UNITED STATES
                             SECURITIES AND EXCHANGE COMMISSION
                                   WASHINGTON, D.C. 20549



                                          FORM 10-K


  (Mark one)

  /X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934
      For the fiscal year ended December 31, 2003

      OR



  / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934


      Commission File Number:  033-44658-29


        Bear Stearns ARM Trust
        Mortgage Pass-Through Certificates
        Series 2003-3 Trust

     (Exact name of registrant as specified in its charter)


   New York                                           Pending
  (State or other jurisdiction of                   (I.R.S. Employer
  incorporation or organization)                    Identification No.)

   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


  Securities registered pursuant to Section 12(b) of the Act:

       NONE.



  Securities registered pursuant to Section 12(g) of the Act:

       NONE.



  Indicate by check mark whether the registrant (1) has filed all reports
  required to be filed by Section 13 or 15(d) of the Securities Exchange
  Act of 1934 during the preceding 12 months (or for such shorter period
  that the registrant was required to file such reports), and (2) has been
  subject to such filing requirements for the past 90 days.

      Yes  X       No ___







  Indicate by check mark if disclosure of delinquent filers pursuant to
  Item 405 of Regulation S-K ( 229.405 of this chapter) is not contained
  herein, and will not be contained, to the best of registrant's knowledge,
  in definitive proxy or information statements incorporated by reference
  in Part III of this Form 10-K or any amendment to this Form 10-K.

         Not applicable.

  Indicate by check mark whether the registrant is an accelerated filer
  (as defined in Exchange Act Rule 12b-2).
    Yes___       No X






  State the aggregate market value of the voting and non-voting common
  equity held by non-affiliates computed by reference to the price at which
  the common equity was last sold, or the average bid and asked price of
  such common equity, as of the last business day of the registrant's most
  recently completed second fiscal quarter.

         Not applicable.








  Indicate the number of shares outstanding of each of the registrant's
  classes of common stock, as of the latest practicable date.

         Not applicable.



  List hereunder the following documents if incorporated by reference and
  the Part of the Form 10-K (e.g. Part I, Part II, etc.) into which the
  document is incorporated: (1)Any annual report to security holders; (2)
  Any proxy or information statement; and (3)Any prospectus filed pursuant
  to Rule 424(b) or (c) under the Securities Act of 1933. The listed
  documents should be clearly described for identification purposes (e.g.
  annual report to security holders for fiscal year ended December 24, 1980).

         Not applicable.










                                   PART I

  Item 1.  Business.

            Omitted.

  Item 2.  Properties.

            See Item 15(a), Exhibits 99.1, 99.2, and 99.3, for information
            provided in lieu of information required by Item 102 of
            Regulation S-K.



  Item 3.  Legal Proceedings.

            The registrant knows of no material pending legal proceedings
            involving the trust created under the Pooling and Servicing
            Agreement (the Trust), the Trustee, the Servicer or the
            registrant with respect to the Trust other than routine
            litigation incidental to the duties of the respective parties.





  Item 4.  Submission of Matters to a Vote of Security Holders.


            None.

                                PART II


  Item 5.  Market for Registrant's Common Equity and Related Stockholder
           Matters.


            No established public trading market for the Certificates exists.

            Records provided to the Trust by the DTC and the Trustee
            indicate that as of December 31, 2003, the number of holders of
            record for each class of Certificate were as follows:


             Class B-1                            3
             Class B-2                            4
             Class B-3                            4
             Class B-4                            1
             Class B-5                            1
             Class B-6                            1
             Class I-A-1                          3
             Class I-A-2                          3
             Class II-A-1                         3
             Class II-A-2                        10
             Class II-A-3                         3
             Class II-A-4                         3
             Class III-A-1                        5
             Class III-A-2                        4
             Class III-A-3                        3
             Class III-X-A-2                      3
             Class III-X-A-3                      3
             Class II-X-A-1                       3
             Class II-X-A-2                       3
             Class II-X-A-3                       3
             Class II-X-A-4                       3
             Class IV-A-1                         3
             Class I-X-A-1                        3
             Class R-I                            3
             Class R-II                           1
             Class R-III                          1

             Total:                              80


  Item 6.  Selected Financial Data.

            Omitted.


  Item 7.  Management's Discussion and Analysis of Financial Condition and
           Results of Operation.

            Omitted.


  Item 7A. Quantitative and Qualitative Disclosures about Market Risk.

            Not applicable.

  Item 8.  Financial Statements and Supplementary Data.

            See Item 15(a), Exhibits 99.1, 99.2, 99.3, for information
            provided in lieu of information required by Item 302 of
            Regulation S-K.




  Item 9.  Changes in and Disagreements with Accountants on Accounting and
           Financial Disclosure.

            None.

  Item 9A. Controls and Procedures.

            Not applicable.


                                PART III


  Item 10. Directors and Executive Officers of the Registrant.

            Not applicable.


  Item 11. Executive Compensation.

            Not applicable.


  Item 12. Security Ownership of Certain Beneficial Owners and Management.

            Not applicable.


  Item 13. Certain Relationships and Related Transactions.

            Not applicable.

  Item 14. Principal Accounting Fees and Services.

            Not applicable.

                                PART IV


  Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

   (a) Exhibits

     (31.1) Rule 13a-14(a)/15d-14(a) Certification

     (99.1) Annual Independent Accountants' Servicing Reports concerning
            servicing activities for the year ended December 31, 2003.

       <TABLE>

       
         <c>
       a) EverHome Mortgage f/k/a Alliance Mtg Co, as Servicer <F1>
       b) Bank of America, as Servicer <F1>
       c) Cendant Mortgage Corp, as Servicer <F1>
       d) Chevy Chase FSB, as Servicer <F1>
       e) Countrywide Home Loans Inc., as Servicer <F1>
       f) GMAC Mortgage Corp, as Servicer <F1>
       g) U.S. Bank Home Mortgage, as Servicer <F1>
       h) Washington Mutual Bank, F.A., as Servicer <F1>
       i) Wells Fargo Home Mortgage, Inc, as Servicer <F1>
       </TABLE>

     (99.2) Report of Management as to Compliance with Minimum Servicing
            Standards for the year ended December 31, 2003.

       <TABLE>

       
        <c>
       a) EverHome Mortgage f/k/a Alliance Mtg Co, as Servicer <F1>
       b) Bank of America, as Servicer <F1>
       c) Cendant Mortgage Corp, as Servicer <F1>
       d) Chevy Chase FSB, as Servicer <F1>
       e) Countrywide Home Loans Inc., as Servicer <F1>
       f) GMAC Mortgage Corp, as Servicer <F1>
       g) U.S. Bank Home Mortgage, as Servicer <F1>
       h) Washington Mutual Bank, F.A., as Servicer <F1>
       i) Wells Fargo Home Mortgage, Inc, as Servicer <F1>
       </TABLE>

     (99.3) Annual Statements of Compliance under the Pooling and Servicing
            Agreements for the year ended December 31, 2003.

