8-K 1 thb03002_dec.txt DECEMBER 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): December 27, 2004 THORNBURG MORTGAGE SECURITIES TRUST Mortgage Pass-Through Certificates, Series 2003-2 Trust (Exact name of registrant as specified in its charter) Delaware (governing law of 333-56240-12 54-2120412 Pooling and Servicing Agreement) (Commission 54-2120413 (State or other File Number) IRS EIN jurisdiction of Incorporation) c/o Wells Fargo Bank, 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 December 27, 2004 a distribution was made to holders of THORNBURG MORTGAGE SECURITIES TRUST, Mortgage Pass-Through Certificates, Series 2003-2 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-2 Trust, relating to the December 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. THORNBURG MORTGAGE SECURITIES TRUST Mortgage Pass-Through Certificates, Series 2003-2 Trust (Registrant) By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 12/30/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-2 Trust, relating to the December 27, 2004 distribution. EX-99.1

Thornburg Mortgage Home Loans, Inc. Mortgage Pass-Through Certificates Record Date: 1011/3130/2004 Distribution Date: 1112/2627/2004 ~~THB~~Thornburg Mortgage Home Loans, Inc. Mortgage Pass-Through Certificates Series: 2003-2 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A 885220DC4 SEN 2.~~27250~~52000% ~~592~~577,~~679~~490,~~156~~388.8356 1,~~197~~253,~~211~~154.9220 15,~~188~~251,~~768~~614.2746 M-1 885220DD2 SUB 2.~~68250~~93000% 10,608,900.00 2526,~~296~~766.3385 0.00 M-2 885220DE0 SUB 3.~~43250~~68000% 10,608,900.00 3233,~~368~~618.9343 0.00 B-IO 885220DH3 SEN 0.00000% 69.76 ~~783~~697,~~717~~761.4695 0.00 R-1 885220DF7 SEN 0.00000% 0.00 0.00 0.00 R-2 885220DG5 SEN 0.00000% 0.00 0.00 0.00 Totals ~~613~~598,~~897~~708,~~026~~258.5932 2,~~038~~011,~~594~~301.6443 15,~~188~~251,~~768~~614.2746

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 ~~577~~562,~~490~~238,~~388~~774.5610 16,~~385~~504,~~980~~768.1966 0.00 M-1 0.00 10,608,900.00 2526,~~296~~766.3385 0.00 M-2 0.00 10,608,900.00 3233,~~368~~618.9343 0.00 B-IO 0.00 69.76 ~~783~~697,~~717~~761.4695 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 Totals 0.00 ~~598~~583,~~708~~456,~~258~~643.3286 17,~~227~~262,~~362~~915.9189 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A 1,039,673,900.00 ~~592~~577,~~679~~490,~~156~~388.8356 0.00 15,~~188~~251,~~768~~614.2746 0.00 0.00 M-1 10,608,900.00 10,608,900.00 0.00 0.00 0.00 0.00 M-2 10,608,900.00 10,608,900.00 0.00 0.00 0.00 0.00 B-IO 69.76 69.76 0.00 0.00 0.00 0.00 R-1 50.00 0.00 0.00 0.00 0.00 0.00 R-2 50.00 0.00 0.00 0.00 0.00 0.00 Totals 1,060,891,869.76 ~~613~~598,~~897~~708,~~026~~258.5932 0.00 15,~~188~~251,~~768~~614.2746 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A 15,~~188~~251,~~768~~614.2746 ~~577~~562,~~490~~238,~~388~~774.5610 0.~~55545339~~54078377 15,~~188~~251,~~768~~614.2746 M-1 0.00 10,608,900.00 1.00000000 0.00 M-2 0.00 10,608,900.00 1.00000000 0.00 B-IO 0.00 69.76 1.00000000 0.00 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 Totals 15,~~188~~251,~~768~~614.2746 ~~598~~583,~~708~~456,~~258~~643.3286 0.~~56434428~~54996806 15,~~188~~251,~~768~~614.2746

