8-K 1 bsl03002_sep.txt SEPTEMBER 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): September 27, 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 54-2126336 Pooling and Servicing Agreement) (Commission 54-2126337 (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 ALT-A TRUST, 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 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 ALT-A TRUST 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: 9/29/2004 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 September 27, 2004 distribution. EX-99.1

Bear Stearns ALT-A Trust Mortgage Pass-Through Certificates Record Date: 78/31/042004 Distribution Date: 89/2527/042004 BSL Series: 2003-2 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 A 07386HBN0 SEN 1.~~80000~~96500% ~~227~~210,~~045~~335,~~666~~417.9360 ~~340~~378,~~568~~866.4966 1614,~~710~~545,~~249~~855.3302 M-1 07386HBP5 SUB 2.~~25000~~41500% 14,990,000.00 2833,~~106~~184.2511 0.00 M-2 07386HBQ3 SUB 3.~~20000~~36500% 7,994,700.00 2124,~~319~~660.2032 0.00 M-3 07386HBR1 SUB 34.~~95000~~11500% 4,996,700.00 1618,~~447~~847.4797 0.00 B-IO 07386HBU4 SUB 0.00000% 0.00 ~~739~~633,~~331~~582.4077 0.00 OC BSL03002X SUB 0.00000% 1,998,670.00 0.00 0.00 XP 07386HBV2 SUB 0.00000% 100.00 3662,~~223~~827.1457 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 ~~257~~240,~~025~~315,~~836~~587.9360 1,~~181~~151,~~995~~969.9540 1614,~~710~~545,~~249~~855.3302

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 ~~210~~195,~~335~~789,~~417~~562.6058 1714,~~050~~924,~~817~~721.8268 0.00 M-1 0.00 14,990,000.00 2833,~~106~~184.2511 0.00 M-2 0.00 7,994,700.00 2124,~~319~~660.2032 0.00 M-3 0.00 4,996,700.00 1618,~~447~~847.4797 0.00 B-IO 0.00 0.00 ~~739~~633,~~331~~582.4077 0.00 OC 0.00 1,998,670.00 0.00 0.00 XP 0.00 100.00 3662,~~223~~827.1457 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 ~~240~~225,~~315~~769,~~587~~732.6058 1715,~~892~~697,~~245~~824.2842 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 ~~227~~210,~~045~~335,~~666~~417.9360 0.00 1614,~~710~~545,~~249~~855.3302 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 ~~257~~240,~~025~~315,~~836~~587.9360 0.00 1614,~~710~~545,~~249~~855.3302 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 1614,~~710~~545,~~249~~855.3302 ~~210~~195,~~335~~789,~~417~~562.6058 0.~~56579407~~52666629 1614,~~710~~545,~~249~~855.3302 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 1614,~~710~~545,~~249~~855.3302 ~~240~~225,~~315~~769,~~587~~732.6058 0.~~60118853~~56479971 1614,~~710~~545,~~249~~855.3302

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 371,752,600.00 ~~610~~565.~~74399192~~79407272 0.00000000 4439.~~94991919~~12778289 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 4439.~~94991919~~12778289 ~~565~~526.~~79407272~~66628984 0.~~56579407~~52666629 4439.~~94991919~~12778289 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.~~80000~~96500% ~~227~~210,~~045~~335,~~666~~417.9360 ~~340~~378,~~568~~866.5067 0.00 0.00 M-1 14,990,000.00 2.~~25000~~41500% 14,990,000.00 2833,~~106~~184.2511 0.00 0.00 M-2 7,994,700.00 3.~~20000~~36500% 7,994,700.00 2124,~~319~~660.2032 0.00 0.00 M-3 4,996,700.00 34.~~95000~~11500% 4,996,700.00 1618,~~447~~847.4797 0.00 0.00 B-IO 0.00 0.00000% ~~257~~240,~~025~~315,~~736~~487.9360 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 ~~406~~455,~~441~~559.4207 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 ~~340~~378,~~568~~866.4966 0.00 ~~210~~195,~~335~~789,~~417~~562.6058 M-1 0.00 0.00 2833,~~106~~184.2511 0.00 14,990,000.00 M-2 0.00 0.00 2124,~~319~~660.2032 0.00 7,994,700.00 M-3 0.00 0.00 1618,~~447~~847.4797 0.00 4,996,700.00 B-IO 0.00 0.00 ~~739~~633,~~331~~582.4077 0.00 ~~240~~225,~~315~~769,~~487~~632.6058 OC 0.00 0.00 0.00 0.00 1,998,670.00 XP 0.00 0.00 3662,~~223~~827.1457 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 1,~~181~~151,~~995~~969.9540 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.~~80000~~96500% ~~610~~565.~~74399192~~79407272 01.~~91611599~~01913657 0.00000000 0.00000000 M-1 14,990,000.00 2.~~25000~~41500% 1000.00000000 12.~~87500000~~21374983 0.00000000 0.00000000 M-2 7,994,700.00 3.~~20000~~36500% 1000.00000000 23.~~66666667~~08458354 0.00000000 0.00000000 M-3 4,996,700.00 34.~~95000~~11500% 1000.00000000 3.~~29166650~~77208358 0.00000000 0.00000000 B-IO 0.00 0.00000% ~~642~~601.~~99184973~~18843248 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 0.00000000 01.~~91611596~~01913654 0.00000000 ~~565~~526.~~79407272~~66628984 M-1 0.00000000 0.00000000 12.~~87500000~~21374983 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 23.~~66666667~~08458354 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 3.~~29166650~~77208358 0.00000000 1000.00000000 B-IO 0.00000000 0.00000000 1.~~84955822~~58501075 0.00000000 ~~601~~564.~~18843248~~79960100 OC 0.00000000 0.00000000 0.00000000 0.00000000 39097613.45852900 XP 0.00000000 0.00000000 ~~362231~~628275.~~40000000~~70000000 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 1715,~~978~~775,~~005~~251.5468 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 5049,~~211~~816.2619 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0(608.0067) Prepayment Penalties 0.00 Total Deposits 1815,~~028~~824,~~216~~459.8020 Withdrawals Reimbursement for Servicer Advances 5450,~~885~~211.9726 Payment of Service Fee 8175,~~085~~814.5585 Payment of Interest and Principal 1715,~~892~~698,~~245~~433.2809 Total Withdrawals (Pool Distribution Amount) 1815,~~028~~824,~~216~~459.8020 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 4441,~~011~~247.9208 Additional Servicing Fee 3734,~~073~~567.6377 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 8175,~~085~~814.5585

