8-K 1 bsl04007_sep.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 27, 2004 BEAR STEARNS ALT-A TRUST Mortgage Pass-Through Certificates, Series 2004-7 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-115122-09 54-2157797 Pooling and Servicing Agreement) (Commission 54-2157798 (State or other File Number) 54-2157799 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 September 27, 2004 a distribution was made to holders of BEAR STEARNS ALT-A TRUST, Mortgage Pass-Through Certificates, Series 2004-7 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 2004-7 Trust, relating to the September 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 ALT-A TRUST Mortgage Pass-Through Certificates, Series 2004-7 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: 9/29/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2004-7 Trust, relating to the September 27, 2004 distribution. EX-99.1

Bear Stearns ALT-A Trust Mortgage Pass-Through Certificates Record Date: 78/31/042004 Distribution Date: 89/2527/042004 BSL Series: 2004-7 Contact: CTSLink Customer Service Wells Fargo Bank, 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-1 07386HKJ9 SEN 4.~~21379~~20578% ~~149~~147,~~840~~953,~~700~~900.0038 ~~526~~518,~~164~~551.2660 1,~~886~~514,~~799~~482.6261 II-A-1 07386HKK6 SEN 4.~~94834~~94545% ~~643~~636,~~521~~352,~~900~~267.0035 2,~~653~~622,~~638~~540.1804 76,~~169~~670,~~632~~629.6546 II-A-3 07386HKL4 SEN 4.~~63458~~63502% 94,~~795~~102,~~600~~610.0014 ~~366~~363,~~115~~473.0825 ~~692~~359,~~989~~651.8689 M 07386HKN0 MEZ 4.~~79093~~78756% 32,~~072~~053,~~200~~435.0056 ~~128~~127,~~046~~881.3038 18,~~764~~829.4466 B-1 07386HKP5 SUB 4.~~79093~~78756% 22,~~697~~684,~~300~~020.0052 90,~~617~~500.5987 13,~~279~~325.4863 B-2 07386HKQ3 SUB 4.~~79093~~78756% 15,~~789~~780,~~500~~262.0006 6362,~~038~~957.6242 9,~~237~~270.9405 B-3 07386HKR1 SUB 4.~~79093~~78756% 11,~~348~~342,~~700~~060.0023 45,~~308~~250.9964 6,~~639~~662.7785 B-4 07386HLL3 SUB 4.~~79093~~78756% 6,~~907~~903,~~900~~858.0040 27,~~579~~543.3785 4,~~041~~055.6064 B-5 07386HLM1 SUB 4.~~79093~~78756% 5,~~921~~917,~~000~~535.0081 23,~~639~~608.2378 3,~~464~~476.1923 B-6 07386HLN9 SUB 4.~~79093~~78756% 3,~~947~~945,~~572~~262.0040 15,~~760~~740.4414 2,~~309~~317.6063 R 07386HKM2 RES 0.00000% ~~100~~0.00 21.9533 ~~100~~0.00 Totals ~~986~~977,~~842~~035,~~472~~212.0085 3,~~939~~898,~~911~~049.0130 98,~~807~~602,~~259~~701.1565

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A-1 0.00 ~~147~~146,~~953~~439,~~900~~417.3877 2,~~412~~033,~~963~~034.8821 0.00 II-A-1 0.00 ~~636~~629,~~352~~681,~~267~~637.3589 9,~~823~~293,~~270~~169.8350 0.00 II-A-3 0.00 9493,~~102~~742,~~610~~958.1425 1723,~~059,104~~125.9414 0.00 M 0.00 32,~~053~~034,~~435~~605.5691 146,~~810~~711.7404 0.00 B-1 0.00 22,~~684~~670,~~020~~694.5289 103,~~897~~826.0750 0.00 B-2 0.00 15,~~780~~770,~~262~~992.0601 72,~~276~~227.5647 0.00 B-3 0.00 11,~~342~~335,~~060~~397.2339 