,857,300.00 68,817,122.88 74,948.30 2,374,970.63 0.00 0.00
III-A 28,146,100.00 20,832,799.31 55,931.86 1,340,270.70 0.00 0.00
B-1 7,898,700.00 7,800,461.83 11,172.03 0.00 0.00 0.00
B-2 6,547,700.00 6,466,264.57 9,261.15 0.00 0.00 0.00
B-3 5,196,400.00 5,131,771.03 7,349.86 0.00 0.00 0.00
B-4 3,845,400.00 3,797,573.77 5,438.98 0.00 0.00 0.00
B-5 2,598,300.00 2,565,984.27 3,675.07 0.00 0.00 0.00
B-6 6,443,767.00 6,363,624.21 9,114.15 0.00 0.00 42,655.30
R-I 50.00 0.00 0.00 0.00 0.00 0.00
R-II 50.00 0.00 0.00 0.00 0.00 0.00
Totals 207,860,067.00 154,135,574.48 223,644.32 4,578,995.78 0.00 42,655.30
<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>
I-A 910,507.37 31,449,465.24 0.70949899 910,507.37
II-A 2,449,918.93 66,367,203.95 0.64523572 2,449,918.93
III-A 1,396,202.56 19,436,596.75 0.69056092 1,396,202.56
B-1 11,172.03 7,789,289.81 0.98614833 11,172.03
B-2 9,261.15 6,457,003.41 0.98614833 9,261.15
B-3 7,349.86 5,124,421.18 0.98614833 7,349.86
B-4 5,438.98 3,792,134.78 0.98614833 5,438.98
B-5 3,675.07 2,562,309.20 0.98614833 3,675.07
B-6 51,769.45 6,311,854.76 0.97952871 9,114.15
R-I 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
Totals 4,845,295.40 149,290,279.08 0.71822492 4,802,640.10
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>
I-A 44,326,300.00 730.04001259 1.05474447 19.48627451 0.00000000
II-A 102,857,300.00 669.05433917 0.72866291 23.08995696 0.00000000
III-A 28,146,100.00 740.16646392 1.98719752 47.61834499 0.00000000
B-1 7,898,700.00 987.56274197 1.41441376 0.00000000 0.00000000
B-2 6,547,700.00 987.56274264 1.41441269 0.00000000 0.00000000
B-3 5,196,400.00 987.56274151 1.41441382 0.00000000 0.00000000
B-4 3,845,400.00 987.56274250 1.41441202 0.00000000 0.00000000
B-5 2,598,300.00 987.56274102 1.41441327 0.00000000 0.00000000
B-6 6,443,767.00 987.56274241 1.41441334 0.00000000 0.00000000
R-I 50.00 0.00000000 0.00000000 0.00000000 0.00000000
R-II 50.00 0.00000000 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>
I-A 0.00000000 20.54101899 709.49899360 0.70949899 20.54101899
II-A 0.00000000 23.81861987 645.23571929 0.64523572 23.81861987
III-A 0.00000000 49.60554251 690.56092141 0.69056092 49.60554251
B-1 0.00000000 1.41441376 986.14832947 0.98614833 1.41441376
B-2 0.00000000 1.41441269 986.14832842 0.98614833 1.41441269
B-3 0.00000000 1.41441382 986.14832961 0.98614833 1.41441382
B-4 0.00000000 1.41441202 986.14832787 0.98614833 1.41441202
B-5 0.00000000 1.41441327 986.14832775 0.98614833 1.41441327
B-6 6.61962172 8.03403506 979.52870735 0.97952871 1.41441334
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<s> <c> <c> <c> <c> <c> <c>
I-A 44,326,300.00 6.07694% 32,359,972.61 163,874.69 0.00 0.00
II-A 102,857,300.00 5.08948% 68,817,122.88 291,869.35 0.00 0.00
III-A 28,146,100.00 4.73878% 20,832,799.31 82,268.40 0.00 0.00
B-1 7,898,700.00 5.28344% 7,800,461.83 34,344.42 0.00 0.00
B-2 6,547,700.00 5.28344% 6,466,264.57 28,470.12 0.00 0.00
B-3 5,196,400.00 5.28344% 5,131,771.03 22,594.52 0.00 0.00
B-4 3,845,400.00 5.28344% 3,797,573.77 16,720.22 0.00 0.00
B-5 2,598,300.00 5.28344% 2,565,984.27 11,297.70 0.00 0.00
B-6 6,443,767.00 5.28344% 6,363,624.21 28,018.21 0.00 0.00
R-I 50.00 0.00000% 0.00 0.00 0.00 0.00
R-II 50.00 0.00000% 0.00 0.00 0.00 0.00
