| DEAL NAME | MSHEL 2005-4 |
| Closing Date | 11/29/2005 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 964,540,874 |
| |
| Sellers | FNLC(45.57%),WIL(35.30%),MER(18.36%) |
| Servicers | HQ(99.30%) |
| |
| Number of Loans | 5719 |
| Avg Loan Balance ($) | 168,655 |
| |
| Fixed/Floating | |
| % FRM | 14.85 |
| % ARM | 85.15 |
| |
| %IO | 40.38 |
| Wtd Avg IO Term (months) | 60 |
| |
| Wtd Avg Current Mortgage Rate (%) | 7.240 |
| Non-Zero Wtd Avg Margin (%) | 6.423 |
| Non-Zero Wtd Avg Initial Cap (%) | 2.912 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.338 |
| |
| Lien Composition | |
| % 1st Lien | 94.92 |
| % 2nd Lien | 5.08 |
| |
| Non-Zero Wtd Avg FICO | 635 |
| % FICO below 600 (inc. N/A) | 23.97 |
| % FICO below 550 (inc. N/A) | 6.43 |
| |
| Wtd Avg Comb Orig LTV | 82.31 |
| % CLTV > 80 | 36.89 |
| % CLTV > 90 | 14.25 |
| % CLTV > 95 | 9.57 |
| |
| % Silent Seconds | 22.93 |
| CLTV incl. all simul. liens (%) | 90.51 |
| |
| Documentation Level | |
| % Full Documentation | 50.84 |
| % Stated Documentation | 45.99 |
| % Limited Documentation | 3.17 |
| |
| % Owner Occupied | 96.94 |
| |
| Loan Purpose | |
| % Cashout Refinance | 46.95 |
| % Purchase | 48.62 |
| % Rate Term Refinance | 4.43 |
| |
| State Concentration (Over 5%) | CA(29.48%),FL(12.66%),IL(6.70%) |
| |
| % Prepay Penalty | 88.36 |
| |
| Wtd Avg Std Orig Term (months) | 352 |
| Wtd Avg Std Rem Term (months) | 349 |
| Wtd Average Loan Age (months) | 3 |
