| DEAL NAME | MSAC 2004-NC7 |
| Closing Date | 8/25/2004 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 1,200,477,717 |
| |
| Sellers | NC(100.00%) |
| Servicers | CH(59.31%),HQ(40.69%) |
| |
| Number of Loans | 6729 |
| Avg Loan Balance ($) | 178,403 |
| |
| Fixed/Floating | |
| % FRM | 25.67 |
| % ARM | 74.33 |
| |
| %IO | 14.25 |
| Wtd Avg IO Term (months) | 26 |
| |
| Wtd Avg Current Mortgage Rate (%) | 6.914 |
| Non-Zero Wtd Avg Margin (%) | 5.548 |
| Non-Zero Wtd Avg Initial Cap (%) | 1.501 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.500 |
| |
| Lien Composition | |
| % 1st Lien | 100.00 |
| % 2nd Lien | 0.00 |
| |
| Non-Zero Wtd Avg FICO | 615 |
| % FICO below 600 (inc. N/A) | 37.52 |
| % FICO below 550 (inc. N/A) | 10.57 |
| |
| Wtd Avg Comb Orig LTV | 79.95 |
| % CLTV > 80 | 41.76 |
| % CLTV > 90 | 11.08 |
| % CLTV > 95 | 3.04 |
| |
| % Silent Seconds | 16.41 |
| CLTV incl. all simul. liens (%) | 83.07 |
| |
| Documentation Level | |
| % Full Documentation | 50.04 |
| % Stated Documentation | 44.63 |
| % Limited Documentation | 5.34 |
| |
| % Owner Occupied | 93.25 |
| |
| Loan Purpose | |
| % Cashout Refinance | 64.44 |
| % Purchase | 30.19 |
| % Rate Term Refinance | 5.37 |
| |
| State Concentration (Over 5%) | CA(35.72%),NY(7.25%),FL(6.76%) |
| |
| % Prepay Penalty | 75.48 |
| |
| Wtd Avg Std Orig Term (months) | 354 |
| Wtd Avg Std Rem Term (months) | 351 |
| Wtd Average Loan Age (months) | 3 |
