8-K 1 bsa03sd2_nov.txt NOVEMBER 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): November 26, 2004 BEAR STEARNS ASSET BACKED SECURITIES TRUST Series 2003-SD2 (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-11 54-2132830 Pooling and Servicing Agreement) (Commission 54-2132831 (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 November 26, 2004 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset Backed Certificates, Series 2003-SD2 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2003-SD2 Trust, relating to the November 26, 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 ASSET BACKED SECURITIES TRUST Asset Backed Certificates, Series 2003-SD2 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: 11/30/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2003-SD2 Trust, relating to the November 26, 2004 distribution. EX-99.1

Bear Stearns Asset Backed Securities ~~Asset~~Mortgage ~~Backed~~Pass-Through Certificates Record Date: 810/31/2004 Distribution Date: 911/2726/2004 BSA Series: 2003-SD2 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 I-A 07384YLH7 SEN 6.~~08397~~08310% 3128,~~449~~259,~~465~~119.2490 ~~159~~143,~~123~~252.2963 1,~~688~~847,~~404~~039.5971 II-A 07384YLJ3 SEN 5.~~06672~~05805% 6659,~~367~~368,~~203~~620.9540 ~~279~~250,~~649~~241.6026 32,~~870~~518,~~297~~910.6300 III-A 07384YLK0 SEN 4.~~75018~~80194% 1918,~~436~~745,~~596~~627.7588 7675,~~782~~012.8785 ~~219~~215,~~813~~728.6959 B-1 07384YLL8 SUB 5.~~27262~~27572% 7,~~789~~766,~~289~~927.8109 34,~~155~~146.2877 1119,~~223~~519.6741 B-2 07384YLM6 SUB 5.~~27262~~27572% 6,~~457~~438,~~003~~465.4164 28,~~313~~306.3328 916,~~303~~180.9680 B-3 07384YLN4 SUB 5.~~27262~~27572% 5,~~124~~109,~~421~~709.1819 22,~~470~~464.0949 712,~~383~~841.8344 B-4 07384YMH6 SUB 5.~~27262~~27572% 3,~~792~~781,~~134~~247.7873 16,~~628~~624.1400 59,~~464~~502.1382 B-5 07384YMJ2 SUB 5.~~27262~~27572% 2,~~562~~554,~~309~~952.2092 11,~~235~~232.4868 36,~~692~~420.0697 B-6 07384YMK9 SUB 5.~~27262~~27572% 6,~~311~~276,~~854~~368.7608 27,~~676~~593.8763 915,~~094~~773.8242 R-I 07384YLP9 RES 0.00000% 0.00 0.00 0.00 R-II 07384YLQ7 RES 0.00000% 0.00 0.01 0.00 Totals ~~149~~138,~~290~~301,~~279~~038.0883 ~~656~~608,~~034~~874.9660 54,~~824~~661,~~678~~917.3816

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A 0.00 2926,~~761~~412,~~060~~080.6418 1,~~847~~990,~~527~~292.8834 0.00 II-A 0.00 6256,~~496~~849,~~906~~710.3140 42,~~149~~769,~~947~~151.2326 0.00 III-A 0.00 1918,~~216~~529,~~783~~899.0529 ~~296~~290,~~596~~741.5644 0.00 B-1 0.00 7,~~778~~747,~~066~~407.1468 4553,~~378~~666.9518 0.00 B-2 0.00 6,~~447~~422,~~699~~284.4584 3744,~~617~~487.2908 0.00 B-3 0.00 5,~~117~~096,~~037~~867.3475 2935,~~853~~305.9293 0.00 B-4 0.00 3,~~786~~771,~~670~~744.6691 2226,~~092~~126.2782 0.00 B-5 0.00 2,~~558~~548,~~617~~531.1496 1417,~~927~~653.5465 0.00 B-6 1721,~~390~~232.5278 6,~~285~~239,~~369~~361.4288 3643,~~771~~367.6905 6081,~~045~~278.8260 R-I 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.01 0.00 Totals 1721,~~390~~232.5278 ~~143~~133,~~448~~617,~~210~~888.1589 65,~~480~~270,~~713~~791.3476 6081,~~045~~278.8260 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 44,326,300.00 3128,~~449~~259,~~465~~119.2490 4541,~~479~~690.6556 1,~~642~~805,~~924~~349.9415 0.00 0.00 II-A 102,857,300.00 6659,~~367~~368,~~203~~620.9540 7263,~~709~~700.8042 32,~~797~~455,~~587~~209.8358 0.00 0.00 III-A 28,146,100.00 1918,~~436~~745,~~596~~627.7588 5250,~~779~~354.2464 ~~167~~165,~~034~~373.4595 0.00 0.00 B-1 7,898,700.00 7,~~789~~766,~~289~~927.8109 11,~~223~~105.6734 08,414.0007 0.00 0.00 B-2 6,547,700.00 6,~~457~~438,~~003~~465.4164 9,~~303~~205.9687 06,974.0092 0.00 0.00 B-3 5,196,400.00 5,~~124~~109,~~421~~709.1819 7,~~383~~305.8399 05,535.0045 0.00 0.00 B-4 3,845,400.00 3,~~792~~781,~~134~~247.7873 5,~~464~~406.1352 04,096.0030 0.00 0.00 B-5 2,598,300.00 2,~~562~~554,~~309~~952.2092 3,~~692~~653.0613 02,767.0083 0.00 0.00 B-6 6,443,767.00 6,~~311~~276,~~854~~368.7608 98,~~094~~974.8210 06,799.0032 0.00 1721,~~390~~232.5278 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 ~~149~~138,~~290~~301,~~279~~038.0883 ~~217~~201,~~131~~396.1657 54,~~607~~460,~~547~~520.2257 0.00 1721,~~390~~232.5278 (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,~~688~~847,~~404~~039.5971 2926,~~761~~412,~~060~~080.6418 0.~~67140864~~59585574 1,~~688~~847,~~404~~039.5971 II-A 32,~~870~~518,~~297~~910.6300 6256,~~496~~849,~~906~~710.3140 0.~~60760788~~55270467 32,~~870~~518,~~297~~910.6300 III-A ~~219~~215,~~813~~728.6959 1918,~~216~~529,~~783~~899.0529 0.~~68275118~~65834696 ~~219~~215,~~813~~728.6959 B-1 1119,~~223~~519.6741 7,~~778~~747,~~066~~407.1468 0.~~98472738~~98084592 1119,~~223~~519.6741 B-2 916,~~303~~180.9680 6,~~447~~422,~~699~~284.4584 0.~~98472738~~98084592 916,~~303~~180.9680 B-3 712,~~383~~841.8344 5,~~117~~096,~~037~~867.3475 0.~~98472738~~98084592 712,~~383~~841.8344 B-4 59,~~464~~502.1382 3,~~786~~771,~~670~~744.6691 0.~~98472738~~98084592 59,~~464~~502.1382 B-5 36,~~692~~420.0697 2,~~558~~548,~~617~~531.1496 0.~~98472738~~98084592 36,~~692~~420.0697 B-6 2637,~~485~~006.3420 6,~~285~~239,~~369~~361.4288 0.~~97541848~~96827863 915,~~094~~773.8242 R-I 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 Totals 54,~~842~~683,~~068~~149.9094 ~~143~~133,~~448~~617,~~210~~888.1589 0.~~69011914~~64282616 54,~~824~~661,~~678~~917.3816

