8-K 1 bsl03002.txt OCTOBER 8-K 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): October 27, 2003 BEAR STEARNS ALT-A TRUST Mortgage Pass-Through Certificates, Series 2003-2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-68542-25 54-2126336 Pooling and Servicing Agreement) (Commission 54-2126337 (State or other File Number) IRS EIN jurisdiction of Incorporation) c/o Wells Fargo Bank Minnesota, 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) ITEM 5. Other Events On October 27, 2003 a distribution was made to holders of BEAR STEARNS ALT-A TRUST, Mortgage Pass-Through Certificates, Series 2003-2 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-2 Trust, relating to the October 27, 2003 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BEAR STEARNS ALT-A TRUST Mortgage Pass-Through Certificates, Series 2003-2 Trust By: Wells Fargo Bank Minnesota, N.A., as Securities Administrator By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield Assistant Vice President Date: 10/31/03 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 October 27, 2003 distribution. EX-99.1

~~ARTICLE~~Bear IStearns ~~Definitions~~ALT-A ~~ARTICLE~~Trust ~~II Conveyance of~~ Mortgage ~~Loans;~~Pass-Through ~~Original~~Certificates ~~Issuance~~Record ofDate: ~~Certificates~~9/30/03 ~~Section~~Distribution ~~2.01~~Date: ~~Conveyance~~10/27/03 ofBSL ~~Mortgage~~Series: ~~Loans~~2003-2 toContact: ~~Trustee...................................................49~~Customer ~~Section~~Service ~~2.02~~- ~~Acceptance~~CTSLink ofWells ~~Mortgage~~Fargo ~~Loans~~Bank byMinnesota, ~~Trustee~~N.A.~~.................................................51~~ ~~Section~~Securities ~~2.03~~Administration ~~Assignment~~Services of7485 ~~Interest~~New inHorizon ~~the~~Way ~~Mortgage~~Frederick, ~~Loan~~MD ~~Purchase~~21703 ~~Agreement~~Telephone: ~~and~~(301) ~~the~~815-6600 ~~Subsequent~~Fax: ~~Mortgage~~(301) ~~Loan~~815-6660 ~~Purchase~~Certificateholder ~~Agreement..........................................................53~~Distribution ~~Section~~Summary ~~2.04~~Certificate ~~Substitution~~Certificate ofBeginning ~~Mortgage~~Class ~~Loans............................................................55~~Pass-Through ~~Section~~Certificate ~~2.05~~Interest ~~Issuance~~Principal ofClass ~~Certificates..................................................................56~~CUSIP ~~Section~~Description ~~2.06~~Rate ~~Representations~~Balance ~~and~~Distribution ~~Warranties~~Distribution ~~Concerning~~A ~~the~~07386HBN0 ~~Seller......................................56~~SEN ~~Section 2~~1.~~076~~47000% ~~Conveyance of the Subsequent Mortgage Loans~~366,450,070.~~..............................................57~~79 ~~ARTICLE III Administration and Servicing of Mortgage Loans Section 3~~478,828.0109 ~~Master Servicer~~9,563,517.~~..........................................................................61~~68 ~~Section~~M-1 ~~3.02~~07386HBP5 ~~REMIC-Related~~SUB ~~Covenants~~1.~~..................................................................62~~92000% ~~Section 3~~14,990,000.0300 ~~Monitoring of Servicers~~25,582.~~..................................................................62~~93 ~~Section 3~~0.0400 ~~Fidelity~~M-2 ~~Bond.............................................................................63~~07386HBQ3 ~~Section~~SUB 32.0587000% ~~Power to Act; Procedures~~7,994,700.~~.................................................................63~~00 ~~Section 3~~20,395.0637 ~~Due-on-Sale Clauses; Assumption Agreements~~0.~~...............................................64~~00 ~~Section~~ M-3~~.07~~ ~~Release~~07386HBR1 ofSUB ~~Mortgage Files.................................................................64 Section~~ 3.0862000% ~~Documents~~4,996,700.00 ~~Records and Funds in Possession of Master Servicer To Be Held for Trustee~~16,078.~~.....65~~27 ~~Section 3~~0.0900 ~~Standard~~B-IO ~~Hazard~~07386HBU4 ~~Insurance~~SUB ~~and Flood Insurance Policies~~0.~~...................................66~~00000% ~~Section 3~~0.1000 ~~Presentment of Claims and Collection of Proceeds~~0.~~.........................................66~~00 ~~Section 3~~0.1100 ~~Maintenance~~OC ofBSL03002X ~~the~~SUB ~~Primary Mortgage Insurance Policies~~0.~~...................................67~~00000% ~~Section 3~~51.12 ~~Trustee to Retain Possession of Certain Insurance Policies and Documents~~0.~~.................67~~00 ~~Section 3~~0.1300 ~~Realization~~XP ~~Upon~~07386HBV2 ~~Defaulted~~SUB ~~Mortgage~~0.00000% ~~Loans~~100.~~................................................68~~00 ~~Section 3~~0.1400 ~~Compensation for the Master Servicer~~0.~~.....................................................68~~00 ~~Section~~R-I ~~3.15~~07386HBS9 ~~REO~~RES ~~Property~~0.~~.............................................................................68~~00000% ~~Section 3~~0.1600 ~~Annual Officer's Certificate as to Compliance~~0.~~............................................69~~00 ~~Section 3~~0.1700 ~~Annual~~R-II ~~Independent~~07386HBT7 ~~Accountant's~~RES ~~Servicing Report~~0.~~.........................................69~~00000% ~~Section 3~~0.1800 ~~Reports Filed with Securities and Exchange Commission~~0.~~....................................70~~00 ~~Section 3~~0.1900 ~~EMC.......................................................................................71~~Totals ~~Section 3~~394,431,621.2091 ~~UCC~~540,884.~~......................................................................................71~~66 ~~Section 3~~9,563,517.~~21 Optional Purchase of Defaulted Mortgage Loans.............................................71~~68