       <TABLE>

       
         <c>
       a) EverHome Mortgage f/k/a Alliance Mtg Co, as Servicer <F1>
       b) Bank of America, as Servicer <F1>
       c) Cendant Mortgage Corp, as Servicer <F1>
       d) Chevy Chase FSB, as Servicer <F1>
       e) Countrywide Home Loans Inc., as Servicer <F1>
       f) GMAC Mortgage Corp, as Servicer <F1>
       g) U.S. Bank Home Mortgage, as Servicer <F1>
       h) Washington Mutual Bank, F.A., as Servicer <F1>
       i) Wells Fargo Home Mortgage, Inc, as Servicer <F1>
       </TABLE>


     (99.4) Aggregate Statement of Principal and Interest Distributions to
            Certificate Holders.


   (b)  On November 07, 2003, December 04, 2003, and January 06, 2004
        reports on Form 8-K were filed by the Company in order to provide
        the statements for the monthly distributions to holders of the
        Certificates. No other reports on Form 8-K have been filed during
        the last quarter of the period covered by this report.





   (c) Not applicable.


   (d) Omitted.


    (99.5) Reliance Certifications Mandated under the Pooling and Servicing
             Agreement for the year ended December 31, 2003.


       a) EverHome Mortgage f/k/a Alliance Mtg Co, as Servicer <F2>
       b) Bank of America, as Servicer <F2>
       c) Cendant Mortgage Corp, as Servicer <F2>
       d) Chevy Chase FSB, as Servicer <F2>
       e) Countrywide Home Loans Inc., as Servicer <F2>
       f) GMAC Mortgage Corp, as Servicer <F2>
       g) U.S. Bank Home Mortgage, as Servicer <F2>
       h) Washington Mutual Bank, F.A., as Servicer <F2>
       i) Wells Fargo Home Mortgage, Inc, as Servicer <F2>



  <F1> Filed herewith.
  <F2> Certification received.




                                SIGNATURES


  Pursuant to the requirements of Section 13 or 15(d) of the Securities
  Exchange Act of 1934, the registrant has duly caused this report to be
  signed on its behalf by the undersigned, thereunto duly authorized:



     Bear Stearns ARM Trust
     Mortgage Pass-Through Certificates
     Series 2003-3 Trust
     (Registrant)



  Signed: Wells Fargo Bank, N.A. as Master Servicer


  By:     Brett Handelman, Vice President

  By: /s/ Brett Handelman, Vice President

  Dated: March 30, 2004



  SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO
  SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED
  SECURITIES PURSUANT TO SECTION 12 OF THE ACT.


  (a)(i) No annual report is provided to the Certificateholders other than
  with respect to aggregate principal and interest distributions.


  (a)(ii) No proxy statement, form of proxy or other proxy soliciting
  material has been sent to any Certificateholder with respect to any
  annual or other meeting of Certificateholders.

  Exhibit Index

  Exhibit No.

  Ex-(31.1) Rule 13a-14(a)/15d-14(a) Certification


  I, Brett Handelman, certify that:

  1. I have reviewed this annual report on Form 10-K, and all reports on
     Form 8-K containing distribution or servicing reports filed in
     respect of periods included in the year covered by this annual report,
     of Bear Stearns ARM Trust Mortgage Pass-Through Certificates,
     Series 2003-3 Trust;

  2. Based on my knowledge, the information in these reports, taken as a
     whole, does not contain any untrue statement of a material fact or
     omit to state a material fact necessary to make the statements made,
     in light of the circumstances under which such statements were made,
     not misleading as of the last day of the period covered by this
     annual report;

  3. Based on my knowledge, the distribution or servicing information
     required to be provided to the trustee by the servicer under the
     pooling and servicing or similar, agreement, for inclusion in these
     reports is included in these reports;

  4. I am responsible for reviewing the activities performed by the master
     servicer under the pooling and servicing, or similar, agreement, and
     based on upon my knowledge and the annual compliance review required
     under that agreement, and except as disclosed in the reports, the
     master servicer has fulfilled its obligations under that agreement;
     and

  5. The reports disclose all significant deficiencies relating to the
     servicer's compliance with the minimum servicing standards based upon
     the report provided by an independent public accountant, after
     conducting a review in compliance with the Uniform Single Attestation
     Program for Mortgage Bankers or similar procedure, as set forth in
     the pooling and servicing, or similar, agreement, that is included in
     these reports.

     In giving the certifications above, I have reasonably relied on
     information provided to me by the following unaffiliated parties:
     EverHome Mortgage f/k/a Alliance Mtg Co, as Servicer, Bank of America
     as Servicer, Cendant Mortgage Corp as Servicer, Chevy Chase FSB as
     Servicer, Countrywide Home Loans Inc. as Servicer, GMAC Mortgage Corp
     as Servicer, U.S. Bank Home Mortgage as Servicer, Washington Mutual
     Bank, F.A. as Servicer.

     Date: March 30, 2004

     /s/ Brett Handelman
     Signature

     Vice President
     Title

Ex-99.1 (a)

(Logo) Deloitte


Deloitte & Touche LLP
Suite 2801
One Independent Drive
Jacksonville, FL 32202-5034
USA

Tel: +1 9046651400
Fax: +1 9046651600

www.deloitte.com


INDEPENDENT ACCOUNTANTS' REPORT ON
MANAGEMENT'S ASSERTION ABOUT COMPLIANCE WITH UNIFORM SINGLE ATTESTATION PROGRAM
REQUIREMENTS

To the Board of Directors EverHome Mortgage Company:

We have examined management's assertion about EverHome Mortgage Company's (the
"Company") (formerly Alliance Mortgage 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.
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 entity's compliance based on our examination.

Our examination was made in accordance with 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 minimum servicing
standards.

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

/s/ Deloitte & Touche LLP
February 25, 2004


Member of
Deloitte Touche Tohmatsu





Ex-99.1 (b)

(Logo) PricewaterhouseCoopers


PricewaterhouseCoopers
llP 214 N.Tryon Street
Ste 3600
Charlotte NC 28202

Telephone (704) 344 7500
Facsimile (704) 344 4100


Report of Independent Accountants

To the Board of Directors and Shareholder of Bank of America, N.A.

We have examined management's assertion about compliance by the mortgage
division of Bank of America, N.A. (the "Company"), an operating division of Bank
of America, N.A., 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 1). 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 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 minimum servicing
standards.

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


/s/ PriceWaterhouseCooper
March 2, 2004




Ex-99.1(c)

  Deloitte   (logo)

Deloitte & Touche LLP
Third Floor
750 College Road East
Princeton, NJ 08540
USA

Tel: +1 609 514 3600
Fax: +1 609 514 3603
www.deloitte.com

INDEPENDENT ACCOUNTANTS' REPORT

To Cendant Mortgage Corporation:

We have examined management's assertion that Cendant Mortgage Corporation (the
Company) has complied as of and for the year ended December 31, 2003, with its
established minimum servicing standards described in the accompanying Management
Assertion Report. 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 conducted 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 its 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 its minimum
servicing standards.

In our opinion, management's assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended December
31, 2003, is fairly stated, in all material respects based on the criteria set
forth in Appendix I.