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A 44,326,300.00 ~~709~~637.~~49899360~~52489831 10.~~02601954~~94053778 3740.~~06433742~~72862274 0.00000000 II-A 102,857,300.00 ~~645~~577.~~23571929~~19403873 0.~~70689975~~61930869 3623.~~92093638~~87005667 0.00000000 III-A 28,146,100.00 ~~690~~666.~~56092141~~01155684 1.~~87518839~~78904502 5.~~93455044~~87555469 0.00000000 B-1 7,898,700.00 ~~986~~983.~~14832947~~31713953 1.~~42095155~~40597060 01.~~00000000~~06524745 0.00000000 B-2 6,547,700.00 ~~986~~983.~~14832842~~31714037 1.~~42095087~~40597004 01.~~00000000~~06524734 0.00000000 B-3 5,196,400.00 ~~986~~983.~~14832961~~31714071 1.~~42095104~~40597144 01.~~00000000~~06524709 0.00000000 B-4 3,845,400.00 ~~986~~983.~~14832787~~31713996 1.~~42095231~~40597077 01.~~00000000~~06524679 0.00000000 B-5 2,598,300.00 ~~986~~983.~~14832775~~31713813 1.~~42095216~~40596929 01.~~00000000~~06524651 0.00000000 B-6 6,443,767.00 ~~979~~974.~~52870735~~02157465 1.~~41141354~~39267916 01.~~00000000~~05517782 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

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution I-A 0.00000000 3841.~~09035697~~66916052 ~~671~~595.~~40863641~~85573756 0.~~67140864~~59585574 3841.~~09035697~~66916052 II-A 0.00000000 3724.~~62783614~~48936536 ~~607~~552.~~60788306~~70467337 0.~~60760788~~55270467 3724.~~62783614~~48936536 III-A 0.00000000 7.~~80973883~~66459971 ~~682~~658.~~75118222~~34695713 0.~~68275118~~65834696 7.~~80973883~~66459971 B-1 0.00000000 12.~~42095155~~47121805 ~~984~~980.~~72737792~~84592148 0.~~98472738~~98084592 12.~~42095155~~47121805 B-2 0.00000000 12.~~42095087~~47121890 ~~984~~980.~~72737755~~84592147 0.~~98472738~~98084592 12.~~42095087~~47121890 B-3 0.00000000 12.~~42095104~~47121854 ~~984~~980.~~72737665~~84592218 0.~~98472738~~98084592 12.~~42095104~~47121854 B-4 0.00000000 12.~~42095231~~47121756 ~~984~~980.~~72737817~~84592240 0.~~98472738~~98084592 12.~~42095231~~47121756 B-5 0.00000000 12.~~42095216~~47121964 ~~984~~980.~~72737559~~84592233 0.~~98472738~~98084592 12.~~42095216~~47121964 B-6 23.~~69881267~~29508811 45.~~11022621~~74294508 ~~975~~968.~~41848115~~27862957 0.~~97541848~~96827863 12.~~41141354~~44785698 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 I-A 44,326,300.00 6.~~08397~~08310% 3128,~~449~~259,~~465~~119.2490 ~~159~~143,~~447~~252.9063 0.00 0.00 II-A 102,857,300.00 5.~~06672~~05805% 6659,~~367~~368,~~203~~620.9540 ~~280~~250,~~220~~241.0926 0.00 0.00 III-A 28,146,100.00 4.~~75018~~80194% 1918,~~436~~745,~~596~~627.7588 7675,~~939~~012.5185 0.00 0.00 B-1 7,898,700.00 5.~~27262~~27572% 7,~~789~~766,~~289~~927.8109 34,~~224~~146.9677 0.00 0.00 B-2 6,547,700.00 5.~~27262~~27572% 6,~~457~~438,~~003~~465.4164 28,~~371~~306.0928 0.00 0.00 B-3 5,196,400.00 5.~~27262~~27572% 5,~~124~~109,~~421~~709.1819 22,~~515~~464.9349 0.00 0.00 B-4 3,845,400.00 5.~~27262~~27572% 3,~~792~~781,~~134~~247.7873 16,~~662~~624.0600 0.00 0.00 B-5 2,598,300.00 5.~~27262~~27572% 2,~~562~~554,~~309~~952.2092 11,~~258~~232.4068 0.00 0.00 B-6 6,443,767.00 5.~~27262~~27572% 6,~~311~~276,~~854~~368.7608 27,~~733~~593.3363 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 ~~657~~608,~~373~~874.2759 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 ~~324~~0.6100 0.00 ~~159~~143,~~123~~252.2963 0.00 2926,~~761~~412,~~060~~080.6418 II-A ~~570~~0.4800 0.00 ~~279~~250,~~649~~241.6026 0.00 6256,~~496~~849,~~906~~710.3140 III-A ~~156~~0.6400 0.00 7675,~~782~~012.8785 0.00 1918,~~216~~529,~~783~~899.0529 B-1 690.6800 0.00 34,~~155~~146.2877 0.00 7,~~778~~747,~~066~~407.1468 B-2 570.7600 0.00 28,~~313~~306.3328 0.00 6,~~447~~422,~~699~~284.4584 B-3 450.8400 0.00 22,~~470~~464.0949 0.00 5,~~117~~096,~~037~~867.3475 B-4 330.9200 0.00 16,~~628~~624.1400 0.00 3,~~786~~771,~~670~~744.6691 B-5 220.9200 0.00 11,~~235~~232.4868 0.00 2,~~558~~548,~~617~~531.1496 B-6 560.4600 0.00 27,~~676~~593.8763 0.00 6,~~285~~239,~~369~~361.4288 R-I 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.01 0.00 0.00 Totals ~~1,338~~0.3100 0.00 ~~656~~608,~~034~~874.9660 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 44,326,300.00 6.~~08397~~08310% ~~709~~637.~~49899360~~52489831 3.~~59713985~~23177504 0.00000000 0.00000000 II-A 102,857,300.00 5.~~06672~~05805% ~~645~~577.~~23571929~~19403873 2.~~72435782~~43289742 0.00000000 0.00000000 III-A 28,146,100.00 4.~~75018~~80194% ~~690~~666.~~56092141~~01155684 2.~~73357623~~66512412 0.00000000 0.00000000 B-1 7,898,700.00 5.~~27262~~27572% ~~986~~983.~~14832947~~31713953 4.~~33298644~~32308734 0.00000000 0.00000000 B-2 6,547,700.00 5.~~27262~~27572% ~~986~~983.~~14832842~~31714037 4.~~33298563~~32308750 0.00000000 0.00000000 B-3 5,196,400.00 5.~~27262~~27572% ~~986~~983.~~14832961~~31714071 4.~~33298630~~32308714 0.00000000 0.00000000 B-4 3,845,400.00 5.~~27262~~27572% ~~986~~983.~~14832787~~31713996 4.~~33298487~~32308733 0.00000000 0.00000000 B-5 2,598,300.00 5.~~27262~~27572% ~~986~~983.~~14832775~~31713813 4.~~33298695~~32308817 0.00000000 0.00000000 B-6 6,443,767.00 5.~~27262~~27572% ~~979~~974.~~52870735~~02157465 4.~~30390019~~28222032 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

