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): October 25, 2004
BEAR STEARNS ASSET BACKED SECURITIES TRUST
Asset Backed Certificates, Series 2003-2 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-91334-05 54-2121828
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 October 25, 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 October 25, 2004
distribution.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BEAR STEARNS ASSET BACKED SECURITIES TRUST
Asset Backed Certificates, Series 2003-2 Trust
(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: 10/26/2004
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
October 25, 2004 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Asset Backed Certificates
Record Date: 9/30/2004
Distribution Date: 10/25/2004
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 2.24000% 98,075,041.35 170,868.52 3,967,821.62
A-2 07384YJP2 SEN 2.29000% 104,573,016.80 186,256.16 4,990,984.13
A-3 07384YJQ0 SEN 2.59000% 28,579,000.00 57,570.81 0.00
A-IO 07384YJT4 IO 5.00000% 0.00 215,416.67 0.00
M-1 07384YJU1 MEZ 3.04000% 25,851,000.00 61,123.25 0.00
M-2 07384YJV9 MEZ 3.84000% 23,265,000.00 69,484.80 0.00
B 07384YJW7 SUB 5.34000% 20,680,000.00 85,890.93 0.00
B-IO BSA032BIO IO 0.00000% 0.00 769,644.65 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 310,329,212.40 1,616,255.79 8,958,805.75
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 94,107,219.73 4,138,690.14 0.00
A-2 0.00 99,582,032.67 5,177,240.29 0.00
A-3 0.00 28,579,000.00 57,570.81 0.00
A-IO 0.00 0.00 215,416.67 0.00
M-1 0.00 25,851,000.00 61,123.25 0.00
M-2 0.00 23,265,000.00 69,484.80 0.00
B 0.00 20,680,000.00 85,890.93 0.00
B-IO 0.00 0.00 769,644.65 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 0.00 301,370,406.65 10,575,061.54 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 98,075,041.35 0.00 3,967,821.62 0.00 0.00
A-2 218,628,000.00 104,573,016.80 0.00 4,990,984.13 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 517,008,719.35 310,329,212.40 0.00 8,958,805.75 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 3,967,821.62 94,107,219.73 0.47052434 3,967,821.62
A-2 4,990,984.13 99,582,032.67 0.45548618 4,990,984.13
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 8,958,805.75 301,370,406.65 0.58291165 8,958,805.75
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-1 200,005,000.00 490.36294768 0.00000000 19.83861213 0.00000000
A-2 218,628,000.00 478.31483982 0.00000000 22.82865932 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 19.83861213 470.52433554 0.47052434 19.83861213
A-2 0.00000000 22.82865932 455.48618050 0.45548618 22.82865932
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 2.24000% 98,075,041.35 170,868.52 0.00 0.00
A-2 218,628,000.00 2.29000% 104,573,016.80 186,256.16 0.00 0.00
A-3 28,579,000.00 2.59000% 28,579,000.00 57,570.81 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 3.04000% 25,851,000.00 61,123.25 0.00 0.00
M-2 23,265,000.00 3.84000% 23,265,000.00 69,484.80 0.00 0.00
B 20,680,000.00 5.34000% 20,680,000.00 85,890.93 0.00 0.00
B-IO 0.00 0.00000% 310,329,212.40 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 517,008,719.35 846,611.14 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 0.00 170,868.52 0.00 94,107,219.73