/s/ Deloitte & Touche

February 23, 2004
Memeber of Deloitte Touche Tohmatsu





APPENDIX I

MINIMUM SERVICING STANDARDS AS SET FORTH IN THE MORTGAGE BANKERS ASSOCIATION OF
AMERICA'S UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS

I. CUSTODIAL BANK ACCOUNTS

   1. Reconciliations shall be prepared on a monthly basis for all custodial
      bank accounts and related bank clearing accounts. These reconciliations
      shall:

      * be mathematically accurate;
      * be prepared within forty-five (45) calendar days after the cutoff date;
      * be reviewed and approved by someone other than the person who prepared
        the reconciliation; and
      * document explanations for reconciling items. These reconciling items
        shall be resolved within ninety (90) calendar days of their original
        identification.

   2. Funds of the servicing entity shall be advanced in cases where there is an
      overdraft in an investor's or a mortgagor's account.

   3. Each custodial account shall be maintained at a federally insured
      depository institution in trust for the applicable investor.

   4. Escrow funds held in trust for a mortgagor shall be returned to the
      mortgagor within thirty (30) calendar days of payoff of the mortgage loan.

II. MORTGAGE PAYMENTS

   1. Mortgage payments shall be deposited into the custodial bank accounts and
      related bank clearing accounts within two business days of receipt.

   2. Mortgage payments made in accordance with the mortgagor's loan documents
      shall be posted to the applicable mortgagor records within two business
      days of receipt.

   3. Mortgage payments shall be allocated to principal, interest, insurance,
      taxes or other escrow items in accordance with the mortgagor's loan
      documents.

   4. Mortgage payment identified as loan payoffs shall be allocated in
      accordance with the mortgagor's loan documents.

III. DISBURSEMENTS

    1. Disbursements made via wire transfer on behalf of mortgagor or investor
       shall be made only by authorized personnel.

    2. Disbursements made on behalf of a mortgagor or investor shall be posted
       within two business days to the mortgagor's or investor's records
       maintained by the servicing entity.

    3. Tax and insurance payments shall be made on or before the penalty or
       insurance policy expiration dates, as indicated on tax bills and
       insurance premium notices, respectively, provided that such support has
       been received by the servicing entity at least thirty (30) calendar days
       prior to these dates.

    4. Any late payment penalties paid in conjunction with the payment of any
       tax bill or insurance premium notice shall be paid from the servicing
       entity's funds and not charged to the mortgagor, unless the late payment
       was due to the mortgagor's error or omission.

    5. Amounts remitted to investors per the servicer's investor reports shall
       agree with cancelled checks, or other form of payment, or custodial bank
       statements.

    6. Unused checks shall be safeguarded so as to prevent unauthorized access.

IV. INVESTOR ACCOUNTING AND REPORTING

    1. The servicing entity's investor reports shall agree with, or reconcile
       to, investors' records on a monthly basis as to the total unpaid
       principal balance and number of loans serviced by the servicing entity.

V. MORTGAGOR LOAN ACCOUNTING

   1. The servicing entity's mortgage loan records shall agree with or reconcile
      to, the records of mortgagors with respect to the unpaid principal balance
      on a monthly basis.

   2. Adjustments on ARM loans shall be computed based on the related mortgage
      note and any ARM rider.

   3. Escrow accounts shall be analyzed, in accordance with the mortgagor's loan
      documents, on at least an annual basis.

   4. Interest on escrow accounts shall be paid, or credited, to mortgagors in
      accordance with the applicable state laws.

VI. Delinquencies

    1. Records documenting collection efforts shall be maintained during the
       period a loan is in default and shall be updated at least monthly. Such
       records shall describe the entity's activities in monitoring delinquent
       loans including, for example, phone calls, letters and mortgage payment
       rescheduling plans in cases where the delinquency is deemed temporary
       (e.g., illness or unemployment).

VII. INSURANCE POLICIES

    1. A fidelity bond and errors and omissions policy shall be in effect on the
       servicing entity throughout the reporting period in the amount of
       coverage represented to investors in management's assertion.




Ex-99.1 (d)

Report on Management's Assertion on Compliance
with Minimum Servicing Standards Set Forth in the
Uniform Single Attestation Program for Mortgage Bankers

Report of Independent Accountants

Audit Committee
Chevy Chase Bank, F.S.B.

We have examined management's assertion, included in the accompanying report
titled Report of Management, that Chevy Chase Bank, F.S.B (the "Bank") complied
with the minimum servicing standards set forth in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for Mortgage Bankers
(USAP) during the year ended September 30, 2003. Management is responsible for
the Bank's compliance with those requirements. Our responsibility is to express
an opinion on management's assertions about the Bank'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 Bank's compliance with
those requirements 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 Bank's compliance with specified requirements.

In our opinion, management's assertion, that the Bank complied with the
aforementioned requirements during the year ended September 30, 2003, is fairly
stated, in all material respects.


/s/ Ernst & Young

McLean Virginia
October 31, 2003




Ex-99.1 (e)

Grant Thornton  (logo)

Accountants and Management Consultants

REPORT OF INDEPENDENT ACCOUNTANTS ON MANAGEMENT'S
ASSERTION ON COMPLIANCE WITH MINIMUM SERVICING STANDARDS
SET FORTH IN THE UNIFORM SINGLE ATTESTATION PROGRAM FOR
MORTGAGE BANKERS

Board of Directors
Countrywide Financial Corporation

We have examined management's assertion about Countrywide Financial Corporation
and Subsidiaries' (including its wholly-owned subsidiary, Countrywide Home
Loans, Inc. ("CHL") and Countrywide Home Loans Servicing, L.P., a wholly-owned
subsidiary of CHL) ("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.
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 entity's compliance based on our examination.

Our examination was made in accordance with 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 minimum servicing
standards.

In our opinion, management's assertion that Countrywide Financial Corporation
and Subsidiaries (including its wholly-owned subsidiary, Countrywide Home Loans,
Inc., and Countrywide Home Loans Servicing, L.P., a wholly-owned subsidiary of
CHL) complied with the aforementioned minimum servicing standards as of and for
the year ended December 31,2003 is fairly stated, in all material respects,
except as disclosed in the attached Schedule of Findings.

/s/ Grant Thorton LLP

Los Angeles, California
February 27, 2004

Suite 300
1000 Wilshire Blvd.
Los Angeles, CA 90017 2464

T 213 627-1717
F 213 624-6793

W www.grantthornton.com

Grant Thornton LLP
US Member of Grant Thornton International




Ex-99.1 (f)

(logo) PRICEWATERHOUSECOOPERS


PricewaterhouseCoopers LLP
125 High Street
Boston MA 02110
Telephone (617) 530 5000
facsimile (617) 530-5001


Report of Independent Auditors


To the Board of Directors and Stockholder
of GMAC Mortgage Corporation:


We have examined management's assertion about GMAC Mortgage Corporation and its
subsidiaries' (the "Company") compliance with the minimum servicing standards
("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). 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 entity's compliance based
on our examination.


Our examination was made in accordance with 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
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 standards.


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



/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP

March 24, 2004




Ex-99.1 (g)

(logo) PRICEWATERHOUSECOOPERS

PricewaterhouseCoopers LLP
Suite 1300
650 Third Avenue South
Minneapolis MN 55402
Telephone (612) 596 6000
Facsimile (612) 375 7160

Report of Independent Accountants


To the Board of Directors and Shareholder
of U.S. Bank, N.A.