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.~~00732319~~00000000 0.00000000 3.~~58981666~~23177504 0.00000000 ~~671~~595.~~40863641~~85573756 II-A 0.~~00554632~~00000000 0.00000000 2.~~71881140~~43289742 0.00000000 ~~607~~552.~~60788306~~70467337 III-A 0.~~00556525~~00000000 0.00000000 2.~~72801099~~66512412 0.00000000 ~~682~~658.~~75118222~~34695713 B-1 0.~~00882170~~00000000 0.00000000 4.~~32416474~~32308734 0.00000000 ~~984~~980.~~72737792~~84592148 B-2 0.~~00882142~~00000000 0.00000000 4.~~32416421~~32308750 0.00000000 ~~984~~980.~~72737755~~84592147 B-3 0.~~00882149~~00000000 0.00000000 4.~~32416481~~32308714 0.00000000 ~~984~~980.~~72737665~~84592218 B-4 0.~~00882093~~00000000 0.00000000 4.~~32416394~~32308733 0.00000000 ~~984~~980.~~72737817~~84592240 B-5 0.~~00882115~~00000000 0.00000000 4.~~32416580~~32308817 0.00000000 ~~984~~980.~~72737559~~84592233 B-6 0.~~00876196~~00000000 0.00000000 4.~~29513823~~28222032 0.00000000 ~~975~~968.~~41848115~~27862957 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.20000000 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 65,~~548~~339,~~582~~736.3220 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~116~~107,~~079~~383.9549 Realized Loss (Gains, Subsequent Expenses & Recoveries) (1721,~~390~~232.5278) Prepayment Penalties 0.00 Total Deposits 65,~~647~~425,~~271~~886.7591 Withdrawals Reimbursement for Servicer Advances ~~121~~113,~~892~~415.3704 Payment of Service Fee 4441,~~666~~680.0311 Payment of Interest and Principal 65,~~480~~270,~~713~~791.3576 Total Withdrawals (Pool Distribution Amount) 65,~~647~~425,~~271~~886.7591 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall ~~1,338~~0.3100 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall ~~1,338~~0.3100

SERVICING FEES Gross Servicing Fee 4340,~~421~~527.9558 Master Servicing Fee 1,~~244~~152.0853 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 4441,~~666~~680.0311

