8-K 1 ar26_nov03.txt 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 25, 2003 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP. (as depositor under a Pooling and Servicing Agreement, dated as of October 1, 2003, providing for the issuance of CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-AR26) CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP. (Exact name of registrant as specified in its charter) Delaware 333-107055-8 13-3320910 State or Other Jurisdiction (Commission (IRS Employer of Incorporation ) File Number) Identification No.) 11 Madison Ave. New York, New York 10010 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code :(212)325-2000 N/A (Former name or former address, if changed since last report.) Item 5. Other Events. This report and exhibit is being filed, pursuant to the terms of the Pooling and Servicing Agreement, dated as of October 1, 2003 among Credit Suisse First Boston Mortgage Securities Corp., as depositor, DLJ Mortgage Capital, Inc. as seller, Chase Manhattan Mortgage Corporation, as master servicer, Washington Mutual Mortgage Securities Corp, as seller and servicer, Fairbanks Capital Corp., as servicer and special servicer, U.S Bank N.A., as trustee, and JPMorgan Chase Bank, as trust administrator. On November 25, 2003 distribution was made to the Certificateholders. Specific information with respect to the distribution is filed as Exhibit 99.1. Item 7. Financial Statements and Exhibits. (a) Not applicable. (b) Not applicable. (c) The following exhibits are filed as part of this report: Statement to Certificateholders on November 25, 2003 is filed as Exhibit 99.1 hereto. CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP. CSFB MORTGAGE-BACKED PASS-THROUGH CERTIFICATES, SERIES 2003-AR26 -------------------------------------------------------------------- SIGNATURE 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. JPMORGAN CHASE BANK, not in its individual capacity but solely as Trust Administrator under the Agreement referred to herein Date: December 2, 2003 By: /s/ Mark Volosov -------------------------------- Mark Volosov Assistant Vice President INDEX TO EXHIBITS Exhibit Number Description of Exhibits 99.1 Monthly Certificateholder Statement on November 25, 2003 Exhibit 99.1 Monthly Certificateholder Statement on November 25, 2003 CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-AR26 Statement to Certificate Holders November 25, 2003 ---------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTION IN DOLLARS ---------------------------------------------------------------------------------------------------------------------------------- ORIGINAL BEGINNING ENDING FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE ---------------------------------------------------------------------------------------------------------------------------------- IA1 53,089,000.00 53,089,000.00 485,065.51 179,201.39 664,266.90 0.00 0.00 52,603,934.49 IIA1 338,584,000.00 338,584,000.00 3,177,259.46 1,205,368.95 4,382,628.41 0.00 0.00 335,406,740.54 IIIA1 74,700,000.00 74,700,000.00 164,690.48 247,769.34 412,459.82 0.00 0.00 74,535,309.52 IIIA2 28,817,000.00 28,817,000.00 63,532.60 105,043.50 168,576.10 0.00 0.00 28,753,467.40 IVA1 29,875,000.00 29,875,000.00 29,038.11 114,601.77 143,639.88 0.00 0.00 29,845,961.89 VA1 32,719,000.00 