8-K 1 bsa03ac2.txt SEPTEMBER 8K 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 25, 2003 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset-Backed Certificates, Series 2003-AC2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-04 54-2120429 Pooling and Servicing Agreement) (Commission 54-2120430 (State or other File Number) 54-2120431 jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank Minnesota, 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) ITEM 5. Other Events On September 25, 2003 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset-Backed Certificates, Series 2003-AC2 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset-Backed Certificates, Series 2003-AC2 Trust, relating to the September 25, 2003 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-AC2 Trust By: Wells Fargo Bank Minnesota, N.A., as Securities Administrator By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 9/24/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset- Backed Certificates, Series 2003-AC2 Trust, relating to the September 25, 2003 distribution. EX-99.1

Bear Stearns Asset Backed Securities Asset-Backed Certificates Record Date: 78/31/03 Distribution Date: 89/25/03 BSA Series: 2003-AC2 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, 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 A-1 07384YHT6 SEN 4.46100% 9287,~~204~~381,~~842~~087.4234 ~~342~~324,~~771~~839.5019 43,~~823~~969,~~755~~488.0875 A-2 07384YHU3 SEN 4.45500% 3230,~~271~~583,~~694~~380.8557 ~~119~~113,~~808~~540.6780 1,~~688~~389,~~314~~321.2806 A-3 07384YHV1 SEN 3.50000% 8881,~~960~~512,~~588~~903.5161 ~~259~~237,~~468~~745.3897 76,~~447~~128,~~684~~731.9085 A-4 07384YHW9 SEN 5.00000% 53,400,000.00 222,500.00 0.00 A-IO 07384YHX7 IO 5.00000% 0.00 209,375.00 0.00 M-1 07384YHY5 MEZ 4.95800% 16,~~965~~078,~~691~~120.0107 7066,~~096~~429.5843 ~~887~~730,~~570~~385.9493 M-2 07384YHZ2 MEZ 5.45900% 1211,~~339~~694,~~774~~210.0692 5653,~~135~~198.6991 ~~645~~531,~~563~~236.1468 B-1 07384YJA5 SUB 4.~~60000~~61000% 5,~~892~~584,~~811~~525.4829 2322,~~342~~169.0801 ~~308~~253,~~286~~690.1903 B-2 07384YJB3 SUB 4.~~60000~~61000% 6,992,440.00 27,~~697~~758.8304 0.00 R-1 07384YJE7 RES 0.00000% 0.00 0.00 0.00 R-2 07384YJF4 RES 0.00000% 0.00 0.00 0.00 R-3 07384YJG2 RES 0.00000% 0.00 0.00 0.00 C 07384YJD9 SEN 0.00000% 0.00 0169,934.0069 0.00 P 07384YJC1 SEN 0.00000% 100.00 0.00 0.00 Totals ~~309~~293,~~027~~226,~~942~~767.3380 1,~~331~~447,~~195~~491.7304 1513,~~801~~002,~~174~~854.5330