A-2 0.00 0.00 186,256.16 0.00 99,582,032.67
A-3 0.00 0.00 57,570.81 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 61,123.25 0.00 25,851,000.00
M-2 0.00 0.00 69,484.80 0.00 23,265,000.00
B 0.00 0.00 85,890.93 0.00 20,680,000.00
B-IO 0.00 0.00 769,644.65 0.00 301,370,406.65
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 1,616,255.79 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 2.24000% 490.36294768 0.85432124 0.00000000 0.00000000
A-2 218,628,000.00 2.29000% 478.31483982 0.85193187 0.00000000 0.00000000
A-3 28,579,000.00 2.59000% 1000.00000000 2.01444452 0.00000000 0.00000000
A-IO 0.00 5.00000% 1000.00000000 4.16666673 0.00000000 0.00000000
M-1 25,851,000.00 3.04000% 1000.00000000 2.36444432 0.00000000 0.00000000
M-2 23,265,000.00 3.84000% 1000.00000000 2.98666667 0.00000000 0.00000000
B 20,680,000.00 5.34000% 1000.00000000 4.15333317 0.00000000 0.00000000
B-IO 0.00 0.00000% 600.23997821 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 0.85432124 0.00000000 470.52433554
A-2 0.00000000 0.00000000 0.85193187 0.00000000 455.48618050
A-3 0.00000000 0.00000000 2.01444452 0.00000000 1000.00000000
A-IO 0.00000000 0.00000000 4.16666673 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 2.36444432 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.98666667 0.00000000 1000.00000000
B 0.00000000 0.00000000 4.15333317 0.00000000 1000.00000000
B-IO 0.00000000 0.00000000 1.48864970 0.00000000 582.91182103
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 10,958,887.54
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 428,080.93
Realized Loss (Gains, Subsequent Expenses & Recoveries) (262,711.32)
Prepayment Penalties 0.00
Total Deposits 11,124,257.15
Withdrawals
Reimbursement for Servicer Advances 428,757.91
Payment of Service Fee 120,437.70
Payment of Interest and Principal 10,575,061.54
Total Withdrawals (Pool Distribution Amount) 11,124,257.15
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 117,851.61
Master Servicing Fee 2,586.09
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 120,437.70
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 115 1 0 116
7,657,000.90 44,447.19 0.00 7,701,448.09
30 Days 158 15 4 1 178
11,813,853.02 836,446.37 285,492.99 16,523.36 12,952,315.74
60 Days 75 9 8 0 92
8,351,857.28 557,363.47 1,416,433.03 0.00 10,325,653.78
90 Days 24 5 20 0 49
1,845,578.21 518,933.17 2,527,110.62 0.00 4,891,622.00
120 Days 7 5 27 0 39
504,049.79 221,532.49 4,413,911.57 0.00 5,139,493.85
150 Days 4 5 16 0 25
416,062.65 158,926.80 2,230,467.58 0.00 2,805,457.03
180+ Days 9 57 84 35 185
870,153.33 4,518,207.89 7,756,282.46 3,893,881.79 17,038,525.47
Totals 277 211 160 36 684
23,801,554.28 14,468,411.09 18,674,145.44 3,910,405.15 60,854,515.96
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 3.631197% 0.031576% 0.000000% 3.662772%
2.533182% 0.014705% 0.000000% 2.547886%
30 Days 4.988949% 0.473634% 0.126302% 0.031576% 5.620461%
3.908402% 0.276723% 0.094450% 0.005466% 4.285042%
60 Days 2.368172% 0.284181% 0.252605% 0.000000% 2.904957%
2.763063% 0.184394% 0.468602% 0.000000% 3.416058%
