8-K 1 bsl03002.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 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 54-2126337 Pooling and Servicing Agreement) (Commission 54-2126336 (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 December 26, 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 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 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: 12/29/03 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 December 26, 2003 distribution. EX-99.1

Bear Stearns ALT-A Trust Mortgage Pass-Through Certificates Record Date: 911/30/03 Distribution Date: 1012/2726/03 BSL Series: 2003-2 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 07386HBN0 SEN 1.~~47000~~46875% ~~366~~344,~~450~~516,~~070~~897.7958 ~~478~~435,~~828~~730.0914 912,~~563~~737,~~517~~114.6800 M-1 07386HBP5 SUB 1.~~92000~~91875% 14,990,000.00 2524,~~582~~767.9333 0.00 M-2 07386HBQ3 SUB 2.~~87000~~86875% 7,994,700.00 2019,~~395~~749.3741 0.00 M-3 07386HBR1 SUB 3.~~62000~~61875% 4,996,700.00 1615,~~078~~570.2745 0.00 B-IO 07386HBU4 SUB 0.00000% 0.00 01,241,502.0041 0.00 OC BSL03002X SUB 0.00000% 511,998,670.1200 0.00 0.00 XP 07386HBV2 SUB 0.00000% 100.00 042,039.0056 0.00 R-I 07386HBS9 RES 0.00000% 0.00 0.00 0.00 R-II 07386HBT7 RES 0.00000% 0.00 0.00 0.00 Totals ~~394~~374,~~431~~497,~~621~~067.9158 ~~540~~1,~~884~~779,359.6630 912,~~563~~737,~~517~~114.6800

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 ~~356~~331,~~886~~779,~~553~~783.1158 1013,~~042~~172,~~345~~844.7714 0.00 M-1 0.00 14,990,000.00 2524,~~582~~767.9333 0.00 M-2 0.00 7,994,700.00 2019,~~395~~749.3741 0.00 M-3 0.00 4,996,700.00 1615,~~078~~570.2745 0.00 B-IO 0.00 0.00 01,241,502.0041 0.00 OC 0.00 1,~~294~~998,~~040~~670.6700 0.00 0.00 XP 0.00 100.00 042,039.0056 0.00 R-I 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 Totals 0.00 ~~386~~361,~~162~~759,~~093~~953.7858 1014,~~104~~516,~~402~~473.3430 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 371,752,600.00 ~~366~~344,~~450~~516,~~070~~897.7958 0.00 912,~~563~~737,~~517~~114.6800 0.00 0.00 M-1 14,990,000.00 14,990,000.00 0.00 0.00 0.00 0.00 M-2 7,994,700.00 7,994,700.00 0.00 0.00 0.00 0.00 M-3 4,996,700.00 4,996,700.00 0.00 0.00 0.00 0.00 B-IO 0.00 0.00 0.00 0.00 0.00 0.00 OC 51.12 511,998,670.1200 0.00 0.00 0.00 0.00 XP 100.00 100.00 0.00 0.00 0.00 0.00 R-I 0.00 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 0.00 Totals 399,734,151.12 ~~394~~374,~~431~~497,~~621~~067.9158 0.00 912,~~563~~737,~~517~~114.6800 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 912,~~563~~737,~~517~~114.6800 ~~356~~331,~~886~~779,~~553~~783.1158 0.~~96001091~~89247468 912,~~563~~737,~~517~~114.6800 M-1 0.00 14,990,000.00 1.00000000 0.00 M-2 0.00 7,994,700.00 1.00000000 0.00 M-3 0.00 4,996,700.00 1.00000000 0.00 B-IO 0.00 0.00 0.00000000 0.00 OC 0.00 1,~~294~~998,~~040~~670.6700 2539,~~313~~097.~~78462441~~61345853 0.00 XP 0.00 100.00 1.00000000 0.00 R-I 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 Totals 912,~~563~~737,~~517~~114.6800 ~~386~~361,~~162~~759,~~093~~953.7858 0.~~96604729~~90500137 912,~~563~~737,~~517~~114.6800

