| DEAL NAME | MSAC 2004-HE9 |
| Closing Date | 11/30/2004 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 1,716,242,088 |
| |
| Sellers | NC(57.72%),AA(26.29%),ACC(15.99%) |
| Servicers | CW(100.00%) |
| |
| Number of Loans | 10076 |
| Avg Loan Balance ($) | 170,329 |
| |
| Fixed/Floating | |
| % FRM | 25.65 |
| % ARM | 74.35 |
| |
| %IO | 11.53 |
| Wtd Avg IO Term (months) | 44 |
| |
| Wtd Avg Current Mortgage Rate (%) | 7.289 |
| Non-Zero Wtd Avg Margin (%) | 5.652 |
| Non-Zero Wtd Avg Initial Cap (%) | 1.983 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.368 |
| |
| Lien Composition | |
| % 1st Lien | 99.14 |
| % 2nd Lien | 0.86 |
| |
| Non-Zero Wtd Avg FICO | 617 |
| % FICO below 600 (inc. N/A) | 38.34 |
| % FICO below 550 (inc. N/A) | 14.10 |
| |
| Wtd Avg Comb Orig LTV | 79.67 |
| % CLTV > 80 | 39.00 |
| % CLTV > 90 | 7.86 |
| % CLTV > 95 | 2.32 |
| |
| % Silent Seconds | 19.59 |
| CLTV incl. all simul. liens (%) | 83.36 |
| |
| Documentation Level | |
| % Full Documentation | 55.59 |
| % Stated Documentation | 40.62 |
| % Limited Documentation | 3.26 |
| % Lite Documentation | 0.53 |
| |
| % Owner Occupied | 93.98 |
| |
| Loan Purpose | |
| % Cashout Refinance | 61.36 |
| % Purchase | 33.97 |
| % Rate Term Refinance | 4.68 |
| |
| State Concentration (Over 5%) | CA(35.96%),FL(11.69%),NY(6.27%),TX(5.01%) |
| |
| % Prepay Penalty | 80.48 |
| |
| Wtd Avg Std Orig Term (months) | 354 |
| Wtd Avg Std Rem Term (months) | 351 |
| Wtd Average Loan Age (months) | 3 |
