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): November 26, 2004
BEAR STEARNS ASSET BACKED SECURITIES TRUST
Asset Backed Certificates, Series 2003-2 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-91334-05 54-2121828
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 November 26, 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 November 26, 2004
distribution.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BEAR STEARNS ASSET BACKED SECURITIES TRUST
Asset Backed Certificates, Series 2003-2 Trust
(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: 11/30/2004
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
November 26, 2004 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Mortgage Pass-Through Certificates
Record Date: 10/31/2004
Distribution Date: 11/26/2004
BSA Series: 2003-2
Contact: Customer Service - CTSLink
Wells Fargo Bank, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 815-6600
Fax: (301) 815-6660
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<s> <c> <c> <c> <c> <c> <c>
A-1 07384YJN7 SEN 2.33250% 94,107,219.73 195,115.64 2,693,603.49
A-2 07384YJP2 SEN 2.38250% 99,582,032.67 210,892.62 5,877,529.98
A-3 07384YJQ0 SEN 2.68250% 28,579,000.00 68,145.04 0.00
A-IO 07384YJT4 IO 5.00000% 0.00 215,416.67 0.00
M-1 07384YJU1 MEZ 3.13250% 25,851,000.00 71,980.67 0.00
M-2 07384YJV9 MEZ 3.93250% 23,265,000.00 81,324.10 0.00
B 07384YJW7 SUB 5.43250% 20,680,000.00 99,861.42 0.00
B-IO BSA032BIO IO 0.00000% 0.00 905,781.78 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 301,370,406.65 1,848,517.94 8,571,133.47
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 91,413,616.24 2,888,719.13 0.00
A-2 0.00 93,704,502.69 6,088,422.60 0.00
A-3 0.00 28,579,000.00 68,145.04 0.00
A-IO 0.00 0.00 215,416.67 0.00
M-1 0.00 25,851,000.00 71,980.67 0.00
M-2 0.00 23,265,000.00 81,324.10 0.00
B 0.00 20,680,000.00 99,861.42 0.00
B-IO 0.00 0.00 905,781.78 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 0.00 292,799,273.18 10,419,651.41 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 94,107,219.73 0.00 2,693,603.49 0.00 0.00
A-2 218,628,000.00 99,582,032.67 0.00 5,877,529.98 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 517,008,719.35 301,370,406.65 0.00 8,571,133.47 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 2,693,603.49 91,413,616.24 0.45705665 2,693,603.49
A-2 5,877,529.98 93,704,502.69 0.42860248 5,877,529.98
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 8,571,133.47 292,799,273.18 0.56633334 8,571,133.47
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-1 200,005,000.00 470.52433554 0.00000000 13.46768076 0.00000000
A-2 218,628,000.00 455.48618050 0.00000000 26.88370190 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 13.46768076 457.05665478 0.45705665 13.46768076
A-2 0.00000000 26.88370190 428.60247859 0.42860248 26.88370190
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 2.33250% 94,107,219.73 195,115.64 0.00 0.00
A-2 218,628,000.00 2.38250% 99,582,032.67 210,892.62 0.00 0.00
A-3 28,579,000.00 2.68250% 28,579,000.00 68,145.04 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 3.13250% 25,851,000.00 71,980.67 0.00 0.00
M-2 23,265,000.00 3.93250% 23,265,000.00 81,324.10 0.00 0.00
