8-K 1 thb03002.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 THORNBURG MORTGAGE SECURITIES CORPORATION Mortgage Pass-Through Certificates, Series 2003-2 Trust (Exact name of registrant as specified in its charter) Delaware (governing law of 333-56240-12 54-2120412 Pooling and Servicing Agreement) (Commission 54-2120413 (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 THORNBURG MORTGAGE SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 2003-2 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 2003-2 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. THORNBURG MORTGAGE SECURITIES CORPORATION Mortgage Pass-Through Certificates, Series 2003-2 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 2003-2 Trust, relating to the December 26, 2003 distribution. EX-99.1

Thornburg Mortgage Home Loans, Inc. Mortgage Pass-Through Certificates Record Date: 911/30/03 Distribution Date: 1012/2726/03 THB Series: 2003-2 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 885220DC4 SEN 1.~~46000~~45875% ~~823~~775,~~566~~629,~~957~~732.4873 1974,~~068,806~~304.8906 3010,~~727~~445,~~711~~352.5825 M-1 885220DD2 SUB 1.~~87000~~86875% 10,608,900.00 17,~~634~~071.3586 0.00 M-2 885220DE0 SUB 2.~~62000~~61875% 10,608,900.00 2423,~~706~~923.9544 0.00 B-IO 885220DH3 SEN 0.00000% 69.76 1,~~597~~520,~~473~~375.6903 0.00 R-1 885220DF7 SEN 0.00000% 0.00 0.00 0.00 R-2 885220DG5 SEN 0.00000% 0.00 0.00 0.00 Totals ~~844~~796,~~784~~847,~~827~~602.2449 2,~~708~~535,~~621~~674.8839 3010,~~727~~445,~~711~~352.5825

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 ~~792~~765,~~839~~184,~~245~~380.9048 3111,~~796~~419,~~518~~656.4731 0.00 M-1 0.00 10,608,900.00 17,~~634~~071.3586 0.00 M-2 0.00 10,608,900.00 2423,~~706~~923.9544 0.00 B-IO 0.00 69.76 1,~~597~~520,~~473~~375.6903 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 Totals 0.00 ~~814~~786,~~057~~402,~~115~~250.6624 3312,~~436~~981,~~333~~026.4664 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 1,039,673,900.00 ~~823~~775,~~566~~629,~~957~~732.4873 0.00 3010,~~727~~445,~~711~~352.5825 0.00 0.00 M-1 10,608,900.00 10,608,900.00 0.00 0.00 0.00 0.00 M-2 10,608,900.00 10,608,900.00 0.00 0.00 0.00 0.00 B-IO 69.76 69.76 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 Totals 1,060,891,869.76 ~~844~~796,~~784~~847,~~827~~602.2449 0.00 3010,~~727~~445,~~711~~352.5825 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 3010,~~727~~445,~~711~~352.5825 ~~792~~765,~~839~~184,~~245~~380.9048 0.~~76258454~~73598499 3010,~~727~~445,~~711~~352.5825 M-1 0.00 10,608,900.00 1.00000000 0.00 M-2 0.00 10,608,900.00 1.00000000 0.00 B-IO 0.00 69.76 1.00000000 0.00 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 Totals 3010,~~727~~445,~~711~~352.5825 ~~814~~786,~~057~~402,~~115~~250.6624 0.~~76733279~~74126522 3010,~~727~~445,~~711~~352.5825

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 1,039,673,900.00 ~~19803~~18650.~~49216903~~79359812 0.00000000 ~~738~~251.~~87859405~~16895427 0.00000000 M-1 10,608,900.00 25000.00000000 0.00000000 0.00000000 0.00000000 M-2 10,608,900.00 25000.00000000 0.00000000 0.00000000 0.00000000 B-IO 69.76 10000000.00000000 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 (2) Classes A, M-1, M-2 are per $25,000 Denomination. Class B-IO are per $10,000,000 Denomination. Classes R-1, R-2 are per $50.00 Denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A 0.00000000 ~~738~~251.~~87859405~~16895427 1918,~~064~~399.~~61357499~~62464384 0.~~76258454~~73598499 ~~738~~251.~~87859405~~16895427 M-1 0.00000000 0.00000000 25,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 25,000.00000000 1.00000000 0.00000000 B-IO 0.00000000 0.00000000 10,000,000.00000000 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 (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.

