8-K 1 bsa03sd2.txt DECEMBER 8-K 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 26, 2003 BEAR STEARNS ASSET BACKED SECURITIES TRUST Mortgage Pass-Through Certificates, Series 2003-SD2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-11 54-2132831 Pooling and Servicing Agreement) (Commission 54-2132830 (State or other File Number) IRS EIN jurisdiction 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 December 26, 2003 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Mortgage Pass-Through Certificates, Series 2003-SD2 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 Mortgage Pass-Through Certificates, Series 2003-SD2 Trust, relating to the December 26, 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 Mortgage Pass-Through Certificates, Series 2003-SD2 Trust By: Wells Fargo Bank Minnesota, N.A. as Securities Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 1/5/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-SD2 Trust, relating to the December 26, 2003 distribution. EX-99.1

~~SECURITIES~~Bear ~~AND~~Stearns ~~EXCHANGE~~Asset ~~COMMISSION~~Backed Securities Mortgage Pass-Through Certificates Record Date: 11/30/03 Distribution Date: 12/26/03 BSA Series: 2003-SD2 Contact: CTSLink Customer Service Wells Fargo Bank Minnesota, N.A. Corporate Trust Services 9062 Old Annapolis Road Columbia, MD 21045-1951 Telephone: (301) 815-6600 Fax: (301) 815-6600 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution I-A 07384YLH7 SEN 6.21096% 42,555,970.85 220,261.12 1,633,119.62 II-A 07384YLJ3 SEN 5.08804% 100,056,333.61 424,242.49 2,091,722.28 III-A 07384YLK0 SEN 4.88119% 27,421,824.11 111,542.49 1,692,916.18 B-1 07384YLL8 SUB 5.33877% 7,888,192.10 35,094.36 10,601.64 B-2 07384YLM6 SUB 5.33877% 6,538,989.38 29,091.79 8,788.33 B-3 07384YLN4 SUB 5.33877% 5,189,487.06 23,087.89 6,974.61 B-4 07384YMH6 SUB 5.33877% 3,840,284.34 17,085.32 5,161.30 B-5 07384YMJ2 SUB 5.33877% 2,594,843.39 11,544.39 3,487.44 B-6 07384YMK9 SUB 5.33877% 6,435,194.64 28,630.01 8,648.83 R-I 07384YLP9 RES 0.00000% 0.00 0.00 0.00 R-II 07384YLQ7 RES 0.00000% 0.00 0.00 0.00 Totals 202,521,119.48 900,579.86 5,461,420.23

~~Washington~~Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A 0.00 40,922,851.24 D1,853,380.C74 0.00 ~~20549~~II-A 0.00 97,964,611.34 2,515,964.77 0.00 III-A 0.00 25,728,907.92 1,804,458.67 0.00 B-1 0.00 7,877,590.46 45,696.00 0.00 B-2 0.00 6,530,201.05 37,880.12 0.00 B-3 0.00 5,182,512.44 30,062.50 0.00 B-4 0.00 3,835,123.04 22,246.62 0.00 B-5 0.00 2,591,355.95 15,031.83 0.00 B-6 0.00 6,426,545.81 37,278.84 0.00 R-I 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 Totals 0.00 197,059,699.25 6,362,000.09 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

~~FORM~~Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) I-A 44,326,300.00 42,555,970.85 57,368.66 1,575,750.96 0.00 0.00 II-A 102,857,300.00 100,056,333.61 99,294.42 1,992,427.86 0.00 0.00 III-A 28,146,100.00 27,421,824.11 71,970.31 1,620,945.87 0.00 0.00 B-1 7,898,700.00 7,888,192.10 10,601.64 0.00 0.00 0.00 B-2 6,547,700.00 6,538,989.38 8,788.33 0.00 0.00 0.00 B-K3 5,196,400.00 5,189,487.06 6,974.61 0.00 0.00 0.00 B-4 3,845,400.00 3,840,284.34 5,161.30 0.00 0.00 0.00 B-5 2,598,300.00 2,594,843.39 3,487.44 0.00 0.00 0.00 B-6 6,443,767.00 6,435,194.64 8,648.83 0.00 0.00 0.00 R-I 50.00 0.00 0.00 0.00 0.00 0.00 R-II 50.00 0.00 0.00 0.00 0.00 0.00 Totals 207,860,067.00 202,521,119.48 272,295.54 5,189,124.69 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.

