8-K 1 bsa04sd2_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 Asset Backed Certificates, Series 2004-SD2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-113636-01 54-2151927 Pooling and Servicing Agreement) (Commission 54-2151928 (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 2004-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 2004-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 2004-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: 12/2/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2004-SD2 Trust, relating to the November 26, 2004 distribution. EX-99.1

Bear Stearns Asset Backed Securities Mortgage Pass-Through Certificates Record Date: 810/31/2004 Distribution Date: 911/2726/2004 BSA Series: 2004-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 07384YTH9 SEN 3.~~93018~~99346% 2019,~~923~~853,~~016~~400.2173 6866,~~525~~069.9585 ~~355~~347,~~051~~049.0158 II-A 07384YTJ5 SEN 6.~~32606~~45065% 3733,~~668~~273,~~144~~017.9985 ~~198~~178,~~575~~860.8655 21,~~614~~505,~~157~~584.9323 III-A 07384YTK2 SEN 4.~~64193~~62545% 4846,~~163~~183,~~656~~793.0945 ~~186~~178,~~310~~017.3042 1,~~000~~082,~~072~~008.5308 IV-A 07384YTL0 SEN 4.~~84690~~85796% 2524,~~919~~927,~~892~~662.7908 ~~104~~100,~~692~~914.6162 ~~211~~399,~~356~~185.8245 B-1 07384YTM8 SUB 5.~~04099~~08247% 7,~~391~~371,~~737~~409.2419 31,~~051~~220.4383 10,~~193~~168.5937 B-2 07384YTN6 SUB 5.~~04099~~08247% 6,~~065~~049,~~958~~276.7573 25,~~482~~621.0607 8,~~365~~344.2758 B-3 07384YTP1 SUB 5.~~04099~~08247% 5,~~117~~103,~~127~~054.0339 21,~~496~~613.1845 7,~~056~~039.7832 B-4 07384YTS5 SUB 5.~~04099~~08247% 3,~~980~~969,~~319~~372.2292 16,~~720~~811.6486 5,~~489~~475.0749 B-5 07384YTT3 SUB 5.~~04099~~08247% 2,~~843~~835,~~511~~691.4145 1112,~~945~~010.1127 3,~~921~~911.3565 B-6 07384YTU0 SUB 5.~~04099~~08247% 6,~~823~~805,~~965~~198.2361 28,~~666~~822.3170 9,~~410~~387.6032 R-1 07384YTQ9 RES 3.~~67691~~67068% 0.00 0.00 0.00 R-2 07384YTR7 RES 3.~~67691~~67068% 0.00 0.00 0.00 Totals ~~164~~156,~~897~~371,~~328~~877.9640 ~~693~~659,~~466~~962.4562 43,~~225~~378,~~074~~154.9507

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A 0.00 2019,~~567~~506,~~965~~351.2114 ~~423~~413,~~576~~119.9643 0.00 II-A 0.00 3531,~~053~~767,~~987~~433.0662 21,~~812~~684,~~733~~444.7978 0.00 III-A 0.00 4745,~~163~~101,~~583~~785.5636 1,~~186~~260,~~382~~025.8350 0.00 IV-A 0.00 2524,~~708~~528,~~535~~476.9763 ~~316~~500,~~049~~100.4307 0.00 B-1 0.00 7,~~381~~361,~~543~~240.6682 41,~~245~~389.0220 0.00 B-2 0.00 6,~~057~~040,~~593~~932.4815 33,~~847~~965.3365 0.00 B-3 0.00 5,~~110~~096,~~070~~015.2507 28,~~552~~652.9677 0.00 B-4 0.00 3,~~974~~963,~~830~~897.1544 22,~~209~~287.7135 0.00 B-5 0.00 2,~~839~~831,~~590~~779.0680 15,~~866~~921.4692 0.00 B-6 055,179.0079 6,~~814~~740,~~554~~631.6350 38,~~076~~210.9102 055,179.0079 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 Totals 055,179.0079 ~~160~~152,~~672~~938,~~254~~543.0353 4,~~918~~038,~~541~~116.4069 055,179.0079 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 25,421,000.00 2019,~~923~~853,~~016~~400.2173 4642,~~029~~791.5645 ~~309~~304,~~021~~258.4513 0.00 0.00 II-A 44,654,000.00 3733,~~668~~273,~~144~~017.9985 4641,~~571~~139.0014 21,~~567~~464,~~586~~445.9309 0.00 0.00 III-A 59,331,000.00 4846,~~163~~183,~~656~~793.0945 5755,~~398~~688.8514 ~~942~~1,~~673~~026,319.6894 0.00 0.00 IV-A 28,771,000.00 2524,~~919~~927,~~892~~662.7908 3231,~~776~~859.3485 ~~178~~367,~~580~~325.4860 0.00 0.00 B-1 7,432,000.00 7,~~391~~371,~~737~~409.2419 10,~~193~~168.5937 0.00 0.00 0.00 B-2 6,099,000.00 6,~~065~~049,~~958~~276.7573 8,~~365~~344.2758 0.00 0.00 0.00 B-3 5,145,000.00 5,~~117~~103,~~127~~054.0339 7,~~056~~039.7832 0.00 0.00 0.00 B-4 4,002,000.00 3,~~980~~969,~~319~~372.2292 5,~~489~~475.0749 0.00 0.00 0.00 B-5 2,859,000.00 2,~~843~~835,~~511~~691.4145 3,~~921~~911.3565 0.00 0.00 0.00 B-6 6,861,135.59 6,~~823~~805,~~965~~198.2361 9,~~410~~387.6032 0.00 0.00 055,179.0079 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 190,575,235.59 ~~164~~156,~~897~~371,~~328~~877.9640 ~~227~~215,~~212~~805.4131 3,~~997~~162,~~862~~348.5476 0.00 055,179.0079 (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 ~~355~~347,~~051~~049.0158 2019,~~567~~506,~~965~~351.2114 0.~~80909347~~76733217 ~~355~~347,~~051~~049.0158 II-A 21,~~614~~505,~~157~~584.9323 3531,~~053~~767,~~987~~433.0662 0.~~78501337~~71141294 21,~~614~~505,~~157~~584.9323 III-A 1,~~000~~082,~~072~~008.5308 4745,~~163~~101,~~583~~785.5636 0.~~79492312~~76017234 1,~~000~~082,~~072~~008.5308 IV-A ~~211~~399,~~356~~185.8245 2524,~~708~~528,~~535~~476.9763 0.~~89355726~~85254168 ~~211~~399,~~356~~185.8245 B-1 10,~~193~~168.5937 7,~~381~~361,~~543~~240.6682 0.~~99321093~~99047912 10,~~193~~168.5937 B-2 8,~~365~~344.2758 6,~~057~~040,~~593~~932.4815 0.~~99321093~~99047912 8,~~365~~344.2758 B-3 7,~~056~~039.7832 5,~~110~~096,~~070~~015.2507 0.~~99321093~~99047912 7,~~056~~039.7832 B-4 5,~~489~~475.0749 3,~~974~~963,~~830~~897.1544 0.~~99321093~~99047912 5,~~489~~475.0749 B-5 3,~~921~~911.3565 2,~~839~~831,~~590~~779.0680 0.~~99321093~~99047912 3,~~921~~911.3565 B-6 964,~~410~~567.6011 6,~~814~~740,~~554~~631.6350 0.~~99321090~~98243671 9,~~410~~387.6032 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 Totals 43,~~225~~433,~~074~~333.9586 ~~160~~152,~~672~~938,~~254~~543.0353 0.~~84309094~~80251006 43,~~225~~378,~~074~~154.9507