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 8783,~~381~~411,~~087~~598.3459 54,~~166~~294,~~526~~327.5894 0.00 A-2 0.00 3029,~~583~~194,~~380~~059.5751 1,~~808~~502,~~122~~861.9586 0.00 A-3 0.00 8175,~~512~~384,~~903~~171.6175 76,~~707~~366,~~153~~477.2882 0.00 A-4 0.00 53,400,000.00 222,500.00 0.00 A-IO 0.00 0.00 209,375.00 0.00 M-1 0.00 1615,~~078~~347,~~120~~734.0714 ~~957~~796,~~667~~815.5236 0.00 M-2 0.00 11,~~694~~162,~~210~~974.9224 ~~701~~584,~~698~~435.8359 0.00 B-1 0.00 5,~~584~~330,~~525~~835.2927 ~~331~~275,~~628~~859.2704 0.00 B-2 0.00 6,992,440.00 27,~~697~~758.8304 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 C 0.00 0.00 0169,934.0069 0.00 P 0.00 100.00 0.00 0.00 Totals 0.00 ~~293~~280,~~226~~223,~~767~~913.8050 1714,~~132~~450,~~370~~345.2634 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-1 100,000,000.00 9287,~~204~~381,~~842~~087.4234 0.00 0.00 0.00 0.00 A-2 35,000,000.00 3230,~~271~~583,~~694~~380.8557 0.00 0.00 0.00 0.00 A-3 100,996,000.00 8881,~~960~~512,~~588~~903.5161 0.00 76,~~447~~128,~~684~~731.9085 0.00 0.00 A-4 53,400,000.00 53,400,000.00 0.00 0.00 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 18,400,000.00 16,~~965~~078,~~691~~120.0107 0.00 ~~887~~730,~~570~~385.9493 0.00 0.00 M-2 13,383,000.00 1211,~~339~~694,~~774~~210.0692 0.00 ~~645~~531,~~563~~236.1468 0.00 0.00 B-1 6,391,000.00 5,~~892~~584,~~811~~525.4829 0.00 ~~308~~253,~~286~~690.1903 0.00 0.00 B-2 6,992,440.00 6,992,440.00 0.00 0.00 0.00 0.00 R-1 0.00 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 0.00 0.00 C 0.00 0.00 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 Totals 334,562,540.00 ~~309~~293,~~027~~226,~~942~~767.3380 0.00 97,~~289~~644,~~105~~044.1749 0.00 0.00 (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.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-1 43,~~823~~969,~~755~~488.0875 8783,~~381~~411,~~087~~598.3459 0.~~87381087~~83411599 43,~~823~~969,~~755~~488.0875 A-2 1,~~688~~389,~~314~~321.2806 3029,~~583~~194,~~380~~059.5751 0.~~87381087~~83411599 1,~~688~~389,~~314~~321.2806 A-3 76,~~447~~128,~~684~~731.9085 8175,~~512~~384,~~903~~171.6175 0.~~80709042~~74640750 76,~~447~~128,~~684~~731.9085 A-4 0.00 53,400,000.00 1.00000000 0.00 A-IO 0.00 0.00 0.00000000 0.00 M-1 ~~887~~730,~~570~~385.9493 1615,~~078~~347,~~120~~734.0714 0.~~87381087~~83411599 ~~887~~730,~~570~~385.9493 M-2 ~~645~~531,~~563~~236.1468 11,~~694~~162,~~210~~974.9224 0.~~87381087~~83411599 ~~645~~531,~~563~~236.1468 B-1 ~~308~~253,~~286~~690.1903 5,~~584~~330,~~525~~835.2927 0.~~87381087~~83411599 ~~308~~253,~~286~~690.1903 B-2 0.00 6,992,440.00 1.00000000 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 C 0.00 0.00 0.00000000 0.00 P 0.00 100.00 1.00000000 0.00 Totals 1513,~~801~~002,~~174~~854.5330 ~~293~~280,~~226~~223,~~767~~913.8050 0.~~87644830~~83758305 1513,~~801~~002,~~174~~854.5330

