8-K 1 bsa04sd2_sep.txt SEPTEMBER 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): September 27, 2004 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset Backed Certificates, Series 2004-SD2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-113636-01 54-2151927 Pooling and Servicing Agreement) (Commission 54-2151928 (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 September 27, 2004 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset Backed Certificates, Series 2004-SD2 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2004-SD2 Trust, relating to the September 27, 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 ASSET BACKED SECURITIES TRUST Asset Backed Certificates, Series 2004-SD2 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: 9/24/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2004-SD2 Trust, relating to the September 27, 2004 distribution. EX-99.1

Bear Stearns Asset Backed Securities ~~Asset~~Mortgage ~~Backed~~Pass-Through Certificates Record Date: 78/31/2004 Distribution Date: 89/2527/2004 BSA Series: 2004-SD2 Contact: Customer Service - CTSLink Wells Fargo Bank, 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 07384YTH9 SEN 3.~~90494~~93018% 2120,~~808~~923,~~719~~016.4721 7068,~~968~~525.0695 ~~885~~355,~~703~~051.2601 II-A 07384YTJ5 SEN 6.~~39562~~32606% 3937,~~078~~668,~~709~~144.0099 ~~208~~198,~~277~~575.2286 12,~~410~~614,~~564~~157.0193 III-A 07384YTK2 SEN 4.~~62994~~64193% 5048,~~080~~163,~~013~~656.9009 ~~193~~186,~~222~~310.7530 1,~~916~~000,~~357~~072.8253 IV-A 07384YTL0 SEN 4.~~86395~~84690% 2625,~~364~~919,~~035~~892.8279 ~~106~~104,~~861~~692.1061 ~~444~~211,~~143~~356.0382 B-1 07384YTM8 SUB 5.~~05502~~04099% 7,~~401~~391,~~835~~737.3224 31,~~180~~051.3343 10,~~098~~193.0859 B-2 07384YTN6 SUB 5.~~05502~~04099% 6,~~074~~065,~~245~~958.6475 25,~~587~~482.8406 8,~~286~~365.8927 B-3 07384YTP1 SUB 5.~~05502~~04099% 5,~~124,~~117,127.7003 21,~~585~~496.4118 67,~~990~~056.6678 B-4 07384YTS5 SUB 5.~~05502~~04099% 3,~~985~~980,~~756~~319.8622 16,~~790~~720.0564 5,~~437~~489.6407 B-5 07384YTT3 SUB 5.~~05502~~04099% 2,~~847~~843,~~396~~511.0141 11,~~994~~945.6911 3,~~884~~921.6135 B-6 07384YTU0 SUB 5.~~05502~~04099% 6,~~833~~823,~~287~~965.6623 28,~~785~~666.31 9,~~322~~410.4360 R-1 07384YTQ9 RES 3.~~68914~~67691% 0.00 0.00 0.00 R-2 07384YTR7 RES 3.~~68914~~67691% 0.00 0.00 0.00 Totals ~~169~~164,~~598~~897,~~117~~328.3896 ~~715~~693,~~252~~466.7645 4,~~700~~225,~~788~~074.4395

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A 0.00 20,~~923~~567,~~016~~965.21 ~~956~~423,~~671~~576.3296 0.00 II-A 0.00 3735,~~668~~053,~~144~~987.9906 12,~~618~~812,~~841~~733.2379 0.00 III-A 0.00 4847,163,~~656~~583.0956 21,~~109~~186,~~580~~382.5783 0.00 IV-A 0.00 25,~~919~~708,~~892~~535.7997 ~~551~~316,~~004~~049.1343 0.00 B-1 0.00 7,~~391~~381,~~737~~543.2466 41,~~278~~245.4102 0.00 B-2 0.00 6,~~065~~057,~~958~~593.7548 33,~~874~~847.7333 0.00 B-3 0.00 5,~~117~~110,~~127~~070.0325 28,~~576~~552.0796 0.00 B-4 0.00 3,~~980~~974,~~319~~830.2215 22,~~227~~209.6971 0.00 B-5 0.00 2,~~843~~839,~~511~~590.4106 15,~~879~~866.3046 0.00 B-6 0.00 6,~~823~~814,~~965~~554.2363 38,~~107~~076.7491 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 Totals 0.00 ~~164~~160,~~897~~672,~~328~~254.9603 54,~~416~~918,~~041~~541.1940 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 25,421,000.00 2120,~~808~~923,~~719~~016.4721 4846,~~099~~029.9656 ~~837~~309,~~603~~021.3045 0.00 0.00 II-A 44,654,000.00 3937,~~078~~668,~~709~~144.0099 46,~~681~~571.9000 12,~~363~~567,~~882~~586.1193 0.00 0.00 III-A 59,331,000.00 5048,~~080~~163,~~013~~656.9009 5957,~~424~~398.2985 1942,~~856,933~~673.5368 0.00 0.00 IV-A 28,771,000.00 2625,~~364~~919,~~035~~892.8279 3332,~~037~~776.4834 ~~411~~178,~~105~~580.5548 0.00 0.00 B-1 7,432,000.00 7,~~401~~391,~~835~~737.3224 10,~~098~~193.0859 0.00 0.00 0.00 B-2 6,099,000.00 6,~~074~~065,~~245~~958.6475 8,~~286~~365.8927 0.00 0.00 0.00 B-3 5,145,000.00 5,~~124,~~117,127.7003 67,~~990~~056.6678 0.00 0.00 0.00 B-4 4,002,000.00 3,~~985~~980,~~756~~319.8622 5,~~437~~489.6407 0.00 0.00 0.00 B-5 2,859,000.00 2,~~847~~843,~~396~~511.0141 3,~~884~~921.6135 0.00 0.00 0.00 B-6 6,861,135.59 6,~~833~~823,~~287~~965.6623 9,~~322~~410.4360 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 Totals 190,575,235.59 ~~169~~164,~~598~~897,~~117~~328.3896 ~~231~~227,~~263~~212.9441 43,~~469~~997,~~524~~862.4954 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 ~~885~~355,~~703~~051.2601 20,~~923~~567,~~016~~965.21 0.