| DEAL NAME | MSAC 2005-NC2 |
| Closing Date | 4/29/2005 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | $1,500,655,452 |
| |
| Sellers | NC(100.00%) |
| Servicers | CW(99.05%) |
| |
| Number of Loans | 7840 |
| Avg Loan Balance ($) | 191,410 |
| |
| Fixed/Floating | |
| % FRM | 18.86 |
| % ARM | 81.14 |
| |
| %IO | 17.71 |
| Wtd Avg IO Term (months) | 27 |
| |
| Wtd Avg Current Mortgage Rate (%) | 7.128 |
| Non-Zero Wtd Avg Margin (%) | 5.645 |
| Non-Zero Wtd Avg Initial Cap (%) | 1.500 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.500 |
| |
| Lien Composition | |
| % 1st Lien | 99.05 |
| % 2nd Lien | 0.95 |
| |
| Non-Zero Wtd Avg FICO | 618 |
| % FICO below 600 (inc. N/A) | 38.75 |
| % FICO below 550 (inc. N/A) | 12.66 |
| |
| Wtd Avg Comb Orig LTV | 80.35 |
| % CLTV > 80 | 42.39 |
| % CLTV > 90 | 6.87 |
| % CLTV > 95 | 1.96 |
| |
| % Silent Seconds | 21.32 |
| CLTV incl. all simul. liens (%) | 84.41 |
| |
| Documentation Level | |
| % Full Documentation | 48.83 |
| % Stated Documentation | 46.30 |
| % Limited Documentation | 4.87 |
| |
| % Owner Occupied | 93.87 |
| |
| Loan Purpose | |
| % Cashout Refinance | 61.41 |
| % Purchase | 32.41 |
| % Rate Term Refinance | 6.18 |
| |
| State Concentration (Over 5%) | CA(39.41%),FL(8.76%) |
| |
| % Prepay Penalty | 81.59 |
| |
| Wtd Avg Std Orig Term (months) | 356 |
| Wtd Avg Std Rem Term (months) | 353 |
| Wtd Average Loan Age (months) | 3 |
