| DEAL NAME | MSAC 2004-WMC3 |
| Closing Date | 12/21/2004 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 1,132,909,507 |
| |
| Sellers | WMC(100.00%) |
| Servicers | CW(100.00%) |
| |
| Number of Loans | 6228 |
| Avg Loan Balance ($) | 181,905 |
| |
| Fixed/Floating | |
| % FRM | 20.13 |
| % ARM | 79.87 |
| |
| %IO | 18.00 |
| Wtd Avg IO Term (months) | 60 |
| |
| Wtd Avg Current Mortgage Rate (%) | 7.217 |
| Non-Zero Wtd Avg Margin (%) | 6.119 |
| Non-Zero Wtd Avg Initial Cap (%) | 1.982 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.009 |
| |
| Lien Composition | |
| % 1st Lien | 90.95 |
| % 2nd Lien | 9.05 |
| |
| Non-Zero Wtd Avg FICO | 639 |
| % FICO below 600 (inc. N/A) | 26.25 |
| % FICO below 550 (inc. N/A) | 8.32 |
| |
| Wtd Avg Comb Orig LTV | 82.15 |
| % CLTV > 80 | 36.90 |
| % CLTV > 90 | 15.80 |
| % CLTV > 95 | 8.83 |
| |
| % Silent Seconds | 38.05 |
| CLTV incl. all simul. liens (%) | 89.50 |
| |
| Documentation Level | |
| % Full Documentation | 48.18 |
| % Stated Documentation | 40.35 |
| % Limited Documentation | 6.82 |
| % Lite Documentation | 4.64 |
| |
| % Owner Occupied | 95.04 |
| |
| Loan Purpose | |
| % Cashout Refinance | 36.18 |
| % Purchase | 49.44 |
| % Rate Term Refinance | 14.39 |
| |
| State Concentration (Over 5%) | CA(57.01%),NY(5.23%) |
| |
| % Prepay Penalty | 73.78 |
| |
| Wtd Avg Std Orig Term (months) | 342 |
| Wtd Avg Std Rem Term (months) | 339 |
| Wtd Average Loan Age (months) | 2 |