51,~~948~~913.7649 0.00 B-4 0.00 6,~~903~~899,~~858~~802.4076 31,~~620~~599.9749 0.00 B-5 0.00 5,~~917~~914,~~535~~059.8158 27,~~103~~085.4201 0.00 B-6 0.00 3,~~945~~942,~~262~~944.4077 18,~~070~~057.0477 0.00 R 0.00 0.00 ~~102~~1.9533 0.00 Totals 0.00 ~~977~~968,~~035~~432,~~212~~511.8522 1312,~~747~~500,~~170~~750.1695 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) I-A-1 149,840,700.00 ~~149~~147,~~840~~953,~~700~~900.0038 ~~103~~102,~~622~~625.4623 1,~~783~~411,~~177~~857.1638 0.00 0.00 II-A-1 643,521,900.00 ~~643~~636,~~521~~352,~~900~~267.0035 ~~317~~315,~~164~~074.8480 6,~~852~~355,~~467~~554.8166 0.00 0.00 II-A-3 94,795,600.00 94,~~795~~102,~~600~~610.0014 98,~~840~~488.3002 ~~594~~261,~~149~~163.5687 0.00 0.00 M 32,072,200.00 32,~~072~~053,~~200~~435.0056 18,~~764~~829.4466 0.00 0.00 0.00 B-1 22,697,300.00 22,~~697~~684,~~300~~020.0052 13,~~279~~325.4863 0.00 0.00 0.00 B-2 15,789,500.00 15,~~789~~780,~~500~~262.0006 9,~~237~~270.9405 0.00 0.00 0.00 B-3 11,348,700.00 11,~~348~~342,~~700~~060.0023 6,~~639~~662.7785 0.00 0.00 0.00 B-4 6,907,900.00 6,~~907~~903,~~900~~858.0040 4,~~041~~055.6064 0.00 0.00 0.00 B-5 5,921,000.00 5,~~921~~917,~~000~~535.0081 3,~~464~~476.1923 0.00 0.00 0.00 B-6 3,947,572.00 3,~~947~~945,~~572~~262.0040 2,~~309~~317.6063 0.00 0.00 0.00 R 100.00 ~~100~~0.00 50.4900 940.5100 0.00 0.00 Totals 986,842,472.00 ~~986~~977,~~842~~035,~~472~~212.0085 ~~577~~574,~~370~~125.1174 98,~~229~~028,~~889~~575.0491 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 I-A-1 1,~~886~~514,~~799~~482.6261 ~~147~~146,~~953~~439,~~900~~417.3877 0.~~98740796~~97730068 1,~~886~~514,~~799~~482.6261 II-A-1 76,~~169~~670,~~632~~629.6546 ~~636~~629,~~352~~681,~~267~~637.3589 0.~~98885876~~97849294 76,~~169~~670,~~632~~629.6546 II-A-3 ~~692~~359,~~989~~651.8689 9493,~~102~~742,~~610~~958.1425 0.~~99268964~~98889567 ~~692~~359,~~989~~651.8689 M 18,~~764~~829.4466 32,~~053~~034,~~435~~605.5691 0.~~99941493~~99882783 18,~~764~~829.4466 B-1 13,~~279~~325.4863 22,~~684~~670,~~020~~694.5289 0.~~99941493~~99882783 13,~~279~~325.4863 B-2 9,~~237~~270.9405 15,~~780~~770,~~262~~992.0601 0.~~99941493~~99882783 9,~~237~~270.9405 B-3 6,~~639~~662.7785 11,~~342~~335,~~060~~397.2339 0.~~99941493~~99882783 6,~~639~~662.7785 B-4 4,~~041~~055.6064 6,~~903~~899,~~858~~802.4076 0.~~99941493~~99882783 4,~~041~~055.6064 B-5 3,~~464~~476.1923 5,~~917~~914,~~535~~059.8158 0.~~99941493~~99882783 3,~~464~~476.1923 B-6 2,~~309~~317.6063 3,~~945~~942,~~262~~944.4077 0.~~99941493~~99882783 2,~~309~~317.6063 R ~~100~~0.00 0.00 0.00000000 ~~100~~0.00 Totals 98,~~807~~602,~~259~~701.1565 ~~977~~968,~~035~~432,~~212~~511.8522 0.~~99006198~~98134458 98,~~807~~602,~~259~~701.1565

