| DEAL NAME | MSHEL 2005-1 |
| Closing Date | 1/28/2005 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 912,502,053 |
| |
| Sellers | MILA(30.66%),FNLC(29.00%),WIL(28.60%),MER(11.74%) |
| Servicers | CH(29.04%),HQ(70.96%) |
| |
| Number of Loans | 6493 |
| Avg Loan Balance ($) | 140,536 |
| |
| Fixed/Floating | |
| % FRM | 16.24 |
| % ARM | 83.76 |
| |
| %IO | 27.01 |
| Wtd Avg IO Term (months) | 43 |
| |
| Wtd Avg Current Mortgage Rate (%) | 7.277 |
| Non-Zero Wtd Avg Margin (%) | 6.559 |
| Non-Zero Wtd Avg Initial Cap (%) | 2.896 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.065 |
| |
| Lien Composition | |
| % 1st Lien | 96.32 |
| % 2nd Lien | 3.68 |
| |
| Non-Zero Wtd Avg FICO | 636 |
| % FICO below 600 (inc. N/A) | 26.03 |
| % FICO below 550 (inc. N/A) | 6.57 |
| |
| Wtd Avg Comb Orig LTV | 81.66 |
| % CLTV > 80 | 33.14 |
| % CLTV > 90 | 10.53 |
| % CLTV > 95 | 5.89 |
| |
| % Silent Seconds | 49.43 |
| CLTV incl. all simul. liens (%) | 90.98 |
| |
| Documentation Level | |
| % Full Documentation | 58.15 |
| % Stated Documentation | 36.50 |
| % Limited Documentation | 5.35 |
| |
| % Owner Occupied | 96.80 |
| |
| Loan Purpose | |
| % Cashout Refinance | 38.49 |
| % Purchase | 56.33 |
| % Rate Term Refinance | 5.18 |
| |
| State Concentration (Over 5%) | CA(25.69%),IL(9.15%),FL(8.02%) |
| |
| % Prepay Penalty | 86.72 |
| |
| Wtd Avg Std Orig Term (months) | 354 |
| Wtd Avg Std Rem Term (months) | 350 |
| Wtd Average Loan Age (months) | 4 |
