8-K 1 bsl04007_nov.txt NOV 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): November 26, 2004 BEAR STEARNS ALT-A TRUST Mortgage Pass-Through Certificates, Series 2004-7 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-115122-09 54-2157797 Pooling and Servicing Agreement) (Commission 54-2157798 (State or other File Number) 54-2157799 jurisdiction IRS EIN 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 November 26, 2004 a distribution was made to holders of BEAR STEARNS ALT-A TRUST, Mortgage Pass-Through Certificates, Series 2004-7 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 2004-7 Trust, relating to the November 26, 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 2004-7 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: 11/29/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2004-7 Trust, relating to the November 26, 2004 distribution. EX-99.1

Bear Stearns ALT-A Trust Mortgage Pass-Through Certificates Record Date: 810/31/~~2004~~04 Distribution Date: 911/2726/~~2004~~04 BSL Series: 2004-7 Contact: CTSLink Customer Service Wells Fargo Bank, N.A. Corporate Trust Services 9062 Old Annapolis Road Columbia, MD 21045-1951 Telephone: (301) 815-6600 Fax: (301) 815-~~6600~~6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution I-A-1 07386HKJ9 SEN 4.~~20578~~19820% ~~147~~144,~~953~~170,~~900~~941.3853 ~~518~~504,~~551~~382.6000 12,~~514~~681,~~482~~679.6155 II-A-1 07386HKK6 SEN 4.~~94545~~93496% ~~636~~623,~~352~~281,~~267~~373.3526 2,~~622~~563,~~540~~224.0497 68,~~670~~733,~~629~~750.4659 II-A-3 07386HKL4 SEN 4.~~63502~~63397% 9492,~~102~~788,~~610~~185.1435 ~~363~~358,~~473~~315.2512 ~~359~~512,~~651~~533.8982 M 07386HKN0 MEZ 4.~~78756~~77862% 32,~~053~~015,~~435~~710.5620 127,~~881~~492.3849 18,~~829~~938.6630 B-1 07386HKP5 SUB 4.~~78756~~77862% 22,~~684~~657,~~020~~322.5251 90,~~500~~225.8766 13,~~325~~402.6352 B-2 07386HKQ3 SUB 4.~~78756~~77862% 15,~~780~~761,~~262~~689.0644 62,~~957~~765.4297 9,~~270~~323.0554 B-3 07386HKR1 SUB 4.~~78756~~77862% 11,~~342~~328,~~060~~711.2317 45,~~250~~113.6403 6,~~662~~701.8529 B-4 07386HLL3 SUB 4.~~78756~~77862% 6,~~903~~895,~~858~~732.4089 27,~~543~~460.8509 4,~~055~~079.6404 B-5 07386HLM1 SUB 4.~~78756~~77862% 5,~~917~~910,~~535~~571.8115 23,~~608~~536.7899 3,~~476~~496.2329 B-6 07386HLN9 SUB 4.~~78756~~77862% 3,~~945~~940,~~262~~619.4001 15,~~740~~692.1428 2,~~317~~331.6300 R 07386HKM2 RES 0.00000% 0.00 10.3391 0.00 Totals ~~977~~958,~~035~~750,~~212~~856.8551 3,~~898~~818,~~049~~209.3051 811,~~602~~986,~~701~~235.6594

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A-1 0.00 ~~146~~141,~~439~~489,~~417~~261.7798 23,~~033~~186,~~034~~061.2155 0.00 II-A-1 0.00 ~~629~~614,~~681~~547,~~637~~622.8968 911,~~293~~296,~~169~~975.5056 0.00 II-A-3 0.00 9392,~~742~~275,~~958~~651.2553 ~~723~~870,~~125~~848.1494 0.00 M 0.00 3231,~~034~~996,~~605~~771.9189 146,~~711~~430.0479 0.00 B-1 0.00 22,~~670~~643,~~694~~919.8999 103,~~826~~628.5018 0.00 B-2 0.00 15,~~770~~752,~~992~~365.0191 72,~~227~~089.4751 0.00 B-3 0.00 11,~~335~~322,~~397~~009.3988 