| DEAL NAME | MSHEL 2005-2 |
| Closing Date | 5/26/2005 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 918,607,345 |
| |
| Sellers | FNLC(48.22%),MER(26.03%),WIL(21.77%) |
| Servicers | HQ(60.70%),CH(34.50%) |
| |
| Number of Loans | 5927 |
| Avg Loan Balance ($) | 154,986 |
| |
| Fixed/Floating | |
| % FRM | 14.39 |
| % ARM | 85.61 |
| |
| %IO | 35.94 |
| Wtd Avg IO Term (months) | 46 |
| |
| Wtd Avg Current Mortgage Rate (%) | 7.252 |
| Non-Zero Wtd Avg Margin (%) | 6.374 |
| Non-Zero Wtd Avg Initial Cap (%) | 2.768 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.194 |
| |
| Lien Composition | |
| % 1st Lien | 94.86 |
| % 2nd Lien | 5.14 |
| |
| Non-Zero Wtd Avg FICO | 637 |
| % FICO below 600 (inc. N/A) | 23.57 |
| % FICO below 550 (inc. N/A) | 7.07 |
| |
| Wtd Avg Comb Orig LTV | 82.37 |
| % CLTV > 80 | 35.93 |
| % CLTV > 90 | 16.27 |
| % CLTV > 95 | 11.05 |
| |
| % Silent Seconds | 42.13 |
| CLTV incl. all simul. liens (%) | 90.55 |
| |
| Documentation Level | |
| % Full Documentation | 55.83 |
| % Stated Documentation | 41.96 |
| % Limited Documentation | 2.21 |
| |
| % Owner Occupied | 97.62 |
| |
| Loan Purpose | |
| % Cashout Refinance | 44.56 |
| % Purchase | 50.86 |
| % Rate Term Refinance | 4.58 |
| |
| State Concentration (Over 5%) | CA(29.50%),FL(12.11%),IL(6.28%),AZ(5.04%) |
| |
| % Prepay Penalty | 88.32 |
| |
| Wtd Avg Std Orig Term (months) | 352 |
| Wtd Avg Std Rem Term (months) | 349 |
| Wtd Average Loan Age (months) | 3 |