~~ARTICLE~~Certificateholder IVDistribution ~~Accounts~~Summary ~~Section~~(continued) ~~4.01~~Current ~~Protected~~Ending ~~Accounts........................................................................73~~Cumulative ~~Section~~Realized ~~4.02~~Certificate ~~Master~~Total ~~Servicer~~Realized ~~Collection~~Class ~~Account........................................................74~~Loss ~~Section~~Balance ~~4.03~~Distribution ~~Permitted~~Losses ~~Withdrawals~~A ~~and~~0.00 ~~Transfers~~356,886,553.11 ~~from the Master Servicer Collection Account~~10,042,345.~~..........75~~77 ~~Section 4~~0.0400 ~~Distribution~~M-1 ~~Account~~0.~~.....................................................................76~~00 ~~Section 4~~14,990,000.0500 ~~Permitted Withdrawals and Transfers from the Distribution Account~~25,582.~~........................76~~93 ~~Section 4~~0.0600 ~~Reserve~~M-2 ~~Fund~~0.~~.............................................................................78~~00 ~~Section 4~~7,994,700.0700 ~~Class XP Reserve Account~~20,395.~~.................................................................79~~37 ~~Section 4~~0.0800 ~~Pre~~M-~~Funding~~3 ~~and Pre-Funding Account~~0.~~......................................................80~~00 ~~Section~~ 4,996,700.0900 ~~Interest~~16,078.27 ~~Coverage Account~~0.~~................................................................82~~00 ~~ARTICLE~~B-IO ~~V Certificates Section 5~~0.0100 ~~Certificates~~0.~~.............................................................................86~~00 ~~Section 5~~0.0200 ~~Registration of Transfer and Exchange of Certificates~~0.~~....................................91~~00 ~~Section~~OC 50.0300 ~~Mutilated~~1, ~~Destroyed~~294, ~~Lost or Stolen Certificates~~040.~~........................................94~~67 ~~Section 5~~0.0400 ~~Persons Deemed Owners~~0.~~....................................................................95~~00 ~~Section~~XP 50.0500 ~~Transfer Restrictions on Residual Certificates~~100.~~...........................................95~~00 ~~Section 5~~0.0600 ~~Restrictions on Transferability of Certificates~~0.~~..........................................96~~00 ~~Section~~R-I 50.0700 ~~ERISA Restrictions~~0.~~.......................................................................96~~00 ~~Section 5~~0.0800 ~~Rule 144A Information~~0.~~....................................................................97~~00 ~~ARTICLE~~R-II ~~VI Payments to Certificateholders Section 6~~0.0100 ~~Distributions on the Certificates~~0.~~........................................................98~~00 ~~Section 6~~0.0200 ~~Allocation of Losses~~0.~~....................................................................102~~00 ~~Section~~Totals 60.0300 ~~Payments~~386,162,093.~~................................................................................103~~78 ~~Section 6~~10,104,402.0434 ~~Statements to Certificateholders~~0.~~........................................................103~~00 ~~Section~~All ~~6.05~~distributions ~~Monthly~~required ~~Advances.........................................................................106~~by ~~Section~~the ~~6.06~~Pooling ~~Compensating~~and ~~Interest~~Servicing ~~Payments...........................................................106~~Agreement ~~ARTICLE~~have ~~VII~~been ~~The~~calculated ~~Master~~by ~~Servicer Section 7.01 Liabilities of~~ the ~~Master~~Certificate ~~Servicer.......................................................107~~Administrator ~~Section~~on ~~7.02~~behalf ~~Merger or Consolidation~~ of the ~~Master Servicer~~Trustee.~~..........................................107~~

