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): September 27, 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 54-2121828
Pooling and Servicing Agreement) (Commission 54-2121829
(State or other File Number) 54-2121830
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 September 27, 2004 a distribution was made to holders of BEAR STEARNS ASSET
BACKED SECURITIES TRUST, Asset Backed Certificates, Series 2003-2 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 2003-2
Trust, relating to the September 27,
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
(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: 9/23/2004
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
September 27, 2004 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Mortgage Pass-Through Certificates
Record Date: 8/31/2004
Distribution Date: 9/27/2004
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 2.01500% 101,891,221.72 188,201.58 3,816,180.37
A-2 07384YJP2 SEN 2.06500% 110,114,403.32 208,437.39 5,541,386.52
A-3 07384YJQ0 SEN 2.36500% 28,579,000.00 61,956.89 0.00
A-IO 07384YJT4 IO 5.00000% 0.00 215,416.67 0.00
M-1 07384YJU1 MEZ 2.81500% 25,851,000.00 66,706.35 0.00
M-2 07384YJV9 MEZ 3.61500% 23,265,000.00 77,094.39 0.00
B 07384YJW7 SUB 5.11500% 20,680,000.00 96,963.35 0.00
B-IO BSA032BIO IO 0.00000% 0.00 989,235.78 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 319,686,779.29 1,904,012.40 9,357,566.89
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 98,075,041.35 4,004,381.95 0.00
A-2 0.00 104,573,016.80 5,749,823.91 0.00
A-3 0.00 28,579,000.00 61,956.89 0.00
A-IO 0.00 0.00 215,416.67 0.00
M-1 0.00 25,851,000.00 66,706.35 0.00
M-2 0.00 23,265,000.00 77,094.39 0.00
B 0.00 20,680,000.00 96,963.35 0.00
B-IO 0.00 0.00 989,235.78 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 0.00 310,329,212.40 11,261,579.29 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-1 200,005,000.00 101,891,221.72 0.00 3,816,180.37 0.00 0.00
A-2 218,628,000.00 110,114,403.32 0.00 5,541,386.52 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 517,008,719.35 319,686,779.29 0.00 9,357,566.89 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 3,816,180.37 98,075,041.35 0.49036295 3,816,180.37
A-2 5,541,386.52 104,573,016.80 0.47831484 5,541,386.52
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 9,357,566.89 310,329,212.40 0.60023980 9,357,566.89
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-1 200,005,000.00 509.44337252 0.00000000 19.08042484 0.00000000
A-2 218,628,000.00 503.66102841 0.00000000 25.34618859 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 19.08042484 490.36294768 0.49036295 19.08042484
A-2 0.00000000 25.34618859 478.31483982 0.47831484 25.34618859
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
OC 0.00000000 0.0000000016,345,225.69596910 16345.22569597 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<s> <c> <c> <c> <c> <c> <c>
A-1 200,005,000.00 2.01500% 101,891,221.72 188,201.58 0.00 0.00
A-2 218,628,000.00 2.06500% 110,114,403.32 208,437.39 0.00 0.00
A-3 28,579,000.00 2.36500% 28,579,000.00 61,956.89 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 2.81500% 25,851,000.00 66,706.35 0.00 0.00
