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 2003-SD2
(Exact name of registrant as specified in its charter)
New York (governing law of 333-91334-11 54-2132830
Pooling and Servicing Agreement) (Commission 54-2132831
(State or other File Number) IRS EIN
jurisdiction
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-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
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-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: 9/27/2004
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
September 27, 2004 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Asset Backed Certificates
Record Date: 8/31/2004
Distribution Date: 9/27/2004
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 6.08397% 31,449,465.24 159,123.29 1,688,404.59
II-A 07384YLJ3 SEN 5.06672% 66,367,203.95 279,649.60 3,870,297.63
III-A 07384YLK0 SEN 4.75018% 19,436,596.75 76,782.87 219,813.69
B-1 07384YLL8 SUB 5.27262% 7,789,289.81 34,155.28 11,223.67
B-2 07384YLM6 SUB 5.27262% 6,457,003.41 28,313.33 9,303.96
B-3 07384YLN4 SUB 5.27262% 5,124,421.18 22,470.09 7,383.83
B-4 07384YMH6 SUB 5.27262% 3,792,134.78 16,628.14 5,464.13
B-5 07384YMJ2 SUB 5.27262% 2,562,309.20 11,235.48 3,692.06
B-6 07384YMK9 SUB 5.27262% 6,311,854.76 27,676.87 9,094.82
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 149,290,279.08 656,034.96 5,824,678.38
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 29,761,060.64 1,847,527.88 0.00
II-A 0.00 62,496,906.31 4,149,947.23 0.00
III-A 0.00 19,216,783.05 296,596.56 0.00
B-1 0.00 7,778,066.14 45,378.95 0.00
B-2 0.00 6,447,699.45 37,617.29 0.00
B-3 0.00 5,117,037.34 29,853.92 0.00
B-4 0.00 3,786,670.66 22,092.27 0.00
B-5 0.00 2,558,617.14 14,927.54 0.00
B-6 17,390.52 6,285,369.42 36,771.69 60,045.82
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.01 0.00
Totals 17,390.52 143,448,210.15 6,480,713.34 60,045.82
<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 31,449,465.24 45,479.65 1,642,924.94 0.00 0.00
II-A 102,857,300.00 66,367,203.95 72,709.80 3,797,587.83 0.00 0.00
III-A 28,146,100.00 19,436,596.75 52,779.24 167,034.45 0.00 0.00
B-1 7,898,700.00 7,789,289.81 11,223.67 0.00 0.00 0.00
B-2 6,547,700.00 6,457,003.41 9,303.96 0.00 0.00 0.00
B-3 5,196,400.00 5,124,421.18 7,383.83 0.00 0.00 0.00
B-4 3,845,400.00 3,792,134.78 5,464.13 0.00 0.00 0.00
B-5 2,598,300.00 2,562,309.20 3,692.06 0.00 0.00 0.00
B-6 6,443,767.00 6,311,854.76 9,094.82 0.00 0.00 17,390.52
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 207,860,067.00 149,290,279.08 217,131.16 5,607,547.22 0.00 17,390.52
<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 1,688,404.59 29,761,060.64 0.67140864 1,688,404.59
II-A 3,870,297.63 62,496,906.31 0.60760788 3,870,297.63
III-A 219,813.69 19,216,783.05 0.68275118 219,813.69
B-1 11,223.67 7,778,066.14 0.98472738 11,223.67
B-2 9,303.96 6,447,699.45 0.98472738 9,303.96
B-3 7,383.83 5,117,037.34 0.98472738 7,383.83
B-4 5,464.13 3,786,670.66 0.98472738 5,464.13
B-5 3,692.06 2,558,617.14 0.98472738 3,692.06
B-6 26,485.34 6,285,369.42 0.97541848 9,094.82
R-I 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
Totals 5,842,068.90 143,448,210.15 0.69011914 5,824,678.38
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 44,326,300.00 709.49899360 1.02601954 37.06433742 0.00000000
II-A 102,857,300.00 645.23571929 0.70689975 36.92093638 0.00000000
III-A 28,146,100.00 690.56092141 1.87518839 5.93455044 0.00000000
