| DEAL NAME | MSAC 2004-HE7 |
| Closing Date | 9/8/2004 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 1,363,014,353 |
| |
| Sellers | AA(63.34%),NC(21.08%),MILA(15.58%) |
| Servicers | CH(18.41%),CW(63.34%),HQ(18.25%) |
| |
| Number of Loans | 8793 |
| Avg Loan Balance ($) | 155,011 |
| |
| Fixed/Floating | |
| % FRM | 24.26 |
| % ARM | 75.74 |
| |
| %IO | 6.21 |
| Wtd Avg IO Term (months) | 47 |
| |
| Wtd Avg Current Mortgage Rate (%) | 6.962 |
| Non-Zero Wtd Avg Margin (%) | 5.776 |
| Non-Zero Wtd Avg Initial Cap (%) | 2.841 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.085 |
| |
| Lien Composition | |
| % 1st Lien | 97.34 |
| % 2nd Lien | 2.66 |
| |
| Non-Zero Wtd Avg FICO | 619 |
| % FICO below 600 (inc. N/A) | 37.93 |
| % FICO below 550 (inc. N/A) | 14.25 |
| |
| Wtd Avg Comb Orig LTV | 80.34 |
| % CLTV > 80 | 37.62 |
| % CLTV > 90 | 10.53 |
| % CLTV > 95 | 2.91 |
| |
| % Silent Seconds | 34.57 |
| CLTV incl. all simul. liens (%) | 85.51 |
| |
| Documentation Level | |
| % Full Documentation | 56.99 |
| % Stated Documentation | 40.21 |
| % Limited Documentation | 2.79 |
| |
| % Owner Occupied | 94.27 |
| |
| Loan Purpose | |
| % Cashout Refinance | 53.74 |
| % Purchase | 37.47 |
| % Rate Term Refinance | 8.79 |
| |
| State Concentration (Over 5%) | CA(41.77%),FL(13.11%),NY(6.63%),TX(6.07%) |
| |
| % Prepay Penalty | 77.09 |
| |
| Wtd Avg Std Orig Term (months) | 353 |
| Wtd Avg Std Rem Term (months) | 350 |
| Wtd Average Loan Age (months) | 3 |
