<PAGE>

                                                                    Exhibit 99.1
[PriceWaterhouseCoopers Letterhead]

                                                     PriceWaterhouseCoopers LLP
                                                     1177 Avenue of the Americas
                                                     New York NY 10036
                                                     Telephone 646 471 4000
                                                     Facsimile (813) 286 6000


                        Report of Independent Accountants


To the Board of Directors and Stockholder
of Chase Manhattan Mortgage Corporation:


We have examined management's assertion about Chase Manhattan Mortgage
Corporation's (the "Company") compliance with the minimum servicing standards
identified in the Mortgage Bankers Association of America's Uniform Single
Attestation Program for Mortgage Bankers ("USAP") as of and for the year ended
December 31, 2003 included in the accompanying management assertion (see Exhibit
I). The Company performs loan subservicing functions for the residential loan
servicing portfolio of its affiliate, Chase Mortgage Company West. Management is
responsible for the Company's compliance with those minimum servicing standards.
Our responsibility is to express an opinion on management's assertion about the
Company's compliance based on our examination.

Our examination was made in accordance with attestation standards established by
the American Institute of Certified Public Accountants and, accordingly,
included examining, on a test basis, evidence about the Company's compliance
with the minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on the Company's compliance with the minimun servicing
standards.

In our opinion, management's assertion that the Company complied with the
aforementioned minimun servicing standards as of and for the year ended December
31, 2003 is fairly stated, in all material respects.


/s/PriceWaterhouseCoopers LLP

March 4, 2004


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                                                                    Exhibit 99.1

               [Chase Manhattan Mortgage Corporation Letterhead]

Chase Manhattan Mortgage Corporation
3415 Vision Drive
Columbus OH 43219
                                                                       Exhibit I


                  Management's Assertion Concerning Compliance
                      with USAP Minimum Servicing Standards


March 3, 2004


As of and for the year ended December 31, 2003, Chase Manhattan Mortgage
Corporation and its subsidiaries (collectively, the "Group") have complied in
all material respects with the minimum servicing standards (the "Standards") set
forth in the Mortgage Bankers Association of America's Uniform Single
Attestation Program for Mortgage Bankers ("USAP"). These standards are
applicable only to Chase Manhattan Mortgage Corporation's prime and subprime
mortgage portfolios.

As of and for this same period, the Group had in effect fidelity bond and errors
and omissions policy in the amounts of $250,000,000 and $25,000,000
respectively.





/s/ Steve Rotella                             /s/ Terry L. Gentry
-------------------------------------         ----------------------------------
Steve Rotella                                 Terry L. Gentry
Chief Executive Officer                       Senior Vice President of Servicing



/s/ Lucy Gambino
-------------------------------------
Lucy Gambino
Vice President of Risk Management