| DEAL NAME | MSM 2005-4 |
| Closing Date | 7/29/2005 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 671,580,119 |
| |
| Sellers (Over 10%) | Morgan Stanley Mortgage Capital Inc.(49.54%) |
| |
| Servicers (Over 10%) | GMAC Mortgage Corporation(64.52%),Option One Mortgage Corporation(14.22%) |
| |
| Number of Loans | 2,041 |
| Avg Loan Balance ($) | 329,045 |
| |
| Fixed/Floating | |
| % FRM | 100 |
| % ARM | 0 |
| % Short Arm | 0 |
| % 3/1 or 3/6 | 0 |
| % 5/1 or 5/6 | 0 |
| % 7/1 or 7/6 | 0 |
| % 10/1 or 10/6 | 0 |
| |
| % IO | 37.72 |
| Wtd Avg IO Term (months) | 119 |
| |
| Wtd Avg Current Mortgage Rate (%) | 5.952 |
| < 4.00% | 0 |
| 4.0000% - 4.9999% | 0.47 |
| 5.0000% - 5.9999% | 58.47 |
| 6.0000% - 6.9999% | 37.64 |
| 7.0000% - 7.9999% | 2.85 |
| 8.0000% - 8.9999% | 0.42 |
| 9.0000% - 9.9999% | 0.14 |
| 10.0000% - 10.9999% | 0.01 |
| 11.000% + | 0.01 |
| |
| Non-Zero Wtd Avg Margin (%) | 0 |
| Non-Zero Wtd Avg Initial Cap (%) | 0 |
| Non-Zero Wtd Avg Periodic Cap (%) | 0 |
| |
| Lien Composition | |
| % 1st Lien | 100 |
| % 2nd Lien | 0 |
| |
| Non-Zero Wtd Avg FICO | 735 |
| % FICO below 660 (inc. N/A) | 4.91 |
| % FICO below 620 (inc. N/A) | 0.67 |
| |
| Wtd Avg Orig LTV | 67.41 |
| % LTV > 80 | 4.06 |
| % LTV > 90 | 1.8 |
| % LTV > 95 | 0.57 |
| |
| Documentation Level | |
| % Full/Alt Documentation | 30.01 |
| % Stated Documentation | 4.67 |
| % Limited Documentation | 35.31 |
| % No Documentation | 18.25 |
| % No Ratio Documentation | 10.06 |
| % Lite Documentation | 1.7 |
| |
| % Owner Occupied | 80.68 |
| % Investor | 14.94 |
| % Second Home | 4.38 |
| |
| Loan Purpose | |
| % Cashout Refinance | 38.38 |
| % Purchase | 43.6 |
| % Rate Term Refinance | 18.01 |
| |
| State Concentration (Over 5%) | CA(50.03%),FL(6.33%),NY(5.04%) |
| |
| % Prepay Penalty | 52.03 |
| |
| Wtd Avg Std Orig Term (months) | 339 |
| Wtd Avg Std Rem Term (months) | 335 |
| Wtd Average Loan Age (months) | 4 |
