8-K 1 bsa03003.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 26, 2003 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset-Backed Certificates, Series 2003-3 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-10 54-2126363 Pooling and Servicing Agreement) (Commission 54-2126364 (State or other File Number) 54-2126362 jurisdiction IRS EIN 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 December 26, 2003 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset-Backed Certificates, Series 2003-3 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 Asset-Backed Certificates, Series 2003-3 Trust, relating to the December 26, 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 ASSET BACKED SECURITIES TRUST Asset-Backed Certificates, Series 2003-3 Trust By: Wells Fargo Bank Minnesota, N.A. as Securities Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 1/6/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset- Backed Certificates, Series 2003-3 Trust, relating to the December 26, 2003 distribution. EX-99.1

~~SECURITIES~~Bear ~~AND~~Stearns ~~EXCHANGE~~Asset ~~COMMISSION~~Backed Securities Asset-Backed Certificates Record Date: 11/30/03 Distribution Date: 12/26/03 BSA Series: 2003-3 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, 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-1 07384YLR5 SEN 1.31875% 177,749,473.85 201,850.56 7,995,589.15 A-IO 07384YLT1 SEN 5.00000% 0.00 114,770.82 0.00 A-2 07384YLS3 SEN 1.70875% 43,840,000.00 64,507.21 0.00 M-1 07384YLU8 MEZ 1.93875% 16,527,000.00 27,591.48 0.00 M-2 07384YLV6 MEZ 3.11875% 15,150,000.00 40,686.69 0.00 B 07384YLW4 SUB 4.61875% 9,641,000.00 38,344.73 0.00 B-IO 07384YMZ6 SUB 0.00000% 0.00 0.08 0.00 R-1 07384YLX2 RES 0.00000% 0.00 0.00 0.00 R-2 07384YLY0 RES 0.00000% 0.00 0.00 0.00 R-3 07384YLZ7 RES 0.00000% 0.00 0.00 0.00 OC BSA0303OC OC 0.00000% 1,493,046.61 0.00 0.00 Totals 264,400,520.46 487,751.57 7,995,589.15

~~Washington~~Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 169,753,884.70 D8,197,439.C71 0.00 ~~20549~~A-IO 0.00 0.00 114,770.82 0.00 A-2 0.00 43,840,000.00 64,507.21 0.00 M-1 0.00 16,527,000.00 27,591.48 0.00 M-2 0.00 15,150,000.00 40,686.69 0.00 B 0.00 9,641,000.00 38,344.73 0.00 B-IO 0.00 0.00 0.08 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 OC 0.00 2,929,199.28 0.00 0.00 Totals 0.00 257,841,083.98 8,483,340.72 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

~~FORM~~Principal 8Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-K1 190,296,000.00 177,749,473.85 0.00 7,995,589.15 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 A-2 43,840,000.00 43,840,000.00 0.00 0.00 0.00 0.00 M-1 16,527,000.00 16,527,000.00 0.00 0.00 0.00 0.00 M-2 15,150,000.00 15,150,000.00 0.00 0.00 0.00 0.00 B 9,641,000.00 9,641,000.00 0.00 0.00 0.00 0.00 B-IO 0.00 0.00 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 R-3 50.00 0.00 0.00 0.00 0.00 0.00 OC 359.01 1,493,046.61 0.00 0.00 0.00 0.00 Totals 275,454,509.01 264,400,520.46 0.00 7,995,589.15 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.

~~CURRENT~~Principal ~~REPORT PURSUANT~~Distribution TOStatement ~~SECTION~~(continued) 13Total OREnding Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-1 7,995,589.15~~(d)~~ OF169,753,884.70 ~~THE SECURITIES~~0.89205178 ~~AND~~7,995,589.15 ~~EXCHANGE~~A-IO ~~ACT~~0.00 OF0.00 ~~1934 Date~~0.00000000 of0.00 ~~Report~~A-2 ~~(Date~~0.00 of43,840,000.00 ~~earliest~~1.00000000 ~~event~~0.00 ~~reported) September~~M-1 300.00 16,527,000.00 ~~2003~~1.00000000 0.00 M-2 0.00 15,150,000.00 1.00000000 0.00 B 0.00 9,641,000.00 1.00000000 0.00 B-IO 0.00 0.00 0.00000000 0.00 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 R-3 0.00 0.00 0.00000000 0.00 OC 0.00 2,929,199.28 8,159.10219771 0.00 Totals 7,995,589.15 257,841,083.98 0.93605686 7,995,589.15

