Form 8-K

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EeRAZFteU8pH25ONnGoj/XKZn5p96SlMK34T10ELeBRgEZMA/QpG/kVH3NOczJA1 +DVuigT5djr5vth+YmBFMQ== 0001162318-03-000498.txt : 20031121 0001162318-03-000498.hdr.sgml : 20031121 20031121090036 ACCESSION NUMBER: 0001162318-03-000498 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20031121 ITEM INFORMATION: Other events FILED AS OF DATE: 20031121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEQUOIA RESIDENTIAL FUNDING INC CENTRAL INDEX KEY: 0001176320 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 352170972 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-90772-01 FILM NUMBER: 031016698 BUSINESS ADDRESS: STREET 1: 591 REDWOOD HWY STREET 2: SUITE 3160 CITY: MILL VALLEY STATE: CA ZIP: 94941 BUSINESS PHONE: 4153897373 MAIL ADDRESS: STREET 1: 591 REDWOOD HWY STREET 2: SUITE 3160 CITY: MILL VALLEY STATE: CA ZIP: 94941 8-K 1 f224362form8k.htm FORM 8-K Form 8-K

_________________________________________________

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES AND EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported)

November 20, 2003

Sequoia Residential Funding, Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware

333-103634

35-2170972

(State or Other Jurisdiction

Of Incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

591 Redwood Highway
Suite 3160

Mill Valley, California

94941

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code: (415) 381-1765

No Change

(Former Name or Former Address, if Changed Since Last Report)

Item 5. Other Events.

In connection with the offering of the Sequoia Mortgage Trust 2003-7 Mortgage Pass-Through Certificates (the “Certificates”), Greenwich Capital Markets, Inc., as representative (the “Representative”) of the underwriters of the Certificates, has prepared certain materials (the “Computational Materials”) for distribution to its potential investors. Although Sequoia Residential Funding, Inc. provided the Representative with certain information regarding the characteristics of the mortgage loans in the related portfolio, it did not participate in the preparation of the Computational Materials.

For purposes of this Form 8-K, “Computational Materials” shall mean computer generated tables and/or charts displaying, with respect to the Certificates, any of the following: yield; average life; duration; expected maturity; interest rate sensitivity; loss sensitivity; cash flow characteristics; background information regarding the loans; the proposed structure; decrement tables; or similar information (tabular or otherwise) of a statistical, mathematical, tabular or computational nature. The Computational Materials are attached hereto as Exhibit 99.1.

Item 7. Financial Statements; Pro Forma Financial Information and Exhibits.

(a)

Not applicable.

(b)

Not applicable.

(c)

Exhibits:

99.1

Computational Materials.

SIGNATURES

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.

SEQUOIA RESIDENTIAL FUNDING, INC.

By: /s/ John H. Isbrandtsen
Name: John H. Isbrandtsen
Title: Vice President

Dated: November 21, 2003

EXHIBIT INDEX

Exhibit No.

Description

Page No.

99.1

Computational Materials

Exhibit 99.1 Computational Material (P)

EX-99 3 seq037invcollstrat2.htm EXHIBIT 99.1 COMPUTATIONAL MATERIALS Preliminary Term Sheet

This information is furnished to you solely by Greenwich Capita Markets, Inc. and not by the issuer of the securities or any of its affiliates. Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the issuer or its affiliates in connection with the proposed transaction.

This Preliminary Term Sheet is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All amounts are approximate and subject to change. The information contained herein supersedes information contained in any prior term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in term sheets circulated after the date hereof and by information contained in the Prospectus and Prospectus Supplement for this transaction. An offering may be made only through the delivery of the Prospectus and Prospectus Supplement.

Preliminary Term Sheet

Date Prepared: November 12, 2003

Sequoia Mortgage Trust 2003-7

Mortgage Pass-Through Certificates

$725,975,212 (Approximate, Subject to Final Collateral)

Publicly Offered Certificates

Adjustable Rate Residential Mortgage Loans

Class	Principal Balance (1)	WAL (Yrs) (Call/Mat)	Pymt Window (-) (Mths) (Call/Mat)(-)	Certificate Interest Rates	Tranche Type	Expected Ratings S&P/Moody's/Fitch
A-1	$347,561,000	3.84/4.19	1-117 / 1-359	Floater	Senior	AAA/Aaa/AAA
A-2	$347,560,000	3.83/4.18	1-117 / 1-359	Floater	Senior	AAA/Aaa/AAA
X-1	$14,518,000			N/A	Senior/ NAS I0	AAA/Aaa/AAA
		Information Not Provided Herein
X-2	$695,120,000			N/A	Senior/ 10	AAA/Aaa/AAA
X-B	$14,518,000			N/A	Senior/ 10	AAA/Aaa/AAA
A-R	$100				Senior	AAA/Aaa/AAA
B-1	$14,518,000	6.54/7.28	39-117 / 39-359	Floater	Subordinate	AA/Aa2/AA
B-2	$5,806,000			N/A	Subordinate	A/A2/A
B-3	$4,354,000			N/A	Subordinate	BBB/Baa2/BBB
B-4	$2,176,000			N/A	Subordinate	BB/Ba2/BB
B-5	$1,450,000	Information Not Provided Herein		N/A	Subordinate	B/B2/B
B-6	$2,550,112			N/A	Subordinate	NR/NR/NR
Total	$725,975,212

The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein.

The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

Sequoia 2003-7

	# of Loans	Balance	Avg. Balance	% of group balance	WAC	WARM
TOTAL	2122	725,975,211.85	342,118.38	100%	2.96057	351
BALANCE 700,000.00. 799,999.99	59	44,069,582.28	746,942.07	6.1%	3.02485	355
BALANCE 800,000.00. 899,999.99	39	32,349,778.26	829,481.49	4.5%	2.95263	354
BALANCE 900,000.00. 999,999.99	43	41,388,148.62	962,515.08	5.7%	2.85945	349
BALANCE 1,000,000.00-1,099,999.9	11	11,067,923.24	1,006,174.84	1.5%	3.16864	348
BALANCE 1,200,000.00- 1,299,999.	8	9,900,500.00	1,237,562.50	1.4%	2,98342	329
BALANCE 1,300,000.00- 1,399,999.	5	6,820,911.36	1,364,182.27	0.9%	3.15139	348
BALANCE 1,400,000.00- 1,499,999.	1	1,440,000.00	1,440,000.00	0.2%	2.62500	299
BALANCE 1,500,000.00- 1,599,999.	2	3,020,000.00	1,510,000.00	0.4%	2.87334	329
BALANCE 1,600,000.00- 1,699,999.	5	8,194,000.00	1,638,800.00	1.1%	3.07814	323
BALANCE 1,700,000.00- 1,799,999.	1	1,700,000.00	1,700,000.00	0.2%	3.50000	358
BALANCE 1,800,000.00- 1,899,999.	_	3,729,27990	1,864,639.95	0.5%	2.93897	328
BALANCE 2,000,000.00- 2,099,999.	4	8,000,000.00	2,000,000.00	1.1%	2.90625	298
BALANCE 2,099,999.99- AND UP	1	2,900,000.00	2,900,000.00	0.4%	3.12500	299
F1CO 600-619	5	2,849,800.00	569,960.00	0.4%	2.85769	313
F1CO 620-639	8	4,299,449.98	537,431.25	0.6%	2.81896	329
F1CO 640-659	47	13,556,129.62	288,428.29	1.9%	2.98450	343
F1CO 660-679	172	59,234,662.09	344,382.60	8.2%	3.01144	353
F1CO 680-699	270	93,571,101.57	346,559.64	12.9%	3.00129	351
LTV 080.00	423	142,292,814.18	336,389.63	19.6%	2.89534	347
LTV 080.00-84.99	20	3,774,455.97	188,722.80	0.5%	3.00065	359
LTV 085.00-89.99	31	6,294,210.71	203,039.06	0.9%	2.92664	352
LTV 090.00-94.99	41	8,988,435.78	219,230.14	1.2%	3.12267	357
LTV x 95	45	9,355,402.61	207,892.84	1.3%	3.02688	341
Investor	49	9,785,837.07	199,710.96	1.4%	3.05176	337
Second Home	140	48,422,834.06	345,87739	6.7%	1.97296	335

	FICO	OLTV	Eff LTV	Adj Eff LTV (with MI)	DTI	% of Full Doc	of Primary Owner	% Single Family	% of 10 loans %	Cashout
TOTAL	732	68.85	68.68	67.84	28.71	61.0	92.0	61.6	100.0	27.1
BALANCE 700,000.00. 799,999.99	724	69.79	69.19	69.19	28.60	69.6	93.3	62.9	100.0	20.3
BALANCE 800,000.00. 899,999.99	726	67.74	66.97	66.97	27.43	58.9	97.5	61.3	100.0	20.9
BALANCE 900,000.00. 999,999.99	739	61.63	61.63	61.63	27.98	48.3	929	74.9	100.0	13.7
BALANCE 1,000,000.00-1,099,999.!	721	57.92	57.92	57.92	21.71	36.1	91.0	63.9	100.0	27.1
BALANCE 1,200,000.00- 1,299,999.	709	64.29	64.29	64.29	26.31	24.4	75.0	49.6	100.0	25.2
BALANCE 1,300,000.00- 1,399,999.	733	65.08	65.08	65.08	26.42	40.2	79.7	80.1	100.0	19.4
BALANCE 1,400,000.00- 1,499,999.	766	80.00	80.00	80.00	20.00	0.0	100.0	100.0	100.0	100.0
BALANCE 1,500,000.00- 1,599,999.	754	68.01	68.01	68.01	34.05	49.7	100.0	100.0	100.0	0.0
BALANCE 1,600,000.00- 1,699,999.	688	73.49	73.49	73.49	23.59	40.0	79.3	60.0	100.0	0.0
BALANCE 1,700,000.00- 1,799,999.	736	47.22	47.22	47.22	14.00	100.0	100.0	100.0	100.0	0.0
BALANCE 1,800,000.00- 1,899,999.	732	71.39	71.39	71.39	25.88	50.4	50.4	100.0	100.0	0.0
BALANCE 2,000,000.00- 2,099,999.	757	60.97	60.97	60.97	16.00	0.0	75.0	25.0	100.0	50.0
BALANCE 2,099,999.99- AND UP	700	66.67	66.67	66.67	53.00	0.0	100.0	100.0	100.0	0.0
F1CO 600-619	607	49.83	40.57	38.82	32.68	23.6	100.0	50.3	100.0	51.8
F1CO 620-639	629	67.30	67.30	66.36	24.95	51.3	96.9	85.6	100.0	8.4
F1CO 640-659	653	73.19	73.19	72.50	32.66	62.8	91.0	60.4	100.0	21.2
F1CO 660-679	670	68.74	68.74	67.47	30.50	56.6	94.1	62.3	100.0	33.5
F1CO 680-699	689	71.21	71.11	69.94	31.12	53.0	92.1	57.9	100.0	26.6
LTV 080.00	730	80.00	80.00	80.00	30.22	72.4	90.7	59.3	100.0	9.9
LTV 080.00-84.99	724	83.80	83.80	71.62	29.21	93.8	85.5	64.4	100.0	0.0
LTV 085.00-89.99	703	87.76	8357	61.22	32.90	88.9	98.6	55.4	100.0	0.0
LTV 090.00-94.99	718	9218	91.50	66.54	31.10	94.3	100.0	50.1	100.0	0.0
LTV >= 95	721	96.48	87.04	65.78	32.61	69.9	84.7	55.2	100.0	1.3
Investor	736	62.34	60.79	60.79	29.73	63.8	0.0	36.4	100.0	13.4
Second Home	738	66.53	65.87	65.70	27.10	41.9	0.0	52.3	100.0	15.3

Sequoia 2003-7

	# of Loans	Balance	Avg. Balance	% of group balance	WAC	WARM	FICO
TOTAL	2122	725,975,211.85	342,118.38	100%	2.96057	351	732
I/0 Loans	2122	725,975,211.85	342,118.38	100.0%	2.96057	351	732

ALTERNATIVE	122	59,539,639.64	488,029.83	8.2%	2.81720	298	717
ASSET, NO INCOME	1	489,976.04	489,976.04	0.1%	3.12500	298	768
FULL	1417	442,741,211.27	312,449.69	61.0%	2.94051	359	735
LIMITED DOC	483	190,266,180.36	393,925.84	26.2%	3.09444	359	727
LITE DOC	77	27,195,340.92	353,186.25	3.8%	2.69654	299	743
NO RATIO	22	5,742,863.62	261,039.26	0.8%	2.79420	298	754
Cash Out Refi	598	196,505,960.17	328,605.28	27.1%	2.99413	350	731
Rate/Term Refi	977	311,170,286.86	318,495.69	42.9%	2.95787	353	728
2-4 UNITS	16	5,744,172.40	359,010.78	0.8%	1.20090	347	718
CONDO	204	64,660,616.15	316,963.80	8.9%	2.97809	345	735
	198	68,476,812.48	345,842.49	94%	2.97670	346	718
DTI 0-9.99	51	21,211,976.89	415,92.12	2.9%	2.86939	334	764
DTI 10-14.99	129	45,105,615.25	349,655.93	6.2%	2.97871	348	740
DTI 15-19.99	203	62,498,883.69	307,876.27	8.6%	2.94415	349	742
DTI 20-24.99	307	108,662,246.91	353,948.69	15.0%	2.96254	354	737
DTI 25-29.99	376	127,078,103.92	337,973.68	17.5%	2.97954	354	732
DTI 30-34.99	398	137,365,242.37	345,138.80	18.9%	2.96251	354	730
DTI 35-00	441	149,974,832.64	340,078.99	20.7%	2.95676	353	724
DTI UNAVAILABLE	19	5,601,497.70	294,815.67	0.8%	2.73165	298	751
GEORGIA LOANS	119	36,723,776.51	308,603.16	5.1%	2.91395	356	732
ORIG BALANCE > 1M	30	46,772,614.50	1,559,087.15	6.4%	3.01470	323	726
EFFLTV 080.00	423	142,292,814.18	336,389.63	19.6%	2.89534	347	730
EFFLTV 080.00-84.99	20	3,774,455.97	188,722.80	0.5%	3.00065	359	724
EFFLTV 085.00-89.99	30	5,594,210.71	186,473.69	0.8%	2.96438	359	713
EFFLTV 090.00-94.99	40	8,682,435.78	217,060.89	1.2%	3.13580	359	719
EFFLTV >= 95	36	6,539,656.88	181,657.14	0.9%	3.12807	359	717
PMILTV 080.00	423	142,292,814.18	336,389.63	19.6%	2.89534	347	730
PMILTV 090.00-94.99	1	800,000.00	800,000.00	0.1%	3.12500	360	680

	OLTV	Eff LTV	Adj Eff LTV with MI	DTI	% of Full Doc	% of Primary Owner	% Single Family	% of I0 loans %	% Cashout
TOTAL	68.85	68.68	67.84	28.71	61.0	92.0	61.6	100.0	27.1
1/0 Loans	68.85	68.68	67.84	28.71	61.0	92.0	61.6	100.0	27.1
ALTERNATIVE	68.89	67.55	62.55	28.11	0.0	76.6	67.4	100.0	31.5
ASSET, NO INCOME	67.12	67.12	67.12	32.00	0.0	0.0	100.0	100.0	100.0
FULL	70.88	70.88	69.53	28.73	100.0	93.9	60.8	100.0	24.0
LIMITED DOC	64.44	64.44	69.40	29.21	0.0	95.6	63.0	100.0	31.7
LITE DOC	71.40	69.88	69.88	25.99	0.0	70.8	51.3	100.0	33.3
NO RATIO	45.75	45.75	45.75	30.74	0.0	91.8	53.2	100.0	25.6
Cash Out Refi	64.32	64.30	64.30	28.20	54.2	95.6	69.8	100.0	100.0
Rate/Term Refi	62.03	66.92	65.91	28.67	62.6	93.9	59.8	100.0	0.0
2-4 UNITS	68.56	68.56	68.56	30.35	30.3	83.1	0.0	100.0	15.5
CONDO	69.93	69.35	68.61	28.36	53.0	74.7	0.0	100.0	21.1
	72.43	71.85	70.28	44.85	62.5	88.0	63.4	100.0	20.0
DTI 0-9.99	59.22	59.04	58.97	6.30	49.3	73.1	61.3	100.0	20.6
DTI 10-14.99	64.93	64.93	64.43	12.27	62.4	87.4	65.4	100.0	24.6
DTI 15-19.99	68.47	68.44	68.16	17.28	66.8	93.7	63.1	100.0	30.8
DTI 20-24.99	69.54	69.26	68.21	22.11	62.8	95.3	63.9	100.0	27.1
DTI 25-29.99	68.42	68.12	67.43	22.06	61.5	91.3	64.8	100.0	30.8
DTI 30-34.99	68.98	68.98	68.17	32.06	58.1	95.5	58.3	100.0	30.4
DTI 35-00	70.22	70.18	69.18	37.35	62.3	92.3	57.1	100.0	24.0
DTI UNAVAILABLE	53.82	53.82	53.82	0.00	0.0	85.5	72.6	100.0	34.5

GEORGIA LOANS	73.18	73.18	72.23	28.92	74.7	94.1	48.3	100.0	18.1
ORIG BALANCE > 1M	66.62	66.62	66.62	25.38	28.9	79.9	66.6	100.0	19.8
EFFLTV 080.00	80.00	80.00	80.00	30.22	72.4	90.7	59.3	100.0	9.9
EFFLTV 080.00-84.99	83.80	83.80	71.62	29.21	93.8	85.5	64.4	100.0	0.0
EFFLTV 085.00-89.99	87.77	87.77	62.62	31.89	100.0	98.4	49.8	100.0	0.0
EFFLTV 090.00-94.99	92.26	92.26	66.41	31.49	97.7	100.0	48.4	100.0	0.0
EFFLTV >= 95	95.00	95.00	64.59	33.74	100.0	100.0	72.3	100.0	0.0
PMILTV 080.00	80.00	80.00	80.00	30.22	72.4	90.7	59.3	100.0	9.9
PMILTV 090.00-94.99	91.43	91.43	91.43	42.00	100.0	100.0	0.0	100.0	0.0

EX-99 4 sequoiainv2strats.htm EXHIBIT 99.1 COMPUTATIONAL MATERIALS Preliminary Term Sheet

Preliminary Term Sheet

Date Prepared: November 12, 2003

Sequoia Mortgage Trust 2003-7

Mortgage Pass-Through Certificates

$725,975,212 (Approximate, Subject to Final Collateral)

Publicly Offered Certificates

Adjustable Rate Residential Mortgage Loans

Class	Principal Balance (1)	WAL (Yrs) (Call/Mat)	Pymt Window (-) (Mths) (Call/Mat)(-)	Certificate Interest Rates	Tranche Type	Expected Ratings S&P/Moody's/Fitch
A-1	$347,561,000	3.84/4.19	1-117 / 1-359	Floater	Senior	AAA/Aaa/AAA
A-2	$347,560,000	3.83/4.18	1-117 / 1-359	Floater	Senior	AAA/Aaa/AAA
X-1	$14,518,000			N/A	Senior/ NAS I0	AAA/Aaa/AAA
		Information Not Provided Herein
X-2	$695,120,000			N/A	Senior/ I0	AAA/Aaa/AAA
X-B	$14,518,000			N/A	Senior/ I0	AAA/Aaa/AAA
A-R	$100				Senior	AAA/Aaa/AAA
B-1	$14,518,000	6.54/7.28	39-117 / 39-359	Floater	Subordinate	AA/Aa2/AA
B-2	$5,806,000			N/A	Subordinate	A/A2/A
B-3	$4,354,000			N/A	Subordinate	BBB/Baa2/BBB
B-4	$2,176,000			N/A	Subordinate	BB/Ba2/BB
B-5	$1,450,000	Information Not Provided Herein		N/A	Subordinate	B/B2/B
B-6	$2,550,112			N/A	Subordinate	NR/NR/NR
Total	$725,975,212

Sequoia 2003-7

Current Principal		WA Effective
Balance	WA FICO	LTV	WA LTV
700K-800K	724	69.19	69.79
800K-900K	726	66.97	67.74
900K-1M	734	60.45	60.45


	WA FICO
Effective LTV 70-80	730
LTV 70 – 80	730


	WA Effective
	LTV	WA LTV
FICO 600-619	40.57	49.83
FICO 629-639	67.30	67.30
FICO 640-659	73.19	73.19




	Current Principal Balance	Loan Count	% by Current Principal Balance
CA-NORTH	$ 153,098,268.75	343	21%
CA-SOUTH	$ 111,080,493.55	253	15%
OUTSIDE CA	$ 461,796,449.55	1526	64%

EX-99 5 sequoiamortgagetrust20037.htm EXHIBIT 99.1 COMPUTATIONAL MATERIALS Computational Materials

This information is furnished to you solely by Greenwich Capita Markets, Inc. and not by the issuer of the securities or any of its affiliates. Greenwich Capital Markets,Inc. is acting as Underwriter and not acting as Agent for the issuer or its affiliates in connection with the proposed transaction.