51,~~913~~814.4932 0.00 B-4 0.00 6,~~899~~891,~~802~~653.7685 31,~~599~~539.4913 0.00 B-5 0.00 5,~~914~~907,~~059~~074.5886 27,~~085~~033.0128 0.00 B-6 0.00 3,~~942~~938,~~944~~288.7701 18,~~057~~023.7728 0.00 R 0.00 0.00 10.3391 0.00 Totals 0.00 ~~968~~946,~~432~~764,~~511~~620.2258 1215,~~500~~804,~~750~~445.9545 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-1 149,840,700.00 ~~147~~144,~~953~~170,~~900~~941.3853 ~~102~~100,~~625~~426.2362 12,~~411~~581,~~857~~252.3893 0.00 0.00 II-A-1 643,521,900.00 ~~636~~623,~~352~~281,~~267~~373.3526 ~~315~~310,~~074~~822.8092 68,~~355~~422,~~554~~927.6667 0.00 0.00 II-A-3 94,795,600.00 9492,~~102~~788,~~610~~185.1435 98,~~488~~042.0227 ~~261~~414,~~163~~491.8755 0.00 0.00 M 32,072,200.00 32,~~053~~015,~~435~~710.5620 18,~~829~~938.6630 0.00 0.00 0.00 B-1 22,697,300.00 22,~~684~~657,~~020~~322.5251 13,~~325~~402.6352 0.00 0.00 0.00 B-2 15,789,500.00 15,~~780~~761,~~262~~689.0644 9,~~270~~323.0554 0.00 0.00 0.00 B-3 11,348,700.00 11,~~342~~328,~~060~~711.2317 6,~~662~~701.8529 0.00 0.00 0.00 B-4 6,907,900.00 6,~~903~~895,~~858~~732.4089 4,~~055~~079.6404 0.00 0.00 0.00 B-5 5,921,000.00 5,~~917~~910,~~535~~571.8115 3,~~476~~496.2329 0.00 0.00 0.00 B-6 3,947,572.00 3,~~945~~940,~~262~~619.4001 2,~~317~~331.6300 0.00 0.00 0.00 R 100.00 0.00 0.00 0.00 0.00 0.00 Totals 986,842,472.00 ~~977~~958,~~035~~750,~~212~~856.8551 ~~574~~567,~~125~~563.7479 811,~~028~~418,~~575~~672.9115 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-1 12,~~514~~681,~~482~~679.6155 ~~146~~141,~~439~~489,~~417~~261.7798 0.~~97730068~~94426456 12,~~514~~681,~~482~~679.6155 II-A-1 68,~~670~~733,~~629~~750.4659 ~~629~~614,~~681~~547,~~637~~622.8968 0.~~97849294~~95497546 68,~~670~~733,~~629~~750.4659 II-A-3 ~~359~~512,~~651~~533.8982 9392,~~742~~275,~~958~~651.2553 0.~~98889567~~97341703 ~~359~~512,~~651~~533.8982 M 18,~~829~~938.6630 3231,~~034~~996,~~605~~771.9189 0.~~99882783~~99764818 18,~~829~~938.6630 B-1 13,~~325~~402.6352 22,~~670~~643,~~694~~919.8999 0.~~99882783~~99764818 13,~~325~~402.6352 B-2 9,~~270~~323.0554 15,~~770~~752,~~992~~365.0191 0.~~99882783~~99764818 9,~~270~~323.0554 B-3 6,~~662~~701.8529 11,~~335~~322,~~397~~009.3988 0.~~99882783~~99764818 6,~~662~~701.8529 B-4 4,~~055~~079.6404 6,~~899~~891,~~802~~653.7685 0.~~99882783~~99764818 4,~~055~~079.6404 B-5 3,~~476~~496.2329 5,~~914~~907,~~059~~074.5886 0.~~99882783~~99764818 3,~~476~~496.2329 B-6 2,~~317~~331.6300 3,~~942~~938,~~944~~288.7701 0.~~99882783~~99764818 2,~~317~~331.6300 R 0.00 0.00 0.00000000 0.00 Totals 811,~~602~~986,~~701~~235.6594 ~~968~~946,~~432~~764,~~511~~620.2258 0.~~98134458~~95938779 811,~~602~~986,~~701~~235.6594