~~BEAR~~Principal ~~STEARNS~~Distribution ~~ASSET~~Factors ~~BACKED SECURITIES~~Statement ~~INC~~Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 190,296,000.00 934.06836639 0.00000000 42.01659073 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A-2 43,840,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 16,527,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 15,150,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 9,641,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00 0.00000000 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 R-3 50.00 0.00000000 0.00000000 0.00000000 0.00000000 OC 359.01 4158788.36244116 0.00000000 0.00000000 0.00000000 All Classes are per $1,000 denomination.

~~Delaware~~Principal Distribution Factors Statement (~~State~~continued) orTotal ~~other~~Ending ~~jurisdiction~~Ending ofTotal ~~incorporation~~Realized Principal Certificate Certificate Principal Class Loss (3) ~~333~~Reduction Balance Percentage Distribution A-~~91334~~1 ~~(Commission~~0.00000000 ~~file~~42.01659073 ~~number)~~892.05177565 130.89205178 42.01659073 A-~~3836437~~IO (I0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 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 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-1 0.S00000000 0.00000000 ~~employer~~0.00000000 ~~identification~~0.00000000 no0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.00000000 8,159,102.19771037 8159.10219771 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.

~~383~~Interest ~~Madison~~Distribution ~~Avenue New~~Statement ~~York~~Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A-1 190,296,000.00 ~~New~~1.31875% ~~York 10179 (Address~~177,749,473.85 of201,850.57 ~~principal~~0.00 ~~executive~~0.00 ~~offices) (ZIP~~A-IO ~~Code)~~0.00 5.00000% 27,545,000.00 114,770.83 0.00 0.00 A-2 43,840,000.00 1.70875% 43,840,000.00 64,507.21 0.00 0.00 M-1 16,527,000.00 1.93875% 16,527,000.00 27,591.48 0.00 0.00 M-2 15,150,000.00 3.11875% 15,150,000.00 40,686.69 0.00 0.00 B 9,641,000.00 4.61875% 9,641,000.00 38,344.73 0.00 0.00 B-IO 0.00 0.00000% 264,400,520.46 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 R-3 50.00 0.00000% 0.00 0.00 0.00 0.00 OC 359.01 0.00000% 1,493,046.61 0.00 0.00 0.00 Totals 275,454,509.01 487,751.51 0.00 0.00

Interest Distribution Statement (~~212~~continued) ~~272~~Remaining Ending Non-~~2000 Registrant's~~Supported ~~telephone~~Total ~~number~~Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A-1 0.02 0.00 201,850.56 ~~including~~0.00 ~~area~~169,753,884.70 ~~code~~A-IO 0.01 0.00 114,770.82 0.00 27,545,000.00 A-2 0.01 0.00 64,507.21 0.00 43,840,000.00 M-1 0.00 0.00 27,591.48 0.00 16,527,000.00 M-2 0.00 0.00 40,686.69 0.00 15,150,000.00 B 0.00 0.00 38,344.73 0.00 9,641,000.00 B-IO 0.00 0.00 0.08 0.00 257,841,083.98 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 0.00 OC 0.00 0.00 0.00 0.00 2,929,199.28 Totals 0.04 0.00 487,751.57 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.

~~Item~~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-1 190,296,000. ~~Other~~00 ~~Events~~1.31875% 934.06836639 1.06071893 0.00000000 0.00000000 A-IO 0.00 5.00000% 1000.00000000 4.16666655 0.00000000 0.00000000 A-2 43,840,000.00 1.70875% 1000.00000000 1.47142359 0.00000000 0.00000000 M-1 16,527,000.00 1.93875% 1000.00000000 1.66947903 0.00000000 0.00000000 M-2 15,150,000.00 3.11875% 1000.00000000 2.68559010 0.00000000 0.00000000 B 9,641,000.00 4.61875% 1000.00000000 3.97725651 0.00000000 0.00000000 B-IO 0.00 0.00000% 959.87052596 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 R-3 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 OC 359.01 0.00000% 4158788.36244116 0.00000000 0.00000000 0.00000000 All Classes are per $1,000 denomination.

