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): December 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 December 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 December 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: 12/30/2004
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
December 27, 2004 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Asset Backed Certificates
Record Date: 11/30/2004
Distribution Date: 12/27/2004
Bear Stearns Asset Backed Securities
Asset Backed Certificates
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 2.58000% 91,413,616.24 203,090.58 4,193,209.10
A-2 07384YJP2 SEN 2.63000% 93,704,502.69 212,214.67 6,071,687.13
A-3 07384YJQ0 SEN 2.93000% 28,579,000.00 72,106.40 0.00
A-IO 07384YJT4 IO 5.00000% 0.00 215,416.67 0.00
M-1 07384YJU1 MEZ 3.38000% 25,851,000.00 75,240.77 0.00
M-2 07384YJV9 MEZ 4.18000% 23,265,000.00 83,741.07 0.00
B 07384YJW7 SUB 5.68000% 20,680,000.00 101,148.18 0.00
B-IO BSA032BIO IO 0.00000% 0.00 561,578.06 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 292,799,273.18 1,524,536.40 10,264,896.23
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 87,220,407.14 4,396,299.68 0.00
A-2 0.00 87,632,815.57 6,283,901.80 0.00
A-3 0.00 28,579,000.00 72,106.40 0.00
A-IO 0.00 0.00 215,416.67 0.00
M-1 0.00 25,851,000.00 75,240.77 0.00
M-2 0.00 23,265,000.00 83,741.07 0.00
B 0.00 20,680,000.00 101,148.18 0.00
B-IO 0.00 0.00 561,578.06 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 0.00 282,534,376.96 11,789,432.63 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 91,413,616.24 0.00 4,193,209.10 0.00 0.00
A-2 218,628,000.00 93,704,502.69 0.00 6,071,687.13 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 517,008,719.35 292,799,273.18 0.00 10,264,896.23 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 4,193,209.10 87,220,407.14 0.43609113 4,193,209.10
A-2 6,071,687.13 87,632,815.57 0.40083071 6,071,687.13
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 10,264,896.23 282,534,376.96 0.54647894 10,264,896.23
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-1 200,005,000.00 457.05665478 0.00000000 20.96552136 0.00000000
A-2 218,628,000.00 428.60247859 0.00000000 27.77177274 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 20.96552136 436.09113342 0.43609113 20.96552136
A-2 0.00000000 27.77177274 400.83070590 0.40083071 27.77177274
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 2.58000% 91,413,616.24 203,090.58 0.00 0.00
A-2 218,628,000.00 2.63000% 93,704,502.69 212,214.67 0.00 0.00
A-3 28,579,000.00 2.93000% 28,579,000.00 72,106.40 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 3.38000% 25,851,000.00 75,240.77 0.00 0.00
M-2 23,265,000.00 4.18000% 23,265,000.00 83,741.07 0.00 0.00
B 20,680,000.00 5.68000% 20,680,000.00 101,148.18 0.00 0.00
B-IO 0.00 0.00000% 292,799,273.18 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 517,008,719.35 962,958.34 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 0.00 203,090.58 0.00 87,220,407.14
A-2 0.00 0.00 212,214.67 0.00 87,632,815.57
A-3 0.00 0.00 72,106.40 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 75,240.77 0.00 25,851,000.00
