| DEAL NAME | MSM 2006-5AR |
| Closing Date | 3/31/2006 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 556,421,591 |
| |
| Sellers (Over 10%) | Morgan Stanley Mortgage Capital Inc.(47.79%),American Home Mortgage Corp.(22.18%) |
| |
| Servicers (Over 10%) | GMAC Mortgage Corporation(46.98%),American Home Mortgage Corp.(21.96%),Wells Fargo Bank, National Association(12.17%) |
| |
| Number of Loans | 1,561 |
| Avg Loan Balance ($) | 356,452 |
| |
| Fixed/Floating | |
| % FRM | 31.64 |
| % ARM | 68.36 |
| % Short Arm | 28.24 |
| % 3/1 or 3/6 | 12.01 |
| % 5/1 or 5/6 | 26.64 |
| % 7/1 or 7/6 | 0.18 |
| % 10/1 or 10/6 | 1.3 |
| |
| % IO | 69.32 |
| Wtd Avg IO Term (months) | 105 |
| |
| Wtd Avg Current Mortgage Rate (%) | 6.335 |
| < 4.00% | 0.12 |
| 4.0000% - 4.9999% | 3.77 |
| 5.0000% - 5.9999% | 20.58 |
| 6.0000% - 6.9999% | 62.77 |
| 7.0000% - 7.9999% | 9.52 |
| 8.0000% - 8.9999% | 3.24 |
| 9.0000% - 9.9999% | 0 |
| 10.0000% - 10.9999% | 0 |
| 11.000% + | 0 |
| |
| Non-Zero Wtd Avg Margin (%) | 2.658 |
| Non-Zero Wtd Avg Initial Cap (%) | 3.691 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.839 |
| |
| Lien Composition | |
| % 1st Lien | 100 |
| % 2nd Lien | 0 |
| |
| Non-Zero Wtd Avg FICO | 714 |
| % FICO below 660 (inc. N/A) | 9.44 |
| % FICO below 620 (inc. N/A) | 0.38 |
| |
| Wtd Avg Orig LTV | 72.57 |
| % LTV > 80 | 2.92 |
| % LTV > 90 | 1.51 |
| % LTV > 95 | 1.26 |
| |
| Documentation Level | |
| % Full/Alt Documentation | 19.59 |
| % Stated Documentation | 6.11 |
| % Limited Documentation | 49.96 |
| % No Documentation | 7.99 |
| % No Ratio Documentation | 13.16 |
| % Lite Documentation | 3.19 |
| |
| % Owner Occupied | 80.01 |
| % Investor | 13.78 |
| % Second Home | 6.21 |
| |
| Loan Purpose | |
| % Cashout Refinance | 33.88 |
| % Purchase | 52.08 |
| % Rate Term Refinance | 14.04 |
| |
| State Concentration (Over 5%) | CA(45.29%),FL(8.48%) |
| |
| % Prepay Penalty | 35.45 |
| |
| Wtd Avg Std Orig Term (months) | 360 |
| Wtd Avg Std Rem Term (months) | 357 |
| Wtd Average Loan Age (months) | 3 |