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 1314 1 0 1415 2,~~445~~460,~~832~~403.6840 92,~~543~~440.5232 0.00 2,~~538~~552,~~376~~843.2072 30 Days 2629 1 21 0 2931 3,~~228~~504,~~115~~044.9792 4967,~~231~~979.4590 ~~132~~40,~~419~~581.6683 0.00 3,~~409~~612,~~767~~606.0865 60 Days 226 2 32 0 2710 2626,~~788,558~~995.8311 ~~378~~277,~~635~~268.1860 ~~477~~549,~~502~~121.4397 0.00 31,~~644~~453,~~696~~385.4468 90 Days 74 2 47 0 13 ~~908~~1,~~792~~023,138.8604 ~~296~~297,~~885~~617.6119 ~~850~~955,~~788~~518.0677 0.00 2,~~056~~276,~~466~~274.5300 120 Days 3 2 013 4 0 618 ~~834~~615,~~848~~169.3507 0340,694.0003 ~~453~~1,~~574~~294,673.7108 0.00 12,~~288~~250,~~423~~536.0618 150 Days 42 12 5 02 1011 ~~437~~202,~~401~~097.9176 83215,~~700~~120.1535 ~~755~~650,~~050~~718.9364 0197,302.0059 1,~~276~~265,~~152~~239.9934 180+ Days 3 911 1712 89 3735 ~~216~~246,~~511~~147.7097 ~~894~~977,~~987~~590.3654 32,~~217~~668,~~880~~148.7306 ~~648~~843,~~204~~963.1773 4,~~977~~735,~~583~~850.9630 Totals 6447 2834 3641 811 ~~136~~133 86,~~414~~217,~~229~~592.6287 4,~~149~~636,~~272~~674.4301 56,~~979~~251,~~760~~202.0467 ~~648~~1,~~204~~041,266.1732 1918,~~191~~146,~~466~~735.2687 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.~~538462~~767677% 0.~~118343~~126263% 0.000000% 1.~~656805~~893939% 1.~~701670~~837647% 0.~~064386~~069043% 0.000000% 1.~~766056~~906689% 30 Days 3.~~076923~~661616% 0.~~118343~~126263% 0.~~236686~~126263% 0.000000% 3.~~431953~~914141% 2.~~245937~~617130% 0.~~034252~~050773% 0.~~092130~~030310% 0.000000% 2.~~372320~~698214% 60 Days 20.~~603550~~757576% 0.~~236686~~252525% 0.~~355030~~252525% 0.000000% 31.~~195266~~262626% 10.~~940119~~468295% 0.~~263433~~207089% 0.~~332219~~410133% 0.000000% 21.~~535770~~085517% 90 Days 0.~~828402~~505051% 0.~~236686~~252525% 0.~~473373~~883838% 0.000000% 1.~~538462~~641414% 0.~~632286~~764170% 0.~~206556~~222287% 0.~~591929~~713666% 0.000000% 1.~~430771~~700122% 120 Days 0.~~236686~~378788% 0.~~000000~~252525% 01.~~473373~~641414% 0.000000% 02.~~710059~~272727% 0.~~580839~~459463% 0.~~000000~~254460% 0.~~315571~~966976% 0.000000% 01.~~896411~~680899% 150 Days 0.~~473373~~252525% 0.~~118343~~252525% 0.~~591716~~631313% 0.~~000000~~252525% 1.~~183432~~388889% 0.~~304319~~150944% 0.~~058234~~160671% 0.~~525321~~486014% 0.~~000000~~147363% 0.~~887874~~944992% 180+ Days 0.~~355030~~378788% 1.~~065089~~388889% 21.~~011834~~515152% 01.~~946746~~136364% 4.~~378698~~419192% 0.~~150636~~183845% 0.~~622681~~730151% 21.~~238816~~992809% 0.~~450983~~630347% 3.~~463116~~537151% Totals 75.~~573964~~934343% 34.~~313609~~292929% 45.~~260355~~176768% 01.~~946746~~388889% 16.~~094675~~792929% 54.~~854137~~643847% 23.~~886825~~463078% 4.~~160373~~668950% 0.~~450983~~777710% 13.~~352317~~553585%