M-2 0.00 0.00 83,741.07 0.00 23,265,000.00
B 0.00 0.00 101,148.18 0.00 20,680,000.00
B-IO 0.00 0.00 561,578.06 0.00 282,534,376.95
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 1,524,536.40 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 2.58000% 457.05665478 1.01542751 0.00000000 0.00000000
A-2 218,628,000.00 2.63000% 428.60247859 0.97066556 0.00000000 0.00000000
A-3 28,579,000.00 2.93000% 1000.00000000 2.52305539 0.00000000 0.00000000
A-IO 0.00 5.00000% 1000.00000000 4.16666673 0.00000000 0.00000000
M-1 25,851,000.00 3.38000% 1000.00000000 2.91055549 0.00000000 0.00000000
M-2 23,265,000.00 4.18000% 1000.00000000 3.59944423 0.00000000 0.00000000
B 20,680,000.00 5.68000% 1000.00000000 4.89111122 0.00000000 0.00000000
B-IO 0.00 0.00000% 566.33350110 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 1.01542751 0.00000000 436.09113342
A-2 0.00000000 0.00000000 0.97066556 0.00000000 400.83070590
A-3 0.00000000 0.00000000 2.52305539 0.00000000 1000.00000000
A-IO 0.00000000 0.00000000 4.16666673 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 2.91055549 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 3.59944423 0.00000000 1000.00000000
B 0.00000000 0.00000000 4.89111122 0.00000000 1000.00000000
B-IO 0.00000000 0.00000000 1.08620648 0.00000000 546.47909861
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 12,136,696.19
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 440,820.07
Realized Loss (Gains, Subsequent Expenses & Recoveries) (240,630.27)
Prepayment Penalties 0.00
Total Deposits 12,336,885.99
Withdrawals
Reimbursement for Servicer Advances 433,871.72
Payment of Service Fee 113,581.64
Payment of Interest and Principal 11,789,432.63
Total Withdrawals (Pool Distribution Amount) 12,336,885.99
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 111,141.64
Master Servicing Fee 2,440.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 113,581.64
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 1 117
7,883,522.35 44,402.34 16,470.27 7,944,394.96
30 Days 179 14 4 0 197
12,614,335.19 833,781.53 316,561.98 0.00 13,764,678.70
60 Days 69 9 8 0 86
7,350,197.71 346,525.62 1,294,845.81 0.00 8,991,569.14
90 Days 25 7 34 0 66
2,158,191.85 637,784.02 4,926,674.68 0.00 7,722,650.55
120 Days 9 4 24 0 37
1,027,203.04 240,876.16 2,199,334.75 0.00 3,467,413.95
150 Days 4 10 15 0 29
419,333.27 803,360.43 2,413,234.21 0.00 3,635,927.91
180+ Days 8 63 69 45 185
743,747.57 4,965,791.06 6,144,269.60 4,781,202.37 16,635,010.60
Totals 294 222 155 46 717
24,313,008.63 15,711,641.17 17,339,323.37 4,797,672.64 62,161,645.81
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 3.847441% 0.033456% 0.033456% 3.914353%
2.781394% 0.015666% 0.005811% 2.802871%
30 Days 5.988625% 0.468384% 0.133824% 0.000000% 6.590833%
4.450477% 0.294167% 0.111687% 0.000000% 4.856331%
60 Days 2.308464% 0.301104% 0.267648% 0.000000% 2.877216%
2.593231% 0.122258% 0.456836% 0.000000% 3.172325%
90 Days 0.836400% 0.234192% 1.137504% 0.000000% 2.208096%
0.761434% 0.225017% 1.738185% 0.000000% 2.724637%
120 Days 0.301104% 0.133824% 0.802944% 0.000000% 1.237872%
0.362409% 0.084984% 0.775950% 0.000000% 1.223342%