32,719,000.00 592,950.92 123,699.49 716,650.41 0.00 0.00 32,126,049.08 VIA1 108,955,000.00 108,955,000.00 884,925.47 393,996.60 1,278,922.07 0.00 0.00 108,070,074.53 VIIA1 73,225,000.00 73,225,000.00 772,473.08 251,001.11 1,023,474.19 0.00 0.00 72,452,526.92 VIIIA1 206,382,000.00 206,382,000.00 1,131,094.89 783,935.56 1,915,030.45 0.00 0.00 205,250,905.11 IXA1 162,640,000.00 162,640,000.00 2,632,337.43 182,970.00 2,815,307.43 0.00 0.00 160,007,662.57 IXA2 90,000,000.00 90,000,000.00 1,456,655.00 105,975.00 1,562,630.00 0.00 0.00 88,543,345.00 IXM1 6,648,500.00 6,648,500.00 0.00 9,823.16 9,823.16 0.00 0.00 6,648,500.00 IXM2 3,989,000.00 3,989,000.00 0.00 8,436.74 8,436.74 0.00 0.00 3,989,000.00 IXM3 2,660,061.00 2,660,061.00 0.00 6,723.30 6,723.30 0.00 0.00 2,660,061.00 CB1 17,745,500.00 17,745,500.00 16,601.44 64,301.78 80,903.22 0.00 0.00 17,728,898.56 CB2 8,872,300.00 8,872,300.00 8,300.30 32,149.26 40,449.56 0.00 0.00 8,863,999.70 CB3 5,422,000.00 5,422,000.00 5,072.44 19,646.91 24,719.35 0.00 0.00 5,416,927.56 CB4 2,465,000.00 2,465,000.00 2,306.08 8,932.06 11,238.14 0.00 0.00 2,462,693.92 CB5 2,465,000.00 2,465,000.00 2,306.08 8,932.06 11,238.14 0.00 0.00 2,462,693.92 CB6 2,464,494.00 2,464,494.00 2,305.61 8,930.23 11,235.84 0.00 0.00 2,462,188.39 AR 50.00 50.00 50.00 0.17 50.17 0.00 0.00 0.00 ARL 50.00 50.00 50.00 0.27 50.27 0.00 0.00 0.00 TOTALS 1,251,717,955.00 1,251,717,955.00 11,427,014.90 3,861,438.65 15,288,453.55 0.00 0.00 1,240,290,940.10 IIIX 74,700,000.00 74,700,000.00 0.00 24,526.50 24,526.50 0.00 0.00 74,535,309.52 IXX 265,937,561.45 265,937,561.45 0.00 0.18 0.18 0.00 0.00 262,908,868.61 --------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH RATES --------------------------------------------------------------------------------------------------------- ---------------------- BEGINNING ENDING CURRENT CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL CLASS PASS-THRU RATE --------------------------------------------------------------------------------------------------------- ---------------------- IA1 22541QZP0 1,000.00000000 9.13683644 3.37549003 12.51232647 990.86316356 IA1 4.050588 % IIA1 22541QZQ8 1,000.00000000 9.38396221 3.56002927 12.94399148 990.61603779 IIA1 4.272035 % IIIA1 22541QZR6 1,000.00000000 2.20469183 3.31685863 5.52155047 997.79530817 IIIA1 3.980230 % IIIA2 22541QF64 1,000.00000000 2.20469168 3.64519207 5.84988375 997.79530832 IIIA2 4.374230 % IVA1 22541QZS4 1,000.00000000 0.97198695 3.83604251 4.80802946 999.02801305 IVA1 4.603251 % VA1 22541QZT2 1,000.00000000 18.12252575 3.78066231 21.90318806 981.87747425 VA1 4.536795 % VIA1 22541QZU9 1,000.00000000 8.12193539 3.61614061 11.73807599 991.87806461 VIA1 4.339369 % VIIA1 22541QZV7 1,000.00000000 10.54930802 3.42780621 13.97711424 989.45069198 VIIA1 4.113367 % VIIIA1 22541QZW5 1,000.00000000 5.48058886 3.79846866 9.27905752 994.51941114 VIIIA1 4.558162 % IXA1 22541QZX3 1,000.00000000 16.18505552 1.12500000 17.31005552 983.81494448 IXA1 1.500000 % IXA2 22541QF72 1,000.00000000 16.18505556 1.17750000 17.36255556 983.81494444 IXA2 1.570000 % IXM1 22541QZZ8 1,000.00000000 0.00000000 1.47750019 1.47750019 1,000.00000000 IXM1 1.970000 % IXM2 22541QA28 1,000.00000000 0.00000000 2.11500125 2.11500125 1,000.00000000 IXM2 2.820000 % IXM3 22541QA36 1,000.00000000 0.00000000 2.52749843 2.52749843 