8-K 1 bsa03001_dec.txt DECEMBER 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): December 27, 2004 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset Backed Certificates, Series 2003-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-56242-16 54-2120451 Pooling and Servicing Agreement) (Commission 54-2120452 (State or other File Number) 54-2120453 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 ASSET BACKED SECURITIES TRUST, Asset Backed Certificates, Series 2003-1 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 2003-1 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 ASSET BACKED SECURITIES TRUST Asset Backed Certificates, Series 2003-1 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: 12/30/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2003-1 Trust, relating to the December 27, 2004 distribution. EX-99.1

Bear Stearns Asset Backed Securities ~~Mortgage~~Asset ~~Pass-Through~~Backed Certificates Record Date: 1011/3130/2004 Distribution Date: 1112/2627/2004 ~~BSA~~Bear Stearns Asset Backed Securities Asset Backed Certificates Series: 2003-1 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-1 07384YGX8 SEN 2.~~43250~~68000% ~~160~~154,~~132~~444,~~071~~844.3675 ~~346~~356,~~241~~424.1238 59,~~687~~108,~~226~~096.6133 A-2 07384YGY6 SEN 2.~~68250~~93000% 20,~~932~~188,~~374~~943.4740 4950,~~912~~937.0882 ~~743~~1,~~431~~190,605.0724 A-IO 07384YGZ3 SEN 5.00000% 0.00 257,229.17 0.00 M-1 07384YHA7 MEZ 3.~~03250~~28000% 30,867,000.00 8387,~~203~~182.7112 0.00 M-2 07384YHB5 MEZ 34.~~93250~~18000% 29,324,000.00 ~~102~~105,~~503~~550.6710 0.00 B 07384YHC3 SUB 4.~~18250~~43000% 23,151,000.00 8688,~~070~~314.2763 0.00 B-IO BSA031BIO IO 0.00000% 0.00 ~~736~~696,~~646~~341.7169 0.00 R-1 07384YHD1 RES 0.00000% 0.00 0.00 0.00 R-2 07384YHE9 RES 0.00000% 0.00 0.00 0.00 R-3 07384YHF6 RES 0.00000% 0.00 0.00 0.00 OC BSA0301OC OC 0.00000% 10,186,245.46 0.00 0.00 Totals ~~274~~268,~~592~~162,~~691~~033.2961 1,~~661~~641,~~806~~979.7391 610,~~430~~298,~~657~~701.6857

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~154~~145,~~444~~336,~~844~~748.7542 69,~~033~~464,~~467~~520.7371 0.00 A-2 0.00 2018,~~188~~998,~~943~~338.4017 ~~793~~1,~~343~~241,543.1506 0.00 A-IO 0.00 0.00 257,229.17 0.00 M-1 0.00 30,867,000.00 8387,~~203~~182.7112 0.00 M-2 0.00 29,324,000.00 ~~102~~105,~~503~~550.6710 0.00 B 0.00 23,151,000.00 8688,~~070~~314.2763 0.00 B-IO 0.00 0.00 ~~736~~696,~~646~~341.7169 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 OC 0.00 10,186,245.46 0.00 0.00 Totals 0.00 ~~268~~257,~~162~~863,~~033~~332.6105 811,~~092~~940,~~464~~681.4148 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-1 472,271,000.00 ~~160~~154,~~132~~444,~~071~~844.3675 0.00 59,~~687~~108,~~226~~096.6133 0.00 0.00 A-2 61,735,000.00 20,~~932~~188,~~374~~943.4740 0.00 ~~743~~1,~~431~~190,605.0724 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 30,867,000.00 30,867,000.00 0.00 0.00 0.00 0.00 M-2 29,324,000.00 29,324,000.00 0.00 0.00 0.00 0.00 B 23,151,000.00 23,151,000.00 0.00 0.00 0.00 0.00 B-IO 0.00 0.00 0.00 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 R-3 50.00 0.00 0.00 0.00 0.00 0.00 OC 59.42 10,186,245.46 0.00 0.00 0.00 0.00 Totals 617,348,209.42 ~~274~~268,~~592~~162,~~691~~033.2961 0.00 610,~~430~~298,~~657~~701.6857 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-1 59,~~687~~108,~~226~~096.6133 ~~154~~145,~~444~~336,~~844~~748.7542 0.