Preliminary Term Sheet

Date Prepared: November 12, 2003

Sequoia Mortgage Trust 2003-7

Mortgage Pass-Through Certificates

$725,975,212 (Approximate, Subject to Final Collateral)

Publicly Offered Certificates

Adjustable Rate Residential Mortgage Loans

Class	Principal Balance (1)	WAL (Yrs) Call/Mat) (2)	Pymt Window (Mths) (Call/Mat)(2)	Certificate Interest Rates	Tranche Type	Expected Ratings S&P/Moody's/Fitch
A-1	$347,561,000	3.84/4.19	1-117 / 1-359	Floater	Senior	AAA/Aaa/AAA
A-2	$347,560,000	3.83/4.18	1-117 / 1-359	Floater	Senior	AAA/Aaa/AAA
X-1	$14,518,000			N/A	Senior/ NAS 10	AAA/Aaa/AAA
		Information Not Provided Herein
X-2	$695,120,000			N/A	Senior/ 10	AAA/Aaa/AAA
X-B	$14,518,000			N/A	Senior/ 10	AAA/Aaa/AAA
A-R	$100				Senior	AAA/Aaa/AAA
B-1	$14,518,000	6.54/7.28	39-117 / 39-359	Floater	Subordinate	AA/Aa2/AA
B-2	$5,806,000			N/A	Subordinate	A/A2/A
B-3	$4,354,000			N/A	Subordinate	BBB/Baa2/BBB
B-4	$2,176,000			N/A	Subordinate	BB/Ba2/BB
B-5	$1,450,000	Information Not Provided Herein		N/A	Subordinate	B/B2/B
B-6	$2,550,112			N/A	Subordinate	NR/NRINR
Total	$725,975,212

[sequoiamortgagetrust20037002.jpg]

This information is furnished to you solely by Greenwich Capital Markets, Inc. and not by the issuer of the securities or any of its affiliates. Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the issuer or its affiliates in connection with the proposed transaction.

(1)

Distributions on the Class A-1 Certificates will be primarily derived from one-month and six-month LIBOR adjustable rate mortgage loans (Group 1 Mortgage Loans, as described herein). Distributions on the Class A-2 Certificates will be primarily derived from six-month LIBOR adjustable rate mortgage loans (Group 2 Mortgage Loans, as described herein). Distributions on the Subordinate Certificates (as described herein) will be primarily derived from all Mortgage Loans (as described herein). Class sizes are subject to final collateral and rating agency approval and are subject to a +/-10% variance.

(2)

The WAL and Payment Windows to Call for the Class A-1, Class A-2, and Class B-1 Certificates are shown to the Clean-Up Call Date and to maturity (as described herein).

(3)

The Class A-1 and Class A-2 Certificates will have a coupon equal to the lesser of (i) One-Month LIBOR and Six-Month LIBOR, respectively, plus a related margin (which margin doubles after the Clean-Up Call Date), (ii) the related Net WAC Cap and (iii) 11.50%. In the case of the Class A-2 Certificates, Six-Month LIBOR will reset every 6 months beginning with the first Distribution Date in December 2003.

(4)

The Class B-1 will have a coupon equal to the lesser of (i) One-Month LIBOR plus a margin (which margin is multiplied by 1.5 after the Clean-Up Call Date), (ii) the related Net WAC Cap and (iii) 11.50%.

(5)

Balances shown with respect to the Class X-1, Class X-2, and Class X-B Certificates are notional balances. Such classes are interest-only certificates and will not be entitled to distributions of principal.

(6)

The Class X-1 Certificates will consist of two components each of which is related to a group of mortgage loans. The notional amount of Class X-1 Certificate for any Distribution Date is the sum of the lesser of (x) the notional amount of one component set out for such date on the related notional amount schedule herein and (y) the class principal amounts of the Class A-1 or Class A-2 Certificates, as applicable, to such distribution date. Beginning on the Distribution Date in [-J, the notional amount of the Class X-1 Certificates will be zero. The interest rate on each of the two components of the Class X-1 Certificates will be the lesser of (x) [-]% and (y) the excess, if any, of (i) the weighted average of the interest rates of the mortgage loans in the pool related to such component over (ii) the interest rate for the Class A-1 or Class A-2 Certificates, as applicable. Distributions on the Class X-1 Certificates in respect to such components will be subject to certain limitations in connection with Net WAC Shortfalls of the Class A Certificates, and as otherwise described herein. No principal will be distributed on the X-1 Certificates.

(7)

The Class X-2 Certificates will consist of two components each of which is related to a group of mortgage loans.The notional amount of the Class X-2 Certificate for any Distribution Date is the principal amounts of the Class A-1 and Class A-2 Certificates immediately prior to such distribution date. The interest rate on each of the two components of the Class X2 Certificates will be equal to weighted average of the interest rates of the mortgage loans in the pool related to such component less interest distributed to such component's related Class A Certificate and Class X-1 component. Distributions on the Class X-2 Certificate in respect to such components will be subject to certain limitations in connection with Net WAC Shortfalls of the Class A Certificates, and as otherwise describ ed herein.

No principal will be distributed on the X-2 Certificates.

(8)

The notional amount of the Class X-B for any distribution date is equal to the principal amount of the Class B-1 Certificate immediately prior to such distribution date. The interest rate on the Class X-B Certificate will be equal to the weighted average of the interest rates of the mortgage loans in the pool less interest distributed to the Class B-1 Certificate. Distributions on the Class X-B Certificate will be subject to certain limitations in connection with Net WAC Shortfalls of the Class B-1 Certificate, and as otherwise described herein. No principal will be distributed on the X-B Certificates.

Depositor:

Sequoia Residential Funding, Inc.

Co-Lead Managers:

Greenwich Capital Markets, Inc and Merrill Lynch, Pierce, Fenner & Smith Incorporated.

Co-Managers:

Banc of America Securities LLC and Morgan Stanley.

Master Servicer/

Securities Administrator:

Wells Fargo Bank Minnesota, National Association.

Trustee:

HSBC Bank USA.

Custodian:

Deutsche Bank National Trust Company.

Rating Agencies:

S&P, Moody's and Fitch will rate the Offered Certificates. It is expected that the Certificates will be assigned the credit ratings on page 1 of this Preliminary Term Sheet.

Cut-off Date:

November 1, 2003.

Pricing Date:

On or about November 14, 2002.

Closing Date:

On or about November 25, 2002.

Distribution Date:

The 20th day of each month (or if not a business day, the next succeeding business day), commencing in December 2003.

Certificates:

The "Senior Certificates" will consist of the Class A-1, Class A-2 (together, the "Class A Certificates"), Class X-1, Class X-2, Class X-B (together, the "Class X Certificates") and Class A-R Certificates. The "Subordinate Certificates" will consist of the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates. The Senior Certificates and the Subordinate Certificates are collectively referred to herein as the "Certificates". The Class A and Class B-1 Certificates (collectively, the "Offered Certificates") are being offered publicly.

Accrued Interest:

The Class A and Class B-1 Certificates will settle flat.

Accrual Period:

The interest accrual period (the `Accrual Period") with respect to the Class A and Class B-1 Certificates for a given Distribution Date will be the period beginning on the 20th day of the month (or, in the case of the first Distribution Date, the Closing Date) and ending on the 19th day of the month (on a 30/360 basis), and with respect to the Class X Certificates for a given Distribution Date will be the calendar month preceding the month in which such Distribution Date occurs (on a [30/360] basis).

Registration:

The Offered Certificates will be made available in book-entry form through DTC, and upon request only, through Clearstream, Luxembourg and Euroclear system.

Federal Tax Treatment:

It is anticipated that the Offered Certificates will represent ownership of REMIC regular interests for tax purposes.

ERISA Eligibility:

The Offered Certificates are expected to be ERISA eligible. Prospective investors should review with their legal advisors whether the purchase and holding of any of the Offered Certificates could give rise to a transaction prohibited or not otherwise permissible under ERISA or other similar laws.

SMMEA Treatment:

The Senior Certificates and the Class B-1 Certificates are expected to constitute "mortgage related securities" for purposes of SMMEA.

Optional Redemption:

The terms of the transaction allow for the certificates to be redeemed and/or retired once the aggregate principal balance of the Mortgage Loans is equal to 20% or less of the sum of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date (the "Optional Call Date").

Clean-Up Call:

The terms of the transaction allow for a termination of the trust and retirement of the Certificates once the aggregate principal balance of the Mortgage Loans is equal to 10% or less of aggregate principal balance of the Mortgage Loans as of the Cut-off Date (the "Clean-Up Call Date").

Pricing Prepayment

Speed:

The Offered Certificates will be priced to a prepayment speed of 20% CPR.

Mortgage Loans:

The trust will consist of 2 groups, with an aggregate principal balance as of the Cut-off Date of approximately $725,975,212, of adjustable rate, prime quality mortgage loans secured by first liens on one- to four-family residential properties (the "Mortgage Loans"). As of the Cut-off Date, approximately 88.47% and 11.53% of the Mortgage Loans are six-month LIBOR and one-month LIBOR indexed mortgage loans, respectively. Substantially all of the Mortgage Loans have original terms to maturity of approximately 25 or 30 years. As of the Cut-off Date, approximately 87.11% and 12.89% of the Mortgage Loans are scheduled to pay interest only for the first 5 years and 10 years, respectively. In each case, after such 5-year or 10-year interest-only term, the mortgage loans are sch eduled to amortize on a 25-year or 15-year fully amortizing basis, respectively.

Group 1

Mortgage Loans:

The Group 1 Mortgage Loans have an aggregate principal balance as of the Cut-off Date of approximately $362,988,095, which equals approximately 50.00% of the Mortgage Loans.

As of the Cut-off Date, approximately 76.93% and 23.07% of the Group 1 Mortgage Loans are sixmonth LIBOR and one-month LIBOR indexed Mortgage Loans, respectively and approximately 81.24% and 18.76% of the Group 1 Mortgage Loans are scheduled to pay interest only for the first 5 years and 10 years, respectively.

Group 2

Mortgage Loans:

The Group 2 Mortgage Loans have an aggregate principal balance as of the Cut-off Date of approximately $362,987,117, which equals approximately 50.00% of the Mortgage Loans.

All of the Group 2 Mortgage Loans are six-month LIBOR indexed Mortgage Loans. As of the Cut-off Date, approximately 92.98% and 7.03% of the Group 2 Mortgage Loans are scheduled to pay interest only for the first 5 years and 10 years, respectively.

Net WAC Cap:

In the case of the Class A Certificates, the weighted average of the net mortgage rates for the Mortgage Loans in the related Group; in the case of the Class B-1 Certificates, the weighted average of the net mortgage rates for the Mortgage Loans in both Groups, weighted on the basis of the relative related subordinate component.

The Class A Certificates will have a Certificate Interest Rate equal to the lesser of (i) the applicable LIBOR plus the related margin, (ii) the related Net WAC Cap and (iii) 11.50%.

The Class B-1 Certificates will have a Certificate Interest Rate equal to the lesser of (i) one-month LIBOR plus the related margin, (ii) the related Net WAC Cap and (iii) 11.50%.

If on any Distribution Date, the Certificate Interest Rate of either of the Class A Certificates is subject to the related Net WAC Cap, such Certificates will, to the extent described below, be entitled to payment of an amount equal to the sum of (i) the excess of (a) interest accrued at the respective Certificate Interest Rate (without giving effect to the related Net WAC Cap) over (b) the amount of interest received on such Certificates based on the related Net WAC Cap, plus (ii) the unpaid portion of any such excess from previous Distribution Dates (and any interest thereon at the then applicable Certificate Interest Rate without giving effect to the related Net WAC Cap) (a "Class A Net WAC Shortfall") from related amounts on deposit in the Reserve Fund.

If on any Distribution Date, the Certificate Interest Rate of the Class B-1 Certificates is subject to the related Net WAC Cap, such Certificates will, to the extent described below, be entitled to payment of an amount equal to the sum of (i) the excess of the (a) interest accrued at the respective Certificate Interest Rate (without giving effect to the Net WAC Cap) over (b) the amount of interest received on such Certificates based on the Net WAC Cap, plus (ii) the unpaid portion of any such excess from previous Distribution Dates (and any interest thereon at the then applicable Certificate Interest Rate without giving effect to the related Net WAC Cap) (a "Class B-l Net WAC Shortfall") from related amounts on deposit in the Reserve Fund.

The "Net WAC Shortfall" is the sum to the Class A Net WAC Shortfall and the Class B-1 Net WAC Shortfall amounts.

Reserve Fund:

As of the Closing Date, the "Reserve Fund" will be established on behalf of the LIBOR Certificates. The Reserve Fund will be funded by an initial deposit of funds on the Closing Date, and thereafter, by amounts otherwise distributable to any of the Class X Certificates to the extent of any related Net WAC Shortfall amount for a related Distribution Date. The Reserve Fund will not be an asset of the REMIC. On any Distribution Date, LIBOR Certificates will be entitled to receive payments from the Reserve Fund in an amount equal to the related Net WAC Shortfall amount for such Distribution Date, to the extent available. Any amounts remaining in the Reserve Fund after such distribution will be distributed to the related Class X Certificates.

Credit Enhancement:

Senior/subordinate, shifting interest structure.

Credit enhancement for the Senior Certificates will consist of the subordination of the Subordinate Certificates (total subordination initially 4.25%).

Credit enhancement for the Class B-1 Certificates will consist of the subordination of the Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates (total subordination initially 2.25%).

Shifting Interest:

Until the first Distribution Date occurring after November 2013, the Subordinate Certificates will be locked out from receipt of all principal (unless the Senior Certificates are paid down to zero or the credit enhancement provided by the Subordinate Certificates has doubled prior to such date as described below). After such time and subject to standard collateral performance triggers (as described in the prospectus supplement), the Subordinate Certificates will receive their pro-rata share of scheduled principal and increasing portions of unscheduled principal prepayments.

The prepayment percentages on the Subordinate Certificates are as follows:

December 2003 - November 2013

0% Pro Rata Share

December 2013 - November 2014

30% Pro Rata Share

December 2014 - November 2015

40% Pro Rata Share

December 2015 - November 2016

60% Pro Rata Share

December 2016 - November 2017

80% Pro Rata Share

December 2017 and after

100%Pro Rata Share

Notwithstanding the foregoing, if the credit enhancement provided by the Subordinate Certificates doubles, all principal (scheduled principal and prepayments) will be paid pro-rata between the Senior Certificate (other than the Class X Certificates) and Subordinate Certificates (subject to performance triggers). However, if the credit enhancement provided by the Subordinate Certificates has doubled prior to the Distribution Date in December 2006 (subject to performance triggers), then the Subordinate Certificates will be entitled to only 50% of their pro-rata share of principal (scheduled principal and prepayments).

Any principal not allocated to the Subordinate Certificates will be allocated to the Senior Certificates. In the event the applicable current senior percentage (aggregate principal balance of the Senior Certificates, divided by the aggregate principal balance of the Mortgage Loans) exceeds the initial senior percentage (aggregate principal balance of the Senior Certificates as of the Closing Date, divided by the sum of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date), the Senior Certificates (other than the Class X Certificates) will receive all unscheduled prepayments from the Mortgage Loans, regardless of any prepayment percentages as described above.

Allocation of

Realized Losses:

Any realized losses on the Mortgage Loans will be allocated as follows: first, to the Subordinate Certificates in reverse order of their alpha numerical Class designations, in each case until the respective class principal balance has been reduced to zero; thereafter, to the related Class A Certificates in reduction of their Certificate principal balance.

Certificates Priority of

Distributions:

Available funds from the Mortgage Loans will be distributed in the following order of priority:

With respect to any Distribution Date, available funds from the Mortgage Loans will be distributed in the following order of priority:

Senior Certificates, accrued and unpaid interest at the related Certificate Interest Rate, from the related Mortgage Loans; provided that, to the extent of any Net WAC Shortfall amount for such Distribution Date with respect to each of the LIBOR certificates, the amount of interest otherwise distributable to the related Class X Certificates shall be deposited in the Reserve Fund.

Class A-R Certificates, principal allocable to such class.