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A-1 149,840,700.00 ~~987~~962.~~40796312~~16142563 0.~~68489556~~67022258 917.~~42238911~~22664757 0.00000000 II-A-1 643,521,900.00 ~~988~~968.~~85875889~~54726041 0.~~48961007~~48300286 913.~~87620570~~08879724 0.00000000 II-A-3 94,795,600.00 ~~992~~978.~~68964108~~82375712 1.~~03895139~~03424916 24.~~75502101~~37247668 0.00000000 M 32,072,200.00 ~~999~~998.~~41493131~~23866776 0.~~58710223~~59048958 0.00000000 0.00000000 B-1 22,697,300.00 ~~999~~998.~~41493129~~23866759 0.~~58710199~~59048962 0.00000000 0.00000000 B-2 15,789,500.00 ~~999~~998.~~41493144~~23866747 0.~~58710219~~59048988 0.00000000 0.00000000 B-3 11,348,700.00 ~~999~~998.~~41493123~~23866787 0.~~58710249~~59048966 0.00000000 0.00000000 B-4 6,907,900.00 ~~999~~998.~~41493073~~23866732 0.~~58710172~~59048915 0.00000000 0.00000000 B-5 5,921,000.00 ~~999~~998.~~41493160~~23866745 0.~~58710184~~59048978 0.00000000 0.00000000 B-6 3,947,572.00 ~~999~~998.~~41493151~~23866670 0.~~58710265~~59048955 0.00000000 0.00000000 R 100.00 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-1 0.00000000 1017.~~10728467~~89687014 ~~977~~944.~~30067845~~26455549 0.~~97730068~~94426456 1017.~~10728467~~89687014 II-A-1 0.00000000 1013.~~36581577~~57180011 ~~978~~954.~~49294312~~97546032 0.~~97849294~~95497546 1013.~~36581577~~57180011 II-A-3 0.00000000 35.~~79397240~~40672584 ~~988~~973.~~89566868~~41703128 0.~~98889567~~97341703 35.~~79397240~~40672584 M 0.00000000 0.~~58710223~~59048958 ~~998~~997.~~82782940~~64817786 0.~~99882783~~99764818 0.~~58710223~~59048958 B-1 0.00000000 0.~~58710199~~59048962 ~~998~~997.~~82782930~~64817798 0.~~99882783~~99764818 0.~~58710199~~59048962 B-2 0.00000000 0.~~58710219~~59048988 ~~998~~997.~~82782925~~64817822 0.~~99882783~~99764818 0.~~58710219~~59048988 B-3 0.00000000 0.~~58710249~~59048966 ~~998~~997.~~82782962~~64817821 0.~~99882783~~99764818 0.~~58710249~~59048966 B-4 0.00000000 0.~~58710172~~59048915 ~~998~~997.~~82782901~~64817817 0.~~99882783~~99764818 0.~~58710172~~59048915 B-5 0.00000000 0.~~58710184~~59048978 ~~998~~997.~~82782976~~64817767 0.~~99882783~~99764818 0.~~58710184~~59048978 B-6 0.00000000 0.~~58710265~~59048955 ~~998~~997.~~82782885~~64817716 0.~~99882783~~99764818 0.~~58710265~~59048955 R 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-1 149,840,700.00 4.~~20578~~19820% ~~147~~144,~~953~~170,~~900~~941.3853 ~~518~~504,~~551~~382.6000 0.00 0.00 II-A-1 643,521,900.00 4.~~94545~~93496% ~~636~~623,~~352~~281,~~267~~373.3526 2,~~622~~563,~~540~~224.0497 0.00 0.00 II-A-3 94,795,600.00 4.~~63502~~63397% 9492,~~102~~788,~~610~~185.1435 ~~363~~358,~~473~~315.2512 0.00 0.00 M 32,072,200.00 4.~~78756~~77862% 32,~~053~~015,~~435~~710.5620 127,~~881~~492.3849 0.00 0.00 B-1 22,697,300.00 4.~~78756~~77862% 22,~~684~~657,~~020~~322.5251 90,~~500~~225.8766 0.00 0.00 B-2 15,789,500.00 4.~~78756~~77862% 15,~~780~~761,~~262~~689.0644 62,~~957~~765.4297 0.00 0.00 B-3 11,348,700.00 4.~~78756~~77862% 11,~~342~~328,~~060~~711.2317 45,~~250~~113.6403 0.00 0.00 B-4 6,907,900.00 4.~~78756~~77862% 6,~~903~~895,~~858~~732.4089 27,~~543~~460.8509 0.00 0.00 B-5 5,921,000.00 4.~~78756~~77862% 5,~~917~~910,~~535~~571.8115 23,~~608~~536.7899 0.00 0.00 B-6 3,947,572.00 4.