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A 25,421,000.00 ~~823~~780.~~06031273~~98425436 1.~~81069037~~68331104 1211.~~15614846~~96877109 0.00000000 II-A 44,654,000.00 ~~843~~745.~~55589622~~12961549 10.~~04293008~~92128678 5732.~~49959533~~79538429 0.00000000 III-A 59,331,000.00 ~~811~~778.~~77893664~~40915289 0.~~96743439~~93860107 1517.~~88838348~~29820735 0.00000000 IV-A 28,771,000.00 ~~900~~866.~~90343714~~41625526 1.~~13921449~~10735984 612.~~20696118~~76721699 0.00000000 B-1 7,432,000.00 ~~994~~991.~~58251346~~84730759 1.~~37158100~~36818757 0.00000000 0.00000000 B-2 6,099,000.00 ~~994~~991.~~58251353~~84730776 1.~~37158059~~36818823 0.00000000 0.00000000 B-3 5,145,000.00 ~~994~~991.~~58251312~~84730612 1.~~37158017~~36818659 0.00000000 0.00000000 B-4 4,002,000.00 ~~994~~991.~~58251374~~84730635 1.~~37158171~~36818841 0.00000000 0.00000000 B-5 2,859,000.00 ~~994~~991.~~58251487~~84730675 1.~~37158097~~36818818 0.00000000 0.00000000 B-6 6,861,135.59 ~~994~~991.~~58247698~~84727087 1.~~37158053~~36818751 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