We have examined management's assertion about U.S. Bank, N.A. (including U.S.
Bank Home Mortgage) (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 1). 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 minimum servicing
standards.

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


/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP

March 5, 2004



Ex-99.1 (h)

(logo) Deloitte

Deloitte & Touche LLP
Suite 3300
925 Fourth Avenue
Seattle, WA 98104-1126 USA
Tel: +12067167000
Fax: + 1 2069657000
www.deloitte.com

INDEPENDENT ACCOUNTANTS' REPORT

Board of Directors
Washington Mutual Bank, FA and Subsidiaries

We have examined management's assertion that Washington Mutual Bank, FA and
subsidiaries (the "Company") has complied as of and for the year ended December
31, 2003, with its established minimum servicing standards for single family
residential mortgages identified in the accompanying Management's Assertion,
dated February 16, 2004. 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 conducted 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 its 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 its minimum
servicing standards.

In our opinion, management's assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended
December 31, 2003, is fairly stated, in all material respects, based on the
criteria set forth in Appendix I.

/s/Deloitte & Touche

February 16, 2004



Member of
Deloitte Touche Tohmatsu





Ex-99.1 (i)

(Logo) KPMG

KPMG LLP
2500 Ruan Center
666 Grand Avenue
Des Moines, IA 50309

Independent Accountants' Report

The Board of Directors
Wells Fargo Home Mortgage, Inc.:

We have examined management's assertion dated February 25, 2004 that Wells Fargo
Home Mortgage, Inc. (the Company) complied with the minimum servicing standards
set forth 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. 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 conducted 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 specified above 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 minimum servicing standards.

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

/s/ KPMG LLP

February 25, 2004

KPMG LLP, a U.S. limited liability partnership, is the U.S.
member firm of KPMG International, a Swiss cooperative.




Ex-99.2 (a)

(logo) EverHome
MORTGAGE COMPANY

As of and for the year ended December 31, 2003, EverHome Mortgage Company
(formerly Alliance Mortgage Company) has complied in all material respects with
the minimum servicing standards set forth in the Mortgage Bankers Association of
America's Uniform Single Attestation Program for Mortgage Bankers. As of and for
this same period, EverHome Mortgage Company had in effect a fidelity bond and an
errors and omissions policy in the amount of $17 million, respectively.


/s/ Gary A. Meeks
Gary A. Meeks
President & COO
2/25/04


/s/ W. Blake Wilson
W. Blake Wilson
Executive Vice President & CPO
2/25/04




Ex-99.2 (b)

Exhibit I

Bank of America


Management's Assertion Concerning Compliance
with USAP Minimum Servicing Standards

March 2, 2004

As of and for the year ended December 31,2003, the Mortgage division of Bank of
America, N.A. (the "Company"), has complied in all material respects with the
minimum servicing standards set forth in the Mortgage Bankers Association of
America's Uniform Single Attestation Program for Mortgage Bankers ("USAP").

As of and for this same period, the Company had in effect a fidelity bond and
errors and omissions policy in the amounts of $340,000,000 and $270,000,000,
respectively.


/s/ Ashish Kamit
Ashish Kamit
Senior Vice President and Managing Director
Bank of America, N .A.


/s/ J Mark Hanson
J Mark Hanson
Senior Vice President
Bank of America, N .A.


/S/ H Randell Chestnut
Senior Vice President
Bank of America, N.A.


Gary K Bettin
Senior Vice President and National Servicing Executive Bank of America, N .A.

/s/ Kevin M Shannon
Kevin M. Shannon
President
Consumer Real Estate



Bank of America, N.A.
 USA
[Olympic rings]
   2000-2004
US Olympic Teams




Ex-99.2(c)

Cendant Mortgage
3000 Leadhenhall Rd.
Mt. Laurel, NJ 08054

CENDANT   (logo)
Mortgage

As of and for the year ended December 31, 2003, Cendant Mortgage Corporation
(the Company) has complied in all material respects with the minimum servicing
standards set forth in the Mortgage Bankers Association of America's Uniform
Single Attestation Program for Mortgage Bankers. As of and for this same period,
the Company had in effect a fidelity bond and errors and omissions policy in the
amount of $140 million and $20 million, respectively.


Cendant Mortgage Corporation


/s/ Terence W. Edwards
Terence W. Edwards
President and Chief Executive Officer


/s/ Mark Danahy
Mark Danahy
Senior Vice President & Chief Financial Officer

/s/ Martin L. Foster
Martin L. Foster
Senior Vice President-Loan Servicing




Ex-99.2 (d)

CHEVY CHASE BANK

Chevy Chase Bank
7501 Wisconsin Avenue
Bethesda, Maryland 20814

Report of Management on Compliance with the Minimum Servicing
Standards Set Forth in the Uniform Single Attestation Program for
Mortgage Bankers

We, as members of management of Chevy Chase Bank, F.S.B., are responsible for
complying with the minimum servicing standards as set forth in the Mortgage
Bankers Association of America's Uniform Single Attestarion Program for Mortgage
Bankers ("USAP"). We are also responsible for establishing and maintaining
effective internal control over compliance with these standards.

We have performed an evaluation of the Bank's compliance with the minimum
servicing standards as set forth in the USAP as of September 30, 2003 and for
the year then ended. Based on this evaluation, we assert that during the year
ended September 30, 2003, the Bank complied, in all material respects, with the
minimum servicing standards set forth in the USAP.

As of and for the same period, the Bank had in effect a fidelity bond in the
amount of $40,000,000 and an errors and omissions policy in the amount of
$15,000,000.

Very truly yours,


/s/ Alexander R.M. Boyle
Alexander R.M. Boyle
Vice Chairman of the Board


/s/ Stephen R. Halpin, Jr.
Stephen R. Halpin, Jr.
Executive Vice Preident and Chief
Financial Officer


/s/ Vicki L. Parry
Vicki L. Parry
Group Vice President

October 31, 2003




Ex-99.2 (e)

(logo) Countrywide

4500 Park Granada
Calabasas, California 91302
(818) 225-3000

February 27, 2004

Grant Thornton LLP
1000 Wilshire Boulevard
Suite 300
Los Angeles, CA 900 17

Gentlemen:

As of and for the year ended December 31. 2003, Countrywide Financial
Corporation and Subsidiaries (which includes its wholly-owned subsidiary,
Countrywide Home Loans, Inc. ("CHI."), and Countrywide Home Loans Servicing,
L.P., a wholly owned subsidiary of CHL) ("the Company") has complied in all
material respects with the minimum servicing standards set forth in the Mortgage
Bankers Association of America's Uniform Single Attestation for Mortgage
Bankers, except as disclosed in the attached Schedule of Findings to the report.
As of and for this same period the Company had in effect a fidelity bond and
errors and omissions policy in the amount of $215 million and $240 million
respectively.

The Company investigated the matters noted in lhe Schedule of Findings and noted
that due to significant increases in volume of activity and staff turn-over,
these accounts were being handled by inexperienced staff members. The Company
has since increased the number and quality of staff in this area through
additional hiring and training. As a result, manngemcnt is not aware of any
cuuent USAP violations related to these accounts.


Sincerely.

