| DEAL NAME | MSAC 2005-NC1 |
| Closing Date | 2/25/2005 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 1,503,076,958 |
| |
| Sellers | NC(100.00%) |
| Servicers | HQ(98.96%) |
| |
| Number of Loans | 8145 |
| Avg Loan Balance ($) | 184,539 |
| |
| Fixed/Floating | |
| % FRM | 26.19 |
| % ARM | 73.81 |
| |
| %IO | 11.92 |
| Wtd Avg IO Term (months) | 30 |
| |
| Wtd Avg Current Mortgage Rate (%) | 7.205 |
| Non-Zero Wtd Avg Margin (%) | 5.541 |
| Non-Zero Wtd Avg Initial Cap (%) | 1.510 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.510 |
| |
| Lien Composition | |
| % 1st Lien | 100.00 |
| % 2nd Lien | 0.00 |
| |
| Non-Zero Wtd Avg FICO | 617 |
| % FICO below 600 (inc. N/A) | 41.83 |
| % FICO below 550 (inc. N/A) | 15.10 |
| |
| Wtd Avg Comb Orig LTV | 79.83 |
| % CLTV > 80 | 42.41 |
| % CLTV > 90 | 7.00 |
| % CLTV > 95 | 1.48 |
| |
| % Silent Seconds | 19.34 |
| CLTV incl. all simul. liens (%) | 83.51 |
| |
| Documentation Level | |
| % Full Documentation | 53.73 |
| % Stated Documentation | 40.76 |
| % Limited Documentation | 5.51 |
| |
| % Owner Occupied | 94.82 |
| |
| Loan Purpose | |
| % Cashout Refinance | 62.52 |
| % Purchase | 32.63 |
| % Rate Term Refinance | 4.85 |
| |
| State Concentration (Over 5%) | CA(32.62%),FL(7.01%),NY(6.69%) |
| |
| % Prepay Penalty | 74.03 |
| |
| Wtd Avg Std Orig Term (months) | 354 |
| Wtd Avg Std Rem Term (months) | 350 |
| Wtd Average Loan Age (months) | 3 |