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A-1 149,840,700.00 ~~1000~~987.~~00000000~~40796312 0.~~69155083~~68489556 119.~~90048605~~42238911 0.00000000 II-A-1 643,521,900.00 ~~1000~~988.~~00000000~~85875889 0.~~49285788~~48961007 109.~~64838323~~87620570 0.00000000 II-A-3 94,795,600.00 ~~1000~~992.~~00000000~~68964108 1.~~04266759~~03895139 62.~~26769133~~75502101 0.00000000 M 32,072,200.00 ~~1000~~999.~~00000000~~41493131 0.~~58506869~~58710223 0.00000000 0.00000000 B-1 22,697,300.00 ~~1000~~999.~~00000000~~41493129 0.~~58506871~~58710199 0.00000000 0.00000000 B-2 15,789,500.00 ~~1000~~999.~~00000000~~41493144 0.~~58506856~~58710219 0.00000000 0.00000000 B-3 11,348,700.00 ~~1000~~999.~~00000000~~41493123 0.~~58506877~~58710249 0.00000000 0.00000000 B-4 6,907,900.00 ~~1000~~999.~~00000000~~41493073 0.~~58506927~~58710172 0.00000000 0.00000000 B-5 5,921,000.00 ~~1000~~999.~~00000000~~41493160 0.~~58506840~~58710184 0.00000000 0.00000000 B-6 3,947,572.00 ~~1000~~999.~~00000000~~41493151 0.~~58506849~~58710265 0.00000000 0.00000000 R 100.00 ~~1000~~0.00000000 540.~~90000000~~00000000 ~~945~~0.~~10000000~~00000000 0.00000000

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution I-A-1 0.00000000 1210.~~59203688~~10728467 ~~987~~977.~~40796312~~30067845 0.~~98740796~~97730068 1210.~~59203688~~10728467 II-A-1 0.00000000 1110.~~14124111~~36581577 ~~988~~978.~~85875889~~49294312 0.~~98885876~~97849294 1110.~~14124111~~36581577 II-A-3 0.00000000 73.~~31035892~~79397240 ~~992~~988.~~68964108~~89566868 0.~~99268964~~98889567 73.~~31035892~~79397240 M 0.00000000 0.~~58506869~~58710223 ~~999~~998.~~41493131~~82782940 0.~~99941493~~99882783 0.~~58506869~~58710223 B-1 0.00000000 0.~~58506871~~58710199 ~~999~~998.~~41493129~~82782930 0.~~99941493~~99882783 0.~~58506871~~58710199 B-2 0.00000000 0.~~58506856~~58710219 ~~999~~998.~~41493144~~82782925 0.~~99941493~~99882783 0.~~58506856~~58710219 B-3 0.00000000 0.~~58506877~~58710249 ~~999~~998.~~41493123~~82782962 0.~~99941493~~99882783 0.~~58506877~~58710249 B-4 0.00000000 0.~~58506927~~58710172 ~~999~~998.~~41493073~~82782901 0.~~99941493~~99882783 0.~~58506927~~58710172 B-5 0.00000000 0.~~58506840~~58710184 ~~999~~998.~~41493160~~82782976 0.~~99941493~~99882783 0.~~58506840~~58710184 B-6 0.00000000 0.~~58506849~~58710265 ~~999~~998.~~41493151~~82782885 0.~~99941493~~99882783 0.~~58506849~~58710265 R 0.00000000 ~~1,000~~0.00000000 0.00000000 0.00000000 ~~1,000~~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 I-A-1 149,840,700.00 4.~~21379~~20578% ~~149~~147,~~840~~953,~~700~~900.0038 ~~526~~518,~~164~~551.2660 0.00 0.00 II-A-1 643,521,900.00 4.~~94834~~94545% ~~643~~636,~~521~~352,~~900~~267.0035 2,~~653~~622,~~638~~540.1804 0.00 0.00 II-A-3 94,795,600.00 4.~~63458~~63502% 94,~~795~~102,~~600~~610.0014 ~~366~~363,~~115~~473.0825 0.00 0.00 M 32,072,200.00 4.~~79093~~78756% 32,~~072~~053,~~200~~435.0056 ~~128~~127,~~046~~881.3038 0.00 0.00 B-1 22,697,300.00 4.~~79093~~78756% 22,~~697~~684,~~300~~020.0052 90,~~617~~500.5987 0.00 0.00 B-2 15,789,500.00 4.~~79093~~78756% 15,~~789~~780,~~500~~262.0006 6362,~~038~~957.6242 0.00 0.00 B-3 11,348,700.00 4.