8-K 1 bsl03002_aug.txt AUGUST 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): August 25, 2004 BEAR STEARNS ALT-A TRUST Mortgage Pass-Through Certificates, Series 2003-2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-68542-25 54-2126336 Pooling and Servicing Agreement) (Commission 54-2126337 (State or other File Number) IRS EIN jurisdiction 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 August 25, 2004 a distribution was made to holders of BEAR STEARNS ALT-A TRUST, Mortgage Pass-Through 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 Mortgage Pass-Through Certificates, Series 2003-2 Trust, relating to the August 25, 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 ALT-A TRUST Mortgage Pass-Through 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: 8/30/04 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 August 25, 2004 distribution. EX-99.1

Bear Stearns ALT-A Trust Mortgage Pass-Through Certificates Record Date: 27/2931/~~2004~~04 Distribution Date: 38/25/~~2004~~04 BSL 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 A 07386HBN0 SEN 1.~~44000~~80000% ~~311~~227,~~835~~045,~~261~~666.93 ~~361~~340,~~728~~568.9249 1216,~~958~~710,~~572~~249.5633 M-1 07386HBP5 SUB 12.~~89000~~25000% 14,990,000.00 2228,~~822~~106.2825 0.00 M-2 07386HBQ3 SUB 23.~~84000~~20000% 7,994,700.00 1821,~~290~~319.1020 0.00 M-3 07386HBR1 SUB 3.~~59000~~95000% 4,996,700.00 1416,~~450~~447.1847 0.00 B-IO 07386HBU4 SUB 0.00000% 0.00 1739,~~136,052~~331.1940 0.00 OC BSL03002X SUB 0.00000% 1,998,670.00 0.00 0.00 XP 07386HBV2 SUB 0.00000% 100.00 1436,~~314~~223.6314 0.00 R-I 07386HBS9 RES 0.00000% 0.00 0.00 0.00 R-II 07386HBT7 RES 0.00000% 0.00 0.00 0.00 Totals ~~341~~257,~~815~~025,~~431~~836.93 1,~~567~~181,~~658~~995.3095 1216,~~958~~710,~~572~~249.5633

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 ~~298~~210,~~876~~335,~~689~~417.3760 1317,~~320~~050,~~301~~817.4882 0.00 M-1 0.00 14,990,000.00 2228,~~822~~106.2825 0.00 M-2 0.00 7,994,700.00 1821,~~290~~319.1020 0.00 M-3 0.00 4,996,700.00 1416,~~450~~447.1847 0.00 B-IO 0.00 0.00 1739,~~136,052~~331.1940 0.00 OC 0.00 1,998,670.00 0.00 0.00 XP 0.00 100.00 1436,~~314~~223.6314 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 ~~328~~240,~~856~~315,~~859~~587.3760 1417,~~526~~892,~~230~~245.8628 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 371,752,600.00 ~~311~~227,~~835~~045,~~261~~666.93 0.00 1216,~~958~~710,~~572~~249.5633 0.00 0.00 M-1 14,990,000.00 14,990,000.00 0.00 0.00 0.00 0.00 M-2 7,994,700.00 7,994,700.00 0.00 0.00 0.00 0.00 M-3 4,996,700.00 4,996,700.00 0.00 0.00 0.00 0.00 B-IO 0.00 0.00 0.00 0.00 0.00 0.00 OC 51.12 1,998,670.00 0.00 0.00 0.00 0.00 XP 100.00 100.00 0.00 0.00 0.00 0.00 R-I 0.00 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 0.00 Totals 399,734,151.12 ~~341~~257,~~815~~025,~~431~~836.93 0.00 1216,~~958~~710,~~572~~249.5633 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 1216,~~958~~710,~~572~~249.5633 ~~298~~210,~~876~~335,~~689~~417.3760 0.~~80396664~~56579407 1216,~~958~~710,~~572~~249.5633 M-1 0.00 14,990,000.00 1.00000000 0.00 M-2 0.00 7,994,700.00 1.00000000 0.00 M-3 0.00 4,996,700.00 1.00000000 0.00 B-IO 0.00 0.00 0.00000000 0.00 OC 0.00 1,998,670.00 39,097.61345853 0.00 XP 0.00 100.00 1.00000000 0.00 R-I 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 Totals 1216,~~958~~710,~~572~~249.5633 ~~328~~240,~~856~~315,~~859~~587.3760 0.~~82268893~~60118853 1216,~~958~~710,~~572~~249.5633

