| DEAL NAME | MSAC 2004-HE1 |
| Closing Date | 2/26/2004 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 1,716,123,429 |
| |
| Sellers | NC(43.72%),AA(36.43%),ACC(19.85%) |
| Servicers | CW(80.15%),CH(19.85%) |
| |
| Number of Loans | 10767 |
| Avg Loan Balance ($) | 159,387 |
| |
| Fixed/Floating | |
| % FRM | 30.21 |
| % ARM | 69.79 |
| |
| %IO | 1.08 |
| Wtd Avg IO Term (months) | 119 |
| |
| Wtd Avg Current Mortgage Rate (%) | 7.338 |
| Non-Zero Wtd Avg Margin (%) | 5.903 |
| Non-Zero Wtd Avg Initial Cap (%) | 2.123 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.333 |
| |
| Lien Composition | |
| % 1st Lien | 99.10 |
| % 2nd Lien | 0.90 |
| |
| Non-Zero Wtd Avg FICO | 618 |
| % FICO below 600 (inc. N/A) | 40.50 |
| % FICO below 550 (inc. N/A) | 15.38 |
| |
| Wtd Avg Comb Orig LTV | 79.65 |
| % CLTV > 80 | 40.39 |
| % CLTV > 90 | 10.51 |
| % CLTV > 95 | 3.64 |
| |
| % Silent Seconds | 17.88 |
| CLTV incl. all simul. liens (%) | 82.64 |
| |
| Documentation Level | |
| % Full Documentation | 61.58 |
| % Stated Documentation | 34.15 |
| % Limited Documentation | 2.88 |
| % Lite Documentation | 1.39 |
| |
| % Owner Occupied | 94.10 |
| |
| Loan Purpose | |
| % Cashout Refinance | 62.41 |
| % Purchase | 28.04 |
| % Rate Term Refinance | 9.53 |
| |
| State Concentration (Over 5%) | CA(37.09%),FL(10.51%),NY(6.69%) |
| |
| % Prepay Penalty | 80.44 |
| |
| Wtd Avg Std Orig Term (months) | 351 |
| Wtd Avg Std Rem Term (months) | 348 |
| Wtd Average Loan Age (months) | 4 |