1,000.00000000 IXM3 3.370000 % CB1 22541QA44 1,000.00000000 0.93552957 3.62355414 4.55908371 999.06447043 CB1 4.348265 % CB2 22541QA51 1,000.00000000 0.93552968 3.62355421 4.55908389 999.06447032 CB2 4.348265 % CB3 22541QA69 1,000.00000000 0.93552932 3.62355404 4.55908336 999.06447068 CB3 4.348265 % CB4 22541QA93 1,000.00000000 0.93552941 3.62355375 4.55908316 999.06447059 CB4 4.348265 % CB5 22541QB27 1,000.00000000 0.93552941 3.62355375 4.55908316 999.06447059 CB5 4.348265 % CB6 22541QB35 1,000.00000000 0.93553078 3.62355518 4.55908596 999.06446922 CB6 4.348265 % AR 22541QA77 1,000.00000000 1,000.00000000 3.40000000 1,003.40000000 0.00000000 AR 4.050588 % ARL 22541QA85 1,000.00000000 1,000.00000000 5.40000000 1,005.40000000 0.00000000 ARL 4.050588 % TOTALS 1,000.00000000 9.12906526 3.08491113 12.21397639 990.87093474 IIIX 22541QZY1 1,000.00000000 0.00000000 0.32833333 0.32833333 997.79530817 IIIX 0.394000 % IXX N/A 1,000.00000000 0.00000000 0.00000068 0.00000068 988.61126340 IXX 0.000001 % -------------------------------------------------------------------------------------------------------- ------------------------ IF THERE, ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: Jon Saraniti JPMorgan Chase Bank - Structured Finance Services 4 New York Plaza, 6th Floor New York, New York 10004 Tel: (212) 623-4527 Fax: 212) 623-5930 Email: jon.c.saraniti@chase.com *Note: It is expected that the servicing of all of the mortgage loans serviced by Fairbanks will be transferred to Wells Fargo Home Mortgage, Inc. on or about February 1, 2004. Servicing transfers can result in a temporary increase in delinquencies on the transferred loans. Section 4.04(a)(i) Scheduled Principal Payments (Total) 1,156,007.30 Group 1 54,364.82 Group 2 317,838.54 Group 3 136,559.24 Group 4 28,937.23 Group 5 37,893.39 Group 6 106,848.40 Group 7 86,714.55 Group 8 153,063.14 Group 9 233,787.99 Principal Prepayments (Total) 9,210,710.44 Group 1 432,976.15 Group 2 2,872,137.09 Group 3 97,126.70 Group 4 1,258.28 Group 5 556,573.61 Group 6 782,351.30 Group 7 689,227.70 Group 8 984,154.76 Group 9 2,794,904.85 Repurchase Principal (Total) 0.00 Group 1 0.00 Group 2 0.00 Group 3 0.00 Group 4 0.00 Group 5 0.00 Group 6 0.00 Group 7 0.00 Group 8 0.00 Group 9 0.00 Substitution Amounts (Total) 0.00 Group 1 0.00 Group 2 0.00 Group 3 0.00 Group 4 0.00 Group 5 0.00 Group 6 0.00 Group 7 0.00 Group 8 0.00 Group 9 0.00 Net Liquidation Proceeds (Total) 0.00 Group 1 0.00 Group 2 0.00 Group 3 0.00 Group 4 0.00 Group 5 0.00 Group 6 0.00 Group 7 0.00 Group 8 0.00 Group 9 0.00 Insurance Proceeds (Total) 0.00 Group 1 0.00 Group 2 0.00 Group 3 0.00 Group 4 0.00 Group 5 0.00 Group 6 0.00 Group 7 0.00 Group 8 0.00 Group 9 0.00 Other Principal (Total) -2.42 Group 1 0.00 Group 2 -1.98 Group 3 0.00 Group 4 0.00 Group 5 0.00 Group 6 0.00 Group 7 0.00 Group 8 -0.44 Group 9 0.00 Group 1 108 Group 2 727 Group 3 216 Group 4 76 Group 5 73 Group 6 232 Group 7 435 Group 8 1,099 Group 9 1,027 Beginning Aggregate Loan Balances (Total) 1,251,717,956.03 Group 1 55,302,059.96 Group 2 352,692,411.15 Group 3 107,830,609.25 Group 4 31,119,690.67 Group 5 34,082,612.82 Group 6 113,495,115.59 Group 7 76,276,582.31 Group 8 214,981,312.83 Group 9 265,937,561.45 Ending Number of Loans Outstanding (Total) 3,968 Group 1 107 Group 2 722 Group 3 216 Group 4 76 