| DEAL NAME | MSM 2006-1AR |
| Closing Date | 1/31/2006 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 612,056,096 |
| |
| Sellers (Over 10%) | Morgan Stanley Mortgage Capital Inc.(68.77%) |
| |
| Servicers (Over 10%) | GMAC Mortgage Corporation(84.38%) |
| |
| Number of Loans | 1,486 |
| Avg Loan Balance ($) | 411,882 |
| |
| Fixed/Floating | |
| % FRM | 25.28 |
| % ARM | 74.72 |
| % Short Arm | 11.84 |
| % 3/1 or 3/6 | 8.93 |
| % 5/1 or 5/6 | 41.53 |
| % 7/1 or 7/6 | 6.12 |
| % 10/1 or 10/6 | 6.31 |
| |
| % IO | 81.15 |
| Wtd Avg IO Term (months) | 113 |
| |
| Wtd Avg Current Mortgage Rate (%) | 6.329 |
| < 4.00% | 0 |
| 4.0000% - 4.9999% | 1.33 |
| 5.0000% - 5.9999% | 32.86 |
| 6.0000% - 6.9999% | 51.61 |
| 7.0000% - 7.9999% | 12.56 |
| 8.0000% - 8.9999% | 1.64 |
| 9.0000% - 9.9999% | 0.01 |
| 10.0000% - 10.9999% | 0 |
| 11.000% + | 0 |
| |
| Non-Zero Wtd Avg Margin (%) | 2.401 |
| Non-Zero Wtd Avg Initial Cap (%) | 5.17 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.766 |
| |
| Lien Composition | |
| % 1st Lien | 100 |
| % 2nd Lien | 0 |
| |
| Non-Zero Wtd Avg FICO | 714 |
| % FICO below 660 (inc. N/A) | 12.9 |
| % FICO below 620 (inc. N/A) | 1.2 |
| |
| Wtd Avg Orig LTV | 72.28 |
| % LTV > 80 | 1.87 |
| % LTV > 90 | 0.58 |
| % LTV > 95 | 0.13 |
| |
| Documentation Level | |
| % Full/Alt Documentation | 14 |
| % Stated Documentation | 7.92 |
| % Limited Documentation | 54.33 |
| % No Documentation | 15.69 |
| % No Ratio Documentation | 8.07 |
| |
| % Owner Occupied | 82.27 |
| % Investor | 13.46 |
| % Second Home | 4.28 |
| |
| Loan Purpose | |
| % Cashout Refinance | 32.3 |
| % Purchase | 56.03 |
| % Rate Term Refinance | 11.67 |
| |
| State Concentration (Over 5%) | CA(55.18%),NY(7.18%),FL(6.08%) |
| |
| % Prepay Penalty | 45.19 |
| |
| Wtd Avg Std Orig Term (months) | 360 |
| Wtd Avg Std Rem Term (months) | 357 |
| Wtd Average Loan Age (months) | 3 |