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 371,752,600.00 ~~985~~926.~~73640316~~73702236 0.00000000 2534.~~72548969~~26234006 0.00000000 M-1 14,990,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 7,994,700.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 4,996,700.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 OC 51.12 ~~1000~~39097613.~~00000000~~45852900 0.00000000 0.00000000 0.00000000 XP 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 R-I 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) Per $1,000 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 2534.~~72548969~~26234006 ~~960~~892.~~01091347~~47468230 0.~~96001091~~89247468 2534.~~72548969~~26234006 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 2539,~~313~~097,~~784~~613.~~62441320~~45852900 ~~25313~~39097.~~78462441~~61345853 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-II 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 371,752,600.00 1.~~47000~~46875% ~~366~~344,~~450~~516,~~070~~897.7958 ~~478~~435,~~828~~730.0914 0.00 0.00 M-1 14,990,000.00 1.~~92000~~91875% 14,990,000.00 2524,~~582~~767.9333 0.00 0.00 M-2 7,994,700.00 2.~~87000~~86875% 7,994,700.00 2019,~~395~~749.3741 0.00 0.00 M-3 4,996,700.00 3.~~62000~~61875% 4,996,700.00 1615,~~078~~570.2745 0.00 0.00 B-IO 0.00 0.00000% ~~394~~374,~~431~~496,~~521~~967.9158 0.00 0.00 0.00 OC 51.12 0.00000% 511,998,670.1200 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 0.00 0.00 0.00 R-II 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 399,734,151.12 ~~540~~495,~~884~~817.6633 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 0.00 0.00 ~~478~~435,~~828~~730.0914 0.00 ~~356~~331,~~886~~779,~~553~~783.1158 M-1 0.00 0.00 2524,~~582~~767.9333 0.00 14,990,000.00 M-2 0.00 0.00 2019,~~395~~749.3741 0.00 7,994,700.00 M-3 0.00 0.00 1615,~~078~~570.2745 0.00 4,996,700.00 B-IO 0.00 0.00 01,241,502.0041 0.00 ~~386~~361,~~161~~759,~~993~~853.7858 OC 0.00 0.00 0.00 0.00 1,~~294~~998,~~040~~670.6700 XP 0.00 0.00 042,039.0056 0.00 100.00 R-I 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 ~~540~~1,~~884~~779,359.6630 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 371,752,600.00 1.~~47000~~46875% ~~985~~926.~~73640316~~73702236 1.~~28802889~~17209709 0.00000000 0.00000000 M-1 14,990,000.00 1.~~92000~~91875% 1000.00000000 1.~~70666644~~65225684 0.00000000 0.00000000 M-2 7,994,700.00 2.~~87000~~86875% 1000.00000000 2.~~55111136~~47031283 0.00000000 0.00000000 M-3 4,996,700.00 3.~~62000~~61875% 1000.00000000 3.~~21777773~~11614666 0.00000000 0.00000000 B-IO 0.00 0.00000% ~~986~~936.~~73485735~~86531465 0.00000000 0.00000000 0.00000000 OC 51.12 0.00000% ~~1000~~39097613.~~00000000~~45852900 0.00000000 0.00000000 0.00000000 XP 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R-I 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) Per $1,000 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 A 0.00000000 0.00000000 1.~~28802889~~17209709 0.00000000 ~~960~~892.~~01091347~~47468230 M-1 0.00000000 0.00000000 1.~~70666644~~65225684 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~55111136~~47031283 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 3.~~21777773~~11614666 0.00000000 1000.00000000 B-IO 0.00000000 0.00000000 03.~~00000000~~10582100 0.00000000 ~~966~~905.~~04728243~~00134418 OC 0.00000000 0.00000000 0.00000000 0.00000000 ~~25313784~~39097613.~~62441320~~45852900 XP 0.00000000 0.00000000 0420395.~~00000000~~60000000 0.00000000 1000.00000000 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 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 1014,~~184~~647,~~169~~603.9234 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~111~~87,~~225~~189.3668 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 1014,~~295~~734,~~395~~793.2802 Withdrawals Reimbursement for Servicer Advances 6699,~~251~~906.9319 Payment of Service Fee ~~124~~118,~~741~~413.0153 Payment of Interest and Principal 1014,~~104~~516,~~402~~473.3430 Total Withdrawals (Pool Distribution Amount) 1014,~~295~~734,~~395~~793.2802 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 6361,~~620~~094.7117 Additional Servicing Fee 6157,~~120~~319.3036 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~124~~118,~~741~~413.0153