Group 5 72 Group 6 231 Group 7 431 Group 8 1,095 Group 9 1,018 Ending Aggregate Loan Balances (Total) 1,241,351,240.71 Group 1 54,814,718.99 Group 2 349,502,437.50 Group 3 107,596,923.31 Group 4 31,089,495.16 Group 5 33,488,145.82 Group 6 112,605,915.89 Group 7 75,500,640.06 Group 8 213,844,095.37 Group 9 262,908,868.61 Servicing Fees (Total, including Master Servicing Fees and PMI Fees) 392,402.94 Group 1 18,633.85 Group 2 118,220.50 Group 3 34,146.36 Group 4 8,242.32 Group 5 11,930.58 Group 6 35,940.12 Group 7 24,715.06 Group 8 70,483.66 Group 9 70,090.49 Trust Administrator Fees (Total) 771.03 Group 1 62.31 Group 2 390.46 Group 3 0.00 Group 4 19.97 Group 5 66.26 Group 6 0.00 Group 7 20.30 Group 8 100.45 Group 9 111.28 Section 4.04(a)(viii) Current Advances (Total) N/A Group 1 N/A Group 2 N/A Group 3 N/A Group 4 N/A Group 5 N/A Group 6 N/A Group 7 N/A Group 8 N/A Group 9 N/A Outstanding Advances (Total) N/A Group 1 N/A Group 2 N/A Group 3 N/A Group 4 N/A Group 5 N/A Group 6 N/A Group 7 N/A Group 8 N/A Group 9 N/A Section 4.04(a)(ix) Delinquent Mortgage Loans Group 1 Principal Category Number Balance Percentage 1 Month 0 0.00 0.00 % 2 Month 0 0.00 0.00 % 3 Month 0 0.00 0.00 % Total 0 0.00 0.00 % Group 2 Principal Category Number Balance Percentage 1 Month 0 0.00 0.00 % 2 Month 0 0.00 0.00 % 3 Month 0 0.00 0.00 % Total 0 0.00 0.00 % Group 3 Principal Category Number Balance Percentage 1 Month 0 0.00 0.00 % 2 Month 0 0.00 0.00 % 3 Month 0 0.00 0.00 % Total 0 0.00 0.00 % Group 4 Principal Category Number Balance Percentage 1 Month 0 0.00 0.00 % 2 Month 0 0.00 0.00 % 3 Month 0 0.00 0.00 % Total 0 0.00 0.00 % Group 5 Principal Category Number Balance Percentage 1 Month 0 0.00 0.00 % 2 Month 0 0.00 0.00 % 3 Month 0 0.00 0.00 % Total 0 0.00 0.00 % Group 6 Principal Category Number Balance Percentage 1 Month 0 0.00 0.00 % 2 Month 0 0.00 0.00 % 3 Month 0 0.00 0.00 % Total 0 0.00 0.00 % Group 7 Principal Category Number Balance Percentage 1 Month 0 0.00 0.00 % 2 Month 0 0.00 0.00 % 3 Month 0 0.00 0.00 % Total 0 0.00 0.00 % Group 8 Principal Category Number Balance Percentage 1 Month 0 0.00 0.00 % 2 Month 0 0.00 0.00 % 3 Month 0 0.00 0.00 % Total 0 0.00 0.00 % Group 9 Principal Category Number Balance Percentage 1 Month 2 328,710.94 0.13 % 2 Month 0 0.00 0.00 % 3 Month 0 0.00 0.00 % Total 2 328,710.94 0.13 % Group Totals Principal Category Number Balance Percentage 1 Month 2 328,710.94 0.03 % 2 Month 0 0.00 0.00 % 3 Month 0 0.00 0.00 % Total 2 328,710.94 0.03 % * Delinquent Bankruptcies are included in the table above. Bankruptcies Group 1 Principal Number Balance Percentage 0 0.00 0.00 % Group 2 Principal Number Balance Percentage 0 0.00 0.00 % Group 3 Principal Number Balance Percentage 0 0.00 0.00 % Group 4 Principal Number Balance Percentage 0 0.00 0.00 % Group 5 Principal Number Balance Percentage 0 0.00 0.00 % Group 6 Principal Number Balance Percentage 0 0.00 0.00 % Group 7 Principal Number Balance Percentage 0 0.00 0.00 % Group 8 Principal Number Balance Percentage 0 0.00 0.00 % Group 9 Principal Number Balance Percentage 0 0.00 0.00 % Group Totals Principal Number Balance Percentage 0 0.00 0.00 % * Only Current Bankruptcies are reflected in the table above. Foreclosures Group 1 Principal Number Balance Percentage 0 0.00 0.00 % Group 2 Principal Number Balance Percentage 0 0.00 0.00 % Group 3 Principal Number Balance Percentage 0 0.00 0.00 % Group 4 Principal Number Balance Percentage 0 0.00 0.00 % Group 5 Principal Number Balance Percentage 0 0.00 0.00 % Group 6 Principal Number Balance Percentage 0 0.00 0.00 % Group 7 Principal Number Balance Percentage 0 0.00 0.00 % Group 8 Principal Number Balance Percentage 0 0.00 0.00 % Group 9 Principal Number Balance Percentage 0 0.00 0.00 % Group Totals Principal Number Balance Percentage 0 0.00 0.00 % Section 4.04(a)(xi) REO Properties Group 1 Principal Number Balance Percentage 0 0.00 0.00 % Group 2 Principal Number Balance Percentage 0 0.00 0.00 % Group 3 Principal Number Balance Percentage 0 0.00 0.00 % Group 4 Principal Number Balance Percentage 0 0.00 0.00 % Group 5 Principal Number Balance Percentage 0 0.00 0.00 % Group 6 Principal Number Balance Percentage 0 0.00 0.00 % Group 7 Principal Number Balance Percentage 0 0.00 0.00 % Group 8 Principal Number Balance Percentage 0 0.00 0.00 % Group 9 Principal Number Balance Percentage 0 0.00 0.00 % Group Totals Principal Number Balance Percentage 0 0.00 0.00 % Section 4.04(a)(xii) Current Realized Losses (Total) 0.00 Group 1 0.00 Group 2 0.00 Group 3 0.00 Group 4 0.00 Group 5 0.00 Group 6 0.00 Group 7 0.00 Group 8 0.00 Group 9 0.00 Subsequent Losses (Total) 0.00 Group 1 0.00 Group 2 0.00 Group 3 0.00 Group 4 0.00 Group 5 0.00 Group 6 0.00 Group 7 0.00 Group 8 0.00 Group 9 0.00 Subsequent Loss Recoveries (Total) 0.00 Group 1 0.00 Group 2 0.00 Group 3 0.00 Group 4 0.00 Group 5 0.00 Group 6 0.00 Group 7 0.00 Group 8 0.00 Group 9 0.00 Current Period Net LossTotal) 0.00 Group 1 0.00 Group 2 0.00 Group 3 0.00 Group 4 0.00 Group 5 0.00 Group 6 0.00 Group 7 0.00 Group 8 0.00 Group 9 0.00 Cumulative Realized Losses (Total) 0.00 Group 1 0.00 Group 2 0.00 Group 3 0.00 Group 4 0.00 Group 5 0.00 Group 6 0.00 Group 7 0.00 Group 8 0.00 Group 9 0.00 Beginning Gross Weighted Average Coupon (Deal) 5.1188 % Group 1 4.4763 % Group 2 4.6956 % Group 3 4.7742 % Group 4 4.9419 % Group 5 4.9792 % Group 6 4.7194 % Group 7 4.5025 % Group 8 4.9522 % Group 9 6.4741 % Section 4.04(a)(xiii) Weighted Average Term to Maturity (Deal) 357 Group 1 357 Group 2 357 Group 3 358 Group 4 356 Group 5 356 Group 6 358 Group 7 357 Group 8 357 Group 9 357 Group 9 Trigger Event Trigger Event Occurrence NO (Is Rolling 3 Month Delinquency Rate > 5.25% ?) Rolling 3 Month Delinquency Rate 0.00000 % 5.25% 5.25000 % Group 9 O/C Reporting Targeted Overcollateralization Amount 1,329,687.81 Ending Overcollateralization Amount 1,060,300.03 Ending Overcollateralization Deficiency 269,387.78 Group I Monthly Excess Interest 921.70 Group II Monthly Excess Interest 5,878.21 Group III Monthly Excess Interest 1,797.18 Group IV Monthly Excess Interest 518.66 Group V Monthly Excess Interest 568.04 Overcollateralization Release Amount 0.00 Monthly Excess Interest 1,060,299.58 Payment to Class IX-X 0.18 Amounts on Deposit in the Group IX Basis Risk Reserve Fund in excess of Required Amount to Class IX-X 0.18 *Note: It is expected that the servicing of all of the mortgage loans serviced by Fairbanks will be transferred to Wells Fargo Home Mortgage, Inc. on or about February 1, 2004. Servicing transfers can result in a temporary increase in delinquencies on the transferred loans. Copyright 2001 J.P. Morgan Chase & Co. All rights reserved.

