| DEAL NAME | MSAC 2006-NC4 |
| Closing Date | 6/23/2006 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 2,157,140,044 |
| |
| Sellers | NC(100.00%) |
| Servicers | WF(100.00%) |
| |
| Number of Loans | 10,869 |
| Avg Loan Balance ($) | 198,467 |
| |
| Fixed/Floating | |
| % FRM | 16.41 |
| % ARM | 83.59 |
| |
| %IO | 10.39 |
| Wtd Avg IO Term (months) | 60 |
| |
| Wtd Avg Current Mortgage Rate (%) | 8.376 |
| Non-Zero Wtd Avg Margin (%) | 6.203 |
| Non-Zero Wtd Avg Initial Cap (%) | 1.499 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.499 |
| |
| Lien Composition | |
| % 1st Lien | 95.91 |
| % 2nd Lien | 4.09 |
| |
| Non-Zero Wtd Avg FICO | 621 |
| % FICO below 600 (inc. N/A) | 34.50 |
| % FICO below 550 (inc. N/A) | 11.59 |
| |
| Wtd Avg Comb Orig LTV | 81.06 |
| % CLTV > 80 | 40.98 |
| % CLTV > 90 | 11.21 |
| % CLTV > 95 | 4.47 |
| |
| % Silent Seconds | 26.33 |
| CLTV incl. all simul. liens (%) | 86.64 |
| |
| Documentation Level | |
| % Full Documentation | 51.01 |
| % Stated Documentation | 47.03 |
| % Limited Documentation | 1.96 |
| |
| % Owner Occupied | 90.21 |
| |
| Loan Purpose | |
| % Cashout Refinance | 51.91 |
| % Purchase | 39.90 |
| % Rate Term Refinance | 8.19 |
| |
| State Concentration (Over 5%) | CA(35.24%),FL(10.69%),NY(6.19%) |
| |
| % Prepay Penalty | 72.80 |
| |
| Wtd Avg Std Orig Term (months) | 359 |
| Wtd Avg Std Rem Term (months) | 357 |
| Wtd Average Loan Age (months) | 3 |