~~CURRENT~~Principal ~~REPORT PURSUANT~~Distribution TOStatement ~~SECTION~~(continued) 13Total OREnding ~~15(d)~~Ending OFTotal ~~THE SECURITIES~~Principal ~~AND~~Certificate ~~EXCHANGE~~Certificate ~~ACT~~Principal OFClass ~~1934 Date~~Reduction ofBalance ~~Report~~Percentage ~~(Date~~Distribution ofI-A ~~earliest~~1,633,119.62 ~~event~~40,922,851.24 ~~reported) October~~0.92321830 311,633,119.62 ~~2003 BEAR~~II-A ~~STEARNS~~2,091,722.28 ~~ASSET~~97,964,611.34 ~~BACKED~~0.95243227 ~~SECURITIES~~2,091,722.28 ~~INC~~III-A 1,692,916.18 25,728,907.92 0.91411982 1,692,916.18 B-1 10,601.64 7,877,590.46 0.99732747 10,601.64 B-2 8,788.33 6,530,201.05 0.99732747 8,788.33 B-3 6,974.61 5,182,512.44 0.99732747 6,974.61 B-4 5,161.30 3,835,123.04 0.99732747 5,161.30 B-5 3,487.44 2,591,355.95 0.99732746 3,487.44 B-6 8,648.83 6,426,545.81 0.99732747 8,648.83 R-I 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 Totals 5,461,420.23 197,059,699.25 0.94804020 5,461,420.23

~~(Exact~~Principal ~~name~~Distribution ofFactors ~~Registrant~~Statement asOriginal ~~specified~~Beginning inScheduled ~~its~~Unscheduled ~~charter~~Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A 44,326,300.00 960.06142741 1.29423525 35.54889445 0.00000000 II-A 102,857,300.00 972.76842392 0.96536094 19.37079682 0.00000000 III-A 28,146,100.00 974.26727362 2.55702602 57.59042532 0.00000000 B-1 7,898,700.00 998.66966716 1.34220062 0.00000000 0.00000000 B-2 6,547,700.00 998.66966721 1.34220108 0.00000000 0.00000000 B-3 5,196,400.00 998.66966746 1.34220037 0.00000000 0.00000000 B-4 3,845,400.00 998.66966765 1.34220107 0.00000000 0.00000000 B-5 2,598,300.00 998.66966478 1.34220067 0.00000000 0.00000000 B-6 6,443,767.00 998.66966636 1.34220092 0.00000000 0.00000000 R-I 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 0.00000000 0.00000000 0.00000000 0.00000000 ALL CLASSES ARE PER $1,000 DENOMINATION

~~Delaware~~Principal Distribution Factors Statement (~~State~~continued) orTotal ~~other~~Ending ~~jurisdiction~~Ending ofTotal ~~incorporation~~Realized Principal Certificate Certificate Principal Class Loss (3) ~~333~~Reduction Balance Percentage Distribution I-~~91334~~A ~~(Commission~~0.00000000 ~~file~~36.84312970 ~~number)~~923.21829794 130.92321830 36.84312970 II-~~3836437~~A (0.00000000 20.33615776 952.43226626 0.95243227 20.33615776 III-A 0.00000000 60.14745133 914.11982193 0.91411982 60.14745133 B-1 0.00000000 1.34220062 997.32746655 0.99732747 1.34220062 B-2 0.00000000 1.34220108 997.32746613 0.99732747 1.34220108 B-3 0.00000000 1.34220037 997.32746517 0.99732747 1.34220037 B-4 0.00000000 1.34220107 997.32746658 0.99732747 1.34220107 B-5 0.00000000 1.34220067 997.32746411 0.99732746 1.34220067 B-6 0.00000000 1.34220092 997.32746544 0.99732747 1.34220092 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.S00000000 0.00000000 ~~employer~~0.00000000 ~~identification~~0.00000000 no0.00000000 (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.

