| DEAL NAME | MSAC 2006-NC3 |
| Closing Date | 4/28/2006 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 1,403,515,337 |
| |
| Sellers | NC(100.00%) |
| Servicers | HE(100.00%) |
| |
| Number of Loans | 7,662 |
| Avg Loan Balance ($) | 183,178 |
| |
| Fixed/Floating | |
| % FRM | 22.95 |
| % ARM | 77.05 |
| |
| %IO | 19.94 |
| Wtd Avg IO Term (months) | 60 |
| |
| Wtd Avg Current Mortgage Rate (%) | 8.096 |
| Non-Zero Wtd Avg Margin (%) | 6.114 |
| Non-Zero Wtd Avg Initial Cap (%) | 1.497 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.497 |
| |
| Lien Composition | |
| % 1st Lien | 97.70 |
| % 2nd Lien | 2.30 |
| |
| Non-Zero Wtd Avg FICO | 622 |
| % FICO below 600 (inc. N/A) | 33.94 |
| % FICO below 550 (inc. N/A) | 9.68 |
| |
| Wtd Avg Comb Orig LTV | 80.57 |
| % CLTV > 80 | 41.10 |
| % CLTV > 90 | 10.99 |
| % CLTV > 95 | 3.00 |
| |
| % Silent Seconds | 25.78 |
| CLTV incl. all simul. liens (%) | 85.91 |
| |
| Documentation Level | |
| % Full Documentation | 56.22 |
| % Stated Documentation | 42.13 |
| % Limited Documentation | 1.65 |
| |
| % Owner Occupied | 90.12 |
| |
| Loan Purpose | |
| % Cashout Refinance | 52.37 |
| % Purchase | 38.84 |
| % Rate Term Refinance | 8.79 |
| |
| State Concentration (Over 5%) | CA(35.62%),FL(9.53%),NY(6.13%),TX(5.37%) |
| |
| % Prepay Penalty | 76.33 |
| |
| Wtd Avg Std Orig Term (months) | 358 |
| Wtd Avg Std Rem Term (months) | 355 |
| Wtd Average Loan Age (months) | 3 |