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 13.~~96683883~~65208214 ~~809~~767.~~09347429~~33217183 0.~~80909347~~76733217 13.~~96683883~~65208214 II-A 0.00000000 5833.~~54252542~~71667107 ~~785~~711.~~01337081~~41294442 0.~~78501337~~71141294 5833.~~54252542~~71667107 III-A 0.00000000 1618.~~85581787~~23680841 ~~794~~760.~~92311877~~17234431 0.~~79492312~~76017234 1618.~~85581787~~23680841 IV-A 0.00000000 713.~~34617566~~87457683 ~~893~~852.~~55726148~~54167843 0.~~89355726~~85254168 713.~~34617566~~87457683 B-1 0.00000000 1.~~37158100~~36818757 ~~993~~990.~~21093380~~47912002 0.~~99321093~~99047912 1.~~37158100~~36818757 B-2 0.00000000 1.~~37158059~~36818823 ~~993~~990.~~21093294~~47911953 0.~~99321093~~99047912 1.~~37158059~~36818823 B-3 0.00000000 1.~~37158017~~36818659 ~~993~~990.~~21093294~~47911953 0.~~99321093~~99047912 1.~~37158017~~36818659 B-4 0.00000000 1.~~37158171~~36818841 ~~993~~990.~~21093203~~47912044 0.~~99321093~~99047912 1.~~37158171~~36818841 B-5 0.00000000 1.~~37158097~~36818818 ~~993~~990.~~21093389~~47911857 0.~~99321093~~99047912 1.~~37158097~~36818818 B-6 08.~~00000000~~04236985 19.~~37158053~~41055736 ~~993~~982.~~21089645~~43671351 0.~~99321090~~98243671 1.~~37158053~~36818751 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 I-A 25,421,000.00 3.~~93018~~99346% 2019,~~923~~853,~~016~~400.2173 6866,~~525~~069.9585 0.00 0.00 II-A 44,654,000.00 6.~~32606~~45065% 3733,~~668~~273,~~144~~017.9985 ~~198~~178,~~575~~860.8655 0.00 0.00 III-A 59,331,000.00 4.~~64193~~62545% 4846,~~163~~183,~~656~~793.0945 ~~186~~178,~~310~~017.2942 0.00 0.00 IV-A 28,771,000.00 4.~~84690~~85796% 2524,~~919~~927,~~892~~662.7908 ~~104~~100,~~692~~914.6162 0.00 0.00 B-1 7,432,000.00 5.~~04099~~08247% 7,~~391~~371,~~737~~409.2419 31,~~051~~220.4283 0.00 0.00 B-2 6,099,000.00 5.~~04099~~08247% 6,~~065~~049,~~958~~276.7573 25,~~482~~621.0607 0.00 0.00 B-3 5,145,000.00 5.~~04099~~08247% 5,~~117~~103,~~127~~054.0339 21,~~496~~613.1845 0.00 0.00 B-4 4,002,000.00 5.~~04099~~08247% 3,~~980~~969,~~319~~372.2292 16,~~720~~811.6486 0.00 0.00 B-5 2,859,000.00 5.~~04099~~08247% 2,~~843~~835,~~511~~691.4145 1112,~~945~~010.1127 0.00 0.00 B-6 6,861,135.59 5.~~04099~~08247% 6,~~823~~805,~~965~~198.2361 28,~~666~~822.3170 0.00 0.00 R-1 50.00 3.~~67691~~67068% 0.00 0.00 0.00 0.00 R-2 50.00 3.~~67691~~67068% 0.00 0.00 0.00 0.00 Totals 190,575,235.59 ~~693~~659,~~466~~962.4362 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 0.00 0.00 6866,~~525~~069.9585 0.00 2019,~~567~~506,~~965~~351.2114 II-A 0.00 0.00 ~~198~~178,~~575~~860.8655 0.00 3531,~~053~~767,~~987~~433.0662 III-A 0.00 0.00 ~~186~~178,~~310~~017.3042 0.00 4745,~~163~~101,~~583~~785.5636 IV-A 0.00 0.00 ~~104~~100,~~692~~914.6162 0.00 2524,~~708~~528,~~535~~476.9763 B-1 0.00 0.00 31,~~051~~220.4383 0.00 7,~~381~~361,~~543~~240.6682 B-2 0.00 0.00 25,~~482~~621.0607 0.00 6,~~057~~040,~~593~~932.4815 B-3 0.00 0.00 21,~~496~~613.1845 0.00 5,~~110~~096,~~070~~015.2507 B-4 0.00 0.00 16,~~720~~811.6486 0.00 3,~~974~~963,~~830~~897.1544 B-5 0.00 0.00 1112,~~945~~010.1127 0.00 2,~~839~~831,~~590~~779.0680 B-6 0.00 0.00 28,~~666~~822.3170 0.00 6,~~814~~740,~~554~~631.6350 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 0.00 0.00 ~~693~~659,~~466~~962.4562 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 25,421,000.00 3.~~93018~~99346% ~~823~~780.~~06031273~~98425436 2.~~69564337~~59902640 0.00000000 0.00000000 II-A 44,654,000.00 6.~~32606~~45065% ~~843~~745.~~55589622~~12961549 4.~~44698930~~00547655 0.00000000 0.00000000 III-A 59,331,000.00 4.~~64193~~62545% ~~811~~778.~~77893664~~40915289 3.~~14018456~~00041159 0.00000000 0.00000000 IV-A 28,771,000.00 4.~~84690~~85796% ~~900~~866.~~90343714~~41625526 3.~~63882416~~50751173 0.00000000 0.00000000 B-1 7,432,000.00 5.~~04099~~08247% ~~994~~991.~~58251346~~84730759 4.~~17807051~~20086518 0.00000000 0.00000000 B-2 6,099,000.00 5.~~04099~~08247% ~~994~~991.~~58251353~~84730776 4.~~17807182~~20086408 0.00000000 0.00000000 B-3 5,145,000.00 5.~~04099~~08247% ~~994~~991.~~58251312~~84730612 4.~~17807191~~20086492 0.00000000 0.00000000 B-4 4,002,000.00 5.~~04099~~08247% ~~994~~991.~~58251374~~84730635 4.~~17807096~~20086457 0.00000000 0.00000000 B-5 2,859,000.00 5.~~04099~~08247% ~~994~~991.~~58251487~~84730675 4.~~17807275~~20086394 0.00000000 0.00000000 B-6 6,861,135.59 5.~~04099~~08247% ~~994~~991.~~58247698~~84727087 4.~~17807076~~20086436 0.00000000 0.00000000 R-1 50.00 3.~~67691~~67068% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 50.00 3.~~67691~~67068% 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 0.00000000 0.00000000 2.~~69564337~~59902640 0.00000000 ~~809~~767.~~09347429~~33217183 II-A 0.00000000 0.00000000 4.~~44698930~~00547655 0.00000000 ~~785~~711.~~01337081~~41294442 III-A 0.00000000 0.00000000 3.~~14018473~~00041159 0.00000000 ~~794~~760.~~92311877~~17234431 IV-A 0.00000000 0.00000000 3.~~63882416~~50751173 0.00000000 ~~893~~852.~~55726148~~54167843 B-1 0.00000000 0.00000000 4.~~17807185~~20086518 0.00000000 ~~993~~990.~~21093380~~47912002 B-2 0.00000000 0.00000000 4.~~17807182~~20086408 0.00000000 ~~993~~990.~~21093294~~47911953 B-3 0.00000000 0.00000000 4.~~17807191~~20086492 0.00000000 ~~993~~990.~~21093294~~47911953 B-4 0.00000000 0.00000000 4.~~17807096~~20086457 0.00000000 ~~993~~990.~~21093203~~47912044 B-5 0.00000000 0.00000000 4.~~17807275~~20086394 0.00000000 ~~993~~990.~~21093389~~47911857 B-6 0.00000000 0.00000000 4.~~17807076~~20086436 0.00000000 ~~993~~982.~~21089645~~43671351 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 4,~~976~~136,~~043~~613.4884 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~248~~230,~~545~~231.9961 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0(55,179.0079) Prepayment Penalties 0.00 Total Deposits 54,~~224~~311,~~589~~665.4766 Withdrawals Reimbursement for Servicer Advances ~~251~~221,~~412~~787.1658 Payment of Service Fee 5451,~~635~~761.9139 Payment of Interest and Principal 4,~~918~~038,~~541~~116.4069 Total Withdrawals (Pool Distribution Amount) 54,~~224~~311,~~589~~665.4766 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 5350,~~261~~458.7326 Master Servicing Fee 1,~~374~~303.1813 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 5451,~~635~~761.9139

