8-K 1 bsl03002.txt MARCH 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): March 25, 2004 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, 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 March 25, 2004 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 March 25, 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. BEAR STEARNS ALT-A TRUST Mortgage Pass-Through Certificates, Series 2003-2 Trust 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: 3/31/2004 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 March 25, 2004 distribution. EX-99.1

Bear Stearns ALT-A Trust Mortgage Pass-Through Certificates Record Date: 112/3029/032004 Distribution Date: 123/2625/032004 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.~~46875~~44000% ~~344~~311,~~516~~835,~~897~~261.5893 ~~435~~361,~~730~~728.1492 12,~~737~~958,~~114~~572.0056 M-1 07386HBP5 SUB 1.~~91875~~89000% 14,990,000.00 2422,~~767~~822.3328 0.00 M-2 07386HBQ3 SUB 2.~~86875~~84000% 7,994,700.00 1918,~~749~~290.4110 0.00 M-3 07386HBR1 SUB 3.~~61875~~59000% 4,996,700.00 1514,~~570~~450.4518 0.00 B-IO 07386HBU4 SUB 0.00000% 0.00 1,~~241~~136,~~502~~052.4119 0.00 OC BSL03002X SUB 0.00000% 1,998,670.00 0.00 0.00 XP 07386HBV2 SUB 0.00000% 100.00 4214,~~039~~314.5663 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 ~~374~~341,~~497~~815,~~067~~431.5893 1,~~779~~567,~~359~~658.30 12,~~737~~958,~~114~~572.0056

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 ~~331~~298,~~779~~876,~~783~~689.5837 13,~~172~~320,~~844~~301.1448 0.00 M-1 0.00 14,990,000.00 2422,~~767~~822.3328 0.00 M-2 0.00 7,994,700.00 1918,~~749~~290.4110 0.00 M-3 0.00 4,996,700.00 1514,~~570~~450.4518 0.00 B-IO 0.00 0.00 1,~~241~~136,~~502~~052.4119 0.00 OC 0.00 1,998,670.00 0.00 0.00 XP 0.00 100.00 4214,~~039~~314.5663 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 ~~361~~328,~~759~~856,~~953~~859.5837 14,~~516~~526,~~473~~230.3086 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 ~~344~~311,~~516~~835,~~897~~261.5893 0.00 12,~~737~~958,~~114~~572.0056 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 1,998,670.00 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 ~~374~~341,~~497~~815,~~067~~431.5893 0.00 12,~~737~~958,~~114~~572.0056 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 12,~~737~~958,~~114~~572.0056 ~~331~~298,~~779~~876,~~783~~689.5837 0.~~89247468~~80396664 12,~~737~~958,~~114~~572.0056 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 1,998,670.00 39,097.61345853 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 12,~~737~~958,~~114~~572.0056 ~~361~~328,~~759~~856,~~953~~859.5837 0.~~90500137~~82268893 12,~~737~~958,~~114~~572.0056

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 371,752,600.00 ~~926~~838.~~73702236~~82469667 0.00000000 34.~~26234006~~85805495 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 39097613.45852900 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 34.~~26234006~~85805495 ~~892~~803.~~47468230~~96664171 0.~~89247468~~80396664 34.~~26234006~~85805495 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 39,097,613.45852900 39097.61345853 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.~~46875~~44000% ~~344~~311,~~516~~835,~~897~~261.5893 ~~435~~361,~~730~~728.1490 0.00 0.00 M-1 14,990,000.00 1.~~91875~~89000% 14,990,000.00 2422,~~767~~822.3328 0.00 0.00 M-2 7,994,700.00 2.~~86875~~84000% 7,994,700.00 1918,~~749~~290.4110 0.00 0.00 M-3 4,996,700.00 3.~~61875~~59000% 4,996,700.00 1514,~~570~~450.4518 0.00 0.00 B-IO 0.00 0.00000% ~~374~~341,~~496~~815,~~967~~331.5893 0.00 0.00 0.00 OC 51.12 0.00000% 1,998,670.00 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 ~~495~~417,~~817~~291.3346 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 (0.0001) 0.00 ~~435~~361,~~730~~728.1492 0.00 ~~331~~298,~~779~~876,~~783~~689.5837 M-1 0.00 0.00 2422,~~767~~822.3328 0.00 14,990,000.00 M-2 0.00 0.00 1918,~~749~~290.4110 0.00 7,994,700.00 M-3 0.00 0.00 1514,~~570~~450.4518 0.00 4,996,700.00 B-IO 0.00 0.00 1,~~241~~136,~~502~~052.4119 0.00 ~~361~~328,~~759~~856,~~853~~759.5837 OC 0.00 0.00 0.00 0.00 1,998,670.00 XP 0.00 0.00 4214,~~039~~314.5663 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 (0.0001) 0.00 1,~~779~~567,~~359~~658.30 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.~~46875~~44000% ~~926~~838.~~73702236~~82469667 10.~~17209709~~97303664 0.00000000 0.00000000 M-1 14,990,000.00 1.~~91875~~89000% 1000.00000000 1.~~65225684~~52250033 0.00000000 0.00000000 M-2 7,994,700.00 2.~~86875~~84000% 1000.00000000 2.~~47031283~~28777815 0.00000000 0.00000000 M-3 4,996,700.00 3.~~61875~~59000% 1000.00000000 32.~~11614666~~89194468 0.00000000 0.00000000 B-IO 0.00 0.00000% ~~936~~855.~~86531465~~10686661 0.00000000 0.00000000 0.00000000 OC 51.12 0.00000% 39097613.45852900 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~~00000003) 0.00000000 10.~~17209709~~97303669 0.00000000 ~~892~~803.~~47468230~~96664171 M-1 0.00000000 0.00000000 1.~~65225684~~52250033 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~47031283~~28777815 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 32.~~11614666~~89194468 0.00000000 1000.00000000 B-IO 0.00000000 0.00000000 32.~~10582100~~84202006 0.00000000 ~~905~~822.~~00134418~~68888139 OC 0.00000000 0.00000000 0.00000000 0.00000000 39097613.45852900 XP 0.00000000 0.00000000 ~~420395~~143146.~~60000000~~30000000 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 14,~~647~~593,~~603~~013.3455 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 87134,~~189~~804.6818 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 14,~~734~~727,~~793~~817.0273 Withdrawals Reimbursement for Servicer Advances 9993,~~906~~630.1991 Payment of Service Fee ~~118~~107,~~413~~955.5396 Payment of Interest and Principal 14,~~516~~526,~~473~~230.3086 Total Withdrawals (Pool Distribution Amount) 14,~~734~~727,~~793~~817.0273 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 6156,~~094~~864.1705 Additional Servicing Fee 5751,~~319~~091.3691 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~118~~107,~~413~~955.5396