~~78756~~77862% 3,~~945~~940,~~262~~619.4001 15,~~740~~692.1428 0.00 0.00 R 100.00 0.00000% 0.00 0.00 0.00 0.00 Totals 986,842,472.00 3,~~898~~818,~~047~~208.9760 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-1 0.00 0.00 ~~518~~504,~~551~~382.6000 0.00 ~~146~~141,~~439~~489,~~417~~261.7798 II-A-1 0.00 0.00 2,~~622~~563,~~540~~224.0497 0.00 ~~629~~614,~~681~~547,~~637~~622.8968 II-A-3 0.00 0.00 ~~363~~358,~~473~~315.2512 0.00 9392,~~742~~275,~~958~~651.2553 M 0.00 0.00 127,~~881~~492.3849 0.00 3231,~~034~~996,~~605~~771.9189 B-1 0.00 0.00 90,~~500~~225.8766 0.00 22,~~670~~643,~~694~~919.8999 B-2 0.00 0.00 62,~~957~~765.4297 0.00 15,~~770~~752,~~992~~365.0191 B-3 0.00 0.00 45,~~250~~113.6403 0.00 11,~~335~~322,~~397~~009.3988 B-4 0.00 0.00 27,~~543~~460.8509 0.00 6,~~899~~891,~~802~~653.7685 B-5 0.00 0.00 23,~~608~~536.7899 0.00 5,~~914~~907,~~059~~074.5886 B-6 0.00 0.00 15,~~740~~692.1428 0.00 3,~~942~~938,~~944~~288.7701 R 0.00 0.00 10.3391 0.00 0.00 Totals 0.00 0.00 3,~~898~~818,~~049~~209.3051 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-1 149,840,700.00 4.~~20578~~19820% ~~987~~962.~~40796312~~16142563 3.~~46068592~~36612149 0.00000000 0.00000000 II-A-1 643,521,900.00 4.~~94545~~93496% ~~988~~968.~~85875889~~54726041 43.~~07529260~~98312003 0.00000000 0.00000000 II-A-3 94,795,600.00 4.~~63502~~63397% ~~992~~978.~~68964108~~82375712 3.~~83428398~~77987080 0.00000000 0.00000000 M 32,072,200.00 4.~~78756~~77862% ~~999~~998.~~41493131~~23866776 3.~~98729679~~97517133 0.00000000 0.00000000 B-1 22,697,300.00 4.~~78756~~77862% ~~999~~998.~~41493129~~23866759 3.~~98729673~~97517150 0.00000000 0.00000000 B-2 15,789,500.00 4.~~78756~~77862% ~~999~~998.~~41493144~~23866747 3.~~98729662~~97517147 0.00000000 0.00000000 B-3 11,348,700.00 4.~~78756~~77862% ~~999~~998.~~41493123~~23866787 3.~~98729722~~97517161 0.00000000 0.00000000 B-4 6,907,900.00 4.~~78756~~77862% ~~999~~998.~~41493073~~23866732 3.~~98729715~~97517190 0.00000000 0.00000000 B-5 5,921,000.00 4.~~78756~~77862% ~~999~~998.~~41493160~~23866745 3.~~98729606~~97517142 0.00000000 0.00000000 B-6 3,947,572.00 4.~~78756~~77862% ~~999~~998.~~41493151~~23866670 3.~~98729650~~97517259 0.00000000 0.00000000 R 100.00 0.00000% 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-1 0.00000000 0.00000000 3.~~46068592~~36612149 0.00000000 ~~977~~944.~~30067845~~26455549 II-A-1 0.00000000 0.00000000 43.~~07529260~~98312003 0.00000000 ~~978~~954.~~49294312~~97546032 II-A-3 0.00000000 0.00000000 3.~~83428398~~77987080 0.00000000 ~~988~~973.~~89566868~~41703128 M 0.00000000 0.00000000 3.~~98729679~~97517133 0.00000000 ~~998~~997.~~82782940~~64817786 B-1 0.00000000 0.00000000 3.~~98729673~~97517150 0.00000000 ~~998~~997.~~82782930~~64817798 B-2 0.00000000 0.00000000 3.~~98729662~~97517147 0.00000000 ~~998~~997.~~82782925~~64817822 B-3 0.00000000 0.00000000 3.~~98729722~~97517161 0.00000000 ~~998~~997.~~82782962~~64817821 B-4 0.00000000 0.00000000 3.~~98729715~~97517190 0.00000000 ~~998~~997.~~82782901~~64817817 B-5 0.00000000 0.00000000 3.~~98729606~~97517142 0.00000000 ~~998~~997.~~82782976~~64817767 B-6 0.00000000 0.00000000 3.~~98729650~~97517259 0.00000000 ~~998~~997.~~82782885~~64817716 R 0.00000000 0.00000000 139.