| DEAL NAME | MSM 2005-5AR |
| Closing Date | 8/31/2005 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 1,501,718,024 |
| |
| Sellers (Over 10%) | Morgan Stanley Mortgage Capital Inc.(47.34%),Countrywide Home Loans, Inc.(18.36%) |
| |
| Servicers (Over 10%) | GMAC Mortgage Corporation(60.88%),Countrywide Home Loans Servicing LP(18.36%) |
| |
| Number of Loans | 4,637 |
| Avg Loan Balance ($) | 323,856 |
| |
| Fixed/Floating | |
| % FRM | 25.47 |
| % ARM | 74.53 |
| % Short Arm | 34.85 |
| % 3/1 or 3/6 | 14.33 |
| % 5/1 or 5/6 | 13.18 |
| % 7/1 or 7/6 | 0.57 |
| % 10/1 or 10/6 | 11.61 |
| |
| % IO | 74.63 |
| Wtd Avg IO Term (months) | 88 |
| |
| Wtd Avg Current Mortgage Rate (%) | 5.745 |
| < 4.00% | 4.75 |
| 4.0000% - 4.9999% | 11.34 |
| 5.0000% - 5.9999% | 41.93 |
| 6.0000% - 6.9999% | 36.88 |
| 7.0000% - 7.9999% | 4.27 |
| 8.0000% - 8.9999% | 0.71 |
| 9.0000% - 9.9999% | 0.09 |
| 10.0000% - 10.9999% | 0.03 |
| 11.000% + | 0 |
| |
| Non-Zero Wtd Avg Margin (%) | 2.677 |
| Non-Zero Wtd Avg Initial Cap (%) | 3.732 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.69 |
| |
| Lien Composition | |
| % 1st Lien | 100 |
| % 2nd Lien | 0 |
| |
| Non-Zero Wtd Avg FICO | 712 |
| % FICO below 660 (inc. N/A) | 13.72 |
| % FICO below 620 (inc. N/A) | 0.99 |
| |
| Wtd Avg Orig LTV | 73.05 |
| % LTV > 80 | 5.09 |
| % LTV > 90 | 1.71 |
| % LTV > 95 | 0.14 |
| |
| Documentation Level | |
| % Full/Alt Documentation | 29.33 |
| % Stated Documentation | 1.74 |
| % Limited Documentation | 48.56 |
| % No Documentation | 10.76 |
| % No Ratio Documentation | 8.91 |
| % Lite Documentation | 0.71 |
| |
| % Owner Occupied | 82.82 |
| % Investor | 11.84 |
| % Second Home | 5.35 |
| |
| Loan Purpose | |
| % Cashout Refinance | 31.85 |
| % Purchase | 53.99 |
| % Rate Term Refinance | 14.16 |
| |
| State Concentration (Over 5%) | CA(43.50%),FL(8.43%),SC(5.18%) |
| |
| % Prepay Penalty | 37.42 |
| |
| Wtd Avg Std Orig Term (months) | 357 |
| Wtd Avg Std Rem Term (months) | 354 |
| Wtd Average Loan Age (months) | 3 |