Delinquency Status By Groups DELINQUENT 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 68 1 0 79 1,~~266~~380,~~936~~019.6656 92,~~543~~440.5232 0.00 1,~~359~~472,~~480~~459.1888 30 Days 1418 0 10 0 1518 2,~~203~~385,~~651~~830.6913 0.00 ~~91,564~~0.3800 0.00 2,~~295~~385,~~216~~830.0713 60 Days 134 21 2 0 177 1256,~~789,362~~236.5265 ~~378~~228,~~635~~164.1884 ~~273~~549,~~328~~121.5097 0.00 21,~~441~~033,~~326~~523.2046 90 Days 4 1 10 5 0 6 ~~569~~735,~~777~~104.7175 ~~102~~0.00 640,~~478~~662.4095 ~~100~~0.00 1,~~315~~375,767.70 120 Days 3 2 7 0 12 615,169.07 340,694.03 723,662.38 0.00 ~~772~~1,~~571~~679,525.1848 150 Days 1 2 2 2 7 120,359.21 215,120.35 163,153.34 197,302.59 695,935.49 180 Days 3 7 7 5 22 246,147.97 678,210.26 625,699.56 456,805.22 2,006,863.01 Totals 30 20 24 7 81 4,358,847.78 2,842,209.04 2,794,740.52 654,107.81 10,649,905.15 0-29 Days 3.375527% 0.421941% 0.000000% 3.797468% 3.998939% 0.267868% 0.000000% 4.266808% 30 Days 7.594937% 0.000000% 0.000000% 0.000000% 7.594937% 6.913518% 0.000000% 0.000000% 0.000000% 6.913518% 60 Days 1.687764% 0.421941% 0.843882% 0.000000% 2.953586% 0.742507% 0.661163% 1.591213% 0.000000% 2.994883% 90 Days 0.421941% 0.000000% 2.109705% 0.000000% 2.531646% 2.130143% 0.000000% 1.856475% 0.000000% 3.986619% 120 Days 1.265823% 0.843882% 2.953586% 0.000000% 5.063291% ~~834~~1.782601% 0.987243% 2.096986% 0.000000% 4.866830% 150 Days 0.421941% 0.843882% 0.843882% 0.843882% 2.953586% 0.348770% 0.623363% 0.472776% 0.571732% 2.016641% 180 Days 1.265823% 2.953586% 2.953586% 2.109705% 9.282700% 0.713273% 1.965278% 1.813115% 1.323703% 5.815369% Totals 12.658228% 8.438819% 10.126582% 2.953586% 34.177215% 12.630812% 8.235986% 8.098434% 1.895435% 30.860668% 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 5 0 0 5 946,~~848~~701.3506 0.00 ~~329~~0.00 946,~~275~~701.5406 30 Days 5 0 0 0 5 806,937.44 0.00 10.00 0.00 806,~~164,123~~937.8944 ~~150~~60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 2 1 32 0 65 ~~233~~229,~~782~~589.9715 83193,~~700~~916.1500 ~~402~~314,~~922~~855.0582 0.00 ~~720~~738,~~405~~360.1797 ~~180~~120 Days 0 0 3 70 83 40.00 220.00 ~~216~~307,~~511~~221.7031 ~~725~~0.00 307,~~214~~221.7831 ~~649~~150 Days 1 0 0 0 1 81,~~920~~738.7555 ~~301~~0.00 0.00 0.00 81,~~069~~738.55 180 Days 0 2 3 4 9 0.00 135,429.93 1,~~892~~976,~~716~~643.2337 387,158.51 2,499,231.81 Totals 388 178 198 4 7828 51,~~847~~118,~~934~~265.9414 21,~~556~~276,~~965~~046.1799 12,~~939~~598,~~869~~720.8150 ~~301~~387,~~069~~158.0051 105,~~645~~380,~~838~~191.9214 0-29 Days 21.~~352941~~381215% 0.~~392157~~000000% 0.000000% 21.~~745098~~381215% 31.~~340680~~250007% 0.~~244020~~000000% 0.000000% 31.~~584700~~250007% 30 Days 51.~~490196~~381215% 0.000000% 0.~~392157~~000000% 0.000000% 51.~~882353~~381215% 51.~~810626~~065466% 0.000000% 0.~~241438~~000000% 0.000000% 61.~~052064~~065466% 60 Days 50.~~098039~~000000% 0.~~784314~~000000% 0.~~784314~~000000% 0.000000% 60.~~666667~~000000% 40.~~718221~~000000% 0.~~998392~~000000% 0.~~720717~~000000% 0.000000% 60.~~437330~~000000% 90 Days 10.~~568627~~552486% 0.~~392157~~276243% 0.~~392157~~552486% 0.000000% 21.~~352941~~381215% 10.~~502399~~303145% 0.~~270217~~256043% 0.~~264512~~415730% 0.000000% 20.~~037129~~974919% 120 Days 0.~~784314~~000000% 0.000000% 10.~~176471~~828729% 0.000000% 0.828729% 0.000000% 0.000000% 0.405650% 0.000000% 0.405650% 150 Days 0.276243% 0.000000% 0.000000% 0.000000% 0.276243% 0.107926% 0.000000% 0.000000% 0.000000% 0.107926% 180 Days 0.000000% 0.552486% 0.828729% 1.~~960784~~104972% 2.~~201342~~486188% 0.000000% 0.~~868239~~178819% 2.609925% 0.~~000000~~511197% 3.~~069581~~299941% Totals 2.209945% 2.209945% 2.209945% 1.104972% 7.734807% 1.476537% 1.684870% 3.431304% 0.511197% 7.103909% 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 1 0 0 1 133,682.78 0.00 0.00 133,682.78 30 Days 6 1 1 0 8 311,277.35 67,979.90 40,581.83 0.00 419,839.08 60 Days 2 1 0 0 3 370,758.46 49,103.76 0.00 0.00 419,862.22 90 Days 1 1 0 0 2 58,444.14 103,701.19 0.00 0.00 162,145.33 120 Days 0 0 3 0 3 0.00 0.00 263,789.39 0.00 263,789.39 150 Days 0 0 3 0 3 0.~~784314~~00 0.00 487,565.30 0.00 487,565.30 180 Days 0 2 2 0 4 0.00 163,950.35 65,805.13 0.00 229,755.48 Totals 9 6 9 0 24 740,479.95 518,417.98 857,741.65 0.00 2,116,639.58 0-29 Days 0.518135% 0.~~392157~~000000% 0.000000% 0.518135% 0.565409% 0.000000% 0.000000% 0.565409% 30 Days 3.108808% 0.518135% 0.518135% 0.000000% 4.145078% 1.~~176471~~316543% 0.287520% 0.171640% 0.000000% 21.~~352941~~775703% 60 Days 1.036269% 0.~~616443~~518135% 0.~~220702~~000000% 0.000000% 1.~~062432~~554404% 1.568117% 0.207684% 0.000000% 0.000000% 1.~~899576~~775801% ~~180~~90 Days 0.518135% 0.518135% 0.000000% 0.000000% 1.~~176471~~036269% 20.~~745098~~247189% 30.~~137255~~438603% 0.000000% 0.000000% 0.685791% 120 Days 0.000000% 0.000000% 1.~~568627~~554404% 80.~~627451~~000000% 1.554404% 0.~~570902~~000000% 0.000000% 1.~~912258~~115693% 0.000000% 1.~~713722~~115693% 150 Days 0.~~793864~~000000% 40.~~990746~~000000% ~~Totals~~1.554404% 140.~~901961~~000000% 61.~~666667~~554404% 70.~~450980~~000000% 0.000000% 2.062150% 0.000000% 2.062150% 180 Days 0.000000% 1.~~568627~~036269% 301.~~588235~~036269% 150.~~419933~~000000% 62.~~742249~~072539% 50.~~115081~~000000% 0.~~793864~~693425% 280.~~071126~~278322% 0.000000% 0.971747% Totals 4.663212% 3.108808% 4.663212% 0.000000% 12.435233% 3.131849% 2.192641% 3.627805% 0.000000% 8.952295%