B-1 7,898,700.00 986.14832947 1.42095155 0.00000000 0.00000000
B-2 6,547,700.00 986.14832842 1.42095087 0.00000000 0.00000000
B-3 5,196,400.00 986.14832961 1.42095104 0.00000000 0.00000000
B-4 3,845,400.00 986.14832787 1.42095231 0.00000000 0.00000000
B-5 2,598,300.00 986.14832775 1.42095216 0.00000000 0.00000000
B-6 6,443,767.00 979.52870735 1.41141354 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 38.09035697 671.40863641 0.67140864 38.09035697
II-A 0.00000000 37.62783614 607.60788306 0.60760788 37.62783614
III-A 0.00000000 7.80973883 682.75118222 0.68275118 7.80973883
B-1 0.00000000 1.42095155 984.72737792 0.98472738 1.42095155
B-2 0.00000000 1.42095087 984.72737755 0.98472738 1.42095087
B-3 0.00000000 1.42095104 984.72737665 0.98472738 1.42095104
B-4 0.00000000 1.42095231 984.72737817 0.98472738 1.42095231
B-5 0.00000000 1.42095216 984.72737559 0.98472738 1.42095216
B-6 2.69881267 4.11022621 975.41848115 0.97541848 1.41141354
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 6.08397% 31,449,465.24 159,447.90 0.00 0.00
II-A 102,857,300.00 5.06672% 66,367,203.95 280,220.09 0.00 0.00
III-A 28,146,100.00 4.75018% 19,436,596.75 76,939.51 0.00 0.00
B-1 7,898,700.00 5.27262% 7,789,289.81 34,224.96 0.00 0.00
B-2 6,547,700.00 5.27262% 6,457,003.41 28,371.09 0.00 0.00
B-3 5,196,400.00 5.27262% 5,124,421.18 22,515.93 0.00 0.00
B-4 3,845,400.00 5.27262% 3,792,134.78 16,662.06 0.00 0.00
B-5 2,598,300.00 5.27262% 2,562,309.20 11,258.40 0.00 0.00
B-6 6,443,767.00 5.27262% 6,311,854.76 27,733.33 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 207,860,067.00 657,373.27 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 324.61 0.00 159,123.29 0.00 29,761,060.64
II-A 570.48 0.00 279,649.60 0.00 62,496,906.31
III-A 156.64 0.00 76,782.87 0.00 19,216,783.05
B-1 69.68 0.00 34,155.28 0.00 7,778,066.14
B-2 57.76 0.00 28,313.33 0.00 6,447,699.45
B-3 45.84 0.00 22,470.09 0.00 5,117,037.34
B-4 33.92 0.00 16,628.14 0.00 3,786,670.66
B-5 22.92 0.00 11,235.48 0.00 2,558,617.14
B-6 56.46 0.00 27,676.87 0.00 6,285,369.42
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 1,338.31 0.00 656,034.96 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 6.08397% 709.49899360 3.59713985 0.00000000 0.00000000
II-A 102,857,300.00 5.06672% 645.23571929 2.72435782 0.00000000 0.00000000
III-A 28,146,100.00 4.75018% 690.56092141 2.73357623 0.00000000 0.00000000
B-1 7,898,700.00 5.27262% 986.14832947 4.33298644 0.00000000 0.00000000
B-2 6,547,700.00 5.27262% 986.14832842 4.33298563 0.00000000 0.00000000
B-3 5,196,400.00 5.27262% 986.14832961 4.33298630 0.00000000 0.00000000
B-4 3,845,400.00 5.27262% 986.14832787 4.33298487 0.00000000 0.00000000
B-5 2,598,300.00 5.27262% 986.14832775 4.33298695 0.00000000 0.00000000
B-6 6,443,767.00 5.27262% 979.52870735 4.30390019 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 0.00732319 0.00000000 3.58981666 0.00000000 671.40863641
II-A 0.00554632 0.00000000 2.71881140 0.00000000 607.60788306
III-A 0.00556525 0.00000000 2.72801099 0.00000000 682.75118222
B-1 0.00882170 0.00000000 4.32416474 0.00000000 984.72737792
B-2 0.00882142 0.00000000 4.32416421 0.00000000 984.72737755
B-3 0.00882149 0.00000000 4.32416481 0.00000000 984.72737665
B-4 0.00882093 0.00000000 4.32416394 0.00000000 984.72737817
B-5 0.00882115 0.00000000 4.32416580 0.00000000 984.72737559
B-6 0.00876196 0.00000000 4.29513823 0.00000000 975.41848115
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 6,548,582.32