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 100,000,000.00 ~~922~~873.~~04842420~~81087340 0.00000000 0.00000000 0.00000000 A-2 35,000,000.00 ~~922~~873.~~04842429~~81087343 0.00000000 0.00000000 0.00000000 A-3 100,996,000.00 ~~880~~807.~~83279051~~09041556 0.00000000 7360.~~74237495~~68291665 0.00000000 A-4 53,400,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 18,400,000.00 ~~922~~873.~~04842446~~81087337 0.00000000 4839.~~23755109~~69488750 0.00000000 M-2 13,383,000.00 ~~922~~873.~~04842412~~81087350 0.00000000 4839.~~23755062~~69488754 0.00000000 B-1 6,391,000.00 ~~922~~873.~~04842435~~81087310 0.00000000 4839.~~23755124~~69488812 0.00000000 B-2 6,992,440.00 1000.00000000 0.00000000 0.00000000 0.00000000 R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000 C 0.00 0.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1 0.00000000 4839.~~23755080~~69488750 ~~873~~834.~~81087340~~11598590 0.~~87381087~~83411599 4839.~~23755080~~69488750 A-2 0.00000000 4839.~~23755086~~69488743 ~~873~~834.~~81087343~~11598600 0.~~87381087~~83411599 4839.~~23755086~~69488743 A-3 0.00000000 7360.~~74237495~~68291665 ~~807~~746.~~09041556~~40749881 0.~~80709042~~74640750 7360.~~74237495~~68291665 A-4 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 4839.~~23755109~~69488750 ~~873~~834.~~81087337~~11598587 0.~~87381087~~83411599 4839.~~23755109~~69488750 M-2 0.00000000 4839.~~23755062~~69488754 ~~873~~834.~~81087350~~11598595 0.~~87381087~~83411599 4839.~~23755062~~69488754 B-1 0.00000000 4839.~~23755124~~69488812 ~~873~~834.~~81087310~~11598654 0.~~87381087~~83411599 4839.~~23755124~~69488812 B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 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 C 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

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 A-1 100,000,000.00 4.46100% 9287,~~204~~381,~~842~~087.4234 ~~342~~324,~~771~~839.5019 0.00 0.00 A-2 35,000,000.00 4.45500% 3230,~~271~~583,~~694~~380.8557 ~~119~~113,~~808~~540.6780 0.00 0.00 A-3 100,996,000.00 3.50000% 8881,~~960~~512,~~588~~903.5161 ~~259~~237,~~468~~745.3897 0.00 0.00 A-4 53,400,000.00 5.00000% 53,400,000.00 222,500.00 0.00 0.00 A-IO 0.00 5.00000% 50,250,000.00 209,375.00 0.00 0.00 M-1 18,400,000.00 4.95800% 16,~~965~~078,~~691~~120.0107 7066,~~096~~429.5843 0.00 0.00 M-2 13,383,000.00 5.45900% 1211,~~339~~694,~~774~~210.0692 5653,~~135~~198.6991 0.00 0.00 B-1 6,391,000.00 4.~~60000~~61000% 5,~~892~~584,~~811~~525.4829 2322,~~342~~169.0801 0.00 0.00 B-2 6,992,440.00 4.~~60000~~61000% 6,992,440.00 27,~~697~~758.8304 0.00 0.00 R-1 0.00 0.00000% 0.00 0.00 0.00 0.00 R-2 0.00 0.00000% 0.00 0.00 0.00 0.00 R-3 0.00 0.00000% 0.00 0.00 0.00 0.00 C 0.00 0.00000% 0.00 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 334,562,540.00 1,~~331~~277,~~195~~556.7335 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 A-1 0.00 0.00 ~~342~~324,~~771~~839.5019 0.00 8783,~~381~~411,~~087~~598.3459 A-2 0.00 0.00 ~~119~~113,~~808~~540.6780 0.00 3029,~~583~~194,~~380~~059.5751 A-3 0.00 0.00 ~~259~~237,~~468~~745.3897 0.00 8175,~~512~~384,~~903~~171.6175 A-4 0.00 0.00 222,500.00 0.00 53,400,000.00 A-IO 0.00 0.00 209,375.00 0.00 50,250,000.00 M-1 0.00 0.00 7066,~~096~~429.5843 0.00 1615,~~078~~347,~~120~~734.0714 M-2 0.00 0.00 5653,~~135~~198.6991 0.00 11,~~694~~162,~~210~~974.9224 B-1 0.00 0.00 2322,~~342~~169.0801 0.00 5,~~584~~330,~~525~~835.2927 B-2 0.00 0.00 27,~~697~~758.8304 0.00 6,992,440.00 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 C 0.00 0.00 0169,934.0069 0.00 0.00 P 0.00 0.00 0.00 0.00 100.00 Totals 0.00 0.00 1,~~331~~447,~~195~~491.7304 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

