8-K 1 thb03002.txt AUGUST 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): August 25, 2004 THORNBURG MORTGAGE SECURITIES CORPORATION Mortgage Pass-Through Certificates, Series 2003-2 Trust (Exact name of registrant as specified in its charter) Delaware (governing law of 333-56240-12 54-2120412 Pooling and Servicing Agreement) (Commission 54-2120413 (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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On August 25, 2004 a distribution was made to holders of THORNBURG MORTGAGE SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 2003-2 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-2 Trust, relating to the August 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. THORNBURG MORTGAGE SECURITIES CORPORATION Mortgage Pass-Through Certificates, Series 2003-2 Trust (Registrant) 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: 9/1/2004 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 August 25, 2004 distribution. EX-99.1

Thornburg Mortgage ~~Home~~Securities ~~Loans,~~Corporation ~~Inc.~~ Mortgage Pass-Through Certificates Record Date: 127/31/032004 Distribution Date: 18/2625/042004 THB Series: ~~2002~~2003-42 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 I-A ~~885220CA9~~885220DC4 SEN 21.~~72107~~79000% ~~274~~628,~~736~~200,~~390~~917.3944 ~~622~~937,~~980~~066.4739 29,~~694~~782,~~027~~257.5290 IIM-~~A 885220CB7 SEN 4.51803% 88,934,760.74 334,841.67 2,271,821.16 III-A 885220CC5 SEN 5.00029% 115,541,447.75 481,451.03 4,803,623.81 IV-A 885220CD3 SEN 5.60764% 12,758,387.18 59,620.38 7,392.40 B-~~1 ~~885220CE1~~885220DD2 SUB 42.~~00808~~20000% 10,~~350~~608,~~297~~900.6200 3419,~~570~~449.6965 ~~2,864~~0.7500 BM-2 ~~885220CF8~~885220DE0 SUB 42.~~00808~~95000% 610,~~037~~608,~~657~~900.0100 2026,~~166~~080.1821 ~~1,671~~0.1000 B-3IO ~~885220CG6~~885220DH3 ~~SUB~~SEN 40.~~00808~~00000% ~~3,881,336~~69.7076 ~~12,963.93~~ 1,~~074.27 B-4 885220CK7 SUB 4.00808% 1~~055,~~293,911~~883.7185 ~~4,321~~0.7500 ~~358.13 B-5 885220CL5 SUB 4.00808% 862,408.59 2,880.50 238.70 B-6 885220CM3 SUB 4.00808% 2,587,835.38 8,643.55 716.26~~ R-I1 ~~885220CH4~~885220DF7 SEN 0.00000% 0.00 0.00 0.00 R-II2 ~~885220CJ0~~885220DG5 SEN 0.00000% 0.00 0.00 0.00 Totals ~~516~~649,~~984~~418,~~433~~787.0720 12,~~582~~038,~~440~~480.1510 9,~~783~~782,~~788~~257.1090