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 116,079.95
Realized Loss (Gains, Subsequent Expenses & Recoveries) (17,390.52)
Prepayment Penalties 0.00
Total Deposits 6,647,271.75
Withdrawals
Reimbursement for Servicer Advances 121,892.37
Payment of Service Fee 44,666.03
Payment of Interest and Principal 6,480,713.35
Total Withdrawals (Pool Distribution Amount) 6,647,271.75
Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<s> <c>
Total Prepayment/Curtailment Interest Shortfall 1,338.31
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 1,338.31
SERVICING FEES
<s> <c>
Gross Servicing Fee 43,421.95
Master Servicing Fee 1,244.08
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 44,666.03
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 13 1 0 14
2,445,832.68 92,543.52 0.00 2,538,376.20
30 Days 26 1 2 0 29
3,228,115.97 49,231.45 132,419.66 0.00 3,409,767.08
60 Days 22 2 3 0 27
2,788,558.83 378,635.18 477,502.43 0.00 3,644,696.44
90 Days 7 2 4 0 13
908,792.86 296,885.61 850,788.06 0.00 2,056,466.53
120 Days 2 0 4 0 6
834,848.35 0.00 453,574.71 0.00 1,288,423.06
150 Days 4 1 5 0 10
437,401.91 83,700.15 755,050.93 0.00 1,276,152.99
180+ Days 3 9 17 8 37
216,511.70 894,987.36 3,217,880.73 648,204.17 4,977,583.96
Totals 64 28 36 8 136
8,414,229.62 4,149,272.43 5,979,760.04 648,204.17 19,191,466.26
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 1.538462% 0.118343% 0.000000% 1.656805%
1.701670% 0.064386% 0.000000% 1.766056%
30 Days 3.076923% 0.118343% 0.236686% 0.000000% 3.431953%
2.245937% 0.034252% 0.092130% 0.000000% 2.372320%
60 Days 2.603550% 0.236686% 0.355030% 0.000000% 3.195266%
1.940119% 0.263433% 0.332219% 0.000000% 2.535770%
90 Days 0.828402% 0.236686% 0.473373% 0.000000% 1.538462%
0.632286% 0.206556% 0.591929% 0.000000% 1.430771%
120 Days 0.236686% 0.000000% 0.473373% 0.000000% 0.710059%
0.580839% 0.000000% 0.315571% 0.000000% 0.896411%
150 Days 0.473373% 0.118343% 0.591716% 0.000000% 1.183432%
0.304319% 0.058234% 0.525321% 0.000000% 0.887874%
180+ Days 0.355030% 1.065089% 2.011834% 0.946746% 4.378698%
0.150636% 0.622681% 2.238816% 0.450983% 3.463116%
Totals 7.573964% 3.313609% 4.260355% 0.946746% 16.094675%
5.854137% 2.886825% 4.160373% 0.450983% 13.352317%
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 6 1 0 7
1,266,936.66 92,543.52 0.00 1,359,480.18
30 Days 14 0 1 0 15
2,203,651.69 0.00 91,564.38 0.00 2,295,216.07
60 Days 13 2 2 0 17
1,789,362.52 378,635.18 273,328.50 0.00 2,441,326.20
90 Days 4 1 1 0 6
569,777.71 102,478.40 100,315.07 0.00 772,571.18
120 Days 2 0 3 0 5
834,848.35 0.00 329,275.54 0.00 1,164,123.89
150 Days 2 1 3 0 6
233,782.97 83,700.15 402,922.05 0.00 720,405.17
180 Days 3 7 8 4 22
216,511.70 725,214.78 649,920.75 301,069.00 1,892,716.23
Totals 38 17 19 4 78
5,847,934.94 2,556,965.17 1,939,869.81 301,069.00 10,645,838.92
0-29 Days 2.352941% 0.392157% 0.000000% 2.745098%
3.340680% 0.244020% 0.000000% 3.584700%
30 Days 5.490196% 0.000000% 0.392157% 0.000000% 5.882353%
5.810626% 0.000000% 0.241438% 0.000000% 6.052064%
60 Days 5.098039% 0.784314% 0.784314% 0.000000% 6.666667%
4.718221% 0.998392% 0.720717% 0.000000% 6.437330%
90 Days 1.568627% 0.392157% 0.392157% 0.000000% 2.352941%
1.502399% 0.270217% 0.264512% 0.000000% 2.037129%
120 Days 0.784314% 0.000000% 1.176471% 0.000000% 1.960784%
2.201342% 0.000000% 0.868239% 0.000000% 3.069581%
150 Days 0.784314% 0.392157% 1.176471% 0.000000% 2.352941%
