**Exhibit 99.5**

 

CRIIMI MAE FinancialCorporation

7.00% Collateralized MortgageObligations

2003 Year-End Report

 

Principal Distribution Detail

 
|      |   | **Scheduled  Principal** |       | **Principal  Prepayments** |   | **FHA  Insurance  Proceeds** |   | **Realized  Losses** |   | **Net  Principal  Distribution** |   |
|-----------|--------|--------------------------|------------|----------------------------|--------|------------------------------|--------|----------------------|--------|----------------------------------|--------|
| Mortgages |   | $                        | 310,257.95 |                       | $      | 4,666,136.13                 |   | $                    | 0.00   |                             | $      | 0.00 |   | $ | 4,976,394.08 |   |
| GNMA      |   | $                        | 552,197.79 |                       | $      | 8,755,426.33                 |   | N/A                  |   | $                                | 0.00   |   | $ | 9,307,624.12 |   |
| Total     |   | $                        | 862,455.74 |                       | $      | 13,421,562.46                |   | $                    | 0.00   |                             | $      | 0.00 |   | $ | 14,284,018.20 |   |

 

Interest Distribution Detail

 
|      |   | **Interest  Amount** |         | **Interest  Strip Amount** |   | **Prepayments  Premiums** |   | **Net  Interest  Distribution  Includes Prepay  Penalty** |      |
|-----------|--------|----------------------|--------------|----------------------------|--------|---------------------------|--------|-----------------------------------------------------------|-----------|
| Mortgages |   | $                    | 2,604,888.25 |                       | $      | 256,425.69                |   | $                                                         | 0.00      |   | $ | 2,348,462.56 |   |
| GNMA      |   | $                    | 3,127,090.46 |                       | N/A    |                      | $      | 50,311.75                                                 |      | $ | 3,177,402.21 |   |
| Total     |   | $                    | 5,731,978.71 |                       | $      | 256,425.69                |   | $                                                         | 50,311.75 |   | $ | 5,525,864.77 |   |

 

Interest Payable on Bonds

 
| **Beginning  Balance** |          | **Interest  Rate  (Fixed)** |   | **Interest  Payable** |   | **Additional  Interest  Payable** |   |
|------------------------|---------------|-----------------------------|--------|-----------------------|--------|-----------------------------------|--------|
| $                      | 69,982,100.22 |                        | 7.00   | %                     | $      | 4,317,416.23                      |   | $ | 0.00 |   |
|                        |               |                             |        |                       |        |                                   |        |  |  |  |

 

BalanceInformation

Principal Balance of Collateral

 
|      |   | **Actual  Beginning  Balance** |          | **Actual  Principal  Payable** |   | **Actual  Ending  Balance** |   |
|-----------|--------|--------------------------------|---------------|--------------------------------|--------|-----------------------------|--------|
| Mortgages |   | $                              | 32,419,341.57 |                           | $      | 4,976,394.08                |   | $ | 27,442,947.49 |   |
| GNMA      |   | $                              | 44,434,392.56 |                           | $      | 9,307,624.12                |   | $ | 35,126,768.44 |   |
| Total     |   | $                              | 76,853,734.13 |                           | $      | 14,284,018.20               |   | $ | 62,569,715.93 |   |

 

 

Principal Balance of Bonds

 
| **Beginning  Balance** |          | **Principal  Payable** |   | **Ending  Balance** |   |
|------------------------|---------------|------------------------|--------|---------------------|--------|
| $                      | 69,982,100.22 |                   | $      | 14,284,018.20       |   | $ | 55,698,082.02 |   |
|                        |               |                        |        |                     |        |  |  |  |

 

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Delinquency Information

 

Delinquent Mortgage Loans

 
|                               |   | **One Month** |   | **Two Months** |   | **Three  Months+** |   | **Foreclosures** |      |
|------------------------------------|--------|---------------|--------|----------------|--------|--------------------|--------|------------------|-----------|
| Number                             |   | 0             |   | 0              |   | 2                  |   | 0                |      |
| Scheduled Ending Principal Balance |   | $             | 0.00   |           | $      | 0.00               |   | $                | 0.00      |   | $ | 0.00 |   |
| Actual Ending Principal Balance    |   | $             | 0.00   |           | $      | 0.00               |   | $                | 66,730.70 |   | $ | 0.00 |   |

 

Delinquent Mortgage LoansDetail

 
| **Months  Deliq.** |   | **Loan  Number** |   | **Stated  Principal  Balance** |      | **Status of  Foreclosure** |   |
|--------------------|--------|------------------|--------|--------------------------------|-----------|----------------------------|--------|
| Assigned to HUD    |   | 158925           |   | $                              | 35,837.38 |                       | N/A    |   |
| Assigned to HUD    |   | 158926           |   | $                              | 30,893.32 |                       | N/A    |   |

 

Liquidations

 
| **Loan Number** |   | **Nature of  Liquidation** |   | **Final  Recovery  Determination** |   | **FHA  Proceeds** |   | **Realized  Loss** |   |
|-----------------|--------|----------------------------|--------|------------------------------------|--------|-------------------|--------|--------------------|--------|
| N/A             |   |                       |   |                               |   |              |   |               |   |

 

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Other Information

 

P&I Advances

 
| Aggregate P&I Advances                            |   | $      | 0.00   |   |
|-------------------------------------------------------|--------|--------|--------|--------|
| Aggregate unreimbursed P&I Advances               |   | $      | 0.00   |   |
| Interest on P&I Advances paid to Master  Servicer |   | $      | 0.00   |   |
| Interest accrued on unreimbursed P&I  Advances    |   | $      | 0.00   |   |
|                                                  |   |   |   |   |
| Realized Losses                                       |   |   |   |   |
|                                                  |   |   |   |   |
| Aggregate Realized Losses incurred                    |   | $      | 0.00   |   |

 

Fees

 
|      |   | **Master  Servicing  Fee** |      | **Trustee  Fee** |   |
|-----------|--------|----------------------------|-----------|------------------|--------|
| Mortgages |   | $                          | 14,773.84 |             | $      | 2,659.30 |   |
| GNMA      |   | $                          | 19,500.67 |             | $      | 3,510.14 |   |
| Total     |   | $                          | 34,274.51 |             | $      | 6,169.44 |   |

 

DisclaimerNotice

Notice:  This report has been prepared by or based oninformation furnished to State Street Bank and Trust Company (“State Street”)by one or more third parties (e.g. Servicer, Master Servicer, etc.).  State Street shall not have and does notundertake responsibility for the accuracy or completeness of informationprovided by such third parties, and makes no representation or warranty withrespect to the accuracy or completeness thereof or the sufficiency thereof forany particular purpose.  State Streethas not independently verified information received from third parties, andshall have no liability for any inaccuracies therein or caused thereby.

 

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