~~82306031~~80909347 ~~885~~355,~~703~~051.2601 II-A 12,~~410~~614,~~564~~157.0193 3735,~~668~~053,~~144~~987.9906 0.~~84355590~~78501337 12,~~410~~614,~~564~~157.0193 III-A 1,~~916~~000,~~357~~072.8253 4847,163,~~656~~583.0956 0.~~81177894~~79492312 1,~~916~~000,~~357~~072.8253 IV-A ~~444~~211,~~143~~356.0382 25,~~919~~708,~~892~~535.7997 0.~~90090344~~89355726 ~~444~~211,~~143~~356.0382 B-1 10,~~098~~193.0859 7,~~391~~381,~~737~~543.2466 0.~~99458251~~99321093 10,~~098~~193.0859 B-2 8,~~286~~365.8927 6,~~065~~057,~~958~~593.7548 0.~~99458251~~99321093 8,~~286~~365.8927 B-3 67,~~990~~056.6678 5,~~117~~110,~~127~~070.0325 0.~~99458251~~99321093 67,~~990~~056.6678 B-4 5,~~437~~489.6407 3,~~980~~974,~~319~~830.2215 0.~~99458251~~99321093 5,~~437~~489.6407 B-5 3,~~884~~921.6135 2,~~843~~839,~~511~~590.4106 0.~~99458251~~99321093 3,~~884~~921.6135 B-6 9,~~322~~410.4360 6,~~823~~814,~~965~~554.2363 0.~~99458248~~99321090 9,~~322~~410.4360 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 Totals 4,~~700~~225,~~788~~074.4395 ~~164~~160,~~897~~672,~~328~~254.9603 0.~~86526105~~84309094 4,~~700~~225,~~788~~074.4395

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A 25,421,000.00 ~~857~~823.~~90171394~~06031273 1.~~89213485~~81069037 3212.~~94926635~~15614846 0.00000000 II-A 44,654,000.00 ~~875~~843.~~14464550~~55589622 1.~~04541362~~04293008 3057.~~54333565~~49959533 0.00000000 III-A 59,331,000.00 ~~844~~811.~~07837218~~77893664 10.~~00157237~~96743439 3115.~~29786334~~88838348 0.00000000 IV-A 28,771,000.00 ~~916~~900.~~34061451~~90343714 1.~~14829099~~13921449 146.~~28888638~~20696118 0.00000000 B-1 7,432,000.00 ~~995~~994.~~94124327~~58251346 1.~~35872982~~37158100 0.00000000 0.00000000 B-2 6,099,000.00 ~~995~~994.~~94124283~~58251353 1.~~35872930~~37158059 0.00000000 0.00000000 B-3 5,145,000.00 ~~995~~994.~~94124393~~58251312 1.~~35872886~~37158017 0.00000000 0.00000000 B-4 4,002,000.00 ~~995~~994.~~94124438~~58251374 1.~~35873063~~37158171 0.00000000 0.00000000 B-5 2,859,000.00 ~~995~~994.~~94124169~~58251487 1.~~35873033~~37158097 0.00000000 0.00000000 B-6 6,861,135.59 ~~995~~994.~~94120687~~58247698 1.~~35872989~~37158053 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

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 3413.~~84140120~~96683883 ~~823~~809.~~06031273~~09347429 0.~~82306031~~80909347 3413.~~84140120~~96683883 II-A 0.00000000 3158.~~58874927~~54252542 ~~843~~785.~~55589622~~01337081 0.~~84355590~~78501337 3158.~~58874927~~54252542 III-A 0.00000000 3216.~~29943571~~85581787 ~~811~~794.~~77893664~~92311877 0.~~81177894~~79492312 3216.~~29943571~~85581787 IV-A 0.00000000 157.~~43717737~~34617566 ~~900~~893.~~90343714~~55726148 0.~~90090344~~89355726 157.~~43717737~~34617566 B-1 0.00000000 1.~~35872982~~37158100 ~~994~~993.~~58251346~~21093380 0.~~99458251~~99321093 1.~~35872982~~37158100 B-2 0.00000000 1.~~35872930~~37158059 ~~994~~993.~~58251353~~21093294 0.~~99458251~~99321093 1.~~35872930~~37158059 B-3 0.00000000 1.~~35872886~~37158017 ~~994~~993.~~58251312~~21093294 0.~~99458251~~99321093 1.~~35872886~~37158017 B-4 0.00000000 1.~~35873063~~37158171 ~~994~~993.~~58251374~~21093203 0.~~99458251~~99321093 1.~~35873063~~37158171 B-5 0.00000000 1.~~35873033~~37158097 ~~994~~993.~~58251487~~21093389 0.~~99458251~~99321093 1.~~35873033~~37158097 B-6 0.00000000 1.~~35872989~~37158053 ~~994~~993.~~58247698~~21089645 0.