| DEAL NAME | MSAC 2004-HE4 |
| Closing Date | 6/29/2004 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 1,440,715,630 |
| |
| Sellers | NC(54.56%),AA(36.58%),ACC(8.86%) |
| Servicers | CW(54.56%),HQ(36.58%),CH(8.86%) |
| |
| Number of Loans | 8866 |
| Avg Loan Balance ($) | 162,498 |
| |
| Fixed/Floating | |
| % FRM | 28.44 |
| % ARM | 71.56 |
| |
| %IO | 2.07 |
| Wtd Avg IO Term (months) | 63 |
| |
| Wtd Avg Current Mortgage Rate (%) | 7.060 |
| Non-Zero Wtd Avg Margin (%) | 5.656 |
| Non-Zero Wtd Avg Initial Cap (%) | 2.161 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.302 |
| |
| Lien Composition | |
| % 1st Lien | 99.03 |
| % 2nd Lien | 0.97 |
| |
| Non-Zero Wtd Avg FICO | 611 |
| % FICO below 600 (inc. N/A) | 44.30 |
| % FICO below 550 (inc. N/A) | 18.17 |
| |
| Wtd Avg Comb Orig LTV | 80.24 |
| % CLTV > 80 | 41.42 |
| % CLTV > 90 | 9.12 |
| % CLTV > 95 | 2.96 |
| |
| % Silent Seconds | 19.85 |
| CLTV incl. all simul. liens (%) | 83.88 |
| |
| Documentation Level | |
| % Full Documentation | 56.70 |
| % Stated Documentation | 38.97 |
| % Limited Documentation | 3.38 |
| % Lite Documentation | 0.95 |
| |
| % Owner Occupied | 93.59 |
| |
| Loan Purpose | |
| % Cashout Refinance | 63.70 |
| % Purchase | 27.65 |
| % Rate Term Refinance | 8.65 |
| |
| State Concentration (Over 5%) | CA(34.17%),FL(12.09%),NY(7.35%),TX(5.69%) |
| |
| % Prepay Penalty | 78.81 |
| |
| Wtd Avg Std Orig Term (months) | 354 |
| Wtd Avg Std Rem Term (months) | 351 |
| Wtd Average Loan Age (months) | 3 |