B 20,680,000.00 5.43250% 20,680,000.00 99,861.42 0.00 0.00
B-IO 0.00 0.00000% 301,370,406.65 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 517,008,719.35 942,736.16 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 0.00 195,115.64 0.00 91,413,616.24
A-2 0.00 0.00 210,892.62 0.00 93,704,502.69
A-3 0.00 0.00 68,145.04 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 71,980.67 0.00 25,851,000.00
M-2 0.00 0.00 81,324.10 0.00 23,265,000.00
B 0.00 0.00 99,861.42 0.00 20,680,000.00
B-IO 0.00 0.00 905,781.78 0.00 292,799,273.18
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 1,848,517.94 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 2.33250% 470.52433554 0.97555381 0.00000000 0.00000000
A-2 218,628,000.00 2.38250% 455.48618050 0.96461853 0.00000000 0.00000000
A-3 28,579,000.00 2.68250% 1000.00000000 2.38444452 0.00000000 0.00000000
A-IO 0.00 5.00000% 1000.00000000 4.16666673 0.00000000 0.00000000
M-1 25,851,000.00 3.13250% 1000.00000000 2.78444432 0.00000000 0.00000000
M-2 23,265,000.00 3.93250% 1000.00000000 3.49555556 0.00000000 0.00000000
B 20,680,000.00 5.43250% 1000.00000000 4.82888878 0.00000000 0.00000000
B-IO 0.00 0.00000% 582.91182103 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 0.97555381 0.00000000 457.05665478
A-2 0.00000000 0.00000000 0.96461853 0.00000000 428.60247859
A-3 0.00000000 0.00000000 2.38444452 0.00000000 1000.00000000
A-IO 0.00000000 0.00000000 4.16666673 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 2.78444432 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 3.49555556 0.00000000 1000.00000000
B 0.00000000 0.00000000 4.82888878 0.00000000 1000.00000000
B-IO 0.00000000 0.00000000 1.75196667 0.00000000 566.33350110
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 10,500,438.28
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 433,871.72
Realized Loss (Gains, Subsequent Expenses & Recoveries) 30,334.27
Prepayment Penalties 0.00
Total Deposits 10,964,644.27
Withdrawals
Reimbursement for Servicer Advances 428,080.93
Payment of Service Fee 116,911.94
Payment of Interest and Principal 10,419,651.40
Total Withdrawals (Pool Distribution Amount) 10,964,644.27
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 0.00
SERVICING FEES
<s> <c>
Gross Servicing Fee 114,400.56
Master Servicing Fee 2,511.38
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 116,911.94
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 113 2 0 115
7,473,275.23 95,669.75 0.00 7,568,944.98
30 Days 175 19 3 0 197
13,674,680.97 1,599,546.41 241,406.18 0.00 15,515,633.56
60 Days 71 9 13 0 93
6,548,412.38 377,094.28 982,464.43 0.00 7,907,971.09
90 Days 21 6 23 0 50
1,785,825.54 615,897.16 5,006,156.02 0.00 7,407,878.72
120 Days 9 6 20 0 35
492,907.69 489,467.14 1,801,673.73 0.00 2,784,048.56
150 Days 4 8 22 1 35
307,117.31 483,448.20 3,002,201.41 58,234.07 3,851,000.99
180+ Days 7 60 71 40 178
828,996.61 4,749,024.95 6,149,492.77 4,241,526.82 15,969,041.15
Totals 287 221 154 41 703
23,637,940.50 15,787,753.37 17,279,064.29 4,299,760.89 61,004,519.05
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 3.667640% 0.064914% 0.000000% 3.732554%
2.544603% 0.032575% 0.000000% 2.577178%
30 Days 5.679974% 0.616683% 0.097371% 0.000000% 6.394028%