~~99458248~~99321090 1.~~35872989~~37158053 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 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 25,421,000.00 3.~~90494~~93018% 2120,~~808~~923,~~719~~016.4721 7068,~~968~~525.0695 0.00 0.00 II-A 44,654,000.00 6.~~39562~~32606% 3937,~~078~~668,~~709~~144.0099 ~~208~~198,~~277~~575.2186 0.00 0.00 III-A 59,331,000.00 4.~~62994~~64193% 5048,~~080~~163,~~013~~656.9009 ~~193~~186,~~222~~310.7429 0.00 0.00 IV-A 28,771,000.00 4.~~86395~~84690% 2625,~~364~~919,~~035~~892.8279 ~~106~~104,~~861~~692.1061 0.00 0.00 B-1 7,432,000.00 5.~~05502~~04099% 7,~~401~~391,~~835~~737.3224 31,~~180~~051.3342 0.00 0.00 B-2 6,099,000.00 5.~~05502~~04099% 6,~~074~~065,~~245~~958.6475 25,~~587~~482.8406 0.00 0.00 B-3 5,145,000.00 5.~~05502~~04099% 5,~~124,~~117,127.7003 21,~~585~~496.4118 0.00 0.00 B-4 4,002,000.00 5.~~05502~~04099% 3,~~985~~980,~~756~~319.8622 16,~~790~~720.0564 0.00 0.00 B-5 2,859,000.00 5.~~05502~~04099% 2,~~847~~843,~~396~~511.0141 11,~~994~~945.6911 0.00 0.00 B-6 6,861,135.59 5.~~05502~~04099% 6,~~833~~823,~~287~~965.6623 28,~~785~~666.31 0.00 0.00 R-1 50.00 3.~~68914~~67691% 0.00 0.00 0.00 0.00 R-2 50.00 3.~~68914~~67691% 0.00 0.00 0.00 0.00 Totals 190,575,235.59 ~~715~~693,~~252~~466.7443 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 0.00 0.00 7068,~~968~~525.0695 0.00 20,~~923~~567,~~016~~965.21 II-A 0.00 0.00 ~~208~~198,~~277~~575.2286 0.00 3735,~~668~~053,~~144~~987.9906 III-A 0.00 0.00 ~~193~~186,~~222~~310.7530 0.00 4847,163,~~656~~583.0956 IV-A 0.00 0.00 ~~106~~104,~~861~~692.1061 0.00 25,~~919~~708,~~892~~535.7997 B-1 0.00 0.00 31,~~180~~051.3343 0.00 7,~~391~~381,~~737~~543.2466 B-2 0.00 0.00 25,~~587~~482.8406 0.00 6,~~065~~057,~~958~~593.7548 B-3 0.00 0.00 21,~~585~~496.4118 0.00 5,~~117~~110,~~127~~070.0325 B-4 0.00 0.00 16,~~790~~720.0564 0.00 3,~~980~~974,~~319~~830.2215 B-5 0.00 0.00 11,~~994~~945.6911 0.00 2,~~843~~839,~~511~~590.4106 B-6 0.00 0.00 28,~~785~~666.31 0.00 6,~~823~~814,~~965~~554.2363 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 ~~715~~693,~~252~~466.7645 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 25,421,000.00 3.~~90494~~93018% ~~857~~823.~~90171394~~06031273 2.~~79171000~~69564337 0.00000000 0.00000000 II-A 44,654,000.00 6.~~39562~~32606% ~~875~~843.~~14464550~~55589622 4.~~66424531~~44698930 0.00000000 0.00000000 III-A 59,331,000.00 4.~~62994~~64193% ~~844~~811.~~07837218~~77893664 3.~~25669111~~14018456 0.00000000 0.00000000 IV-A 28,771,000.00 4.~~86395~~84690% ~~916~~900.~~34061451~~90343714 3.~~71419485~~63882416 0.00000000 0.00000000 B-1 7,432,000.00 5.~~05502~~04099% ~~995~~994.~~94124327~~58251346 4.~~19541577~~17807051 0.00000000 0.00000000 B-2 6,099,000.00 5.~~05502~~04099% ~~995~~994.~~94124283~~58251353 4.~~19541564~~17807182 0.00000000 0.00000000 B-3 5,145,000.00 5.~~05502~~04099% ~~995~~994.~~94124393~~58251312 4.~~19541497~~17807191 0.00000000 0.00000000 B-4 4,002,000.00 5.~~05502~~04099% ~~995~~994.~~94124438~~58251374 4.~~19541479~~17807096 0.00000000 0.00000000 B-5 2,859,000.00 5.~~05502~~04099% ~~995~~994.~~94124169~~58251487 4.~~19541448~~17807275 0.00000000 0.00000000 B-6 6,861,135.59 5.~~05502~~04099% ~~995~~994.~~94120687~~58247698 4.~~19541483~~17807076 0.00000000 0.00000000 R-1 50.00 3.~~68914~~67691% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 50.00 3.~~68914~~67691% 0.00000000 0.00000000 0.00000000 0.00000000 (5) Per $1 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 I-A 0.00000000 0.00000000 2.~~79171000~~69564337 0.00000000 ~~823~~809.~~06031273~~09347429 II-A 0.00000000 0.00000000 4.~~66424553~~44698930 0.00000000 ~~843~~785.~~55589622~~01337081 III-A 0.00000000 0.00000000 3.~~25669127~~14018473 0.00000000 ~~811~~794.~~77893664~~92311877 IV-A 0.00000000 0.00000000 3.~~71419485~~63882416 0.00000000 ~~900~~893.~~90343714~~55726148 B-1 0.00000000 0.00000000 4.~~19541577~~17807185 0.00000000 ~~994~~993.~~58251346~~21093380 B-2 0.00000000 0.00000000 4.