90 Days 0.757815% 0.157878% 0.631512% 0.000000% 1.547206%
0.610577% 0.171680% 0.836049% 0.000000% 1.618306%
120 Days 0.221029% 0.157878% 0.852542% 0.000000% 1.231449%
0.166756% 0.073290% 1.460264% 0.000000% 1.700310%
150 Days 0.126302% 0.157878% 0.505210% 0.000000% 0.789391%
0.137647% 0.052578% 0.737910% 0.000000% 0.928135%
180+ Days 0.284181% 1.799811% 2.652352% 1.105147% 5.841490%
0.287875% 1.494768% 2.566027% 1.288221% 5.636891%
Totals 8.746448% 6.662457% 5.052100% 1.136722% 21.597727%
7.874319% 4.786615% 6.178007% 1.293688% 20.132628%
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
700,267.46 0.00 0.00 700,267.46
30 Days 15 0 0 0 15
1,158,118.85 0.00 0.00 0.00 1,158,118.85
60 Days 6 1 2 0 9
1,567,048.73 155,106.35 176,821.73 0.00 1,898,976.81
90 Days 5 0 3 0 8
450,830.08 0.00 231,670.08 0.00 682,500.16
120 Days 2 0 2 0 4
86,752.57 0.00 232,370.77 0.00 319,123.34
150 Days 0 0 1 0 1
0.00 0.00 216,161.22 0.00 216,161.22
180 Days 2 8 10 3 23
201,498.67 623,761.91 893,753.89 243,424.95 1,962,439.42
Totals 30 19 18 3 70
3,464,248.90 1,479,135.72 1,750,777.69 243,424.95 6,937,587.26
0-29 Days 3.246753% 0.000000% 0.000000% 3.246753%
1.667222% 0.000000% 0.000000% 1.667222%
30 Days 4.870130% 0.000000% 0.000000% 0.000000% 4.870130%
2.757291% 0.000000% 0.000000% 0.000000% 2.757291%
60 Days 1.948052% 0.324675% 0.649351% 0.000000% 2.922078%
3.730886% 0.369283% 0.420983% 0.000000% 4.521152%
90 Days 1.623377% 0.000000% 0.974026% 0.000000% 2.597403%
1.073352% 0.000000% 0.551568% 0.000000% 1.624921%
120 Days 0.649351% 0.000000% 0.649351% 0.000000% 1.298701%
0.206544% 0.000000% 0.553237% 0.000000% 0.759780%
150 Days 0.000000% 0.000000% 0.324675% 0.000000% 0.324675%
0.000000% 0.000000% 0.514644% 0.000000% 0.514644%
180 Days 0.649351% 2.597403% 3.246753% 0.974026% 7.467532%
0.479735% 1.485075% 2.127881% 0.579555% 4.672246%
Totals 9.740260% 6.168831% 5.844156% 0.974026% 22.727273%
8.247807% 3.521579% 4.168314% 0.579555% 16.517255%
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 23 1 0 24
1,788,615.50 44,447.19 0.00 1,833,062.69
30 Days 42 3 2 0 47
4,136,938.66 262,487.60 167,567.21 0.00 4,566,993.47
60 Days 18 1 3 0 22
3,478,718.36 88,337.01 549,273.95 0.00 4,116,329.32
90 Days 10 1 5 0 16
942,399.93 281,973.20 670,308.10 0.00 1,894,681.23
120 Days 2 2 11 0 15
282,286.41 69,744.52 2,502,702.42 0.00 2,854,733.35
150 Days 1 1 9 0 11
175,081.78 56,575.48 1,825,196.89 0.00 2,056,854.15
180 Days 2 18 32 15 67
424,620.99 2,196,584.35 3,809,156.49 2,644,444.00 9,074,805.83
Totals 75 49 63 15 202
9,440,046.13 4,744,317.66 9,568,652.25 2,644,444.00 26,397,460.04
0-29 Days 3.221289% 0.140056% 0.000000% 3.361345%
2.022751% 0.050265% 0.000000% 2.073016%
30 Days 5.882353% 0.420168% 0.280112% 0.000000% 6.582633%
4.678477% 0.296848% 0.189502% 0.000000% 5.164827%
60 Days 2.521008% 0.140056% 0.420168% 0.000000% 3.081232%
3.934094% 0.099901% 0.621176% 0.000000% 4.655170%
90 Days 1.400560% 0.140056% 0.700280% 0.000000% 2.240896%
1.065763% 0.318884% 0.758054% 0.000000% 2.142701%
120 Days 0.280112% 0.280112% 1.540616% 0.000000% 2.100840%
0.319239% 0.078874% 2.830314% 0.000000% 3.228427%
150 Days 0.140056% 0.140056% 1.260504% 0.000000% 1.540616%