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 119 0 0 119 1849,~~097,786~~548.7425 0.00 0.00 1849,~~097,786~~548.7425 30 Days 7170 13 0 0 7273 1412,~~690~~610,~~782~~381.1236 ~~232~~514,~~213~~687.7368 0.00 0.00 1413,~~922~~125,~~995~~069.8504 60 Days 3837 4 1 0 042 ~~39 5~~7,~~639~~741,~~575~~866.0812 ~~262~~777,~~437~~078.2602 02,284,436.0043 0.00 510,~~902~~803,~~012~~380.3457 90 Days 3819 0 1 2 0 4120 63,~~753~~068,~~121~~450.2624 ~~69,785~~0.3800 ~~255~~66,~~471~~160.1214 0.00 73,~~078~~134,~~377~~610.7638 120 Days 157 02 45 0 1914 41,~~346~~118,~~389~~708.7831 0206,132.0005 ~~751~~327,~~148~~570.8970 0.00 51,~~097~~652,~~538~~411.6706 150 Days 111 03 514 01 1619 1176,~~584,208~~025.4509 0269,324.0055 ~~451~~2,~~546~~000,494.1950 0151,399.0090 2,~~035~~597,~~754~~244.6404 180+ Days 121 02 321 02 1526 421,~~237,489~~363.1301 01,754,521.0033 ~~567~~3,~~796~~253,131.4334 0371,835.0023 45,~~805~~400,~~285~~850.5691 Totals ~~185~~135 1423 1442 03 ~~213~~203 3724,~~251~~736,~~565~~794.8213 14,~~662~~371,~~223~~291.1188 27,~~025~~931,~~962~~793.6311 0523,235.0013 4037,~~939~~563,~~751~~114.5625 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.~~428571~~237964% 0.000000% 0.000000% 1.~~428571~~237964% 0.~~681907~~554361% 0.000000% 0.000000% 0.~~681907~~554361% 30 Days 9.~~220779~~628611% 0.~~129870~~412655% 0.000000% 0.000000% 910.~~350649~~041265% 98.~~125399~~228729% 0.~~144243~~335852% 0.000000% 0.000000% 98.~~269642~~564581% 60 Days 45.~~935065~~089409% 0.~~129870~~550206% 0.~~000000~~137552% 0.000000% 5.~~064935~~777166% 35.~~503107~~051847% 0.~~163017~~507071% 01.~~000000~~490677% 0.000000% 37.~~666123~~049596% 90 Days 42.~~935065~~613480% 0.~~129870~~000000% 0.~~259740~~137552% 0.000000% 52.~~324675~~751032% 42.~~194802~~002275% 0.~~043348~~000000% 0.~~158690~~043172% 0.000000% 42.~~396840~~045446% 120 Days 10.~~948052~~962861% 0.~~000000~~275103% 0.~~519481~~687758% 0.000000% 21.~~467532~~925722% 20.~~699825~~729998% 0.~~000000~~134509% 0.~~466587~~213752% 0.000000% 31.~~166412~~078258% 150 Days 10.~~428571~~137552% 0.~~000000~~412655% 01.~~649351~~925722% 0.~~000000~~137552% 2.~~077922~~613480% 0.~~984055~~114863% 0.~~000000~~175744% 01.~~280485~~305395% 0.~~000000~~098794% 1.~~264539~~694795% 180+ Days 10.~~558442~~137552% 0.~~000000~~275103% 02.~~389610~~888583% 0.~~000000~~275103% 13.~~948052~~576341% 20.~~632180~~013940% 01.~~000000~~144888% 02.~~352695~~122786% 0.~~000000~~242636% 23.~~984875~~524250% Totals 2418.~~025974~~569464% 13.~~818182~~163686% 15.~~818182~~777166% 0.~~000000~~412655% 27.~~662338~~922971% 2316.~~139368~~141651% 12.~~032515~~852426% 15.~~258457~~175781% 0.~~000000~~341430% 2524.~~430340~~511287%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group I 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 ~~210~~96,~~938~~625.8900 0.00 0.00 ~~210~~96,~~938~~625.8900 30 Days 1720 0 0 0 1720 43,~~997~~422,~~549~~102.7712 0.00 0.00 0.00 43,~~997~~422,~~549~~102.7712 60 Days 79 1 0 0 10 2,627,031.40 28,468.02 0.00 70.00 2,655,499.42 90 Days 5 0 0 0 5 362,695.33 0.00 0.00 0.00 362,695.33 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 1 0 1 0 2 176,~~096~~025.09 0.00 133,~~407~~147.6400 0.00 309,172.09 180 Days 0 1 3 0 4 0.00 1,475,679.10 363,932.21 0.00 1,~~096~~839,~~407~~611.6431 90Totals 35 4 4 0 43 6,587,853.94 1,600,772.12 497,079.21 0.00 8,685,705.27 0-29 Days 71.709402% 0.000000% 0.000000% 1.709402% 0.390926% 0.000000% 0.000000% 0.390926% 30 Days 17.094017% 0.000000% 0.000000% 0.000000% 17.094017% 13.845146% 0.000000% 0.000000% 0.000000% 13.845146% 60 Days 7.692308% 0.854701% 0.000000% 0.000000% 8.547009% 10.628448% 0.115176% 0.000000% 0.000000% 10.743624% 90 Days 4.273504% 0.000000% 0.000000% 0.000000% 4.273504% 1.467393% 0.000000% 0.000000% 0.000000% 1.467393% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.854701% 0.000000% 0.854701% 0.000000% 1.709402% 0.712163% 0.000000% 0.538686% 0.000000% 1.250849% 180 Days 0.000000% 0.854701% 2.564103% 0.000000% 3.418803% 0.000000% 5.970305% 1.472397% 0.000000% 7.442702% Totals 29.914530% 3.418803% 3.418803% 0.000000% 36.752137% 26.653149% 6.476406% 2.011084% 0.000000% 35.140639% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group II 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 6 0 0 6 650,~~940~~684.35 0.00 0.00 650,~~283~~684.35 30 Days 34 2 0 0 36 5,543,675.29 363,794.91 0.00 0.00 5,907,470.20 60 Days 20 3 0 0 23 3,319,259.81 748,610.00 0.00 0.00 4,067,869.81 90 Days 9 0 1 0 10 1,~~940~~105,~~283~~483.2088 0.00 66,160.14 0.00 1,171,644.02 120 Days 6 2 5 0 13 967,426.13 206,132.05 327,570.70 0.00 1,501,128.88 150 Days 0 2 ~~309~~9 1 12 0.00 151,~~909~~082.85 1,211,195.21 151,399.90 1,513,677.96 180 Days 1 1 15 2 19 21,363.01 278,842.23 2,262,747.88 371,835.23 2,934,788.35 Totals 70 16 30 3 119 10,957,208.12 2,399,146.39 3,867,673.93 523,235.13 17,747,263.57 0-29 Days 2.00409639% 0.00000000% 0.00000000% ~~309,909~~2.409639% 1.591378% 0.000000% 0.000000% 1.591378% 30 Days 13.654618% 0.803213% 0.000000% 0.000000% 14.457831% 13.558156% 0.889733% 0.000000% 0.000000% 14.447889% 60 Days 8.032129% 1.204819% 0.000000% 0.000000% 9.236948% 8.117908% 1.830874% 0.000000% 0.000000% 9.948782% 90 Days 3.614458% 0.000000% 0.401606% 0.000000% 4.016064% 2.703680% 0.000000% 0.161808% 0.000000% 2.865488% 120 Days 2.409639% 0.803213% 2.008032% 0.000000% 5.220884% 2.366032% 0.504137% 0.801139% 0.000000% 3.671308% 150 Days 0.000000% 0.803213% 3.614458% 0.401606% 4.819277% 0.000000% 0.369503% 2.962218% 0.370278% 3.701999% 180 Days 0.401606% 0.401606% 6.024096% 0.803213% 7.630522% 0.052247% 0.681964% 5.533998% 0.909397% 7.177606% Totals 28.112450% 6.425703% 12.048193% 1.204819% 47.791165% 26.798024% 5.867588% 9.459163% 1.279675% 43.404450% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group III 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 98102,~~053~~238.2190 0.00 0.00 102,238.90 30 Days 12 1 0 0 13 2,754,064.95 150,892.77 0.00 980.00 2,~~053~~904,957.2172 ~~180~~60 Days 5 0 1 0 6 971,228.95 0.00 2,284,436.43 0.00 3,255,665.38 90 Days 5 20 0 0 5 1,~~302~~600,~~016~~271.9203 0.00 0.00 0.00 21,~~302~~600,~~016~~271.9203 ~~Totals~~120 39Days 31 0 0 420 101 151,~~744~~282.18 0.00 0.00 0.00 151,~~220~~282.6418 ~~210~~150 Days 0 1 2 0 3 0.00 118,~~938~~241.8970 241,179.49 0.00 359,421.19 180 Days 0 0 3 0 3 0.00 100.00 626,~~955~~451.25 0.00 626,~~159~~451.5325 Totals 23 3 6 0 32 5,476,847.11 371,373.37 3,152,067.17 0.00 9,000,287.65 0-29 Days 20.~~439024~~392157% 0.000000% 0.000000% 20.~~439024~~392157% 0.~~817439~~178630% 0.000000% 0.000000% 0.~~817439~~178630% 30 Days 134.~~821138~~705882% 0.~~000000~~392157% 0.000000% 0.000000% 135.~~821138~~098039% 194.~~366702~~811866% 0.~~000000~~263638% 0.000000% 0.000000% 195.~~366702~~075504% 60 Days 51.~~691057~~960784% 0.000000% 0.392157% 0.000000% 2.352941% 1.696918% 0.000000% 3.991337% 0.000000% 5.~~691057~~688256% 490 Days 1.~~248842~~960784% 0.000000% 0.000000% 0.000000% 41.~~248842~~960784% 902.795972% 0.000000% 0.000000% 0.000000% 2.795972% 120 Days 50.~~691057~~392157% 0.000000% 0.000000% 0.000000% 50.~~691057~~392157% 70.~~519062~~264318% 0.000000% 0.000000% 0.000000% 70.~~519062~~264318% ~~120~~150 Days 0.000000% 0.392157% 0.784314% 0.000000% 1.~~626016~~176471% 0.000000% 0.206590% 0.421386% 0.000000% 0.627976% 180 Days 0.000000% 0.000000% 1.~~626016~~176471% 0.000000% 1.~~200975~~176471% 0.000000% 0.000000% 1.094527% 0.000000% 1.~~200975~~094527% Totals 9.019608% 1.176471% 2.352941% 0.000000% 12.549020% 9.569075% 0.648859% 5.507250% 0.000000% 15.725184% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group IV 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 4 0 0 0 4 890,539.00 0.00 0.00 0.00 890,539.00 60 Days 3 0 0 0 3 824,345.96 0.00 0.00 0.00 824,345.96 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 2 0 2 0.~~813008~~00 0.00 414,972.80 0.00 414,972.80 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 7 0 2 0 9 1,714,884.96 0.00 414,972.80 0.00 2,129,857.76 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.~~813008~~000000% 0.~~379980~~000000% 0.000000% 0.000000% 30 Days 3.773585% 0.000000% 0.~~379980~~000000% ~~180~~0.000000% ~~Days~~3.773585% 42.~~065041~~928608% 0.000000% 0.000000% 0.000000% 42.~~065041~~928608% 860 Days 2.~~920867~~830189% 0.000000% 0.000000% 0.000000% 82.~~920867~~830189% ~~Totals~~2.710927% 310.~~707317~~000000% 0.000000% 0.000000% 2.~~439024~~710927% 90 Days 0.000000% 0.000000% 340.~~146341~~000000% 410.~~636427~~000000% 0.~~817439~~000000% 0.000000% 0.000000% 420.~~453866~~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% 1.886792% 0.000000% 1.886792% 0.000000% 0.000000% 1.364671% 0.000000% 1.364671% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 6.603774% 0.000000% 1.886792% 0.000000% 8.490566% 5.639536% 0.000000% 1.364671% 0.000000% 7.004207%