~~79093~~78756% 11,~~348~~342,~~700~~060.0023 45,~~308~~250.9964 0.00 0.00 B-4 6,907,900.00 4.~~79093~~78756% 6,~~907~~903,~~900~~858.0040 27,~~579~~543.3785 0.00 0.00 B-5 5,921,000.00 4.~~79093~~78756% 5,~~921~~917,~~000~~535.0081 23,~~639~~608.2378 0.00 0.00 B-6 3,947,572.00 4.~~79093~~78756% 3,~~947~~945,~~572~~262.0040 15,~~760~~740.4414 0.00 0.00 R 100.00 0.00000% ~~100~~0.00 0.00 0.00 0.00 Totals 986,842,472.00 3,~~939~~898,~~908~~047.0697 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 I-A-1 0.00 0.00 ~~526~~518,~~164~~551.2660 0.00 ~~147~~146,~~953~~439,~~900~~417.3877 II-A-1 0.00 0.00 2,~~653~~622,~~638~~540.1804 0.00 ~~636~~629,~~352~~681,~~267~~637.3589 II-A-3 0.00 0.00 ~~366~~363,~~115~~473.0825 0.00 9493,~~102~~742,~~610~~958.1425 M 0.00 0.00 ~~128~~127,~~046~~881.3038 0.00 32,~~053~~034,~~435~~605.5691 B-1 0.00 0.00 90,~~617~~500.5987 0.00 22,~~684~~670,~~020~~694.5289 B-2 0.00 0.00 6362,~~038~~957.6242 0.00 15,~~780~~770,~~262~~992.0601 B-3 0.00 0.00 45,~~308~~250.9964 0.00 11,~~342~~335,~~060~~397.2339 B-4 0.00 0.00 27,~~579~~543.3785 0.00 6,~~903~~899,~~858~~802.4076 B-5 0.00 0.00 23,~~639~~608.2378 0.00 5,~~917~~914,~~535~~059.8158 B-6 0.00 0.00 15,~~760~~740.4414 0.00 3,~~945~~942,~~262~~944.4077 R 0.00 0.00 21.9533 0.00 0.00 Totals 0.00 0.00 3,~~939~~898,~~911~~049.0130 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 I-A-1 149,840,700.00 4.~~21379~~20578% ~~1000~~987.~~00000000~~40796312 3.~~51149094~~46068592 0.00000000 0.00000000 II-A-1 643,521,900.00 4.~~94834~~94545% ~~1000~~988.~~00000000~~85875889 4.~~12361752~~07529260 0.00000000 0.00000000 II-A-3 94,795,600.00 4.~~63458~~63502% ~~1000~~992.~~00000000~~68964108 3.~~86215267~~83428398 0.00000000 0.00000000 M 32,072,200.00 4.~~79093~~78756% ~~1000~~999.~~00000000~~41493131 3.~~99243893~~98729679 0.00000000 0.00000000 B-1 22,697,300.00 4.~~79093~~78756% ~~1000~~999.~~00000000~~41493129 3.~~99243919~~98729673 0.00000000 0.00000000 B-2 15,789,500.00 4.~~79093~~78756% ~~1000~~999.~~00000000~~41493144 3.~~99243928~~98729662 0.00000000 0.00000000 B-3 11,348,700.00 4.~~79093~~78756% ~~1000~~999.~~00000000~~41493123 3.~~99243878~~98729722 0.00000000 0.00000000 B-4 6,907,900.00 4.~~79093~~78756% ~~1000~~999.~~00000000~~41493073 3.~~99243909~~98729715 0.00000000 0.00000000 B-5 5,921,000.00 4.~~79093~~78756% ~~1000~~999.~~00000000~~41493160 3.~~99243878~~98729606 0.00000000 0.00000000 B-6 3,947,572.00 4.~~79093~~78756% ~~1000~~999.~~00000000~~41493151 3.~~99243890~~98729650 0.00000000 0.00000000 R 100.00 0.00000% ~~1000~~0.00000000 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 I-A-1 0.00000000 0.00000000 3.~~51149094~~46068592 0.00000000 ~~987~~977.~~40796312~~30067845 II-A-1 0.00000000 0.00000000 4.~~12361752~~07529260 0.00000000 ~~988~~978.~~85875889~~49294312 II-A-3 0.00000000 0.00000000 3.~~86215267~~83428398 0.00000000 ~~992~~988.~~68964108~~89566868 M 0.00000000 0.00000000 3.