~~30000000~~10000000 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 1216,~~748~~039,~~756~~706.1584 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 95102,~~286~~429.3107 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 1216,~~844~~142,~~042~~135.4691 Withdrawals Reimbursement for Servicer Advances 72,~~508~~029.1288 Payment of Service Fee ~~270~~265,~~783~~660.3958 Payment of Interest and Principal 1215,~~500~~804,~~750~~445.9545 Total Withdrawals (Pool Distribution Amount) 1216,~~844~~142,~~042~~135.4691 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~245~~240,~~419~~345.7206 Additional Servicing Fee 24,~~095~~047.4565 Miscellaneous Fee 1,~~268~~267.2287 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~270~~265,~~783~~660.3958

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 ~~344~~908,~~196~~199.8451 0.00 0.00 ~~344~~908,~~196~~199.8451 30 Days 8991 0 0 0 8991 1716,~~113~~938,~~181~~030.1460 0.00 0.00 0.00 1716,~~113~~938,~~181~~030.1460 60 Days 1011 0 0 0 1011 2,~~069~~047,~~025~~951.0613 0.00 0.00 0.00 2,~~069~~047,~~025~~951.0613 90 Days 57 0 0 0 57 ~~988~~1,~~253~~255,601.0055 0.00 0.00 0.00 ~~988~~1,~~253~~255,601.0055 120 Days 03 0 0 0 03 0593,418.0008 0.00 0.00 0.00 0593,418.0008 150 Days 0 0 03 0 03 0.00 0.00 0501,200.00 0.00 0501,200.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals ~~104~~112 24 03 0 ~~106~~119 20,~~170~~835,~~459~~001.2036 ~~344~~908,~~196~~199.8451 0501,200.00 0.00 2022,~~514~~244,~~656~~400.0487 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.~~037003~~075429% 0.000000% 0.000000% 0.~~037003~~075429% 0.~~035525~~095879% 0.000000% 0.000000% 0.~~035525~~095879% 30 Days 1.~~646623~~716010% 0.000000% 0.000000% 0.000000% 1.~~646623~~716010% 1.~~766295~~788162% 0.000000% 0.000000% 0.000000% 1.~~766295~~788162% 60 Days 0.~~185014~~207430% 0.000000% 0.000000% 0.000000% 0.~~185014~~207430% 0.~~213549~~216204% 0.000000% 0.000000% 0.000000% 0.~~213549~~216204% 90 Days 0.~~092507~~132001% 0.000000% 0.000000% 0.000000% 0.~~092507~~132001% 0.~~102000~~132555% 0.000000% 0.000000% 0.000000% 0.~~102000~~132555% 120 Days 0.~~000000~~056572% 0.000000% 0.000000% 0.000000% 0.~~000000~~056572% 0.~~000000~~062648% 0.000000% 0.000000% 0.000000% 0.~~000000~~062648% 150 Days 0.000000% 0.000000% 0.~~000000~~056572% 0.000000% 0.~~000000~~056572% 0.000000% 0.000000% 0.~~000000~~052912% 0.000000% 0.~~000000~~052912% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 12.~~924144~~112012% 0.~~037003~~075429% 0.~~000000~~056572% 0.000000% 12.~~961147~~244013% 2.~~081844~~199568% 0.~~035525~~095879% 0.~~000000~~052912% 0.000000% 2.~~117370~~348359%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total 1 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 1815 0 0 0 1815 32,~~142~~404,~~512~~568.4140 0.00 0.00 0.00 32,~~142~~404,~~512~~568.4140 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 2 0 0 0 2 ~~437~~338,~~525~~107.0080 0.00 0.00 0.00 ~~437~~338,~~525~~107.0080 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 01 0 01 0.00 0.00 0278,400.00 0.00 0278,400.