| DEAL NAME | MSAC 2004-WMC1 |
| Closing Date | 7/29/2004 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 747,387,982 |
| |
| Sellers | WMC(100.00%) |
| Servicers | HQ(100.00%) |
| |
| Number of Loans | 4150 |
| Avg Loan Balance ($) | 180,093 |
| |
| Fixed/Floating | |
| % FRM | 24.64 |
| % ARM | 75.36 |
| |
| %IO | 13.68 |
| Wtd Avg IO Term (months) | 60 |
| |
| Wtd Avg Current Mortgage Rate (%) | 6.876 |
| Non-Zero Wtd Avg Margin (%) | 5.963 |
| Non-Zero Wtd Avg Initial Cap (%) | 2.080 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.001 |
| |
| Lien Composition | |
| % 1st Lien | 92.35 |
| % 2nd Lien | 7.65 |
| |
| Non-Zero Wtd Avg FICO | 635 |
| % FICO below 600 (inc. N/A) | 25.64 |
| % FICO below 550 (inc. N/A) | 8.79 |
| |
| Wtd Avg Comb Orig LTV | 82.39 |
| % CLTV > 80 | 40.85 |
| % CLTV > 90 | 18.06 |
| % CLTV > 95 | 8.33 |
| |
| % Silent Seconds | 33.84 |
| CLTV incl. all simul. liens (%) | 88.84 |
| |
| Documentation Level | |
| % Full Documentation | 63.93 |
| % Stated Documentation | 31.86 |
| % Limited Documentation | 4.21 |
| |
| % Owner Occupied | 94.49 |
| |
| Loan Purpose | |
| % Cashout Refinance | 38.50 |
| % Purchase | 42.39 |
| % Rate Term Refinance | 19.11 |
| |
| State Concentration (Over 5%) | CA(59.72%) |
| |
| % Prepay Penalty | 77.62 |
| |
| Wtd Avg Std Orig Term (months) | 343 |
| Wtd Avg Std Rem Term (months) | 340 |
| Wtd Average Loan Age (months) | 3 |