~~Bear~~Interest ~~Stearns~~Distribution ~~Asset~~Factors ~~Backed~~Statement ~~Securities,~~(continued) ~~Inc.,~~Remaining asEnding ~~depositor~~Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (~~the “Depositor”~~6) ~~registered~~Distribution ~~issuances~~Shortfall ofBalance ~~Asset~~A-~~Backed~~1 ~~Certificates~~0.00000011 on0.00000000 ~~a delayed~~1.06071888 or0.00000000 ~~continuous~~892.05177565 ~~basis~~A-IO ~~pursuant~~0.00000036 to0.00000000 ~~Rule~~4.16666618 ~~415~~0.00000000 ~~under~~1000.00000000 ~~the~~A-2 ~~Securities~~0.00000023 ~~Act~~0.00000000 ~~of 1933,~~1.47142359 as0.00000000 ~~amended~~1000.00000000 ~~(the~~M-1 ~~“Act”),~~0.00000000 by0.00000000 a1.66947903 ~~Registration~~0.00000000 ~~Statement~~1000.00000000 onM-2 ~~Form~~0.00000000 ~~S-3 (Registration~~0.00000000 ~~File~~2.68559010 No0.00000000 ~~333-91334)~~1000.00000000 ~~(as~~B ~~amended,~~0.00000000 ~~the~~0.00000000 ~~“Registration Statement”)~~3.97725651 ~~Pursuant~~0.00000000 to1000.00000000 ~~the~~B-IO ~~Registration~~0.00000000 ~~Statement,~~0.00000000 ~~the~~0.00000029 ~~Depositor~~0.00000000 ~~caused Bear~~936.05737410 ~~Stearns~~R-1 ~~Asset~~0.00000000 ~~Backed~~0.00000000 ~~Securities,~~0.00000000 ~~Inc~~0.,00000000 ~~Asset~~0.00000000 R-~~Backed~~2 ~~Certificates,~~0.00000000 ~~Series 2003~~0.00000000 0.00000000 0.00000000 0.00000000 R-3 to0.00000000 ~~issue~~0.00000000 ~~$275,454,150~~0.00000000 ~~principal~~0.00000000 ~~amount~~0.00000000 ofOC ~~Asset-Backed~~0.00000000 ~~Certificates, Series~~0.00000000 ~~2003-3~~0.00000000 ~~(the~~0.00000000 “8159102.19771037 ~~Certificates”~~(6), onAmount ~~September~~Does 30Not Include Excess Special Hazard, ~~2003~~Bankruptcy,or ~~(the “Closing~~Fraud ~~Date”)~~Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

~~The~~CERTIFICATEHOLDER ~~Certificates~~ACCOUNT ~~were~~STATEMENT ~~issued~~CERTIFICATE ~~pursuant~~ACCOUNT toBeginning aBalance ~~pooling~~0.00 ~~and~~Deposits ~~servicing agreement~~Payments ~~(the~~of ~~“Pooling~~Interest and ~~Servicing~~Principal ~~Agreement”)~~8,578,760.07 ~~dated~~Liquidations, asInsurance ~~of September 1~~Proceeds, ~~2003~~Reserve ~~(the~~Funds ~~“Cut-Off~~0.00 ~~Date”~~Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 299,054.12 ~~among~~Realized ~~the~~Loss ~~Depositor~~(Gains, ~~EMC Mortgage~~Subsequent ~~Corporation~~Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 8,877,814.19 asWithdrawals ~~Seller~~Reimbursement ~~and~~for Servicer Advances 289,343.53 ~~Wells~~Payment ~~Fargo~~of ~~Bank~~Service ~~Minnesota, National~~Fee ~~Association~~105,129.94 asPayment ~~Securities~~of ~~Administrator~~Interest and ~~Master~~Principal ~~Servicer~~8,483,340.72 ~~and JPMorgan~~Total ~~Chase~~Withdrawals ~~Bank,~~(Pool asDistribution ~~Trustee~~Amount) 8,877,814.19 Ending Balance 0.00