~~Section~~Principal ~~7.03~~Distribution ~~Indemnification~~Statement ofOriginal ~~the~~Beginning ~~Trustee,~~Scheduled ~~the~~Unscheduled ~~Master~~Face ~~Servicer~~Certificate ~~and~~Principal ~~the~~Principal ~~Securities~~Realized ~~Administrator.....107~~Class ~~Section~~Amount ~~7.04~~Balance ~~Limitations~~Distribution onDistribution ~~Liability~~Accretion ofLoss ~~the~~(1) ~~Master~~A ~~Servicer~~371,752,600.00 ~~and~~366,450,070.79 ~~Others~~0.00 9,563,517.68 0.00 0.~~...........................108~~00 ~~Section~~M-1 714,990,000.0500 ~~Master~~14,990,000.00 ~~Servicer~~0.00 ~~Not~~0.00 to0.00 ~~Resign~~0.~~...........................................................109~~00 ~~Section~~M-2 7,994,700.0600 ~~Successor~~7,994,700.00 ~~Master Servicer~~0.~~...............................................................109~~00 ~~Section 7~~0.0700 ~~Sale and Assignment of Master Servicing~~0.~~.................................................109~~00 ~~ARTICLE VIII Default Section 8~~0.0100 ~~Events~~M-3 ~~of Default~~4,996,700.~~.......................................................................111~~00 ~~Section 8~~4,996,700.0200 ~~Trustee to Act; Appointment of Successor~~0.~~................................................113~~00 ~~Section 8~~0.0300 ~~Notification to Certificateholders~~0.~~......................................................113~~00 ~~Section 8~~0.0400 ~~Waiver~~B-IO ~~of Defaults~~0.~~......................................................................114~~00 ~~Section 8~~0.0500 ~~List of Certificateholders~~0.~~..............................................................114~~00 ~~ARTICLE IX Concerning the Trustee and the Securities Administrator Section 9~~0.0100 ~~Duties of Trustee~~0.~~.......................................................................115~~00 ~~Section 9~~0.0200 ~~Certain~~OC ~~Matters Affecting the Trustee and the Securities Administrator~~51.~~..................117~~12 ~~Section 9~~51.0312 ~~Trustee and Securities Administrator Not Liable for Certificates or Mortgage Loans~~0.~~......118~~00 ~~Section 9~~0.0400 ~~Trustee and Securities Administrator May Own Certificates~~0.~~...............................119~~00 ~~Section 9~~0.0500 ~~Trustee's~~XP ~~and Securities Administrator's Fees and Expenses~~100.~~..............................119~~00 ~~Section 9~~100.0600 ~~Eligibility Requirements for Trustee and Securities Administrator~~0.~~.......................120~~00 ~~Section 9~~0.0700 ~~Insurance~~0.~~...............................................................................120~~00 ~~Section 9~~0.0800 ~~Resignation~~R-I ~~and Removal of the Trustee and Securities Administrator~~0.~~.....................120~~00 ~~Section 9~~0.0900 ~~Successor Trustee and Successor Securities Administrator~~0.~~................................121~~00 ~~Section 9~~0.1000 ~~Merger or Consolidation of Trustee or Securities Administrator~~0.~~..........................122~~00 ~~Section 9~~0.1100 ~~Appointment of Co~~R-~~Trustee~~II or0.00 ~~Separate~~0.00 ~~Trustee~~0.00 0.00 0.00 0.~~........................................122~~00 ~~Section~~Totals 9399,734,151.12 ~~Federal~~394,431,621.91 ~~Information~~0.00 ~~Returns~~9,563,517.68 ~~and~~0.00 ~~Reports~~0.00 to(1) ~~Certificateholders;~~Amount ~~REMIC~~Does ~~Administration......123~~Not ~~ARTICLE~~Include XExcess ~~Termination~~Special ~~Section~~Hazard, ~~10.01~~Bankruptcy, ~~Termination~~or ~~Upon~~Fraud ~~Repurchase~~Losses byUnless ~~EMC~~Otherwise orDisclosed. ~~its~~Please ~~Designee~~Refer orto ~~Liquidation of~~ the ~~Mortgage~~Prospectus ~~Loans..126~~Supplement ~~Section~~for ~~10.02~~a ~~Additional~~Full ~~Termination Requirements~~Description.~~.....................................................128~~