150 Days 0.133824% 0.334560% 0.501840% 0.000000% 0.970224%
0.147945% 0.283434% 0.851416% 0.000000% 1.282796%
180+ Days 0.267648% 2.107728% 2.308464% 1.505520% 6.189361%
0.262402% 1.751986% 2.167766% 1.686861% 5.869016%
Totals 9.836066% 7.427233% 5.185681% 1.538976% 23.987956%
8.577899% 5.543241% 6.117505% 1.692672% 21.931317%
Delinquency Status By Groups
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 1 No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 8 0 0 8
553,955.32 0.00 0.00 553,955.32
30 Days 13 1 0 0 14
1,130,769.82 154,641.83 0.00 0.00 1,285,411.65
60 Days 2 0 2 0 4
148,885.98 0.00 797,494.38 0.00 946,380.36
90 Days 4 0 7 0 11
572,843.66 0.00 843,954.06 0.00 1,416,797.72
120 Days 1 0 0 0 1
49,784.34 0.00 0.00 0.00 49,784.34
150 Days 1 2 2 0 5
130,039.74 250,757.42 182,075.23 0.00 562,872.39
180 Days 2 8 11 4 25
76,042.93 553,372.16 1,110,393.80 365,128.72 2,104,937.61
Totals 23 19 22 4 68
2,108,366.47 1,512,726.73 2,933,917.47 365,128.72 6,920,139.39
0-29 Days 2.721088% 0.000000% 0.000000% 2.721088%
1.374331% 0.000000% 0.000000% 1.374331%
30 Days 4.421769% 0.340136% 0.000000% 0.000000% 4.761905%
2.805374% 0.383657% 0.000000% 0.000000% 3.189031%
60 Days 0.680272% 0.000000% 0.680272% 0.000000% 1.360544%
0.369377% 0.000000% 1.978537% 0.000000% 2.347914%
90 Days 1.360544% 0.000000% 2.380952% 0.000000% 3.741497%
1.421192% 0.000000% 2.093801% 0.000000% 3.514992%
120 Days 0.340136% 0.000000% 0.000000% 0.000000% 0.340136%
0.123512% 0.000000% 0.000000% 0.000000% 0.123512%
150 Days 0.340136% 0.680272% 0.680272% 0.000000% 1.700680%
0.322621% 0.622114% 0.451718% 0.000000% 1.396453%
180 Days 0.680272% 2.721088% 3.741497% 1.360544% 8.503401%
0.188658% 1.372884% 2.754822% 0.905863% 5.222227%
Totals 7.823129% 6.462585% 7.482993% 1.360544% 23.129252%
5.230734% 3.752986% 7.278877% 0.905863% 17.168460%
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 24 1 0 25
2,121,204.20 44,402.34 0.00 2,165,606.54
30 Days 52 3 3 0 58
5,102,673.99 255,177.10 218,380.59 0.00 5,576,231.68
60 Days 18 1 2 0 21
3,625,986.22 47,235.12 191,783.76 0.00 3,865,005.10
90 Days 5 2 13 0 20
657,111.95 392,342.03 2,335,893.90 0.00 3,385,347.88
120 Days 3 1 10 0 14
628,989.23 88,337.01 1,225,551.21 0.00 1,942,877.45
150 Days 2 1 8 0 11
240,485.53 31,607.05 1,896,311.43 0.00 2,168,404.01
180 Days 1 24 22 17 64
407,827.31 2,754,813.79 2,299,114.35 2,971,400.00 8,433,155.45
Totals 81 56 59 17 213
10,663,074.23 5,690,716.30 8,211,437.58 2,971,400.00 27,536,628.11
0-29 Days 3.545052% 0.147710% 0.000000% 3.692762%
2.548141% 0.053339% 0.000000% 2.601480%
30 Days 7.680945% 0.443131% 0.443131% 0.000000% 8.567208%
6.129693% 0.306537% 0.262334% 0.000000% 6.698565%
60 Days 2.658789% 0.147710% 0.295421% 0.000000% 3.101920%
4.355792% 0.056742% 0.230384% 0.000000% 4.642918%
90 Days 0.738552% 0.295421% 1.920236% 0.000000% 2.954210%
0.789369% 0.471309% 2.806041% 0.000000% 4.066720%
120 Days 0.443131% 0.147710% 1.477105% 0.000000% 2.067947%
0.755586% 0.106117% 1.472219% 0.000000% 2.333922%
150 Days 0.295421% 0.147710% 1.181684% 0.000000% 1.624815%
0.288888% 0.037969% 2.277984% 0.000000% 2.604841%