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 2017 0 01 0 2018 32,~~580~~742,~~037~~676.4120 0.00 0278,400.00 0.00 3,~~580~~021,~~037~~076.4120 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.~~962923~~672241% 0.000000% 0.000000% 0.000000% 1.~~962923~~672241% 1.~~926098~~520073% 0.000000% 0.000000% 0.000000% 1.~~926098~~520073% 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.~~218103~~222965% 0.000000% 0.000000% 0.000000% 0.~~218103~~222965% 0.~~268166~~213738% 0.000000% 0.000000% 0.000000% 0.~~268166~~213738% 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~~111483% 0.000000% 0.~~000000~~111483% 0.000000% 0.000000% 0.~~000000~~175994% 0.000000% 0.~~000000~~175994% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 21.~~181025~~895206% 0.000000% 0.~~000000~~111483% 0.000000% 2.~~181025~~006689% 21.~~194264~~733812% 0.000000% 0.~~000000~~175994% 0.000000% 21.~~194264~~909805% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 6562 0 0 0 6562 1211,~~744~~795,~~482~~970.6332 0.00 0.00 0.00 1211,~~744~~795,~~482~~970.6332 60 Days 9 0 0 0 9 1,~~925~~740,~~837~~295.7164 0.00 0.00 0.00 1,~~925~~740,~~837~~295.7164 90 Days 35 0 0 0 35 ~~550~~917,~~728~~493.0075 0.00 0.00 0.00 ~~550~~917,~~728~~493.0075 120 Days 03 0 0 0 03 0593,418.0008 0.00 0.00 0.00 0593,418.0008 150 Days 0 0 02 0 02 0.00 0.00 0222,800.00 0.00 0222,800.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 7779 0 02 0 7781 15,~~221~~047,~~048~~177.3479 0.00 0222,800.00 0.00 15,~~221~~269,~~048~~977.3479 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.~~678719~~633729% 0.000000% 0.000000% 0.000000% 1.~~678719~~633729% 1.~~817069~~719065% 0.000000% 0.000000% 0.000000% 1.~~817069~~719065% 60 Days 0.~~232438~~237154% 0.000000% 0.000000% 0.000000% 0.~~232438~~237154% 0.~~274580~~253619% 0.000000% 0.000000% 0.000000% 0.~~274580~~253619% 90 Days 0.~~077479~~131752% 0.000000% 0.000000% 0.000000% 0.~~077479~~131752% 0.~~078521~~133709% 0.000000% 0.000000% 0.000000% 0.~~078521~~133709% 120 Days 0.~~000000~~079051% 0.000000% 0.000000% 0.000000% 0.~~000000~~079051% 0.~~000000~~086481% 0.000000% 0.000000% 0.000000% 0.~~000000~~086481% 150 Days 0.000000% 0.000000% 0.~~000000~~052701% 0.000000% 0.~~000000~~052701% 0.000000% 0.000000% 0.~~000000~~032469% 0.000000% 0.~~000000~~032469% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 12.~~988636~~081686% 0.000000% 0.~~000000~~052701% 0.000000% 12.~~988636~~134387% 2.~~170170~~192874% 0.000000% 0.~~000000~~032469% 0.000000% 2.~~170170~~225343% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 24 0 0 24 ~~344~~908,~~196~~199.8451 0.00 0.00 ~~344~~908,~~196~~199.8451 30 Days 614 0 0 0 614 12,~~226~~737,~~186~~491.1088 0.00 0.00 0.00 12,~~226~~737,~~186~~491.1088 60 Days 12 0 0 0 12 ~~143~~307,~~187~~655.3549 0.00 0.00 0.00 ~~143~~307,~~187~~655.3549 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 716 24 0 0 920 13,~~369~~045,~~373~~147.4537 ~~344~~908,~~196~~199.8451 0.00 0.00 13,~~713~~953,~~570~~346.2988 0-29 Days 0.~~324675~~654664% 0.000000% 0.000000% 0.~~324675~~654664% 0.~~329867~~882960% 0.000000% 0.000000% 0.~~329867~~882960% 30 Days 02.~~974026~~291326% 0.000000% 0.000000% 0.000000% 02.