~~383~~Interest ~~Madison~~Distribution ~~Avenue New~~Statement ~~York~~Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall I-A 44,326,300.00 ~~New~~6.21096% ~~York 10179 (Address~~42,555,970.85 of220,261.12 ~~principal~~0.00 ~~executive~~0.00 ~~offices) (ZIP~~II-A ~~Code)~~102,857,300.00 5.08804% 100,056,333.61 424,242.49 0.00 0.00 III-A 28,146,100.00 4.88119% 27,421,824.11 111,542.49 0.00 0.00 B-1 7,898,700.00 5.33877% 7,888,192.10 35,094.36 0.00 0.00 B-2 6,547,700.00 5.33877% 6,538,989.38 29,091.79 0.00 0.00 B-3 5,196,400.00 5.33877% 5,189,487.06 23,087.89 0.00 0.00 B-4 3,845,400.00 5.33877% 3,840,284.34 17,085.32 0.00 0.00 B-5 2,598,300.00 5.33877% 2,594,843.39 11,544.39 0.00 0.00 B-6 6,443,767.00 5.33877% 6,435,194.64 28,630.01 0.00 0.00 R-I 50.00 0.00000% 0.00 0.00 0.00 0.00 R-II 50.00 0.00000% 0.00 0.00 0.00 0.00 Totals 207,860,067.00 900,579.86 0.00 0.00

Interest Distribution Statement (~~212~~continued) ~~272~~Remaining Ending Non-~~2000 Registrant's~~Supported ~~telephone~~Total ~~number~~Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance I-A 0.00 0.00 220,261.12 ~~including~~0.00 ~~area~~40,922,851.24 ~~code~~II-A 0.01 0.00 424,242.49 0.00 97,964,611.34 III-A 0.00 0.00 111,542.49 0.00 25,728,907.92 B-1 0.00 0.00 35,094.36 0.00 7,877,590.46 B-2 0.00 0.00 29,091.79 0.00 6,530,201.05 B-3 0.00 0.00 23,087.89 0.00 5,182,512.44 B-4 0.00 0.00 17,085.32 0.00 3,835,123.04 B-5 0.00 0.00 11,544.39 0.00 2,591,355.95 B-6 0.00 0.00 28,630.01 0.00 6,426,545.81 R-I 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 Totals 0.01 0.00 900,579.86 0.00 (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.

NInterest Distribution Factors Statement Beginning Payment of Original Current Certificate/A Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (~~Former~~5) ~~name~~Amount orRate ~~former~~Balance ~~address~~Interest Shortfall Shortfall I-A 44,326,300.00 if6.21096% ~~changed~~960.06142741 ~~since~~4.96908427 ~~last~~0.00000000 ~~report)~~0.00000000 II-A 102,857,300.00 5.08804% 972.76842392 4.12457346 0.00000000 0.00000000 III-A 28,146,100.00 4.88119% 974.26727362 3.96298208 0.00000000 0.00000000 B-1 7,898,700.00 5.33877% 998.66966716 4.44305519 0.00000000 0.00000000 B-2 6,547,700.00 5.33877% 998.66966721 4.44305481 0.00000000 0.00000000 B-3 5,196,400.00 5.33877% 998.66966746 4.44305481 0.00000000 0.00000000 B-4 3,845,400.00 5.33877% 998.66966765 4.44305404 0.00000000 0.00000000 B-5 2,598,300.00 5.33877% 998.66966478 4.44305507 0.00000000 0.00000000 B-6 6,443,767.00 5.33877% 998.66966636 4.44305482 0.00000000 0.00000000 R-I 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 ALL CLASSES ARE PER $1,000 DENOMINATION

~~Item~~Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance I-A 0.00000000 0.00000000 4.96908427 0.00000000 923.21829794 II-A 0.00000010 0.00000000 4.12457346 0.00000000 952.43226626 III-A 0.00000000 0.00000000 3.96298208 0.00000000 914.11982193 B-1 0.00000000 0.00000000 4.44305519 0.00000000 997.32746655 B-2 0.00000000 0.00000000 4.44305481 0.00000000 997.32746613 B-3 0.00000000 0.00000000 4.44305481 0.00000000 997.32746517 B-4 0.00000000 0.00000000 4.44305404 0.00000000 997.32746658 B-5 0. ~~Other~~00000000 ~~Events~~0.00000000 4.44305507 0.00000000 997.32746411 B-6 0.00000000 0.00000000 4.44305482 0.00000000 997.32746544 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (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.