~~19541564~~17807182 0.00000000 ~~994~~993.~~58251353~~21093294 B-3 0.00000000 0.00000000 4.~~19541497~~17807191 0.00000000 ~~994~~993.~~58251312~~21093294 B-4 0.00000000 0.00000000 4.~~19541479~~17807096 0.00000000 ~~994~~993.~~58251374~~21093203 B-5 0.00000000 0.00000000 4.~~19541448~~17807275 0.00000000 ~~994~~993.~~58251487~~21093389 B-6 0.00000000 0.00000000 4.~~19541483~~17807076 0.00000000 ~~994~~993.~~58247698~~21089645 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 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 54,~~465~~976,~~775~~043.8748 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~251~~248,~~412~~545.1699 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 5,~~717~~224,~~188~~589.0347 Withdrawals Reimbursement for Servicer Advances ~~245~~251,~~067~~412.7316 Payment of Service Fee 5654,~~079~~635.1191 Payment of Interest and Principal 54,~~416~~918,~~041~~541.1940 Total Withdrawals (Pool Distribution Amount) 5,~~717~~224,~~188~~589.0347 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 5453,~~665~~261.8173 Master Servicing Fee 1,~~413~~374.3018 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 5654,~~079~~635.1191

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 1011 0 0 1011 ~~971~~1,~~387~~097,786.4374 0.00 0.00 ~~971~~1,~~387~~097,786.4374 30 Days 8771 1 0 0 8872 1514,~~356~~690,~~825~~782.12 232,~~338~~213.2473 0.00 0.00 1514,~~589~~922,~~163~~995.3685 60 Days 5038 21 0 0 5239 105,~~484~~639,~~433~~575.8708 ~~332~~262,~~373~~437.7926 0.00 0.00 105,~~816~~902,~~807~~012.6634 90 Days 2738 1 2 0 3041 6,~~188~~753,~~403~~121.3726 ~~191~~69,~~987~~785.0238 ~~456~~255,~~550~~471.1612 0.00 67,~~836~~078,~~940~~377.5576 120 Days 1215 0 34 0 1519 14,~~234~~346,~~936~~389.3178 0.00 ~~317~~751,~~533~~148.6089 0.00 15,~~552~~097,~~469~~538.9167 150 Days 911 0 35 0 1216 31,~~253~~584,~~832~~208.7045 0.00 ~~567~~451,~~796~~546.4319 0.00 32,~~821~~035,~~629~~754.1364 180+ Days 912 0 03 0 915 14,~~986~~237,~~852~~489.4613 0.00 0567,796.0043 0.00 14,~~986~~805,~~852~~285.4656 Totals ~~194~~185 14 814 0 ~~216~~213 3837,~~505~~251,~~283~~565.8382 1,~~728~~662,~~086~~223.4811 12,~~341~~025,~~880~~962.1963 0.00 4140,~~575~~939,~~250~~751.5056 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 1.~~269036~~428571% 0.000000% 0.000000% 1.~~269036~~428571% 0.~~587957~~681907% 0.000000% 0.000000% 0.~~587957~~681907% 30 Days 119.~~040609~~220779% 0.~~126904~~129870% 0.000000% 0.000000% 119.~~167513~~350649% 9.~~295111~~125399% 0.~~140629~~144243% 0.000000% 0.000000% 9.~~435740~~269642% 60 Days 64.~~345178~~935065% 0.~~253807~~129870% 0.000000% 0.000000% 65.~~598985~~064935% 63.~~345972~~503107% 0.~~201178~~163017% 0.000000% 0.000000% 63.~~547149~~666123% 90 Days 34.~~426396~~935065% 0.~~126904~~129870% 0.~~253807~~259740% 0.000000% 35.~~807107~~324675% 34.~~745689~~194802% 0.~~116205~~043348% 0.~~276339~~158690% 0.000000% 4.~~138233~~396840% 120 Days 1.~~522843~~948052% 0.000000% 0.~~380711~~519481% 0.000000% 12.~~903553~~467532% 02.~~747477~~699825% 0.000000% 0.~~192195~~466587% 0.000000% 03.~~939672~~166412% 150 Days 1.~~142132~~428571% 0.000000% 0.~~380711~~649351% 0.000000% 12.~~522843~~077922% 10.~~969465~~984055% 0.000000% 0.~~343673~~280485% 0.000000% 21.~~313139~~264539% 180+ Days 1.~~142132~~558442% 0.000000% 0.~~000000~~389610% 0.000000% 1.~~142132~~948052% 12.~~202593~~632180% 0.000000% 0.~~000000~~352695% 0.000000% 12.~~202593~~984875% Totals 24.~~619289~~025974% 1.~~776650~~818182% 1.~~015228~~818182% 0.000000% 27.~~411168~~662338% 23.~~306307~~139368% 1.~~045969~~032515% 01.~~812207~~258457% 0.000000% 25.~~164483~~430340%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group I 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 43 0 0 43 ~~282~~210,~~097~~938.6289 0.00 0.00 ~~282~~210,~~097~~938.6289 30 Days 2517 0 0 0 2517 54,~~087~~997,~~830~~549.5777 0.00 0.00 0.00 54,~~087~~997,~~830~~549.5777 60 Days 87 0 0 0 87 21,~~179~~096,~~311~~407.1264 0.00 0.00 0.00 21,~~179~~096,~~311~~407.1264 90 Days 27 1 0 0 ~~3 141,143.50 191,987.02~~ 0~~.00~~ ~~0.00~~7 ~~333,130.52 120 Days~~ 1 ~~0 0 0 1 98~~,~~053.21 0.00 0.00 0.00 98~~940,~~053~~283.2120 ~~150 Days 5~~ 0 ~~0 0 5 2,356,360~~.