~~Capitalized~~PREPAYMENT/CURTAILMENT ~~terms~~INTEREST ~~not~~SHORTFALL ~~defined~~Total ~~herein~~Prepayment/Curtailment ~~have~~Interest ~~the~~Shortfall ~~meanings~~0.00 ~~assigned in~~Servicing ~~the~~Fee ~~Pooling~~Support ~~and~~0.00 ~~Servicing~~Non-Supported ~~Agreement~~Prepayment/Curtailment ~~attached~~Interest ~~hereto~~Shortfall ~~as Exhibit 4~~0.1. 04

~~(c) Exhibits~~SERVICING FEES Gross Servicing Fee 102,926.61 Master Servicing Fee 2,203.33 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 105,129.94

~~Exhibit~~OTHER NoACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 0.00 0.00 0.00 0.00 Financial Guaranty 0.00 0.00 0.00 0.00 Reserve Fund 0.00 0.00 0.00 0.00

1LOAN 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 103 0 0 103 5,444,243.121 0.00 0.00 5,444,243.21 30 Days 243 13 0 0 256 16,314,890.59 872,017.61 0.00 0.00 17,186,908.20 60 Days 95 14 0 0 109 6,778,731.92 629,998.24 0.00 0.00 7,408,730.16 90 Days 39 8 2 0 49 3,480,392.90 613,001.37 147,021.33 0.00 4,240,415.60 120 Days 21 5 1 990 27 1,699,220.05 277,097.68 89,705.08 0.00 2,066,022.81 150 Days 22 2 5 0 29 1,716,737.13 9980,075.69 414,378.82 0.00 2,211,191.64 ~~Underwriting~~180+ ~~Agreement~~Days ~~Pooling~~1 ~~and~~1 ~~Servicing~~1 ~~Agreement~~0 ~~Yield~~3 ~~Maintenance~~35,489.80 ~~Agreement~~95,636.56 ~~Assignment~~166,958.55 ~~Assumption~~0.00 ~~and~~298,084.91 ~~Recognition~~Totals ~~Agreement~~421 146 9 0 576 30,025,462.39 8,012,070.36 818,063.78 0.00 38,855,596.53 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 2.649859% 0.000000% 0.000000% 2.649859% 2.107510% 0.000000% 0.000000% 2.107510% 30 Days 6.251608% 0.334448% 0.000000% 0.000000% 6.586056% 6.315624% 0.337565% 0.000000% 0.000000% 6.653189% 60 Days 2.444044% 0.360175% 0.000000% 0.000000% 2.804219% 2.624101% 0.243877% 0.000000% 0.000000% 2.867978% 90 Days 1.003344% 0.205814% 0.051454% 0.000000% 1.260612% 1.347288% 0.237298% 0.056913% 0.000000% 1.641499% 120 Days 0.540262% 0.128634% 0.025727% 0.000000% 0.694623% 0.657782% 0.107267% 0.034726% 0.000000% 0.799774% 150 Days 0.565989% 0.051454% 0.128634% 0.000000% 0.746077% 0.664563% 0.030998% 0.160409% 0.000000% 0.855970% 180+ Days 0.025727% 0.025727% 0.025727% 0.000000% 0.077180% 0.013738% 0.037022% 0.064631% 0.000000% 0.115391% Totals 10.830975% 3.756110% 0.231541% 0.000000% 14.818626% 11.623095% 3.101536% 0.316679% 0.000000% 15.041310%