Concurrently to the Class A Certificates:

Class A-1 and Class A-2 Certificates, generally based on principal collected on the related Mortgage Loans, until their respective class principal amounts are reduced to zero.*

Class B-1 Certificates, accrued and unpaid interest at the related Certificate Interest Rate.

Class B-1 Certificates, principal allocable to such class.

Class A Certificates, the related Net WAC Shortfall amount, from the Reserve Fund.

Class B-1 Certificates, the related Net WAC Shortfall Amount, from the Reserve Fund.

Class X Certicates, the excess amounts related to each Class X Certificate, from the Reserve Fund.

Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates, in sequential order, accrued and unpaid interest at the related Certificate Interest Rate and the respective shares of principal allocable to such classes.

10)

Class A-R Certificate, any remaining amount.

* In certain limited circumstances described in the prospectus supplement, Senior Certificates may receive principal from the unrelated Mortgage Loan group, to the extent not received from the related Mortgage Loan group.

This information is furnished to you solely by Greenwich Capital Markets, Inc. ("GCM") and not by the issuer of the securities or any of its affiliates. GCM is acting as underwriter and not as agent for the issuer or its affiliates in connection with the proposed transaction.

COMPUTATIONAL MATERIALS DISCLAIMER

The attached tables and other statistical analyses (the "Computational Materials") are privileged and intended for use by the addressee only. These Computational Materials are furnished to you solely by Greenwich Capital Markets, Inc. and not by the issuer of the securities. They may not be provided to any third party other than the addressee's legal, tax, financial and/or accounting advisors for the purposes of evaluating said material.

Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected therein. As such, no assurance can be given as to the Computational Materials' accuracy, appropriateness or completeness in any particular context; nor as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. These Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice.

Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment assumptions, and changes in such prepayment assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments on the underlying assets will occur at rates slower or faster than the rates shown in the attached Computational Materials. Furthermore, unless otherwise provided, the Computational Materials assume no losses on the underlying assets and no interest shortfall. The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the actual underlying assets and the hypothetical underlying assets used in preparing the Computational Materials. The principal amount and designation of any security d escribed in the Computational Materials are subject to change prior to issuance. Neither Greenwich Capital Markets, Inc. nor any of its affiliates makes any representation or warranty as to the actual rate or timing of payments on any of the underlying assets or the payments or yield on the securities.

Although a registration statement (including the Prospectus) relating to the securities discussed in this communication has been filed with the Securities and Exchange Commission and is effective, the final prospectus supplement relating to the securities discussed in this communication has not been filed with Securities and Exchange Commission. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities discussed in this communication in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification of such securities under the securities laws of any such state. Prospective purchasers are referred to the final prospectus supplement relating to the securities discussed in this communication which supersede these Computational Materials and any matter discussed in this communication. Once available, a final prospectus and prospectus supplement may be obtained by contacting the Greenwich Capital Markets, Inc. Trading Desk at (203) 625-6160.

Please be advised that the securities described herein may not be appropriate for all investors. Potential investors must be willing to assume, among other things, market price volatility, prepayment, yield curve and interest rate risks. Investors should make every effort to consider the risks of these securities.

If you have received this communication in error, please notify the sending party immediately by telephone and return the original to such party by mail.

Sensitivity Tables

Class A1 To Call

	12% CPR	15% CPR	20% CPR	25% CPR	30% CPR	40% CPR
WAL (yr)	6.22	5.10	3.84	3.02	2.45	1.72
MDUR (yr)	5.76	4.77	3.64	2.90	2.36	1.67
First Prin Pay	12/20/03	12/20/03	12/20/03	12/20/03	12/20/03	12/20/03
Last Prin Pa	12/20/18	07/20/16	08/20/13	09/20/11	04/20/10	06/20/08

Class A1 To Maturity

	12% CPR	15% CPR	20% CPR	25% CPR	30% CPR	40% CPR
WAL (yr)	6.64	5.50	4.19	3.31	2.69	1.89
MDUR (yr)	6.09	5.10	3.94	3.14	2.58	1.83
First Prin Pay	12/20/03	12/20/03	12/20/03	12/20/03	12/20/03	12/20/03
Last Prin Pa	10/20/33	10/20/33	10/20/33	10/20/33	10/20/33	10/20/33

Class A2 To Call

	12% CPR	15% CPR	20% CPR	25% CPR	30% CPR	40% CPR
WAL (yr)	6.19	5.08	3.83	3.02	2.45	1.72
MDUR (yr)	5.69	4.73	3.62	2.88	2.35	1.67
First Prin Pay	12/20/03	12/20/03	12/20/03	12/20/03	12/20/03	12/20/03
Last Prin Pa	12/20/18	07/20/16	08/20/13	09/20/11	04/20/10	06/20/08

Class A2 To Maturity

	12% CPR	15% CPR	20% CPR	25% CPR	30% CPR	40% CPR
WAL (yr)	6.63	5.49	4.18	3.31	2.69	1.89
MDUR (yr)	6.02	5.04	3.90	3.12	2.56	1.82
First Prin Pay	12/20/03	12/20/03	12/20/03	12/20/03	12/20/03	12/20/03
Last Prin Pa	10/20/33	10/20/33	10/20/33	10/20/33	10/20/33	10/20/33

Class B1 To Call

	12% CPR	15% CPR	20% CPR	25% CPR	30% CPR	40% CPR
WAL (yr)	10.40	8.61	6.54	5.37	4.58	3.46
MDUR (yr)	9.34	7.86	6.09	5.05	4.35	3.32
First Prin Pay	05/20/09	04/20/08	02/20/07	05/20/06	12/20/05	05/20/05
Last Prin Pa	12/20/18	07/20/16	08/20/13	09/20/11	04/20/10	06/20/08

Class B1 To Maturity

	12% CPR	15% CPR	20% CPR	25% CPR	30% CPR	40% CPR
WAL (yr)	11.30	9.46	7.28	6.03	5.21	4.04
MDUR (yr)	9.99	8.50	6.68	5.60	4.88	3.83
First Prin Pay	05/20/09	04/20/08	02/20/07	05/20/06	12/20/05	05/20/05
Last Prin Pa	10/20/33	10/20/33	10/20/33	10/20/33	10/20/33	10/20/33

Class A-1 and Class A-2, and Class B-1 Certificates
Effective Net WAC Cap Schedule*

Assumptions:

20% CPR

To Cleanup Call

1 MO & 6MO LIBOR spike to 20% in month 1

Class A1, A2 & 131 Hard Cap of 11.50%

Distribution Period	Class A1 30-360 Net WAC Cap	Class A2 30-360 Net WAC Cap	Class 131 30-360 Net WAC Cap
0
1	2.56%	2.59%	2.58%
2	4.69%	2.59%	3.64%
3	4.69%	2.59%	3.64%
4	4.69%	2.59%	3.64%
5	5.26%	3.23%	4.24%
6 and After	11.50%	11.50%	11.50%

*The Net WAC Cap is calculated assuming current 1-Month LIBOR or 6-Month LIBOR of 20.00% and is run at the pricing speed of 20% CPR to the clean-up call

The Net WAC Cap= (Class

Sequoia Mortgage Trust 2003-7
Total Collateral - Mortgage Loans
As of the Cut-Off Date

Total Current Balance:	$725,975,212
Number Of Loans:	2,122

			Minimum		Maximum
Average Current Balance:	$342,118		$42,150		$2,900,000
Average Original Balance:	$342,639		$42,150		$2,900,000
WAVG Loan Rate:	2.961	%	1.875	%	3.625	%
WAVG Servicing Fee:	0.375	%	0.375	%	0.375	%
WAVG Net Loan Rate:	2.586	%	1.500	%	3.250	%
WAVG Gross Margin:	1.880	%	1.250	%	3.000	%
WAVG Maximum Loan Rate:	12.002	%	11.625	%	15.125	%
WAVG Periodic Rate Cap:	0.000	%	0.000	%	0.000	%
WAVG First Rate Cap:	0.000	%	0.000	%	0.000	%
WAVG Original LTV:	68.86	%	12.97	%	100.00	%
WAVG Effective LTV:	68.69	%	12.97	%	95.00	%
WAVG Credit Score:	732		602		821
WAVG Original Term:	352	months	300	months	360	months
WAVG Remaining Term:	351	months	297	months	360	months
WAVG Seasoning:	1	months	0	months	6	months
WAVG Next Rate Reset:	4	months	1	months	6	months
WAVG Rate Adj Freq:	5	months	1	months	6	months
WAVG First Rate Adj Freq:	5	months	1	months	6	months
WAVG 10 Original Term:	68	months	60	months	120	months
WAVG 10 Remaining Term:	67	months	54	months	119	months
	36.39 % California, 7.43 % Florida, 5.44 % Arizona, 5.06% Georgia
Top State Concentrations (%):
Maximum Zip Code Concentration	.88% 94507
First Pay Date:			Jun 01, 2003		Dec 01, 2003
Rate Change Date:			Sep 01, 2003		May 01, 2004
Mature Date:			Aug 01, 2028		Nov 01, 2033

Sequoia Mortgage Trust 2003-7
Total Collateral - Mortgage Loans
As of the Cut-Off Date

INDEX:	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
LIBOR 6 M	1,897	642,247,984.70	88.47 %
LIBOR I M	225	83,727,227.15	11.53
Total	2,122	725,975,211.85	100.00 %

DELINQUENCY:

Number of
Mortgage Loans

Principal Balance
Outstanding as of
the Cutoff Date

% of Aggregate
Principal Balance
Outstanding as of
the Cutoff Date

Current

2,122

725,975,211.85

100.00%

Total

2,122

725,975,211.85

100.00%

Sequoia Mortgage Trust 2003-7
Total Collateral - Mortgage Loans
As of the Cut-Off Date

CURRENT BALANCE ($):	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
42,150.00 100,000.00	137	11,258,939.26	1.55 %
100,000.01 - 200,000.00	586	88,102,705.67	12.14
200,000.01 - 300,000.00	474	118,382,682.82	16.31
300,000.01 - 400,000.00	295	103,253,063.22	14.22
400,000.01 - 500,000.00	252	114,372,571.66	15.75
500,000.01 - 600,000.00	116	63,836,246.03	8.79
600,000.01 - 700,000.00	86	55,688,879.53	7.67
700,000.01 - 800,000.00	67	50,969,582.28	7.02
800,000.01 - 900,000.00	30	25,549,778.26	3.52
900,000.00 - 1,000,000.00	49	47,788,148.62	6.58
1,000,000.01 - 1,100,000.00	1	1,067,923.24	0.15
1,100,000.01 - 1,200,000.00	2	2,400,000.00	0.33
1,200,000.01 - 1,300,000.00	6	7,500,500.00	1.03
1,300,000.01 - 1,400,000.00	5	6,820,911.36	0.94
1,400,000.01 - 1,500,000.00	2	2,940,000.00	0.40
1,500,000.01 - 1,600,000.00	3	4,720,000.00	0.65
1,600,000.01 - 1,700,000.00	4	6,694,000.00	0.92
1,800,000.01 - 1,900,000.00	2	3,729,279.90	0.51
1,900,000.01 - 2,000,000.00	4	8,000,000.00	1.10
2,800,000.01 - 2,900,000.00	1	2,900,000.00	0.40
Total	2,122	725,975,211.85	100.00%

LOAN RATE (%):	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
1.875 - 2.000	6	1,581,498.00	0.22%
2.001 - 2.500	181	64,589,628.43	8.90
2.501 - 3.000	1,065	356,187,633.56	49.06
3.001 - 3.500	869	303,311,451.86	41.78
3.501 - 3.625	1	305,000.00	0.04
Total	2,122	725,975,211.85	100.00%

Sequoia Mortgage Trust 2003-7
Total Collateral - Mortgage Loans
As of the Cut-Off Date

GROSS MARGIN (%)	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
1.250	19	5,677,990.97	0.78%
1.375	26	6,845,370.25	0.94
1.500	165	59,492,135.72	8.19
1.625	304	116,444,376.59	16.04
1.750	251	90,026,683.20	12.40
1.875	374	109,991,765.93	15.15
2.000	533	179,719,869.21	24.76
2.125	193	69,233,157.98	9.54
2.250	256	88,434,662.00	12.18
3.000	1	109,200.00	0.02
Total	2,122	725,975,211.85	100.00%

ORIGINAL TERM (Months):	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
300	223	93,597,720.22	12.89%
360	1,899	632,377,491.63	87.11
Total	2,122	725,975,211.85	100.00%

REMAINING TERM (Months):	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
297 -300	223	93,597,720.22	12.89%
349 -354	2	886,971.06	0.12
355 -360	1,897	631,490,520.57	86.99
Total	2,122	725,975,211.85	100.00%

IO REMAINING TERM (Months):	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
54 - 54	2	886,971.06	0.12%
55 - 60	1,897	631,490,520.57	86.99
115 -119	223	93,597,720.22	12.89
Total	2,122	725,975,211.85	100.00%

Sequoia Mortgage Trust 2003-7
Total Collateral - Mortgage Loans
As of the Cut-Off Date

RATE CHANGE DATE:	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
09/01/03	3	1,195,385.53	0.16%
10/01/03	19	5,474,543.89	0.75
11/01/03	177	68,207,468.79	9.40
12/01/03	31	10,496,550.00	1.45
01/01/04	10	5,202,524.29	0.72
01/27/04	1	119,962.40	0.02
02/01/04	37	12,071,046.15	1.66
03/01/04	482	171,787,803.13	23.66
04/01/04	988	318,454,527.67	43.87
05/01/04	374	132,965,400.00	18.32
Total	2,122	725,975,211.85	100.00%

ORIGINAL LTV (%)		Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
12.97	- 20.00	8	1,547,099.99	0.21 %
20.01	- 30.00	38	9,386,728.44	1.29
30.01	- 40.00	73	25,761,488.72	3.55
40.01	- 50.00	115	38,138,599.47	5.25
50.01	- 60.00	210	84,530,285.09	11.64
60.01	- 70.00	436	174,793,977.44	24.08
70.01	- 80.00	1,104	363,085,227.63	50.01
80.01	- 90.00	65	13,672,608.00	1.88
90.01	-100.00	73	15,059,197.07	2.07
Total		2,122	725,975,211.85	100.00 %

Sequoia Mortgage Trust 2003-7
Total Collateral - Mortgage Loans
As of the Cut-Off Date

EFFECTIVE LTV (%)	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
12.97 - 20.00	8	1,547,099.99	0.21%
20.01 - 30.00	38	9,386,728.44	1.29
30.01 - 40.00	73	25,761,488.72	3.55
40.01 - 50.00	116	38,838,599.47	5.35
50.01 - 60.00	211	84,910,285.09	11.70
60.01 - 70.00	445	177,535,723.17	24.45
70.01 - 80.00	1,104	363,085,227.63	50.01
80.01 - 90.00	63	12,666,608.00	1.74
90.01 - 95.00	64	12,243,451.34	1.69
Total	2,122	725,975,211.85	100.00 %

CREDIT SCORE:	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
602 -619	5	2,849,800.00	0.39 %
620 -639	8	4,299,449.98	0.59
640 -659	47	13,556,129.62	1.87
660 -679	172	59,234,667.09	8.16
680 -699	270	93,571,101.57	12.89
700 -719	302	107,973,255.66	14.87
720 -739	317	106,478,112.19	14.67
740 -759	341	124,886,170.53	17.20
760 -779	372	120,270,066.00	16.57
780 -799	225	77,438,394.68	10.67
>= 800	63	15,418,064.53	2.12
Total	2,122	725,975,211.85	100.00 %

AMORTIZATION:

Number of

Mortgage Loans

Principal Balance

Outstanding as of

the Cutoff Date

% of Aggregate

Principal Balance

Outstanding as of

the Cutoff Date

Interest Only

2,122

725,975,211.85

100.00 %

Total

2,122

725,975,211.85

100.00 %

Sequoia Mortgage Trust 2003-7
Total Collateral - Mortgage Loans
As of the Cut-Off Date

DOCUMENTATION:	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
Full Documentation	1,417	442,741,211.27	60.99%
Limited Documentation	483	190,266,180.36	26.21
Alternative Documentation	122	59,539,639.64	8.20
Lite Documentation	77	27,195,340.92	3.75
No Ratio Documentation	22	5,742,863.62	0.79
Asset, No Income Documentation	1	489,976.04	0.07
Total	2,122	725,975,211.85	100.00%

OCCUPANCY:	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
Primary	1,933	667,766,540.72	91.98 %
Second Home	140	48,422,834.06	6.67
Investor	49	9,785,837.07	1.35
Total	2,122	725,975,211.85	100.00 %

Sequoia Mortgage Trust 2003-7
Total Collateral - Mortgage Loans
As of the Cut-Off Date

PROPERTY TYPE:	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
Single Family	1,286	446,886,495.37	61.56%
Planned Unit Development	611	206,430,403.26	28.43
Condominium	204	64,660,616.15	8.91
Two-Four Family	16	5,744,172.40	0.79
Cooperative	5	2,253,524.67	0.31
Total	2,122	725,975,211.85	100.00%

PURPOSE:	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
Refinance (Rate or Term)	977	311,170,286.86	42.86 %
Purchase	547	218,298,964.82	30.07
Refinance (Cash-Out)	598	196,505,960.17	27.07
Total	2,122	725,975,211.85	100.00 %

Sequoia Mortgage Trust 2003-7
Total Collateral - Mortgage Loans
As of the Cut-Off Date

STATES:	Number of Mortgage Loans		Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
California	596		264,178,762.30	36.39%
Florida	156		53,968,588.27	7.43
Arizona	161		39,501,330.29	5.44
Georgia	119		36,723,776.51	5.06
Texas	114		30,321,251.75	4.18
Colorado	99		27,009,027.67	3.72
North Carolina	110		26,632,967.57	3.67
Washington	98		24,882,319.99	3.43
New York	44		22,989,697.35	3.17
Ohio	123		22,752,616.62	3.13
New Jersey	54		22,654,907.09	3.12
Massachusetts	40		22,067,862.75	3.04
Virginia	62		16,621,604.67	2.29
Illinois	41		16,293,637.41	2.24
South Carolina	37		14,615,577.97	2.01
Maryland	38		13,226,802.89	1.82
Pennsylvania	31		10,381,772.07	1.43
Nevada	30		10,255,557.16	1.41
Tennessee	22		7,571,783.74	1.04
Connecticut	11		6,991,999.99	0.96
Oregon	20		6,125,860.11	0.84
Utah	18		4,404, 861.32	0.61
Montana	5		3,329,999.99	0.46
Michigan	19		3,277,019.84	0.45
Minnesota	8		2,522,175.20	0.35
Idaho	4		2,513,500.00	0.35
Indiana	12		2,278,936.54	0.31
District of Columbia	6		2,015,000.00	0.28
Arkansas	4		1,518,000.00	0.21
Missouri	6		1,393,999.98	0.19
Oklahoma	7		1,101,342.58	0.15
Rhode Island	2		807,700.00	0.11
New Mexico	2		775,499.98	0.11
Kansas		4	774,898.75	0.11
Wisconsin		2	611,499.99	0.08
New Hampshire		3	531,932.29	0.07
Hawaii		2	519,966.02	0.07
Louisiana		4	464,649.99	0.06
Kentucky		1	341,000.00	0.05
Alabama		2	277,995.00	0.04
Alaska		1	248, 898.85	0.03
Wyoming		1	187,000.00	0.03
South Dakota		1	135,500.00	0.02
West Virginia		1	100,140.06	0.01
Nebraska		1	75,991.30	0.01
Total		2,122	725,975,211.85	100.00%

