| DEAL NAME | MSAC 2004-NC6 |
| Closing Date | 7/28/2004 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 1,200,463,529 |
| |
| Sellers | NC(100.00%) |
| Servicers | HQ(75.05%),CH(24.95%) |
| |
| Number of Loans | 6629 |
| Avg Loan Balance ($) | 181,092 |
| |
| Fixed/Floating | |
| % FRM | 26.20 |
| % ARM | 73.80 |
| |
| %IO | 10.99 |
| Wtd Avg IO Term (months) | 39 |
| |
| Wtd Avg Current Mortgage Rate (%) | 6.893 |
| Non-Zero Wtd Avg Margin (%) | 5.524 |
| Non-Zero Wtd Avg Initial Cap (%) | 1.531 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.531 |
| |
| Lien Composition | |
| % 1st Lien | 100.00 |
| % 2nd Lien | 0.00 |
| |
| Non-Zero Wtd Avg FICO | 614 |
| % FICO below 600 (inc. N/A) | 42.61 |
| % FICO below 550 (inc. N/A) | 17.66 |
| |
| Wtd Avg Comb Orig LTV | 80.94 |
| % CLTV > 80 | 46.53 |
| % CLTV > 90 | 8.19 |
| % CLTV > 95 | 1.50 |
| |
| % Silent Seconds | 16.14 |
| CLTV incl. all simul. liens (%) | 83.92 |
| |
| Documentation Level | |
| % Full Documentation | 53.37 |
| % Stated Documentation | 42.16 |
| % Limited Documentation | 4.47 |
| |
| % Owner Occupied | 93.71 |
| |
| Loan Purpose | |
| % Cashout Refinance | 65.88 |
| % Purchase | 27.99 |
| % Rate Term Refinance | 6.13 |
| |
| State Concentration (Over 5%) | CA(37.06%),FL(7.52%),NY(6.53%) |
| |
| % Prepay Penalty | 77.28 |
| |
| Wtd Avg Std Orig Term (months) | 354 |
| Wtd Avg Std Rem Term (months) | 351 |
| Wtd Average Loan Age (months) | 3 |