Totals 207,860,067.00 679,457.63 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>
I-A 0.00 0.00 163,874.70 0.00 31,449,465.24
II-A (0.01) 0.00 291,869.35 0.00 66,367,203.95
III-A 0.00 0.00 82,268.40 0.00 19,436,596.75
B-1 0.00 0.00 34,344.42 0.00 7,789,289.81
B-2 0.00 0.00 28,470.12 0.00 6,457,003.41
B-3 0.00 0.00 22,594.52 0.00 5,124,421.18
B-4 0.00 0.00 16,720.22 0.00 3,792,134.78
B-5 0.00 0.00 11,297.70 0.00 2,562,309.20
B-6 0.00 0.00 28,018.21 0.00 6,311,854.76
R-I 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.01 0.00 0.00
Totals (0.01) 0.00 679,457.65 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>
I-A 44,326,300.00 6.07694% 730.04001259 3.69700810 0.00000000 0.00000000
II-A 102,857,300.00 5.08948% 669.05433917 2.83761435 0.00000000 0.00000000
III-A 28,146,100.00 4.73878% 740.16646392 2.92290584 0.00000000 0.00000000
B-1 7,898,700.00 5.28344% 987.56274197 4.34811045 0.00000000 0.00000000
B-2 6,547,700.00 5.28344% 987.56274264 4.34811002 0.00000000 0.00000000
B-3 5,196,400.00 5.28344% 987.56274151 4.34811023 0.00000000 0.00000000
B-4 3,845,400.00 5.28344% 987.56274250 4.34810943 0.00000000 0.00000000
B-5 2,598,300.00 5.28344% 987.56274102 4.34811223 0.00000000 0.00000000
B-6 6,443,767.00 5.28344% 987.56274241 4.34811035 0.00000000 0.00000000
R-I 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-II 50.00 0.00000% 0.00000000 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>
I-A 0.00000000 0.00000000 3.69700832 0.00000000 709.49899360
II-A (0.00000010) 0.00000000 2.83761435 0.00000000 645.23571929
III-A 0.00000000 0.00000000 2.92290584 0.00000000 690.56092141
B-1 0.00000000 0.00000000 4.34811045 0.00000000 986.14832947
B-2 0.00000000 0.00000000 4.34811002 0.00000000 986.14832842
B-3 0.00000000 0.00000000 4.34811023 0.00000000 986.14832961
B-4 0.00000000 0.00000000 4.34810943 0.00000000 986.14832787
B-5 0.00000000 0.00000000 4.34811223 0.00000000 986.14832775
B-6 0.00000000 0.00000000 4.34811035 0.00000000 979.52870735
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.20000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<s> <c>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 5,563,701.20
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 121,892.37
Realized Loss (Gains, Subsequent Expenses & Recoveries) (42,655.30)
Prepayment Penalties 0.00
Total Deposits 5,642,938.27
Withdrawals
Reimbursement for Servicer Advances 114,609.40
Payment of Service Fee 46,231.11
Payment of Interest and Principal 5,482,097.76
Total Withdrawals (Pool Distribution Amount) 5,642,938.27
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 (0.01)
SERVICING FEES
<s> <c>
Gross Servicing Fee 44,946.64
Master Servicing Fee 1,284.47
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 46,231.11
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 15 1 0 16
2,745,072.18 92,594.50 0.00 2,837,666.68
30 Days 38 1 3 0 42
5,368,311.05 150,065.70 323,251.44 0.00 5,841,628.19
60 Days 16 1 2 0 19
1,791,482.31 102,478.40 507,929.91 0.00 2,401,890.62
90 Days 5 1 1 0 7
626,782.11 194,651.25 38,084.17 0.00 859,517.53
120 Days 4 3 7 0 14
1,053,490.49 243,814.02 1,166,553.77 0.00 2,463,858.28
150 Days 1 2 7 0 10
112,863.32 311,882.73 851,751.98 0.00 1,276,498.03
180+ Days 6 8 17 5 36
583,435.54 2,262,043.56 1,543,618.97 393,565.29 4,782,663.36