~~63 0.~~00 0.00 0.00 21,~~356~~940,~~360~~283.~~63 180 Days 3 0 0 0 3 581,633.17 0.00 0.00 0.00 581,633.17 Totals 44 5 0 0 49 10,444,332.~~20 474,084.64 0.00 0.00 10,918,416.84 0-29 Days 3.174603% 0.000000% 0.000000% 3.174603% 1.077796% 0.000000% 0.000000% 1.077796% 30 Days 19.841270% 0.000000% 0.000000% 0.000000% 19.841270% 19.438811% 0.000000% 0.000000% 0.000000% 19.438811% 60 Days 6.349206% 0.000000% 0.000000% 0.000000% 6.349206% 8.326381% 0.000000% 0.000000% 0.000000% 8.326381% 90 Days 1.587302% 0.793651% 0.000000% 0.000000% 2.380952% 0.539260% 0.733515% 0.000000% 0.000000% 1.272775% 120 Days 0.793651% 0.000000% 0.000000% 0.000000% 0.793651% 0.374627% 0.000000% 0.000000% 0.000000% 0.374627% 150 Days 3.968254% 0.000000% 0.000000% 0.000000% 3.968254% 9.002825% 0.000000% 0.000000% 0.000000% 9.002825% 180 Days 2~~.380952%~~ 0~~.000000%~~ 0~~.000000%~~ 0~~.000000%~~ 2~~.380952%~~ 2.222216% 0.000000% 0.000000% 0.000000% 2.222216% Totals 34.920635% 3.968254% 0.000000% 0.000000% 38.888889% 39.904120% 1.811311% 0.000000% 0.000000% 41.715431% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group II 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 6 0 0 6 689309,~~289~~909.8190 0.00 0.00 ~~689,289.81 30 Days 43 1~~ 0 ~~0 44 5,505,433~~.~~20 232,338.24 0.~~00 ~~0.00 5~~309,~~737,771~~909.~~44 60 Days 35 2 0 0 37 6,814,508.09 332,373.79 0.00 0.00 7,146,881.88~~ 90 ~~Days~~150 ~~14 0 2 0 16 2,219,086.63 0.00 456,550.16 0.00 2,675,636.79 120~~ Days ~~10 0 3 0 13~~ 1~~,010,698.09~~ 0~~.00~~ ~~317,533.60~~ 0~~.00~~ ~~1,328,231.69 150 Days 3~~ 0 ~~3 0 6 688,550.55 0.00 567,796.43 0.00~~ 1~~,256,346.98~~ ~~180 Days 4 0 0 0 4 516~~98,~~885~~053.8321 0.00 0.00 0.00 ~~516~~98,~~885~~053.8321 ~~Totals~~180 ~~109 9 8 0 126 16,755,162.39 1,254,001.84 1,341,880.19 0.00 19,351,044.42 0-29~~ Days 2.142857% 0.000000% 0.000000% 2.142857% 1.470507% 0.000000% 0.000000% 1.470507% 30 Days 15.357143% 0.357143% 0.000000% 0.000000% 15.714286% 11.745099% 0.495662% 0.000000% 0.000000% 12.240762% 60 Days 12.500000% 0.714286% 0.000000% 0.000000% 13.214286% 14.537834% 0.709075% 0.000000% 0.000000% 15.246909% 90 Days 5~~.000000%~~ 0~~.000000%~~ 0~~.714286%~~ 0~~.000000%~~ 5~~.714286%~~ ~~4.734122% 0.000000% 0.973988% 0.000000% 5.708110% 120 Days 3.571429% 0.000000% 1.071429% 0.000000% 4.642857%~~ 2.156188% 0.000000% 0.677415% 0.000000% 2.833603% 150 Days 1.071429% 0.000000% 1.071429% 0.000000% 2.142857% 1.468930% 0.000000% 1.211317% 0.000000% 2.680247% 180 Days 1.428571% 0.000000% 0.000000% 0.000000% 1.428571% 1.102706% 0.000000% 0.000000% 0.000000% 1.102706% Totals 38.928571% 3.214286% 2.857143% 0.000000% 45.000000% 35.744880% 2.675244% 2.862720% 0.000000% 41.282844% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group III 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 12 0 0 0 12 2,~~817~~302,~~542~~016.0592 0.00 0.00 0.00 2,~~817~~302,~~542~~016.0592 60Totals ~~Days~~39 ~~5 0 0 0 5 1,075,641.86 0.00 0.00 0.00 1,075,641.86 90 Days 8 0 0 0 8~~ 3~~,562,045.59~~ 0~~.00~~ 0~~.00~~ ~~0.00~~42 310,~~562~~744,~~045~~220.5964 ~~120 Days 1 0 0 0 1 126~~210,~~185~~938.0189 0.00 0.00 ~~0.00 126~~10,~~185.01 150 Days 1 0 0 0 1 208~~955,~~921~~159.5253 0~~.00 0.00 0.00 208,921.52 180 Days 2 0 0 0 2 888,333.46 0.00 0.00 0.00 888,333.46 Totals 29 0 0 0 29 8,678,669.49 0.00 0.00 0.00 8,678,669.49 0~~-29 Days 02.~~000000~~439024% 0.000000% 0.000000% 02.~~000000~~439024% 0.~~000000~~817439% 0.000000% 0.000000% 0.~~000000~~817439% 30 Days 413.~~411765~~821138% 0.000000% 0.000000% 0.000000% 413.~~411765~~821138% 419.~~669231~~366702% 0.000000% 0.000000% 0.000000% 419.~~669231~~366702% 60 Days 15.~~838235~~691057% 0.000000% 0.000000% 0.000000% 15.~~838235~~691057% 14.~~782554~~248842% 0.000000% 0.000000% 0.000000% 14.