0.198001% 0.063981% 2.064121% 0.000000% 2.326103%
180 Days 0.280112% 2.521008% 4.481793% 2.100840% 9.383754%
0.480205% 2.484124% 4.307787% 2.990610% 10.262727%
Totals 10.504202% 6.862745% 8.823529% 2.100840% 28.291317%
10.675778% 5.365364% 10.821219% 2.990610% 29.852971%
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 58 0 0 58
3,943,561.56 0.00 0.00 3,943,561.56
30 Days 88 10 1 0 99
5,899,534.25 436,109.94 98,585.21 0.00 6,434,229.40
60 Days 47 3 3 0 53
3,048,032.97 150,506.94 690,337.35 0.00 3,888,877.26
90 Days 8 3 10 0 21
424,470.79 204,803.45 1,562,473.04 0.00 2,191,747.28
120 Days 1 3 11 0 15
87,718.46 151,787.97 1,448,095.45 0.00 1,687,601.88
150 Days 2 4 4 0 10
217,252.13 102,351.32 110,363.75 0.00 429,967.20
180 Days 4 27 37 13 81
163,552.64 1,452,073.31 2,786,455.94 807,586.59 5,209,668.48
Totals 150 108 66 13 337
9,840,561.24 6,441,194.49 6,696,310.74 807,586.59 23,785,653.06
0-29 Days 3.063920% 0.000000% 0.000000% 3.063920%
2.468965% 0.000000% 0.000000% 2.468965%
30 Days 4.648706% 0.528262% 0.052826% 0.000000% 5.229794%
3.693550% 0.273037% 0.061722% 0.000000% 4.028309%
60 Days 2.482831% 0.158479% 0.158479% 0.000000% 2.799789%
1.908297% 0.094229% 0.432203% 0.000000% 2.434728%
90 Days 0.422610% 0.158479% 0.528262% 0.000000% 1.109350%
0.265750% 0.128222% 0.978225% 0.000000% 1.372198%
120 Days 0.052826% 0.158479% 0.581088% 0.000000% 0.792393%
0.054918% 0.095031% 0.906616% 0.000000% 1.056565%
150 Days 0.105652% 0.211305% 0.211305% 0.000000% 0.528262%
0.136016% 0.064080% 0.069096% 0.000000% 0.269192%
180 Days 0.211305% 1.426307% 1.954569% 0.686741% 4.278922%
0.102396% 0.909107% 1.744530% 0.505610% 3.261642%
Totals 7.923930% 5.705230% 3.486529% 0.686741% 17.802430%
6.160928% 4.032670% 4.192392% 0.505610% 14.891599%
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 24 0 0 24
1,224,556.38 0.00 0.00 1,224,556.38
30 Days 13 2 1 1 17
619,261.26 137,848.83 19,340.57 16,523.36 792,974.02
60 Days 4 4 0 0 8
258,057.22 163,413.17 0.00 0.00 421,470.39
90 Days 1 1 2 0 4
27,877.41 32,156.52 62,659.40 0.00 122,693.33
120 Days 2 0 3 0 5
47,292.35 0.00 230,742.93 0.00 278,035.28
150 Days 1 0 2 0 3
23,728.74 0.00 78,745.72 0.00 102,474.46
180 Days 1 4 5 4 14
80,481.03 245,788.32 266,916.14 198,426.25 791,611.74
Totals 22 35 13 5 75
1,056,698.01 1,803,763.22 658,404.76 214,949.61 3,733,815.60
0-29 Days 9.523810% 0.000000% 0.000000% 9.523810%
10.107066% 0.000000% 0.000000% 10.107066%
30 Days 5.158730% 0.793651% 0.396825% 0.396825% 6.746032%
5.111169% 1.137757% 0.159630% 0.136378% 6.544934%
60 Days 1.587302% 1.587302% 0.000000% 0.000000% 3.174603%
2.129915% 1.348756% 0.000000% 0.000000% 3.478671%
90 Days 0.396825% 0.396825% 0.793651% 0.000000% 1.587302%
0.230091% 0.265409% 0.517169% 0.000000% 1.012668%
120 Days 0.793651% 0.000000% 1.190476% 0.000000% 1.984127%
0.390335% 0.000000% 1.904472% 0.000000% 2.294807%
150 Days 0.396825% 0.000000% 0.793651% 0.000000% 1.190476%
0.195849% 0.000000% 0.649940% 0.000000% 0.845789%
180 Days 0.396825% 1.587302% 1.984127% 1.587302% 5.555556%
0.664263% 2.028652% 2.203034% 1.637742% 6.533690%
Totals 8.730159% 13.888889% 5.158730% 1.984127% 29.761905%
8.721621% 14.887639% 5.434246% 1.774120% 30.817625%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 428,080.93