~~DELINQUENT~~OTHER ~~BANKRUPTCY~~INFORMATION ~~FORECLOSURE~~Current ~~REO~~Period ~~Total~~Class ~~Group~~A IIInsufficient 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 7 0 0 7 784,381~~.~~31 0.~~00 ~~0.00~~Principal ~~784,381.31~~Balance 30of ~~Days~~Contaminated 40Properties 1 0 ~~0 41 6,580,096~~.~~39 232,213.73 0.~~00 ~~0.00~~Periodic ~~6,812,310.12~~Advance ~~60 Days 27 1 0 0 28 3~~230,~~601,357~~231.09 262,437.26 0.00 0.00 3,863,794.35 90 Days 18 1 2 0 21 2,610,617.09 69,785.38 255,471.12 0.00 2,935,873.59 120 Days 10 0 4 0 14 1,209,092.17 0.00 751,148.89 0.00 1,960,241.06 150 Days 8 0 5 0 13 1,151,266.10 0.00 451,546.19 0.00 1,602,812.29 180 Days 5 0 3 0 8 1,047,138.75 0.00 567,796.43 0.00 1,614,935.18 Totals 108 10 14 0 132 16,199,567.59 1,348,817.68 2,025,962.63 0.00 19,574,347.90 0-29 Days 2.583026% 0.000000% 0.000000% 2.583026% 1.772716% 0.000000% 0.000000% 1.772716% 30 Days 14.760148% 0.369004% 0.000000% 0.000000% 15.129151% 14.871139% 0.524807% 0.000000% 0.000000% 15.395947% 60 Days 9.963100% 0.369004% 0.000000% 0.000000% 10.332103% 8.139133% 0.593113% 0.000000% 0.000000% 8.732247% 90 Days 6.642066% 0.369004% 0.738007% 0.000000% 7.749077% 5.900043% 0.157716% 0.577369% 0.000000% 6.635129% 120 Days 3.690037% 0.000000% 1.476015% 0.000000% 5.166052% 2.732571% 0.000000% 1.697610% 0.000000% 4.430181% 150 Days 2.952030% 0.000000% 1.845018% 0.000000% 4.797048% 2.601883% 0.000000% 1.020503% 0.000000% 3.622385% 180 Days 1.845018% 0.000000% 1.107011% 0.000000% 2.952030% 2.366553% 0.000000% 1.283230% 0.000000% 3.649783% Totals 39.852399% 3.690037% 5.166052% 0.000000% 48.708487% 36.611322% 3.048353% 4.578713% 0.000000% 44.238388%61