M-2 23,265,000.00 3.61500% 23,265,000.00 77,094.39 0.00 0.00
B 20,680,000.00 5.11500% 20,680,000.00 96,963.35 0.00 0.00
B-IO 0.00 0.00000% 319,686,779.29 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 517,008,719.35 914,776.62 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 0.00 188,201.58 0.00 98,075,041.35
A-2 0.00 0.00 208,437.39 0.00 104,573,016.80
A-3 0.00 0.00 61,956.89 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 66,706.35 0.00 25,851,000.00
M-2 0.00 0.00 77,094.39 0.00 23,265,000.00
B 0.00 0.00 96,963.35 0.00 20,680,000.00
B-IO 0.00 0.00 989,235.78 0.00 310,329,212.40
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 1,904,012.40 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 2.01500% 509.44337252 0.94098438 0.00000000 0.00000000
A-2 218,628,000.00 2.06500% 503.66102841 0.95338836 0.00000000 0.00000000
A-3 28,579,000.00 2.36500% 1000.00000000 2.16791665 0.00000000 0.00000000
A-IO 0.00 5.00000% 1000.00000000 4.16666673 0.00000000 0.00000000
M-1 25,851,000.00 2.81500% 1000.00000000 2.58041662 0.00000000 0.00000000
M-2 23,265,000.00 3.61500% 1000.00000000 3.31374984 0.00000000 0.00000000
B 20,680,000.00 5.11500% 1000.00000000 4.68875000 0.00000000 0.00000000
B-IO 0.00 0.00000% 618.33942074 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 0.94098438 0.00000000 490.36294768
A-2 0.00000000 0.00000000 0.95338836 0.00000000 478.31483982
A-3 0.00000000 0.00000000 2.16791665 0.00000000 1000.00000000
A-IO 0.00000000 0.00000000 4.16666673 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 2.58041662 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 3.31374984 0.00000000 1000.00000000
B 0.00000000 0.00000000 4.68875000 0.00000000 1000.00000000
B-IO 0.00000000 0.00000000 1.91338372 0.00000000 600.23997821
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 11,426,781.48
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 428,757.91
Realized Loss (Gains, Subsequent Expenses & Recoveries) (31,816.42)
Prepayment Penalties 0.00
Total Deposits 11,823,722.97
Withdrawals
Reimbursement for Servicer Advances 438,058.48
Payment of Service Fee 124,085.20
Payment of Interest and Principal 11,261,579.29
Total Withdrawals (Pool Distribution Amount) 11,823,722.97
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 121,421.15
Master Servicing Fee 2,664.05
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 124,085.20
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
9,022,007.11 0.00 0.00 9,022,007.11
30 Days 157 9 4 1 171
12,821,844.06 460,162.91 316,175.37 16,540.79 13,614,723.13
60 Days 69 8 9 0 86
8,109,103.16 522,024.74 1,382,673.66 0.00 10,013,801.56
90 Days 34 5 13 0 52
2,583,755.22 447,312.38 1,366,818.67 0.00 4,397,886.27
120 Days 10 5 25 0 40
822,454.27 148,738.02 4,257,509.80 0.00 5,228,702.09
150 Days 3 8 22 0 33
129,742.41 392,711.86 2,793,147.11 0.00 3,315,601.38
180+ Days 16 56 78 32 182
1,464,627.61 4,754,054.10 6,991,554.66 3,822,709.14 17,032,945.51
Totals 289 217 151 33 690
25,931,526.73 15,747,011.12 17,107,879.27 3,839,249.93 62,625,667.05
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 3.867403% 0.000000% 0.000000% 3.867403%
2.898887% 0.000000% 0.000000% 2.898887%
30 Days 4.818907% 0.276243% 0.122775% 0.030694% 5.248619%