Sequoia Mortgage Trust 2003-7
Group 1 Collateral
As of the Cut-Off Date

Total Current Balance:

Number Of Loans:

$362,988,095

1,033

			Minimum		Maximum
Average Current Balance:	$351,392		$42,150		$2,900,000
Average Original Balance:	$351,807		$42,150		$2,900,000
Weighted Average Loan Rate:	2.947	%	2.000	%	3.625	%
Weighted Average Servicing Fee:	0.375	%	0.375	%	0.375	%
Weighted Average Net Loan Rate:	2.572	%	1.625	%	3.250	%
Weighted Average Gross Margin:	1.867	%	1.250	%	3.000	%
Weighted Average Maximum Loan Rate:	11.999	%	11.750	%	12.000	%
Weighted Average Periodic Rate Cap:	0.000	%	0.000	%	0.000	%
Weighted Average First Rate Cap:	0.000	%	0.000	%	0.000	%
Weighted Average Original LTV:	68.51	%	12.97	%	100.00	%
Weighted Average Effective LTV:	68.26	%	12.97	%	95.00	%
Weighted Average Credit Score:	732		602		821
Weighted Average Original Term:	349	months	300	months	360	months
Weighted Average Remaining Term:	348	months	298	months	360	months
Weighted Average Seasoning:	1	months	0	months	6	months
Weighted Average Next Rate Reset:	4	months	1	months	6	months
Weighted Average Rate Adj Freq:	5	months	1	months	6	months
Weighted Average First Rate Adj Freq:	5	months	1	months	6	months
Weighted Average 10 Original Term:	71	months	60	months	120	months
Weighted Average 10 Remaining Term:	70	months	54	months	119	months

Top State Concentrations (%):	35.94 % California, 8.69 % Florida, 6.26 % Arizona
Maximum Zip Code Concentration	1.22% 94941
First Pay Date:	Jun 01, 2003	Dec 01, 2003
Rate Change Date:	Sep 01, 2003	May 01, 2004
Mature Date:	Sep 01, 2028	Nov 01, 2033

Sequoia Mortgage Trust 2003-7
Group 1 Collateral
As of the Cut-Off Date

INDEX:	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
LIBOR 6M	808	279,260,867.97	76.93 %
LIBOR 1M	225	83,727,227.15	23.07
Total	1,033	362,988,095.12	100.00 %

DELINQUENCY:

Number of

Mortgage Loans

Principal Balance

Outstanding as of

the Cutoff Date

% of Aggregate

Principal Balance

Outstanding as of

the Cutoff Date

Current

1,033

362,988,095.12

100.00 %

Total

1,033

362,988,095.12

100.00%

CURRENT BALANCE ($):		Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
42,150.00	- 100,000.00	71	5,783,961.79	1.59 %
100,000.01	- 200,000.00	271	40,812,884.89	11.24
200,000.01	- 300,000.00	219	55,038,102.60	15.16
300,000.01	- 400,000.00	152	53,181,075.33	14.65
400,000.01	- 500,000.00	129	58,220,968.44	16.04
500,000.01	- 600,000.00	51	27,933,278.98	7.70
600,000.01	- 700,000.00	50	32,165,309.59	8.86
700,000.01	- 800,000.00	32	24,402,393.43	6.72
800,000.01	- 900,000.00	14	11,963,198.00	3.30
900,000.01	-1,000,000.00	26	25,499,510.71	7.02
1,200,000.01	- 1,300,000.00	6	7,500,500.00	2.07
1,300,000.01	-1,400,000.00	4	5,496,911.36	1.51
1,400,000.01	- 1,500,000.00	1	1,440,000.00	0.40
1,500,000.01	- 1,600,000.00	2	3,120,000.00	0.86
1,600,000.01	- 1,700,000.00	1	1,680,000.00	0.46
1,800,000.01	- 1,900,000.00	1	1,850,000.00	0.51
1,900,000.01	- 2,000,000.00	2	4,000,000.00	1.10
2,800,000.01	- 2,900,000.00	1	2,900,000.00	0.80
Total		1,033	362,988,095.12	100.00 %

Sequoia Mortgage Trust 2003-7
Group 1 Collateral
As of the Cut-Off Date

LOAN RATE (%):	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
2.000 - 2.000	3	603,498.00	0.17%
2.001 - 2.500	85	29,138,531.20	8.03
2.501 - 3.000	537	186,685,711.62	51.43
3.001 - 3.500	407	146,255,354.30	40.29
3.501 - 3.625	1	305,000.00	0.08
Total	1,033	362,988,095.12	100.00%

GROSS MARGIN ($):	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date



1.250	8	2,123,747.98	0.59%
1.375	8	1,503,800.00	0.41
1.500	135	49,238,187.98	13.56
1.625	130	52,057,128.76	14.34
1.750	117	43,460,590.52	11.97
1.875	167	49,225,246.44	13.56
2.000	249	86,448,025.43	23.82
2.125	100	35,333,418.01	9.73
2.250	118	43,488,750.00	11.98
3.000	1	109,200.00	0.03
Total	1,033	362,988,095.12	100.00%

ORIGINAL TERM (Months):	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date



300	159	68,094,269.03	18.76%
360	874	294,893,826.09	81.24
Total	1,033	362,988,095.12	100.00%

REMAINING TERM (Months):	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date



298 –300	159	68,094,269.03	18.76%
349 -354	1	466,560.00	0.13
355 -360	873	294,427,266.09	81.11
Total	1,033	362,988,095.12	100.00%

Sequoia Mortgage Trust 2003-7
Group 1 Collateral
As of the Cut-Off Date

IO REMAINING TERM (Months):	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
54 - 54	1	466,560.00	0.13%
55 - 60	873	294,427,266.09	81.11
115 -119	159	68,094,269.03	18.76
Total	1,033	362,988,095.12	100.00%

RATE CHANGE DATE:	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
09/01/03	3	1,195,385.53	0.33%
10/01/03	19	5,474,543.89	1.51
11/01/03	176	67,787,057.73	18.67
12/01/03	29	9,875,800.00	2.72
01/01/04	2	1,322,000.00	0.36
02/01/04	15	5,359,059.99	1.48
03/01/04	204	73,009,807.34	20.11
04/01/04	421	140,565,890.64	38.72
05/01/04	164	58,398,550.00	16.09
Total	1,033	362,988,095.12	100.00%

ORIGINAL LTV (%)		Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
12.97	- 20.00	3	424,949.99	0.12%
20.01	- 30.00	21	6,142,656.62	1.69
30.01	- 40.00	39	14,930,316.53	4.11
40.01	- 50.00	57	18,665,033.75	5.14
50.01	- 60.00	108	43,267,709.92	11.92
60.01	- 70.00	224	91,128,019.21	25.10
70.01	- 80.00	506	172,417,752.19	47.50
80.01	- 90.00	32	7,323,786.36	2.02
90.01	- 100.00	43	8,687,870.55	2.39
Total		1,033	362,988,095.12	100.00%

EFFECTIVE LTV (%):		Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
12.97	20.00	3	424,949.99	0.12%
20.01	30.00	21	6,142,656.62	1.69
30.01	40.00	39	14,930,316.53	4.11
40.01	50.00	58	19,365,033.75	5.33
50.01	60.00	108	43,267,709.92	11.92
60.01	70.00	230	93,357,019.21	25.72
70.01	80.00	506	172,417,752.19	47.50
80.01	90.00	30	6,317,786.36	1.74
90.01	95.00	38	6,764,870.55	1.86
Total		1,033	362,988,095.12	100.00%

CREDIT SCORE:	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
602 -619	3	2,458,000.00	0.68%
620 -639	6	2,984,949.99	0.82
640 -659	26	7,150,611.94	1.97
660 -679	70	25,679,921.28	7.07
680 -699	133	47,546,758.55	13.10
700 -719	147	56,262,666.57	15.50
720 -739	154	51,440,596.19	14.17
740 -759	169	62,992,207.53	17.35
760 -779	184	61,338,965.45	16.90
780 -799	110	37,839,326.78	10.42
>= 800	31	7,294,090.84	2.01
Total	1,033	362,988,095.12	100.00%

AMORTIZATION:

Number of

Mortgage Loans

Principal Balance

Outstanding as of

the Cutoff Date

% of Aggregate

Principal Balance

Outstanding as of

the Cutoff Date

Interest Only

1,033

362,988,095.12

100.00%

Total

1,033

362,988,095.12

100.00%

Sequoia Mortgage Trust 2003-7

Group 1 Collateral
As of the Cut-Off Date

DOCUMENTATION:	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
Full Documentation	644	201,445,892.52	55.50%
Limited Documentation	230	93,447,933.57	25.74
Alternative Documentation	84	44,254,691.20	12.19
Lite Documentation	60	19,882,829.20	5.48
No Ratio Documentation	14	3,466,772.59	0.96
Asset, No Income Documentation	1	489,976.04	0.13
Total	1,033	362,988,095.12	100.00%

OCCUPANCY:	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
Primary	930	328,106,385.48	90.39%
Second Home	77	29,416,202.45	8.10
Investor	26	5,465,507.19	1.51
Total	1,033	362,988,095.12	100.00%

PROPERTY TYPE:	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
Single Family	605	214,247,251.03	59.02%
Planned Unit Development	302	107,831,987.96	29.71
Condominium	112	35,104,659.06	9.67
Two-Four Family	10	3,981,922.40	1.10
Cooperative	4	1,822,274.67	0.50
Total	1,033	362,988,095.12	100.00%

PURPOSE:	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
Refinance (Rate or Term)	477	154,700,803.79	42.62%
Purchase	249	104,445,255.76	28.77
Refinance (Cash-Out)	307	103,842,035.57	28.61
Total	1,033	362,988,095.12	100.00%

Sequoia Mortgage Trust 2003-7
Group 1 Collateral
As of the Cut-Off Date

STATES:	Number of Mortgage Loans			Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
California	291			130,471,709.22	35.94%
Florida	85			31,550,444.56	8.69
Arizona	85			22,735,655.58	6.26
Colorado	57			15,990,803.11	4.41
Georgia	48			14,926,629.33	4.11
North Carolina	60			13,969,070.77	3.85
Texas	49			12,922,568.77	3.56
New York	22			12,279,351.41	3.38
Massachusetts	21			12,118,115.41	3.34
Washington	47			11,060,525.44	3.05
New Jersey	26			11,005,222.25	3.03
Illinois	22			9,816,780.15	2.70
South Carolina	20			8,976,216.12	2.47
Ohio	46			7,631,289.18	2.10
Virginia	27			6,769,107.50	1.86
Pennsylvania	18			6,633,057.33	1.83
Tennessee	14			5,546,062.42	1.53
Maryland	17			5,465,204.97	1.51
Connecticut	4			3,549,999.99	0.98
Nevada	10			3,343,327.78	0.92
Oregon	9			2,611,738.68	0.72
Montana	2			2,095,000.00	0.58
Utah	10			2,015,499.99	0.56
Minnesota	5			1,418,501.50	0.39
Arkansas	3			1,246,000.00	0.34
District of Columbia	3			1,219,200.00	0.34
Oklahoma	6			993,361.45	0.27
Idaho	2			906,000.00	0.25
Michigan	6			732,515.91	0.20
Indiana	4			543,700.00	0.15
Rhode Island	1			451,550.00	0.12
New Hampshire	2			387,200.00	0.11
Kansas		2	381,200.00		0.11
Alabama		2	277,995.00		0.08
Missouri		2	248,000.00		0.07
New Mexico		1	200,000.00		0.06
Wyoming		1	187,000.00		0.05
Wisconsin		1	139,500.00		0.04
Louisiana		1	97,000.00		0.03
Nebraska		1	75,991.30		0.02
Total		1,033	362,988,095.12		100.00%

Sequoia Mortgage Trust 2003-7
Group 2 Collateral
As of the Cut-Off Date

Total Current Balance:	$362,987,117
Number Of Loans:	1,089

			Minimum		Maximum
Average Current Balance:	$333,322		$51,000		$2,000,000
Average Original Balance:	$333,941		$51,000		$2,000,000
Weighted Average Loan Rate:	2.974	%	1.875	%	3.500
Weighted Average Servicing Fee:	0.375	%	0.375	%	0.375
Weighted Average Net Loan Rate:	2.599	%	1.500	%	3.125
Weighted Average Gross Margin:	1.892	%	1.250	%	2.250
Weighted Average Maximum Loan Rate:	12.005	%	11.625	%	15.125
Weighted Average Periodic Rate Cap:	0.000	%	0.000	%	0.000
Weighted Average First Rate Cap:	0.000	%	0.000	%	0.000
Weighted Average Original LTV:	69.21	%	15.00	%	100.00
Weighted Average Effective LTV:	69.12	%	15.00	%	95.00
Weighted Average Credit Score:	732		606		819
Weighted Average Original Term:	356	months	300	months	360
Weighted Average Remaining Term:	355	months	297	months	360
Weighted Average Seasoning:	1	months	0	months	6
Weighted Average Next Rate Reset:	5	months	1	months	6
Weighted Average Rate Adj Freq:	6	months	6	months	6
Weighted Average First Rate Adj Freq:	6	months	6	months	6
Weighted Average 10 Original Term:	64	months	60	months	120	months
Weighted Average 10 Remaining Term:	63	months	54	months	118	months

Top State Concentrations (%):

36.84 % California, 6.18 % Florida, 6.00 % Georgia

Maximum Zip Code Concentration (%):

1.26% 94583

First Pay Date:

Jun 01, 2003

Dec 01, 2003

Rate Change Date:

Nov 01, 2003

May 01, 2004

Mature Date:

Aug 01, 2028

Nov 01, 2033

Sequoia Mortgage Trust 2003-7
Group 2 Collateral
As of the Cut-Off Date

INDEX:

Number of

Mortgage Loans

Principal Balance

Outstanding as of

the Cutoff Date

% of Aggregate

Principal Balance

Outstanding as of

the Cutoff Date

LIBOR 6 M

1,089

362,987,116.73

100.00 %

Total

1,089

362,987,116.73

100.00 %

DELINQUENCY:

Number of

Mortgage Loans

Principal Balance

Outstanding as of

the Cutoff Date

% of Aggregate

Principal Balance

Outstanding as of

the Cutoff Date

Current

1,089

362,987,116.73

100.00 %

Total

1,089

362,987,116.73

100.00 %

CURRENT BALANCE ($):		Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
51,000.00 -	100,000.00	66	5,474,977.47	1.51 %
100,000.01	- 200,000.00	315	47,289,820.78	13.03
200,000.01	- 300,000.00	255	63,344,580.22	17.45
300,000.01	- 400,000.00	143	50,071,987.89	13.79
400,000.01	- 500,000.00	123	56,151,603.22	15.47
500,000.01	- 600,000.00	65	35,902,967.05	9.89
600,000.01	- 700,000.00	36	23,523,569.94	6.48
700,000.01	- 800,000.00	35	26,567,188.85	7.32
800,000.01	- 900,000.00	16	13,586,580.26	3.74
900,000.01	- 1,000,000.00	23	22,288,637.91	6.14
1,000,000.01	-1,100,000.00	1	1,067,923.24	0.29
1,100,000.01	-1,200,000.00	2	2,400,000.00	0.66
1,300,000.01	- 1,400,000.00	1	1,324,000.00	0.36
1,400,000.01	- 1,500,000.00	1	1,500,000.00	0.41
1,500,000.01	-1,600,000.00	1	1,600,000.00	0.44
1,600,000.01	-1,700,000.00	3	5,014,000.00	1.38
1,800,000.01	- 1,900,000.00	1	1,879,279.90	0.52
1,900,000.01	- 2,000,000.00	2	4,000,000.00	1.10
Total		1,089	362,987,116.73	100.00%

Sequoia Mortgage Trust 2003-7
Group 2 Collateral
As of the Cut-Off Date

LOAN RATE (%):	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
1.875 - 2.000	3	978,000.00	0.27%
2.001 - 2.500	96	35,451,097.23	9.77
2.501 - 3.000	528	169,501,921.94	46.70
3.001 - 3.500	462	157,056,097.56	43.27
Total	1,089	362,987,116.73	100.00%

GROSS MARGIN (%)	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
1.250	11	3,554,242.99	0.98%
1.375	18	5,341,570.25	1.47
1.500	30	10,253,947.74	2.82
1.625	174	64,387,247.83	17.74
1.750	134	46,566,092.68	12.83
1.875	207	60,766,519.49	16.74
2.000	284	93,271,843.78	25.70
2.125	93	33,899,739.97	9.34
2.250	138	44,945,912.00	12.38
Total	1,089	362,987,116.73	100.00%

ORIGINAL TERM (Months):	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
300	64	25,503,451.19	7.03%
360	1,025	337,483,665.54	92.97
Total	1,089	362,987,116.73	100.00%

REMAINING TERM (Months):	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
297 -300	64	25,503,451.19	7.03%
349 -354	1	420,411.06	0.12
355 -360	1,024	337,063,254.48	92.86
Total	1,089	362,987,116.73	100.00%

Sequoia Mortgage Trust 2003-7
Group 2 Collateral
As of the Cut-Off Date

10 REMAINING TERM (Months):	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
54 - 54	1	420,411.06	0.12 %
55 - 60	1,024	337,063,254.48	92.86
115 -118	64	25,503,451.19	7.03
Total	1,089	362,987,116.73	100.00 %

RATE CHANGE DATE:	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
11/01/03	1	420,411.06	0.12 %
12/01/03	2	620,750.00	0.17
01/01/04	8	3,880,524.29	1.07
01/27/04	1	119,962.40	0.03
02/01/04	22	6,711,986.16	1.85
03/01/04	278	98,777,995.79	27.21
04/01/04	567	177,888,637.03	49.01
05/01/04	210	74,566,850.00	20.54
Total	1,089	362,987,116.73	100.00%