Totals 70 31 38 5 144
9,536,364.82 6,010,007.84 4,523,784.74 393,565.29 20,463,722.69
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 1.710376% 0.114025% 0.000000% 1.824401%
1.835182% 0.061903% 0.000000% 1.897085%
30 Days 4.332953% 0.114025% 0.342075% 0.000000% 4.789054%
3.588914% 0.100324% 0.216106% 0.000000% 3.905344%
60 Days 1.824401% 0.114025% 0.228050% 0.000000% 2.166477%
1.197672% 0.068511% 0.339570% 0.000000% 1.605753%
90 Days 0.570125% 0.114025% 0.114025% 0.000000% 0.798176%
0.419027% 0.130132% 0.025461% 0.000000% 0.574619%
120 Days 0.456100% 0.342075% 0.798176% 0.000000% 1.596351%
0.704297% 0.162999% 0.779884% 0.000000% 1.647180%
150 Days 0.114025% 0.228050% 0.798176% 0.000000% 1.140251%
0.075453% 0.208505% 0.569428% 0.000000% 0.853386%
180+ Days 0.684151% 0.912201% 1.938426% 0.570125% 4.104903%
0.390048% 1.512260% 1.031966% 0.263113% 3.197387%
Totals 7.981756% 3.534778% 4.332953% 0.570125% 16.419612%
6.375412% 4.017912% 3.024317% 0.263113% 13.680754%
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
1,711,585.65 92,594.50 0.00 1,804,180.15
30 Days 22 1 2 0 25
3,825,789.35 150,065.70 282,249.71 0.00 4,258,104.76
60 Days 9 1 1 0 11
948,612.75 102,478.40 82,745.38 0.00 1,133,836.53
90 Days 4 0 1 0 5
524,038.24 0.00 38,084.17 0.00 562,122.41
120 Days 3 2 3 0 8
955,105.74 138,579.83 512,527.74 0.00 1,606,213.31
150 Days 1 2 2 0 5
112,863.32 311,882.73 161,748.57 0.00 586,494.62
180 Days 6 5 8 3 22
583,435.54 450,975.50 590,909.43 238,351.54 1,863,672.01
Totals 45 19 18 3 85
6,949,844.94 2,865,567.81 1,760,859.50 238,351.54 11,814,623.79
0-29 Days 3.007519% 0.375940% 0.000000% 3.383459%
4.318969% 0.233650% 0.000000% 4.552619%
30 Days 8.270677% 0.375940% 0.751880% 0.000000% 9.398496%
9.653893% 0.378672% 0.712221% 0.000000% 10.744786%
60 Days 3.383459% 0.375940% 0.375940% 0.000000% 4.135338%
2.393704% 0.258591% 0.208797% 0.000000% 2.861092%
90 Days 1.503759% 0.000000% 0.375940% 0.000000% 1.879699%
1.322344% 0.000000% 0.096101% 0.000000% 1.418444%
120 Days 1.127820% 0.751880% 1.127820% 0.000000% 3.007519%
2.410088% 0.349689% 1.293299% 0.000000% 4.053075%
150 Days 0.375940% 0.751880% 0.751880% 0.000000% 1.879699%
0.284796% 0.786996% 0.408152% 0.000000% 1.479945%
180 Days 2.255639% 1.879699% 3.007519% 1.127820% 8.270677%
1.472225% 1.137979% 1.491085% 0.601450% 4.702740%
Totals 16.917293% 7.142857% 6.766917% 1.127820% 31.954887%
17.537051% 7.230896% 4.443305% 0.601450% 29.812702%
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 4 0 0 4
738,848.51 0.00 0.00 738,848.51
30 Days 9 0 0 0 9
983,868.58 0.00 0.00 0.00 983,868.58
60 Days 2 0 1 0 3
201,484.32 0.00 425,184.53 0.00 626,668.85
90 Days 1 1 0 0 2
102,743.87 194,651.25 0.00 0.00 297,395.12
120 Days 1 0 2 0 3
98,384.75 0.00 419,199.63 0.00 517,584.38
150 Days 0 0 2 0 2
0.00 0.00 209,301.31 0.00 209,301.31
180 Days 0 3 6 1 10
0.00 1,811,068.06 850,489.14 94,754.88 2,756,312.08
Totals 13 8 11 1 33
1,386,481.52 2,744,567.82 1,904,174.61 94,754.88 6,129,978.83
0-29 Days 0.980392% 0.000000% 0.000000% 0.980392%
0.865570% 0.000000% 0.000000% 0.865570%
30 Days 2.205882% 0.000000% 0.000000% 0.000000% 2.205882%
1.152615% 0.000000% 0.000000% 0.000000% 1.152615%
60 Days 0.490196% 0.000000% 0.245098% 0.000000% 0.735294%
0.236041% 0.000000% 0.498109% 0.000000% 0.734151%