~~DELINQUENT~~SUBORDINATION ~~BANKRUPTCY~~LEVEL/CLASS ~~FORECLOSURE~~PERCENTAGE ~~REO~~AND ~~Total~~PREPAYMENT ~~Group~~PERCENTAGE ~~III~~Current 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 1 0 0 1 102~~165,~~466.54 0.00 0.00 102~~154,~~466~~235.5459 ~~30 Days 8 0 0 0 8 1,655,919~~86.6566091115% ~~0.00 0.00 0.00 1~~133,~~655~~432,~~919~~192.6539 ~~60 Days 3 0 0 0 3 835,925~~87.6724562775% 012.00754372% 0.00000000% ~~0.00~~Class ~~835,925.67~~2A ~~90 Days 9 0 0 0 9 1,627,393.92 0.00 0.00 0.00 1,627,393.92~~ 120 ~~Days 3 0 0 0 3 2~~,~~827~~500,~~387~~235.7159 063.0022974505% ~~0.00 0.00 2~~101,~~827~~664,~~387~~758.7177 ~~150 Days 2 0 0 0 2 334,889~~66.1447425588% 020.00771372% 099.00166326% ~~0.00~~Class ~~334,889.14~~3A ~~180 Days 2 0 0 0 2 888~~61,~~333.46 0.00 0.00 0.00 888,333.46 Totals 27 1 0 0 28 8,~~169,~~849~~235.5559 ~~102,466~~32.5409715858% ~~0.00 0.00 8~~56,~~272~~562,~~316~~973.0941 ~~0-29 Days 0~~36.~~374532~~98411931% 029.~~000000~~490137% 0140.~~000000~~791303% ~~0.374532%~~Class ~~0.172699%~~B-1 024,966,235.~~000000%~~59 013.~~000000~~10046162% 024,673,255.~~172699%~~96 ~~30 Days 2~~16.~~996255~~13279124% 04.~~000000~~813202% 022.~~000000~~979106% ~~0.000000%~~Class B-2 18,867,235.~~996255%~~59 29.~~790918~~90015074% 018,632,323.~~000000%~~81 012.~~000000~~18288299% 03.~~000000~~949908% 218.~~790918~~857584% 60Class ~~Days~~B-3 113,722,235.~~123596%~~59 07.~~000000~~20042956% 013,536,308.~~000000%~~74 08.~~000000~~85081578% 13.~~123596~~332067% 115.~~408885~~907898% ~~0.000000%~~Class ~~0.000000%~~B-4 09,720,235.~~000000%~~59 15.~~408885~~10047151% ~~90 Days 3~~9,572,411.~~370787%~~30 06.~~000000~~25899206% 02.~~000000~~591824% 012.~~000000~~373840% ~~3.370787%~~Class ~~2.742840%~~B-5 06,861,235.~~000000%~~59 03.~~000000~~60027659% 06,740,631.~~000000%~~50 24.~~742840~~40741186% ~~120 Days~~ 1.~~123596~~851580% 08.~~000000~~839782% ~~0.000000%~~Class ~~0.000000%~~B-6 1100.~~123596%~~00 ~~4.765331%~~ 0.~~000000~~00005247% 0.~~000000%~~00 0.~~000000~~00000000% 4.~~765331~~407412% ~~150 Days 0~~21.~~749064~~041790% ~~0.000000%~~Class ~~0.000000%~~R-I 050.~~000000%~~00 0.~~749064~~00002624% 0.~~564428%~~00 0.~~000000~~00000000% 0.000000% 0.000000% ~~0.564428%~~Class ~~180~~R-II ~~Days~~ 0.~~749064%~~00 0.~~000000~~00000000% 0.~~000000%~~00 0.~~000000~~00000000% 0.~~749064% 1.497214% 0.~~000000% 0.000000% ~~0.000000%~~Please ~~1.497214%~~Refer ~~Totals~~to ~~10.112360%~~the ~~0.374532%~~Prospectus ~~0.000000%~~Supplement ~~0.000000%~~for ~~10.486891%~~a ~~13.769615%~~Full ~~0.172699%~~Description ~~0.000000%~~of ~~0.000000%~~Loss ~~13.942314%~~Exposure