~~32702589~~30774015 59,~~687~~108,~~226~~096.6133 A-2 ~~743~~1,~~431~~190,605.0724 2018,~~188~~998,~~943~~338.4017 0.~~32702589~~30774015 ~~743~~1,~~431~~190,605.0724 A-IO 0.00 0.00 0.00000000 0.00 M-1 0.00 30,867,000.00 1.00000000 0.00 M-2 0.00 29,324,000.00 1.00000000 0.00 B 0.00 23,151,000.00 1.00000000 0.00 B-IO 0.00 0.00 0.00000000 0.00 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 R-3 0.00 0.00 0.00000000 0.00 OC 0.00 10,186,245.46 171,427.89397509 0.00 Totals 610,~~430~~298,~~657~~701.6857 ~~268~~257,~~162~~863,~~033~~332.6105 0.~~43437728~~41769512 610,~~430~~298,~~657~~701.6857

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 472,271,000.00 ~~339~~327.~~06818619~~02589138 0.00000000 1219.~~04229481~~28574130 0.00000000 A-2 61,735,000.00 ~~339~~327.~~06818612~~02589131 0.00000000 1219.~~04229481~~28574131 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 30,867,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 29,324,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 23,151,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00 0.00000000 0.00000000 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 R-3 50.00 0.00000000 0.00000000 0.00000000 0.00000000 OC 59.42 171427893.97509300 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 A-1 0.00000000 1219.~~04229481~~28574130 ~~327~~307.~~02589138~~74015008 0.~~32702589~~30774015 1219.~~04229481~~28574130 A-2 0.00000000 1219.~~04229481~~28574131 ~~327~~307.~~02589131~~74015016 0.~~32702589~~30774015 1219.~~04229481~~28574131 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 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 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.00000000 171,427,893.97509300 171427.89397509 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-1 472,271,000.00 2.~~43250~~68000% ~~160~~154,~~132~~444,~~071~~844.3675 ~~346~~356,~~241~~424.1238 0.00 0.00 A-2 61,735,000.00 2.~~68250~~93000% 20,~~932~~188,~~374~~943.4740 4950,~~912~~937.0883 0.00 0.00 A-IO 0.00 5.00000% 61,735,000.00 257,229.17 0.00 0.00 M-1 30,867,000.00 3.~~03250~~28000% 30,867,000.00 8387,~~203~~182.7113 0.00 0.00 M-2 29,324,000.00 34.~~93250~~18000% 29,324,000.00 ~~102~~105,~~503~~550.6711 0.00 0.00 B 23,151,000.00 4.~~18250~~43000% 23,151,000.00 8688,~~070~~314.2763 0.00 0.00 B-IO 0.00 0.00000% ~~274~~268,~~592~~162,~~691~~033.2961 0.00 0.00 0.00 R-1 50.00 0.00000% 0.00 0.00 0.00 0.00 R-2 50.00 0.00000% 0.00 0.00 0.00 0.00 R-3 50.00 0.00000% 0.00 0.00 0.00 0.00 OC 59.42 0.00000% 10,186,245.46 0.00 0.00 0.00 Totals 617,348,209.42 ~~925~~945,~~160~~638.0225 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-1 0.00 0.00 ~~346~~356,~~241~~424.1238 0.00 ~~154~~145,~~444~~336,~~844~~748.7542 A-2 0.00 0.00 4950,~~912~~937.0882 0.00 