| DEAL NAME | MSAC 2004-NC8 |
| Closing Date | 11/17/2004 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 1,198,490,375 |
| |
| Sellers | NC(100.00%) |
| Servicers | CH(86.43%),CW(13.57%) |
| |
| Number of Loans | 6488 |
| Avg Loan Balance ($) | 184,724 |
| |
| Fixed/Floating | |
| % FRM | 28.17 |
| % ARM | 71.83 |
| |
| %IO | 15.67 |
| Wtd Avg IO Term (months) | 32 |
| |
| Wtd Avg Current Mortgage Rate (%) | 7.016 |
| Non-Zero Wtd Avg Margin (%) | 5.554 |
| Non-Zero Wtd Avg Initial Cap (%) | 1.517 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.517 |
| |
| Lien Composition | |
| % 1st Lien | 98.27 |
| % 2nd Lien | 1.73 |
| |
| Non-Zero Wtd Avg FICO | 618 |
| % FICO below 600 (inc. N/A) | 38.49 |
| % FICO below 550 (inc. N/A) | 15.02 |
| |
| Wtd Avg Comb Orig LTV | 78.67 |
| % CLTV > 80 | 40.88 |
| % CLTV > 90 | 10.79 |
| % CLTV > 95 | 3.43 |
| |
| % Silent Seconds | 6.41 |
| CLTV incl. all simul. liens (%) | 79.75 |
| |
| Documentation Level | |
| % Full Documentation | 52.71 |
| % Stated Documentation | 43.10 |
| % Limited Documentation | 4.19 |
| |
| % Owner Occupied | 93.87 |
| |
| Loan Purpose | |
| % Cashout Refinance | 68.45 |
| % Purchase | 26.31 |
| % Rate Term Refinance | 5.24 |
| |
| State Concentration (Over 5%) | CA(41.57%),NY(6.87%),FL(6.59%) |
| |
| % Prepay Penalty | 78.06 |
| |
| Wtd Avg Std Orig Term (months) | 354 |
| Wtd Avg Std Rem Term (months) | 350 |
| Wtd Average Loan Age (months) | 4 |