4.656143% 0.544636% 0.082197% 0.000000% 5.282976%
60 Days 2.304447% 0.292113% 0.421941% 0.000000% 3.018500%
2.229693% 0.128398% 0.334523% 0.000000% 2.692615%
90 Days 0.681597% 0.194742% 0.746511% 0.000000% 1.622850%
0.608062% 0.209709% 1.704565% 0.000000% 2.522336%
120 Days 0.292113% 0.194742% 0.649140% 0.000000% 1.135995%
0.167832% 0.166660% 0.613459% 0.000000% 0.947951%
150 Days 0.129828% 0.259656% 0.714054% 0.032457% 1.135995%
0.104572% 0.164611% 1.022231% 0.019828% 1.311242%
180+ Days 0.227199% 1.947420% 2.304447% 1.298280% 5.777345%
0.282268% 1.617013% 2.093864% 1.444213% 5.437359%
Totals 9.315157% 7.172996% 4.998377% 1.330737% 22.817267%
8.048571% 5.375631% 5.883413% 1.464042% 20.771657%
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 9 0 0 9
615,546.67 0.00 0.00 615,546.67
30 Days 13 2 0 0 15
1,095,636.98 238,834.25 0.00 0.00 1,334,471.23
60 Days 8 0 1 0 9
703,756.41 0.00 83,007.72 0.00 786,764.13
90 Days 3 0 2 0 5
466,551.39 0.00 765,040.04 0.00 1,231,591.43
120 Days 0 1 2 0 3
0.00 130,711.44 182,075.23 0.00 312,786.67
150 Days 1 1 4 0 6
5,074.93 120,228.58 408,030.61 0.00 533,334.12
180 Days 2 8 9 3 22
201,254.81 553,372.16 967,569.36 254,102.97 1,976,299.30
Totals 27 21 18 3 69
2,472,274.52 1,658,693.10 2,405,722.96 254,102.97 6,790,793.55
0-29 Days 2.990033% 0.000000% 0.000000% 2.990033%
1.495228% 0.000000% 0.000000% 1.495228%
30 Days 4.318937% 0.664452% 0.000000% 0.000000% 4.983389%
2.661418% 0.580154% 0.000000% 0.000000% 3.241572%
60 Days 2.657807% 0.000000% 0.332226% 0.000000% 2.990033%
1.709499% 0.000000% 0.201635% 0.000000% 1.911133%
90 Days 0.996678% 0.000000% 0.664452% 0.000000% 1.661130%
1.133303% 0.000000% 1.858363% 0.000000% 2.991666%
120 Days 0.000000% 0.332226% 0.664452% 0.000000% 0.996678%
0.000000% 0.317512% 0.442280% 0.000000% 0.759792%
150 Days 0.332226% 0.332226% 1.328904% 0.000000% 1.993355%
0.012328% 0.292048% 0.991150% 0.000000% 1.295525%
180 Days 0.664452% 2.657807% 2.990033% 0.996678% 7.308970%
0.488869% 1.344200% 2.350328% 0.617243% 4.800640%
Totals 8.970100% 6.976744% 5.980066% 0.996678% 22.923588%
6.005417% 4.029141% 5.843756% 0.617243% 16.495557%
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 2 0 25
2,152,927.92 95,669.75 0.00 2,248,597.67
30 Days 51 4 2 0 57
5,980,625.01 246,975.10 167,401.12 0.00 6,395,001.23
60 Days 21 1 6 0 28
3,054,693.55 112,203.54 431,786.39 0.00 3,598,683.48
90 Days 3 2 8 0 13
360,289.45 369,396.02 2,194,430.93 0.00 2,924,116.40
120 Days 3 0 10 0 13
308,499.26 0.00 1,196,774.81 0.00 1,505,274.07
150 Days 1 3 7 0 11
174,625.40 101,373.59 1,713,917.14 0.00 1,989,916.13
180 Days 1 21 25 15 62
408,253.42 2,634,037.25 2,557,621.78 2,673,841.97 8,273,754.42
Totals 80 54 60 15 209
10,286,986.09 5,616,913.42 8,357,601.92 2,673,841.97 26,935,343.40
0-29 Days 3.290415% 0.286123% 0.000000% 3.576538%
2.485213% 0.110436% 0.000000% 2.595649%
30 Days 7.296137% 0.572246% 0.286123% 0.000000% 8.154506%
6.903682% 0.285094% 0.193238% 0.000000% 7.382014%
60 Days 3.004292% 0.143062% 0.858369% 0.000000% 4.005722%
3.526159% 0.129521% 0.498429% 0.000000% 4.154109%
90 Days 0.429185% 0.286123% 1.144492% 0.000000% 1.859800%
0.415897% 0.426409% 2.533122% 0.000000% 3.375428%
120 Days 0.429185% 0.000000% 1.430615% 0.000000% 1.859800%