ORIGINAL LTV (%)		Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
15.00	- 20.00	5	1,122,150.00	0.31 %
20.01	- 30.00	17	3,244,071.82	0.89
30.01	- 40.00	34	10,831,172.19	2.98
40.01	- 50.00	58	19,473,565.72	5.36
50.01	- 60.00	102	41,262,575.17	11.37
60.01	- 70.00	212	83,665,958.23	23.05
70.01	- 80.00	598	190,667,475.44	52.53
80.01	- 90.00	33	6,348,821.64	1.75
90.01	-100.00	30	6,371,326.52	1.76
Total		1,089	362,987,116.73	100.00 %

Sequoia Mortgage Trust 2003-7
Group 2 Collateral
As of the Cut-Off Date

EFFECTIVE LTV (%)		Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
15.00 -	20.00	5	1,122,150.00	0.31%
20.01 -	30.00	17	3,244,071.82	0.89
30.01 -	40.00	34	10,831,172.19	2.98
40.01 -	50.00	58	19,473,565.72	5.36
50.01 -	60.00	103	41,642,575.17	11.47
60.01 -	70.00	215	84,178,703.96	23.19
70.01 -	80.00	598	190,667,475.44	52.53
80.01 -	90.00	33	6,348,821.64	1.75
90.01 -	95.00	26	5,478,580.79	1.51
Total		1,089	362,987,116.73	100.00%

CREDIT SCORE:	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
606 -619	2	391,800.00	0.11%
620 -639	2	1,314,499.99	0.36
640 -659	21	6,405,517.68	1.76
660 -679	102	33,554,745.81	9.24
680 -699	137	46,024,343.02	12.68
700 -719	155	51,710,589.09	14.25
720 -739	163	55,037,516.00	15.16
740 -759	172	61,893,963.00	17.05
760 -779	188	58,931,100.55	16.24
780 -799	115	39,599,067.90	10.91
>= 800	32	8,123,973.69	2.24
Total	1,089	362,987,116.73	100.00%

AMORTIZATION:

Number of

Mortgage Loans

Principal Balance

Outstanding as of

the Cutoff Date

% of Aggregate

Principal Balance

Outstanding as of

the Cutoff Date

Interest Only

1,089

362,987,116.73

100.00%

Total

1,089

362,987,116.73

100.00%

Sequoia Mortgage Trust 2003-7
Group 2 Collateral
As of the Cut-Off Date

DOCUMENTATION:	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
Full Documentation	773	241,295,318.75	66.47 %
Limited Documentation	253	96,818,246.79	26.67
Alternative Documentation	38	15,284,948.44	4.21
Lite Documentation	17	7,312,511.72	2.01
No Ratio Documentation	8	2,276,091.03	0.63
Total	1,089	362,987,116.73	100.00%

OCCUPANCY:	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
Primary	1,003	339,660,155.24	93.57 %
Second Home	63	19,006,631.61	5.24
Investor	23	4,320,329.88	1.19
Total	1,089	362,987,116.73	100.00%

PROPERTY TYPE:	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
Single Family	681	232,639,244.34	64.09 %
Planned Unit Development	309	98,598,415.30	27.16
Condominium	92	29,555,957.09	8.14
Two-Four Family	6	1,762,250.00	0.49
Cooperative	1	431,250.00	0.12
Total	1,089	362,987,116.73	100.00%

PURPOSE:	Number of Mortgage Loans	Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
Refinance (Rate or Term)	500	156,469,483.07	43.11%
Purchase	298	113,853,709.06	31.37
Refinance (Cash-Out)	291	92,663,924.60	25.53
Total	1,089	362,987,116.73	100.00%

Sequoia Mortgage Trust 2003-7
Group 2 Collateral
As of the Cut-Off Date

STATES:	Number of Mortgage Loans			Principal Balance Outstanding as of the Cutoff Date	% of Aggregate Principal Balance Outstanding as of the Cutoff Date
California	305			133,707,053.08	36.84%
Florida	71			22,418,143.71	6.18
Georgia	71			21,797,147.18	6.00
Texas	65			17,398,682.98	4.79
Arizona	76			16,765,674.71	4.62
Ohio	77			15,121,327.44	4.17
Washington	51			13,821,794.55	3.81
North Carolina	50			12,663,896.80	3.49
New Jersey	28			11,649,684.84	3.21
Colorado	42			11,018,224.56	3.04
New York	22			10,710,345.94	2.95
Massachusetts	19			9,949,747.34	2.74
Virginia	35			9,852,497.17	2.71
Maryland	21			7,761,597.92	2.14
Nevada	20			6,912,229.38	1.90
Illinois	19			6,476, 857.26	1.78
South Carolina	17			5,639,361.85	1.55
Pennsylvania	13			3,748,714.74	1.03
Oregon	11			3,514,121.43	0.97
Connecticut	7			3,442,000.00	0.95
Michigan	13			2,544,503.93	0.70
Utah	8			2,389,361.33	0.66
Tennessee	8			2,025,721.32	0.56
Indiana	8			1,735,236.54	0.48
Idaho	2			1,607,500.00	0.44
Montana	3			1,234,999.99	0.34
Missouri	4			1,145,999.98	0.32
Minnesota	3			1,103,673.70	0.30
District of Columbia	3			795,800.00	0.22
New Mexico	1			575,499.98	0.16
Hawaii	2			519,966.02	0.14
Wisconsin		1	471,999.99		0.13
Kansas		2	393,698.75		0.11
Louisiana		3	367,649.99		0.10
Rhode Island		1	356,150.00		0.10
Kentucky		1	341,000.00		0.09
Arkansas		1	272,000.00		0.07
Alaska		1	248,898.85		0.07
New Hampshire		1	144,732.29		0.04
South Dakota		1	135,500.00		0.04
Oklahoma		1	107,981.13		0.03
West Virginia		1	100,140.06		0.03
Total		1,089	362,987,116.73		100.00%

EX-99 6 intex.htm EXHIBIT 99.1 COMPUTATIONAL MATERIALS Converted by FileMerlin

! Z_SEMT0307_MKT.CDI #CMOVER_3.0C1 WHOLE_LOAN ! MAX_CF_VECTSIZE 551

!! Created by Intex Deal Maker v3.5.362 , subroutines 3.0f

!! 11/12/2003 3:22 PM

! Modeled in the Intex CMO Modeling Language, (GPWWS195)

! Intex shall not be held liable for the accuracy of this data

! nor for the accuracy of information which is derived from this data.

COLLAT_GROUPS 1 2

DEFINE CONSTANT #OrigCollBal = 725975211.85

DEFINE CONSTANT #OrigCollBal1 = 362988095.12

DEFINE CONSTANT #OrigCollBal2 = 362987116.73

DEFINE CONSTANT #OrigBondBal = 725975211.85

DEFINE CONSTANT #OrigBondBal1 = 362988095.12

DEFINE CONSTANT #OrigBondBal2 = 362987116.73

DEFINE #BondBal1 = 378415211.85

DEFINE #BondBal2 = 378414111.85

FULL_DEALNAME: Sequoia Mortgage Trust 03-7

DEAL SIZE: $ 725975211.85

PRICING SPEED: 20% CPR

! ISSUE DATE: 20031101

SETTLEMENT DATE: 20031125

Record date delay: 19

DEFINE TR_INDEXDEPS_ALL

DEFINE TRANCHE "SUBORD_1", "SUBORD_2", "AR", "A1", "A2", "B1", "B2", "B3", "B4", "B5", "B6", "XB"

DEFINE SCHEDULE "SHIFT1%","SHIFT2%","GRP1_NAS_SCHED","GRP2_NAS_SCHED"

DEAL_CLOCK_INFO _

ISSUE_CDU_DATE 20031101 _

DEAL_FIRSTPAY_DATE 20031220

CREDIT_SUPPORT_BASIS DEAL

DEFINE DYNAMIC STICKY #NetRate = ( COLL_I_MISC("COUPON") ) / COLL_PREV_BAL * 1200

DEFINE DYNAMIC STICKY #NetRate1 = ( COLL_I_MISC("COUPON",1) ) / COLL_PREV_BAL(1) * 1200

DEFINE DYNAMIC STICKY #NetRate2 = ( COLL_I_MISC("COUPON",2) ) / COLL_PREV_BAL(2) * 1200

DEFINE TABLE "SI_LOSSA1" (6, 2) = "MONTH" "SHIFTR"

36.1 20%

132.1 30%

144.1 35%

156.1 40%

168.1 45%

180.1 50%

DEFINE TABLE "SI_LOSSA2" (6, 2) = "MONTH" "SHIFTR"

36.1 20%

132.1 30%

144.1 35%

156.1 40%

168.1 45%

180.1 50%

DEFINE #COUPON_ALL_SUBS = 0

DEFINE #COUPON_ALL_SUBS_B1 = 0

DEFINE #COUPON_ALL_SUBS_B2 = 0

DEFINE #COUPON_ALL_SUBS_B3 = 0

DEFINE #COUPON_ALL_SUBS_B4 = 0

DEFINE #COUPON_ALL_SUBS_B5 = 0

DEFINE #COUPON_ALL_SUBS_B6 = 0

DEFINE #COUPON_ALL_SUBS_XB = 0

TOLERANCE CLEANUP 0.00

TOLERANCE WRITEDOWN_0LOSS 1.00

!! DEFINE DYNAMIC #X1NAS_OptCoupon = (( #NetRate1 - (OPTIMAL_INTPMT("A1") - COUPONCAP_SHORTFALL("A1")) / BBAL("A1") * 1200 ) * 30 / NDAYS_ACCRUE_INT("X1_NAS"))

!! DEFINE DYNAMIC #X2NAS_OptCoupon = (( #NetRate2 - (OPTIMAL_INTPMT("A2") - COUPONCAP_SHORTFALL("A2")) / BBAL("A2") * 1200 ) * 30 / NDAYS_ACCRUE_INT("X2_NAS"))

!! DEFINE DYNAMIC #UncoveredIntX1NAS = MAX(0, -1 * #X1NAS_OptCoupon * BBAL("A1") / 1200 _

!! * NDAYS_ACCRUE_INT("X1_NAS") / 30)

!! DEFINE DYNAMIC #UncoveredIntX2NAS = MAX(0, -1 * #X2NAS_OptCoupon * BBAL("A2") / 1200 _

!! * NDAYS_ACCRUE_INT("X2_NAS") / 30)

!! DEFINE DYNAMIC #X1NAS_Coupon = MIN ( 0.95, MAX(0, #X1NAS_OptCoupon - _

!! #UncoveredIntX1NAS / ( BBAL("A1") ) * 1200 ) )

!! DEFINE DYNAMIC #X2NAS_Coupon = MIN ( 0.95, MAX(0, #X2NAS_OptCoupon - _

!! #UncoveredIntX2NAS / ( BBAL("A2") ) * 1200 ) )

!! DEFINE DYNAMIC #X1COMP_OptCoupon = (( #NetRate1 - (OPTIMAL_INTPMT("A1","X1_NAS") - COUPONCAP_SHORTFALL("A1")) / BBAL("A1") * 1200 ) * 30 / NDAYS_ACCRUE_INT("X1_COMP"))

!! DEFINE DYNAMIC #X2COMP_OptCoupon = (( #NetRate2 - (OPTIMAL_INTPMT("A2","X2_NAS") - COUPONCAP_SHORTFALL("A2")) / BBAL("A2") * 1200 ) * 30 / NDAYS_ACCRUE_INT("X2_COMP"))

!! DEFINE DYNAMIC #UncoveredIntX1COMP = MAX(0, -1 * #X1COMP_OptCoupon * BBAL("A1") / 1200 _

!! * NDAYS_ACCRUE_INT("X1_COMP") / 30)

!! DEFINE DYNAMIC #UncoveredIntX2COMP = MAX(0, -1 * #X2COMP_OptCoupon * BBAL("A2") / 1200 _

!! * NDAYS_ACCRUE_INT("X2_COMP") / 30)

!! DEFINE DYNAMIC #X1COMP_Coupon = MAX(0, #X1COMP_OptCoupon - _

!! #UncoveredIntX1COMP / ( BBAL("A1") ) * 1200 )

!! DEFINE DYNAMIC #X2COMP_Coupon = MAX(0, #X2COMP_OptCoupon - _

!! #UncoveredIntX2COMP / ( BBAL("A2") ) * 1200 )

INITIAL INDEX LIBOR_1MO 1.12

INITIAL INDEX LIBOR_6MO 1.27

Tranche "SUBORD_1" MODELING EXCHANGE

Block 15426995.12 FLOAT GROUP 1 _

DAYCOUNT 30360 BUSINESS_DAY NONE FREQ M _

Delay 19 Dated 20031101 Next 20031220

( #NetRate1 )

0 999

Tranche "SUBORD_2" MODELING EXCHANGE

Block 15427116.73 FLOAT GROUP 2 _

DAYCOUNT 30360 BUSINESS_DAY NONE FREQ M _

Delay 19 Dated 20031101 Next 20031220

( #NetRate2 )

0 999

Tranche "AR" SEN_WAC

Block 100.00 FLOAT GROUP 1 _

DAYCOUNT 30360 BUSINESS_DAY NONE FREQ M _

Delay 19 Dated 20031101 Next 20031220

( #NetRate1 )

0 999

Tranche "A1" SEN_FLT

Block 347561000.00 at 1.45 GROUP 1 FREQ M FLOAT RESET M _

COUPONCAP 30360 NONE ( ( COLL_I_MISC("COUPON",1) ) / COLL_PREV_BAL(1) * 1200 ); _

DAYCOUNT 30360 BUSINESS_DAY NONE _

Delay 0 Dated 20031125 Next 20031220

(1 * LIBOR_1MO + ( IF ((COLL_BAL("LAGMON_1") / #OrigCollBal) < 10%) THEN 0.66 ELSE 0.33 ))

0 11.50

Tranche "A2" SEN_FLT

Block 347560000.00 at 1.62 GROUP 2 FREQ M FLOAT RESET S _

COUPONCAP 30360 NONE ( ( COLL_I_MISC("COUPON",2) ) / COLL_PREV_BAL(2) * 1200 ); _

DAYCOUNT 30360 BUSINESS_DAY NONE _

Delay 0 Dated 20031125 Next 20031220

(1 * LIBOR_6MO + ( IF ((COLL_BAL("LAGMON_1") / #OrigCollBal) < 10%) THEN 0.7 ELSE 0.35 ))

0 11.500

Tranche "B1" JUN_FLT

Block 14518000.00 at 1.77 FREQ M FLOAT RESET M _

COUPONCAP 30360 NONE ( #COUPON_ALL_SUBS_B1 ); _

DAYCOUNT 30360 BUSINESS_DAY NONE _

Delay 0 Dated 20031125 Next 20031220

(1 * LIBOR_1MO + ( IF ((COLL_BAL("LAGMON_1") / #OrigCollBal) < 10%) THEN 0.975 ELSE 0.65 ))

0 11.500

Tranche "B2" JUN_WAC

Block 5806000.00 FLOAT _

DAYCOUNT 30360 BUSINESS_DAY NONE FREQ M _

Delay 19 Dated 20031101 Next 20031220

( #COUPON_ALL_SUBS_B2 )

0 999

Tranche "B3" JUN_WAC

Block 4354000.00 FLOAT _

DAYCOUNT 30360 BUSINESS_DAY NONE FREQ M _

Delay 19 Dated 20031101 Next 20031220

( #COUPON_ALL_SUBS_B3 )

0 999

Tranche "B4" JUN_WAC

Block 2176000.00 FLOAT _

DAYCOUNT 30360 BUSINESS_DAY NONE FREQ M _

Delay 19 Dated 20031101 Next 20031220

( #COUPON_ALL_SUBS_B4 )

0 999

Tranche "B5" JUN_WAC

Block 1450000.00 FLOAT _

DAYCOUNT 30360 BUSINESS_DAY NONE FREQ M _

Delay 19 Dated 20031101 Next 20031220

( #COUPON_ALL_SUBS_B5 )

0 999

Tranche "B6" JUN_WAC

Block 2550111.85 FLOAT _

DAYCOUNT 30360 BUSINESS_DAY NONE FREQ M _

Delay 19 Dated 20031101 Next 20031220

( #COUPON_ALL_SUBS_B6 )

0 999

Tranche "XB" SEN_WAC_IO

Block 14518000.00 FLOAT NOTIONAL WITH BLOCK "B1#1" _

DAYCOUNT 30360 BUSINESS_DAY NONE FREQ M _

Delay 19 Dated 20031101 Next 20031220

( ( #COUPON_ALL_SUBS_XB) - ((OPTIMAL_INTPMT("B1#1") - COUPONCAP_SHORTFALL("B1#1")) / BBAL("B1#1") * 36000 / NDAYS_ACCRUE_INT("XB") ))

0 999

ifndef #_CMOVER_3.0D2 _

DEFINE EXCHANGE "SUBORD_1" + "SUBORD_2" = "B1" + "B2" + "B3" + "B4" + "B5" + "B6"

DEFINE PSEUDO_TRANCHE COLLAT GROUP 1 _

Delay 19 Dated 20031101 Next 20031220 Settle 20031125

DEFINE PSEUDO_TRANCHE COLLAT GROUP 2 _

Delay 19 Dated 20031101 Next 20031220 Settle 20031125

CLASS "X" NO_BUILD_TRANCHE _

= "XB"

CLASS "AR" NO_BUILD_TRANCHE _

= "AR"

CLASS "A1" NO_BUILD_TRANCHE _

SHORTFALL_PAYBACK COUPONCAP TRUE _

SHORTFALL_EARN_INT COUPONCAP TRUE _

= "A1"

CLASS "SNR_2" NO_BUILD_TRANCHE _

SHORTFALL_PAYBACK COUPONCAP TRUE _

SHORTFALL_EARN_INT COUPONCAP TRUE _

WRITEDOWN_LIMIT BALANCE (#OrigCollBal2); _

= "A2"

CLASS "SUBORD_1" DISTRIB_CLASS RULES _

= "SUBORD_1"

CLASS "SUBORD_2" DISTRIB_CLASS RULES _

= "SUBORD_2"

CLASS "B6" NO_BUILD_TRANCHE _

= "B6"

CLASS "B5" NO_BUILD_TRANCHE _

= "B5", SUPPORT_CLASSES = "B6"

CLASS "B4" NO_BUILD_TRANCHE _

= "B4", SUPPORT_CLASSES = "B6" "B5"

CLASS "B3" NO_BUILD_TRANCHE _

= "B3", SUPPORT_CLASSES = "B6" "B5" "B4"