~~974026~~291326% 12.~~175135~~661416% 0.000000% 0.000000% 0.000000% 12.~~175135~~661416% 60 Days 0.~~162338~~327332% 0.000000% 0.000000% 0.000000% 0.~~162338~~327332% 0.~~137226~~299106% 0.000000% 0.000000% 0.000000% 0.~~137226~~299106% 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 12.~~136364~~618658% 0.~~324675~~654664% 0.000000% 0.000000% 13.~~461039~~273322% 12.~~312361~~960521% 0.~~329867~~882960% 0.000000% 0.000000% 13.~~642228~~843481%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 95102,~~286~~429.3107

SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Original $ Original % Current $ Current % Class% Prepayment% Class A 837,001,772.00 84.81614804% ~~821~~805,~~993~~275,~~093~~358.4560 8485.~~87871728~~05549752% 89.~~821852~~601208% 0.000000% Class 2A1 193,479,872.00 19.60595308% ~~192~~190,~~311~~727,~~455~~735.5692 1920.~~85801316~~14521157% 6564.~~020704~~910286% ~~638~~624.~~826456~~209865% Class M 66,612,072.00 6.75002079% 66,~~533~~455,~~891~~312.4050 67.~~87026619~~01920108% 3.~~307882~~379591% 32.499842% Class B-1 43,914,772.00 4.45002858% 43,~~863~~811,~~196~~392.51 4.~~52929822~~62748518% 2.~~340968~~391716% 22.999940% Class B-2 28,125,272.00 2.85002650% 28,~~092~~059,~~204~~026.5060 2.~~90079114~~96367502% 1.~~628507~~663810% 16.000033% Class B-3 16,776,572.00 1.70002533% 16,~~756~~737,~~807~~016.1172 1.~~73030200~~76781180% 1.~~170489~~195863% 11.500020% Class B-4 9,868,672.00 1.00002506% 9,~~857~~845,~~004~~362.3587 1.~~01783080~~03989552% 0.~~712471~~727916% 7.000008% Class B-5 3,947,672.00 0.40003061% 3,~~942~~938,~~944~~288.7701 0.~~40714709~~41597330% 0.~~610684~~623922% 5.999949% Class B-6 100.00 0.00001013% 0.00 0.00000000% 0.~~407147~~415973% 4.000208% Class R-II 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 5.~~120182~~111487% Weighted Average Net Coupon 4.~~818756~~810665% Weighted Average Pass-Through Rate 4.~~787605~~778979% Weighted Average Maturity(Stepdown Calculation ) ~~356~~354 Beginning Scheduled Collateral Loan Count 5,~~446~~356 Number Of Loans Paid In Full 4153 Ending Scheduled Collateral Loan Count 5,~~405~~303 Beginning Scheduled Collateral Balance ~~977~~958,~~035~~750,~~213~~856.1076 Ending Scheduled Collateral Balance ~~968~~946,~~432~~764,~~511~~620.4681 Ending Actual Collateral Balance at 31-~~Aug~~Oct-2004 ~~968~~947,~~874~~231,~~457~~511.9429 Monthly P &I Constant 4,~~742~~651,~~957~~432.6996 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 1215,~~049~~353,~~328~~886.8405 Scheduled Principal ~~574~~567,~~125~~563.7380 Unscheduled Principal 811,~~028~~418,~~575~~672.9115

Group Level Collateral Statement Group 1 2 3 Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 4.~~536848~~529319 5.~~286786~~276234 4.~~910730~~909705 Weighted Average Net Rate 4.~~272550~~266502 4.~~968079~~957980 4.