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 01 0 0 01 0299,150.0096 0.00 0.00 0299,150.0096 30 Days 4835 0 0 0 4835 179,~~416~~824,~~737~~296.7699 0.00 0.00 0.00 179,~~416~~824,~~737~~296.7699 60 Days 35 0 0 0 35 13,~~258~~469,~~254~~211.9866 0.00 0.00 0.00 13,~~258~~469,~~254~~211.9866 90 Days 23 0 01 0 24 ~~798~~972,~~894~~913.91 0.00 0212,464.0039 0.00 ~~798~~1,~~894~~185,378.9130 120 Days 01 0 0 0 01 0139,946.0052 0.00 0.00 0.00 0139,946.0052 150 Days 0 0 01 0 01 0.00 0.00 0490,894.0091 0.00 0490,894.0091 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 5344 01 02 0 5347 1914,~~473~~406,~~887~~369.6508 0299,150.0096 0703,359.0030 0.00 1915,~~473~~408,~~887~~879.6534 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~~083612% 0.000000% 0.000000% 0.~~000000~~083612% 0.~~000000~~082656% 0.000000% 0.000000% 0.~~000000~~082656% 30 Days 32.~~806503~~926421% 0.000000% 0.000000% 0.000000% 32.~~806503~~926421% 42.~~508413~~714482% 0.000000% 0.000000% 0.000000% 42.~~508413~~714482% 60 Days 0.~~237906~~418060% 0.000000% 0.000000% 0.000000% 0.~~237906~~418060% 0.~~325706~~958553% 0.000000% 0.000000% 0.000000% 0.~~325706~~958553% 90 Days 0.~~158604~~250836% 0.000000% 0.~~000000~~083612% 0.000000% 0.~~158604~~334448% 0.~~206798~~268819% 0.000000% 0.~~000000~~058705% 0.000000% 0.~~206798~~327523% 120 Days 0.~~000000~~083612% 0.000000% 0.000000% 0.000000% 0.~~000000~~083612% 0.~~000000~~038668% 0.000000% 0.000000% 0.000000% 0.~~000000~~038668% 150 Days 0.000000% 0.000000% 0.~~000000~~083612% 0.000000% 0.~~000000~~083612% 0.000000% 0.000000% 0.~~000000~~135636% 0.000000% 0.~~000000~~135636% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 43.~~203013~~678930% 0.~~000000~~083612% 0.~~000000~~167224% 0.000000% 43.~~203013~~929766% 53.~~040917~~980522% 0.~~000000~~082656% 0.~~000000~~194340% 0.000000% 54.~~040917~~257518%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~111~~87,~~225~~189.3668

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 5.~~961842~~968483% Weighted Average Net Coupon 5.~~768285~~772720% Weighted Average Pass-Through Rate 5.~~582335~~589051% Weighted Average Maturity(Stepdown Calculation ) ~~354~~352 Beginning Scheduled Collateral Loan Count 1,~~281~~229 Number Of Loans Paid In Full 2033 Ending Scheduled Collateral Loan Count 1,~~261~~196 Beginning Scheduled Collateral Balance ~~394~~374,~~431~~496,~~521~~967.9158 Ending Scheduled Collateral Balance ~~386~~361,~~161~~759,~~993~~853.7858 Ending Actual Collateral Balance at 30-~~Sep~~Nov-2003 ~~386~~361,~~316~~921,~~376~~649.4933 Monthly P &I Constant 2,~~151~~034,~~240~~110.4152 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~386~~361,~~161~~759,~~993~~853.7858 Scheduled Principal ~~178~~171,~~190~~461.9739 Unscheduled Principal 812,~~091~~565,~~337~~652.1661 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1,998,670.00 Overcollateralized Amount 1,~~294~~998,~~040~~670.6700 Overcollateralized Deficiency Amount ~~704,629~~0.3300 Base Overcollateralized Amount 0.00 Extra principal distribution Amount ~~1,293,989~~0.5500 Excess Cash Amount 1,~~293~~241,~~989~~502.5541

Filing Compare · BEAR STEARNS ALT A TRUST 2003-2