CLASS "B2" NO_BUILD_TRANCHE _

= "B2", SUPPORT_CLASSES = "B6" "B5" "B4" "B3"

CLASS "B1" NO_BUILD_TRANCHE _

SHORTFALL_PAYBACK COUPONCAP TRUE _

SHORTFALL_EARN_INT COUPONCAP TRUE _

= "B1", SUPPORT_CLASSES = "B6" "B5" "B4" "B3" "B2"

CLASS "SNR_1" ALLOCATION _

= "AR" "A1"

CLASS "ALL_SUBS" DISTRIB_CLASS SUBORD WRITEDOWN_BAL SUBORD _

= "X" "B1" "B2" "B3" "B4" "B5" "B6" , _

COMBINE_CLASSES = "SUBORD_1" "SUBORD_2"

CLASS "GRP1" _

DISTRIB_CLASS RULES _

= "SNR_1" "SUBORD_1"

CLASS "GRP2" _

DISTRIB_CLASS RULES _

= "SNR_2" "SUBORD_2"

CLASS "ROOT" ROOT_LIST = "GRP1" "GRP2"

GROUP 0 ROOT = 1 2

DEFINE PSEUDO_TRANCHE CLASS "SNR_1" Delay 19 Dated 20031101 Next 20031220 DAYCOUNT 30360 BUSINESS_DAY NONE

DEFINE PSEUDO_TRANCHE CLASS "SUBORD_1" Delay 19 Dated 20031101 Next 20031220 DAYCOUNT 30360 BUSINESS_DAY NONE

DEFINE PSEUDO_TRANCHE CLASS "SUBORD_2" Delay 19 Dated 20031101 Next 20031220 DAYCOUNT 30360 BUSINESS_DAY NONE

DEFINE PSEUDO_TRANCHE CLASS "ALL_SUBS" Delay 19 Dated 20031101 Next 20031220 DAYCOUNT 30360 BUSINESS_DAY NONE

CROSSOVER When 0

DEFINE DYNAMIC #COUPON_ALL_SUBS = OPTIMAL_INTPMT("SUBORD_1", "SUBORD_2") / BBAL("SUBORD_1", "SUBORD_2") * 36000 / NDAYS_ACCRUE_INT("ALL_SUBS#1")

DEFINE DYNAMIC #COUPON_ALL_SUBS_B1 = #COUPON_ALL_SUBS * NDAYS_ACCRUE_INT("ALL_SUBS#1") / NDAYS_ACCRUE_INT("B1#1")

DEFINE DYNAMIC #COUPON_ALL_SUBS_B2 = #COUPON_ALL_SUBS * NDAYS_ACCRUE_INT("ALL_SUBS#1") / NDAYS_ACCRUE_INT("B2#1")

DEFINE DYNAMIC #COUPON_ALL_SUBS_B3 = #COUPON_ALL_SUBS * NDAYS_ACCRUE_INT("ALL_SUBS#1") / NDAYS_ACCRUE_INT("B3#1")

DEFINE DYNAMIC #COUPON_ALL_SUBS_B4 = #COUPON_ALL_SUBS * NDAYS_ACCRUE_INT("ALL_SUBS#1") / NDAYS_ACCRUE_INT("B4#1")

DEFINE DYNAMIC #COUPON_ALL_SUBS_B5 = #COUPON_ALL_SUBS * NDAYS_ACCRUE_INT("ALL_SUBS#1") / NDAYS_ACCRUE_INT("B5#1")

DEFINE DYNAMIC #COUPON_ALL_SUBS_B6 = #COUPON_ALL_SUBS * NDAYS_ACCRUE_INT("ALL_SUBS#1") / NDAYS_ACCRUE_INT("B6#1")

DEFINE DYNAMIC #COUPON_ALL_SUBS_XB = #COUPON_ALL_SUBS * NDAYS_ACCRUE_INT("ALL_SUBS#1") / NDAYS_ACCRUE_INT("XB#1")

OPTIONAL REDEMPTION: "Cleanup" _

COLL_FRAC 10% _

PRICE_P ( COLL_BAL ); _

DISTR_P RULES "OPTR_DEAL"

INTEREST_SHORTFALL GROUP 1 FULL_PREPAY Compensate Pro_rata _

PARTIAL_PREPAY Compensate Pro_rata _

LOSS Compensate Pro_rata

INTEREST_SHORTFALL GROUP 2 FULL_PREPAY Compensate Pro_rata _

PARTIAL_PREPAY Compensate Pro_rata _

LOSS Compensate Pro_rata

CMO Block Payment Rules

------------------------------------

calculate : #OrigSenPct1 = 100 * ORIG_BBAL("SNR_1") / #OrigCollBal1

calculate : #SenPct1 = _

IF BBAL("B1", "B2", "B3", "B4", "B5", "B6") GT 0.01 _

THEN MIN(100, 100 * BBAL("SNR_1") / COLL_PREV_BAL(1)) _

ELSE 100

calculate : #OrigSubBal1 = #OrigCollBal1 - ORIG_BBAL("SNR_1")

calculate : #SubBal1 = MAX(0, COLL_PREV_BAL(1) - BBAL("SNR_1"))

calculate : #OrigSenPct2 = 100 * ORIG_BBAL("SNR_2") / #OrigCollBal2

calculate : #SenPct2 = _

IF BBAL("B1", "B2", "B3", "B4", "B5", "B6") GT 0.01 _

THEN MIN(100, 100 * BBAL("SNR_2") / COLL_PREV_BAL(2)) _

ELSE 100

calculate : #OrigSubBal2 = #OrigCollBal2 - ORIG_BBAL("SNR_2")

calculate : #SubBal2 = MAX(0, COLL_PREV_BAL(2) - BBAL("SNR_2"))

calculate : #ReduceTestA1 = LOOKUP_TBL( "STEP", CURMONTH , "SI_LOSSA1", "MONTH", "SHIFTR" )

calculate : #StepProviso11 = IF COLL_PREV_BAL(1) GT 0.01 _

THEN (( AVG_DELINQ_BAL(2,2,1) < 50% * #SubBal1) AND _

( DELINQ_LOSS_ACCUM(1) < #OrigSubBal1 * #ReduceTestA1 )) _

ELSE 1

calculate : #ReduceTestA2 = LOOKUP_TBL( "STEP", CURMONTH , "SI_LOSSA2", "MONTH", "SHIFTR" )

calculate : #StepProviso12 = IF COLL_PREV_BAL(2) GT 0.01 _

THEN (( AVG_DELINQ_BAL(2,2,2) < 50% * #SubBal2) AND _

( DELINQ_LOSS_ACCUM(2) < #OrigSubBal2 * #ReduceTestA2 )) _

ELSE 1

calculate : #Sub2TimesTestAgg = BBAL("SUBORD_1", "SUBORD_2") / BBAL("SNR_1", "SUBORD_1", "SNR_2", "SUBORD_2") _

GE 2 * ORIG_BBAL("SUBORD_1", "SUBORD_2")/ORIG_BBAL("SNR_1", "SUBORD_1", "SNR_2", "SUBORD_2")

calculate : #SenPrep1 = _

IF (#SenPct1 > #OrigSenPct1) OR (#SenPct2 > #OrigSenPct2) _

THEN 100 _

ELSE #SenPct1 + SHIFT%(1) * (100-#SenPct1), _

Reduce_SHIFT%_when GROUP 1 SLIPPERY FAILVAL_100PCT _

(#StepProviso11 AND #StepProviso12)

calculate : #SenPrep2 = _

IF (#SenPct1 > #OrigSenPct1) OR (#SenPct2 > #OrigSenPct2) _

THEN 100 _

ELSE #SenPct2 + SHIFT%(2) * (100-#SenPct2), _

Reduce_SHIFT%_when GROUP 2 SLIPPERY FAILVAL_100PCT _

(#StepProviso11 AND #StepProviso12)

calculate : #SenPrep1 = _

IF (#SenPct1 > #OrigSenPct1) OR (#SenPct2 > #OrigSenPct2) _

THEN 100 _

ELSE IF #Sub2TimesTestAgg and ( #StepProviso11 ) _

THEN IF CURMONTH LE 36 _

THEN #SenPct1 + (50% * (100-#SenPct1)) _

ELSE #SenPct1 _

ELSE #SenPrep1

calculate : #SenPrep2 = _

IF (#SenPct1 > #OrigSenPct1) OR (#SenPct2 > #OrigSenPct2) _

THEN 100 _

ELSE IF #Sub2TimesTestAgg and ( #StepProviso12 ) _

THEN IF CURMONTH LE 36 _

THEN #SenPct2 + (50% * (100-#SenPct2)) _

ELSE #SenPct2 _

ELSE #SenPrep2

calculate : #SENRECOV1 = _

MAX( 0, MIN( #SenPct1/100 * DELINQ_LIQUIDATE(1), _

#SenPrep1/100 * DELINQ_RECOVER(1)))

calculate : #SENRECOV2 = _

MAX( 0, MIN( #SenPct2/100 * DELINQ_LIQUIDATE(2), _

#SenPrep2/100 * DELINQ_RECOVER(2)))

calculate: "SNR_1" _

NO_CHECK SCHEDULED GROUP 1 PERCENT LIMIT V0 = #SenPrep1 , _

NO_CHECK PREPAY GROUP 1 PERCENT LIMIT V1 = #SenPrep1 , _

NO_CHECK RECOVER GROUP 1 AMOUNT LIMIT V3 = #SENRECOV1

calculate : #SenSchedAlloc1 = V0 / 100 * COLL_P_SCHED(1)

calculate : #SenPrepayAlloc1 = V1 / 100 * COLL_P_PREPAY(1)

calculate : #SenRecoverAlloc1 = V3

calculate: "SNR_2" _

NO_CHECK SCHEDULED GROUP 2 PERCENT LIMIT V0 = #SenPrep2 , _

NO_CHECK PREPAY GROUP 2 PERCENT LIMIT V1 = #SenPrep2 , _

NO_CHECK RECOVER GROUP 2 AMOUNT LIMIT V3 = #SENRECOV2

calculate : #SenSchedAlloc2 = V0 / 100 * COLL_P_SCHED(2)

calculate : #SenPrepayAlloc2 = V1 / 100 * COLL_P_PREPAY(2)

calculate : #SenRecoverAlloc2 = V3

calculate : #SubSched1 = MAX( 0, COLL_P_SCHED(1) - #SenSchedAlloc1 )

calculate : #SubPrepay1 = MAX( 0, COLL_P_PREPAY(1) - #SenPrepayAlloc1 )

calculate : #SubRecov1 = MAX( 0, DELINQ_RECOVER(1) - #SenRecoverAlloc1 )

calculate: "SUBORD_1" _

NO_CHECK SCHEDULED GROUP 1 AMOUNT = #SubSched1 , _

NO_CHECK PREPAY GROUP 1 AMOUNT = #SubPrepay1 , _

NO_CHECK RECOVER GROUP 1 AMOUNT = #SubRecov1

calculate : #SubSched2 = MAX( 0, COLL_P_SCHED(2) - #SenSchedAlloc2 )

calculate : #SubPrepay2 = MAX( 0, COLL_P_PREPAY(2) - #SenPrepayAlloc2 )

calculate : #SubRecov2 = MAX( 0, DELINQ_RECOVER(2) - #SenRecoverAlloc2 )

calculate: "SUBORD_2" _

NO_CHECK SCHEDULED GROUP 2 AMOUNT = #SubSched2 , _

NO_CHECK PREPAY GROUP 2 AMOUNT = #SubPrepay2 , _

NO_CHECK RECOVER GROUP 2 AMOUNT = #SubRecov2

calculate : #SubSched = #SubSched1 + #SubSched2

calculate : #SubRecov = #SubRecov1 + #SubRecov2

calculate : #SubPrepay = #SubPrepay1 + #SubPrepay2

calculate: "B1" _

NO_CHECK SCHEDULED AMOUNT = #SubSched * SHARE("B1") , _

NO_CHECK PREPAY AMOUNT = #SubPrepay * SUB_SHARE("B1") , _

NO_CHECK RECOVER AMOUNT = #SubRecov * SHARE("B1")

calculate: "B2" _

NO_CHECK SCHEDULED AMOUNT = #SubSched * SHARE("B2") , _

NO_CHECK PREPAY AMOUNT = #SubPrepay * SUB_SHARE("B2") , _

NO_CHECK RECOVER AMOUNT = #SubRecov * SHARE("B2")

calculate: "B3" _

NO_CHECK SCHEDULED AMOUNT = #SubSched * SHARE("B3") , _

NO_CHECK PREPAY AMOUNT = #SubPrepay * SUB_SHARE("B3") , _

NO_CHECK RECOVER AMOUNT = #SubRecov * SHARE("B3")

calculate: "B4" _

NO_CHECK SCHEDULED AMOUNT = #SubSched * SHARE("B4") , _

NO_CHECK PREPAY AMOUNT = #SubPrepay * SUB_SHARE("B4") , _

NO_CHECK RECOVER AMOUNT = #SubRecov * SHARE("B4")

calculate: "B5" _

NO_CHECK SCHEDULED AMOUNT = #SubSched * SHARE("B5") , _

NO_CHECK PREPAY AMOUNT = #SubPrepay * SUB_SHARE("B5") , _

NO_CHECK RECOVER AMOUNT = #SubRecov * SHARE("B5")

calculate: "B6" _

NO_CHECK SCHEDULED AMOUNT = #SubSched * SHARE("B6") , _

NO_CHECK PREPAY AMOUNT = #SubPrepay * SUB_SHARE("B6") , _

NO_CHECK RECOVER AMOUNT = #SubRecov * SHARE("B6")

------------------------------------

pay : CLASS INTEREST PRO_RATA ("SNR_1" )

pay : CLASS INTSHORT PRO_RATA ("SNR_1" )

pay : CLASS PRINCIPAL SEQUENTIAL ( "SNR_1" )

------------------------------------

pay : CLASS INTEREST PRO_RATA ("SNR_2" )

pay : CLASS INTSHORT PRO_RATA ("SNR_2" )

pay : CLASS PRINCIPAL SEQUENTIAL ( "SNR_2" )

------------------------------------

pay : CLASS INTEREST PRO_RATA ( "SUBORD_1" )

pay : CLASS INTSHORT PRO_RATA ( "SUBORD_1" )

------------------------------------

pay : CLASS INTEREST PRO_RATA ( "SUBORD_2" )

pay : CLASS INTSHORT PRO_RATA ( "SUBORD_2" )

------------------------------------

from : CLASS ( "GRP1"; "GRP2" )

pay : CLASS INTEREST PRO_RATA ( "SUBORD_1"; "SUBORD_2" )

pay : CLASS INTSHORT PRO_RATA ( "SUBORD_1"; "SUBORD_2" )

------------------------------------

pay : CLASS PRINCIPAL SEQUENTIAL ( "SUBORD_1" )

------------------------------------

pay : CLASS PRINCIPAL SEQUENTIAL ( "SUBORD_2" )

------------------------------------

from : CLASS ( "GRP1"; "GRP2" )

pay : CLASS PRINCIPAL PRO_RATA ( "SUBORD_1"; "SUBORD_2" )

------------------------------------

calculate : #P_SNR_1 = BBAL("AR","A1") - BBAL("SNR_1")

------------------------------------

from : CLASS ( "SNR_1" )

pay : CLASS INTEREST SEQUENTIAL ( "AR" )

pay : CLASS INTSHORT SEQUENTIAL ( "AR" )

------------------------------------

from : CLASS ( "SNR_1" )

from : SUBACCOUNT ( #P_SNR_1 )

pay : CLASS BALANCE SEQUENTIAL ( "AR" )

------------------------------------

from : CLASS ( "SNR_1" )

pay : CLASS INTEREST SEQUENTIAL ( "A1" )

pay : CLASS INTSHORT SEQUENTIAL ( "A1" )

------------------------------------

from : CLASS ( "SNR_1" )

from : SUBACCOUNT ( #P_SNR_1 )

pay : CLASS BALANCE SEQUENTIAL ( "A1" )

------------------------------------

from : CLASS ( "AR" )

pay : SEQUENTIAL ( "AR#1" )

------------------------------------

from : CLASS ( "A1" )

pay : SEQUENTIAL ( "A1#1" )

------------------------------------

from : CLASS ( "SNR_2" )

pay : SEQUENTIAL ( "A2#1" )

------------------------------------

from : CLASS ( "SUBORD_1" ; "SUBORD_2" )

pay : CLASS INTEREST PRO_RATA ( "ALL_SUBS" )

pay : CLASS INTSHORT PRO_RATA ( "ALL_SUBS" )

pay : CLASS BALANCE SEQUENTIAL ( "ALL_SUBS" )

------------------------------------

from : CLASS ( "ALL_SUBS" )

pay : CLASS INTEREST SEQUENTIAL ("X")

pay : CLASS INTSHORT SEQUENTIAL ("X")

------------------------------------

------------------------------------ SUB COMBO DISTRIBUTION

from : CLASS ("ALL_SUBS" )

pay : CLASS ENTIRETY SEQUENTIAL ("B1" )

pay : CLASS ENTIRETY SEQUENTIAL ("B2" )

pay : CLASS ENTIRETY SEQUENTIAL ("B3" )

pay : CLASS ENTIRETY SEQUENTIAL ("B4" )

pay : CLASS ENTIRETY SEQUENTIAL ("B5" )

pay : CLASS ENTIRETY SEQUENTIAL ("B6" )

------------------------------------

------------------------------------ CLEAN UP

from : CLASS ("ALL_SUBS" )

pay : CLASS BALANCE SEQUENTIAL ("B1", "B2", "B3", "B4", "B5", "B6" )

------------------------------------

from : CLASS ( "B1" )

pay : SEQUENTIAL ( "B1#1" )

------------------------------------

from : CLASS ( "B2" )

pay : SEQUENTIAL ( "B2#1" )

------------------------------------

from : CLASS ( "B3" )

pay : SEQUENTIAL ( "B3#1" )

------------------------------------

from : CLASS ( "B4" )

pay : SEQUENTIAL ( "B4#1" )

------------------------------------

from : CLASS ( "B5" )

pay : SEQUENTIAL ( "B5#1" )

------------------------------------

from : CLASS ( "B6" )

pay : SEQUENTIAL ( "B6#1" )