~~Bear~~CERTIFICATEHOLDER ~~Stearns~~ACCOUNT ~~Asset~~STATEMENT ~~Backed~~CERTIFICATE ~~Securities,~~ACCOUNT ~~Inc.,~~Beginning asBalance ~~depositor~~0.00 ~~(the "Depositor")~~Deposits ~~registered~~Payments ~~issuances~~ of ~~Asset-Backed~~Interest ~~Certificates~~and onPrincipal a6,394,732.55 ~~delayed~~Liquidations, ~~or continuous~~Insurance ~~basis~~Proceeds, ~~pursuant~~Reserve toFunds ~~Rule~~0.00 ~~415~~Proceeds ~~under~~from ~~the~~Repurchased ~~Securities~~Loans ~~Act~~0.00 ofOther ~~1933,~~Amounts ~~as amended~~ (~~the~~Servicer ~~"Act"~~Advances) 124,376.18 byRealized aLoss ~~Registration~~(Gains, ~~Statement~~Subsequent onExpenses ~~Form~~& ~~S-3~~Recoveries) ~~(Registration File No~~0.00 ~~333-91334)~~Prepayment ~~(as~~Penalties ~~amended,~~0.00 ~~the~~Total ~~"Registration~~Deposits ~~Statement")~~6,519,108.73 ~~Pursuant~~Withdrawals toReimbursement ~~the Registration~~for ~~Statement,~~Servicer ~~the~~Advances ~~Depositor~~96,941.19 ~~caused~~Payment ~~Bear~~of ~~Stearns~~Service ~~Asset~~Fee ~~Backed Securities~~60, ~~Inc~~167.,45 ~~Asset-Backed~~Payment ~~Certificates,~~of ~~Series~~Interest ~~2003-SD2~~and toPrincipal ~~issue $194~~6,~~972~~362,~~600~~000.09 ~~principal~~Total ~~amount~~Withdrawals of(Pool ~~Asset-Backed~~Distribution ~~Certificates, Series 2003-SD2 (the "Certificates"~~Amount), ~~on October 31~~6,519,108.73 ~~2003~~Ending ~~(the~~Balance ~~"Closing Date")~~0. 00

~~The~~PREPAYMENT/CURTAILMENT ~~Certificates~~INTEREST ~~were~~SHORTFALL ~~issued~~Total ~~pursuant~~Prepayment/Curtailment toInterest aShortfall ~~pooling~~0.00 ~~and servicing agreement (the "Pooling and~~ Servicing ~~Agreement"),~~Fee ~~dated~~Support as0.00 ~~of October 1, 2003 (the "Cut~~Non-~~Off~~Supported ~~Date"),~~Prepayment/Curtailment ~~among~~Interest ~~the~~Shortfall ~~Depositor, EMC Mortgage Corporation, as Seller and Servicer, Wells Fargo Bank Minnesota, National Association, as Securities Administrator and Master Servicer and JPMorgan Chase Bank, as Trustee~~0.00

~~Capitalized~~SERVICING ~~terms~~FEES ~~not~~Gross ~~defined~~Servicing ~~herein~~Fee ~~have~~58,479.79 ~~the~~Master ~~meanings~~Servicing ~~assigned in~~Fee ~~the~~1,687.66 ~~Pooling~~Supported ~~and~~Prepayment/Curtailment ~~Servicing~~Interest ~~Agreement~~Shortfall ~~attached~~0.00 ~~hereto~~Net asServicing ~~Exhibit~~Fee 460,167.1.45

~~Item~~LOAN 7STATUS 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 9 0 0 9 1,554,194. ~~Financial~~83 ~~Statements~~0.00 0.00 1,554,194.83 ~~Pro~~30 ~~Forma~~Days ~~Financial Information~~69 ~~and~~3 ~~Exhibits~~1 0 73 9,714,746.63 333,503.71 500,248.29 0.00 10,548,498.63 60 Days 24 0 3 0 27 3,164,630.38 0.00 429,109.04 0.00 3,593,739.42 90 Days 12 2 10 0 24 1,243,692.89 216,299.55 1,120,843.69 0.00 2,580,836.13 120 Days 4 2 4 0 10 617,783.67 151,887.86 581,819.58 0.00 1,351,491.11 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 1 0 0 0 1 612,121.36 0.00 0.00 0.00 612,121.36 Totals 110 16 18 0 144 15,352,974.93 2,255,885.95 2,632,020.60 0.00 20,240,881.48 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 0.827206% 0.000000% 0.000000% 0.827206% 0.787320% 0.000000% 0.000000% 0.787320% 30 Days 6.341912% 0.275735% 0.091912% 0.000000% 6.709559% 4.921271% 0.168945% 0.253414% 0.000000% 5.343630% 60 Days 2.205882% 0.000000% 0.275735% 0.000000% 2.481618% 1.603130% 0.000000% 0.217377% 0.000000% 1.820507% 90 Days 1.102941% 0.183824% 0.919118% 0.000000% 2.205882% 0.630027% 0.109572% 0.567794% 0.000000% 1.307393% 120 Days 0.367647% 0.183824% 0.367647% 0.000000% 0.919118% 0.312955% 0.076943% 0.294737% 0.000000% 0.684635% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.091912% 0.000000% 0.000000% 0.000000% 0.091912% 0.310087% 0.000000% 0.000000% 0.000000% 0.310087% Totals 10.110294% 1.470588% 1.654412% 0.000000% 13.235294% 7.777469% 1.142781% 1.333322% 0.000000% 10.253572%