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 A-1 100,000,000.00 4.46100% ~~922~~873.~~04842420~~81087340 3.~~42771500~~24839190 0.00000000 0.00000000 A-2 35,000,000.00 4.45500% ~~922~~873.~~04842429~~81087343 3.~~42310486~~24402286 0.00000000 0.00000000 A-3 100,996,000.00 3.50000% ~~880~~807.~~83279051~~09041556 2.~~56909561~~35401372 0.00000000 0.00000000 A-4 53,400,000.00 5.00000% 1000.00000000 4.16666667 0.00000000 0.00000000 A-IO 0.00 5.00000% 1000.00000000 4.16666667 0.00000000 0.00000000 M-1 18,400,000.00 4.95800% ~~922~~873.~~04842446~~81087337 3.~~80959674~~61029511 0.00000000 0.00000000 M-2 13,383,000.00 5.45900% ~~922~~873.~~04842412~~81087350 43.~~19455204~~97511096 0.00000000 0.00000000 B-1 6,391,000.00 4.~~60000~~61000% ~~922~~873.~~04842435~~81087310 3.~~65233610~~46878579 0.00000000 0.00000000 B-2 6,992,440.00 4.~~60000~~61000% 1000.00000000 3.~~96111086~~96972159 0.00000000 0.00000000 R-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 C 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 (5) Per $1 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A-1 0.00000000 0.00000000 3.~~42771500~~24839190 0.00000000 ~~873~~834.~~81087340~~11598590 A-2 0.00000000 0.00000000 3.~~42310486~~24402286 0.00000000 ~~873~~834.~~81087343~~11598600 A-3 0.00000000 0.00000000 2.~~56909561~~35401372 0.00000000 ~~807~~746.~~09041556~~40749881 A-4 0.00000000 0.00000000 4.16666667 0.00000000 1000.00000000 A-IO 0.00000000 0.00000000 4.16666667 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 3.~~80959674~~61029511 0.00000000 ~~873~~834.~~81087337~~11598587 M-2 0.00000000 0.00000000 43.~~19455204~~97511096 0.00000000 ~~873~~834.~~81087350~~11598595 B-1 0.00000000 0.00000000 3.~~65233610~~46878579 0.00000000 ~~873~~834.~~81087310~~11598654 B-2 0.00000000 0.00000000 3.~~96111086~~96972159 0.00000000 1000.00000000 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 C 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 1714,~~150~~518,~~753~~469.8673 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 5251,~~889~~339.4739 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 1714,~~203~~569,~~643~~809.3312 Withdrawals Reimbursement for Servicer Advances 3852,~~208~~889.6047 Payment of Service Fee 3366,~~064~~574.4730 Payment of Interest and Principal 1714,~~132~~450,~~370~~345.2635 Total Withdrawals (Pool Distribution Amount) 1714,~~203~~569,~~643~~809.3312 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall ~~36,963~~0.7100 Servicing Fee Support ~~36,963~~0.7100 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00

SERVICING FEES Gross Servicing Fee 6461,~~583~~385.0343 Master Servicing Fee 54,~~166~~910.6384 Miscellaneous Fee 278.5203 Supported Prepayment/Curtailment Interest Shortfall ~~36,963~~0.7100 Net Servicing Fee 3366,~~064~~574.4730

