| DEAL NAME | MSAC 2004-NC5 |
| Closing Date | 6/30/2004 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 724,673,794 |
| |
| Sellers | NC(100.00%) |
| Servicers | CW(100.00%) |
| |
| Number of Loans | 4215 |
| Avg Loan Balance ($) | 171,927 |
| |
| Fixed/Floating | |
| % FRM | 29.57 |
| % ARM | 70.43 |
| |
| %IO | 1.33 |
| Wtd Avg IO Term (months) | 29 |
| |
| Wtd Avg Current Mortgage Rate (%) | 7.031 |
| Non-Zero Wtd Avg Margin (%) | 5.586 |
| Non-Zero Wtd Avg Initial Cap (%) | 1.499 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.498 |
| |
| Lien Composition | |
| % 1st Lien | 100.00 |
| % 2nd Lien | 0.00 |
| |
| Non-Zero Wtd Avg FICO | 607 |
| % FICO below 600 (inc. N/A) | 44.50 |
| % FICO below 550 (inc. N/A) | 20.65 |
| |
| Wtd Avg Comb Orig LTV | 79.75 |
| % CLTV > 80 | 41.98 |
| % CLTV > 90 | 8.07 |
| % CLTV > 95 | 1.90 |
| |
| % Silent Seconds | 13.77 |
| CLTV incl. all simul. liens (%) | 82.25 |
| |
| Documentation Level | |
| % Full Documentation | 59.99 |
| % Stated Documentation | 35.35 |
| % Limited Documentation | 4.66 |
| |
| % Owner Occupied | 91.90 |
| |
| Loan Purpose | |
| % Cashout Refinance | 68.81 |
| % Purchase | 25.36 |
| % Rate Term Refinance | 5.83 |
| |
| State Concentration (Over 5%) | CA(26.20%),NY(7.18%),FL(7.11%) |
| |
| % Prepay Penalty | 78.55 |
| |
| Wtd Avg Std Orig Term (months) | 354 |
| Wtd Avg Std Rem Term (months) | 351 |
| Wtd Average Loan Age (months) | 3 |