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 10, 2003

CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
(Exact name of registrant as specified in its charter)
Delaware	333-100669	13-3320910
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
11 Madison Avenue New York, New York 10010
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code (212) 325-2000

Item 7.

Financial Statements, Pro Forma Financial

Information and Exhibits.

(a)

Not applicable.

(b)

Not applicable.

(c)

Exhibits:

8.1

Tax Opinion of McKee Nelson LLP

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CREDIT SUISSE FIRST BOSTON

MORTGAGE SECURITIES CORP.

By:/s/John P. Graham

Name: John P. Graham

Title:

Vice President

Dated: November 10, 2003

Exhibit Index

Exhibit

Page

8.1

Tax Opinion of McKee Nelson LLP

Exhibit 8.1

MCKEE NELSON LLP

5 Times Square, 35th Floor

New York, New York 10036

Telephone: (917) 777-4200

Facsimile: (917) 777-4299

October 29, 2003

Credit Suisse First Boston LLC 11 Madison Avenue New York, New York 10010

U.S. Bank National Association

Corporate Trust Services – EP-MN-WS3D

60 Livingston Avenue

St. Paul, Minnesota 55107-2292

Moody’s Investors Service, Inc. 99 Church Street New York, New York 10007

Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. 55 Water Street New York, New York 10041

Re:

Credit Suisse First Boston Mortgage Securities Corp., CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-AR26

Ladies and Gentlemen:

We have acted as special counsel for Credit Suisse First Boston Mortgage Securities Corp., a Delaware corporation (the “Company”), in connection with the issuance of the CSFB Mortgage-Backed Pass-Through Certificates of the above-referenced Series (the “Certificates”). The Class I-A-1, Class II-A-1, Class III-A-1, Class III-A-2, Class IV-A-1, Class V-A-1, Class VI-A-1, Class VII-A-1, Class VIII-A-1, Class IX-A-1, Class IX-A-2, Class III-X, Class IX-M-1, Class IX-M-2, Class IX-M-3, Class C-B-1, Class C-B-2 and Class C-B-3 Certificates are referred to herein as the “Regular Interest Certificates.”

The Certificates will represent the entire beneficial ownership interest in a trust fund (the “Trust Fund”) to be created pursuant to a Pooling and Servicing Agreement dated as of October 1, 2003 (the “Pooling Agreement”), among the Company, as depositor (the “Depositor”), U.S. Bank National Association, as trustee (the “Trustee”), DLJ Mortgage Capital, Inc., as a seller (“DLJMC”), Washington Mutual Mortgage Securities Corp., as a seller and a servicer (“WMMSC”), Fairbanks Capital Corp., as a servicer and as special servicer (“Fairbanks” and together with WMMSC, the “Servicers”), Chase Manhattan Mortgage Corporation, as master servicer (“CMMC”) and JPMorgan Chase Bank, as trust administrator. The assets of the Trust Fund will consist primarily of a pool of conventional adjustable-rate mortgage loans (the “Mortgage Loans”) secured by first liens on one- to four-family residential properties. Capitalized terms not otherwise defined herein have the meanings ascribed to such terms in the Pooling Agreement.

In arriving at the opinions expressed below, we have examined such documents and records as we have deemed appropriate, including the following:

(1)

A signed copy of the Registration Statement on Form S-3 (File No. 333-107055) filed by the Company with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “1933 Act”), on July 15, 2003, together with each amendment thereto (such registration statement, as amended and as declared effective by the Commission on August 5, 2003, is referred to herein as the “Registration Statement”).

(2)

The Prospectus dated September 25, 2003 (the “Base Prospectus”), as supplemented by the Prospectus Supplement, dated October 29, 2003 (the “Prospectus Supplement”), in the form to be filed with the Commission pursuant to Rule 424(b) under the 1933 Act (the Base Prospectus, as supplemented by the Prospectus Supplement, the “Prospectus”).

(3)

The Pooling Agreement (together with the Prospectus, the “Documents”).

(4)

A specimen Certificate of each Class of Certificates.

In addition, we have made such investigations of such matters of law as we deemed appropriate as a basis for the opinions expressed below. Further, we have assumed the genuineness of all signatures and the authenticity of all documents submitted to us as originals. Our opinions are also based on the assumption that there are no agreements or understandings with respect to those transactions contemplated in the Documents other than those contained in the Documents. Furthermore, our opinions are based on the assumption that all parties to the Documents will comply with the terms thereof, including all tax reporting requirements contained therein.

