| DEAL NAME | MSAC 2004-HE2 |
| Closing Date | 4/29/2004 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 1,754,485,679 |
| |
| Sellers | NC(56.17%),AA(25.52%),ACC(18.31%) |
| Servicers | CW(73.77%),CH(18.31%),HQ(7.92%) |
| |
| Number of Loans | 10725 |
| Avg Loan Balance ($) | 163,588 |
| |
| Fixed/Floating | |
| % FRM | 25.40 |
| % ARM | 74.60 |
| |
| %IO | 2.03 |
| Wtd Avg IO Term (months) | 115 |
| |
| Wtd Avg Current Mortgage Rate (%) | 7.302 |
| Non-Zero Wtd Avg Margin (%) | 5.804 |
| Non-Zero Wtd Avg Initial Cap (%) | 1.969 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.401 |
| |
| Lien Composition | |
| % 1st Lien | 98.19 |
| % 2nd Lien | 1.81 |
| |
| Non-Zero Wtd Avg FICO | 617 |
| % FICO below 600 (inc. N/A) | 39.27 |
| % FICO below 550 (inc. N/A) | 14.94 |
| |
| Wtd Avg Comb Orig LTV | 81.20 |
| % CLTV > 80 | 44.28 |
| % CLTV > 90 | 11.32 |
| % CLTV > 95 | 4.72 |
| |
| % Silent Seconds | 13.32 |
| CLTV incl. all simul. liens (%) | 83.54 |
| |
| Documentation Level | |
| % Full Documentation | 53.76 |
| % Stated Documentation | 42.31 |
| % Limited Documentation | 3.13 |
| % Lite Documentation | 0.81 |
| |
| % Owner Occupied | 94.59 |
| |
| Loan Purpose | |
| % Cashout Refinance | 60.75 |
| % Purchase | 31.82 |
| % Rate Term Refinance | 7.43 |
| |
| State Concentration (Over 5%) | CA(41.63%),FL(8.76%),NY(5.54%) |
| |
| % Prepay Penalty | 81.66 |
| |
| Wtd Avg Std Orig Term (months) | 351 |
| Wtd Avg Std Rem Term (months) | 347 |
| Wtd Average Loan Age (months) | 4 |
