| DEAL NAME | MSM 2005-11AR |
| Closing Date | 12/29/2005 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 536,015,852 |
| |
| Sellers (Over 10%) | Morgan Stanley Mortgage Capital Inc.(66.24%),First National Bank of Nevada(10.21%),Wachovia Mortgage Corporation(10.19%) |
| |
| Servicers (Over 10%) | GMAC Mortgage Corporation(82.02%),Wachovia Mortgage Corporation(10.19%) |
| |
| Number of Loans | 1,801 |
| Avg Loan Balance ($) | 297,621 |
| |
| Fixed/Floating | |
| % FRM | 33.51 |
| % ARM | 66.49 |
| % Short Arm | 15.47 |
| % 3/1 or 3/6 | 17.34 |
| % 5/1 or 5/6 | 33.68 |
| % 7/1 or 7/6 | 0 |
| % 10/1 or 10/6 | 0 |
| |
| % IO | 76.01 |
| Wtd Avg IO Term (months) | 100 |
| |
| Wtd Avg Current Mortgage Rate (%) | 6.383 |
| < 4.00% | 0.07 |
| 4.0000% - 4.9999% | 4.75 |
| 5.0000% - 5.9999% | 30.38 |
| 6.0000% - 6.9999% | 43.69 |
| 7.0000% - 7.9999% | 15.3 |
| 8.0000% - 8.9999% | 5.74 |
| 9.0000% - 9.9999% | 0.07 |
| 10.0000% - 10.9999% | 0 |
| 11.000% + | 0 |
| |
| Non-Zero Wtd Avg Margin (%) | 3.056 |
| Non-Zero Wtd Avg Initial Cap (%) | 5.065 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.741 |
| |
| Lien Composition | |
| % 1st Lien | 100 |
| % 2nd Lien | 0 |
| |
| Non-Zero Wtd Avg FICO | 712 |
| % FICO below 660 (inc. N/A) | 13.66 |
| % FICO below 620 (inc. N/A) | 0.82 |
| |
| Wtd Avg Orig LTV | 73.51 |
| % LTV > 80 | 3.53 |
| % LTV > 90 | 1.17 |
| % LTV > 95 | 0.21 |
| |
| Documentation Level | |
| % Full/Alt Documentation | 17 |
| % Stated Documentation | 5.21 |
| % Limited Documentation | 53.1 |
| % No Documentation | 11.34 |
| % No Ratio Documentation | 12.83 |
| % Lite Documentation | 0.52 |
| |
| % Owner Occupied | 70.61 |
| % Investor | 23.32 |
| % Second Home | 6.07 |
| |
| Loan Purpose | |
| % Cashout Refinance | 31.66 |
| % Purchase | 57.25 |
| % Rate Term Refinance | 11.09 |
| |
| State Concentration (Over 5%) | CA(33.29%),FL(13.03%),AZ(5.32%) |
| |
| % Prepay Penalty | 48.11 |
| |
| Wtd Avg Std Orig Term (months) | 360 |
| Wtd Avg Std Rem Term (months) | 357 |
| Wtd Average Loan Age (months) | 3 |