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 1,039,673,900.00 ~~14251~~13886.~~56380356~~33466128 0.00000000 ~~365~~366.~~22914228~~74034185 0.00000000 M-1 10,608,900.00 25000.00000000 0.00000000 0.00000000 0.00000000 M-2 10,608,900.00 25000.00000000 0.00000000 0.00000000 0.00000000 B-IO 69.76 10000000.00000000 0.00000000 0.00000000 0.00000000 R-1 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-2 50.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) Classes A, M-1, M-2 are per $25,000 Denomination. Class B-IO are per $10,000,000 Denomination. Classes R-1, R-2 are per $50.00 Denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A 0.00000000 ~~365~~366.~~22914228~~74034185 13,~~886~~519.~~33466128~~59431943 0.~~55545339~~54078377 ~~365~~366.~~22914228~~74034185 M-1 0.00000000 0.00000000 25,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 25,000.00000000 1.00000000 0.00000000 B-IO 0.00000000 0.~~00000000 10~~0000000010,000,000.00000000 1.00000000 0.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A 1,039,673,900.00 2.~~27250~~52000% ~~592~~577,~~679~~490,~~156~~388.8356 1,~~197~~253,~~211~~154.9014 0.00 0.00 M-1 10,608,900.00 2.~~68250~~93000% 10,608,900.00 2526,~~296~~766.3384 0.00 0.00 M-2 10,608,900.00 3.~~43250~~68000% 10,608,900.00 3233,~~368~~618.9343 0.00 0.00 B-IO 69.76 0.00000% 69.76 0.00 0.00 0.00 R-1 50.00 0.00000% 0.00 0.00 0.00 0.00 R-2 50.00 0.00000% 0.00 0.00 0.00 0.00 Totals 1,060,891,869.76 1,~~254~~313,~~877~~539.1641 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A (0.0206) 0.00 1,~~197~~253,~~211~~154.9220 0.00 ~~577~~562,~~490~~238,~~388~~774.5610 M-1 0.00 0.00 2526,~~296~~766.3385 0.00 10,608,900.00 M-2 0.00 0.00 3233,~~368~~618.9343 0.00 10,608,900.00 B-IO 0.00 0.00 ~~783~~697,~~717~~761.4695 0.00 69.76 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 Totals (0.0206) 0.00 2,~~038~~011,~~594~~301.6443 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A 1,039,673,900.00 2.~~27250~~52000% ~~14251~~13886.~~56380356~~33466128 2830.~~78815896~~13334614 0.00000000 0.00000000 M-1 10,608,900.00 2.~~68250~~93000% 25000.00000000 5963.~~61110483~~07637927 0.00000000 0.00000000 M-2 10,608,900.00 3.~~43250~~68000% 25000.00000000 7679.~~27777149~~22223322 0.00000000 0.00000000 B-IO 69.76 0.00000% 10000000.00000000 0.00000000 0.00000000 0.00000000 R-1 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) Classes A, M-1, M-2 are per $25,000 Denomination. Class B-IO are per $10,000,000 Denomination. Classes R-1, R-2 are per $50.00 Den

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A (0.~~00000048~~00000144) 0.00000000 2830.~~78815944~~13334758 0.00000000 ~~13886~~13519.~~33466128~~59431943 M-1 0.00000000 0.00000000 5963.~~61110483~~07640283 0.00000000 25000.00000000 M-2 0.00000000 0.00000000 7679.~~27777149~~22223322 0.00000000 25000.00000000 B-IO 0.00000000 0.00000000 ~~344819380~~23215309.~~73400000~~63300000 0.00000000 10000000.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 17,~~395~~429,~~078~~178.2975 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 3126,~~993~~112.1334 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 03,084.00 Total Deposits 17,~~427~~458,~~071~~375.4209 Withdrawals Reimbursement for Servicer Advances 3231,~~112~~993.3213 Payment of Service Fee ~~167~~163,~~596~~466.1907 Payment of Interest and Principal 17,~~227~~262,~~362~~915.9189 Total Withdrawals (Pool Distribution Amount) 17,~~427~~458,~~071~~375.4209 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~155~~151,~~419~~551.9172 External Master Servicing Fee- Washington Mutual 2,~~850~~818.9575 Master Servicing Fee- Wells Fargo 8,~~991~~769.3387 Trustee Fee - Deutsche Bank ~~334~~325.0073 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~167~~163,~~596~~466.1907