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A 0.00 ~~272~~618,~~042~~418,~~362~~659.8754 310,~~317~~719,~~007~~324.9929 0.00 IIM-A1 0.00 8610,~~662~~608,~~939~~900.~~58 2,606,662.83 0.~~00 ~~III-A 0.00 110~~19,~~737,823~~449.9365 ~~5,285,074.84~~ 0.00 IVM-A2 0.00 ~~12,750,994.78 67,012.78 0.00 B-1 0.00~~ 10,~~347~~608,~~432~~900.~~87 37,435.44 0.~~00 ~~B-2 0.00 6~~26,~~035,985~~080.91 21~~,837.28~~ 0.00 B-3IO 0.00 ~~3,880,262~~69.4376 ~~14,038.20 0.00 B-4 0.00~~ 1,~~293~~055,~~553~~883.5885 ~~4,679.88~~ 0.00 ~~B-5 0.00 862,169.89 3,119.20 0.00 B-6 0.00 2,587,119.12 9,359.81 0.00~~ R-I1 0.00 0.00 0.00 0.00 R-II2 0.00 0.00 0.00 0.00 Totals 0.00 ~~507~~639,~~200~~636,~~644~~529.9630 11,~~366~~820,~~228~~738.2500 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) I-A ~~328~~1,~~742~~039,~~400.00 274~~673,~~736,390~~900.~~39 16,028.71 2,677,998.81 0.~~00 ~~0.00 II-A 191~~628,~~023~~200,~~000~~917.0044 ~~88,934,760.74 29,047.00 2,242,774.16~~ 0.00 ~~0.00 III-A 305~~9,~~617~~782,~~600~~257.0090 ~~115,541,447.75 55,785.29 4,747,838.52~~ 0.00 0.00 IVM-A1 1510,~~424~~608,900.00 1210,~~758~~608,~~387~~900.~~18 3,301.25 4,091.15 0.~~00 0.00 ~~B-1 10,391,000.00 10,350,297.62 2,864.75~~ 0.00 0.00 0.00 BM-2 610,~~061~~608,~~400~~900.00 ~~6,037,657.01 1,671.~~10 ~~0.00 0.00 0.00 B-3 3~~,~~896~~608,~~600~~900.00 ~~3,881,336.70 1,074.27~~ 0.00 0.00 0.00 ~~B-4 1,299,000.00 1,293,911.71 358.13~~ 0.00 ~~0.00 0.00~~ B-5IO ~~865,800~~69.0076 ~~862,408~~69.5976 ~~238.70~~ 0.00 0.00 0.00 ~~B-6 2,598,012.00 2,587,835.38 716.26~~ 0.00 ~~0.00 0.00~~ R-I1 50.00 0.00 0.00 0.00 0.00 0.00 R-II2 50.00 0.00 0.00 0.00 0.00 0.00 Totals ~~865~~1,~~919~~060,~~812~~891,869.0076 ~~516~~649,~~984~~418,~~433~~787.0720 ~~111,085~~0.4600 9,~~672~~782,~~702~~257.6490 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 I-A 29,~~694~~782,~~027~~257.5290 ~~272~~618,~~042~~418,~~362~~659.8754 0.~~82752442~~59481984 29,~~694~~782,~~027~~257.5290 IIM-A1 ~~2,271,821.16 86,662,939.58~~ 0.~~45367804~~00 210,~~271~~608,~~821~~900.1600 ~~III-A 4,803,623.81 110,737,823.93 0.36234112 4,803,623.81 IV-A 7,392.40 12,750,994.78 0.82665008 7,392.40 B-~~1 ~~2,864~~.7500000000 ~~10,347,432.87~~ 0.~~99580722~~00 ~~2,864.75 B~~M-2 ~~1,671.10 6,035,985.91~~ 0.~~99580722~~00 ~~1,671.~~10 ~~B-3 1~~,~~074.27 3~~608,~~880,262~~900.4300 ~~0.99580722~~ 1~~,074~~.2700000000 ~~B-4 358.13 1,293,553.58~~ 0.~~99580722~~00 ~~358.13~~ B-5IO ~~238.70 862,169.89~~ 0.~~99580722~~00 ~~238~~69.7076 ~~B-6 716~~1.2600000000 ~~2,587,119.12~~ 0.~~99580722~~00 ~~716.26~~ R-I1 0.00 0.00 0.00000000 0.00 R-II2 0.00 0.00 0.00000000 0.00 Totals 9,~~783~~782,~~788~~257.1090 ~~507~~639,~~200~~636,~~644~~529.9630 0.~~58573627~~60292340 9,~~783~~782,~~788~~257.1090