~~DELINQUENT~~OTHER ~~BANKRUPTCY~~INFORMATION ~~FORECLOSURE~~Current ~~REO~~Period ~~Total~~Class ~~Group~~A 2Insufficient NoFunds ~~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 5 934,228~~.~~19 0.~~00 ~~0.00~~Principal ~~934,228.19~~Balance 30of ~~Days~~Contaminated 3Properties 0 ~~0 0 3 409,400~~.~~88 0.~~00 ~~0.00~~Periodic ~~0.00~~Advance ~~409~~107,~~400~~383.88 60 Days 5 0 1 0 6 502,089.25 0.00 204,173.93 0.00 706,263.18 90 Days 2 1 3 0 6 201,484.32 194,407.21 750,472.99 0.00 1,146,364.52 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 1 0 0 0 1 98,384.75 0.00 0.00 0.00 98,384.75 180 Days 0 2 5 3 10 0.00 169,772.58 2,338,204.50 286,676.30 2,794,653.38 Totals 11 8 9 3 31 1,211,359.20 1,298,407.98 3,292,851.42 286,676.30 6,089,294.90 0-29 Days 1.282051% 0.000000% 0.000000% 1.282051% 1.147014% 0.000000% 0.000000% 1.147014% 30 Days 0.769231% 0.000000% 0.000000% 0.000000% 0.769231% 0.502649% 0.000000% 0.000000% 0.000000% 0.502649% 60 Days 1.282051% 0.000000% 0.256410% 0.000000% 1.538462% 0.616449% 0.000000% 0.250678% 0.000000% 0.867126% 90 Days 0.512821% 0.256410% 0.769231% 0.000000% 1.538462% 0.247376% 0.238687% 0.921406% 0.000000% 1.407468% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.256410% 0.000000% 0.000000% 0.000000% 0.256410% 0.120794% 0.000000% 0.000000% 0.000000% 0.120794% 180 Days 0.000000% 0.512821% 1.282051% 0.769231% 2.564103% 0.000000% 0.208441% 2.870770% 0.351972% 3.431183% Totals 2.820513% 2.051282% 2.307692% 0.769231% 7.948718% 1.487267% 1.594142% 4.042854% 0.351972% 7.476234%49

~~DELINQUENT~~SUBORDINATION ~~BANKRUPTCY~~LEVEL/CLASS ~~FORECLOSURE~~PERCENTAGE ~~REO~~AND ~~Total~~PREPAYMENT ~~Group~~PERCENTAGE 3Current NoOriginal of$ ~~Loans~~Original No% ofCurrent ~~Loans~~$ NoCurrent of% ~~Loans~~Class% NoPrepayment% ofClass ~~Loans~~A ~~No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 2 0 0 2 244~~163,~~667~~533,767.~~83 0.~~00 078.0067493230% ~~244~~107,~~667.83 30 Days 9 1 1 0 11 615~~205,~~063~~808.4071 ~~49,231~~80.4523312482% ~~40,855~~19.28766874% 0.00000000% ~~705,150.13~~Class 602A ~~Days 4 0 0 0 4 497~~60,~~107~~676,467.~~06 0.~~00 029.0019101676% ~~0.00 497~~50,~~107.06 90 Days 1 0 0 0 1 137~~356,~~530~~098.8331 037.0068664375% 042.00546481% 0178.00625510% ~~137,530.83~~Class ~~120~~3A ~~Days 0 0 1 0 1 0.00 0.00 124~~32,~~299~~530,367.~~17 0.~~00 ~~124,299~~15.1765012822% ~~150 Days 1 0 2 0 3 105~~31,~~234.19 0.00 352~~826,~~128~~199.8802 023.0081881569% ~~457,363~~13.07867828% ~~180 Days 0 0 4 1 5 0~~58.00222156% ~~0.00~~Class ~~229,755.48 60,458.87 290,214.35 Totals 15 3 8~~ B-1 ~~27 1~~24,~~354~~631,~~935~~667.4800 ~~293,899~~11.2885011982% ~~747~~24,~~038.81 60~~078,~~458~~791.8734 ~~2,456,332~~18.~~44 0-29 Days 1.000000~~02063428% 05.~~000000~~798181% 024.~~000000~~342862% ~~1.000000%~~Class 1B-2 18,083,967.~~004460%~~00 08.~~000000~~70006792% 017,656,506.~~000000%~~50 113.~~004460~~21417848% ~~30 Days~~ 4.~~500000~~806456% 020.~~500000~~179239% ~~0.500000%~~Class ~~0.000000%~~B-3 512,887,567.~~500000%~~00 26.~~525083~~20011683% 012,559,638.~~202115%~~75 09.~~167727~~39966850% 03.~~000000~~814510% 216.~~894925~~014692% 60Class ~~Days~~B-4 29,042,167.~~000000%~~00 04.~~000000~~35012224% 08,787,893.~~000000%~~84 06.~~000000~~57688414% 2.~~000000~~822784% 211.~~040825~~851069% ~~0.000000%~~Class ~~0.000000%~~B-5 06,443,867.~~000000%~~00 23.~~040825~~10009859% ~~90 Days 0~~6,239,361.~~500000%~~88 04.~~000000~~66955575% 01.~~000000~~907328% 08.~~000000~~007654% ~~0.500000%~~Class ~~0.564619%~~B-6 0100.~~000000%~~00 0.~~000000~~00004811% 0.~~000000%~~00 0.~~564619~~00000000% ~~120 Days 0~~4.~~000000~~669556% 019.~~000000~~604483% ~~0.500000%~~Class ~~0.000000%~~R-I 050.~~500000%~~00 0.~~000000~~00002405% 0.~~000000%~~00 0.~~510298~~00000000% 0.000000% 0.~~510298% 150 Days 0.500000% 0.~~000000% ~~1.000000%~~Class ~~0.000000%~~R-II ~~1.500000%~~ 0.~~432029%~~00 0.~~000000~~00000000% ~~1.445631%~~ 0.~~000000%~~00 ~~1.877660% 180 Days~~ 0.~~000000~~00000000% 0.000000% ~~2.000000%~~ 0.~~500000% 2.500000% 0.~~000000% ~~0.000000%~~Please ~~0.943239%~~Refer ~~0.248208%~~to ~~1.191447%~~the ~~Totals~~Prospectus ~~7.500000%~~Supplement ~~1.500000%~~for ~~4.000000%~~a ~~0.500000%~~Full ~~13.500000%~~Description ~~5.562556%~~of ~~1.206575%~~Loss ~~3.066895% 0.248208% 10.084235%~~Exposure