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 24 0 0 24 ~~649~~953,~~323~~056.2780 0.00 0.00 ~~649~~953,~~323~~056.2780 30 Days 49 0 0 0 49 ~~881~~3,~~170~~622,404.7348 0.00 0.00 0.00 ~~881~~3,~~170~~622,404.7348 60 Days 42 0 0 0 42 1187,~~599,679~~293.5721 0.00 0.00 0.00 1187,~~599,679~~293.5721 90 Days 10 0 1 0 21 ~~513,103~~0.0400 0.00 ~~395~~137,~~643~~324.8163 0.00 ~~908~~137,~~746~~324.8563 120 Days 0 0 51 0 51 0.00 0.00 1395,~~386,202~~643.9881 0.00 1395,~~386,202~~643.9881 150 Days 10 0 15 0 25 ~~878,726~~0.1100 0.00 ~~805~~1,~~000~~386,202.0098 0.00 1,~~683~~386,~~726~~202.1198 180+ Days 12 12 64 1 9 ~~581~~846,~~584~~276.0431 ~~264~~341,~~692~~110.2735 1,~~238~~460,~~069~~543.5120 113,315.11 2,~~197~~761,~~660~~244.9397 Totals 1113 36 1311 1 2831 4,~~454~~655,~~263~~974.4900 ~~914~~1,~~015~~294,167.5415 3,~~824~~379,~~916~~714.3062 113,315.11 9,~~306~~443,~~510~~170.4488 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.~~238095~~505689% 0.000000% 0.000000% 0.~~238095~~505689% 0.~~270057~~421913% 0.000000% 0.000000% 0.~~270057~~421913% 30 Days 01.~~476190~~137800% 0.000000% 0.000000% 0.000000% 01.~~476190~~137800% 01.~~366484~~603620% 0.000000% 0.000000% 0.000000% 01.~~366484~~603620% 60 Days 0.~~476190~~252845% 0.000000% 0.000000% 0.000000% 0.~~476190~~252845% 0.~~665316~~082914% 0.000000% 0.000000% 0.000000% 0.~~665316~~082914% 90 Days 0.~~119048~~000000% 0.000000% 0.~~119048~~126422% 0.000000% 0.~~238095~~126422% 0.~~213402~~000000% 0.000000% 0.~~164550~~060793% 0.000000% 0.~~377953~~060793% 120 Days 0.000000% 0.000000% 0.~~595238~~126422% 0.000000% 0.~~595238~~126422% 0.000000% 0.000000% 0.~~576530~~175150% 0.000000% 0.~~576530~~175150% 150 Days 0.~~119048~~000000% 0.000000% 0.~~119048~~632111% 0.000000% 0.~~238095~~632111% 0.~~365467~~000000% 0.000000% 0.~~334804~~613665% 0.000000% 0.~~700271~~613665% 180+ Days 0.~~119048~~252845% 0.~~119048~~252845% 0.~~714286~~505689% 0.~~119048~~126422% 1.~~071429~~137800% 0.~~241884~~374642% 0.~~110087~~151008% 0.~~514920~~646575% 0.~~047128~~050164% 01.~~914020~~222389% Totals 1.~~309524~~643489% 0.~~357143~~758534% 1.~~547619~~390645% 0.~~119048~~126422% 3.~~333333~~919090% 12.~~852553~~061176% 0.~~380144~~572921% 1.~~590804~~496183% 0.~~047128~~050164% 34.~~870630~~180445%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 5049,~~211~~816.2619

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 5.~~837599~~820176% Weighted Average Net Coupon 5.~~632117~~614211% Weighted Average Pass-Through Rate 5.~~459028~~441599% Weighted Average Maturity(Stepdown Calculation ) ~~344~~343 Beginning Scheduled Collateral Loan Count ~~893~~840 Number Of Loans Paid In Full 5349 Ending Scheduled Collateral Loan Count ~~840~~791 Beginning Scheduled Collateral Balance ~~257~~240,~~025~~315,~~736~~487.9360 Ending Scheduled Collateral Balance ~~240~~225,~~315~~769,~~487~~632.6058 Ending Actual Collateral Balance at 31-~~Jul~~Aug-2004 ~~240~~225,~~439~~889,~~165~~155.0065 Monthly P &I Constant 1,~~374~~279,~~663~~898.2062 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0608.0067 Cumulative Realized Loss 3,~~038~~646.0673 Ending Scheduled Balance for Premium Loans ~~240~~225,~~315~~769,~~487~~632.6058 Scheduled Principal ~~124~~114,~~318~~333.7827 Unscheduled Principal 1614,~~585~~431,~~930~~521.5575 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 ~~739~~634,~~331~~191.3943

Filing Compare · BEAR STEARNS ALT A TRUST 2003-2