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A ~~328~~1,~~742~~039,~~400~~673,900.00 ~~835~~15105.~~71936687~~72010705 0.~~04875766~~00000000 8235.~~14619231~~22418664 0.00000000 IIM-A1 ~~191~~10,~~023~~608,~~000~~900.00 ~~465~~25000.~~57095606~~00000000 0.~~15206022~~00000000 ~~11.74085927~~ 0.00000000 ~~III-A 305,617,600.00 378.05888061~~ 0.~~18253298 15.53522611 0.~~00000000 IVM-A2 1510,~~424~~608,900.00 ~~827~~25000.~~12932855~~00000000 0.~~21402084~~00000000 0.~~26523024~~00000000 0.00000000 B-1IO ~~10,391,000~~69.0076 ~~996~~10000000.~~08291983~~00000000 0.~~27569531~~00000000 0.00000000 0.00000000 BR-21 ~~6,061,400~~50.00 ~~996.08291979~~ 0.~~27569538 0.~~00000000 0.00000000 ~~B-3 3,896,600.00 996.08291844~~ 0.~~27569419 0.~~00000000 0.00000000 BR-42 ~~1,299,000~~50.00 ~~996.08291763~~ 0.~~27569669 0.~~00000000 0.00000000 ~~B-5 865,800.00 996.08291753~~ 0.~~27569878 0.~~00000000 0.00000000 ~~B-6~~ (2~~,598,012.00~~) ~~996.08292033~~Classes ~~0.27569542~~A, ~~0.00000000~~M-1, ~~0.00000000 R~~M-I2 ~~50.00~~are ~~0.00000000~~per ~~0.00000000~~$25,000 0Denomination.~~00000000~~ ~~0.00000000~~Class RB-IIIO ~~50.00~~are ~~0.00000000~~per ~~0.00000000~~$10,000,000 0Denomination.~~00000000~~ ~~0.00000000~~Classes (R-1, R-2) ~~All~~are ~~Classes~~per ~~Are Per~~ $~~1000~~50.00 Denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution I-A 0.00000000 8235.~~19494997~~22418664 ~~827~~14,870.~~52441690~~49592040 0.~~82752442~~59481984 8235.~~19494997~~22418664 IIM-A1 0.00000000 ~~11.89291949 453.67803657~~ 0.~~45367804 11.89291949 III-A 0.~~00000000 1525,000.~~71775909 362.34112149 0.36234112 15.71775909 IV-A 0.~~00000000 ~~0.47925108 826.65007747 0.82665008 0.47925108 B-~~1 0.00000000 0.~~27569531~~00000000 ~~995.80722452 0.99580722 0.27569531 B~~M-2 0.00000000 0.~~27569538~~00000000 ~~995~~25,000.~~80722440~~00000000 01.~~99580722~~00000000 0.~~27569538~~00000000 B-3IO 0.00000000 0.~~27569419~~00000000 ~~995~~10,000,000.~~80722425 0.99580722 0.27569419 B-4 0.~~00000000 01.~~27569669 995.80722094 0.99580722 0.27569669 B-5 0.~~00000000 0.~~27569878 995.80721876 0.99580722 0.27569878 B-6 0.~~00000000 ~~0.27569542 995.80722491 0.99580722 0.27569542~~ R-I1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II2 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 I-A ~~328~~1,~~742~~039,~~400.00 2.72107% 274~~673,~~736,390.39 622,980.50 0.00 0.00 II-A 191,023,000.00 4.51803% 88,934,760.74 334,841.68 0.00 0.00 III-A 305,617,600.00 5.00029% 115,541,447.75 481,451.04 0.00 0.00 IV-A 15,424,~~900.00 51.~~60764~~79000% 12628,~~758~~200,~~387~~917.1844 59937,~~620~~066.3837 0.00 0.00 BM-1 10,~~391~~608,~~000~~900.00 42.~~00808~~20000% 10,~~350~~608,~~297~~900.6200 3419,~~570~~449.6965 0.00 0.00 BM-2 610,~~061~~608,~~400~~900.00 42.~~00808~~95000% 610,~~037~~608,~~657~~900.~~01 20,166.18 0.~~00 ~~0.00 B-3 3~~26,~~896,600~~080.0021 ~~4.00808% 3,881,336.70 12,963.93~~ 0.00 0.00 B-4IO ~~1,299,000~~69.0076 ~~4.00808% 1,293,911.71 4,321.75~~ 0.