| DEAL NAME | MSAC 2006-NC1 |
| Closing Date | 1/27/2006 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 1,296,091,575 |
| |
| Sellers | NC(100.00%) |
| Servicers | HQ(99.00%) |
| |
| Number of Loans | 6,374 |
| Avg Loan Balance ($) | 203,340 |
| |
| Fixed/Floating | |
| % FRM | 22.19 |
| % ARM | 77.81 |
| |
| %IO | 26.39 |
| Wtd Avg IO Term (months) | 40 |
| |
| Wtd Avg Current Mortgage Rate (%) | 7.319 |
| Non-Zero Wtd Avg Margin (%) | 5.955 |
| Non-Zero Wtd Avg Initial Cap (%) | 1.498 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.498 |
| |
| Lien Composition | |
| % 1st Lien | 96.32 |
| % 2nd Lien | 3.68 |
| |
| Non-Zero Wtd Avg FICO | 622 |
| % FICO below 600 (inc. N/A) | 35.59 |
| % FICO below 550 (inc. N/A) | 12.52 |
| |
| Wtd Avg Comb Orig LTV | 80.98 |
| % CLTV > 80 | 44.14 |
| % CLTV > 90 | 11.64 |
| % CLTV > 95 | 4.52 |
| |
| % Silent Seconds | 21.33 |
| CLTV incl. all simul. liens (%) | 85.60 |
| |
| Documentation Level | |
| % Full Documentation | 57.27 |
| % Stated Documentation | 41.47 |
| % Limited Documentation | 1.26 |
| |
| % Owner Occupied | 91.45 |
| |
| Loan Purpose | |
| % Cashout Refinance | 56.14 |
| % Purchase | 36.34 |
| % Rate Term Refinance | 7.52 |
| |
| State Concentration (Over 5%) | CA(38.93%),FL(10.49%),NY(5.24%) |
| |
| % Prepay Penalty | 75.97 |
| |
| Wtd Avg Std Orig Term (months) | 359 |
| Wtd Avg Std Rem Term (months) | 355 |
| Wtd Average Loan Age (months) | 4 |