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 371,752,600.00 ~~838~~610.~~82469667~~74399192 0.00000000 3444.~~85805495~~94991919 0.00000000 M-1 14,990,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 7,994,700.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 4,996,700.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 OC 51.12 39097613.45852900 0.00000000 0.00000000 0.00000000 XP 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 R-I 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) Per $1,000 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 3444.~~85805495~~94991919 ~~803~~565.~~96664171~~79407272 0.~~80396664~~56579407 3444.~~85805495~~94991919 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 M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.00000000 39,097,613.45852900 39097.61345853 0.00000000 XP 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 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 371,752,600.00 1.~~44000~~80000% ~~311~~227,~~835~~045,~~261~~666.93 ~~361~~340,~~728~~568.9050 0.00 0.00 M-1 14,990,000.00 12.~~89000~~25000% 14,990,000.00 2228,~~822~~106.2825 0.00 0.00 M-2 7,994,700.00 23.~~84000~~20000% 7,994,700.00 1821,~~290~~319.1020 0.00 0.00 M-3 4,996,700.00 3.~~59000~~95000% 4,996,700.00 1416,~~450~~447.1847 0.00 0.00 B-IO 0.00 0.00000% ~~341~~257,~~815~~025,~~331~~736.93 0.00 0.00 0.00 OC 51.12 0.00000% 1,998,670.00 0.00 0.00 0.00 XP 100.00 0.00000% 100.00 0.00 0.00 0.00 R-I 0.00 0.00000% 0.00 0.00 0.00 0.00 R-II 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 399,734,151.12 ~~417~~406,~~291~~441.4642 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.~~01)~~00 0.00 ~~361~~340,~~728~~568.9249 0.00 ~~298~~210,~~876~~335,~~689~~417.3760 M-1 0.00 0.00 2228,~~822~~106.2825 0.00 14,990,000.00 M-2 0.00 0.00 1821,~~290~~319.1020 0.00 7,994,700.00 M-3 0.00 0.00 1416,~~450~~447.1847 0.00 4,996,700.00 B-IO 0.00 0.00 1739,~~136,052~~331.1940 0.00 ~~328~~240,~~856~~315,~~759~~487.3760 OC 0.00 0.00 0.00 0.00 1,998,670.00 XP 0.00 0.00 1436,~~314~~223.6314 0.00 100.00 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)~~00 0.00 1,~~567~~181,~~658~~995.3095 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 371,752,600.00 1.~~44000~~80000% ~~838~~610.~~82469667~~74399192 0.~~97303664~~91611599 0.00000000 0.00000000 M-1 14,990,000.00 12.~~89000~~25000% 1000.00000000 1.~~52250033~~87500000 0.00000000 0.00000000 M-2 7,994,700.00 23.~~84000~~20000% 1000.00000000 2.~~28777815~~66666667 0.00000000 0.00000000 M-3 4,996,700.00 3.~~59000~~95000% 1000.00000000 23.~~89194468~~29166650 0.00000000 0.00000000 B-IO 0.00 0.00000% ~~855~~642.~~10686661~~99184973 0.00000000 0.00000000 0.00000000 OC 51.12 0.00000% 39097613.45852900 0.00000000 0.00000000 0.00000000 XP 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R-I 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) Per $1,000 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 (0.~~00000003)~~00000000 0.00000000 0.~~97303669~~91611596 0.00000000 ~~803~~565.~~96664171~~79407272 M-1 0.00000000 0.00000000 1.~~52250033~~87500000 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~28777815~~66666667 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 23.~~89194468~~29166650 0.00000000 1000.00000000 B-IO 0.00000000 0.00000000 21.~~84202006~~84955822 0.00000000 ~~822~~601.~~68888139~~18843248 OC 0.00000000 0.00000000 0.00000000 0.00000000 39097613.45852900 XP 0.00000000 0.00000000 ~~143146~~362231.~~30000000~~40000000 0.00000000 1000.00000000 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.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 1417,~~593~~978,~~013~~005.5554 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~134~~50,~~804~~211.1826 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 1418,~~727~~028,~~817~~216.7380 Withdrawals Reimbursement for Servicer Advances 9354,~~630~~885.9197 Payment of Service Fee ~~107~~81,~~955~~085.9655 Payment of Interest and Principal 1417,~~526~~892,~~230~~245.8628 Total Withdrawals (Pool Distribution Amount) 1418,~~727~~028,~~817~~216.7380 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 5644,~~864~~011.0592 Additional Servicing Fee 5137,~~091~~073.9163 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~107~~81,~~955~~085.9655