~~00 0.00 B-5 865,800.00 4.00808~~00000% ~~862,408~~69.5976 ~~2,880.50~~ 0.00 0.00 ~~B-6 2,598,012.00 4.00808% 2,587,835.38 8,643.55~~ 0.00 ~~0.00~~ R-I1 50.00 0.00000% 0.00 0.00 0.00 0.00 R-II2 50.00 0.00000% 0.00 0.00 0.00 0.00 Totals ~~865~~1,~~919~~060,~~812~~891,869.0076 1982,~~582,440~~596.2023 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 I-A (0.02) 0.00 ~~622~~937,~~980~~066.4739 0.00 ~~272~~618,~~042~~418,~~362~~659.8754 IIM-~~A 0.01 0.00 334,841.67 0.00 86,662,939.58 III-A 0.01 0.00 481,451.03 0.00 110,737,823.93 IV-A 0.00 0.00 59,620.38 0.00 12,750,994.78 B-~~1 0.00 0.00 3419,~~570~~449.6965 0.00 10,~~347~~608,~~432~~900.8700 BM-2 0.00 0.00 2026,~~166~~080.1821 0.00 610,~~035~~608,~~985~~900.~~91 B-3 0.~~00 ~~0.00 12,963.93 0.00 3,880,262.43~~ B-4IO 0.00 0.00 ~~4,321.75 0.00~~ 1,~~293~~055,~~553~~883.5885 ~~B-5~~ 0.00 069.0076 ~~2,880.50 0.00 862,169.89 B-6 0.00 0.00 8,643.55 0.00 2,587,119.12~~ R-I1 0.00 0.00 0.00 0.00 0.00 R-II2 0.00 0.00 0.00 0.00 0.00 Totals (0.0402) 0.00 12,~~582~~038,~~440~~480.1510 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 I-A ~~328,742,400.00 2.72107% 835.71936687~~ 1~~.89504153 0.00000000 0.00000000 II-A 191~~,~~023~~039,~~000.00 4.51803% 465.57095606 1.75288672 0.00000000 0.00000000 III-A 305~~673,~~617,600~~900.00 ~~5.00029% 378.05888061~~ 1.~~57533807 0.00000000 0.00000000 IV-A 15,424,900.00 5.60764~~79000% ~~827~~15105.~~12932855~~72010705 322.~~86520366~~53269920 0.00000000 0.00000000 BM-1 10,~~391~~608,~~000~~900.00 42.~~00808~~20000% ~~996~~25000.~~08291983~~00000000 345.~~32698393~~83333333 0.00000000 0.00000000 BM-2 610,~~061~~608,~~400~~900.00 42.~~00808~~95000% ~~996~~25000.~~08291979 3.32698387 0.~~00000000 061.~~00000000~~45832744 ~~B-3 3,896,600.00 4.00808% 996.08291844 3.32698506~~ 0.00000000 0.00000000 B-4IO ~~1,299,000~~69.0076 ~~4.00808% 996.08291763 3.32698229~~ 0.~~00000000 0.00000000 B-5 865,800.00 4.00808~~00000% ~~996~~10000000.~~08291753 3.32698083 0.~~00000000 0.00000000 ~~B-6 2,598,012.00 4.00808% 996.08292033 3.32698617~~ 0.00000000 0.00000000 R-I1 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-II2 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) ~~All~~ Classes ~~Are~~A, ~~Per~~M-1, M-2 are per $~~1000~~25,000 Denomination. Class B-IO are per $10,000,000 Denomination. Classes R-1, R-2 are per $50.00 Den

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance I-A (0.~~00000006~~00000048) 0.00000000 122.~~89504144~~53269968 0.00000000 ~~827~~14870.~~52441690~~49592040 IIM-~~A 0.00000005 0.00000000~~ 1~~.75288667~~ 0.00000000 ~~453.67803657 III-A~~ 0.~~00000003 0.~~00000000 145.~~57533804~~83333333 0.00000000 ~~362~~25000.~~34112149 IV-A 0.~~00000000 ~~0.00000000 3.86520366 0.00000000 826.65007747 B~~M-~~1 0.00000000 0.00000000 3.32698393 0.00000000 995.80722452 B-~~2 0.00000000 0.00000000 361.~~32698387~~45832744 0.00000000 ~~995~~25000.