/s/ Thomas K. McLaughlin
Thomas K. McLaughlin
Senior Managing Director and
Chief Financial Officer

/s/ Kevin Meyers
Kevin Meyers
Managing Director Finance
Loan Administration


COUNTRYWIDE FINANCIAL CORPORATION
SCHEDULE OF FINDINGS - USAP
DECEMBER 31, 2003

Statement of Condition:

During our testing of the Custodial Cash bank reconciliations, we noted that 1
reconciliation out of 30 reconciliations was not prepared within 45 days of the
cutoff date. Additionally, there were 2 reconciliations out of 30
reconciliations that had items outstanding greater than 90 days that could have
been cleared earlier. Each of these exceptions did not meet the minimum
servicing standards set forth in the Mortgage Banker's Association's Uniform
Single Attestation Program for Mortgage Bankers (the USAP).

Criteria:

The Uniform Single Attestation Program for Mortgage Bankers, Section I.1.
requirement that reconciliations are mathematically accurate and are prepared
within forty-five (45) calendar days after the cutoff date. Reconciling items
shall also be resolved within ninety (90) calendar days of their original
identification.

Recommendation:

We recommend that the Company prepare Custodial Cash bank reconciliations and
clear reconciling items within the minimum time periods specified by the USAP.

Corrective Action Plan:

Due to significant increases in volume of activity and staff turn-over, these
accounts were being handled by inexperienced staff members. The Company has
since increased the number and quality of staff in this area through additional
hiring and training. As a result, the Company is not aware of any current USAP
violations related to these accounts.





Ex-99.2 (f)

(logo) GMAC Mortgage


Exhibit 1


Managements Assertion Concerning Compliance
with USAP Minimum Servicing Standards


March 19,2004



As of and for the year ended December 31, 2003, GMAC Mortgage Corporation and
its subsidiaries (the "Company") 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").


As of and for this same period the Company had in effect fidelity bond and
errors and omissions policies in the amounts of $125,000,000 and $100,000,000,
respectively.


/s/ David Applegate
David Applegate
Chief Executive Officer
GMAC Residential Holding Corp


/s/ Ralph Hall
Ralph Hall
Chief Operating Officer
GMAC Residential Holding Corp





Ex-99.2 (g)

Exhibit I

(logo) US Bank Five Star Service Guaranteed

Home Mortgage
1550 East 79 Street
Suite #880
Bloomington, MN 55425

Management's Assertion Concerning Compliance
with USAP Minimum Servicing Standards

March 5, 2004

As of and for the year ended December 31, 2003, U.S. Bank. N.A and its
subsidiaries (including U.S. Bank Home Mortgage) (the "Company") have complied
in all material respects with the minimum servicing standards set forth in the
Mortgage Bankers Association of America's Uniform Single Attestation Program
for Mortgage Bankers ("USAP").

As of and for this same period, the Company had in effect a fidelity bond and
errors and omissions policy in the amounts of $150,OOO,000 and $150,000,000
respectively.


/s/ Dan Arrigoni
Dan Arrigoni
President and Chief Executive Officer
US Bank Home Mortgage

/s/ Rick Aneshanel
Rick Aneshanel
Chief Financial Officer
US Bank Home Mortgage

/s/ Robert Smiley
Robert Smiley
Senior vice President, Mortgage Servicing
U.S. Bank Home Mortgage





Ex-99.2 (h)

(logo) Washington Mutual

MANAGEMENT'S ASSERTION

As of and for the year ended December 31, 2003, Washington Mutual Inc. and
Subsidiaries (the Company) has complied, in all material respects, with the
Company's established minimum servicing standards for single family residential
mortgages as set forth in Appendix I (the Standards). The Standards are based on
the Mortgage Banker's Association of America's Uniform Single Attestation
Program for Mortgage Bankers. As of and for this same period, the Company had in
effect a fidelity bond in the amount of $110 million, and errors and omissions
policy in the amount of $20 million.

/s/ Deanna Oppenheimer
Deanna Oppenheimer
President
Consumer Group

/s/ Dyn Beito
Dayne Beito
Executive Vice President
Home Loans Service Delivery - Consumer Group

/s/ Anthony T. Meola
Anthony T. Meola
Executive Vice President
Home Loans Production - Consumer Group

February 16, 2004

(logo) Washington Mutual

Washington Mutual WASHINGTON MUTUAL, INC. AND SUBSIDIARIES

APPENDIX I: MINIMUM SERVICING STANDARDS FOR SINGLE FAMILY RESIDENTIAL
MORTGAGES AS SET FORTH IN THE MORTGAGE BANKERS ASSOCIATION OF
AMERICA'S UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS

1. CUSTODIAL BANK ACCOUNTS

1. Recol1ciliations shall be prepared on a monthly basis for all custodial bank
   accountS and related bank clearing accounts. These reconciliations shall:

   * be mathematically accurate;

   * be prepared within forty-five (45) calendar days after the cutoff date;

   * be reviewed and approved by someone other than the person who prepared
     the reconciliation; and

   * document explanations for reconciling items. These reconciling items shall
     be resolved within ninety (90) calendar days of their original
     identification.

2. Funds of the servicing entity shall be advanced in cases where there is an
   overdraft in an investor's or a mortgagor's account.

3. Each custodial account shall be maintained at a federally insured depository
   institution in trust for the applicable investor.

4. Escrow funds held in trust for a mortgagor shall be returned to the mortgagor
   within thirty (30) calendar days of payoff of the mortgage loan.

II. MORTGAGE PAYMENTS

1. Mortgage payments shall be deposited into the custodial bank accountS and
   related bank clearing accounts within two business days of receipt.

2. Mortgage payments made in accordance with the mortgagor's loan documents
   shall be posted to the applicable mortgagor records within twO business days
   of receipt.

3. Mortgage payments shall be allocated to principal, interest, insurance,
   taxes, or other escrow items in accordance with the mortgagor's loan
   documents.

4. Mortgage payments identified as loan payoffs shall be allocated in accordance
   with the mortgagor's loan documents.

III. DISBURSEMENTS

1. Disbursements made via wire transfer on behalf of a mortgagor or investor
   shall be made only by authorized personnel.

2. Disbursements made on behalf of a mortgagor or investor shall be posted
   within two business days to the mortgagor's or investor's records maintained
   by the servicing entity.


(logo) Washington Mutual

3. Tax and insurance payments shall be made on or before the penalty Or
   insurance policy expiration dates, as indicated on tax bills and insurance
   premium notices, respectively, provided that such support has been received
   by the servicing entity at least thirty (30) calendar days prior to these
   dates.

4. Any late payment penalties paid in conjunction with the payment of any tax
   bill or insurance premium notice shall be paid from the servicing entity's
   funds and not charged to the mortgagor, unless the late payment was due to
   the mortgagor's error or omission.

5. Amounts remitted to investors per the servicer's investor reports shall agree
   with cancelled checks or other form of payment or custodial bank statements.

6. Unused checks shall be safeguarded so as to prevent Unauthorized access.

IV. INVESTOR ACCOUNTING AND REPORTING

1. The servicing entity's investor reports shall agree with, or reconcile to,
   investors' records on a monthly basis as to the total unpaid principal
   balance and number of loans serviced by the servicing entity.

V. MORTGAGOR LOAN ACCOUNTING

1. The servicing entity's mortgage loan records shall agree with, or reconcile
   to, the records of mortgagors with respect to the unpaid principal balance On
   a monthly basis.