0.616443% 0.220702% 1.062432% 0.000000% 1.899576%
180 Days 1.176471% 2.745098% 3.137255% 1.568627% 8.627451%
0.570902% 1.912258% 1.713722% 0.793864% 4.990746%
Totals 14.901961% 6.666667% 7.450980% 1.568627% 30.588235%
15.419933% 6.742249% 5.115081% 0.793864% 28.071126%
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 5 0 0 5
934,228.19 0.00 0.00 934,228.19
30 Days 3 0 0 0 3
409,400.88 0.00 0.00 0.00 409,400.88
60 Days 5 0 1 0 6
502,089.25 0.00 204,173.93 0.00 706,263.18
90 Days 2 1 3 0 6
201,484.32 194,407.21 750,472.99 0.00 1,146,364.52
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 1 0 0 0 1
98,384.75 0.00 0.00 0.00 98,384.75
180 Days 0 2 5 3 10
0.00 169,772.58 2,338,204.50 286,676.30 2,794,653.38
Totals 11 8 9 3 31
1,211,359.20 1,298,407.98 3,292,851.42 286,676.30 6,089,294.90
0-29 Days 1.282051% 0.000000% 0.000000% 1.282051%
1.147014% 0.000000% 0.000000% 1.147014%
30 Days 0.769231% 0.000000% 0.000000% 0.000000% 0.769231%
0.502649% 0.000000% 0.000000% 0.000000% 0.502649%
60 Days 1.282051% 0.000000% 0.256410% 0.000000% 1.538462%
0.616449% 0.000000% 0.250678% 0.000000% 0.867126%
90 Days 0.512821% 0.256410% 0.769231% 0.000000% 1.538462%
0.247376% 0.238687% 0.921406% 0.000000% 1.407468%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.256410% 0.000000% 0.000000% 0.000000% 0.256410%
0.120794% 0.000000% 0.000000% 0.000000% 0.120794%
180 Days 0.000000% 0.512821% 1.282051% 0.769231% 2.564103%
0.000000% 0.208441% 2.870770% 0.351972% 3.431183%
Totals 2.820513% 2.051282% 2.307692% 0.769231% 7.948718%
1.487267% 1.594142% 4.042854% 0.351972% 7.476234%
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 2 0 0 2
244,667.83 0.00 0.00 244,667.83
30 Days 9 1 1 0 11
615,063.40 49,231.45 40,855.28 0.00 705,150.13
60 Days 4 0 0 0 4
497,107.06 0.00 0.00 0.00 497,107.06
90 Days 1 0 0 0 1
137,530.83 0.00 0.00 0.00 137,530.83
120 Days 0 0 1 0 1
0.00 0.00 124,299.17 0.00 124,299.17
150 Days 1 0 2 0 3
105,234.19 0.00 352,128.88 0.00 457,363.07
180 Days 0 0 4 1 5
0.00 0.00 229,755.48 60,458.87 290,214.35
Totals 15 3 8 1 27
1,354,935.48 293,899.28 747,038.81 60,458.87 2,456,332.44
0-29 Days 1.000000% 0.000000% 0.000000% 1.000000%
1.004460% 0.000000% 0.000000% 1.004460%
30 Days 4.500000% 0.500000% 0.500000% 0.000000% 5.500000%
2.525083% 0.202115% 0.167727% 0.000000% 2.894925%
60 Days 2.000000% 0.000000% 0.000000% 0.000000% 2.000000%
2.040825% 0.000000% 0.000000% 0.000000% 2.040825%
90 Days 0.500000% 0.000000% 0.000000% 0.000000% 0.500000%
0.564619% 0.000000% 0.000000% 0.000000% 0.564619%
120 Days 0.000000% 0.000000% 0.500000% 0.000000% 0.500000%
0.000000% 0.000000% 0.510298% 0.000000% 0.510298%
150 Days 0.500000% 0.000000% 1.000000% 0.000000% 1.500000%
0.432029% 0.000000% 1.445631% 0.000000% 1.877660%
180 Days 0.000000% 0.000000% 2.000000% 0.500000% 2.500000%
0.000000% 0.000000% 0.943239% 0.248208% 1.191447%
Totals 7.500000% 1.500000% 4.000000% 0.500000% 13.500000%
5.562556% 1.206575% 3.066895% 0.248208% 10.084235%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 116,079.95
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% 113,687,149.51 79.25309648% 20.746903% 0.000000%
Class 2A 60,676,467.00 29.19101676% 51,190,243.20 35.68552207% 43.567574% 195.464945%
Class 3A 32,530,367.00 15.65012822% 31,973,460.15 22.28920096% 13.396321% 60.102294%
Class B-1 24,631,667.00 11.85011982% 24,195,394.01 16.86698896% 5.422212% 24.326632%
Class B-2 18,083,967.00 8.70006792% 17,747,694.56 12.37219646% 4.494792% 20.165786%