~~80722440 B-3 0.~~00000000 ~~0.00000000 3.32698506 0.00000000 995.80722425~~ B-4IO 0.00000000 0.00000000 3359496846.~~32698229~~33000000 0.00000000 ~~995~~10000000.~~80722094 B-5 0.~~00000000 ~~0.00000000 3.32698083 0.00000000 995.80721876 B-6 0.00000000 0.00000000 3.32698617 0.00000000 995.80722491~~ R-I1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II2 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 11,~~518~~972,~~762~~608.1045 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 522,~~638~~396.7060 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 012,980.00 Total Deposits 1112,~~524~~007,~~400~~985.8005 Withdrawals Reimbursement for Servicer Advances 9,~~520~~989.2115 Payment of Service Fee ~~148~~177,~~652~~257.3490 Payment of Interest and Principal 11,~~366~~820,~~228~~738.2500 Total Withdrawals (Pool Distribution Amount) 1112,~~524~~007,~~400~~985.8005 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~140~~164,~~035~~413.8977 External Master Servicing Fee- Washington Mutual 2,981.55 Master Servicing Fee- Wells Fargo 89,~~185~~509.6137 Trustee Fee - Deutsche Bank ~~430~~353.8421 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~148~~177,~~652~~257.3490

~~DELINQUENT~~OTHER ~~BANKRUPTCY~~ACCOUNTS ~~FORECLOSURE~~Beginning ~~REO~~Current ~~Total~~Current ~~Group~~Ending 1Account NoType ~~of Loans No of Loans No of Loans No of Loans No of Loans Principal~~ Balance ~~Principal~~Withdrawals ~~Balance~~Deposits ~~Principal~~ Balance ~~Principal~~Reserve ~~Balance~~Fund ~~Principal Balance~~ 0~~-29 Days 0 0 0 0 0~~.00 0.00 0.00 0.00 30Financial ~~Days~~Guaranty 2 0 ~~0 0 2 544,188~~.~~07 0.~~00 0.00 0.00 ~~544,188.07 60 Days~~ 0 ~~0 0 0 0 0~~.00 ~~0.00~~Yield ~~0.00~~Maintence ~~0.00~~Reserve ~~0.00~~Fund ~~90 Days~~ 0 ~~0 0 0 0 0~~.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 2 0 0 0 2 544,188.07 0.00 0.00 0.00 544,188.07 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.321027% 0.000000% 0.000000% 0.000000% 0.321027% 0.193068% 0.000000% 0.000000% 0.000000% 0.193068% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.321027% 0.000000% 0.000000% 0.000000% 0.321027% 0.193068% 0.000000% 0.000000% 0.000000% 0.193068% 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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 3 0 0 0 3 897,848.34 0.00 0.00 0.00 897,848.34 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 3 0 0 0 3 897,848.34 0.00 0.00 0.00 897,848.34 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.140684% 0.000000% 0.000000% 0.000000% 1.140684% 0.972139% 0.000000% 0.000000% 0.000000% 0.972139% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.140684% 0.000000% 0.000000% 0.000000% 1.140684% 0.972139% 0.000000% 0.000000% 0.000000% 0.972139% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 3 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 0 0 0 0.00 0.00 0.00 0.00 30 Days 1 0 0 0 1 318,878.00 0.00 0.00 0.00 318,878.