| DEAL NAME | MSAC 2004-NC2 |
| Closing Date | 2/27/2004 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 735,385,528 |
| |
| Sellers | NC(100.00%) |
| Servicers | CW(100.00%) |
| |
| Number of Loans | 4232 |
| Avg Loan Balance ($) | 173,767 |
| |
| Fixed/Floating | |
| % FRM | 30.77 |
| % ARM | 69.23 |
| |
| %IO | 2.43 |
| Wtd Avg IO Term (months) | 120 |
| |
| Wtd Avg Current Mortgage Rate (%) | 7.278 |
| Non-Zero Wtd Avg Margin (%) | 5.779 |
| Non-Zero Wtd Avg Initial Cap (%) | 1.551 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.551 |
| |
| Lien Composition | |
| % 1st Lien | 100.00 |
| % 2nd Lien | 0.00 |
| |
| Non-Zero Wtd Avg FICO | 619 |
| % FICO below 600 (inc. N/A) | 40.64 |
| % FICO below 550 (inc. N/A) | 14.33 |
| |
| Wtd Avg Comb Orig LTV | 80.08 |
| % CLTV > 80 | 45.85 |
| % CLTV > 90 | 12.36 |
| % CLTV > 95 | 6.13 |
| |
| % Silent Seconds | 9.32 |
| CLTV incl. all simul. liens (%) | 81.64 |
| |
| Documentation Level | |
| % Full Documentation | 58.85 |
| % Stated Documentation | 36.09 |
| % Limited Documentation | 5.06 |
| |
| % Owner Occupied | 92.79 |
| |
| Loan Purpose | |
| % Cashout Refinance | 68.55 |
| % Purchase | 26.26 |
| % Rate Term Refinance | 5.20 |
| |
| State Concentration (Over 5%) | CA(41.04%),NY(6.12%),FL(5.94%) |
| |
| % Prepay Penalty | 77.88 |
| |
| Wtd Avg Std Orig Term (months) | 351 |
| Wtd Avg Std Rem Term (months) | 348 |
| Wtd Average Loan Age (months) | 3 |
