| DEAL NAME | MSAC 2004-SD2 |
| Closing Date | 6/4/2004 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 225,616,575 |
| |
| Sellers | SNP(34%),WMC(21%),NC(8%),FRE(6%) |
| Servicers | WLS(52.93%),BOA(28.7%),WAMU(18.37%) |
| |
| Number of Loans | 1201 |
| Avg Loan Balance ($) | 187,857 |
| |
| Fixed/Floating | |
| % FRM | 38.99 |
| % ARM | 61.01 |
| |
| %IO | 6.32 |
| Wtd Avg IO Term (months) | 80 |
| |
| Wtd Avg Current Mortgage Rate (%) | 6.668 |
| Non-Zero Wtd Avg Margin (%) | 4.859 |
| Non-Zero Wtd Avg Initial Cap (%) | 2.986 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.417 |
| |
| Lien Composition | |
| % 1st Lien | 99.16 |
| % 2nd Lien | 0.84 |
| |
| Non-Zero Wtd Avg FICO | 637 |
| % FICO below 600 (inc. N/A) | 37.76 |
| % FICO below 550 (inc. N/A) | 22.42 |
| |
| Wtd Avg Comb Orig LTV | 75.18 |
| % CLTV > 80 | 31.47 |
| % CLTV > 90 | 11.73 |
| % CLTV > 95 | 4.99 |
| |
| % Silent Seconds | 15.53 |
| CLTV incl. all simul. liens (%) | 77.79 |
| |
| Documentation Level | |
| % Full Documentation | 54.59 |
| % Stated Documentation | 33.10 |
| % Limited Documentation | 6.39 |
| % Lite Documentation | 5.91 |
| |
| % Owner Occupied | 89.77 |
| |
| Loan Purpose | |
| % Cashout Refinance | 41.63 |
| % Purchase | 29.84 |
| % Rate Term Refinance | 28.19 |
| |
| State Concentration (Over 5%) | CA(30.83%),NY(13.13%),FL(6.75%) |
| |
| % Prepay Penalty | 35.90 |
| |
| Wtd Avg Std Orig Term (months) | 341 |
| Wtd Avg Std Rem Term (months) | 331 |
| Wtd Average Loan Age (months) | 11 |