~~99243893~~98729679 0.00000000 ~~999~~998.~~41493131~~82782940 B-1 0.00000000 0.00000000 3.~~99243919~~98729673 0.00000000 ~~999~~998.~~41493129~~82782930 B-2 0.00000000 0.00000000 3.~~99243928~~98729662 0.00000000 ~~999~~998.~~41493144~~82782925 B-3 0.00000000 0.00000000 3.~~99243878~~98729722 0.00000000 ~~999~~998.~~41493123~~82782962 B-4 0.00000000 0.00000000 3.~~99243909~~98729715 0.00000000 ~~999~~998.~~41493073~~82782901 B-5 0.00000000 0.00000000 3.~~99243878~~98729606 0.00000000 ~~999~~998.~~41493160~~82782976 B-6 0.00000000 0.00000000 3.~~99243890~~98729650 0.00000000 ~~999~~998.~~41493151~~82782885 R 0.00000000 0.00000000 2913.~~50000000~~30000000 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 1312,~~948~~748,~~264~~756.7515 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 7295,~~508~~286.1231 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 1412,~~020~~844,~~772~~042.8746 Withdrawals Reimbursement for Servicer Advances 072,508.0012 Payment of Service Fee ~~273~~270,~~602~~783.7139 Payment of Interest and Principal 1312,~~747~~500,~~170~~750.1695 Total Withdrawals (Pool Distribution Amount) 1412,~~020~~844,~~772~~042.8746 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~248~~245,~~180~~419.4472 Additional Servicing Fee 24,~~153~~095.9945 Miscellaneous Fee 1,268.2822 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~273~~270,~~602~~783.7139

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 02 0 0 02 0344,196.0084 0.00 0.00 0344,196.0084 30 Days 7389 0 0 0 7389 1417,~~280~~113,~~441~~181.0014 0.00 0.00 0.00 1417,~~280~~113,~~441~~181.0014 60 Days 610 0 0 0 610 ~~918~~2,~~183~~069,025.5706 0.00 0.00 0.00 ~~918~~2,~~183~~069,025.5706 90 Days 05 0 0 0 05 0988,253.00 0.00 0.00 0.00 0988,253.00 120 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 79104 02 0 0 79106 1520,~~198~~170,~~624~~459.5720 0344,196.0084 0.00 0.00 1520,~~198~~514,~~624~~656.5704 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~~037003% 0.000000% 0.000000% 0.~~000000~~037003% 0.~~000000~~035525% 0.000000% 0.000000% 0.~~000000~~035525% 30 Days 1.~~340433~~646623% 0.000000% 0.000000% 0.000000% 1.~~340433~~646623% 1.~~460970~~766295% 0.000000% 0.000000% 0.000000% 1.~~460970~~766295% 60 Days 0.~~110173~~185014% 0.000000% 0.000000% 0.000000% 0.~~110173~~185014% 0.~~093935~~213549% 0.000000% 0.000000% 0.000000% 0.~~093935~~213549% 90 Days 0.~~000000~~092507% 0.000000% 0.000000% 0.000000% 0.~~000000~~092507% 0.~~000000~~102000% 0.000000% 0.000000% 0.000000% 0.~~000000~~102000% 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 1.~~450606~~924144% 0.~~000000~~037003% 0.000000% 0.000000% 1.~~450606~~961147% 12.~~554906~~081844% 0.~~000000~~035525% 0.000000% 0.000000% 12.