4.119824% 0.147856% 0.101591% 0.005315% 4.374586%
60 Days 2.117864% 0.245549% 0.276243% 0.000000% 2.639656%
2.605560% 0.167733% 0.444271% 0.000000% 3.217564%
90 Days 1.043585% 0.153468% 0.399018% 0.000000% 1.596071%
0.830194% 0.143727% 0.439177% 0.000000% 1.413098%
120 Days 0.306937% 0.153468% 0.767342% 0.000000% 1.227747%
0.264265% 0.047791% 1.367993% 0.000000% 1.680050%
150 Days 0.092081% 0.245549% 0.675261% 0.000000% 1.012891%
0.041688% 0.126183% 0.897474% 0.000000% 1.065346%
180+ Days 0.491099% 1.718846% 2.394107% 0.982198% 5.586249%
0.470604% 1.527539% 2.246477% 1.228286% 5.472905%
Totals 8.870473% 6.660528% 4.634745% 1.012891% 21.178637%
8.332135% 5.059718% 5.496983% 1.233601% 20.122436%
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
746,101.60 0.00 0.00 746,101.60
30 Days 12 1 0 0 13
1,084,181.20 84,242.80 0.00 0.00 1,168,424.00
60 Days 8 1 2 0 11
1,540,624.53 155,259.27 138,802.05 0.00 1,834,685.85
90 Days 4 0 3 0 7
251,107.43 0.00 222,040.53 0.00 473,147.96
120 Days 0 0 3 0 3
0.00 0.00 469,451.29 0.00 469,451.29
150 Days 0 0 2 0 2
0.00 0.00 117,728.26 0.00 117,728.26
180 Days 2 12 6 2 22
201,619.41 1,012,507.86 561,528.44 162,059.35 1,937,715.06
Totals 26 24 16 2 68
3,077,532.57 1,998,111.53 1,509,550.57 162,059.35 6,747,254.02
0-29 Days 3.194888% 0.000000% 0.000000% 3.194888%
1.750371% 0.000000% 0.000000% 1.750371%
30 Days 3.833866% 0.319489% 0.000000% 0.000000% 4.153355%
2.543513% 0.197635% 0.000000% 0.000000% 2.741148%
60 Days 2.555911% 0.319489% 0.638978% 0.000000% 3.514377%
3.614339% 0.364242% 0.325633% 0.000000% 4.304213%
90 Days 1.277955% 0.000000% 0.958466% 0.000000% 2.236422%
0.589104% 0.000000% 0.520912% 0.000000% 1.110015%
120 Days 0.000000% 0.000000% 0.958466% 0.000000% 0.958466%
0.000000% 0.000000% 1.101343% 0.000000% 1.101343%
150 Days 0.000000% 0.000000% 0.638978% 0.000000% 0.638978%
0.000000% 0.000000% 0.276193% 0.000000% 0.276193%
180 Days 0.638978% 3.833866% 1.916933% 0.638978% 7.028754%
0.473004% 2.375366% 1.317358% 0.380195% 4.545922%
Totals 8.306709% 7.667732% 5.111821% 0.638978% 21.725240%
7.219959% 4.687613% 3.541439% 0.380195% 15.829205%
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 26 0 0 26
2,227,742.64 0.00 0.00 2,227,742.64
30 Days 46 2 3 0 51
5,523,165.86 120,869.69 233,234.78 0.00 5,877,270.33
60 Days 23 0 1 0 24
3,941,224.70 0.00 30,453.97 0.00 3,971,678.67
90 Days 12 2 4 0 18
1,362,353.10 327,821.88 508,626.98 0.00 2,198,801.96
120 Days 1 2 12 0 15
175,081.78 81,386.35 2,481,384.37 0.00 2,737,852.50
150 Days 0 2 8 0 10
0.00 179,478.58 2,141,640.52 0.00 2,321,119.10
180 Days 4 18 31 14 67
785,387.81 2,266,795.46 3,200,946.62 2,697,688.64 8,950,818.53
Totals 86 52 59 14 211
11,787,213.25 5,204,094.60 8,596,287.24 2,697,688.64 28,285,283.73
0-29 Days 3.504043% 0.000000% 0.000000% 3.504043%
2.428788% 0.000000% 0.000000% 2.428788%
30 Days 6.199461% 0.269542% 0.404313% 0.000000% 6.873315%
6.021610% 0.131778% 0.254283% 0.000000% 6.407671%
60 Days 3.099730% 0.000000% 0.134771% 0.000000% 3.234501%
4.296905% 0.000000% 0.033202% 0.000000% 4.330107%
90 Days 1.617251% 0.269542% 0.539084% 0.000000% 2.425876%
1.485300% 0.357407% 0.554529% 0.000000% 2.397235%
120 Days 0.134771% 0.269542% 1.617251% 0.000000% 2.021563%