~~DELINQUENT~~COLLATERAL ~~BANKRUPTCY~~STATEMENT ~~FORECLOSURE~~Collateral ~~REO~~Description ~~Total~~Fixed ~~Group~~& IVMixed NoARM ofWeighted ~~Loans~~Average NoGross ofCoupon ~~Loans~~5.461780% NoWeighted ofAverage ~~Loans~~Net NoCoupon of5.074563% ~~Loans~~Weighted NoAverage ofPass-Through ~~Loans~~Rate ~~Principal~~5.064562% ~~Balance~~Weighted ~~Principal~~Average ~~Balance~~Maturity(Stepdown ~~Principal~~Calculation ~~Balance~~) ~~Principal~~332 ~~Balance~~Beginning ~~Principal~~Scheduled ~~Balance~~Collateral ~~0-29~~Loan ~~Days~~Count 0747 0Number 0Of 0Loans ~~0.00~~Paid ~~0.00~~In ~~0.00~~Full ~~0.00~~20 30Ending ~~Days~~Scheduled 6Collateral 0Loan 0Count 0727 6Beginning ~~1,457,216.31~~Scheduled ~~0.00~~Collateral ~~0.00~~Balance ~~0.00 1~~156,~~457~~371,~~216~~877.3140 60Ending ~~Days~~Scheduled 1Collateral 0Balance ~~0 0 1 105~~152,~~884.68 0.00 0.00 0.00 105~~938,~~884~~543.6854 90Ending ~~Days~~Actual 4Collateral 0Balance 0at 031-Oct-2004 ~~4 574~~153,~~827~~248,230.0533 ~~0.00~~Monthly ~~0.00~~P ~~0.00~~&I ~~574~~Constant 927,~~827~~529.0530 ~~120~~Special ~~Days~~Servicing 0Fee 0 ~~0 0 0 0~~.00 ~~0.00~~Prepayment ~~0.00~~Penalties 0.00 ~~0.00~~Realized ~~150~~Loss ~~Days~~Amount ~~0 0 0 0 0 0~~55,179.0079 ~~0.00~~Cumulative ~~0.00~~Realized ~~0.00~~Loss 055,179.0079 ~~180~~Class ~~Days~~A 0Optimal 0Amount ~~0 0 0 0~~3,857,689.0078 ~~0.00~~Ending ~~0.00~~Scheduled ~~0.00~~Balance ~~0.00~~for ~~Totals~~Premium 11Loans ~~0 0 0 11 2~~152,~~137~~938,~~928~~543.0454 ~~0.00~~Scheduled ~~0.00~~Principal ~~0.00 2~~215,~~137,928~~805.0431 ~~0-29~~Unscheduled ~~Days~~Principal 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 5.504587% 0.000000% 0.000000% 0.000000% 5.504587% 4.610992% 0.000000% 0.000000% 0.000000% 4.610992% 60 Days 0.917431% 0.000000% 0.000000% 0.000000% 0.917431% 0.335045% 0.000000% 0.000000% 0.000000% 0.335045% 90 Days 3,217,528.669725% 0.000000% 0.000000% 0.000000% 3.669725% 1.818895% 0.000000% 0.000000% 0.000000% 1.818895% 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 10.091743% 0.000000% 0.000000% 0.000000% 10.091743% 6.764932% 0.000000% 0.000000% 0.000000% 6.764932%55

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 248,545.99

SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Original $ Original % Current $ Current % Class% Prepayment% Class A 165,154,235.59 86.66091115% 140,104,288.82 87.19880708% 12.801193% 0.000000% Class 2A 120,500,235.59 63.22974505% 105,050,301.76 65.38173152% 21.817076% 108.937126% Class 3A 61,169,235.59 32.09715858% 57,886,718.20 36.02782481% 29.353907% 146.570068% Class B-1 24,966,235.59 13.10046162% 24,796,638.57 15.43305577% 4.594162% 22.939592% Class B-2 18,867,235.59 9.90015074% 18,739,045.09 11.66290048% 3.770155% 18.825157% Class B-3 13,722,235.59 7.20042956% 13,628,974.84 8.48246944% 3.180431% 15.880544% Class B-4 9,720,235.59 5.10047151% 9,654,144.69 6.00859479% 2.473875% 12.352563% Class B-5 6,861,235.59 3.60027659% 6,814,554.63 4.24127655% 1.767318% 8.824582% Class B-6 100.00 0.00005247% 0.00 0.00000000% 4.241277% 21.177562% Class R-I 50.00 0.00002624% 0.00 0.00000000% 0.000000% 0.000000% Class R-II 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 5.444131% Weighted Average Net Coupon 5.056532% Weighted Average Pass-Through Rate 5.046532% Weighted Average Maturity(Stepdown Calculation ) 334 Beginning Scheduled Collateral Loan Count 788 Number Of Loans Paid In Full 18 Ending Scheduled Collateral Loan Count 770 Beginning Scheduled Collateral Balance 164,897,328.97 Ending Scheduled Collateral Balance 160,672,254.03 Ending Actual Collateral Balance at 31-Aug-2004 160,987,828.21 Monthly P &I Constant 975,314.65 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 4,738,742.99 Ending Scheduled Balance for Premium Loans 160,672,254.03 Scheduled Principal 227,212.40 Unscheduled Principal 3,997,862.54