2018,~~188~~998,~~943~~338.4017 A-IO 0.00 0.00 257,229.17 0.00 61,735,000.00 M-1 0.00 0.00 8387,~~203~~182.7112 0.00 30,867,000.00 M-2 0.00 0.00 ~~102~~105,~~503~~550.6710 0.00 29,324,000.00 B 0.00 0.00 8688,~~070~~314.2763 0.00 23,151,000.00 B-IO 0.00 0.00 ~~736~~696,~~646~~341.7169 0.00 ~~268~~257,~~162~~863,~~033~~332.6104 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 0.00 OC 0.00 0.00 0.00 0.00 10,186,245.46 Totals 0.00 0.00 1,~~661~~641,~~806~~979.7391 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-1 472,271,000.00 2.~~43250~~68000% ~~339~~327.~~06818619~~02589138 0.~~73314076~~75470308 0.00000000 0.00000000 A-2 61,735,000.00 2.~~68250~~93000% ~~339~~327.~~06818612~~02589131 0.~~80848919~~82510456 0.00000000 0.00000000 A-IO 0.00 5.00000% 1000.00000000 4.16666672 0.00000000 0.00000000 M-1 30,867,000.00 3.~~03250~~28000% 1000.00000000 2.~~69555545~~82444455 0.00000000 0.00000000 M-2 29,324,000.00 34.~~93250~~18000% 1000.00000000 3.~~49555552~~59944448 0.00000000 0.00000000 B 23,151,000.00 4.~~18250~~43000% 1000.00000000 3.~~71777763~~81472204 0.00000000 0.00000000 B-IO 0.00 0.00000% ~~444~~434.~~79385718~~37727610 0.00000000 0.00000000 0.00000000 R-1 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-3 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 OC 59.42 0.00000% 171427893.97509300 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 A-1 0.00000000 0.00000000 0.~~73314076~~75470308 0.00000000 ~~327~~307.~~02589138~~74015008 A-2 0.00000000 0.00000000 0.~~80848919~~82510440 0.00000000 ~~327~~307.~~02589131~~74015016 A-IO 0.00000000 0.00000000 4.16666672 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 2.~~69555545~~82444423 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 3.~~49555552~~59944414 0.00000000 1000.00000000 B 0.00000000 0.00000000 3.~~71777763~~81472204 0.00000000 1000.00000000 B-IO 0.00000000 0.00000000 1.~~19324345~~12795612 0.00000000 ~~434~~417.~~37727610~~69511615 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.00000000 0.00000000 0.00000000 171427893.97509300 (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 812,~~410~~206,~~715~~707.2210 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~485~~495,~~670~~327.9650 Realized Loss (Gains, Subsequent Expenses & Recoveries) (~~195~~171,~~700~~893.1463) Prepayment Penalties 0.00 Total Deposits 812,~~700~~530,~~686~~140.0497 Withdrawals Reimbursement for Servicer Advances ~~502~~485,~~027~~670.9296 Payment of Service Fee ~~106~~103,~~193~~788.7153 Payment of Interest and Principal 811,~~092~~940,~~464~~681.4148 Total Withdrawals (Pool Distribution Amount) 812,~~700~~530,~~686~~140.0497 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~105~~102,~~049~~671.5421 Master Servicing Fee 1,~~144~~117.1732 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~106~~103,~~193~~788.7153