90 Days 0.245098% 0.245098% 0.000000% 0.000000% 0.490196%
0.120366% 0.228036% 0.000000% 0.000000% 0.348402%
120 Days 0.245098% 0.000000% 0.490196% 0.000000% 0.735294%
0.115259% 0.000000% 0.491098% 0.000000% 0.606357%
150 Days 0.000000% 0.000000% 0.490196% 0.000000% 0.490196%
0.000000% 0.000000% 0.245199% 0.000000% 0.245199%
180 Days 0.000000% 0.735294% 1.470588% 0.245098% 2.450980%
0.000000% 2.121689% 0.996359% 0.111007% 3.229055%
Totals 3.186275% 1.960784% 2.696078% 0.245098% 8.088235%
1.624281% 3.215296% 2.230765% 0.111007% 7.181348%
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 3 0 0 3
294,638.02 0.00 0.00 294,638.02
30 Days 7 0 1 0 8
558,653.12 0.00 41,001.73 0.00 599,654.85
60 Days 5 0 0 0 5
641,385.24 0.00 0.00 0.00 641,385.24
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
120 Days 0 1 2 0 3
0.00 105,234.19 234,826.40 0.00 340,060.59
150 Days 0 0 3 0 3
0.00 0.00 480,702.10 0.00 480,702.10
180 Days 0 0 3 1 4
0.00 0.00 102,220.40 60,458.87 162,679.27
Totals 12 4 9 1 26
1,200,038.36 399,872.21 858,750.63 60,458.87 2,519,120.07
0-29 Days 1.477833% 0.000000% 0.000000% 1.477833%
1.198146% 0.000000% 0.000000% 1.198146%
30 Days 3.448276% 0.000000% 0.492611% 0.000000% 3.940887%
2.271764% 0.000000% 0.166734% 0.000000% 2.438498%
60 Days 2.463054% 0.000000% 0.000000% 0.000000% 2.463054%
2.608195% 0.000000% 0.000000% 0.000000% 2.608195%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.492611% 0.985222% 0.000000% 1.477833%
0.000000% 0.427935% 0.954922% 0.000000% 1.382857%
150 Days 0.000000% 0.000000% 1.477833% 0.000000% 1.477833%
0.000000% 0.000000% 1.954776% 0.000000% 1.954776%
180 Days 0.000000% 0.000000% 1.477833% 0.492611% 1.970443%
0.000000% 0.000000% 0.415680% 0.245856% 0.661536%
Totals 5.911330% 1.970443% 4.433498% 0.492611% 12.807882%
4.879959% 1.626081% 3.492112% 0.245856% 10.244008%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 121,892.37
SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Current
Original $ Original % Current $ Current % Class% Prepayment%
<s> <c> <c> <c> <c> <c> <c> <c>
Class A 163,533,767.00 78.67493230% 117,840,813.84 78.93401597% 21.065983% 0.000000%
Class 2A 60,676,467.00 29.19101676% 51,473,609.89 34.47887547% 44.455141% 207.157901%
Class 3A 32,530,367.00 15.65012822% 32,037,013.14 21.45954381% 13.019332% 60.669191%
Class B-1 24,631,667.00 11.85011982% 24,247,723.33 16.24199730% 5.217547% 24.313408%
Class B-2 18,083,967.00 8.70006792% 17,790,719.92 11.91686415% 4.325133% 20.154823%
Class B-3 12,887,567.00 6.20011683% 12,666,298.74 8.48434252% 3.432522% 15.995315%
Class B-4 9,042,167.00 4.35012224% 8,874,163.96 5.94423423% 2.540108% 11.836730%
Class B-5 6,443,867.00 3.10009859% 6,311,854.76 4.22790736% 1.716327% 7.997965%
Class B-6 100.00 0.00004811% 0.00 0.00000000% 4.227907% 19.701758%
Class R-I 50.00 0.00002405% 0.00 0.00000000% 0.000000% 0.000000%
Class R-II 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
COLLATERAL STATEMENT
Collateral Description Mixed ARM
Weighted Average Gross Coupon 5.645528%
Weighted Average Net Coupon 5.295602%
Weighted Average Pass-Through Rate 5.285602%
Weighted Average Maturity(Stepdown Calculation ) 321
Beginning Scheduled Collateral Loan Count 902
Number Of Loans Paid In Full 25
Ending Scheduled Collateral Loan Count 877