Delinquency Status By Groups

~~(c)~~DELINQUENT ~~Exhibits~~BANKRUPTCY FORECLOSURE REO Total 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 5 0 0 5 852,780.20 0.00 0.00 852,780.20 30 Days 37 2 1 0 40 5,309,727.66 216,072.68 500,248.29 0.00 6,026,048.63 60 Days 16 0 3 0 19 2,256,938.12 0.00 429,109.04 0.00 2,686,047.16 90 Days 7 2 7 0 16 739,711.76 216,299.55 811,592.99 0.00 1,767,604.30 120 Days 4 2 1 0 7 617,783.67 151,887.86 71,663.52 0.00 841,335.05 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 1 0 0 0 1 612,121.36 0.00 0.00 0.00 612,121.36 Totals 65 11 12 0 88 9,536,282.57 1,437,040.29 1,812,613.84 0.00 12,785,936.70 0-29 Days 1.538462% 0.000000% 0.000000% 1.538462% 1.731274% 0.000000% 0.000000% 1.731274% 30 Days 11.384615% 0.615385% 0.307692% 0.000000% 12.307692% 10.779560% 0.438661% 1.015581% 0.000000% 12.233801% 60 Days 4.923077% 0.000000% 0.923077% 0.000000% 5.846154% 4.581930% 0.000000% 0.871157% 0.000000% 5.453087% 90 Days 2.153846% 0.615385% 2.153846% 0.000000% 4.923077% 1.501728% 0.439121% 1.647658% 0.000000% 3.588507% 120 Days 1.230769% 0.615385% 0.307692% 0.000000% 2.153846% 1.254195% 0.308356% 0.145488% 0.000000% 1.708039% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.307692% 0.000000% 0.000000% 0.000000% 0.307692% 1.242700% 0.000000% 0.000000% 0.000000% 1.242700% Totals 20.000000% 3.384615% 3.692308% 0.000000% 27.076923% 19.360113% 2.917412% 3.679883% 0.000000% 25.957408% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 11 0 0 0 11 1,832,986.31 0.00 0.00 0.00 1,832,986.31 60 Days 3 0 0 0 3 261,941.10 0.00 0.00 0.00 261,941.10 90 Days 0 0 3 0 3 0.00 0.00 309,250.70 0.00 309,250.70 120 Days 0 0 3 0 3 0.00 0.00 510,156.06 0.00 510,156.06 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 14 0 6 0 20 2,094,927.41 0.00 819,406.76 0.00 2,914,334.17 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 2.131783% 0.000000% 0.000000% 0.000000% 2.131783% 1.564935% 0.000000% 0.000000% 0.000000% 1.564935% 60 Days 0.581395% 0.000000% 0.000000% 0.000000% 0.581395% 0.223636% 0.000000% 0.000000% 0.000000% 0.223636% 90 Days 0.000000% 0.000000% 0.581395% 0.000000% 0.581395% 0.000000% 0.000000% 0.264027% 0.000000% 0.264027% 120 Days 0.000000% 0.000000% 0.581395% 0.000000% 0.581395% 0.000000% 0.000000% 0.435552% 0.000000% 0.435552% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 2.713178% 0.000000% 1.162791% 0.000000% 3.875969% 1.788571% 0.000000% 0.699579% 0.000000% 2.488150% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 4 0 0 4 701,414.63 0.00 0.00 701,414.63 30 Days 21 1 0 0 22 2,572,032.66 117,431.03 0.00 0.00 2,689,463.69 60 Days 5 0 0 0 5 645,751.16 0.00 0.00 0.00 645,751.16 90 Days 5 0 0 0 5 503,981.13 0.00 0.00 0.00 503,981.13 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 31 5 0 0 36 3,721,764.95 818,845.66 0.00 0.00 4,540,610.61 0-29 Days 1.619433% 0.000000% 0.000000% 1.619433% 2.261368% 0.000000% 0.000000% 2.261368% 30 Days 8.502024% 0.404858% 0.000000% 0.000000% 8.906883% 8.292258% 0.378599% 0.000000% 0.000000% 8.670857% 60 Days 2.024291% 0.000000% 0.000000% 0.000000% 2.024291% 2.081908% 0.000000% 0.000000% 0.000000% 2.081908% 90 Days 2.024291% 0.000000% 0.000000% 0.000000% 2.024291% 1.624840% 0.000000% 0.000000% 0.000000% 1.624840% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 12.550607% 2.024291% 0.000000% 0.000000% 14.574899% 11.999006% 2.639966% 0.000000% 0.000000% 14.638972%

