| DEAL NAME | MSAC 2004-NC4 |
| Closing Date | 5/27/2004 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 760,081,203 |
| |
| Sellers | NC(100.00%) |
| Servicers | HQ(100.00%) |
| |
| Number of Loans | 4363 |
| Avg Loan Balance ($) | 174,210 |
| |
| Fixed/Floating | |
| % FRM | 29.73 |
| % ARM | 70.27 |
| |
| %IO | 1.36 |
| Wtd Avg IO Term (months) | 120 |
| |
| Wtd Avg Current Mortgage Rate (%) | 7.011 |
| Non-Zero Wtd Avg Margin (%) | 5.540 |
| Non-Zero Wtd Avg Initial Cap (%) | 1.527 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.527 |
| |
| Lien Composition | |
| % 1st Lien | 100.00 |
| % 2nd Lien | 0.00 |
| |
| Non-Zero Wtd Avg FICO | 613 |
| % FICO below 600 (inc. N/A) | 41.54 |
| % FICO below 550 (inc. N/A) | 16.46 |
| |
| Wtd Avg Comb Orig LTV | 80.48 |
| % CLTV > 80 | 41.90 |
| % CLTV > 90 | 10.80 |
| % CLTV > 95 | 4.20 |
| |
| % Silent Seconds | 16.80 |
| CLTV incl. all simul. liens (%) | 83.62 |
| |
| Documentation Level | |
| % Full Documentation | 55.03 |
| % Stated Documentation | 39.27 |
| % Limited Documentation | 5.70 |
| |
| % Owner Occupied | 93.43 |
| |
| Loan Purpose | |
| % Cashout Refinance | 66.95 |
| % Purchase | 26.88 |
| % Rate Term Refinance | 6.17 |
| |
| State Concentration (Over 5%) | CA(40.31%),NY(6.78%),FL(6.47%) |
| |
| % Prepay Penalty | 80.36 |
| |
| Wtd Avg Std Orig Term (months) | 353 |
| Wtd Avg Std Rem Term (months) | 349 |
| Wtd Average Loan Age (months) | 3 |