0.356113% 0.000000% 1.381487% 0.000000% 1.737600%
150 Days 0.143062% 0.429185% 1.001431% 0.000000% 1.573677%
0.201577% 0.117020% 1.978445% 0.000000% 2.297042%
180 Days 0.143062% 3.004292% 3.576538% 2.145923% 8.869814%
0.471264% 3.040578% 2.952368% 3.086526% 9.550736%
Totals 11.444921% 7.725322% 8.583691% 2.145923% 29.899857%
11.874692% 6.483835% 9.647524% 3.086526% 31.092577%
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 59 0 0 59
3,569,236.24 0.00 0.00 3,569,236.24
30 Days 92 9 1 0 102
5,818,683.58 889,648.30 74,005.06 0.00 6,782,336.94
60 Days 36 6 5 0 47
2,426,398.09 173,688.25 448,329.75 0.00 3,048,416.09
90 Days 15 2 12 0 29
958,984.70 174,500.80 2,022,206.24 0.00 3,155,691.74
120 Days 5 3 6 0 14
177,637.34 255,787.72 355,043.63 0.00 788,468.69
150 Days 1 4 9 1 15
87,028.03 261,846.03 720,385.72 58,234.07 1,127,493.85
180 Days 3 27 31 17 78
139,007.35 1,315,865.75 2,349,281.75 1,050,785.07 4,854,939.92
Totals 152 110 64 18 344
9,607,739.09 6,640,573.09 5,969,252.15 1,109,019.14 23,326,583.47
0-29 Days 3.208265% 0.000000% 0.000000% 3.208265%
2.310257% 0.000000% 0.000000% 2.310257%
30 Days 5.002719% 0.489396% 0.054377% 0.000000% 5.546493%
3.766256% 0.575842% 0.047901% 0.000000% 4.389999%
60 Days 1.957586% 0.326264% 0.271887% 0.000000% 2.555737%
1.570533% 0.112423% 0.290190% 0.000000% 1.973146%
90 Days 0.815661% 0.108755% 0.652529% 0.000000% 1.576944%
0.620721% 0.112949% 1.308912% 0.000000% 2.042583%
120 Days 0.271887% 0.163132% 0.326264% 0.000000% 0.761283%
0.114979% 0.165564% 0.229809% 0.000000% 0.510352%
150 Days 0.054377% 0.217510% 0.489396% 0.054377% 0.815661%
0.056331% 0.169485% 0.466284% 0.037693% 0.729792%
180 Days 0.163132% 1.468189% 1.685699% 0.924415% 4.241436%
0.089975% 0.851720% 1.520618% 0.680141% 3.142454%
Totals 8.265362% 5.981512% 3.480152% 0.978793% 18.705818%
6.218795% 4.298240% 3.863714% 0.717834% 15.098584%
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
1,135,564.40 0.00 0.00 1,135,564.40
30 Days 19 4 0 0 23
779,735.40 224,088.76 0.00 0.00 1,003,824.16
60 Days 6 2 1 0 9
363,564.33 91,202.49 19,340.57 0.00 474,107.39
90 Days 0 2 1 0 3
0.00 72,000.34 24,478.81 0.00 96,479.15
120 Days 1 2 2 0 5
6,771.09 102,967.98 67,780.06 0.00 177,519.13
150 Days 1 0 2 0 3
40,388.95 0.00 159,867.94 0.00 200,256.89
180 Days 1 4 6 5 16
80,481.03 245,749.79 275,019.88 262,796.81 864,047.51
Totals 28 36 12 5 81
1,270,940.80 1,871,573.76 546,487.26 262,796.81 3,951,798.63
0-29 Days 9.090909% 0.000000% 0.000000% 9.090909%
9.961906% 0.000000% 0.000000% 9.961906%
30 Days 7.851240% 1.652893% 0.000000% 0.000000% 9.504132%
6.840344% 1.965852% 0.000000% 0.000000% 8.806195%
60 Days 2.479339% 0.826446% 0.413223% 0.000000% 3.719008%
3.189422% 0.800087% 0.169668% 0.000000% 4.159177%
90 Days 0.000000% 0.826446% 0.413223% 0.000000% 1.239669%
0.000000% 0.631634% 0.214744% 0.000000% 0.846378%
120 Days 0.413223% 0.826446% 0.826446% 0.000000% 2.066116%
0.059400% 0.903302% 0.594611% 0.000000% 1.557313%
150 Days 0.413223% 0.000000% 0.826446% 0.000000% 1.239669%
0.354318% 0.000000% 1.402465% 0.000000% 1.756783%
180 Days 0.413223% 1.652893% 2.479339% 2.066116% 6.611570%
0.706032% 2.155876% 2.412652% 2.305424% 7.579984%
Totals 11.570248% 14.876033% 4.958678% 2.066116% 33.471074%