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 1 0 0 0 1 318,878.00 0.00 0.00 0.00 318,878.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.308642% 0.000000% 0.000000% 0.000000% 0.308642% 0.266079% 0.000000% 0.000000% 0.000000% 0.266079% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.308642% 0.000000% 0.000000% 0.000000% 0.308642% 0.266079% 0.000000% 0.000000% 0.000000% 0.266079% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 4 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 0 0 0 0.00 0.00 0.00 0.00 30 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%

~~COLLATERAL~~LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT ~~Collateral~~DELINQUENCY ~~Description~~STATUS ~~Mixed~~DELINQUENT ~~ARM~~BANKRUPTCY ~~Weighted~~FORECLOSURE ~~Average~~REO ~~Gross~~Total ~~Coupon~~No ~~4.018131%~~of ~~Weighted~~Loans ~~Average~~No ~~Net~~of ~~Coupon~~Loans ~~3.693085%~~No ~~Weighted~~of ~~Average~~Loans ~~Pass-Through~~No ~~Rate~~of ~~3.673085%~~Loans ~~Weighted~~No ~~Average~~of ~~Maturity(Stepdown~~Loans ~~Calculation~~Principal )Balance ~~347~~Principal ~~Beginning~~Balance ~~Scheduled~~Principal ~~Collateral~~Balance ~~Loan~~Principal ~~Count~~Balance ~~1,258~~Principal ~~Number~~Balance Of0-29 ~~Loans~~Days ~~Paid~~0 In0 ~~Full~~0 240 ~~Ending~~0.00 ~~Scheduled~~0.00 ~~Collateral~~0.00 ~~Loan~~0.00 ~~Count~~30 ~~1,234~~Days ~~Beginning~~21 ~~Scheduled~~1 ~~Collateral~~0 ~~Balance~~0 ~~516~~22 4,~~984~~956,~~433~~774.5485 ~~Ending~~194,838.20 ~~Scheduled~~0.00 ~~Collateral~~0.00 ~~Balance 507~~5,~~200~~151,~~645~~613.4405 ~~Ending~~60 ~~Actual~~Days ~~Collateral~~2 ~~Balance~~0 at0 ~~31-Dec-2003~~0 ~~507~~2 171,~~277~~600.92 0.00 0.00 0.00 171,~~522~~600.2192 ~~Monthly~~90 PDays &I1 ~~Constant~~0 0 0 1 469,~~842,176~~613.19 0.00 ~~Special~~0.00 ~~Servicing~~0.00 ~~Fee~~469,613.19 120 Days 0 0 0 0 0 0.00 ~~Prepayment~~0.00 ~~Penalties~~0.00 0.00 ~~Realized~~0.00 ~~Loss~~150 ~~Amount~~Days 0 0 0 0 0 0.00 ~~Cumulative~~0.00 ~~Realized~~0.00 ~~Loss~~0.00 0.00 ~~Class~~180+ ADays ~~Optimal~~1 ~~Amount~~0 110 0 1 110,~~275~~306.89 0.00 0.00 0.00 110,~~758~~306.5089 ~~Ending~~Totals ~~Scheduled~~25 ~~Balance~~1 ~~for~~0 ~~Premium~~0 ~~Loans~~26 ~~507~~5,~~200~~708,~~645~~295.4485 ~~Scheduled~~194,838.20 ~~Principal~~0.00 ~~111~~0.00 5,~~085~~903,134.4605 ~~Unscheduled~~No of Loans No of Loans No of Loans No of Loans No of Loans Principal ~~9,672,702~~Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.64000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.348748% 