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 32 0 0 32 1649,~~037,351~~323.0127 0.00 0.00 1649,~~037,351~~323.0127 30 Days 444 0 0 0 444 14881,~~791,440~~170.9273 0.00 0.00 0.00 14881,~~791,440~~170.9273 60 Days 104 0 0 0 10 4 1,~~034~~599,~~524~~679.2157 0.00 0.00 0.00 41,~~034~~599,~~524~~679.2157 90 Days 31 0 1 0 42 1513,~~243,232~~103.7004 0.00 ~~108~~395,~~375~~643.0681 0.00 1908,~~351,607~~746.7685 120 Days 20 0 15 0 35 ~~1,257,999~~0.3000 0.00 ~~113~~1,~~315~~386,202.1198 0.00 1,~~371~~386,~~314~~202.4198 150 Days 01 0 1 0 12 0878,726.0011 0.00 ~~139~~805,~~946~~000.5200 0.00 ~~139~~1,~~946~~683,726.5211 180+ Days 1 1 26 01 49 ~~224~~581,~~195~~584.6504 ~~201~~264,~~461~~692.6227 ~~703~~1,~~359~~238,069.3051 0113,315.0011 12,~~129~~197,~~016~~660.5793 Totals 6011 43 513 01 6928 214,~~551~~454,~~392~~263.7849 1914,~~238,812~~015.6354 13,~~064~~824,~~995~~916.9930 0113,315.0011 239,~~855~~306,~~201~~510.4044 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.~~271739~~238095% 0.000000% 0.000000% 0.~~271739~~238095% 0.~~315290~~270057% 0.000000% 0.000000% 0.~~315290~~270057% 30 Days 30.~~985507~~476190% 0.000000% 0.000000% 0.000000% 30.~~985507~~476190% 40.~~495668~~366484% 0.000000% 0.000000% 0.000000% 40.~~495668~~366484% 60 Days 0.~~905797~~476190% 0.000000% 0.000000% 0.000000% 0.~~905797~~476190% 10.~~226242~~665316% 0.000000% 0.000000% 0.000000% 10.~~226242~~665316% 90 Days 0.~~271739~~119048% 0.000000% 0.~~090580~~119048% 0.000000% 0.~~362319~~238095% 0.~~377865~~213402% 0.000000% 0.~~032939~~164550% 0.000000% 0.~~410804~~377953% 120 Days 0.~~181159~~000000% 0.000000% 0.~~090580~~595238% 0.000000% 0.~~271739~~595238% 0.~~382353~~000000% 0.000000% 0.~~034441~~576530% 0.000000% 0.~~416793~~576530% 150 Days 0.~~000000~~119048% 0.000000% 0.~~090580~~119048% 0.000000% 0.~~090580~~238095% 0.~~000000~~365467% 0.000000% 0.~~042535~~334804% 0.000000% 0.~~042535~~700271% 180+ Days 0.~~090580~~119048% 0.~~090580~~119048% 0.~~181159~~714286% 0.~~000000~~119048% 01.~~362319~~071429% 0.~~068141~~241884% 0.~~061232~~110087% 0.~~213777~~514920% 0.~~000000~~047128% 0.~~343150~~914020% Totals 51.~~434783~~309524% 0.~~362319~~357143% 01.~~452899~~547619% 0.~~000000~~119048% 63.~~250000~~333333% 61.~~550269~~852553% 0.~~376521~~380144% 01.~~323692~~590804% 0.~~000000~~047128% 73.~~250482~~870630%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~134~~50,~~804~~211.1826

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 5.~~910808~~837599% Weighted Average Net Coupon 5.~~711177~~632117% Weighted Average Pass-Through Rate 5.~~531811~~459028% Weighted Average Maturity(Stepdown Calculation ) ~~349~~344 Beginning Scheduled Collateral Loan Count ~~1,139~~893 Number Of Loans Paid In Full 3553 Ending Scheduled Collateral Loan Count ~~1,104~~840 Beginning Scheduled Collateral Balance ~~341~~257,~~815~~025,~~331~~736.93 Ending Scheduled Collateral Balance ~~328~~240,~~856~~315,~~759~~487.3760 Ending Actual Collateral Balance at 2931-~~Feb~~Jul-2004 ~~329~~240,~~015~~439,~~389~~165.9900 Monthly P &I Constant 1,~~841~~374,~~134~~663.4720 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 03,038.0006 Ending Scheduled Balance for Premium Loans ~~328~~240,~~856~~315,~~759~~487.3760 Scheduled Principal ~~157~~124,~~463~~318.78 Unscheduled Principal 1216,~~801~~585,~~108~~930.7855 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1,998,670.00 Overcollateralized Amount 1,998,670.00 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 1739,~~136,052~~331.2139

Filing Compare · BEAR STEARNS ALT A TRUST 2003-2