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 1,039,673,900.00 1.~~46000~~45875% ~~823~~775,~~566~~629,~~957~~732.4873 1974,~~068,806~~304.9006 0.00 0.00 M-1 10,608,900.00 1.~~87000~~86875% 10,608,900.00 17,~~634~~071.3586 0.00 0.00 M-2 10,608,900.00 2.~~62000~~61875% 10,608,900.00 2423,~~706~~923.9544 0.00 0.00 B-IO 69.76 0.00000% 69.76 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 Totals 1,060,891,869.76 1,~~111~~015,~~148~~299.2036 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 0.0100 0.00 1974,~~068,806~~304.8906 0.00 ~~792~~765,~~839~~184,~~245~~380.9048 M-1 0.00 0.00 17,~~634~~071.3586 0.00 10,608,900.00 M-2 0.00 0.00 2423,~~706~~923.9544 0.00 10,608,900.00 B-IO 0.00 0.00 1,~~597~~520,~~473~~375.6903 0.00 69.76 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 Totals 0.0100 0.00 2,~~708~~535,~~621~~674.8839 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.

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 1,039,673,900.00 1.~~46000~~45875% ~~19803~~18650.~~49216903~~79359812 2523.~~70053216~~42811674 0.00000000 0.00000000 M-1 10,608,900.00 1.~~87000~~86875% 25000.00000000 4140.~~55555713~~23004270 0.00000000 0.00000000 M-2 10,608,900.00 2.~~62000~~61875% 25000.00000000 5856.~~22222379~~37587309 0.00000000 0.00000000 B-IO 69.76 0.00000% 10000000.00000000 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 (5) Classes A, M-1, M-2 are per $25,000 Denomination. Class B-IO are per $10,000,000 Denomination. Classes R-1, R-2 are per $50.00 Den

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 0.~~00000024~~00000000 0.00000000 2523.~~70053192~~42811674 0.00000000 ~~19064~~18399.~~61357499~~62464384 M-1 0.00000000 0.00000000 4140.~~55555713~~23004270 0.00000000 25000.00000000 M-2 0.00000000 0.00000000 5856.~~22222379~~37587309 0.00000000 25000.00000000 B-IO 0.00000000 0.00000000 ~~995655103~~943668291.~~21100000~~28400000 0.00000000 10000000.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (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.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 3313,~~674~~187,~~970~~490.8498 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 1935,~~037~~916.0599 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 3313,~~694~~223,~~007~~407.8997 Withdrawals Reimbursement for Servicer Advances 2625,~~490~~004.7116 Payment of Service Fee ~~231~~217,~~183~~377.7217 Payment of Interest and Principal 3312,~~436~~981,~~333~~026.4664 Total Withdrawals (Pool Distribution Amount) 3313,~~694~~223,~~007~~407.8997 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~214~~201,~~864~~940.7657 External Master Servicing Fee- Washington Mutual 3,~~501~~344.4312 Master Servicing Fee- Wells Fargo 1211,~~358~~659.5041 Trustee Fee - Deutsche Bank ~~459~~433.0307 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~231~~217,~~183~~377.7217

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 1 0 0 1 194,902.00 0.00 0.00 194,902.00 30 Days 1427 0 0 0 1427 48,~~127~~596,~~148~~648.6365 0.00 0.00 0.00 48,~~127~~596,~~148~~648.6365 60 Days 25 0 0 0 25 ~~580~~2,~~314~~231,806.5602 0.00 0.00 0.00 ~~580~~2,~~314~~231,806.5602 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 10 0 0 0 10 ~~69,696~~0.1900 0.00 0.00 0.00 ~~69,696~~0.1900 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 01 0 0 0 01 069,696.0019 0.00 0.00 0.00 069,696.0019 Totals 1733 1 0 0 1834 410,~~777~~898,~~159~~150.3886 194,902.00 0.00 0.00 411,~~972~~093,~~061~~052.3886 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.~~051626~~053619% 0.000000% 0.000000% 0.~~051626~~053619% 0.~~023858~~024694% 0.000000% 0.000000% 0.~~023858~~024694% 30 Days 01.~~722767~~447721% 0.000000% 0.000000% 0.000000% 01.~~722767~~447721% 01.~~505206~~089208% 0.000000% 0.000000% 0.000000% 01.~~505206~~089208% 60 Days 0.~~103252~~268097% 0.000000% 0.000000% 0.000000% 0.~~103252~~268097% 0.~~071037~~282773% 0.000000% 0.000000% 0.000000% 0.~~071037~~282773% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.~~051626~~000000% 0.000000% 0.000000% 0.000000% 0.~~051626~~000000% 0.~~008532~~000000% 0.000000% 0.000000% 0.000000% 0.~~008532~~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~~053619% 0.000000% 0.000000% 0.000000% 0.~~000000~~053619% 0.~~000000~~008831% 0.000000% 0.000000% 0.000000% 0.~~000000~~008831% Totals 01.~~877646~~769437% 0.~~051626~~053619% 0.000000% 0.000000% 01.~~929272~~823056% 01.~~584774~~380812% 0.~~023858~~024694% 0.000000% 0.000000% 01.~~608632~~405507%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 1935,~~037~~916.0599