Beginning Scheduled Collateral Balance 154,135,575.88
Ending Scheduled Collateral Balance 149,290,280.48
Ending Actual Collateral Balance at 31-Jul-2004 149,580,371.60
Monthly P &I Constant 948,791.55
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 42,655.30
Cumulative Realized Loss 42,655.30
Class A Optimal Amount 5,294,641.30
Ending Scheduled Balance for Premium Loans 149,290,280.48
Scheduled Principal 223,644.32
Unscheduled Principal 4,621,651.08
Miscellaneous Reporting
Senior Percentage 79.157517%
Senior Percentage Group 1 79.938793%
Senior Percentage Group 2 78.447443%
Senior Percentage Group 3 80.340035%
Senior Prepay Percentage Group 1 100.000000%
Senior Prepay Percentage Group 2 100.000000%
Senior Prepay Percentage Group 3 100.000000%
Subordinate Percentage 20.842483%
Subordinate Percentage Group 1 20.061207%
Subordinate Percentage Group 2 21.552557%
Subordinate Percentage Group 3 19.659965%
Subordinate Prepay Percentage 0.000000%
Subordinate Prepay Percent Group1 0.000000%
Subordinate Prepay Percent Group 2 0.000000%
Subordinate Prepay Percent Group 3 0.000000%
Subordination Doubling Test passed? NO
Delinquency Test passed? YES
Realized Loss Test passed? YES
Group Level Collateral Statement
Group Group 1 Group 2 Group 3
Collateral Description Mixed ARM Mixed ARM Mixed ARM
Weighted Average Coupon Rate 6.479328 5.387666 5.216218
Weighted Average Net Rate 6.092211 5.089638 4.748781
Weighted Average Maturity 319 341 249
Beginning Loan Count 273 418 211
Loans Paid In Full 7 10 8
Ending Loan Count 266 408 203
Beginning Scheduled Balance 40,480,937.07 87,723,856.88 25,930,781.93
Ending scheduled Balance 39,516,041.42 85,253,346.74 24,520,892.32
Record Date 07/31/2004 07/31/2004 07/31/2004
Principal And Interest Constant 277,060.28 489,395.18 182,336.09
Scheduled Principal 58,485.90 95,539.51 69,618.91
Unscheduled Principal 906,409.75 2,374,970.63 1,340,270.70
Scheduled Interest 218,574.38 393,855.67 112,717.18
Servicing Fees 13,059.04 21,786.76 10,100.84
Master Servicing Fees 337.36 731.02 216.09
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 205,177.98 371,337.89 102,400.25
Realized Loss Amount 42,655.30 0.00 0.00
Cumulative Realized Loss 42,655.30 0.00 0.00
Percentage of Cumulative Losses 0.0812 0.0000 0.0000
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 6.082211 5.079638 4.738781
Group Level Collateral Statement
Group Total
Collateral Description Mixed ARM
Weighted Average Coupon Rate 5.645528
Weighted Average Net Rate 5.295602
Weighted Average Maturity 321
Beginning Loan Count 902
Loans Paid In Full 25
Ending Loan Count 877
Beginning Scheduled Balance 154,135,575.88
Ending scheduled Balance 149,290,280.48
Record Date 07/31/2004
Principal And Interest Constant 948,791.55
Scheduled Principal 223,644.32
Unscheduled Principal 4,621,651.08
Scheduled Interest 725,147.23
Servicing Fees 44,946.64
Master Servicing Fees 1,284.47
Trustee Fee 0.00
FRY Amount 0.00
Special Hazard Fee 0.00
Other Fee 0.00
Pool Insurance Fee 0.00
Spread Fee 1 0.00
Spread Fee 2 0.00
Spread Fee 3 0.00
Net Interest 678,916.12
Realized Loss Amount 42,655.30
Cumulative Realized Loss 42,655.30
Percentage of Cumulative Losses 0.0205
Prepayment Penalties 0.00
Special Servicing Fee 0.00
Pass-Through Rate 5.285602