~~ARTICLE~~Principal XIDistribution ~~Miscellaneous~~Statement ~~Provisions~~(continued) ~~Section~~Total ~~11.01~~Ending ~~Intent~~Ending ofTotal ~~Parties........................................................................130~~Principal ~~Section~~Certificate ~~11.02~~Certificate ~~Amendment................................................................................130~~Principal ~~Section~~Class ~~11.03~~Reduction ~~Recordation~~Balance ofPercentage ~~Agreement.................................................................131~~Distribution ~~Section~~A 119,563,517.0468 ~~Limitation~~356,886,553.11 on0.96001091 ~~Rights~~9,563,517.68 ofM-1 ~~Certificateholders~~0.00 14,990,000.00 1.00000000 0.~~...........................................131~~00 ~~Section~~M-2 110.0500 ~~Acts~~7,994,700.00 of1.00000000 ~~Certificateholders~~0.~~..............................................................132~~00 ~~Section~~M-3 110.0600 ~~Governing~~4,996,700.00 ~~Law~~1.00000000 0.~~..........................................................................133~~00 ~~Section~~B-IO 110.0700 ~~Notices~~0.00 0.00000000 0.~~...............................................................................133~~00 ~~Section~~OC 110.0800 ~~Severability~~1,294,040.67 of25,313.78462441 ~~Provisions~~0.~~..............................................................134~~00 ~~Section~~XP 110.0900 ~~Successors~~100.00 ~~and~~1.00000000 ~~Assigns~~0.~~..................................................................134~~00 ~~Section~~R-I 110.1000 ~~Article~~0.00 ~~and~~0.00000000 ~~Section Headings~~0.~~............................................................134~~00 ~~Section~~R-II 110.1100 ~~Counterparts~~0.00 0.00000000 0.~~..........................................................................134~~00 ~~Section~~Totals 119,563,517.1268 ~~Notice~~386,162,093.78 to0.96604729 ~~Rating Agencies~~9,563,517.~~...............................................................134~~68

~~Uncertificated~~Principal ~~REMIC~~Distribution ~~III~~Factors ~~Initial~~Statement ~~Uncertificated~~Original ~~Assumed~~Beginning ~~Final~~Scheduled ~~Maturity~~Unscheduled ~~Designation~~Face ~~Pass~~Certificate ~~Through~~Principal ~~Rate~~ Principal ~~Balance~~Class ~~Date~~(12) ~~-----------~~Amount ~~------------------------~~Balance ~~----------------------~~Distribution ~~----------------------~~Distribution ~~I-AA~~Accretion ~~Variable(2)~~A ~~$307~~371,~~328~~752,~~000~~600.00 ~~February~~985.73640316 0.00000000 25,.72548969 ~~2034~~0.00000000 IM-A11 ~~Variable(2) $2~~14,~~336~~990,000.00 ~~February~~1000.00000000 ~~25,~~0.00000000 ~~2034~~0.00000000 ~~I-A2~~0.00000000 ~~Variable(~~M-2) ~~$400~~7,~~000 February 25~~994,700.00 ~~2034~~1000.00000000 ~~I-A3~~0.00000000 ~~Variable(2)~~0.00000000 ~~$400,000~~0.00000000 ~~February 25, 2034 I~~M-~~ZZ Variable(2) $~~3~~,136,000~~ ~~February 25~~4, ~~2034 XP Variable(2) $100 February 25~~996,700.00 ~~2034~~1000.00000000 ~~II-AA~~0.00000000 ~~Variable(2)~~0.00000000 ~~$132,019,720~~0.00000000 ~~February 25, 2034 II~~B-A1IO ~~Variable(2)~~0.00 ~~$620,000~~0.00000000 ~~February~~0.00000000 ~~25,~~0.00000000 ~~2034~~0.00000000 ~~II-A2~~OC ~~Variable(2)~~51.12 ~~$690,000~~1000.00000000 ~~February~~0.00000000 ~~25,~~0.00000000 ~~2034~~0.00000000 ~~II-A3~~XP ~~Variable(2)~~100.00 ~~$37,140~~1000.00000000 ~~February~~0.00000000 ~~25,~~0.00000000 ~~2034~~0.00000000 IIR-ZZI ~~Variable(2)~~0.00 ~~$1,347,140~~0.00000000 ~~February~~0.00000000 ~~25,~~0.00000000 ~~2034~~0.00000000 MR-AAII ~~Variable(2)~~0.00 ~~$19,507,212~~0.00000000 ~~February~~0.00000000 ~~25,~~0.00000000 ~~2034~~0.00000000 ~~M1 Variable~~(2) ~~$105,400~~Per ~~February 25, 2034 M2 Variable(2)~~ $931,~~653~~000 ~~February 25, 2034 M-ZZ Variable(2) $199,053 February 25, 2034 R-III 0% $0 February 25, 2034~~Denomination.