0.064226% 0.000000% 0.000000% 1.412974% 0.771552% 0.030328% 0.000000% 0.000000% 0.801880% 60 Days 0.128452% 0.000000% 0.000000% 0.000000% 0.128452% 0.026711% 0.000000% 0.000000% 0.000000% 0.026711% 90 Days 0.064226% 0.000000% 0.000000% 0.000000% 0.064226% 0.073098% 0.000000% 0.000000% 0.000000% 0.073098% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.064226% 0.000000% 0.000000% 0.000000% 0.064226% 0.017170% 0.000000% 0.000000% 0.000000% 0.017170% Totals 1.605652% 0.064226% 0.000000% 0.000000% 1.669878% 0.888531% 0.030328% 0.000000% 0.000000% 0.918859%

~~Miscellaneous~~OTHER ~~Reporting~~INFORMATION ~~Senior~~Current ~~Percentage~~Period ~~Group~~Class 1A ~~96.552218%~~Insufficient ~~Senior~~Funds ~~PrePayment Percentage Grp 1 100.000000% Subordinate Percentage Group 1 3.447782% Subordinate PrePayment Percentage Grp 1~~ 0.~~000000%~~00 ~~Senior~~Principal ~~Percentage~~Balance ~~Group~~of 2Contaminated ~~94.001384%~~Properties ~~Senior PrePayment Percentage Grp 2 100.000000% Subordinate Percentage Group 2 5.998616% Subordinate PrePayment Percentage Grp 2~~ 0.~~000000%~~00 ~~Senior~~Periodic ~~Percentage~~Advance ~~Group 3 92~~22,396.722452% Senior PrePayment Percentage Grp 3 100.000000% Subordinate Percentage Group 3 7.277548% Subordinate PrePayment Percentage Grp 3 0.000000% Senior Percentage Group 4 96.527010% Senior PrePayment Percentage Grp 4 100.000000% Subordinate Percentage Group 4 3.472990% Subordinate PrePayment Percentage Grp 4 0.000000%60

~~Group~~COLLATERAL ~~Level~~STATEMENT Collateral ~~Statement Group Group 1 Group 2 Group 3 Collateral~~ Description Mixed ARM ~~Mixed~~Weighted ~~ARM~~Average ~~Mixed~~Gross ~~ARM~~Coupon 4.053714% Weighted Average Net Coupon ~~Rate~~ 3.~~115594~~751145% ~~4.792551 5.293838~~ Weighted Average ~~Net~~Pass-Through Rate 23.~~741058~~727508% ~~4.538103 5.020245~~ Weighted Average Maturity(Stepdown ~~347~~Calculation ~~349~~) ~~346~~316 Beginning Scheduled Collateral Loan Count ~~630~~1,583 ~~270~~Number ~~334~~Of Loans Paid In Full 726 7Ending 10Scheduled ~~Ending~~Collateral Loan Count ~~623~~1,557 ~~263 324~~ Beginning Scheduled Collateral Balance ~~284~~652,~~546~~071,~~951~~016.0062 ~~94,610,054.98 124,610,000.38~~ Ending ~~scheduled~~Scheduled Collateral Balance ~~281~~642,~~852~~288,~~351~~758.1172 ~~92,336,380.21~~Ending ~~119,801,998.12~~Actual ~~Record~~Collateral ~~Date~~Balance ~~12/31/2003~~at ~~12/~~31~~/2003~~-Jul-2004 ~~12/31/2003 Principal And Interest Constant 755~~642,~~378.36 408~~441,~~753~~871.5107 ~~609,884.69~~Monthly ~~Scheduled~~P ~~Principal~~&I ~~16,601.08~~Constant ~~30,900.61 60,163.74 Unscheduled Principal~~ 2,~~677~~396,~~998~~662.8130 ~~2,242,774.16~~Special ~~4,747,838.52 Scheduled Interest 738,777.28 