------------------------------------

------------------------------------ PAYDOWN SUBORD TRANCHES

calculate : #PrincReduce = BBAL("B1#1", "B2#1", "B3#1", "B4#1", "B5#1", "B6#1") - BBAL("ALL_SUBS")

calculate : #SubPrinc1 = BBAL("SUBORD_1#1") - BBAL("SUBORD_1")

calculate : #SubPrinc2 = BBAL("SUBORD_2#1") - BBAL("SUBORD_2")

calculate : #PrincReduce1 = #PrincReduce * #SubPrinc1 / ( #SubPrinc1 + #SubPrinc2 )

calculate : #PrincReduce2 = #PrincReduce * #SubPrinc2 / ( #SubPrinc1 + #SubPrinc2 )

------------------------------------

subject to : CEILING ( ( #SubPrinc1 - #PrincReduce1 ) )

pay : SEQUENTIAL ( "SUBORD_1#1" )

------------------------------------

subject to : CEILING ( ( #SubPrinc2 - #PrincReduce2 ) )

pay : SEQUENTIAL ( "SUBORD_2#1" )

------------------------------------

from : CLASS ( "GRP1" )

pay : CLASS COUPONCAP_SHORT PRO_RATA ( "A1" )

------------------------------------

from : CLASS ( "GRP1" )

pay : CLASS COUPONCAP_SHORT PRO_RATA ( "B1" )

------------------------------------

from : CLASS ( "GRP2" )

pay : CLASS COUPONCAP_SHORT PRO_RATA ( "SNR_2" )

------------------------------------

from : CLASS ( "GRP2" )

pay : CLASS COUPONCAP_SHORT PRO_RATA ( "B1" )

------------------------------------

from : CLASS ( "ALL_SUBS" )

pay : CLASS MORE_INTEREST SEQUENTIAL ("GRP1")

------------------------------------

------------------------------------ MANUAL WRITEDOWNS

calculate : #ReduceSubord1 = MIN( BBAL("SUBORD_1#1"), BBAL( "AR#1", "A1#1", "SUBORD_1#1" ) - COLL_BAL(1))

------------------------------------

when : IS_THERE ( "B1#1","B2#1","B3#1","B4#1","B5#1","B6#1" )

pay : DECREMENT ( BALANCE "SUBORD_1#1", BY #ReduceSubord1 )

------------------------------------

calculate : #ReduceSubord2 = MIN( BBAL("SUBORD_2#1"), BBAL( "A2#1", "SUBORD_2#1" ) - COLL_BAL(2))

------------------------------------

when : IS_THERE ( "B1#1","B2#1","B3#1","B4#1","B5#1","B6#1" )

pay : DECREMENT ( BALANCE "SUBORD_2#1", BY #ReduceSubord2 )

------------------------------------

calculate : #MoreReduceSubord1 = MIN( BBAL("SUBORD_1#1"), BBAL("SUBORD_1#1")/BBAL("SUBORD_1#1", "SUBORD_2#1") * ( BBAL("AR#1", "A1#1", "SUBORD_1#1", "A2#1", "SUBORD_2#1") - COLL_BAL(1,2)))

calculate : #MoreReduceSubord2 = MIN( BBAL("SUBORD_2#1"), BBAL("SUBORD_2#1")/BBAL("SUBORD_1#1", "SUBORD_2#1") * ( BBAL("AR#1", "A1#1", "SUBORD_1#1", "A2#1", "SUBORD_2#1") - COLL_BAL(1,2)))

------------------------------------

when : IS_TRUE ( (BBAL("B1#1","B2#1","B3#1","B4#1","B5#1","B6#1") GT 0.01 ) AND (( BBAL("SUBORD_2#1") LT 0.01 ) ))

pay : DECREMENT ( BALANCE "SUBORD_1#1", BY #MoreReduceSubord1 )

------------------------------------

when : IS_TRUE ( (BBAL("B1#1","B2#1","B3#1","B4#1","B5#1","B6#1") GT 0.01 ) AND (( BBAL("SUBORD_1#1") LT 0.01 ) ))

pay : DECREMENT ( BALANCE "SUBORD_2#1", BY #MoreReduceSubord2 )

------------------------------------

calculate : #WriteDown = BBAL( "AR#1", "A1#1", "B1#1", "B2#1", "B3#1", "B4#1", "B5#1", "B6#1", "A2#1" ) - COLL_BAL(1,2)

------------------------------------

from : SUBACCOUNT ( #WriteDown )

pay : WRITEDOWN PRO_RATA ( "B6#1" )

pay : WRITEDOWN PRO_RATA ( "B5#1" )

pay : WRITEDOWN PRO_RATA ( "B4#1" )

pay : WRITEDOWN PRO_RATA ( "B3#1" )

pay : WRITEDOWN PRO_RATA ( "B2#1" )

pay : WRITEDOWN PRO_RATA ( "B1#1" )

------------------------------------

calculate : #SenWriteDown1 = MAX(0, BBAL( "AR#1", "A1#1" ) / BBAL( "AR#1", "A1#1", "A2#1" ) * #WriteDown)

------------------------------------

calculate : #SenWriteDown2 = MAX(0, BBAL( "A2#1" ) / BBAL( "AR#1", "A1#1", "A2#1" ) * #WriteDown)

------------------------------------

from : SUBACCOUNT ( #WriteDown, #SenWriteDown1 )

pay : WRITEDOWN SEQUENTIAL ( "A1#1" )

------------------------------------

from : SUBACCOUNT ( #WriteDown, #SenWriteDown1 )

pay : WRITEDOWN SEQUENTIAL ( "AR#1" )

------------------------------------

from : SUBACCOUNT ( #WriteDown, #SenWriteDown2 )

pay : WRITEDOWN SEQUENTIAL ( "A2#1" )

------------------------------------

calculate : #BondBal1 = BBAL("AR#1","A1#1","SUBORD_1#1")

------------------------------------

calculate : #BondBal2 = BBAL("A2#1","SUBORD_2#1")

------------------------------------

calculate: #CallBalGrp1 = COLL_BAL(1)

calculate: #CallBalGrp2 = COLL_BAL(2)

------------------------------------

---------------------- SECTION: "OPTR_DEAL"

------------------------------------

from : CASH_ACCOUNT (100)

subject to : CEILING ( #CallBalGrp1)

pay : CLASS BALANCE SEQUENTIAL ( "GRP1" )

pay : CLASS MORE_INTEREST SEQUENTIAL ( "GRP1" )

------------------------------------

from : CLASS ( "GRP1" )

pay : SEQUENTIAL ( "AR#1", "A1#1" )

------------------------------------

from : CLASS ( "GRP1" )

pay : CLASS BALANCE SEQUENTIAL ( "SUBORD_1" )

------------------------------------

subject to : CEILING ( (BBAL("SUBORD_1#1")-BBAL("SUBORD_1")) )

pay : SEQUENTIAL ( "SUBORD_1#1" )

------------------------------------

from : CLASS ( "SUBORD_1" )

pay : CLASS BALANCE SEQUENTIAL ("ALL_SUBS")

------------------------------------

from : CLASS ( "ALL_SUBS" )

pay : CLASS BALANCE SEQUENTIAL ("B1","B2","B3","B4","B5","B6")

------------------------------------

from : CLASS ( "B1" )

pay : SEQUENTIAL ( "B1#1" )

------------------------------------

from : CLASS ( "B2" )

pay : SEQUENTIAL ( "B2#1" )

------------------------------------

from : CLASS ( "B3" )

pay : SEQUENTIAL ( "B3#1" )

------------------------------------

from : CLASS ( "B4" )

pay : SEQUENTIAL ( "B4#1" )

------------------------------------

from : CLASS ( "B5" )

pay : SEQUENTIAL ( "B5#1" )

------------------------------------

from : CLASS ( "B6" )

pay : SEQUENTIAL ( "B6#1" )

------------------------------------

from : CASH_ACCOUNT (100)

subject to : CEILING ( #CallBalGrp2)

pay : CLASS BALANCE SEQUENTIAL ( "GRP2" )

pay : CLASS MORE_INTEREST SEQUENTIAL ( "GRP2" )

------------------------------------

from : CLASS ( "GRP2" )

pay : SEQUENTIAL ( "A2#1" )

------------------------------------

from : CLASS ( "GRP2" )

pay : CLASS BALANCE SEQUENTIAL ( "SUBORD_2" )

------------------------------------

subject to : CEILING ( (BBAL("SUBORD_2#1")-BBAL("SUBORD_2")) )

pay : SEQUENTIAL ( "SUBORD_2#1" )

------------------------------------

from : CLASS ( "SUBORD_2" )

pay : CLASS BALANCE SEQUENTIAL ("ALL_SUBS")

------------------------------------

from : CLASS ( "ALL_SUBS" )

pay : CLASS BALANCE SEQUENTIAL ("B1","B2","B3","B4","B5","B6")

------------------------------------

from : CLASS ( "B1" )

pay : SEQUENTIAL ( "B1#1" )

------------------------------------

from : CLASS ( "B2" )

pay : SEQUENTIAL ( "B2#1" )

------------------------------------

from : CLASS ( "B3" )

pay : SEQUENTIAL ( "B3#1" )

------------------------------------

from : CLASS ( "B4" )

pay : SEQUENTIAL ( "B4#1" )

------------------------------------

from : CLASS ( "B5" )

pay : SEQUENTIAL ( "B5#1" )

------------------------------------

from : CLASS ( "B6" )

pay : SEQUENTIAL ( "B6#1" )

------------------------------------

Schedule "SHIFT1%"

Declare

SHIFTINT GROUP 1

120 100%

132 70%

144 60%

156 40%

168 20%

180 0%

Schedule "SHIFT2%"

Declare

SHIFTINT GROUP 2

120 100%

132 70%

144 60%

156 40%

168 20%

180 0%

Schedule "GRP1_NAS_SCHED" GROUP 1

DECLARE

VALUES OK

20031220 347,561,000.00

20040120 334,761,463.08

20040220 322,413,165.22

20040320 310,500,291.36

20040420 299,007,487.65

20040520 287,919,941.61

20040620 277,223,363.12

20040720 266,903,965.93

20040820 256,948,449.92

20040920 247,343,983.96

20041020 238,078,189.38

20041120 229,139,123.99

20041220 220,515,266.71

20050120 212,195,502.71

20050220 204,169,109.10

20050320 196,425,741.09

20050420 188,955,418.68

20050520 181,748,513.76

20050620 174,795,737.74

20050720 168,088,129.56

20050820 161,617,044.16

20050920 155,646,133.59

20051020 149,890,563.94

20051120 144,342,657.33

20051220 138,995,008.12

20060120 133,840,473.27

20060220 128,872,163.05

20060320 124,083,432.09

20060420 119,467,870.74

20060520 115,019,296.72

20060620 110,731,747.10

20060720 106,599,470.53

20060820 102,616,919.75

20060920 98,778,744.37

20061020 95,079,783.93

20061120 91,515,061.15

20061220 88,079,775.47

20070120 84,973,918.39

20070220 81,977,579.62

20070320 79,086,897.34

20070420 76,298,145.90

20070520 73,607,731.04

20070620 0.00

Schedule "GRP2_NAS_SCHED" GROUP 2

DECLARE

VALUES OK

20031220 347,560,000.00

20040120 334,760,397.58

20040220 322,412,133.00

20040320 310,499,291.26

20040420 299,006,518.52

20040520 287,919,002.37

20040620 277,222,452.71

20040720 266,903,083.33

20040820 256,947,594.15

20040920 247,343,154.09

20041020 238,077,384.48

20041120 229,138,343.18

20041220 220,514,509.14

20050120 212,194,767.57

20050220 204,168,395.60

20050320 196,425,048.46

20050420 188,954,746.18

20050520 181,747,860.68

20050620 174,795,103.41

20050720 168,087,513.31

20050820 161,616,445.35

20050920 155,645,553.75

20051020 149,890,002.44

20051120 144,342,113.56

20051220 138,994,481.49

20060120 133,839,963.22

20060220 128,871,669.02

20060320 124,082,953.55

20060420 119,467,407.18

20060520 115,018,847.65

20060620 110,731,312.04

20060720 106,599,049.02

20060820 102,616,511.33

20060920 98,778,348.62

20061020 95,079,400.44

20061120 91,514,689.51

20061220 88,079,415.29

20070120 84,973,570.91

20070220 81,977,244.39

20070320 79,086,573.93

20070420 76,297,833.90

20070520 73,607,430.04

20070620 0.00

Collateral

! Factor --Delay--

! Type Date P/Y BV Use BV for 0

WL 20031101 9999 9999 FALSE

! Pool# Type Gross Current Original --Fee-- Maturity Orig ARM Gross #mos #mos P#mos P#mos Life Reset Life Max Look

! Coupon Factor Balance P/Y BV P/Y BV Term Index Margin ToRst RstPer ToRst RstPer Cap Cap Floor Negam Back

!! BEGINNING OF COLLATERAL

M 1 "Greenpoint LIBOR 1 M" WL 00 WAC 2.88591 ( 38104049.47 / 38104049.47 ); 38104049.47 0.382500 0.382500 359:1 359:1 360 NO_CHECK ARM LIBOR_1MO 1.88671 2 1 SYNC_INT &nbs p; 11.99478 999 1.88671 0 0 AMORT NONE FOR 60 GROUP 1

M 2 "Morgan Stanley LIBOR 1 M" WL 00 WAC 2.70555 ( 45623177.68 / 45623177.68 ); 45623177.68 0.382500 0.382500 299:1 299:1 300 NO_CHECK ARM LIBOR_1MO 1.58055 2 1 SYNC_INT 12.00000 999 1.58055 0 0 AMORT NONE FOR 120 GROUP 1

M 3 "Greenpoint LIBOR 6 M" WL 00 WAC 3.00963 ( 256789776.62 / 256789776.62 ); 256789776.62 0.382500 0.382500 359:1 359:1 360 NO_CHECK ARM LIBOR_6MO 1.93439 6 6 SYNC_INT & nbsp; 11.99968 999 1.93439 0 0 AMORT NONE FOR 60 GROUP 1 TEASER

M 4 "Morgan Stanley LIBOR 6 M" WL 00 WAC 2.83307 ( 22471091.35 / 22471091.35 ); 22471091.35 0.382500 0.382500 298:2 298:2 300 NO_CHECK ARM LIBOR_6MO 1.64436 5 6 SYNC_INT 12.00000 999 1.64436 0 0 AMORT NONE FOR 120 GROUP 1 TEASER

M 5 "Greenpoint LIBOR 6 M" WL 00 WAC 2.98122 ( 337483665.54 / 337483665.54 ); 337483665.54 0.382500 0.382500 359:1 359:1 360 NO_CHECK ARM LIBOR_6MO 1.90829 6 6 SYNC_INT & nbsp; 12.00493 999 1.90829 0 0 AMORT NONE FOR 60 GROUP 2 TEASER

M 6 "Morgan Stanley LIBOR 6 M" WL 00 WAC 2.87337 ( 25503451.19 / 25503451.19 ); 25503451.19 0.382500 0.382500 298:2 298:2 300 NO_CHECK ARM LIBOR_6MO 1.68288 5 6 SYNC_INT 12.00000 999 1.68288 0 0 AMORT NONE FOR 120 GROUP 2 TEASER

EX-99 7 dmb1.htm EXHIBIT 99.1 COMPUTATIONAL MATERIALS Computational Materials

COMPUTATIONAL MATERIALS DISCLAIMER

The attached tables and other statistical analyses (the "Computational Materials") are privileged and intended for use by the addressee only. These Computational Materials have been prepared by Greenwich Capital Markets, Inc. in reliance upon information furnished by the issuer of the securities and its affiliates. These Computational Materials are furnished to you solely by Greenwich Capital Markets, Inc. and not by the issuer of the securities. They may not be provided to any third party other than the addressee's legal, tax, financial and/or accounting advisors for the purposes of evaluating said material.

Numerous assumptions were used in preparing the Computational Materials which may or may not be reflected therein. As such, no assurance can be given as to the Computational Materials' accuracy, appropriateness or completeness in any particular context; nor as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. These Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice.

Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayments assumptions, and changes in such prepayment assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments on the underlying assets will occur at rates slower or faster than the rates shown in the attached Computational Materials. Furthermore, unless otherwise provided, the Computational Materials assume no losses on the underlying assets and no interest shortfall. The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the actual underlying assets and the hypothetical underlying assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. Neither Greenwich Capital Markets, Inc. nor any of its affiliates makes any representation or warranty as to the actual rate or timing of payments on any of the underlying assets or the payments or yield on the securities.

Although a registration statement (including the Prospectus) relating to the securities discussed in this communication has been filed with the Securities and Exchange Commission and is effective, the final prospectus supplement relating to the securities discussed in this communication has not been filed with Securities and Exchange Commission. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities discussed in this communication in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification of such securities under the securities laws of any such state. Prospective purchasers are referred to the final prospectus supplement relating to the securities discussed in this communication for definitive Computational Materials a nd any matter discussed in this communication. Once available, a final prospectus and prospectus supplement may be obtained by contacting the Greenwich Capital Markets, Inc. Trading Desk at (203) 625-6160.

If you have received this communication in error, please notify the sending party immediately by telephone and return the original to such party by mail.