11.149515% 16.418657% 4.794140% 2.305424% 34.667736%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 433,871.72
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 7.713529%
Weighted Average Net Coupon 7.258008%
Weighted Average Pass-Through Rate 7.248008%
Weighted Average Maturity(Stepdown Calculation ) 287
Beginning Scheduled Collateral Loan Count 3,167
Number Of Loans Paid In Full 86
Ending Scheduled Collateral Loan Count 3,081
Beginning Scheduled Collateral Balance 301,370,406.65
Ending Scheduled Collateral Balance 292,799,273.18
Ending Actual Collateral Balance at 31-Oct-2004 293,691,152.05
Monthly P &I Constant 2,444,585.74
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount (30,334.27)
Cumulative Realized Loss 1,005,510.37
Ending Scheduled Balance for Premium Loans 292,799,273.18
Scheduled Principal 507,394.54
Unscheduled Principal 8,063,738.93
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 30,334.27
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 0.00
Excess Cash Amount 875,447.51
Group Level Collateral Statement
Group Group 1 Group 2 Group 3
Collateral Description Mixed Fixed Mixed ARM Mixed Fixed
Weighted Average Coupon Rate 6.856013 7.129691 8.150351
Weighted Average Net Rate 6.455970 6.666958 7.687597
Weighted Average Maturity 302 306 274
Beginning Loan Count 308 714 1,893
Loans Paid In Full 7 15 54
Ending Loan Count 301 699 1,839
Beginning Scheduled Balance 41,897,176.60 88,115,204.14 159,288,733.27
Ending scheduled Balance 41,060,745.26 86,340,150.74 154,046,177.16
Record Date 10/31/2004 10/31/2004 10/31/2004
Principal And Interest Constant 306,624.76 644,425.97 1,378,973.14
Scheduled Principal 67,251.77 120,897.50 297,090.60
Unscheduled Principal 769,179.57 1,654,155.90 4,945,465.51
Scheduled Interest 239,372.99 523,528.47 1,081,882.54
Servicing Fees 13,967.24 33,978.16 61,426.28
Master Servicing Fees 349.14 734.32 1,327.35
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 225,056.61 488,815.99 1,019,128.91
Realized Loss Amount 0.00 (95,317.60) 64,983.33
Cumulative Realized Loss 157,725.97 80,771.16 750,911.69
Percentage of Cumulative Losses 0.2244 0.0502 0.2789
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 6.445970 6.656958 7.677597
Group Level Collateral Statement
Group Group 4 Total
Collateral Description Mixed ARM Fixed & Mixed ARM
Weighted Average Coupon Rate 9.187667 7.713529
Weighted Average Net Rate 8.687666 7.258008
Weighted Average Maturity 249 287
Beginning Loan Count 252 3,167
Loans Paid In Full 10 86
Ending Loan Count 242 3,081
Beginning Scheduled Balance 12,069,292.64 301,370,406.65
Ending scheduled Balance 11,352,200.02 292,799,273.18
Record Date 10/31/2004 10/31/2004
Principal And Interest Constant 114,561.87 2,444,585.74
Scheduled Principal 22,154.67 507,394.54
Unscheduled Principal 694,937.95 8,063,738.93
Scheduled Interest 92,407.20 1,937,191.20
Servicing Fees 5,028.88 114,400.56
Master Servicing Fees 100.57 2,511.38
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 87,277.75 1,820,279.26
Realized Loss Amount 0.00 (30,334.27)
Cumulative Realized Loss 16,101.55 1,005,510.37
Percentage of Cumulative Losses 0.0972 0.1945
Prepayment Penalties 0.00 0.00
Special Servicing Fee 0.00 0.00
Pass-Through Rate 8.677667 7.248008