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 ~~182~~175 1 0 ~~183~~176 98,~~461~~619,498.6739 95,~~296~~127.1964 0.00 98,~~556~~714,~~794~~626.8603 30 Days 236 2219 24 0 ~~260~~259 1516,~~079~~435,~~081~~719.7445 ~~850~~1,~~630~~116,117.4748 ~~164~~109,~~460~~904.6983 0.00 1617,~~094~~661,~~172~~741.9076 60 Days 7776 11 12 15 0 ~~104~~99 45,~~679~~048,~~218~~697.0592 ~~628~~431,~~389~~430.5837 1931,~~182,507~~413.6052 0.00 6,~~490~~411,~~115~~541.2381 90 Days 3632 79 3831 0 8172 2,~~686~~372,~~445~~769.6243 ~~517~~728,~~270~~425.4204 32,~~161~~408,~~421~~205.6991 0.00 65,~~365~~509,~~137~~400.7338 120 Days 1020 128 1625 01 3854 ~~291~~1,~~659~~108,055.2943 ~~925~~465,~~398~~003.7989 1,~~090~~902,~~589~~967.9423 0142,355.0006 23,~~307~~618,~~648~~381.0261 150 Days 127 1814 2116 10 5237 ~~898~~170,~~552~~263.6135 1,~~161~~268,~~285~~375.9341 1749,~~811,313~~484.0854 ~~94,661~~0.0700 32,~~965~~188,~~812~~123.6930 180+ Days 2120 6878 8185 4248 ~~212~~231 1,~~816~~614,~~547~~944.1462 5,~~413~~616,~~272~~544.8943 8,~~902~~674,~~633~~495.9117 34,~~474~~309,~~694~~715.9877 1920,~~607~~215,~~148~~699.9299 Totals ~~392~~391 ~~321~~314 174 4349 ~~930~~928 2526,~~451~~750,~~504~~450.4520 18,~~957~~245,~~746~~395.7501 1614,~~408~~871,~~223~~598.1084 34,~~569~~452,~~356~~070.0583 64,~~386~~319,~~830~~514.3588 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 4.~~358238~~300811% 0.~~023946~~024576% 0.000000% 4.~~382184~~325387% 3.~~513725~~328200% 0.~~035390~~036731% 0.000000% 3.~~549115~~364931% 30 Days 5.~~651341~~799951% 0.~~526820~~466945% 0.~~047893~~098304% 0.000000% 6.~~226054~~365200% 56.~~599932~~346234% 0.~~315899~~430960% 0.~~061076~~042437% 0.000000% 56.~~976907~~819631% 60 Days 1.~~843870~~867781% 0.~~287356~~270337% 0.~~359195~~294913% 0.000000% 2.~~490421~~433030% 1.~~737725~~949426% 0.~~233366~~166586% 0.~~439149~~359642% 0.000000% 2.~~410240~~475653% 90 Days 0.~~862069~~786434% 0.~~167625~~221185% 0.~~909962~~761858% 0.000000% 1.~~939655~~769477% 0.~~997668~~916184% 0.~~192099~~281263% 10.~~174060~~929867% 0.000000% 2.~~363827~~127315% 120 Days 0.~~239464~~491521% 0.~~287356~~196609% 0.~~383142~~614402% 0.~~000000~~024576% 01.~~909962~~327107% 0.~~108314~~427847% 0.~~343666~~179549% 0.~~405013~~734782% 0.~~000000~~054967% 01.~~856993~~397146% 150 Days 0.~~287356~~172032% 0.~~431034~~344065% 0.~~502874~~393217% 0.~~023946~~000000% 10.~~245211~~909314% 0.~~333696~~065743% 0.~~431268~~489751% 0.~~672669~~289394% 0.~~035154~~000000% 10.~~472787~~844888% 180+ Days 0.~~502874~~491521% 1.~~628352~~916933% 12.~~939655~~088965% 1.~~005747~~179651% 5.~~076628~~677071% 0.~~674613~~623570% 2.~~010332~~168685% 3.~~306179~~349435% 1.~~290400~~664087% 7.~~281524~~805777% Totals 9.~~386973~~609241% 7.~~686782~~716884% 4.~~166667~~276235% 1.~~029693~~204227% 22.~~270115~~806586% 910.~~451947~~329005% 7.~~040355~~044994% 65.~~093536~~742289% 1.~~325555~~719054% 2324.~~911393~~835341%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~485~~495,~~670~~327.9650