As to any facts material to the following opinions which we did not independently establish or verify, we have relied upon statements and representations of the responsible officers and other representatives of the Company and of public officials and agencies. We have, for purposes of rendering the opinions, also relied on certain factual, numerical and statistical information which is based on the assumptions used in pricing the Certificates.

As of the Closing Date, each REMIC created pursuant to the Pooling Agreement will qualify as a REMIC within the meaning of Section 860D of the Internal Revenue Code of 1986, as amended (the “Code”), assuming (i) compliance with the Pooling Agreement, and (ii) compliance with changes in the law, including any amendments to the Code or applicable Treasury regulations thereunder. The Regular Interest Certificates represent ownership of regular interests in the Master REMIC. The Class AR-L Certificates represent ownership of the residual interests in Subsidiary REMIC 1A and Subsidiary REMIC 2 and the Class AR Certificates represent ownership of the residual interest in each remaining REMIC created pursuant to the Pooling Agreement. In addition, the rights of the Class IX-A-1, Class IX-M-1, Class IX-M-2 and Class IX-M-3 Certificates to receive Basis Risk Shortfall represents separate contractual rights coupled with the REMIC regular interest represented by such Class within the meaning of Treasury Regulation Section 1.860G-2(i).

In addition, based upon the foregoing, it is our opinion that, under existing laws of the State of New York and the City of New York, insofar as each REMIC qualifies as a REMIC under Section 860D(a) of the Code: (i) each REMIC will be exempt from all taxes imposed or authorized by New York State upon its capital stock, franchises or income, and (ii) each REMIC will be exempt from taxes imposed by chapter five of the New York City tax law (the New York City Unincorporated Business Income Tax) and taxes imposed by chapter six of the New York City tax law (the New York City Business Tax).

The statements in the Base Prospectus and the Prospectus Supplement, as the case may be, under the heading “Material Federal Income Tax Consequences,” and “Federal Income Tax Consequences,” respectively, to the extent that they constitute matters of federal law or legal conclusions with respect thereto, have been reviewed by us and are correct in all material respects.

The opinions set forth herein are based upon the existing provisions of the Code and Treasury regulations issued or proposed thereunder, published Revenue Rulings and releases of the Internal Revenue Service and existing case law, the tax law of the State of New York, Chapters Five and Six of the New York City tax law and any regulations issued or proposed thereunder and releases of the New York Department of Finance and Taxation and the New York City Finance Administration, any of which could be changed at any time. Any such changes may be retroactive in application and could modify the legal conclusions upon which such opinions are based. The opinions expressed herein are limited as described above, and we do not express an opinion on any other tax aspect of the transactions contemplated by the documents relating to the transaction.

In rendering the foregoing opinions, we express no opinion as to the laws of any jurisdiction other than the federal income tax laws of the United States or the tax laws of the State or City of New York. This opinion is rendered as of the date hereof and we undertake no obligation to update this opinion or advise you of any changes in the event there is any change in legal authorities, facts, assumptions or documents on which this opinion is based (including the taking of any action by any party to the Documents pursuant to any opinion of counsel or a waiver), or any inaccuracy in any of the representations, warranties or assumptions upon which we have relied in rendering this opinion unless we are specifically engaged to do so. This opinion is rendered only to those to whom it is addressed and may not be relied on in connection with any transactions other than the transactions contemplated herein. This opinion may not be relied upon for any other purpose, or relied upon by any other person, firm or corporation for any purpose, without our prior written consent.

Very truly yours,

/s/McKee Nelson LLP

McKee Nelson LLP

5 Times Square, 35th Floor

New York, New York 10036

Telephone: (917) 777-4200

Facsimile: (917) 777-4299

October 29, 2003

BY MODEM

Securities and Exchange Commission

Judiciary Plaza

450 Fifth Street, N.W.

Washington, D.C. 20549

RE:

Credit Suisse First Boston Mortgage Securities Corp.,

Mortgage-Backed Pass-Through Certificates, Series 2003-AR26

Ladies and Gentlemen:

We have acted as counsel for Credit Suisse First Boston Mortgage Securities Corp., a Delaware corporation (the “Company”). We enclose herewith for filing, pursuant to the Securities and Exchange Act of 1934, as amended, the Company’s Current Report on Form 8-K in connection with the above-referenced transaction.

Very truly yours,

/s/ Michael Braun___

Michael Braun

Enclosure

Filing Compare · CSFB MORTGAGE BACKED PASS THR CERTS SER 2003-AR26