2. Adjustments on ARM loans shall be computed based on the related mortgage note
   and any ARM rider.

3. Escrow accounts shall be analyzed, in accordance with the mortgagor's loan
   documents, on at least an annual basis.

4. Interest On escrow accounts shall be paid, or credited, to mortgagors in
   accordance with the applicable state laws.

VI. DELINQUENCIES

1. Records documenting collection efforts shall be maintained during the period
   a loan is in default and shall be updated at least monthly. Such records
   shall describe the entity's activities in monitoring delinquent loans,
   including, for example, phone calls, letters, and mortgage payment
   rescheduling plans in cases where the delinquency is deemed temporary (e.g.,
   illness Or unemployment).

VII. INSURANCE POLICIES

1. A fidelity bond and errors and omissions policy shall be in effect on the
   servicing entity throughout the reporting period in the amount of coverage
   represented to investors in management's assertion.











Ex-99.2 (i)

(Logo) WELLS FARGO HOME MORTGAGE

Management Assertion

As of and for the year ended December 31, 2003, Wells Fargo Home Mortgage, Inc,
has complied in all material respects with the minimum servicing standards set
forth in the Mortgage Bankers of America's Uniform Single Attestation Program
for Mortgage Bankers. As of and for this same period, Wel1s Fargo Home Mortgage,
Inc. had in effect a fidelity bond along with an errors and omissions policy in
the amounts of $lOO million and $20 million, respectively.

/s/ Pete Wissinger
February 25, 2004
Pete Wissinger
Chief Executive Officer

/s/ Michael J. Heid
February 25, 2004
Michael J. Heid
Executive Vice President

/s/ Michael Lepore
February 25, 2004
Michael Lepore
Executive Vice President
Loan Servicing

/s/ Robert Caruso
February 25, 2004
Robert Caruso
Executive Vice President
Servicing Operations

Ex-99.3 (a)

Exhibit "A"
Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Rd.
Columbia, MD 21045
Attention: Master Servicing

RE: Officer's Certificate


Dear Master Servicer:
The undersigned Officer certifies the following for the 2003 fiscal year:

(A) I have reviewed the activities and performance of the Servicer during the
preceding fiscal year under the tenants
of the Servicing Agreement, Trust Agreement, Pooling and Servicing Agreement
and/or Seller/Servicer Guide and to the best of these Officers' knowledge, the
Servicer has fulfilled all of its duties, responsibilities or obligations under
these Agreements throughout such year, or if there has been a default or failure
of the servicer to perform any of such duties, responsibilities or obligations,
a description of each default or failure and the nature and status thereof has
been reported to Wells Fargo Bank Minnesota, N.A.;


(B) I have confirmed that the Servicer is currently an approved FNMA or FHLMC
servicer in good standing;


(C) I have confirmed that the Fidelity Bond, the Errors and Omissions Insurance
Policy and any other bonds required under the tenets of the Servicing Agreement,
Trust Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide
are in full force and effect;


(D) All premiums for each Hazard Insurance Policy, Flood Insurance Policy (if
applicable) and Primary Mortgage Insurance Policy (if applicable), with respect
to each Mortgaged Property, have been paid and that all such insurance policies
are in full force and effect;


(E) All real estate taxes, governmental assessments and any other expenses
accrued and due, that if not paid could result in a lien or encumbrance on any
Mortgaged Property, have been paid, or if any such costs or expenses have not
been paid with respect to any Mortgaged Property, the reason for the non-payment
has been reported to Wells Fargo Bank Minnesota, N.A.;


(F) All Custodial Accounts have been reconciled and are properly funded; and


(G) All annual reports of Foreclosure and Abandonment of Mortgage Property
required per section 6050H, 6050J and 6050P of the Internal Revenue Code,
respectively, have been prepared and filed.


By: /s/ Pam E Rothenberg
Name: Pam E Rothenberg
Title: Sr. Vice President
Date: February 6, 2004



Ex-99.3 (b)

Bank of America (Logo)

Bank of America
475 CrossPoint Parkway
PO Box 9000
Getzville, NY 14068-9000

Officer's Certificate

Pursuant to the terms of the Servicing Agreement, the undersigned officer
certifies to the following:

1. All hazard (or mortgage impairment if applicable), flood, or other casualty
   insurance and primary mortgage guaranty insurance premiums, taxes, ground
   rents,assessments, and other charges have been paid in connection with the
   Mortgaged Properties;

2. Each officer has reviewed the activities and performance of the Seller/
   Servicer during the preceding calendar year and to the best of each officer's
   knowledge, based on such review, the Seller/Servicer has fulfilled all of its
   obligations under the Agreement throughout the year.

Certified By: /s/ Cynthia A. Mech
Cynthia A. Mech
Vice President



Ex-99.3(c)

Cendant Mortgage
4001 Leadenhall Rd
Mt. Laurel, NJ 08054

(logo) Cendant Mortgage

March 11, 2004

Wells Fargo Bank, N.A.
11000 Broken Land Parkway
Columbia, MD 21044

Attention: Mervin E. Horst

RE: Officer's Certificate - Annual Certification

Dear Master Servicer:

The undersigned Officer certifies the following for Cendant Mortgage Corp. for
the 2003 calendar year.  To the best of our knowledge.


(a) The activities and performances of the Servicer during the
preceding fiscal year under the terms of the Servicing Agreement, Trust
Agreement, Pooling and Servicing Agreement and/or Servicer Guide and to
the best of my knowledge, the Servicer has fulfilled all of its
duties, responsibilities or obligations under these Agreements throughout such
year, or if there has been a default or failure of the Servicer to perform any
such duties, responsibilities or obligations, a description of each default
or failure and the nature and status thereof has been reported to Bank of NY:


(b) The Servicer is currently an approved FNMA or FHLMC Servicer in good
standing;


(c) The Fidelity Bond, the Errors and Omissions Insurance
Policy and any other bonds required under the terms of the Servicing Agreement,
Trust Agreement, Pooling and Servicing Agreement and/or Servicer Guide are in
full force and effect;


(d) All premiums for each Hazard Insurance Policy, Flood Insurance Policy (if
applicable) and Primary Mortgage Insurance Policy (if applicable), with respect
to each Mortgaged Property, have been paid and that such insurance policies are
in full force and effect;

(d) All premiums for each Hazard Insurance Policy, Flood Insurance Policy (if
applicable) and Primary Mortgage Insurance Policy (if applicable), with respect
to each Mortgaged Property, have been paid and that such insurance policies are
in full force and effect;

(e) All real estate taxes, governmental assessments and any other expenses
accrued and due, that if not paid could result in a lien or encumbrance on any
Mortgaged Property, have been paid, or if any such costs or expenses have been
paid with respect to any Mortgaged Property, the reason for the non-payment
has been reported to Bank of NY:


(f) All Custodial Accounts have been reconciled and are properly funded; and


(g) All annual reports of Foreclosure and Abandonment of Mortgaged Property
required per section 6050J and 6050P of the Internal Revenue Code,
respectively, have been prepared and filed.