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 8.~~590591~~584574% Weighted Average Net Coupon 8.~~131513~~125129% Weighted Average Pass-Through Rate 8.~~126513~~120130% Weighted Average Maturity(Stepdown Calculation ) ~~268~~267 Beginning Scheduled Collateral Loan Count 4,~~262~~176 Number Of Loans Paid In Full 86107 Ending Scheduled Collateral Loan Count 4,~~176~~069 Beginning Scheduled Collateral Balance ~~274~~268,~~592~~162,~~691~~033.2961 Ending Scheduled Collateral Balance ~~268~~257,~~162~~863,~~033~~332.6104 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2004 ~~269~~258,~~272~~983,~~606~~815.2088 Monthly P &I Constant 2,~~668~~611,~~232~~528.3472 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount ~~195~~171,~~700~~893.1463 Cumulative Realized Loss 3,~~542~~714,~~829~~723.4306 Ending Scheduled Balance for Premium Loans ~~268~~257,~~162~~863,~~033~~332.6104 Scheduled Principal ~~702~~693,~~471~~148.14 Unscheduled Principal 59,~~728~~605,~~186~~553.5443 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount ~~192~~165,~~156~~153.2506 Overcollateralized reduction Amount 0.00 Specified O/C Amount 10,186,245.46 Overcollateralized Amount 10,186,245.46 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount ~~192~~165,~~156~~153.2506 Excess Cash Amount ~~932~~868,~~346~~235.8431

Miscellaneous Reporting Three month rolling average 0.~~141888~~144588% Trigger Event NO Yield maintenance amount 0.00

Group Level Collateral Statement Group FIXED loans ARM loans Total Collateral Description Mixed Fixed Mixed ARM Fixed & Mixed ARM Weighted Average Coupon Rate 9.~~024274~~022769 7.~~110803~~104938 8.~~590591~~584574 Weighted Average Net Rate 8.~~559563~~557689 6.~~670947~~664523 8.~~131513~~125129 Weighted Average Maturity ~~253~~252 ~~317~~316 ~~268~~267 Beginning Loan Count 3,~~772~~695 ~~490~~481 4,~~262~~176 Loans Paid In Full 7791 916 86107 Ending Loan Count 3,~~695~~604 ~~481~~465 4,~~176~~069 Beginning Scheduled Balance ~~212~~206,~~356~~891,~~983~~072.5022 6261,~~235~~270,~~707~~961.7939 ~~274~~268,~~592~~162,~~691~~033.2961 Ending scheduled Balance ~~206~~198,~~891~~864,~~072~~295.2288 6158,~~270~~999,~~961~~036.3916 ~~268~~257,~~162~~863,~~033~~332.6104 Record Date 1011/3130/2004 1011/3130/2004 1011/3130/2004 Principal And Interest Constant 2,~~215~~165,~~108~~047.1866 ~~453~~446,~~124~~481.1606 2,~~668~~611,~~232~~528.3472 Scheduled Principal ~~618~~609,~~135~~439.2106 8483,~~335~~709.9308 ~~702~~693,~~471~~148.14 Unscheduled Principal 47,~~847~~417,~~776~~337.0728 ~~880~~2,~~410~~188,216.4715 59,~~728~~605,~~186~~553.5443 Scheduled Interest 1,~~596~~555,~~972~~608.9760 ~~368~~362,~~788~~771.2398 1,~~965~~918,~~761~~380.2058 Servicing Fees 8280,~~237~~183.2199 22,~~812~~487.3322 ~~105~~102,~~049~~671.5421 Master Servicing Fees ~~884~~862.8503 ~~259~~255.3229 1,~~144~~117.1732 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 1,~~513~~474,~~850~~562.9158 ~~345~~340,~~716~~029.5847 1,~~859~~814,~~567~~592.4905 Realized Loss Amount ~~133~~131,~~505~~859.5912 6240,~~194~~034.5551 ~~195~~171,~~700~~893.1463 Cumulative Realized Loss 3,~~135~~267,~~504~~363.5769 ~~407~~447,~~324~~359.8637 3,~~542~~714,~~829~~723.4306 Percentage of Cumulative Losses 0.~~6599~~6876 0.~~2865~~3146 0.~~5739~~6017 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 8.~~554563~~552690 6.~~665947~~659523 8.~~126513~~120130

Filing Compare · BEAR STEARNS ASSET BACKED CERTIFICATES SERIES 2003-1