| DEAL NAME | MSM 2005-2AR |
| Closing Date | 3/31/2005 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 638,547,550 |
| |
| Sellers (Over 10%) | Morgan Stanley Mortgage Capital Inc.(65.79%),Greenpoint Mortgage Funding, Inc.(14.85%) |
| |
| Servicers (Over 10%) | Option One Mortgage Corporation(69.49%),Greenpoint Mortgage Funding, Inc.(14.85%) |
| |
| Number of Loans | 1,532 |
| Avg Loan Balance ($) | 416,806 |
| |
| Fixed/Floating | |
| % FRM | 22.57 |
| % ARM | 77.43 |
| % Short Arm | 14.61 |
| % 3/1 or 3/6 | 31.2 |
| % 5/1 or 5/6 | 18.66 |
| % 7/1 or 7/6 | 8.11 |
| % 10/1 or 10/6 | 4.86 |
| |
| % IO | 78.74 |
| Wtd Avg IO Term (months) | 79 |
| |
| Wtd Avg Current Mortgage Rate (%) | 5.549 |
| < 4.00% | 1.5 |
| 4.0000% - 4.9999% | 18.91 |
| 5.0000% - 5.9999% | 54.16 |
| 6.0000% - 6.9999% | 23.41 |
| 7.0000% - 7.9999% | 1.7 |
| 8.0000% - 8.9999% | 0.23 |
| 9.0000% - 9.9999% | 0.08 |
| 10.0000% - 10.9999% | 0 |
| 11.000% + | 0 |
| |
| Non-Zero Wtd Avg Margin (%) | 2.237 |
| Non-Zero Wtd Avg Initial Cap (%) | 6.033 |
| Non-Zero Wtd Avg Periodic Cap (%) | 2.95 |
| |
| Lien Composition | |
| % 1st Lien | 100 |
| % 2nd Lien | 0 |
| |
| Non-Zero Wtd Avg FICO | 711 |
| % FICO below 660 (inc. N/A) | 11.36 |
| % FICO below 620 (inc. N/A) | 0.81 |
| |
| Wtd Avg Orig LTV | 72.7 |
| % LTV > 80 | 4.49 |
| % LTV > 90 | 2.13 |
| % LTV > 95 | 1.14 |
| |
| Documentation Level | |
| % Full/Alt Documentation | 25.78 |
| % Limited Documentation | 52.89 |
| % No Documentation | 11.16 |
| % No Ratio Documentation | 4.52 |
| % Lite Documentation | 5.64 |
| |
| % Owner Occupied | 88 |
| % Investor | 8.69 |
| % Second Home | 3.31 |
| |
| Loan Purpose | |
| % Cashout Refinance | 38.11 |
| % Purchase | 47.82 |
| % Rate Term Refinance | 14.07 |
| |
| State Concentration (Over 5%) | CA(53.92%) |
| |
| % Prepay Penalty | 27.93 |
| |
| Wtd Avg Std Orig Term (months) | 351 |
| Wtd Avg Std Rem Term (months) | 347 |
| Wtd Average Loan Age (months) | 3 |