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 1113 0 0 0 1113 32,~~779~~350,~~138~~776.7815 0.00 0.00 0.00 32,~~779~~350,~~138~~776.7815 60 Days 610 0 0 0 610 12,~~422~~824,~~774~~926.4361 0.00 0.00 0.00 12,~~422~~824,~~774~~926.4361 90 Days 76 0 0 0 76 1,~~999~~066,~~359~~408.7101 0.00 0.00 0.00 1,~~999~~066,~~359~~408.7101 120 Days 13 0 0 0 13 ~~127~~861,~~895~~636.0855 0.00 0.00 0.00 ~~127~~861,~~895~~636.0855 150 Days 1 0 0 0 1 ~~150~~127,~~550~~895.0008 0.00 0.00 0.00 ~~150~~127,~~550~~895.0008 180+ Days 01 0 0 0 01 0150,550.00 0.00 0.00 0.00 0150,550.00 Totals 2634 0 0 0 2634 7,~~479~~382,~~718~~192.0040 0.00 0.00 0.00 7,~~479~~382,~~718~~192.0040 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 01.~~965759~~183971% 0.000000% 0.000000% 0.000000% 01.~~965759~~183971% 10.~~281436~~833084% 0.000000% 0.000000% 0.000000% 10.~~281436~~833084% 60 Days 0.~~526778~~910747% 0.000000% 0.000000% 0.000000% 0.~~526778~~910747% 01.~~482437~~001117% 0.000000% 0.000000% 0.000000% 01.~~482437~~001117% 90 Days 0.~~614574~~546448% 0.000000% 0.000000% 0.000000% 0.~~614574~~546448% 0.~~677946~~377921% 0.000000% 0.000000% 0.000000% 0.~~677946~~377921% 120 Days 0.~~087796~~273224% 0.000000% 0.000000% 0.000000% 0.~~087796~~273224% 0.~~043367~~305353% 0.000000% 0.000000% 0.000000% 0.~~043367~~305353% 150 Days 0.~~087796~~091075% 0.000000% 0.000000% 0.000000% 0.~~087796~~091075% 0.~~051049~~045324% 0.000000% 0.000000% 0.000000% 0.~~051049~~045324% 180+ Days 0.~~000000~~091075% 0.000000% 0.000000% 0.000000% 0.~~000000~~091075% 0.~~000000~~053353% 0.000000% 0.000000% 0.000000% 0.~~000000~~053353% Totals 23.~~282704~~096539% 0.000000% 0.000000% 0.000000% 23.~~282704~~096539% 2.~~536235~~616152% 0.000000% 0.000000% 0.000000% 2.~~536235~~616152%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 5251,~~889~~339.4739

COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 7.~~175880~~182044% Weighted Average Net Coupon 6.~~925880~~932044% Weighted Average Pass-Through Rate 6.~~904802~~910911% Weighted Average Maturity(Stepdown Calculation ) ~~332~~331 Beginning Scheduled Collateral Loan Count 1,~~180~~139 Number Of Loans Paid In Full 41 Ending Scheduled Collateral Loan Count 1,~~139~~098 Beginning Scheduled Collateral Balance ~~309~~294,~~998~~650,~~691~~053.2481 Ending Scheduled Collateral Balance ~~294~~281,~~650~~896,~~053~~625.8149 Ending Actual Collateral Balance at 31-~~Jul~~Aug-2003 ~~294~~282,~~914~~177,~~285~~496.5453 Monthly P &I Constant 2,~~163~~062,~~800~~098.5350 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~294~~281,~~650~~896,~~053~~625.8149 Scheduled Principal ~~310~~298,~~039~~607.4618 Unscheduled Principal 1512,~~038~~454,~~597~~821.9714 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount ~~452~~249,~~537~~425.1098 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1,672,812.00 Overcollateralized Amount 1,~~423~~672,~~386~~812.0200 Overcollateralized Deficiency Amount ~~249,425~~0.9800 Base Overcollateralized Amount 0.00 Extra principal distribution Amount ~~452~~249,~~537~~425.1098 Excess Cash Amount ~~452~~419,~~537~~360.1066

Miscellaneous Reporting Three month rolling average 0.~~007400~~012870%

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