Delinquency Status By Groups

~~SIGNATURES~~DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 1 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 41 0 0 41 1,408,876.86 0.00 0.00 1,408,876.86 30 Days 98 6 0 0 104 5,317,795.88 461,487.60 0.00 0.00 5,779,283.48 60 Days 37 8 0 0 45 1,803,789.88 212,801.96 0.00 0.00 2,016,591.84 90 Days 14 3 1 0 18 703,411.13 138,856.13 15,687.06 0.00 857,954.32 120 Days 12 2 0 0 14 711,573.15 131,619.99 0.00 0.00 843,193.14 150 Days 14 2 1 0 17 751,389.72 80,075.69 91,219.89 0.00 922,685.30 180 Days 0 0 1 0 1 0.00 0.00 166,958.55 0.00 166,958.55 Totals 175 62 3 0 240 9,287,959.76 2,433,718.23 273,865.50 0.00 11,995,543.49 0-29 Days 2.167019% 0.000000% 0.000000% 2.167019% 1.257657% 0.000000% 0.000000% 1.257657% 30 Days 5.179704% 0.317125% 0.000000% 0.000000% 5.496829% 4.747018% 0.411954% 0.000000% 0.000000% 5.158972% 60 Days 1.955603% 0.422833% 0.000000% 0.000000% 2.378436% 1.610183% 0.189961% 0.000000% 0.000000% 1.800144% 90 Days 0.739958% 0.158562% 0.052854% 0.000000% 0.951374% 0.627912% 0.123952% 0.014003% 0.000000% 0.765867% 120 Days 0.634249% 0.105708% 0.000000% 0.000000% 0.739958% 0.635197% 0.117493% 0.000000% 0.000000% 0.752690% 150 Days 0.739958% 0.105708% 0.052854% 0.000000% 0.898520% 0.670740% 0.071481% 0.081429% 0.000000% 0.823650% 180 Days 0.000000% 0.000000% 0.052854% 0.000000% 0.052854% 0.000000% 0.000000% 0.149038% 0.000000% 0.149038% Totals 9.249471% 3.276956% 0.158562% 0.000000% 12.684989% 8.291050% 2.172499% 0.244471% 0.000000% 10.708019% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 2 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 62 0 0 62 4,035,366.35 0.00 0.00 4,035,366.35 30 Days 145 7 0 0 152 10,997,094.71 410,530.01 0.00 0.00 11,407,624.72 60 Days 58 6 0 0 64 4,974,942.04 417,196.28 0.00 0.00 5,392,138.32 90 Days 25 5 1 0 31 2,776,981.77 474,145.24 131,334.27 0.00 3,382,461.28 120 Days 9 3 1 0 13 987,646.90 145,477.69 89,705.08 0.00 1,222,829.67 150 Days 8 0 4 0 12 965,347.41 0.00 323,158.93 0.00 1,288,506.34 180 Days 1 1 0 0 2 35,489.80 95,636.56 0.00 0.00 131,126.36 Totals 246 84 6 0 336 20,737,502.63 5,578,352.13 544,198.28 0.00 26,860,053.04 0-29 Days 3.107769% 0.000000% 0.000000% 3.107769% 2.758245% 0.000000% 0.000000% 2.758245% 30 Days 7.268170% 0.350877% 0.000000% 0.000000% 7.619048% 7.516711% 0.280605% 0.000000% 0.000000% 7.797315% 60 Days 2.907268% 0.300752% 0.000000% 0.000000% 3.208020% 3.400462% 0.285161% 0.000000% 0.000000% 3.685623% 90 Days 1.253133% 0.250627% 0.050125% 0.000000% 1.553885% 1.898117% 0.324087% 0.089769% 0.000000% 2.311973% 120 Days 0.451128% 0.150376% 0.050125% 0.000000% 0.651629% 0.675074% 0.099437% 0.061315% 0.000000% 0.835826% 150 Days 0.401003% 0.000000% 0.200501% 0.000000% 0.601504% 0.659832% 0.000000% 0.220885% 0.000000% 0.880717% 180 Days 0.050125% 0.050125% 0.000000% 0.000000% 0.100251% 0.024258% 0.065369% 0.000000% 0.000000% 0.089627% Totals 12.330827% 4.210526% 0.300752% 0.000000% 16.842105% 14.174454% 3.812903% 0.371969% 0.000000% 18.359326%