Group Level Collateral Statement Group Group I Group II Group III Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 4.~~440176~~503463 6.~~744398~~864797 5.~~032725~~019412 Weighted Average Net Rate 34.~~940176~~003463 6.~~336062~~460652 4.~~651930~~635451 Weighted Average Maturity ~~303~~301 ~~323~~321 3028 Beginning Loan Count ~~126~~120 ~~280~~259 ~~272~~261 Loans Paid In Full 3 910 56 Ending Loan Count ~~123~~117 ~~271~~249 ~~267~~255 Beginning Scheduled Balance 2624,~~083~~991,~~412~~339.0845 4642,~~770~~353,~~751~~232.0696 6058,~~259~~250,~~747~~976.93 Ending scheduled Balance 2524,~~717~~633,~~008~~215.4770 4440,~~145~~781,~~339~~242.1206 5957,~~245~~154,~~259~~418.9331 Record Date 0810/31/2004 0810/31/2004 0810/31/2004 Principal And Interest Constant ~~153~~147,~~894~~655.6126 ~~320~~294,~~692~~654.1363 ~~324~~313,~~539~~893.9341 Scheduled Principal 5753,~~382~~865.1662 5752,~~825~~366.0102 7170,~~814~~238.3268 Unscheduled Principal ~~309~~304,~~021~~258.4513 21,~~567~~519,~~586~~624.9388 ~~942~~1,~~673~~026,319.6894 Scheduled Interest 9693,~~512~~789.4564 ~~262~~242,~~867~~288.1261 ~~252~~243,~~725~~654.6173 Servicing Fees 10,~~868~~413.0806 1514,~~915~~264.1501 1918,~~122~~638.1642 Master Servicing Fees ~~217~~208.3627 ~~389~~352.7996 ~~502~~485.1743 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 8583,~~427~~168.0131 ~~246~~227,~~562~~671.1864 ~~233~~224,~~101~~530.2888 Realized Loss Amount 0.00 055,179.0079 0.00 Cumulative Realized Loss 0.00 055,179.0079 0.00 Percentage of Cumulative Losses 0.0000 0.~~0000~~1026 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 3.~~930176~~993463 6.~~326062~~450652 4.~~641931~~625452

Group Level Collateral Statement Group Group IV Total Collateral Description Mixed ARM Fixed & Mixed ARM Weighted Average Coupon Rate 5.~~134642~~146462 5.~~444131~~461780 Weighted Average Net Rate 4.~~856900~~867959 5.~~056532~~074563 Weighted Average Maturity ~~343~~341 ~~334~~332 Beginning Loan Count ~~110~~107 ~~788~~747 Loans Paid In Full 1 1820 Ending Loan Count ~~109~~106 ~~770~~727 Beginning Scheduled Balance 3130,~~783~~776,~~417~~328.9006 ~~164~~156,~~897~~371,~~328~~877.9740 Ending scheduled Balance 3130,~~564~~369,~~646~~667.5147 ~~160~~152,~~672~~938,~~254~~543.0354 Record Date 0810/31/2004 0810/31/2004 Principal And Interest Constant ~~176~~171,~~187~~326.9800 ~~975~~927,~~314~~529.6530 Scheduled Principal 4039,~~190~~334.9199 ~~227~~215,~~212~~805.4031 Unscheduled Principal ~~178~~367,~~580~~325.4860 3,~~997~~217,~~862~~528.5455 Scheduled Interest ~~135~~131,~~997~~991.0701 ~~748~~711,~~102~~723.2599 Servicing Fees 7,~~356~~142.3477 5350,~~261~~458.7326 Master Servicing Fees ~~264~~256.8647 1,~~374~~303.1813 Trustee Fee 0.00 0.00 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 0.00 0.00 Pool Insurance Fee 0.00 0.00 Spread Fee 1 0.00 0.00 Spread Fee 2 0.00 0.00 Spread Fee 3 0.00 0.00 Net Interest ~~128~~124,~~375~~591.8777 ~~693~~659,~~466~~962.3460 Realized Loss Amount 0.00 055,179.0079 Cumulative Realized Loss 0.00 055,179.0079 Percentage of Cumulative Losses 0.0000 0.~~0000~~0290 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 4.~~846900~~857958 5.~~046532~~064562

Miscellaneous Reporting Group Group I Senior Percentage 8079.~~215794~~441123% Senior Prepay Percentage 100.000000% Subordinate Percentage 1920.~~784206~~558877% Subordinate Prepay Percentage 0.000000% Group Group II Senior Percentage 8078.~~537824~~560751% Senior Prepay Percentage 100.000000% Subordinate Percentage 1921.~~462176~~439249% Subordinate Prepay Percentage 0.000000% Group Group III Senior Percentage 79.~~926747~~284153% Senior Prepay Percentage 100.000000% Subordinate Percentage 20.~~073253~~715847% Subordinate Prepay Percentage 0.000000%

Miscellaneous Reporting Group Group IV Senior Percentage 8180.~~551622~~996219% Senior Prepay Percentage 100.000000% Subordinate Percentage 1819.~~448378~~003781% Subordinate Prepay Percentage 0.000000%

Filing Compare · Bear Stearns Asset Backed Securities Trust 2004-SD2