8-K 1 bsl03002_dec.txt DEC.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): December 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 Pooling and Servicing Agreement) (Commission 54-2126336 (State or other File Number) 54-2126337 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 December 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 December 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: 1/3/05 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 December 27, 2004 distribution. EX-99.1

Bear Stearns ALT-A Trust Mortgage Pass-Through Certificates Record Date: 811/3130/~~2004~~04 Distribution Date: 912/27/~~2004~~04 ~~BSL~~Bear Stearns ALT-A Trust Mortgage Pass-Through Certificates 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 12.~~96500~~53063% ~~210~~173,~~335~~123,~~417~~652.6004 ~~378~~377,~~866~~263.6603 147,~~545~~567,~~855~~791.0287 M-1 07386HBP5 SUB 2.~~41500~~98063% 14,990,000.00 3338,~~184~~474.1114 0.00 M-2 07386HBQ3 SUB 3.~~36500~~93063% 7,994,700.00 2427,~~660~~059.3273 0.00 M-3 07386HBR1 SUB 4.~~11500~~68063% 4,996,700.00 1820,~~847~~139.9741 0.00 B-IO 07386HBU4 SUB 0.00000% 0.00 ~~633~~450,~~582~~005.7759 0.00 OC BSL03002X SUB 0.00000% 1,998,670.00 0.00 0.00 XP 07386HBV2 SUB 0.00000% 100.00 6224,~~827~~852.5714 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 ~~240~~203,~~315~~103,~~587~~822.6004 1937,~~151,969~~794.4004 147,~~545~~567,~~855~~791.0287

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 ~~195~~165,~~789~~555,~~562~~860.5817 147,~~924~~945,~~721~~054.6890 0.00 M-1 0.00 14,990,000.00 3338,~~184~~474.1114 0.00 M-2 0.00 7,994,700.00 2427,~~660~~059.3273 0.00 M-3 0.00 4,996,700.00 1820,~~847~~139.9741 0.00 B-IO 0.00 0.00 ~~633~~450,~~582~~005.7759 0.00 OC 0.00 1,998,670.00 0.00 0.00 XP 0.00 100.00 6224,~~827~~852.5714 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 ~~225~~195,~~769~~536,~~732~~030.5817 158,~~697~~505,~~824~~585.4291 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 ~~210~~173,~~335~~123,~~417~~652.6004 0.00 147,~~545~~567,~~855~~791.0287 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 ~~240~~203,~~315~~103,~~587~~822.6004 0.00 147,~~545~~567,~~855~~791.0287 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 147,~~545~~567,~~855~~791.0287 ~~195~~165,~~789~~555,~~562~~860.5817 0.~~52666629~~44533881 147,~~545~~567,~~855~~791.0287 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 147,~~545~~567,~~855~~791.0287 ~~225~~195,~~769~~536,~~732~~030.5817 0.~~56479971~~48916519 147,~~545~~567,~~855~~791.0287

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 371,752,600.00 ~~565~~465.~~79407272~~69587419 0.00000000 3920.~~12778289~~35706507 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 3920.~~12778289~~35706507 ~~526~~445.~~66628984~~33880912 0.~~52666629~~44533881 3920.~~12778289~~35706507 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 12.~~96500~~53063% ~~210~~173,~~335~~123,~~417~~652.6004 ~~378~~377,~~866~~263.6703 0.00 0.00 M-1 14,990,000.00 2.~~41500~~98063% 14,990,000.00 3338,~~184~~474.1114 0.00 0.00 M-2 7,994,700.00 3.~~36500~~93063% 7,994,700.00 2427,~~660~~059.3273 0.00 0.00 M-3 4,996,700.00 4.~~11500~~68063% 4,996,700.00 1820,~~847~~139.9741 0.00 0.00 B-IO 0.00 0.00000% ~~240~~203,~~315~~103,~~487~~722.6004 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 ~~455~~462,~~559~~936.0731 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 ~~378~~377,~~866~~263.6603 0.00 ~~195~~165,~~789~~555,~~562~~860.5817 M-1 0.00 0.00 3338,~~184~~474.1114 0.00 14,990,000.00 M-2 0.00 0.00 2427,~~660~~059.3273 0.00 7,994,700.00 M-3 0.00 0.00 1820,~~847~~139.9741 0.00 4,996,700.00 B-IO 0.00 0.00 ~~633~~450,~~582~~005.7759 0.00 ~~225~~195,~~769~~535,~~632~~930.5817 OC 0.00 0.00 0.00 0.00 1,998,670.00 XP 0.00 0.00 6224,~~827~~852.5714 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 1937,~~151,969~~794.4004 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 12.~~96500~~53063% ~~565~~465.~~79407272~~69587419 1.~~01913657~~01482284 0.00000000 0.00000000 M-1 14,990,000.00 2.~~41500~~98063% 1000.00000000 2.~~21374983~~56665377 0.00000000 0.00000000 M-2 7,994,700.00 3.~~36500~~93063% 1000.00000000 3.~~08458354~~38470862 0.00000000 0.00000000 M-3 4,996,700.00 4.~~11500~~68063% 1000.00000000 34.~~77208358~~03054216 0.00000000 0.00000000 B-IO 0.00 0.00000% ~~601~~508.~~18843248~~09712475 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 1.~~01913654~~01482284 0.00000000 ~~526~~445.~~66628984~~33880912 M-1 0.00000000 0.00000000 2.~~21374983~~56665377 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 3.~~08458354~~38470862 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 34.~~77208358~~03054216 0.00000000 1000.00000000 B-IO 0.00000000 0.00000000 1.~~58501075~~12576246 0.00000000 ~~564~~489.~~79960100~~16505767 OC 0.00000000 0.00000000 0.00000000 0.00000000 39097613.45852900 XP 0.00000000 0.00000000 ~~628275~~248521.~~70000000~~40000000 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 158,~~775~~571,~~251~~706.6805 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 4932,~~816~~988.1983 Realized Loss (Gains, Subsequent Expenses & Recoveries) ~~(608~~0.~~67)~~00 Prepayment Penalties 0.00 Total Deposits 158,~~824~~604,~~459~~694.2088 Withdrawals Reimbursement for Servicer Advances 5035,~~211~~070.2685 Payment of Service Fee 7564,~~814~~038.8512 Payment of Interest and Principal 158,~~698~~505,~~433~~585.0991 Total Withdrawals (Pool Distribution Amount) 158,~~824~~604,~~459~~694.2088 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 4135,~~247~~235.0809 Additional Servicing Fee 3428,~~567~~803.7703 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 7564,~~814~~038.8512

