| DEAL NAME | MSAC 2004-WMC2 |
| Closing Date | 8/19/2004 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 1,309,187,828 |
| |
| Sellers | WMC(100.00%) |
| Servicers | HQ(100.00%) |
| |
| Number of Loans | 7004 |
| Avg Loan Balance ($) | 186,920 |
| |
| Fixed/Floating | |
| % FRM | 22.71 |
| % ARM | 77.29 |
| |
| %IO | 13.75 |
| Wtd Avg IO Term (months) | 60 |
| |
| Wtd Avg Current Mortgage Rate (%) | 6.751 |
| Non-Zero Wtd Avg Margin (%) | 5.957 |
| Non-Zero Wtd Avg Initial Cap (%) | 2.007 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.000 |
| |
| Lien Composition | |
| % 1st Lien | 92.28 |
| % 2nd Lien | 7.72 |
| |
| Non-Zero Wtd Avg FICO | 640 |
| % FICO below 600 (inc. N/A) | 23.43 |
| % FICO below 550 (inc. N/A) | 7.10 |
| |
| Wtd Avg Comb Orig LTV | 82.13 |
| % CLTV > 80 | 39.47 |
| % CLTV > 90 | 17.78 |
| % CLTV > 95 | 8.43 |
| |
| % Silent Seconds | 34.90 |
| CLTV incl. all simul. liens (%) | 88.85 |
| |
| Documentation Level | |
| % Full Documentation | 64.05 |
| % Stated Documentation | 32.69 |
| % Limited Documentation | 3.26 |
| |
| % Owner Occupied | 94.27 |
| |
| Loan Purpose | |
| % Cashout Refinance | 38.65 |
| % Purchase | 45.40 |
| % Rate Term Refinance | 15.95 |
| |
| State Concentration (Over 5%) | CA(61.81%) |
| |
| % Prepay Penalty | 77.87 |
| |
| Wtd Avg Std Orig Term (months) | 349 |
| Wtd Avg Std Rem Term (months) | 346 |
| Wtd Average Loan Age (months) | 3 |