0.190882% 0.088731% 2.705319% 0.000000% 2.984933%
150 Days 0.000000% 0.269542% 1.078167% 0.000000% 1.347709%
0.000000% 0.195676% 2.334915% 0.000000% 2.530591%
180 Days 0.539084% 2.425876% 4.177898% 1.886792% 9.029650%
0.856266% 2.471365% 3.489819% 2.941144% 9.758594%
Totals 11.590296% 7.008086% 7.951482% 1.886792% 28.436658%
12.850963% 5.673744% 9.372068% 2.941144% 30.837918%
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 68 0 0 68
4,829,737.66 0.00 0.00 4,829,737.66
30 Days 84 4 1 0 89
5,488,838.89 183,050.08 82,940.59 0.00 5,754,829.56
60 Days 32 5 5 0 42
2,382,051.98 263,229.98 1,194,036.41 0.00 3,839,318.37
90 Days 14 2 6 0 22
831,952.60 99,112.18 636,151.16 0.00 1,567,215.94
120 Days 7 3 8 0 18
574,836.59 67,351.67 1,136,970.49 0.00 1,779,158.75
150 Days 2 6 11 0 19
101,333.39 213,233.28 477,916.74 0.00 792,483.41
180 Days 9 22 33 13 77
397,139.36 1,205,116.53 2,862,793.61 808,113.55 5,273,163.05
Totals 148 110 64 13 335
9,776,152.81 6,860,831.38 6,390,809.00 808,113.55 23,835,906.74
0-29 Days 3.501545% 0.000000% 0.000000% 3.501545%
2.939986% 0.000000% 0.000000% 2.939986%
30 Days 4.325438% 0.205973% 0.051493% 0.000000% 4.582904%
3.341198% 0.111427% 0.050488% 0.000000% 3.503113%
60 Days 1.647786% 0.257467% 0.257467% 0.000000% 2.162719%
1.450017% 0.160235% 0.726841% 0.000000% 2.337092%
90 Days 0.720906% 0.102987% 0.308960% 0.000000% 1.132853%
0.506431% 0.060332% 0.387242% 0.000000% 0.954005%
120 Days 0.360453% 0.154480% 0.411946% 0.000000% 0.926880%
0.349918% 0.040999% 0.692103% 0.000000% 1.083020%
150 Days 0.102987% 0.308960% 0.566426% 0.000000% 0.978373%
0.061684% 0.129801% 0.290920% 0.000000% 0.482405%
180 Days 0.463440% 1.132853% 1.699279% 0.669413% 3.964985%
0.241749% 0.733586% 1.742656% 0.491920% 3.209911%
Totals 7.621009% 5.664264% 3.295572% 0.669413% 17.250257%
5.950997% 4.176365% 3.890251% 0.491920% 14.509532%
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
1,218,425.21 0.00 0.00 1,218,425.21
30 Days 15 2 0 1 18
725,658.11 72,000.34 0.00 16,540.79 814,199.24
60 Days 6 2 1 0 9
245,201.95 103,535.49 19,381.23 0.00 368,118.67
90 Days 4 1 0 0 5
138,342.09 20,378.32 0.00 0.00 158,720.41
120 Days 2 0 2 0 4
72,535.90 0.00 169,703.65 0.00 242,239.55
150 Days 1 0 1 0 2
28,409.02 0.00 55,861.59 0.00 84,270.61
180 Days 1 4 8 3 16
80,481.03 269,634.25 366,285.99 154,847.60 871,248.87
Totals 29 31 12 4 76
1,290,628.10 1,683,973.61 611,232.46 171,388.39 3,757,222.56
0-29 Days 8.429119% 0.000000% 0.000000% 8.429119%
9.671762% 0.000000% 0.000000% 9.671762%
30 Days 5.747126% 0.766284% 0.000000% 0.383142% 6.896552%
5.760216% 0.571533% 0.000000% 0.131299% 6.463049%
60 Days 2.298851% 0.766284% 0.383142% 0.000000% 3.448276%
1.946394% 0.821856% 0.153847% 0.000000% 2.922097%
90 Days 1.532567% 0.383142% 0.000000% 0.000000% 1.915709%
1.098148% 0.161761% 0.000000% 0.000000% 1.259910%
120 Days 0.766284% 0.000000% 0.766284% 0.000000% 1.532567%
0.575784% 0.000000% 1.347094% 0.000000% 1.922878%
150 Days 0.383142% 0.000000% 0.383142% 0.000000% 0.766284%
0.225509% 0.000000% 0.443425% 0.000000% 0.668933%
180 Days 0.383142% 1.532567% 3.065134% 1.149425% 6.130268%
0.638852% 2.140335% 2.907549% 1.229168% 6.915904%
Totals 11.111111% 11.877395% 4.597701% 1.532567% 29.118774%