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 43 0 0 43 ~~953~~420,~~056~~524.8035 0.00 0.00 ~~953~~420,~~056~~524.8035 30 Days 97 0 0 0 97 32,~~622~~264,~~404~~175.4886 0.00 0.00 0.00 32,~~622~~264,~~404~~175.4886 60 Days 2 01 0 0 23 ~~187~~210,~~293~~801.21 0121,598.0058 0.00 0.00 ~~187~~332,~~293~~399.2179 90 Days 0 0 13 0 13 0.00 0.00 ~~137~~466,~~324~~503.6335 0.00 ~~137~~466,~~324~~503.6335 120 Days 0 0 12 0 12 0.00 0.00 ~~395~~804,~~643~~198.8124 0.00 ~~395~~804,~~643~~198.8124 150 Days 0 0 52 0 52 0.00 0.00 1187,~~386,202~~293.9821 0.00 1187,~~386,202~~293.9821 180+ Days 20 2 45 13 910 ~~846,276~~0.3100 ~~341~~309,~~110~~538.3589 1625,~~460,543~~209.2008 ~~113~~443,~~315~~156.1192 21,~~761~~377,~~244~~904.9789 Totals 139 6 1112 13 3130 42,~~655~~474,~~974~~977.0007 1851,~~294,167~~661.1582 32,~~379~~083,~~714~~203.6288 ~~113~~443,~~315~~156.1192 95,~~443~~852,~~170~~999.8869 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.~~505689~~431655% 0.000000% 0.000000% 0.~~505689~~431655% 0.~~421913~~214953% 0.000000% 0.000000% 0.~~421913~~214953% 30 Days 1.~~137800~~007194% 0.000000% 0.000000% 0.000000% 1.~~137800~~007194% 1.~~603620~~157345% 0.000000% 0.000000% 0.000000% 1.~~603620~~157345% 60 Days 0.~~252845~~287770% 0.~~000000~~143885% 0.000000% 0.000000% 0.~~252845~~431655% 0.~~082914~~107752% 0.~~000000~~062156% 0.000000% 0.000000% 0.~~082914~~169908% 90 Days 0.000000% 0.000000% 0.~~126422~~431655% 0.000000% 0.~~126422~~431655% 0.000000% 0.000000% 0.~~060793~~238455% 0.000000% 0.~~060793~~238455% 120 Days 0.000000% 0.000000% 0.~~126422~~287770% 0.000000% 0.~~126422~~287770% 0.000000% 0.000000% 0.~~175150~~411070% 0.000000% 0.~~175150~~411070% 150 Days 0.000000% 0.000000% 0.~~632111~~287770% 0.000000% 0.~~632111~~287770% 0.000000% 0.000000% 0.~~613665~~095736% 0.000000% 0.~~613665~~095736% 180+ Days 0.~~252845~~000000% 0.~~252845~~287770% 0.~~505689~~719424% 0.~~126422~~431655% 1.~~137800~~438849% 0.~~374642~~000000% 0.~~151008~~158222% 0.~~646575~~319579% 0.~~050164~~226522% 10.~~222389~~704323% Totals 1.~~643489~~294964% 0.~~758534~~863309% 1.~~390645~~726619% 0.~~126422~~431655% 34.~~919090~~316547% 21.~~061176~~265097% 0.~~572921~~435331% 1.~~496183~~064840% 0.~~050164~~226522% 42.~~180445~~991790%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 4932,~~816~~988.1983

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 5.~~820176~~827911% Weighted Average Net Coupon 5.~~614211~~619731% Weighted Average Pass-Through Rate 5.~~441599~~449554% Weighted Average Maturity(Stepdown Calculation ) ~~343~~340 Beginning Scheduled Collateral Loan Count ~~840~~719 Number Of Loans Paid In Full 4924 Ending Scheduled Collateral Loan Count ~~791~~695 Beginning Scheduled Collateral Balance ~~240~~203,~~315~~103,~~487~~722.6004 Ending Scheduled Collateral Balance ~~225~~195,~~769~~535,~~632~~930.5817 Ending Actual Collateral Balance at 3130-~~Aug~~Nov-2004 ~~225~~195,~~889~~635,~~155~~409.6503 Monthly P &I Constant 1,~~279~~083,~~898~~438.6249 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount ~~608~~0.6700 Cumulative Realized Loss 3,646.73 Ending Scheduled Balance for Premium Loans ~~225~~195,~~769~~535,~~632~~930.5817 Scheduled Principal ~~114~~97,~~333~~046.2749 Unscheduled Principal 147,~~431~~470,~~521~~745.7538 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 ~~634~~450,~~191~~005.4358

Filing Compare · BEAR STEARNS ALT A TRUST 2003-2