~~554906~~117370%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 518 0 0 0 518 ~~734~~3,~~868~~142,512.3841 0.00 0.00 0.00 ~~734~~3,~~868~~142,512.3841 60 Days 10 0 0 0 10 ~~278,400~~0.00 0.00 0.00 0.00 ~~278,400~~0.00 90 Days 02 0 0 0 02 0437,525.00 0.00 0.00 0.00 0437,525.00 120 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 620 0 0 0 620 13,~~013~~580,~~268~~037.3841 0.00 0.00 0.00 13,~~013~~580,~~268~~037.3841 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 01.~~541712~~962923% 0.000000% 0.000000% 0.000000% 01.~~541712~~962923% 01.~~446247~~926098% 0.000000% 0.000000% 0.000000% 01.~~446247~~926098% 60 Days 0.~~108342~~000000% 0.000000% 0.000000% 0.000000% 0.~~108342~~000000% 0.~~169058~~000000% 0.000000% 0.000000% 0.000000% 0.~~169058~~000000% 90 Days 0.~~000000~~218103% 0.000000% 0.000000% 0.000000% 0.~~000000~~218103% 0.~~000000~~268166% 0.000000% 0.000000% 0.000000% 0.~~000000~~268166% 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 02.~~650054~~181025% 0.000000% 0.000000% 0.000000% 02.~~650054~~181025% 02.~~615305~~194264% 0.000000% 0.000000% 0.000000% 02.~~615305~~194264% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 6065 0 0 0 6065 12,~~099~~744,~~555~~482.3163 0.00 0.00 0.00 12,~~099~~744,~~555~~482.3163 60 Days 39 0 0 0 39 ~~454~~1,~~000~~925,837.0071 0.00 0.00 0.00 ~~454~~1,~~000~~925,837.0071 90 Days 03 0 0 0 03 0550,728.00 0.00 0.00 0.00 0550,728.00 120 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 6377 0 0 0 6377 1215,~~553~~221,~~555~~048.3134 0.00 0.00 0.00 1215,~~553~~221,~~555~~048.3134 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.~~536098~~678719% 0.000000% 0.000000% 0.000000% 1.~~536098~~678719% 1.~~708804~~817069% 0.000000% 0.000000% 0.000000% 1.~~708804~~817069% 60 Days 0.~~076805~~232438% 0.000000% 0.000000% 0.000000% 0.~~076805~~232438% 0.~~064118~~274580% 0.000000% 0.000000% 0.000000% 0.~~064118~~274580% 90 Days 0.~~000000~~077479% 0.000000% 0.000000% 0.000000% 0.~~000000~~077479% 0.~~000000~~078521% 0.000000% 0.000000% 0.000000% 0.~~000000~~078521% 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 1.~~612903~~988636% 0.000000% 0.000000% 0.000000% 1.~~612903~~988636% 12.~~772922~~170170% 0.000000% 0.000000% 0.000000% 12.~~772922~~170170% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 02 0 0 02 0344,196.0084 0.00 0.00 0344,196.0084 30 Days 86 0 0 0 86 1,~~446~~226,~~017~~186.3110 0.00 0.00 0.00 1,~~446~~226,~~017~~186.3110 60 Days 21 0 0 0 21 ~~185~~143,~~783~~187.5735 0.00 0.00 0.00 ~~185~~143,~~783~~187.5735 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 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 107 02 0 0 109 1,~~631~~369,~~800~~373.8845 0344,196.0084 0.00 0.00 1,~~631~~713,~~800~~570.8829 0-29 Days 0.~~000000~~324675% 0.000000% 0.000000% 0.~~000000~~324675% 0.~~000000~~329867% 0.000000% 0.000000% 0.~~000000~~329867% 30 Days 10.~~296596~~974026% 0.000000% 0.000000% 0.000000% 10.~~296596~~974026% 1.~~380921~~175135% 0.000000% 0.000000% 0.000000% 1.~~380921~~175135% 60 Days 0.~~324149~~162338% 0.000000% 0.000000% 0.000000% 0.~~324149~~162338% 0.~~177420~~137226% 0.000000% 0.000000% 0.000000% 0.~~177420~~137226% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 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 1.~~620746~~136364% 0.~~000000~~324675% 0.000000% 0.000000% 1.~~620746~~461039% 1.~~558341~~312361% 0.~~000000~~329867% 0.000000% 0.000000% 1.~~558341~~642228%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 7295,~~508~~286.1231

SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Original $ Original % Current $ Current % Class% Prepayment% Class A 837,001,772.00 84.81614804% ~~829~~821,~~081~~993,~~312~~093.4745 84.~~85685074~~87871728% 89.~~905539~~821852% 0.000000% Class 2A1 193,479,872.00 19.60595308% 192,~~729~~311,~~045~~455.1256 19.~~72590573~~85801316% 65.~~130945~~020704% ~~645~~638.~~214711~~826456% Class M 66,612,072.00 6.75002079% 66,~~572~~533,~~999~~891.4240 6.~~81377688~~87026619% 3.~~280684~~307882% 32.499842% Class B-1 43,914,772.00 4.45002858% 43,~~888~~863,~~978~~196.9051 4.~~49205702~~52929822% 2.~~321720~~340968% 22.999940% Class B-2 28,125,272.00 2.85002650% 28,~~108~~092,~~716~~204.8450 2.~~87694000~~90079114% 1.~~615117~~628507% 16.000033% Class B-3 16,776,572.00 1.70002533% 16,~~766~~756,~~656~~807.6111 1.~~71607496~~73030200% 1.~~160865~~170489% 11.500020% Class B-4 9,868,672.00 1.00002506% 9,~~862~~857,~~798~~004.2135 1.~~00946190~~01783080% 0.~~706613~~712471% 7.000008% Class B-5 3,947,672.00 0.40003061% 3,~~945~~942,~~262~~944.4077 0.~~40379941~~40714709% 0.~~605662~~610684% 5.999949% Class B-6 100.00 0.00001013% 0.00 0.00000000% 0.~~403799~~407147% 4.000208% 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

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 5.~~123630~~120182% Weighted Average Net Coupon 4.~~821842~~818756% Weighted Average Pass-Through Rate 4.~~790929~~787605% Weighted Average Maturity(Stepdown Calculation ) ~~357~~356 Beginning Scheduled Collateral Loan Count 5,~~494~~446 Number Of Loans Paid In Full 4841 Ending Scheduled Collateral Loan Count 5,~~446~~405 Beginning Scheduled Collateral Balance ~~986~~977,~~842~~035,~~472~~213.0010 Ending Scheduled Collateral Balance ~~977~~968,~~035~~432,~~213~~511.1046 Ending Actual Collateral Balance at 31-~~Jul~~Aug-2004 ~~977~~968,~~462~~874,~~822~~457.4894 Monthly P &I Constant 4,~~790~~742,~~882~~957.9969 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 1312,~~295~~049,~~439~~328.6584 Scheduled Principal ~~577~~574,~~370~~125.1073 Unscheduled Principal 98,~~229~~028,~~889~~575.0491

Group Level Collateral Statement Group 1 2 3 Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 4.~~544951~~536848 5.~~289823~~286786 4.~~910127~~910730 Weighted Average Net Rate 4.~~280175~~272550 4.~~970753~~968079 4.