~~667808~~666953 Weighted Average Maturity ~~356~~354 ~~356~~354 ~~355~~353 Beginning Loan Count ~~923~~907 3,~~906~~837 ~~617~~612 Loans Paid In Full 610 3442 1 Ending Loan Count ~~917~~897 3,~~872~~795 ~~616~~611 Beginning Scheduled Balance ~~164~~160,~~591~~785,~~255~~222.8552 ~~707~~694,~~819~~677,~~475~~644.8384 ~~104~~103,~~624~~287,~~481~~989.4240 Ending scheduled Balance ~~163~~158,~~065~~091,~~233~~969.0879 ~~701~~685,~~113~~908,~~461~~289.0779 ~~104~~102,~~253~~764,~~817~~361.3123 Record Date 0810/31/2004 0810/31/2004 0810/31/2004 Principal And Interest Constant ~~736~~718,~~436~~872.5874 3,~~468~~400,~~868~~828.7696 ~~537~~531,~~652~~731.3526 Scheduled Principal ~~114~~111,~~165~~999.3980 ~~350~~346,~~460~~427.1038 109,~~500~~136.2462 Unscheduled Principal 12,~~411~~581,~~857~~252.3893 68,~~355~~422,~~554~~927.6667 ~~261~~414,~~163~~491.8755 Scheduled Interest ~~622~~606,~~271~~872.1994 3,~~118~~054,~~408~~401.6658 ~~428~~422,~~152~~594.1164 Servicing Fees 3635,~~250~~214.9420 ~~187~~184,~~989~~236.2041 2120,~~179~~894.5845 Master Servicing Fees 0.00 0.00 0.00 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 9,~~157~~151.6269 13,~~347~~325.7216 2,~~858~~838.3367 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 ~~576~~562,~~862~~507.6305 2,~~917~~856,~~071~~840.7401 ~~404~~398,~~114~~861.2052 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 4.~~205783~~198200 4.~~945450~~934962 4.~~635025~~633974

Group Level Collateral Statement Group Total Collateral Description Mixed ARM Weighted Average Coupon Rate 5.~~120182~~111487 Weighted Average Net Rate 4.~~818756~~810665 Weighted Average Maturity ~~356~~354 Beginning Loan Count 5,~~446~~356 Loans Paid In Full 4153 Ending Loan Count 5,~~405~~303 Beginning Scheduled Balance ~~977~~958,~~035~~750,~~213~~856.1076 Ending scheduled Balance ~~968~~946,~~432~~764,~~511~~620.4681 Record Date 0810/31/2004 Principal And Interest Constant 4,~~742~~651,~~957~~432.6996 Scheduled Principal ~~574~~567,~~125~~563.7380 Unscheduled Principal 811,~~028~~418,~~575~~672.9115 Scheduled Interest 4,~~168~~083,~~831~~869.9616 Servicing Fees ~~245~~240,~~419~~345.7206 Master Servicing Fees 0.00 Trustee Fee 0.00 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 25,~~363~~315.6752 Pool Insurance Fee 0.00 Spread Fee 1 0.00 Spread Fee 2 0.00 Spread Fee 3 0.00 Net Interest 3,~~898~~818,~~048~~208.5758 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Percentage of Cumulative Losses 0.0000 Prepayment Penalties 0.00 Special Servicing Fee 0.00 Pass-Through Rate 4.~~787605~~778979

Miscellaneous Reporting Group 1 Average Loss Severity Percentage 0.000000% Senior Percentage 89.~~891714~~666786% Senior Prepayment Percentage 100.000000% Subordinate Percentage 10.~~108286~~333214% Subordinate Prepayment Percentage 0.000000% Group 2 Average Loss Severity Percentage 0.000000% Senior Percentage 89.~~903187~~722388% Senior Prepayment Percentage 100.000000% Subordinate Percentage 10.~~096813~~277612% Subordinate Prepayment Percentage 0.000000% Group 3 Average Loss Severity Percentage 0.000000% Senior Percentage 89.~~943203~~834439% Senior Prepayment Percentage 100.000000% Subordinate Percentage 10.~~056797~~165561% Subordinate Prepayment Percentage 0.000000%

Filing Compare · STRUCTURED ASSET MORT INV II INC BEAR STEARNS ALT A TR 04 7