377,852.90 549,720.95~~ Servicing ~~Fees~~Fee ~~88,810~~0.8300 ~~20,061.10~~Prepayment ~~28,410.32~~Penalties ~~Master Servicing Fees 4~~12,~~505~~980.3400 ~~1,497.99~~Realized ~~1,972.99~~Loss ~~Trustee Fee 237.13 78.84 103.85 FRY~~ Amount 0.00 ~~0.00~~Cumulative ~~0.00~~Realized ~~Special~~Loss ~~Hazard Fee~~ 0.00 ~~0.00~~Ending ~~0.00~~Scheduled ~~Other~~Balance ~~Fee~~for ~~0.00~~Premium ~~0.00~~Loans 0642,288,758.0072 ~~Pool~~Scheduled ~~Insurance~~Principal ~~Fee 0~~193,904.0035 ~~0.00~~Unscheduled 0Principal 9,588,353.0055 ~~Spread~~Required ~~Fee~~Overcollateralization 1Amount 0.00 ~~0.00~~Overcollateralized ~~0.00~~Increase ~~Spread~~Amount ~~Fee 2~~ 0.00 ~~0.00~~Overcollateralized ~~0.00~~reduction ~~Spread~~Amount ~~Fee 3~~ 0.00 ~~0.00~~Specified ~~0.00~~O/C ~~Net~~Amount ~~Interest 645~~2,~~223.98 356~~652,~~214~~299.9718 ~~519,233.79~~Overcollateralized ~~Realized Loss~~ Amount 02,652,299.0018 ~~0.00~~Overcollateralized ~~0.00~~Deficiency ~~Cumulative~~Amount ~~Realized Loss~~ 0.00 ~~0.00~~Base ~~0.00~~Overcollateralized ~~Percentage~~Amount ~~of Cumulative Losses~~ 0.~~0000 0.0000 0.0000 Prepayment Penalties 0.~~00 ~~0.00~~Extra ~~0.00~~principal ~~Special~~distribution ~~Servicing~~Amount ~~Fee~~ 0.00 ~~0.00~~Excess ~~0.00~~Cash ~~Pass-Through~~Amount ~~Rate 2~~1,042,903.~~721058 4.518103 5.000245~~88

Group Level Collateral Statement Group Group 4 Total Collateral Description Mixed ARM Mixed ARM Weighted Average Coupon Rate 5.877641 4.018131 Weighted Average Net Rate 5.627640 3.693085 Weighted Average Maturity 345 347 Beginning ~~Loan~~Class ~~Count~~B-IO 24Notional ~~1,258~~Amount ~~Loans Paid In Full 0 24 Ending Loan Count 24 1~~$649,~~234 Beginning Scheduled Balance 13~~418,~~217,427~~787.1820 ~~516,984,433.54~~ Ending ~~scheduled~~Class ~~Balance~~B-IO ~~13,209,916.00~~Notional ~~507~~Amount $639,~~200~~636,~~645~~529.4430 ~~Record~~Ending ~~Date~~Scheduled ~~12/31/2003 12/31/2003~~ Principal ~~And~~Balance ~~Interest~~of ~~Constant~~the ~~68,159.44~~T 1$40,~~842~~216,~~176~~687.0085 Ending Scheduled Principal ~~3,420.03~~Balance ~~111,085.46~~of ~~Unscheduled~~the ~~Principal~~F 4$192,~~091.15 9~~047,~~672,702~~353.6440 Ending Scheduled ~~Interest~~Principal ~~64,739.41~~Balance ~~1,731,090.54~~of ~~Servicing~~the ~~Fees~~7 2$44,~~753.64 140~~978,~~035~~922.89 Master Servicing Fees 209.29 8,185.61 Trustee Fee 11.02 430.84 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 0.00 0.00 Pool Insurance Fee 0.00 0.00 Spread Fee 1 0.00 0.00 Spread Fee 2 0.00 0.00 Spread Fee 3 0.00 0.00 Net Interest 61,765.46 1,582,438.20 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 5.607641 3.67308580

Filing Compare · STRUCTURED ASSET MORT INV INC THORNBURG MORT SEC TR 2003-2