~~Exhibit~~OTHER ~~No.~~INFORMATION ~~1.1~~Current ~~Underwriting~~Period ~~Agreement~~Class ~~4.1~~A ~~Pooling~~Insufficient ~~and~~Funds ~~Servicing Agreement 99~~0.100 ~~Assignment~~Principal ~~and~~Balance ~~Assumption~~of ~~Agreement~~Contaminated ~~99.2~~Properties ~~Assignment, Assumption and Recognition Agreement 99~~0.300 ~~Assignment,~~Periodic ~~Assumption~~Advance ~~and Recognition Agreement~~124,376.18

~~SIGNATURES~~SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Original $ Original % Current $ Current % Class% Prepayment% Class A 163,533,767.00 78.67493230% 156,136,848.01 79.23327205% 20.766728% 0.000000% Class 2A 60,676,467.00 29.19101676% 58,172,236.67 29.52010824% 49.713164% 301.956104% Class 3A 32,530,367.00 15.65012822% 32,443,328.75 16.46370556% 13.056403% 79.304156% Class B-1 24,631,667.00 11.85011982% 24,565,738.29 12.46614012% 3.997565% 24.281080% Class B-2 18,083,967.00 8.70006792% 18,035,537.24 9.15232149% 3.313819% 20.128024% Class B-3 12,887,567.00 6.20011683% 12,853,024.80 6.52240149% 2.629920% 15.974047% Class B-4 9,042,167.00 4.35012224% 9,017,901.76 4.57622831% 1.946173% 11.820991% Class B-5 6,443,867.00 3.10009859% 6,426,545.81 3.26121770% 1.315011% 7.987331% Class B-6 100.00 0.00004811% 0.00 0.00000000% 3.261218% 19.808528% Class R-I 50.00 0.00002405% 0.00 0.00000000% 0.000000% 0.000000% Class R-II 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

~~Pursuant~~COLLATERAL toSTATEMENT ~~the~~Collateral ~~requirements~~Description ofMixed ~~the~~ARM ~~Securities~~Weighted ~~Exchange~~Average ~~Act~~Gross ofCoupon ~~1934~~5.692724% Weighted Average Net Coupon 5.346213% Weighted Average Pass-Through Rate 5.336213% Weighted Average Maturity(Stepdown Calculation ) 329 Beginning Scheduled Collateral Loan Count 1,114 ~~the registrant~~Number ~~has~~Of ~~duly~~Loans ~~caused~~Paid ~~this~~In ~~report~~Full to26 beEnding ~~signed~~Scheduled onCollateral ~~its~~Loan ~~behalf~~Count by1,088 ~~the undersigned~~Beginning ~~hereunto~~Scheduled ~~duly~~Collateral ~~authorized~~Balance 202,521,119.97 Ending Scheduled Collateral Balance 197,059,699.75 Ending Actual Collateral Balance at 30-Nov-2003 197,403,219.35 Monthly P &I Constant 1,233,042.85 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 6,173,804.18 Ending Scheduled Balance for Premium Loans 197,059,699.75 Scheduled Principal 272,295.53 Unscheduled Principal 5,189,124.69