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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 2322 0 0 0 2322 86,~~411~~436,~~683~~144.8626 0.00 0.00 0.00 86,~~411~~436,~~683~~144.8626 60 Days 21 0 0 0 21 ~~218~~524,~~281~~346.5609 0.00 0.00 0.00 ~~218~~524,~~281~~346.5609 90 Days 21 0 0 0 21 ~~162~~108,~~097~~747.0852 0.00 0.00 0.00 ~~162~~108,~~097~~747.0852 120 Days 01 0 0 0 01 0108,490.0015 0.00 0.00 0.00 0108,490.0015 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 2725 0 0 0 2725 87,~~792~~177,~~062~~728.5002 0.00 0.00 0.00 87,~~792~~177,~~062~~728.5002 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% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.~~558266~~526718% 0.000000% 0.000000% 0.000000% 1.~~558266~~526718% 1.~~398422~~097828% 0.000000% 0.000000% 0.000000% 1.~~398422~~097828% 60 Days 0.~~135501~~069396% 0.000000% 0.000000% 0.000000% 0.~~135501~~069396% 0.~~036289~~089439% 0.000000% 0.000000% 0.000000% 0.~~036289~~089439% 90 Days 0.~~135501~~069396% 0.000000% 0.000000% 0.000000% 0.~~135501~~069396% 0.~~026948~~018549% 0.000000% 0.000000% 0.000000% 0.~~026948~~018549% 120 Days 0.~~000000~~069396% 0.000000% 0.000000% 0.000000% 0.~~000000~~069396% 0.~~000000~~018505% 0.000000% 0.000000% 0.000000% 0.~~000000~~018505% 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.~~829268~~734906% 0.000000% 0.000000% 0.000000% 1.~~829268~~734906% 1.~~461659~~224322% 0.000000% 0.000000% 0.000000% 1.~~461659~~224322%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 3126,~~993~~112.1334

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 4.~~293946~~333541% Weighted Average Net Coupon 34.~~991449~~031123% Weighted Average Pass-Through Rate 34.~~967750~~007348% Weighted Average Maturity(Stepdown Calculation ) ~~313~~312 Beginning Scheduled Collateral Loan Count 1,~~502~~476 Number Of Loans Paid In Full 2635 Ending Scheduled Collateral Loan Count 1,~~476~~441 Beginning Scheduled Collateral Balance ~~616~~601,~~549~~360,~~256~~487.0174 Ending Scheduled Collateral Balance ~~601~~586,~~360~~108,~~487~~873.7428 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2004 ~~601~~586,~~512~~261,~~359~~493.3297 Monthly P &I Constant 2,~~392~~351,~~577~~720.9007 Special Servicing Fee 0.00 Prepayment Penalties 03,084.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~601~~586,~~360~~108,~~487~~873.7428 Scheduled Principal ~~186~~180,~~387~~036.1369 Unscheduled Principal 15,~~002~~071,~~381~~577.1477 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 2,652,299.18 Overcollateralized Amount 2,652,299.18 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount ~~783~~694,~~717~~678.4901

Beginning Class B-IO Notional Amount $~~613~~598,~~897~~708,~~026~~258.5932 Ending Class B-IO Notional Amount $~~598~~583,~~708~~456,~~258~~643.3286 Ending Scheduled Principal Balance of the T $3534,~~198~~806,~~327~~347.9308 Ending Scheduled Principal Balance of the F $~~179~~175,~~477~~49,~~976~~190.6886 Ending Scheduled Principal Balance of the 7 $44,~~501~~473,~~931~~586.1155

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Coupon Rate 4.~~293946~~333541% Weighted Average Net Rate 34.~~991449~~031123% Weighted Average Pass Through Rate 34.~~967750~~007348% Weighted Average Maturity ~~313~~312 Record Date 1011/3130/2004 Principal and Interest Constant 2,~~392~~351,~~577~~720.9007 Beginning Loan Count 1,~~502~~476 Loans Paid in Full 2635 Ending Loan Count 1,~~476~~441 Beginning Scheduled Balance ~~616~~601,~~549~~360,~~256~~487.0174 Ending Scheduled Balance ~~601~~586,~~360~~108,~~487~~873.7428 Ending Actual Balance at 3130-~~Oct~~Nov-2004 ~~601~~586,~~512~~261,~~359~~493.3297 Scheduled Principal ~~186~~180,~~387~~036.1369 Unscheduled Principal 15,~~002~~071,~~381~~577.1477 Scheduled Interest 2,~~206~~171,~~190~~683.7738 Servicing Fee ~~155~~151,~~419~~551.9172 Master Servicing Fee 8,~~991~~769.3387 Trustee Fee ~~334~~325.0073 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 2,~~850~~818.9575 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 2,~~038~~008,~~594~~217.5831 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Percentage of Cumulative Losses 0.0000 Special Servicing Fee 0.00 Prepayment Penalties 03,084.00 Required Overcollateralized Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized Reduction Amount 0.00 Specified O/C Amount 2,652,299.18 Overcollateralized Amount 2,652,299.18 Overcollateralized Deficiency Amount 0.00 Base Overcollateralization Amount 0.00

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