Certified By:



/s/ Marc. J. Hinkle
Marc J. Hinkle
Officer

Vice President - Servicing
Title

March 11, 2004
Date







Ex-99.3 (d)

CHEVY CHASE BANK (Logo)
Chevy Chase Bank
6151 Chevy Chase Drive
Laurel, Maryland 20707

December 15, 2003

Wells Fargo Bank MPF
9062 Old Annapolis Rd, Mac-N2702-011
Columbia, MD 21045-1951
Dionne Waldron-Dixon

Subject: Annual Audited Financial Statements Uniform Single Audit Letter and
Statement of Compliance Certification (F. Y. Ending 09/30/03)

In compliance with the servicing guidelines and requirements outlined in the
Servicing Agreement between your company and Chevy Chase Bank, F.S.B., I hereby
submit the above information and reports for your review as follows:

(A) Enclosed is our 2003 Audited Financial Statement prepared by our independent
accounting firm of Ernst & Young, by Mr. Robert G. Arnall, Audit Partner, at
8484 Westpark Drive, McLean, Virginia 22102, (703) 747- 0833, ill # 34-6565596.
This information is confidential and by accepting it, you agree to maintain its
confidentiality. This precludes all photo-copying, as well as distribution,
other than for internal review purposes.

(B) Enclosed is a copy of the Uniform Single Audit Letter issued by Ernst and
Young.

(C) Evidence of our current Fidelity Bond (sent November 2003) and Errors and
Omissions Insurance Policy Certificates showing coverage, limits of liability
and deductibility was forwarded in March 2003 by our company under separate
cover by our Insurance Agent: Chevy Chase Insurance Company, 7501 Wisconsin
Avenue, Bethesda, Maryland 20814.

(D) As Loan Servicing Manager and an Officer of Chevy Chase Bank, and having
authorization to issue this officers certification statement, I hereby submit
the following:

1. All information pertaining to real estate transactions has been reported as
required by the Internal Revenue Service.

2. All insurance premiums for each Hazard Insurance Policy, Flood Insurance
Policy (if any), Primary Mortgage Insurance Policy (if any),

Annual Compliance --~ ~ Page 2

and FHA Certification of Mortgage Insurance (if any), all taxes, ground rents
and other charges have been paid when due or within applicable grace periods.

3. Analysis has been made to ensure sufficient moneys are being collected in
escrow for the current year.

4. The status of each mortgage has been reported to the major credit
repositories each month.

5. All required interest rate and/or monthly payment adjustments for the ARMS
and OP ARMS were made in accordance with the mortgage documents.

The officer signing this certificate has reviewed the activities and performance
of the Servicer during the preceding fiscal year under the Servicing Agreement
and, to the best of the officer's knowledge, the Servicer has fulfilled all of
its duties, responsibilities and obligations under the Servicing Agreement
throughout such year.

Sincerely,
/s/ Vicki L. Parry
Vicki L. Parry
Group Vice President
Mortgage Loan Servicing Division
VLP:eay
Enclosures

Annual Compliance Page 3

Below is an updated list of key personnel in our Mortgage Banking Division with
corresponding titles and areas of responsibility:

NAME/RESPONSIBILITY
Robert D. Broeksmit, President B.F. Saul Mortgage Company (240) 497-8300 Robert
B. Buffalo, Group V .P .Mortgage Operations (240) 497-8030 Vicki L. Parry, Group
V.P .Loan Servicing Manager (301) 939-4076 Joseph P. Eger, V.P. Assistant
Servicing Manager (301) 939-4075 Customer Service/Collections/Cash
Payoffs/Releases Carol Thomas, V .P .Accounting Servicing Manager (240) 497-7069
Investor Reporting Debbie Adams, S.M.O. Special Loans Manager (301) 939-4115
ARMS/Conversions/Balloons/Resets Doris Raffo, A. V .P .Escrow Manager (301)
939-4095 Jeffrey Huston, V.P. Loss Mitigation Manager (301) 939-4057
Bankruptcy/Foreclosure/REOS





Ex-99.3 (e)

(Logo) Countrywide
HOME LOANS

400 Countrywide Way, SV-44
Simi Valley, California 93065-6298

(805) 520-5100

March 18, 2004

Norwest Bank Minn., N.A.
11000 Brokenland Parkway
Columbia, MD 21004

ARM: Karen Chapple

OFFICER'S CERTIFICATE

I, Joseph Candelario, hereby certify that I am the First Vice President, Loan
Administration of Countrywide Home Loans, Inc., fka Countrywide Funding
Corporation. I further certify, with respect to the Servicing Agreements for
Countrywide Mortgage Obligations, Inc., the following:

I have reviewed the activities and performance of the Servicer during the fiscal
year ended December 31, 2003 under the Agreements and, to the best of my
knowledge, based on my review, the Servicer has fulfilled all of its duties,
responsibilities or obligations under the Agreements throughout the fiscal year.

/s/ Joseph Candelario
Joseph Candelario
First Vice President
Compliance Officer
Loan Administrator

3/18/04
Date

Re: Investor Number 5




Ex-99.3 (f)

(logo) GMAC Mortgage


March 15, 2004

Wells Fargo Bank, NA
Attn: Kim Wiggins
9062 Old Annapolis Road
Columbia, MD 21045-1951

Re: Officers Statement of Compliance
Year Ending 2003
Wells Fargo Master Serviced Deals


We hereby certify to the best of our knowledge and belief, that for the calendar
year 2003:


1. A review of the activities of the Seller / Servicer and of performance
according to the Seller / Servicer contract has been made with the undersigned
Officer's knowledge.

2. To the best of the undersigned Officer's knowledge, and based on such review,
the Seller/ Servicer has fulfilled all its obligations under the Guides for such
year.

3. If applicable, GMACM has filed the information returns with respect to the
receipt of mortgage interest pursuant to Sections 6050H, 6050J and 6050P of the
Code, received in a trade or business, reports of foreclosures and abandonment's
of any Mortgaged Property and the information returns relating to cancellation
of indebtedness income with respect to any Mortgaged Property.

4. All hazard, flood, FHA mortgage insurance and primary mortgage insurance
premiums, taxes, ground rents, assessments and other lienable items have been
paid in connection with the mortgaged properties.

5. All property inspections have been completed as required.

6. Compliance relative to Adjustable Rate Mortgages has been met.

7. Fidelity Bond and Errors and Omissions Insurance coverage is current, in full
force and effect.


Servicer: GMAC Mortgage Corporation

By: /s/ Michael Kacergis

Name: Michael Kacergis

Title: Manager, Operations Risk Management



GMAC Mortgage Corporation
500 Enterprise Road
Horsham, PA 19044




Ex-99.3 (g)

Exhibit" A"

Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Rd.
Columbia, MD 21045
Attention: Master Servicing

RE: Officer's Certificate

Dear Master Servicer:

The undersigned Officer certifies the following for the 2003 fiscal year:

(A) I have reviewed the activities and performance of the Servicer during the
preceding fiscal year under the terms of the Servicing Agreement, Trust
Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide and to
the best of these Officers' knowledge, the Servicer has fulfilled all of its
duties, responsibilities or obligations under these Agreements throughout such
year, or if there has been a default or failure of the servicer to perform any
of such duties, responsibilities or obligations, a description of each default
or failure and the nature and status thereof has been reported to Wells Fargo
Bank Minnesota, N.A.;