SEMT 03-7 - Price/DM - B1

Balance	$16,607,000.00	Delay	0
Coupon	1.67	Dated	11/25/2003
Settle	11/25/2003	First Payment	12/20/2003

Prepay	12 CPR	15 CPR	20 CPR	25 CPR	30 CPR	40 CPR
Optional Redemption	Call Y	Call Y	Call Y	Call Y	Call Y	Call Y
Price	Disc Margin	Disc Margin	Disc Margin	Disc Margin	Disc Margin	Disc Margin
99-16	60.3	61.3	63.1	64.8	66.4	69.9
99-17	60.0	60.9	62.6	64.1	65.7	69.0
99-18	59.6	60.5	62.1	63.5	65.0	68.1
99-19	59.3	60.1	61.6	62.9	64.3	67.1
99-20	59.0	59.7	61.1	62.3	63.6	66.2
99-21	58.6	59.3	60.6	61.7	62.8	65.3
99-22	58.3	58.9	60.1	61.1	62.1	64.3
99-23	58.0	58.5	59.6	60.5	61.4	63.4
99-24	57.6	58.1	59.1	59.9	60.7	62.5
99-25	57.3	57.8	58.6	59.3	60.0	61.5
99-26	57.0	57.4	58.0	58.7	59.3	60.6
99-27	56.7	57.0	57.5	58.0	58.6	59.7
99-28	56.3	56.6	57.0	57.4	57.8	58.7
99-29	56.0	56.2	56.5	56.8	57.1	57.8
99-30	55.7	55.8	56.0	56.2	56.4	56.9
99-31	55.3	55.4	55.5	55.6	55.7	55.9
100-00	55.0	55.0	55.0	55.0	55.0	55.0
100-01	54.7	54.6	54.5	54.4	54.3	54.1
100-02	54.3	54.2	54.0	53.8	53.6	53.1
100-03	54.0	53.8	53.5	53.2	52.9	52.2
100-04	53.7	53.4	53.0	52.6	52.2	51.3
100-05	53.4	53.0	52.5	52.0	51.4	50.3
100-06	53.0	52.6	52.0	51.4	50.7	49.4
100-07	52.7	52.3	51.5	50.7	50.0	48.5
100-08	52.4	51.9	51.0	50.1	49.3	47.6
100-09	52.0	51.5	50.4	49.5	48.6	46.6
100-10	51.7	51.1	49.9	48.9	47.9	45.7
100-11	51.4	50.7	49.4	48.3	47.2	44.8
100-12	51.1	50.3	48.9	47.7	46.5	43.8
100-13	50.7	49.9	48.4	47.1	45.8	42.9
100-14	50.4	49.5	47.9	46.5	45.1	42.0
100-15	50.1	49.1	47.4	45.9	44.4	41.1
100-16	49.7	48.7	46.9	45.3	43.6	40.1
WAL	10.41	8.61	6.56	5.40	4.58	3.46
Mod Durn	9.41	7.90	6.13	5.10	4.36	3.33
Principal Window Begin	05/09	04/08	02/07	06/06	12/05	05/05
Principal Window End	01/19	07/16	09/13	09/11	04/10	06/08

EX-99 8 dma1.htm EXHIBIT 99.1 COMPUTATIONAL MATERIALS COMPUTATIONAL MATERIALS

COMPUTATIONAL MATERIALS DISCLAIMER

Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayments assumptions, and changes in such prepayment assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments on the underlying assets will occur at rates slower or faster than the rates shown in the attached Computational Materials. Furthermore, unless otherwise provided, the Computational Materials assume no losses on the underlying assets and no interest shortfall. The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the actual underlying assets and the hypothetical underlying assets used in preparing the Computational Materials. The principal amount and designation of any security d escribed in the Computational Materials are subject to change prior to issuance. Neither Greenwich Capital Markets, Inc. nor any of its affiliates makes any representation or warranty as to the actual rate or timing of payments on any of the underlying assets or the payments or yield on the securities.

Although a registration statement (including the Prospectus) relating to the securities discussed in this communication has been filed with the Securities and Exchange Commission and is effective, the final prospectus supplement relating to the securities discussed in this communication has not been filed with Securities and Exchange Commission. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities discussed in this communication in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification of such securities under the securities laws of any such state. Prospective purchasers are referred to the final prospectus supplement relating to the securities discussed in this communication for definitive Computational Materials and any matter discussed in this communication. Once available, a final prospectus and prospectus supplement may be obtained by contacting the Greenwich Capital Markets, Inc. Trading Desk at (203) 625-6160.

If you have received this communication in error, please notify the sending party immediately by telephone and return the original to such party by mail.

SEMT 03-7 - Price/DM - Al

Balance	$290,000,000.00	Delay	0
Coupon	1.44	Dated	11/25/2003
Settle	11/25/2003	First Payment	12/20/2003

Prepay Optional Redemption	12 CPR Call Y	15 CPR Call Y	20 CPR Call Y	25 CPR Call Y	30 CPR Call Y	40 CPR Call Y
Price	Disc Margin	Disc Margin	Disc Margin	Disc Margin	Disc Margin	Disc Margin
99-24	36.3	37.2	38.8	40.6	42.5	46.8
99-24+	36.0	36.9	38.4	40.0	41.8	45.9
99-25	35.8	36.5	37.9	39.5	41.2	44.9
99-25+	35.5	36.2	37.5	39.0	40.5	44.0
99-26	35.2	35.9	37.1	38.4	39.9	43.1
99-26+	35.0	35.6	36.7	37.9	39.2	42.2
99-27	34.7	35.2	36.2	37.4	38.6	41.2
99-27+	34.4	34.9	35.8	36.8	37.9	40.3
99-28	34.2	34.6	35.4	36.3	37.2	39.4
99-28+	33.9	34.3	35.0	35.7	36.6	38.5
99-29	33.6	33.9	34.5	35.2	35.9	37.5
99-29+	33.3	33.6	34.1	34.7	35.3	36.6
99-30	33.1	33.3	33.7	34.1	34.6	35.7
99-30+	32.8	33.0	33.3	33.6	34.0	34.8
99-31	32.5	32.6	32.8	33.1	33.3	33.8
99-31+	32.3	32.3	32.4	32.5	32.7	32.9
100-00	32.0	32.0	32.0	32.0	32.0	32.0
100-00+	31.7	31.7	31.6	31.5	31.3	31.1
100-01	31.5	31.4	31.2	30.9	30.7	30.2
100-01+	31.2	31.0	30.7	30.4	30.0	29.2
100-02	30.9	30.7	30.3	29.9	29.4	28.3
100-02+	30.7	30.4	29.9	29.3	28.7	27.4
100-03	30.4	30.1	29.5	28.8	28.1	26.5
100-03+	30.1	29.7	29.0	28.3	27.4	25.5
100-04	29.9	29.4	28.6	27.7	26.8	24.6
100-04+	29.6	29.1	28.2	27.2	26.1	23.7
100-05	29.3	28.8	27.8	26.7	25.5	22.8
100-05+	29.1	28.4	27.3	26.1	24.8	21.9
100-06	28.8	28.1	26.9	25.6	24.2	20.9
100-06+	28.5	27.8	26.5	25.1	23.5	20.0
100-07	28.2	27.5	26.1	24.5	22.9	19.1
100-07+	28.0	27.1	25.7	24.0	22.2	18.2
100-08	27.7	26.8	25.2	23.5	21.6	17.3
WAL	6.24	5.11	3.86	3.03	2.46	1.73
Mod Durn	5.78	4.79	3.66	2.91	2.37	1.68
Principal Window Begin	12/03	12/03	12/03	12/03	12/03	12/03
Principal Window End	01/19	07/16	09/13	09/11	04/10	06/08

EX-99 9 dma2.htm EXHIBIT 99.1 COMPUTATIONAL MATERIALS COMPUTATIONAL MATERIALS

COMPUTATIONAL MATERIALS DISCLAIMER

Although a registration statement (including the Prospectus) relating to the securities discussed in this communication has been filed with the Securities and Exchange Commission and is effective, the final prospectus supplement relating to the securities discussed in this communication has not been filed with Securities and Exchange Commission. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities discussed in this communication in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification of such securities under the securities laws of any such state. Prospective purchasers are referred to the final prospectus supplement relating to the securities discussed in this communication for definitive Computational Materials a nd any matter discussed in this communication. Once available, a final prospectus and prospectus supplement may be obtained by contacting the Greenwich Capital Markets, Inc. Trading Desk at (203) 625-6160.

If you have received this communication in error, please notify the sending party immediately by telephone and return the original to such party by mail.

SEMT 03-7 - Price/DM - A2

Balance	$505,100,000.00	Delay	0
Coupon	1.615	Dated	11/25/2003
Settle	11/25/2003	First Payment	12/20/2003

Prepay	12 CPR	15 CPR	20 CPR	25 CPR	30 CPR	40 CPR
Optional Redemption	Call Y	Call Y	Call Y	Call Y	Call Y	Call Y
Price	Disc Margin	Disc Margin	Disc Margin	Disc Margin	Disc Margin	Disc Margin
99-24	38.9	39.8	41.3	43.1	45.0	49.3
99-24+	38.6	39.4	40.9	42.6	44.4	48.4
99-25	38.3	39.1	40.5	42.0	43.7	47.5
99-25+	38.0	38.8	40.1	41.5	43.1	46.5
99-26	37.8	38.4	39.6	41.0	42.4	45.6
99-26+	37.5	38.1	39.2	40.4	41.7	44.7
99-27	37.2	37.8	38.8	39.9	41.1	43.8
99-27+	36.9	37.5	38.3	39.3	40.4	42.8
99-28	36.7	37.1	37.9	38.8	39.8	41.9
99-28+	36.4	36.8	37.5	38.3	39.1	41.0
99-29	36.1	36.5	37.1	37.7	38.4	40.1
99-29+	35.9	36.1	36.6	37.2	37.8	39.1
99-30	35.6	35.8	36.2	36.6	37.1	38.2
99-30+	35.3	35.5	35.8	36.1	36.5	37.3
99-31	35.0	35.2	35.4	35.6	35.8	36.4
99-31+	34.8	34.8	34.9	35.0	35.2	35.4
100-00	34.5	34.5	34.5	34.5	34.5	34.5
100-00+	34.2	34.2	34.1	34.0	33.8	33.6
100-01	34.0	33.8	33.6	33.4	33.2	32.7
100-01+	33.7	33.5	33.2	32.9	32.5	31.7
100-02	33.4	33.2	32.8	32.4	31.9	30.8
100-02+	33.1	32.9	32.4	31.8	31.2	29.9
100-03	32.9	32.5	31.9	31.3	30.6	29.0
100-03+	32.6	32.2	31.5	30.7	29.9	28.0
100-04	32.3	31.9	31.1	30.2	29.3	27.1
100-04+	32.1	31.6	30.7	29.7	28.6	26.2
100-05	31.8	31.2	30.2	29.1	27.9	25.3
100-05+	31.5	30.9	29.8	28.6	27.3	24.3
100-06	31.2	30.6	29.4	28.1	26.6	23.4
100-06+	31.0	30.2	29.0	27.5	26.0	22.5
100-07	30.7	29.9	28.5	27.0	25.3	21.6
100-07+	30.4	29.6	28.1	26.5	24.7	20.7
100-08	30.2	29.3	27.7	25.9	24.0	19.7
WAL	6.22	5.09	3.85	3.03	2.46	1.73
Mod Durn	5.71	4.74	3.64	2.89	2.36	1.68
Principal Window Begin	12/03	12/03	12/03	12/03	12/03	12/03
Principal Window End	01/19	07/16	09/13	09/11	04/10	06/08

GRAPHIC 10 sequoiamortgagetrust20037002.jpg GRAPHIC begin 644 sequoiamortgagetrust20037002.jpg M_]C_X``02D9)1@`!`0(`)0`E``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#:4F_: MVCNB2763G;DHJ<.(XOD9I(/+SR%QDD%>.5'R!QT3J^VC=K[>ZZMK:Q(TM9RD M2`*>,BL1B-U)\BX';GHMTO0.JIQ".:$TR\#EQ*7:JT];Z#QFMTUA=W;AN]MW M%36ZW5"H*E845/%&[&YJBWVZU55K MJXXX:SDYD9$+&/QYY*'93D`Y`QV>()&<-5U5ZWS:Z8UUQAIH*9.)D,D:-&C- M(5`/"0OQ`=3D`G**,?DS2V=5)%'21CX%W4-8%[`G7NGHVFLE/O-EV>+K'1<; MC).:2.A)+LL_(@(V`#G`Y8(!_7[&JBDK-]W`17"D"O2R-(ZHS1HDBA04P&C# MA&;.,GD5(!*_F1SJ-!9\I"\%D()8A:-:GJ)Z)IJ!9'K9+%0R7$YK'@1IO[?C M(8C."OZ(]'UWGH>A%W)N2BVS;3551YROD00*<-*W_P!`=9/Z_P"Y(!T+@+S' M03G&)FR>S74[2YTUCZ>DWM7+'45-R@MS.K>2GCCC81G(50,JV1@%R>79/'X_ MEJRV]2[DIGD-]N%-4H4`41*,\\G)!"+@8P,'EDC.1ZU5----(C3332(TTTTB----(C35)#:;C'NVIN3W*=J"2)1'2B4\ M$8``@H01@X#<@5(.1@@G5WJJDG<2[J%JC>GZ(TUC_J5"TVSI0JJ2DJOEL``# M.>RIP?T.U))P"2>+:FAE$UOII0[2!XE;FY0EL@=DI\2?_;U_'6H#VY7NEVQ5 MB&2]R1\*G?3357?[Y!8+;]U,O-W<10Q\@@>0YP"QZ4=$ECT`#_C4DA19F:(S ML%7SR]:N:OA*IS@ MV+(^$F:::BW)>=JK$X\^4#CCQY9^)ZQQ;/\`CBW^#ZU8FA,@+-25IK)?3@E= MGQ0-)S:">6-L21NJGEG"E">N\]]G.1\2NM;JJ-SJ&[YIFQ^RR,EW1C3335YE M&FFFD1IIII$::::1*O<8FBRZA#(T:,I!+#D!@_$#@477J-VJJ:AM%74UD+34 MT<3&6-8_(77'8X_L?SGK'O`SKR2JH*VO@NNZ9Z>"VI]PC("KH8I`YB/I0_)2 MPG?^^LV6^;)9HK!+6`4ENJU588: MD,%<8.!GT,ZB[!JZB:YUL#5\\T"1"18'B?B@9SXPI(554(JL MH54Y"7U\,#."ANNX;Q!2M/.TCT$+0R3O(557I"';IP>+.`&/%ARQG_:^KV+6 MNE566BIM,=+70(K3RPP*G><<9.*JN3VR\<@J?9()-4;FRA@*'UFF5#CX4XRW M,=_('SZ?>5>^II*?>-OECBDD,7VLJH% M]_M]L22FHHXG^Z5%E63YHY4YD1PS?$,1QXGO^,2"?NUO%]1K)*C<)N=(@96P MW!I)0P_('!&`?B?\C.&Y;WI9[#?J2\44TB1RN9B"2(XY(E=@GY*N).;Y'Y$E M\9Y%35P;8]+UFF$KRXUKM%31\8WS;XK9M_;MK>;S)"_#$LA"RL%ZY9E'%23@ MGO@#T5Z#1;O>-UUMM2WUU+4PTTD\44TBT4D4DT+X`)=>:J6SAE`R"0`&RRB5 MOJXK==OV2I_\N)GD\T4@!:(JI60<790S*>0'QSG&&4D7SV"Q(XG!8$_$PY7F:C6@]=).$9#C0E;()N^FN_[^)* MMEEH]Q?3JDIK=+&[1SEF+Q1PEV&48.%#@-XVZ;LYXMJKIMP;AV7RH:ZFDJ*2 ME3"I,I*E!P7,4RKZ+/G#CX@*NW^26IG$4<4M0862%49EY M!BP5B1(Q0'W)CWUJ+N'=DNXH?Z106Z1*L3N\;@AIXFB0..*'BR29RI/>,,%+ MGU)(500::I"*SY&4J&QDDV:T[_AX>D]&MUP@NE!'64S#'QQEF9V')QWRY0QE4((8K^OW?[1MTEL MVS202DNEN$8JZ/.3XP7(R&5 M@>+$\&4-Q`RP+`=G!ZM74VZHWA_3+JTB6.T>*"CHQ!*PEF*CB&`4EN@V,GL`8R"V;;92L-P;H+ MJRL:P\,PA0R>6;#!O;'ES'8ZX@9/H1:B6?9F[;A<9::>:VW%6E8P*I)90#CB M$&&7^ZQ)8`J2+'?;U<+AN6:>2DB5UH(C32> M$4Y8IY1Q!/(G`R<8.,=@!=A3[UM=97I24R5,A9T3R.@B0/YG',CK\1G)V5J MW+17JOEIJ**I9(T#F=X^*$$*1T3R&0V02H#8;!.-4.Q1_P"(-VGA&,W%AS#Y M<_)^BN>@/T<#.3V<=6""U%V+,S;*W+D?EY2`-]3ON?&O7K(5-:X[!]5*"CM, M31T-M-\1"[2PI[8ID?W';UEE M>,`#_8<@'\OJY",_6.S\V8,*!N`"Y!/]WH]]#&3GOL`?O(KM]\[/NB*YP^-/ MO+=-`?QP[JISY%;`<%64`$^P.FP%:NB6XZ'Y&I<7FK$QU9`?4$_:Y`BNDD-^ MI][2-X;?7UK4[L(GY1Q*O%01R`;D!DD<@IC!'>5UI=UDEG=I78\$#89L=J5;)"@%I'[.-2%8'V9Z MT?S!R8V!SK_I8'_/U^4ZT#K#]5KW,T:\5HR2T>7D8!*SJ534PJOJ7?(7#".:C M>,L8$([2G!PQ!Y'O\2"!D>^1U7;UF*'7X29O2QTEKV5/34W&*"2O68LT0 MXP\V[_",D*,X'HXZY'I#-@VC%?;-)5WM9)+M6P$++.26I5/<:A0$`*]$X`R2 MWZ.-0-WWJEO>Q9*Z"FYQ05JHR2E7!*G!R8RV`VC%JHQYO-B M!/[OE\O/XCY<\#EGWRP,^\:T5$?(>ZA]Y@^7+BP*;IN8Z]>GZ9G/IQ5RU6T8 MEDE\J0.8HV)'+B`#AAR.,$L!Z^(4X&=0-\)]SNO;%(\/*&5Y8Y"\WC5T?BKJ M" XYZ_>0/EDC4KZ8KQV9&>..4\ASQQR[QG\1GUC.6]8SUQ7KOS;=1?K;#- M0CG74O(1PL$*R*^%;\N@0!D']8Z[P1%%N'%:[20RIQ[6:%D7Y@BYK=5U\ME# M=K6]/9!^:#K"DCDO''[Q@^M<[5VZ[AMM.]`;QQ(;H)!>ID\DU8S\G69@,C`^)48"A?0`ZP3G4*Q7::\?2^\S3R,\D<55&>1 M8D#@6`Y,S%@`P`)[QUWC)FW/?,4EMDBLU+6SW.1'1(O`5:&1>(8$,/DR\@2J MAO1S@=Z4EB_T]]-+G1L,3-2U,LISV25;&1D@'B%!`)&0<$^SI2\W8[C?V]9@ M&R>S`S;EARCN[_(;3,U-IH_^%%/>?`L=PAIQ%'+#.Q`1IB&!PQ&6#MR!]A]V7,]`#YX($*074K0WV\NLL MZLN)U>PW(=8P-;K' M_31579T7!5X&5B&$)1F/62V>F(;(#`XXJOH@@;#73@_B7RGF\;_D/YF----; M3EC3332(TTTTB----(C3332(TTTTB----(C3332(TTTTB----(C3332(TTTT MB----(C3332(TTTTB----(C3332(TTTTB----(C3332(UBOJ8K-MZD`5BIK! MSX0B4JGBDY,%/60N3[&,9R,9UM=-4R)SJ5FV#+[+(,E74::::O,8TTTTB--- 0-(C3332(TTTTB----(G_V3\_ ` end -----END PRIVACY-ENHANCED MESSAGE-----