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 13 0 0 13 ~~299~~1,~~150~~037,351.9601 0.00 0.00 ~~299~~1,~~150~~037,351.9601 30 Days 3544 0 0 0 3544 914,~~824~~791,~~296~~440.9992 0.00 0.00 0.00 914,~~824~~791,~~296~~440.9992 60 Days 510 0 0 0 510 34,~~469~~034,~~211~~524.6621 0.00 0.00 0.00 34,~~469~~034,~~211~~524.6621 90 Days 3 0 1 0 4 ~~972~~1,~~913~~243,232.9170 0.00 ~~212~~108,~~464~~375.3906 0.00 1,~~185~~351,~~378~~607.3076 120 Days 12 0 01 0 13 ~~139~~1,~~946~~257,999.5230 0.00 0113,315.0011 0.00 ~~139~~1,~~946~~371,314.5241 150 Days 0 0 1 0 1 0.00 0.00 ~~490~~139,~~894~~946.9152 0.00 ~~490~~139,~~894~~946.9152 180+ Days 01 01 02 0 04 0224,195.0065 0201,461.0062 0703,359.0030 0.00 01,129,016.0057 Totals 4460 14 25 0 4769 1421,~~406~~551,~~369~~392.0878 ~~299~~1,~~150~~238,812.9663 ~~703~~1,~~359~~064,995.3099 0.00 1523,~~408~~855,~~879~~201.3440 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.~~083612~~271739% 0.000000% 0.000000% 0.~~083612~~271739% 0.~~082656~~315290% 0.000000% 0.000000% 0.~~082656~~315290% 30 Days 23.~~926421~~985507% 0.000000% 0.000000% 0.000000% 23.~~926421~~985507% 24.~~714482~~495668% 0.000000% 0.000000% 0.000000% 24.~~714482~~495668% 60 Days 0.~~418060~~905797% 0.000000% 0.000000% 0.000000% 0.~~418060~~905797% 01.~~958553~~226242% 0.000000% 0.000000% 0.000000% 01.~~958553~~226242% 90 Days 0.~~250836~~271739% 0.000000% 0.~~083612~~090580% 0.000000% 0.~~334448~~362319% 0.~~268819~~377865% 0.000000% 0.~~058705~~032939% 0.000000% 0.~~327523~~410804% 120 Days 0.~~083612~~181159% 0.000000% 0.~~000000~~090580% 0.000000% 0.~~083612~~271739% 0.~~038668~~382353% 0.000000% 0.~~000000~~034441% 0.000000% 0.~~038668~~416793% 150 Days 0.000000% 0.000000% 0.~~083612~~090580% 0.000000% 0.~~083612~~090580% 0.000000% 0.000000% 0.~~135636~~042535% 0.000000% 0.~~135636~~042535% 180+ Days 0.~~000000~~090580% 0.~~000000~~090580% 0.~~000000~~181159% 0.000000% 0.~~000000~~362319% 0.~~000000~~068141% 0.~~000000~~061232% 0.~~000000~~213777% 0.000000% 0.~~000000~~343150% Totals 35.~~678930~~434783% 0.~~083612~~362319% 0.~~167224~~452899% 0.000000% 36.~~929766~~250000% 36.~~980522~~550269% 0.~~082656~~376521% 0.~~194340~~323692% 0.000000% 47.~~257518~~250482%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 87134,~~189~~804.6818

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 5.~~968483~~910808% Weighted Average Net Coupon 5.~~772720~~711177% Weighted Average Pass-Through Rate 5.~~589051~~531811% Weighted Average Maturity(Stepdown Calculation ) ~~352~~349 Beginning Scheduled Collateral Loan Count 1,~~229~~139 Number Of Loans Paid In Full 3335 Ending Scheduled Collateral Loan Count 1,~~196~~104 Beginning Scheduled Collateral Balance ~~374~~341,~~496~~815,~~967~~331.5893 Ending Scheduled Collateral Balance ~~361~~328,~~759~~856,~~853~~759.5837 Ending Actual Collateral Balance at 3029-~~Nov~~Feb-~~2003~~2004 ~~361~~329,~~921~~015,~~649~~389.3399 Monthly P &I Constant 21,~~034~~841,~~110~~134.5247 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 ~~361~~328,~~759~~856,~~853~~759.5837 Scheduled Principal ~~171~~157,~~461~~463.3978 Unscheduled Principal 12,~~565~~801,~~652~~108.6178 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 1,998,670.00 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 1,~~241~~136,~~502~~052.4121

Filing Compare · BEAR STEARNS ALT A TRUST 2003-2