10.244903% 13.367248% 4.851914% 1.360467% 29.824533%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 428,757.91
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 7.746662%
Weighted Average Net Coupon 7.290886%
Weighted Average Pass-Through Rate 7.280886%
Weighted Average Maturity(Stepdown Calculation ) 289
Beginning Scheduled Collateral Loan Count 3,360
Number Of Loans Paid In Full 102
Ending Scheduled Collateral Loan Count 3,258
Beginning Scheduled Collateral Balance 319,686,779.29
Ending Scheduled Collateral Balance 310,329,212.40
Ending Actual Collateral Balance at 31-Aug-2004 311,223,088.35
Monthly P &I Constant 2,590,643.67
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 31,816.42
Cumulative Realized Loss 773,133.32
Ending Scheduled Balance for Premium Loans 310,329,212.40
Scheduled Principal 526,889.19
Unscheduled Principal 8,830,677.70
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 31,816.42
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 31,816.42
Excess Cash Amount 1,021,052.20
Group Level Collateral Statement
Group Group 1 Group 2 Group 3
Collateral Description Mixed Fixed Mixed ARM Mixed Fixed
Weighted Average Coupon Rate 6.868789 7.147930 8.197135
Weighted Average Net Rate 6.466645 6.686840 7.733861
Weighted Average Maturity 304 308 276
Beginning Loan Count 321 763 2,010
Loans Paid In Full 8 21 68
Ending Loan Count 313 742 1,942
Beginning Scheduled Balance 43,544,273.03 94,211,209.05 169,121,841.07
Ending scheduled Balance 42,524,528.60 91,407,012.06 163,846,908.20
Record Date 08/31/2004 08/31/2004 08/31/2004
Principal And Interest Constant 317,272.89 690,445.58 1,461,842.12
Scheduled Principal 68,025.87 129,266.30 306,579.93
Unscheduled Principal 951,718.56 2,674,930.69 4,968,352.94
Scheduled Interest 249,247.02 561,179.28 1,155,262.19
Servicing Fees 14,592.56 36,199.87 65,291.45
Master Servicing Fees 362.85 785.10 1,409.35
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 234,291.61 524,194.31 1,088,561.39
Realized Loss Amount 0.00 20,736.35 11,080.07
Cumulative Realized Loss 140,987.36 123,565.74 492,478.67
Percentage of Cumulative Losses 0.2006 0.0768 0.1829
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 6.456645 6.676840 7.723861
Group Level Collateral Statement
Group Group 4 Total
Collateral Description Mixed ARM Fixed & Mixed ARM
Weighted Average Coupon Rate 9.186900 7.746662
Weighted Average Net Rate 8.686900 7.290886
Weighted Average Maturity 251 289
Beginning Loan Count 266 3,360
Loans Paid In Full 5 102
Ending Loan Count 261 3,258
Beginning Scheduled Balance 12,809,456.14 319,686,779.29
Ending scheduled Balance 12,550,763.54 310,329,212.40
Record Date 08/31/2004 08/31/2004
Principal And Interest Constant 121,083.08 2,590,643.67
Scheduled Principal 23,017.09 526,889.19
Unscheduled Principal 235,675.51 8,830,677.70
Scheduled Interest 98,065.99 2,063,754.48
Servicing Fees 5,337.27 121,421.15
Master Servicing Fees 106.75 2,664.05
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 92,621.97 1,939,669.28
Realized Loss Amount 0.00 31,816.42
Cumulative Realized Loss 16,101.55 773,133.32
Percentage of Cumulative Losses 0.0972 0.1495
Prepayment Penalties 0.00 0.00
Special Servicing Fee 0.00 0.00
Pass-Through Rate 8.676900 7.280886