~~BEAR~~Miscellaneous ~~STEARNS~~Reporting ~~ASSET~~Senior ~~BACKED~~Percentage ~~SECURITIES,~~83.958714% ~~INC~~Senior Percentage Group 1 83.822488% ~~By:~~Senior ~~/s/~~Percentage ~~Joseph~~Group T2 83.995089% ~~Jurkowski,~~Senior JrPercentage Group 3 84.037875% ~~Name:~~Senior ~~Joseph~~Prepay TPercentage Group 1 100.000000% ~~Jurkowski,~~Senior JrPrepay Percentage Group 2 100.000000% ~~Title:~~Senior ~~Vice~~Prepay ~~President~~Percentage Group 3 100.000000% Subordinate Percentage 16.041286% Subordinate Percentage Group 1 16.177512% Subordinate Percentage Group 2 16.004911% Subordinate Percentage Group 3 15.962125% Subordinate Prepay Percentage 0.000000% Subordinate Prepay Percent Group1 0.000000% Subordinate Prepay Percent Group 2 0.000000% Subordinate Prepay Percent Group 3 0.000000% Subordination Doubling Test passed? NO Delinquency Test passed? YES Realized Loss Test passed? YES

~~Date:~~Group ~~December~~Level Collateral Statement Group Group 1 Group 2 Group 3 Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 6.605947 5.394298 5.361296 Weighted Average Net Rate 6.220958 5.098044 4.891184 Weighted Average Maturity 327 349 257 Beginning Loan Count 332 523 259 Loans Paid In Full 7 7 12 Ending Loan Count 325 516 247 Beginning Scheduled Balance 50,769,157.26 119,121,646.98 32,630,315.73 Ending scheduled Balance 49,124,965.65 117,011,004.57 30,923,729.53 Record Date 11/30/2003 11/30/2003 11/30/2003 Principal And Interest Constant 347,922.60 653,695.93 231,424.32 Scheduled Principal 68,440.65 118,214.55 85,640.33 Unscheduled Principal 1,575,750.96 1,992,427.86 1,620,945.87 Scheduled Interest 279,481.95 535,481.38 145,783.99 Servicing Fees 16,287.96 29,408.58 12,783.25 Master Servicing Fees 423.07 992.67 271.92 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 262,770.92 505,080.13 132,728.82 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.210958 5.088044 4.881185

~~EXHIBIT~~Group ~~INDEX~~Level Collateral Statement Group Total Collateral Description Mixed ARM Weighted Average Coupon Rate 5.692724 Weighted Average Net Rate 5.346213 Weighted Average Maturity 329 Beginning Loan Count 1,114 Loans Paid In Full 26 Ending Loan Count 1,088 Beginning Scheduled Balance 202,521,119.97 Ending scheduled Balance 197,059,699.75 Record Date 11/30/2003 Principal And Interest Constant 1,233,042.85 Scheduled Principal 272,295.53 Unscheduled Principal 5,189,124.69 Scheduled Interest 960,747.32 Servicing Fees 58,479.79 Master Servicing Fees 1,687.66 Trustee Fee 0.00 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 0.00 Pool Insurance Fee 0.00 Spread Fee 1 0.00 Spread Fee 2 0.00 Spread Fee 3 0.00 Net Interest 900,579.87 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Percentage of Cumulative Losses 0.0000 Prepayment Penalties 0.00 Special Servicing Fee 0.00 Pass-Through Rate 5.336213

Exhibit Number Description

1.1 Underwriting Agreement between the Depositor and Bear, Stearns & Co. Inc., as underwriter (the "Underwriter"), dated as of October 29, 2003.

4.1 Pooling and Servicing Agreement, among the Depositor, EMC Mortgage Corporation, as Seller and Servicer, Wells Fargo Bank Minnesota, National Association, as Securities Administrator and Master Servicer, and JPMorgan Chase Bank, as Trustee, dated as of October 1, 2003.

99.1 Assignment and Assumption Agreement among EMC Mortgage Corporation, the Trustee and Wells Fargo Home Mortgage, Inc., dated as of October 1, 2003

99.2 Assignment, Assumption and Recognition Agreement among EMC Mortgage Corporation, the Trustee and Bank of America, N.A., dated as of October 31, 2003

99.3 Assignment, Assumption and Recognition Agreement among EMC Mortgage Corporation, the Trustee, the Depositor, Washington Mutual Bank, FA, Washington Mutual Bank and Washington Mutual Bank fsb., dated as of October 1, 2003

Filing Compare · BEAR STEARNS ASSET BACKED SECURITIES TRUST 2003-SD2