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 7.731379%
Weighted Average Net Coupon 7.275663%
Weighted Average Pass-Through Rate 7.265663%
Weighted Average Maturity(Stepdown Calculation ) 288
Beginning Scheduled Collateral Loan Count 3,258
Number Of Loans Paid In Full 91
Ending Scheduled Collateral Loan Count 3,167
Beginning Scheduled Collateral Balance 310,329,212.40
Ending Scheduled Collateral Balance 301,370,406.65
Ending Actual Collateral Balance at 30-Sep-2004 302,268,114.05
Monthly P &I Constant 2,517,106.38
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 262,711.32
Cumulative Realized Loss 1,035,844.64
Ending Scheduled Balance for Premium Loans 301,370,406.65
Scheduled Principal 517,712.39
Unscheduled Principal 8,441,093.36
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 259,894.13
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 259,894.13
Excess Cash Amount 1,032,355.97
Group Level Collateral Statement
Group Group 1 Group 2 Group 3
Collateral Description Mixed Fixed Mixed ARM Mixed Fixed
Weighted Average Coupon Rate 6.861313 7.148443 8.170669
Weighted Average Net Rate 6.461097 6.686330 7.707510
Weighted Average Maturity 303 307 275
Beginning Loan Count 313 742 1,942
Loans Paid In Full 5 28 49
Ending Loan Count 308 714 1,893
Beginning Scheduled Balance 42,524,528.60 91,407,012.06 163,846,908.20
Ending scheduled Balance 41,897,176.60 88,115,204.14 159,288,733.27
Record Date 09/30/2004 09/30/2004 09/30/2004
Principal And Interest Constant 310,567.45 669,298.66 1,418,466.22
Scheduled Principal 67,422.36 124,783.82 302,850.47
Unscheduled Principal 559,929.64 3,167,024.10 4,255,324.46
Scheduled Interest 243,145.09 544,514.84 1,115,615.75
Servicing Fees 14,182.51 35,200.32 63,239.29
Master Servicing Fees 354.38 761.73 1,365.39
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 228,608.20 508,552.79 1,051,011.07
Realized Loss Amount 16,738.61 52,523.02 193,449.69
Cumulative Realized Loss 157,725.97 176,088.76 685,928.36
Percentage of Cumulative Losses 0.2244 0.1094 0.2548
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 6.451097 6.676330 7.697510
Group Level Collateral Statement
Group Group 4 Total
Collateral Description Mixed ARM Fixed & Mixed ARM
Weighted Average Coupon Rate 9.190036 7.731379
Weighted Average Net Rate 8.690036 7.275663
Weighted Average Maturity 250 288
Beginning Loan Count 261 3,258
Loans Paid In Full 9 91
Ending Loan Count 252 3,167
Beginning Scheduled Balance 12,550,763.54 310,329,212.40
Ending scheduled Balance 12,069,292.64 301,370,406.65
Record Date 09/30/2004 09/30/2004
Principal And Interest Constant 118,774.05 2,517,106.38
Scheduled Principal 22,655.74 517,712.39
Unscheduled Principal 458,815.16 8,441,093.36
Scheduled Interest 96,118.31 1,999,393.99
Servicing Fees 5,229.49 117,851.61
Master Servicing Fees 104.59 2,586.09
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 90,784.23 1,878,956.29
Realized Loss Amount 0.00 262,711.32
Cumulative Realized Loss 16,101.55 1,035,844.64
Percentage of Cumulative Losses 0.0972 0.2004
Prepayment Penalties 0.00 0.00
Special Servicing Fee 0.00 0.00
Pass-Through Rate 8.680036 7.265663