~~Pursuant~~OTHER toINFORMATION ~~the~~Current ~~requirements~~Period ofClass ~~the~~A ~~Securities~~Insufficient ~~Exchange~~Funds ~~Act~~0.00 ~~of 1934,~~Principal ~~the~~Balance ~~registrant~~of ~~has~~Contaminated ~~duly~~Properties ~~caused~~0.00 ~~this~~Periodic ~~report~~Advance ~~to be signed on its behalf by the undersigned hereunto duly authorized~~299,054. 12

~~BEAR~~COLLATERAL ~~STEARNS~~STATEMENT ~~ASSET~~Collateral ~~BACKED~~Description ~~SECURITIES~~Fixed & Mixed ARM Weighted Average Gross Coupon 9.208912% Weighted Average Net Coupon 8.741772% Weighted Average Pass-Through Rate 8.731772% Weighted Average Maturity(Stepdown Calculation ) 277 Beginning Scheduled Collateral Loan Count 3,964 ~~INC~~Number Of Loans Paid In Full 77 Ending Scheduled Collateral Loan Count 3,887 Beginning Scheduled Collateral Balance 264,400,520.46 ByEnding ~~/s/~~Scheduled ~~Joseph~~Collateral TBalance 257,841,083.98 ~~Jurkowski~~Ending Actual Collateral Balance at 30-Nov-2003 258,325,879.14 JrMonthly P &I Constant 2,384,382.68 ~~Name:~~Special ~~Joseph~~Servicing TFee 0.00 ~~Jurkowski~~Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 257,841,083.98 JrScheduled Principal 355,348.45 ~~Title:~~Unscheduled ~~Vice~~Principal ~~President~~6,204,088.03 Required Overcollateralization Amount 8,539,085.13 Overcollateralized Increase Amount 1,436,152.67 Overcollateralized reduction Amount 0.00 Specified O/C Amount 8,539,085.13 Overcollateralized Amount 2,929,199.28 Overcollateralized Deficiency Amount 5,609,885.85 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 1,436,152.67 Excess Cash Amount 1,436,152.70

~~Date:~~Group ~~December~~Level Collateral Statement Group Group 1 Group 2 Total Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed & Mixed ARM Weighted Average Coupon Rate 9.490057 8.996444 9.208912 Weighted Average Net Rate 9.066400 8.496444 8.741772 Weighted Average Maturity 257 292 277 Beginning Loan Count 1,923 2,041 3,964 Loans Paid In Full 31 46 77 Ending Loan Count 1,892 1,995 3,887 Beginning Scheduled Balance 113,807,073.58 150,593,446.88 264,400,520.46 Ending scheduled Balance 111,776,565.29 146,064,518.69 257,841,083.98 Record Date 11/30/2003 11/30/2003 11/30/2003 Principal And Interest Constant 1,086,129.15 1,298,253.53 2,384,382.68 Scheduled Principal 186,099.48 169,248.97 355,348.45 Unscheduled Principal 1,844,408.81 4,359,679.22 6,204,088.03 Scheduled Interest 900,029.67 1,129,004.56 2,029,034.23 Servicing Fees 40,179.34 62,747.27 102,926.61 Master Servicing Fees 948.38 1,254.95 2,203.33 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 858,901.95 1,065,002.34 1,923,904.29 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 9.056399 8.486444 8.731772

EXHIBIT INDEX

Exhibit Number 1.1 4.1 99.1 99.2 Description Underwriting Agreement between the Depositor and Bear, Stearns & Co. Inc., as underwriter (the "Underwriter"), dated as of September 25, 2003. Pooling and Servicing Agreement, among the Depositor, EMC Mortgage Corporation, as Seller and Servicer, Wells Fargo Bank Minnesota, National Association, as Securities Administrator and Master Servicer, and JPMorgan Chase Bank, as Trustee, dated as of September 1, 2003. Yield Maintenance Agreement between Bear Stearns Financial Products, Inc. ("BSFP") and the Trustee, dated as of September 30, 2003. Assignment, Assumption and Recognition Agreement among EMC Mortgage Corporation, the Trustee and Irwin Union Bank and Trust, dated as of September 30, 2003.

Filing Compare · BEAR STEARNS ASSET BACK SECURITIES TRUST 2003-3