180 Days 0.147710% 3.545052% 3.249631% 2.511078% 9.453471%
0.489911% 3.309277% 2.761859% 3.569456% 10.130504%
Totals 11.964549% 8.271787% 8.714919% 2.511078% 31.462334%
12.809240% 6.836092% 9.864161% 3.569456% 33.078948%
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 62 0 0 62
4,142,382.73 0.00 0.00 4,142,382.73
30 Days 100 6 1 0 107
5,738,136.06 233,166.57 98,181.39 0.00 6,069,484.02
60 Days 41 6 4 0 51
3,181,262.04 179,940.52 305,567.67 0.00 3,666,770.23
90 Days 14 3 13 0 30
824,113.42 137,144.10 1,722,500.84 0.00 2,683,758.36
120 Days 4 1 13 0 18
341,791.88 46,895.04 944,127.35 0.00 1,332,814.27
150 Days 1 6 5 0 12
48,808.00 488,839.44 334,847.55 0.00 872,494.99
180 Days 3 27 29 20 79
139,007.35 1,411,894.22 2,344,845.89 1,246,247.40 5,141,994.86
Totals 163 111 65 20 359
10,273,118.75 6,640,262.62 5,750,070.69 1,246,247.40 23,909,699.46
0-29 Days 3.481190% 0.000000% 0.000000% 3.481190%
2.785802% 0.000000% 0.000000% 2.785802%
30 Days 5.614823% 0.336889% 0.056148% 0.000000% 6.007861%
3.858966% 0.156807% 0.066028% 0.000000% 4.081801%
60 Days 2.302077% 0.336889% 0.224593% 0.000000% 2.863560%
2.139437% 0.121012% 0.205498% 0.000000% 2.465947%
90 Days 0.786075% 0.168445% 0.729927% 0.000000% 1.684447%
0.554226% 0.092231% 1.158403% 0.000000% 1.804860%
120 Days 0.224593% 0.056148% 0.729927% 0.000000% 1.010668%
0.229859% 0.031537% 0.634937% 0.000000% 0.896334%
150 Days 0.056148% 0.336889% 0.280741% 0.000000% 0.673779%
0.032824% 0.328750% 0.225189% 0.000000% 0.586763%
180 Days 0.168445% 1.516002% 1.628299% 1.122965% 4.435710%
0.093484% 0.949516% 1.576937% 0.838116% 3.458054%
Totals 9.152162% 6.232454% 3.649635% 1.122965% 20.157215%
6.908796% 4.465657% 3.866992% 0.838116% 16.079562%
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 21 0 1 22
1,065,980.10 0.00 16,470.27 1,082,450.37
30 Days 14 4 0 0 18
642,755.32 190,796.03 0.00 0.00 833,551.35
60 Days 8 2 0 0 10
394,063.47 119,349.98 0.00 0.00 513,413.45
90 Days 2 2 1 0 5
104,122.82 108,297.89 24,325.88 0.00 236,746.59
120 Days 1 2 1 0 4
6,637.59 105,644.11 29,656.19 0.00 141,937.89
150 Days 0 1 0 0 1
0.00 32,156.52 0.00 0.00 32,156.52
180 Days 2 4 7 4 17
120,869.98 245,710.89 389,915.56 198,426.25 954,922.68
Totals 27 36 9 5 77
1,268,449.18 1,867,935.52 443,897.63 214,896.52 3,795,178.85
0-29 Days 8.860759% 0.000000% 0.421941% 9.282700%
9.526914% 0.000000% 0.147199% 9.674113%
30 Days 5.907173% 1.687764% 0.000000% 0.000000% 7.594937%
5.744455% 1.705189% 0.000000% 0.000000% 7.449644%
60 Days 3.375527% 0.843882% 0.000000% 0.000000% 4.219409%
3.521838% 1.066659% 0.000000% 0.000000% 4.588496%
90 Days 0.843882% 0.843882% 0.421941% 0.000000% 2.109705%
0.930570% 0.967884% 0.217406% 0.000000% 2.115860%
120 Days 0.421941% 0.843882% 0.421941% 0.000000% 1.687764%
0.059322% 0.944166% 0.265044% 0.000000% 1.268532%
150 Days 0.000000% 0.421941% 0.000000% 0.000000% 0.421941%
0.000000% 0.287390% 0.000000% 0.000000% 0.287390%
180 Days 0.843882% 1.687764% 2.953586% 1.687764% 7.172996%
1.080243% 2.195976% 3.484767% 1.773382% 8.534368%
Totals 11.392405% 15.189873% 3.797468% 2.109705% 32.489451%
11.336427% 16.694177% 3.967217% 1.920581% 33.918402%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 440,820.07