~~OTHER~~COLLATERAL ~~INFORMATION~~STATEMENT ~~Current~~Collateral ~~Period~~Description ~~Class~~Mixed AARM ~~Insufficient~~Weighted ~~Funds~~Average 0Gross Coupon 5.00644684% ~~Principal~~Weighted Average Net Coupon 5.293037% Weighted Average Pass-Through Rate 5.283037% Weighted Average Maturity(Stepdown Calculation ) 318 Beginning Scheduled Collateral Loan Count 818 Number Of Loans Paid In Full 26 Ending Scheduled Collateral Loan Count 792 Beginning Scheduled Collateral Balance of138,301,040.24 ~~Contaminated~~Ending ~~Properties~~Scheduled Collateral Balance 133,617,890.30 Ending Actual Collateral Balance at 31-Oct-2004 133,888,827.77 Monthly P &I Constant 851,951.25 Special Servicing Fee 0.00 ~~Periodic~~Prepayment ~~Advance~~Penalties ~~116~~0.00 Realized Loss Amount 21,~~079~~232.9578 Cumulative Realized Loss 81,278.60 Class A Optimal Amount 5,050,185.04 Ending Scheduled Balance for Premium Loans 133,617,890.30 Scheduled Principal 201,396.58 Unscheduled Principal 4,481,753.36

~~SUBORDINATION~~Miscellaneous ~~LEVEL/CLASS~~Reporting ~~PERCENTAGE~~Senior ~~AND~~Percentage ~~PREPAYMENT PERCENTAGE Current Original $ Original~~ 76.914366% ~~Current~~Senior $Percentage ~~Current~~Group %1 ~~Class% Prepayment% Class A 163,533,767~~77.~~00 78.67493230~~843828% ~~113,687,149.51~~Senior ~~79.25309648%~~Percentage ~~20.746903%~~Group ~~0.000000%~~2 ~~Class 2A 60,676,467~~75.~~00 29.19101676~~922450% ~~51,190,243.20~~Senior ~~35.68552207%~~Percentage ~~43.567574%~~Group ~~195.464945%~~3 ~~Class 3A 32,530,367~~78.~~00 15.65012822~~755473% ~~31,973,460.15~~Senior ~~22.28920096%~~Prepay ~~13.396321%~~Percentage ~~60.102294%~~Group ~~Class B-~~1 ~~24,631,667~~100.~~00 11.85011982~~000000% ~~24,195,394.01~~Senior ~~16.86698896%~~Prepay ~~5.422212%~~Percentage ~~24.326632%~~Group ~~Class B-~~2 ~~18,083,967~~100.~~00 8.70006792~~000000% ~~17,747,694.56~~Senior ~~12.37219646%~~Prepay ~~4.494792%~~Percentage ~~20.165786%~~Group ~~Class B-~~3 ~~12,887,567~~100.~~00 6.20011683~~000000% ~~12,630,657.22~~Subordinate ~~8.80502941%~~Percentage 323.~~567167~~085634% ~~16.004015%~~Subordinate ~~Class~~Percentage ~~B-4~~Group ~~9,042,167.00~~1 422.~~35012224~~156172% ~~8,843,986.56~~Subordinate ~~6.16528186%~~Percentage Group 2~~.639748%~~ 1124.~~843168~~077550% ~~Class~~Subordinate ~~B-5~~Percentage ~~6,443,867.00~~Group 3 21.~~10009859~~244527% ~~6,285,369.42~~Subordinate ~~4.38162968%~~Prepay ~~1.783652%~~Percentage 80.~~002315~~000000% ~~Class~~Subordinate ~~B-6~~Prepay ~~100.00~~Percent ~~0.00004811%~~Group1 0.~~00 0.00000000~~000000% ~~4.381630%~~Subordinate ~~19.658083%~~Prepay ~~Class~~Percent ~~R-I~~Group ~~50.00~~2 0.~~00002405% 0.00 0.00000000% 0.~~000000% ~~0.000000%~~Subordinate ~~Class~~Prepay ~~R-II~~Percent ~~0.00~~Group ~~0.00000000%~~3 0.~~00 0.00000000% 0.~~000000% ~~0.000000%~~Subordination ~~Please~~Doubling ~~Refer~~Test topassed? ~~the~~NO ~~Prospectus~~Delinquency ~~Supplement~~Test ~~for~~passed? aYES ~~Full~~Realized ~~Description~~Loss ofTest ~~Loss~~passed? ~~Exposure~~YES

~~COLLATERAL~~Group ~~STATEMENT~~Level Collateral Statement Group Group 1 Group 2 Group 3 Collateral Description Mixed ARM ~~Weighted~~Mixed ~~Average~~ARM ~~Gross~~Mixed ~~Coupon~~ARM ~~5.652293%~~ Weighted Average ~~Net~~ Coupon Rate 6.484547 5.~~303266%~~366487 5.277703 Weighted Average ~~Pass-Through~~Net Rate 6.093103 5.~~293266%~~068051 4.811941 Weighted Average Maturity~~(Stepdown~~ ~~Calculation~~316 )338 ~~320~~246 Beginning ~~Scheduled Collateral~~ Loan Count ~~877~~245 ~~Number~~377 Of196 Loans Paid In Full 328 ~~Ending~~15 ~~Scheduled~~3 ~~Collateral~~Ending Loan Count ~~845~~237 362 193 Beginning Scheduled ~~Collateral~~ Balance ~~149~~36,~~290~~302,~~280~~325.4845 ~~Ending~~78,196,397.25 ~~Scheduled~~23,802,317.54 ~~Collateral~~Ending scheduled Balance ~~143~~34,~~448~~410,~~211~~285.5779 ~~Ending~~75,634,598.87 ~~Actual~~23,573,005.64 ~~Collateral~~Record ~~Balance~~Date at10/31/2004 10/31~~-Aug-~~/2004 ~~143~~10/31/2004 Principal And Interest Constant 249,~~731~~726.77 433,~~352~~601.89 168,622.59 Scheduled Principal 53,556.67 83,901.96 63,937.95 ~~Monthly~~Unscheduled PPrincipal &I1,838,482.99 ~~Constant~~2,477,896.42 ~~920~~165,~~324~~373.8195 ~~Special~~Scheduled Interest 196,170.10 349,699.93 104,684.64 Servicing Fees 11,841.92 19,447.15 9,238.51 Master Servicing Fees 302.53 651.64 198.36 Trustee Fee 0.00 ~~Prepayment~~0.00 ~~Penalties~~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 184,025.65 329,601.14 95,247.77 Realized Loss Amount 1719,~~390~~213.26 2,019.52 0.00 Cumulative Realized Loss 6061,~~045~~868.8256 ~~Class~~19,410.04 A0.00 ~~Optimal~~Percentage ~~Amount~~of ~~6,295,123~~Cumulative Losses 0.411177 ~~Ending~~0.0159 ~~Scheduled~~0.0000 ~~Balance~~Prepayment ~~for~~Penalties ~~Premium~~0.00 ~~Loans~~0.00 ~~143,448,211~~0.5700 ~~Scheduled~~Special ~~Principal~~Servicing ~~217,131~~Fee 0.1700 ~~Unscheduled~~0.00 ~~Principal~~0.00 Pass-Through Rate 6.083104 5~~,624,937~~.74058051 4.801942