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 4.~~168657~~132161% Weighted Average Net Coupon 3.~~853651~~824040% Weighted Average Pass-Through Rate 3.~~835501~~805890% Weighted Average Maturity(Stepdown Calculation ) ~~326~~324 Beginning Scheduled Collateral Loan Count 21,~~000~~892 Number Of Loans Paid In Full 6327 Ending Scheduled Collateral Loan Count 1,~~937~~865 Beginning Scheduled Collateral Balance ~~847~~799,~~437~~499,~~056~~831.6691 Ending Scheduled Collateral Balance ~~816~~789,~~709~~054,~~345~~479.0866 Ending Actual Collateral Balance at 30-~~Sep~~Nov-2003 ~~816~~789,~~924~~256,~~362~~481.2884 Monthly P &I Constant 3,~~208~~001,~~337~~591.3123 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 ~~816~~789,~~709~~054,~~345~~479.0866 Scheduled Principal ~~268~~249,~~531~~142.7530 Unscheduled Principal 3010,~~459~~196,~~179~~209.8395 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 2,652,229.42 Overcollateralized Amount 2,652,229.42 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 1,~~597~~520,~~473~~375.6903

Beginning Class B-IO Notional Amount $~~888~~796,~~406~~847,~~645~~602.0149 Ending Class B-IO Notional Amount $~~844~~786,~~784~~402,~~827~~250.24 Ending Scheduled Principal Balance of the T $5754,~~798~~570,~~786~~965.6543 Ending Scheduled Principal Balance of the F $~~273~~259,~~177~~330,~~483~~000.5933 Ending Scheduled Principal Balance of the 7 $62,~~702~~094,~~618~~288.8748

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Coupon Rate 4.~~168657~~132161% Weighted Average Net Rate 3.~~853651~~824040% Weighted Average Pass Through Rate 3.~~835501~~805890% Weighted Average Maturity ~~326~~324 Record Date 0911/30/2003 Principal and Interest Constant 3,~~208~~001,~~337~~591.3123 Beginning Loan Count 21,~~000~~892 Loans Paid in Full 6327 Ending Loan Count 1,~~937~~865 Beginning Scheduled Balance ~~847~~799,~~437~~499,~~056~~831.6691 Ending Scheduled Balance ~~816~~789,~~709~~054,~~345~~479.0866 Ending Actual Balance at 30-~~Sep~~Nov-2003 ~~816~~789,~~924~~256,~~362~~481.2884 Scheduled Principal ~~268~~249,~~531~~142.7530 Unscheduled Principal 3010,~~459~~196,~~179~~209.8395 Scheduled Interest 2,~~939~~752,~~805~~448.5693 Servicing Fee ~~214~~201,~~864~~940.7657 Master Servicing Fee 1211,~~358~~659.5041 Trustee Fee ~~459~~433.0307 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 3,~~501~~344.4312 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 2,~~708~~535,~~621~~071.8476 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Percentage of Cumulative Losses 0.000000 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Required Overcollateralized Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized Reduction Amount 0.00 Specified O/C Amount 2,652,229.42 Overcollateralized Amount 2,652,229.42 Overcollateralized Deficiency Amount 0.00 Base Overcollateralization Amount 0.00

Filing Compare · STRUCTURED ASSET MORT INV INC THORNBURG MORT SEC TR 2003-2