~~782554~~248842% 90 Days ~~2.941176% 0.000000% 0.000000% 0.000000% 2.941176%~~ 5.~~903022~~691057% 0.000000% 0.000000% 0.000000% 5.~~903022~~691057% ~~120 Days 0~~7.~~367647~~519062% 0.000000% 0.000000% 0.000000% 07.~~367647~~519062% 0.209114% 0.000000% 0.000000% 0.000000% 0.209114% 150 Days 0.367647% 0.000000% 0.000000% 0.000000% 0.367647% 0.346225% 0.000000% 0.000000% 0.000000% 0.346225% 180 Days 0.735294% 0.000000% 0.000000% 0.000000% 0.735294% 1.472146% 0.000000% 0.000000% 0.000000% 1.472146% Totals 10.661765% 0.000000% 0.000000% 0.000000% 10.661765% 14.382291% 0.000000% 0.000000% 0.000000% 14.382291% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group IV 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 7 0 0 0 7 1,946,019.30 0.00 0.00 0.00 1,946,019.30 60 Days 2 0 0 0 2 414,972.80 0.00 0.00 0.00 414,972.80 90 Days 3 0 0 0 3 266,127.65 0.00 0.00 0.00 266,127.65 120 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 12 0 0 0 12 2,627,119.75 0.00 0.00 0.00 2,627,119.75 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 6.363636% 0.000000% 0.000000% 0.000000% 6.363636% 6.115060% 0.000000% 0.000000% 0.000000% 6.115060% 60 Days 1.~~818182~~626016% 0.000000% 0.000000% 0.000000% 1.~~818182~~626016% 1.~~303987~~200975% 0.000000% 0.000000% 0.000000% 1.~~303987~~200975% 90 Days 2.727273% 0.000000% 0.000000% 0.000000% 2.727273% 0.836264% 0.000000% 0.000000% 0.000000% 0.836264% 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~~813008% 0.000000% 0.000000% 0.000000% 0.~~000000~~813008% 0.~~000000~~379980% 0.000000% 0.000000% 0.000000% 0.~~000000~~379980% 180 Days 04.~~000000~~065041% 0.000000% 0.000000% 0.000000% 04.~~000000~~065041% 08.~~000000~~920867% 0.000000% 0.000000% 0.000000% 08.~~000000~~920867% Totals 1031.~~909091~~707317% 02.~~000000~~439024% 0.000000% 0.000000% 1034.~~909091~~146341% 841.~~255311~~636427% 0.~~000000~~817439% 0.000000% 0.000000% 842.~~255311~~453866%

~~OTHER~~DELINQUENT ~~INFORMATION~~BANKRUPTCY ~~Current~~FORECLOSURE ~~Period~~REO ~~Class~~Total AGroup ~~Insufficient~~II ~~Funds~~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 7 0 0 7 784,381.31 0.00 ~~Principal~~0.00 ~~Balance~~784,381.31 of30 ~~Contaminated~~Days ~~Properties~~40 1 0 0 41 6,580,096.39 232,213.73 0.00 ~~Periodic~~0.00 ~~Advance~~6,812,310.12 ~~251~~60 Days 27 1 0 0 28 3,~~412~~601,357.09 262,437.26 0.00 0.00 3,863,794.35 90 Days 18 1 2 0 21 2,610,617.09 69,785.38 255,471.12 0.00 2,935,873.59 120 Days 10 0 4 0 14 1,209,092.17 0.00 751,148.89 0.00 1,960,241.06 150 Days 8 0 5 0 13 1,151,266.10 0.00 451,546.19 0.00 1,602,812.29 180 Days 5 0 3 0 8 1,047,138.75 0.00 567,796.43 0.00 1,614,935.18 Totals 108 10 14 0 132 16,199,567.59 1,348,817.68 2,025,962.63 0.00 19,574,347.90 0-29 Days 2.583026% 0.000000% 0.000000% 2.583026% 1.772716% 0.000000% 0.000000% 1.772716% 30 Days 14.760148% 0.369004% 0.000000% 0.000000% 15.129151% 14.871139% 0.524807% 0.000000% 0.000000% 15.395947% 60 Days 9.963100% 0.369004% 0.000000% 0.000000% 10.332103% 8.139133% 0.593113% 0.000000% 0.000000% 8.732247% 90 Days 6.642066% 0.369004% 0.738007% 0.000000% 7.749077% 5.900043% 0.157716% 0.577369% 0.000000% 6.635129% 120 Days 3.690037% 0.000000% 1.476015% 0.000000% 5.166052% 2.732571% 0.000000% 1.697610% 0.000000% 4.430181% 150 Days 2.952030% 0.000000% 1.845018% 0.000000% 4.797048% 2.601883% 0.000000% 1.020503% 0.000000% 3.622385% 180 Days 1.845018% 0.000000% 1.107011% 0.000000% 2.952030% 2.366553% 0.000000% 1.283230% 0.000000% 3.649783% Totals 39.852399% 3.690037% 5.166052% 0.000000% 48.708487% 36.611322% 3.048353% 4.578713% 0.000000% 44.238388%