Class B-3 12,887,567.00 6.20011683% 12,630,657.22 8.80502941% 3.567167% 16.004015%
Class B-4 9,042,167.00 4.35012224% 8,843,986.56 6.16528186% 2.639748% 11.843168%
Class B-5 6,443,867.00 3.10009859% 6,285,369.42 4.38162968% 1.783652% 8.002315%
Class B-6 100.00 0.00004811% 0.00 0.00000000% 4.381630% 19.658083%
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 5.652293%
Weighted Average Net Coupon 5.303266%
Weighted Average Pass-Through Rate 5.293266%
Weighted Average Maturity(Stepdown Calculation ) 320
Beginning Scheduled Collateral Loan Count 877
Number Of Loans Paid In Full 32
Ending Scheduled Collateral Loan Count 845
Beginning Scheduled Collateral Balance 149,290,280.48
Ending Scheduled Collateral Balance 143,448,211.57
Ending Actual Collateral Balance at 31-Aug-2004 143,731,352.63
Monthly P &I Constant 920,324.81
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 17,390.52
Cumulative Realized Loss 60,045.82
Class A Optimal Amount 6,295,123.41
Ending Scheduled Balance for Premium Loans 143,448,211.57
Scheduled Principal 217,131.17
Unscheduled Principal 5,624,937.74
Miscellaneous Reporting
Senior Percentage 78.540455%
Senior Percentage Group 1 79.586578%
Senior Percentage Group 2 77.847036%
Senior Percentage Group 3 79.265455%
Senior Prepay Percentage Group 1 100.000000%
Senior Prepay Percentage Group 2 100.000000%
Senior Prepay Percentage Group 3 100.000000%
Subordinate Percentage 21.459545%
Subordinate Percentage Group 1 20.413422%
Subordinate Percentage Group 2 22.152964%
Subordinate Percentage Group 3 20.734545%
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 6.481477 5.390339 5.226791
Weighted Average Net Rate 6.093966 5.092969 4.760184
Weighted Average Maturity 318 340 248
Beginning Loan Count 266 408 203
Loans Paid In Full 11 18 3
Ending Loan Count 255 390 200
Beginning Scheduled Balance 39,516,041.42 85,253,346.74 24,520,892.32
Ending scheduled Balance 37,815,971.60 81,344,967.53 24,287,272.44
Record Date 08/31/2004 08/31/2004 08/31/2004
Principal And Interest Constant 270,580.14 476,354.59 173,390.08
Scheduled Principal 57,144.88 93,400.86 66,585.43
Unscheduled Principal 1,642,924.94 3,814,978.35 167,034.45
Scheduled Interest 213,435.26 382,953.73 106,804.65
Servicing Fees 12,760.74 21,126.52 9,534.69
Master Servicing Fees 329.29 710.44 204.35
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 200,345.23 361,116.77 97,065.61
Realized Loss Amount 0.00 17,390.52 0.00
Cumulative Realized Loss 42,655.30 17,390.52 0.00
Percentage of Cumulative Losses 0.0812 0.0143 0.0000
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 6.083966 5.082969 4.750184
Group Level Collateral Statement
Group Total
Collateral Description Mixed ARM
Weighted Average Coupon Rate 5.652293
Weighted Average Net Rate 5.303266
Weighted Average Maturity 320
Beginning Loan Count 877
Loans Paid In Full 32
Ending Loan Count 845
Beginning Scheduled Balance 149,290,280.48
Ending scheduled Balance 143,448,211.57
Record Date 08/31/2004
Principal And Interest Constant 920,324.81
Scheduled Principal 217,131.17
Unscheduled Principal 5,624,937.74
Scheduled Interest 703,193.64
Servicing Fees 43,421.95
Master Servicing Fees 1,244.08
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 658,527.61
Realized Loss Amount 17,390.52
Cumulative Realized Loss 60,045.82
Percentage of Cumulative Losses 0.0289
Prepayment Penalties 0.00
Special Servicing Fee 0.00
Pass-Through Rate 5.293266