| DEAL NAME | MSAC 2004-HE5 |
| Closing Date | 7/27/2005 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 1,070,262,586 |
| |
| Sellers | NC(70.50%),ACC(29.50%) |
| Servicers | HQ(69.54%),CW(17.99%),CH(12.47%) |
| |
| Number of Loans | 6464 |
| Avg Loan Balance ($) | 165,572 |
| |
| Fixed/Floating | |
| % FRM | 25.77 |
| % ARM | 74.23 |
| |
| %IO | 7.56 |
| Wtd Avg IO Term (months) | 40 |
| |
| Wtd Avg Current Mortgage Rate (%) | 7.078 |
| Non-Zero Wtd Avg Margin (%) | 5.654 |
| Non-Zero Wtd Avg Initial Cap (%) | 1.517 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.517 |
| |
| Lien Composition | |
| % 1st Lien | 97.66 |
| % 2nd Lien | 2.34 |
| |
| Non-Zero Wtd Avg FICO | 620 |
| % FICO below 600 (inc. N/A) | 39.03 |
| % FICO below 550 (inc. N/A) | 16.52 |
| |
| Wtd Avg Comb Orig LTV | 81.31 |
| % CLTV > 80 | 42.42 |
| % CLTV > 90 | 8.66 |
| % CLTV > 95 | 3.89 |
| |
| % Silent Seconds | 25.24 |
| CLTV incl. all simul. liens (%) | 85.96 |
| |
| Documentation Level | |
| % Full Documentation | 48.81 |
| % Stated Documentation | 45.77 |
| % Limited Documentation | 5.09 |
| % Lite Documentation | 0.33 |
| |
| % Owner Occupied | 94.20 |
| |
| Loan Purpose | |
| % Cashout Refinance | 57.03 |
| % Purchase | 36.40 |
| % Rate Term Refinance | 6.57 |
| |
| State Concentration (Over 5%) | CA(37.40%),FL(7.58%),NY(6.60%) |
| |
| % Prepay Penalty | 80.49 |
| |
| Wtd Avg Std Orig Term (months) | 353 |
| Wtd Avg Std Rem Term (months) | 350 |
| Wtd Average Loan Age (months) | 4 |