~~Uncertificated~~Principal ~~REMIC~~Distribution IFactors ~~Pass~~Statement ~~Initial~~(continued) ~~Uncertificated~~Total ~~Assumed~~Ending ~~Final~~Ending ~~Maturity~~Total ~~Designation~~Realized ~~Through~~Principal ~~Rate~~Certificate Certificate Principal ~~Balance~~Class ~~Date~~Loss (13) Reduction Balance Percentage Distribution A 0.00000000 25.72548969 960.01091347 0.96001091 25.72548969 M-~~----------~~1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-~~--------------------------~~2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-~~---------------------~~3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-~~---------------------~~IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.00000000 25,313,784.62441320 25313.78462441 0.00000000 XP 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-1II ~~Variable~~0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (23) $0Amount ~~February~~Does 25Not Include Excess Special Hazard, ~~2034~~Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

IInterest 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 371,752,600.00 1.47000% 366,450,070.79 478,828.09 0.00 0.00 M-1 14,990,000.00 1.92000% 14,990,000.00 25,582.93 0.00 0.00 M-2 ~~Variable(~~7,994,700.00 2).87000% $87,~~891~~994,~~830~~700.00 ~~February~~20,395.37 250.00 0.00 M-3 4,996,700.00 ~~2034~~3.62000% 4,996,700.00 16,078.27 0.00 0.00 B-IO 0.00 0.00000% 394,431,521.91 0.00 0.00 0.00 OC 51.12 0.00000% 51.12 0.00 0.00 0.00 XP 100.00 0.00000% 100.00 0.00 0.00 0.00 R-I 0.00 0.00000% $0.00 ~~February~~0.00 250.00 0.00 R-II 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 399,734,151.12 ~~2034~~540,884.66 0.00 0.00

~~Uncertificated~~Interest ~~REMIC~~Distribution IIStatement ~~Pass~~(continued) ~~Initial~~Remaining ~~Uncertificated~~Ending ~~Assumed~~Non-Supported ~~Final~~Total ~~Maturity~~Unpaid ~~Designation~~Certificate/ ~~Through~~Interest ~~Rate~~Realized ~~Principal~~Interest ~~Balance~~Interest ~~Date~~Notional Class Shortfall Losses (14) ~~-----------~~Distribution ~~----------------------------~~Shortfall ~~-----------------------~~Balance ~~----------------------~~A ~~Y-1~~0.00 ~~Variable(2)~~0.00 $478,828.09 ~~163~~0.00 356,~~762~~886,553.9011 ~~February~~M-1 0.00 0.00 25,582.93 ~~2034~~0.00 Y14,990,000.00 M-2 ~~Variable(2)~~0.00 ~~$327~~0.00 20,~~362,046~~395.1037 ~~February~~0.00 257,994,700.00 ~~2034 Z~~M-13 ~~Variable(2)~~0.00 ~~$70~~0.00 16,~~317~~078.0527 ~~February~~0.00 254,996,700.00 ~~2034 Z~~B-2IO ~~Variable(2)~~0.00 ~~$140~~0.00 0.00 0.00 386,~~623~~161,~~191~~993.9578 ~~February~~OC 250.00 0.00 0.00 0.00 1,294,040.67 ~~2034~~XP 0.00 0.00 0.00 0.00 100.00 R-I 0.00 0.00 0.00 0.00 0.00 R-II 0%.00 $0.00 ~~February~~0.00 250.00 0.00 Totals 0.00 0.00 540,884.66 ~~2034~~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.

Filing Compare · BEAR STEARNS ALT A TRUST 2003-2