~~SUBORDINATION~~DELINQUENT ~~LEVEL/CLASS~~BANKRUPTCY ~~PERCENTAGE~~FORECLOSURE ~~AND~~REO ~~PREPAYMENT~~Total ~~PERCENTAGE~~Group ~~Current~~III ~~Original~~No $of ~~Original~~Loans %No ~~Current~~of $Loans ~~Current~~No %of ~~Class%~~Loans ~~Prepayment%~~No ~~Class~~of ALoans ~~165~~No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 1 0 0 1 102,~~154~~466.54 0.00 0.00 102,~~235~~466.5954 8630 Days 8 0 0 0 8 1,655,919.~~66091115%~~65 ~~143~~0.00 0.00 0.00 1,~~974~~655,~~312~~919.7565 8760 Days 3 0 0 0 3 835,925.~~31148870%~~67 120.~~688511%~~00 0.~~000000%~~00 ~~Class~~0.00 2A835,925.67 90 Days 9 0 0 0 9 1,627,393.92 0.00 0.00 0.00 1,627,393.92 120 Days 3 0 0 0 3 2,~~500~~827,~~235~~387.5971 630.~~22974505%~~00 ~~106~~0.00 0.00 2,~~306~~827,~~167~~387.7671 64150 Days 2 0 0 0 2 334,889.~~46809565%~~14 220.~~843393%~~00 ~~116~~0.~~899701%~~00 ~~Class~~0.00 3A334,889.14 61180 Days 2 0 0 0 2 888,333.46 0.00 0.00 0.00 888,333.46 Totals 27 1 0 0 28 8,169,~~235~~849.5955 32102,466.~~09715858%~~54 580.00 0.00 8,~~142~~272,~~511~~316.6709 350-29 Days 0.~~25982624~~374532% 290.~~208269~~000000% ~~149~~0.~~471575~~000000% ~~Class~~0.374532% ~~B-1~~0.172699% ~~24,966,235~~0.59000000% 130.~~10046162~~000000% ~~24,830,881~~0.64172699% 1530 Days 2.~~05838924~~996255% 40.~~482630~~000000% 220.~~939592~~000000% ~~Class~~0.000000% B-2 ~~18,867,235~~.59996255% 92.~~90015074~~790918% ~~18,764,922~~0.89000000% 110.~~37976158~~000000% 30.~~678628~~000000% 182.~~825157~~790918% ~~Class~~60 ~~B-3~~Days ~~13,722,235~~1.59123596% 70.~~20042956~~000000% ~~13,647,795~~0.86000000% 80.~~27654150~~000000% 31.~~103220~~123596% 151.~~880544~~408885% ~~Class~~0.000000% ~~B-4~~0.000000% ~~9,720,235~~0.59000000% 51.~~10047151~~408885% ~~9,667,476~~90 Days 3.64370787% 50.~~86272482~~000000% 20.~~413817~~000000% 120.~~352563~~000000% ~~Class~~3.370787% ~~B-5~~2.742840% ~~6,861,235~~0.59000000% 30.~~60027659~~000000% ~~6,823,965~~0.23000000% 42.~~13831156~~742840% 120 Days 1.~~724413~~123596% 80.~~824582~~000000% ~~Class~~0.000000% ~~B-6~~0.000000% ~~100~~1.00123596% 4.765331% 0.~~00005247~~000000% 0.00000000% 0.~~00000000~~000000% 4.~~138312~~765331% 21150 Days 0.~~177562~~749064% ~~Class~~0.000000% ~~R-I~~0.000000% 500.00000000% 0.~~00002624~~749064% 0.00564428% 0.~~00000000~~000000% 0.000000% 0.000000% ~~Class~~0.564428% ~~R-II~~180 Days 0.00749064% 0.~~00000000~~000000% 0.00000000% 0.~~00000000~~000000% 0.749064% 1.497214% 0.000000% 0.000000% ~~Please~~0.000000% ~~Refer~~1.497214% toTotals ~~the~~10.112360% ~~Prospectus~~0.374532% ~~Supplement~~0.000000% ~~for~~0.000000% a10.486891% ~~Full~~13.769615% ~~Description~~0.172699% of0.000000% ~~Loss~~0.000000% ~~Exposure~~13.942314%

~~COLLATERAL~~DELINQUENT ~~STATEMENT~~BANKRUPTCY ~~Collateral~~FORECLOSURE ~~Description~~REO ~~Fixed~~Total &Group ~~Mixed~~IV ~~ARM~~No ~~Weighted~~of ~~Average~~Loans ~~Gross~~No ~~Coupon~~of ~~5.457598%~~Loans ~~Weighted~~No ~~Average~~of ~~Net~~Loans ~~Coupon~~No ~~5.070807%~~of ~~Weighted~~Loans ~~Average~~No ~~Pass-Through~~of ~~Rate~~Loans ~~5.060807%~~Principal ~~Weighted~~Balance ~~Average~~Principal ~~Maturity(Stepdown~~Balance ~~Calculation~~Principal )Balance ~~335~~Principal ~~Beginning~~Balance ~~Scheduled~~Principal ~~Collateral~~Balance ~~Loan~~0-29 ~~Count~~Days ~~809~~0 ~~Number~~0 Of0 ~~Loans~~0 ~~Paid~~0.00 In0.00 ~~Full~~0.00 210.00 ~~Ending~~30 ~~Scheduled~~Days ~~Collateral~~6 ~~Loan~~0 ~~Count~~0 ~~788~~0 ~~Beginning~~6 ~~Scheduled~~1,457,216.31 ~~Collateral~~0.00 ~~Balance~~0.00 ~~169~~0.00 1,~~598~~457,~~117~~216.3931 ~~Ending~~60 ~~Scheduled~~Days ~~Collateral~~1 ~~Balance~~0 ~~164~~0 0 1 105,~~897~~884.68 0.00 0.00 0.00 105,~~328~~884.9768 ~~Ending~~90 ~~Actual~~Days ~~Collateral~~4 ~~Balance~~0 at0 ~~31-Jul-2004~~0 ~~165~~4 574,~~214,007~~827.2205 ~~Monthly~~0.00 P0.00 &I0.00 ~~Constant 1~~574,~~002,595~~827.8205 ~~Special~~120 ~~Servicing~~Days ~~Fee~~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~~0 ~~Amount~~0 ~~5,236,097~~0 0 0 0.2400 ~~Ending~~0.00 ~~Scheduled~~0.00 ~~Balance~~0.00 ~~for~~0.00 ~~Premium~~Totals ~~Loans~~11 ~~164~~0 0 0 11 2,~~897~~137,~~328~~928.9704 ~~Scheduled~~0.00 ~~Principal~~0.00 ~~231~~0.00 2,~~263~~137,928.9304 ~~Unscheduled~~0-29 ~~Principal~~Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 5.504587% 0.000000% 0.000000% 0.000000% 5.504587% 4~~,469,524~~.49610992% 0.000000% 0.000000% 0.000000% 4.610992% 60 Days 0.917431% 0.000000% 0.000000% 0.000000% 0.917431% 0.335045% 0.000000% 0.000000% 0.000000% 0.335045% 90 Days 3.669725% 0.000000% 0.000000% 0.000000% 3.669725% 1.818895% 0.000000% 0.000000% 0.000000% 1.818895% 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 10.091743% 0.000000% 0.000000% 0.000000% 10.091743% 6.764932% 0.000000% 0.000000% 0.000000% 6.764932%