~~667158~~667808 Weighted Average Maturity ~~357~~356 ~~357~~ 356 355 Beginning Loan Count ~~934~~923 3,~~941~~906 ~~619~~617 Loans Paid In Full 116 3534 21 Ending Loan Count ~~923~~917 3,~~906~~872 ~~617~~616 Beginning Scheduled Balance ~~166~~164,~~489~~591,~~669~~255.6985 ~~715~~707,~~024~~819,~~349~~475.0283 ~~105~~104,~~328~~624,~~453~~481.5342 Ending scheduled Balance ~~164~~163,~~591~~065,~~255~~233.8508 ~~707~~701,~~819~~113,~~475~~461.8307 104,~~624~~253,~~481~~817.4231 Record Date 0708/31/2004 0708/31/2004 0708/31/2004 Principal And Interest Constant ~~745~~736,~~715~~436.0458 3,~~504~~468,~~365~~868.3276 ~~540~~537,~~802~~652.6335 Scheduled Principal ~~115~~114,~~142~~165.1739 ~~352~~350,~~405~~460.3810 109,~~822~~500.5524 Unscheduled Principal 1,~~783~~411,~~271~~857.6738 6,~~852~~355,~~467~~554.8166 ~~594~~261,~~149~~163.5687 Scheduled Interest ~~630~~622,~~572~~271.8719 3,~~151~~118,~~959~~408.9466 ~~430~~428,~~980~~152.0811 Servicing Fees 36,~~735~~250.4894 ~~190~~187,~~118~~989.6620 21,~~326~~179.3058 Master Servicing Fees 0.00 0.00 0.00 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 9,~~210~~157.3162 13,~~352~~347.8372 2,~~859~~858.1333 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 ~~584~~576,~~627~~862.0863 2,~~948~~917,~~488~~071.4574 ~~406~~404,~~794~~114.6520 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 4.~~213790~~205783 4.~~948344~~945450 4.~~634584~~635025

Group Level Collateral Statement Group Total Collateral Description Mixed ARM Weighted Average Coupon Rate 5.~~123630~~120182 Weighted Average Net Rate 4.~~821842~~818756 Weighted Average Maturity ~~357~~356 Beginning Loan Count 5,~~494~~446 Loans Paid In Full 4841 Ending Loan Count 5,~~446~~405 Beginning Scheduled Balance ~~986~~977,~~842~~035,~~472~~213.2410 Ending scheduled Balance ~~977~~968,~~035~~432,~~213~~511.1046 Record Date 0708/31/2004 Principal And Interest Constant 4,~~790~~742,~~882~~957.9969 Scheduled Principal ~~577~~574,~~370~~125.1073 Unscheduled Principal 98,~~229~~028,~~889~~575.0491 Scheduled Interest 4,~~213~~168,~~512~~831.8996 Servicing Fees ~~248~~245,~~180~~419.4472 Master Servicing Fees 0.00 Trustee Fee 0.00 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 25,~~422~~363.2767 Pool Insurance Fee 0.00 Spread Fee 1 0.00 Spread Fee 2 0.00 Spread Fee 3 0.00 Net Interest 3,~~939~~898,~~910~~048.1857 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 4.~~790929~~787605

Miscellaneous Reporting Group 1 Average Loss Severity Percentage 0.000000% Senior Percentage 9089.~~000000~~891714% Senior Prepayment Percentage 100.000000% Subordinate Percentage 10.~~000000~~108286% Subordinate Prepayment Percentage 0.000000% Group 2 Average Loss Severity Percentage 0.000000% Senior Percentage 9089.~~000000~~903187% Senior Prepayment Percentage 100.000000% Subordinate Percentage 10.~~000000~~096813% Subordinate Prepayment Percentage 0.000000% Group 3 Average Loss Severity Percentage 0.000000% Senior Percentage 9089.~~000000~~943203% Senior Prepayment Percentage 100.000000% Subordinate Percentage 10.~~000000~~056797% Subordinate Prepayment Percentage 0.000000%

Filing Compare · STRUCTURED ASSET MORT INV II INC BEAR STEARNS ALT A TR 04 7