(B) I have confirmed that the Servicer is currently an approved FNMA or FHLMC
servicer in good standing;

(C) I have confirmed that the Fidelity Bond, the Errors and Omissions Insurance
Policy and any other bonds required under the terms of the Servicing Agreement,
Trust Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide
are in full force and effect;

(D) All premiums for each Hazard Insurance Policy, Flood Insurance Policy (if
applicable) and Primary Mortgage Insurance Policy (if applicable), with respect
to each Mortgaged Property, have been paid and that all such insurance policies
are in full force and effect;

(E) All real estate taxes, governmental assessments and any other expenses
accrued and due, that if not paid could result in a lien or encumbrance on any
Mortgaged Property, have been paid, or if any such costs or expenses have not
been paid with respect to any Mortgaged Property, the reason for the non-payment
has been reported to Wells Fargo Bank Minnesota, N.A.;

(F) All Custodial AccountS have been reconciled and are properly funded; and

(G) All annual reports of Foreclosure and Abandonment of Mortgage Property
required per section 6050H, 6050J and 6050P of the Internal Revenue Code,
respectively, have been prepared and filed.


Certified By:
/s/ Renee J. Mueller
Renee J. Mueller, Officer


Title: Vice President, U.S. Bank Home Mortgage


Date: 3/26/04


Ex-99.3 (h)

OFFICER'S CERTIFICATE
ANNUAL STATEMENT OF COMPLIANCE

Reference is hereby made to Bear Steams ARM Trust, Mortgage Pass- Through
Certificates, Series 2001-1, 2001-3, 2001-4, 2001-5, 2001-6,2001-10,2002-7,
2002-12,2003-1,2003-3 and 2003-8; Bear Steams Asset Backed Securitizations,
Mortgage Pass-Through Certificates, Series 2003-SD1 and 2003-SD2; Bear Stearns
ALT -A Trust, Mortgage Pass-Through Certificates, Series 2003-1, 2003-4 and
2003-7, Structured Mortgage Investments, Inc. Mortgage Pass-Through
Certificates, Series 1999- 1, and E*Trade ARM Trust Series 2001-1 (each, a the
"Securitization"). Washington Mutual Bank, FA (the "servicer") services mortgage
loans in connection with the Securitizations (the "Mortgage Loal1s") pursuant to
the tenants of a Servicing Agreement dated as of April I, 2001 (as amended from
time to time or replaced, with respect to a Securitization, by a reconstituted
servicing agreement or other successor servicing agreement, the "Servicing
Agreement") by and between the Servicer, in its capacity as servicer, and EMC
Mortgage Corporation, as Owner (the "Owner"). This certificate is made pursuant
to Section 4.4(a) of the Servicing Agreement.

I, Pattie Stevens, an authorized officer of the Servicer, certify for the
benefit of any master servicer of any of the Mortgage Loans (each a "Master
Servicer") and any entity which is the depositor of the Mortgage Loans (each, a
"Depositor") with respect to the calendar year immediately preceding the date of
this Officer's Certificate (the "Relevant year"), as follows:

I. A review of the activities of the Servicer during the Relevant Year and of
performance under the Servicing Agreements has been made under my supervision,
and

2. To the best of my knowledge, based on such review, the Servicer has fulfilled
all of its obligations under the Servicing Agreements throughout the Relevant
Year.

DATED as of March 15, 2004.

/s/ unisgned
Name: Pattie Stevens
Title: Senior Vice President


Ex-99.3 (i)

Wells Fargo Home Mortgage (logo)

One Home Campus
Des Moines, IA 50328-0001
515-213-5469
515-213-7121 Fax


January 30, 2004

Re: 2003 Annual Certification

We hereby certify to the best of our knowledge and belief that for the calendar
year of 2003:

1. All real estate taxes, bonds assessments and other lienable items have been
paid.

2. All FHA mortgage insurance, private mortgage insurance premiums, and flood
insurance have been paid (if applicable).

3. Hazard insurance policies held by us meet the requirements as specified in
the servicing agreement, or those of a normal prudent lender if not specified,
and those premiums due have been paid.

4. We have made all property inspections as required.

5. Fidelity bond and Errors and Omissions insurance coverage currently exists.

6. That the Officer signing this certificate has reviewed the activities and
performance of the Servicer during the preceding fiscal year under the terms of
the Servicing Agreement, Trust Agreement, Pooling and Servicing Agreement and/or
Seller/Servicer Guide or similar agreements and to the best of this officer's
knowledge, the Servicer has fulfilled all of its duties, responsibilities or
obligations of such agreement throughout the year, or if there has been a
default or failure of the servicer to perform any of such duties, responsibility
or obligations, a description of each default or failure and the nature and
status thereof has been reported.

Sincerely,

/s/ John B. Brown
John B. Brown
Vice President
Wells Fargo Home Mortgage Inc.






  Ex-99.4
   Schedule of Year-To-Date Principal and Interest Distributions to
   Certificateholders


   <TABLE>

   Class                              Interest             Principal               Losses             Ending Balance
   
                       <c>                    <c>                  <c>                 <c>
   B-1                              309,907.10             64,065.39                 0.00               8,910,734.60
   B-2                              247,927.75             51,252.76                 0.00               7,128,647.25
   B-3                              170,447.51             35,235.70                 0.00               4,900,864.32
   B-4                               77,476.79             16,016.36                 0.00               2,227,683.65
   B-5                               46,488.83              9,610.39                 0.00               1,336,689.62
   B-6                               61,986.53             12,814.66                 0.00               1,782,293.96
   I-A-1                             96,360.89          2,071,344.00                 0.00               2,938,356.00
   I-A-2                            751,214.06         13,024,200.27                 0.00              18,475,799.73
   II-A-1                           589,788.36         10,228,652.29                 0.00              14,771,347.71
   II-A-2                         3,272,284.94         57,689,598.94                 0.00              83,310,401.07
   II-A-3                           702,810.95         12,274,382.76                 0.00              17,725,617.25
   II-A-4                         1,065,667.76         22,551,027.87                 0.00              32,566,272.12
   III-A-1                        5,779,371.22         68,269,037.09                 0.00             124,601,962.92
   III-A-2                        3,922,134.99         52,917,343.94                 0.00              96,582,656.06
   III-A-3                        3,577,703.33         54,068,287.35                 0.00              98,683,312.67
   III-X-A-2                        557,626.09                  0.00                 0.00                       0.00
   III-X-A-3                        999,491.79                  0.00                 0.00                       0.00
   II-X-A-1                         115,563.09                  0.00                 0.00                       0.00
   II-X-A-2                         705,897.21                  0.00                 0.00                       0.00
   II-X-A-3                         143,610.80                  0.00                 0.00                       0.00
   II-X-A-4                         489,414.94                  0.00                 0.00                       0.00
   IV-A-1                         2,753,125.96         31,088,383.35                 0.00              57,166,916.65
   I-X-A-1                           23,110.79                  0.00                 0.00                       0.00
   R-I                                    0.38                100.00                 0.00                       0.00
   R-II                                   0.19                 50.00                 0.00                       0.00
   R-III                                  0.19                 50.00                 0.00                       0.00
   </TABLE>