~~Miscellaneous~~Group ~~Reporting~~Level ~~Senior~~Collateral ~~Percentage~~Statement ~~78.540455%~~Group ~~Senior~~Total ~~Percentage~~Collateral ~~Group~~Description 1Mixed ~~79.586578%~~ARM ~~Senior~~Weighted ~~Percentage~~Average ~~Group~~Coupon 2Rate 775.~~847036%~~644684 ~~Senior~~Weighted ~~Percentage~~Average ~~Group~~Net 3Rate 795.~~265455%~~293037 ~~Senior~~Weighted ~~Prepay~~Average ~~Percentage~~Maturity ~~Group~~318 1Beginning ~~100.000000%~~Loan ~~Senior~~Count ~~Prepay~~818 ~~Percentage~~Loans ~~Group~~Paid 2In ~~100.000000%~~Full ~~Senior~~26 ~~Prepay~~Ending ~~Percentage~~Loan ~~Group~~Count 3792 ~~100~~Beginning Scheduled Balance 138,301,040.~~000000%~~24 ~~Subordinate~~Ending ~~Percentage~~scheduled 21Balance 133,617,890.~~459545%~~30 ~~Subordinate~~Record ~~Percentage~~Date ~~Group~~10/31/2004 1Principal 20And Interest Constant 851,951.~~413422%~~25 ~~Subordinate~~Scheduled ~~Percentage~~Principal ~~Group~~201,396.58 2Unscheduled 22Principal 4,481,753.~~152964%~~36 ~~Subordinate~~Scheduled ~~Percentage~~Interest ~~Group~~650,554.67 3Servicing 20Fees 40,527.~~734545%~~58 ~~Subordinate~~Master ~~Prepay~~Servicing ~~Percentage~~Fees 1,152.53 Trustee Fee 0.~~000000%~~00 ~~Subordinate~~FRY ~~Prepay~~Amount ~~Percent~~0.00 ~~Group1~~Special Hazard Fee 0.~~000000%~~00 ~~Subordinate~~Other ~~Prepay~~Fee ~~Percent~~0.00 ~~Group~~Pool 2Insurance Fee 0.~~000000%~~00 ~~Subordinate~~Spread ~~Prepay~~Fee ~~Percent~~1 ~~Group~~0.00 3Spread Fee 2 0.~~000000%~~00 ~~Subordination~~Spread ~~Doubling~~Fee ~~Test~~3 ~~passed?~~0.00 NONet ~~Delinquency~~Interest ~~Test~~608,874.56 ~~passed?~~Realized ~~YES~~Loss Amount 21,232.78 Cumulative Realized Loss ~~Test~~81,278.60 ~~passed?~~Percentage ~~YES~~of Cumulative Losses 0.0391 Prepayment Penalties 0.00 Special Servicing Fee 0.00 Pass-Through Rate 5.283037

Group Level Collateral Statement Group Group 1 Group 2 Group 3 Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 6.481477 5.390339 5.226791 Weighted Average Net Rate 6.093966 5.092969 4.760184 Weighted Average Maturity 318 340 248 Beginning Loan Count 266 408 203 Loans Paid In Full 11 18 3 Ending Loan Count 255 390 200 Beginning Scheduled Balance 39,516,041.42 85,253,346.74 24,520,892.32 Ending scheduled Balance 37,815,971.60 81,344,967.53 24,287,272.44 Record Date 08/31/2004 08/31/2004 08/31/2004 Principal And Interest Constant 270,580.14 476,354.59 173,390.08 Scheduled Principal 57,144.88 93,400.86 66,585.43 Unscheduled Principal 1,642,924.94 3,814,978.35 167,034.45 Scheduled Interest 213,435.26 382,953.73 106,804.65 Servicing Fees 12,760.74 21,126.52 9,534.69 Master Servicing Fees 329.29 710.44 204.35 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 200,345.23 361,116.77 97,065.61 Realized Loss Amount 0.00 17,390.52 0.00 Cumulative Realized Loss 42,655.30 17,390.52 0.00 Percentage of Cumulative Losses 0.0812 0.0143 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.083966 5.082969 4.750184

Group Level Collateral Statement Group Total Collateral Description Mixed ARM Weighted Average Coupon Rate 5.652293 Weighted Average Net Rate 5.303266 Weighted Average Maturity 320 Beginning Loan Count 877 Loans Paid In Full 32 Ending Loan Count 845 Beginning Scheduled Balance 149,290,280.48 Ending scheduled Balance 143,448,211.57 Record Date 08/31/2004 Principal And Interest Constant 920,324.81 Scheduled Principal 217,131.17 Unscheduled Principal 5,624,937.74 Scheduled Interest 703,193.64 Servicing Fees 43,421.95 Master Servicing Fees 1,244.08 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 658,527.61 Realized Loss Amount 17,390.52 Cumulative Realized Loss 60,045.82 Percentage of Cumulative Losses 0.0289 Prepayment Penalties 0.00 Special Servicing Fee 0.00 Pass-Through Rate 5.293266

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