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 7.707472%
Weighted Average Net Coupon 7.251972%
Weighted Average Pass-Through Rate 7.241973%
Weighted Average Maturity(Stepdown Calculation ) 286
Beginning Scheduled Collateral Loan Count 3,081
Number Of Loans Paid In Full 92
Ending Scheduled Collateral Loan Count 2,989
Beginning Scheduled Collateral Balance 292,799,273.18
Ending Scheduled Collateral Balance 282,534,376.95
Ending Actual Collateral Balance at 30-Nov-2004 283,437,811.58
Monthly P &I Constant 2,381,175.11
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 240,630.27
Cumulative Realized Loss 1,246,140.64
Ending Scheduled Balance for Premium Loans 282,534,376.95
Scheduled Principal 500,556.59
Unscheduled Principal 9,764,339.64
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 239,179.80
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 239,179.80
Excess Cash Amount 802,208.33
Group Level Collateral Statement
Group Group 1 Group 2 Group 3
Collateral Description Mixed Fixed Mixed ARM Mixed Fixed
Weighted Average Coupon Rate 6.851276 7.123482 8.153470
Weighted Average Net Rate 6.451297 6.661275 7.690210
Weighted Average Maturity 301 305 273
Beginning Loan Count 301 699 1,839
Loans Paid In Full 7 22 58
Ending Loan Count 294 677 1,781
Beginning Scheduled Balance 41,060,745.26 86,340,150.74 154,046,177.16
Ending scheduled Balance 40,198,078.04 82,950,526.34 148,244,102.24
Record Date 11/30/2004 11/30/2004 11/30/2004
Principal And Interest Constant 300,922.80 631,927.43 1,339,894.41
Scheduled Principal 66,490.73 119,392.00 293,218.69
Unscheduled Principal 796,176.49 3,270,232.40 5,508,856.23
Scheduled Interest 234,432.07 512,535.43 1,046,675.72
Servicing Fees 13,686.20 33,255.83 59,469.53
Master Servicing Fees 342.17 719.53 1,283.70
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 220,403.70 478,560.07 985,922.49
Realized Loss Amount 223.74 157,089.90 53,902.72
Cumulative Realized Loss 157,949.71 237,861.06 804,814.41
Percentage of Cumulative Losses 0.2247 0.1478 0.2989
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 6.441297 6.651275 7.680210
Group Level Collateral Statement
Group Group 4 Total
Collateral Description Mixed ARM Fixed & Mixed ARM
Weighted Average Coupon Rate 9.193844 7.707472
Weighted Average Net Rate 8.693845 7.251972
Weighted Average Maturity 248 286
Beginning Loan Count 242 3,081
Loans Paid In Full 5 92
Ending Loan Count 237 2,989
Beginning Scheduled Balance 11,352,200.02 292,799,273.18
Ending scheduled Balance 11,141,670.33 282,534,376.95
Record Date 11/30/2004 11/30/2004
Principal And Interest Constant 108,430.47 2,381,175.11
Scheduled Principal 21,455.17 500,556.59
Unscheduled Principal 189,074.52 9,764,339.64
Scheduled Interest 86,975.30 1,880,618.52
Servicing Fees 4,730.08 111,141.64
Master Servicing Fees 94.60 2,440.00
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 82,150.62 1,767,036.88
Realized Loss Amount 29,413.91 240,630.27
Cumulative Realized Loss 45,515.46 1,246,140.64
Percentage of Cumulative Losses 0.2748 0.2410
Prepayment Penalties 0.00 0.00
Special Servicing Fee 0.00 0.00
Pass-Through Rate 8.683844 7.241973