| DEAL NAME | MSAC 2005-HE2 |
| Closing Date | 3/30/2005 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 1,588,946,277 |
| |
| Sellers | OO(36.32%),DO(35.22%),ACC(9.28%),NC(17.93%) |
| Servicers | CW(40.58%),HQ(17.44%),OO(41.98%) |
| |
| Number of Loans | 9651 |
| Avg Loan Balance ($) | 164,640 |
| |
| Fixed/Floating | |
| % FRM | 23.65 |
| % ARM | 76.35 |
| |
| %IO | 9.46 |
| Wtd Avg IO Term (months) | 49 |
| |
| Wtd Avg Current Mortgage Rate (%) | 7.275 |
| Non-Zero Wtd Avg Margin (%) | 5.985 |
| Non-Zero Wtd Avg Initial Cap (%) | 2.546 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.170 |
| |
| Lien Composition | |
| % 1st Lien | 98.25 |
| % 2nd Lien | 1.75 |
| |
| Non-Zero Wtd Avg FICO | 616 |
| % FICO below 600 (inc. N/A) | 40.92 |
| % FICO below 550 (inc. N/A) | 15.62 |
| |
| Wtd Avg Comb Orig LTV | 80.22 |
| % CLTV > 80 | 41.08 |
| % CLTV > 90 | 10.79 |
| % CLTV > 95 | 3.22 |
| |
| % Silent Seconds | 19.21 |
| CLTV incl. all simul. liens (%) | 83.90 |
| |
| Documentation Level | |
| % Full Documentation | 57.71 |
| % Stated Documentation | 40.33 |
| % Limited Documentation | 0.84 |
| % Lite Documentation | 0.41 |
| |
| % Owner Occupied | 94.33 |
| |
| Loan Purpose | |
| % Cashout Refinance | 60.54 |
| % Purchase | 31.01 |
| % Rate Term Refinance | 8.45 |
| |
| State Concentration (Over 5%) | CA(14.58%),FL(8.65%),NY(8.38%),CA-N(7.82%),MA(5.51%) |
| |
| % Prepay Penalty | 80.36 |
| |
| Wtd Avg Std Orig Term (months) | 356 |
| Wtd Avg Std Rem Term (months) | 352 |
| Wtd Average Loan Age (months) | 4 |