Group Level Collateral Statement Group Group I Group II Group III Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 4.~~414937~~440176 6.~~812831~~744398 5.~~018461~~032725 Weighted Average Net Rate 3.~~914937~~940176 6.~~405622~~336062 4.~~639937~~651930 Weighted Average Maturity ~~304~~303 ~~324~~323 3130 Beginning Loan Count ~~128~~126 ~~289~~ 280 272 Loans Paid In Full 23 9 85 Ending Loan Count ~~126~~123 ~~280~~271 ~~272~~267 Beginning Scheduled Balance 26,~~980~~083,~~521~~412.9508 4846,~~192~~770,~~201~~751.6906 6260,~~190~~259,~~475~~747.8693 Ending scheduled Balance 2625,~~083~~717,~~412~~008.0847 4644,~~770~~145,~~751~~339.0612 6059,~~259~~245,~~747~~259.93 Record Date 0708/31/2004 0708/31/2004 0708/31/2004 Principal And Interest Constant ~~158~~153,~~770~~894.9961 ~~331~~320,~~172~~692.9613 ~~333~~324,~~878~~539.1293 Scheduled Principal 5957,~~506~~382.5716 57,~~568~~825.5201 7371,~~794~~814.4032 Unscheduled Principal ~~837~~309,~~603~~021.3045 12,~~363~~567,~~882~~586.1193 1942,~~856,933~~673.5368 Scheduled Interest 9996,~~264~~512.4245 ~~273~~262,~~604~~867.4412 ~~260~~252,~~083~~725.7261 Servicing Fees 1110,~~241~~868.8908 1615,~~353~~915.5715 19,~~617~~122.1516 Master Servicing Fees ~~224~~217.8436 ~~401~~389.5879 ~~518~~502.2617 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 8785,~~797~~427.6901 ~~256~~246,~~849~~562.2918 ~~239~~233,~~948~~101.3128 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 3.~~904937~~930176 6.~~395622~~326062 4.~~629937~~641931

Group Level Collateral Statement Group Group IV Total Collateral Description Mixed ARM Fixed & Mixed ARM Weighted Average Coupon Rate 5.~~151407~~134642 5.~~457598~~444131 Weighted Average Net Rate 4.~~873949~~856900 5.~~070807~~056532 Weighted Average Maturity ~~344~~343 ~~335~~334 Beginning Loan Count ~~112~~110 ~~809~~788 Loans Paid In Full 21 2118 Ending Loan Count ~~110~~109 ~~788~~770 Beginning Scheduled Balance 3231,~~234~~783,~~917~~417.8990 ~~169~~164,~~598~~897,~~117~~328.3997 Ending scheduled Balance 31,~~783~~564,~~417~~646.9051 ~~164~~160,~~897~~672,~~328~~254.9703 Record Date 0708/31/2004 0708/31/2004 Principal And Interest Constant ~~178~~176,~~773~~187.7598 1975,~~002,595~~314.8265 Scheduled Principal 40,~~394~~190.4491 ~~231~~227,~~263~~212.9340 Unscheduled Principal ~~411~~178,~~105~~580.5548 43,~~469~~997,~~524~~862.4954 Scheduled Interest ~~138~~135,~~379~~997.3107 ~~771~~748,~~331~~102.8925 Servicing Fees 7,~~453~~356.2034 5453,~~665~~261.8173 Master Servicing Fees ~~268~~264.6286 1,~~413~~374.3018 Trustee Fee 0.00 0.00 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 ~~130~~128,~~657~~375.4987 ~~715~~693,~~252~~466.7834 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 4.~~863949~~846900 5.~~060807~~046532

Miscellaneous Reporting Group Group I Senior Percentage 80.~~831348~~215794% Senior Prepay Percentage 100.000000% Subordinate Percentage 19.~~168652~~784206% Subordinate Prepay Percentage 0.000000% Group Group II Senior Percentage 8180.~~089279~~537824% Senior Prepay Percentage 100.000000% Subordinate Percentage 1819.~~910721~~462176% Subordinate Prepay Percentage 0.000000% Group Group III Senior Percentage 8079.~~526822~~926747% Senior Prepay Percentage 100.000000% Subordinate Percentage 1920.~~473178~~073253% Subordinate Prepay Percentage 0.000000%

Miscellaneous Reporting Group Group IV Senior Percentage 81.~~787197~~551622% Senior Prepay Percentage 100.000000% Subordinate Percentage 18.~~212803~~448378% Subordinate Prepay Percentage 0.000000%

Filing Compare · Bear Stearns Asset Backed Securities Trust 2004-SD2