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                                 MORGAN STANLEY
                   CDC IXIS CAPITAL MARKETS NORTH AMERICA INC.
                                  CDC 2004-HE4
                                FIXED RATE LOANS

TABLE OF CONTENTS

1. Documentation Level
----------------------
2. Credit Score
---------------
3. Range of Combined Original LTV Ratios (%)
--------------------------------------------
4. Documentation Level Greater than 85% LTV
-------------------------------------------

1.   DOCUMENTATION LEVEL



-------------------------------------------------------------------------------------------------------------------------
                                                                    % OF
                                                                   MORGAGE
                                                      AGGREGATE    POOL BY      AVG      WEIGHTED    WEIGHTED
                                            NUMBER     CUT-OFF    AGGREGATE   MORTGAGE    AVERAGE    AVERAGE
                                              OF        DATE       CUT-OFF      LOAN       GROSS     COMBINED   WEIGHTED
                                           MORTGAGE   PRINCIPAL   PRINCIPAL  PRINCIPAL   INTEREST    ORIGINAL    AVERAGE
DOCUMENTATION LEVEL                         LOANS      BALANCE     BALANCE    BALANCE      RATE        LTV     FICO SCORE
-------------------------------------------------------------------------------------------------------------------------

Full Documentation                           569     74,647,020      64.99     131,190      6.966      75.16      661.7
-------------------------------------------------------------------------------------------------------------------------
Stated Documentation                         359     36,114,558      31.44     100,598      8.059      79.29      664.4
-------------------------------------------------------------------------------------------------------------------------
Limited                                       26      3,356,471       2.92     129,095      6.697      68.07      670.5
-------------------------------------------------------------------------------------------------------------------------
No Ratio                                       3        740,895       0.65     246,965      6.784      73.60      686.3
-------------------------------------------------------------------------------------------------------------------------
TOTAL:                                       957    114,858,943     100.00     120,020      7.301      76.24      663.0
-------------------------------------------------------------------------------------------------------------------------


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2.   CREDIT SCORE



-------------------------------------------------------------------------------------------------------------------------
                                                                    % OF
                                                                   MORGAGE
                                                      AGGREGATE    POOL BY      AVG      WEIGHTED    WEIGHTED
                                            NUMBER     CUT-OFF    AGGREGATE   MORTGAGE    AVERAGE    AVERAGE
                                              OF        DATE       CUT-OFF      LOAN       GROSS     COMBINED   WEIGHTED
                                           MORTGAGE   PRINCIPAL   PRINCIPAL  PRINCIPAL   INTEREST    ORIGINAL    AVERAGE
CREDIT SCORE                                LOANS      BALANCE     BALANCE    BALANCE      RATE        LTV     FICO SCORE
-------------------------------------------------------------------------------------------------------------------------

501 - 520                                      9      1,122,824       0.98     124,758      8.998      66.83      516.0
-------------------------------------------------------------------------------------------------------------------------
521 - 540                                     24      2,923,486       2.55     121,812      8.711      74.33      528.7
-------------------------------------------------------------------------------------------------------------------------
541 - 560                                     27      2,597,553       2.26      96,206      8.859      71.15      550.0
-------------------------------------------------------------------------------------------------------------------------
561 - 580                                     34      4,081,662       3.55     120,049      8.035      71.99      569.4
-------------------------------------------------------------------------------------------------------------------------
581 - 600                                     65      5,897,067       5.13      90,724      8.200      79.79      593.9
-------------------------------------------------------------------------------------------------------------------------
601 - 620                                    107     10,032,652       8.73      93,763      7.789      78.86      610.7
-------------------------------------------------------------------------------------------------------------------------
621 - 640                                    137     14,030,680      12.22     102,414      7.664      78.64      629.6
-------------------------------------------------------------------------------------------------------------------------
641 - 660                                    153     15,179,386      13.22      99,212      7.547      79.61      650.6
-------------------------------------------------------------------------------------------------------------------------
661 - 680                                    107     15,566,563      13.55     145,482      6.933      74.38      670.2
-------------------------------------------------------------------------------------------------------------------------
681 - 700                                     94     12,825,037      11.17     136,437      7.030      79.21      689.3
-------------------------------------------------------------------------------------------------------------------------
701 - 720                                     64      8,565,142       7.46     133,830      7.153      76.96      710.1
-------------------------------------------------------------------------------------------------------------------------
721 - 740                                     49      8,072,574       7.03     164,746      6.483      73.78      730.1
-------------------------------------------------------------------------------------------------------------------------
741 - 760                                     37      5,567,837       4.85     150,482      6.432      71.82      751.8
-------------------------------------------------------------------------------------------------------------------------
761 - 780                                     34      6,058,234       5.27     178,183      6.208      72.10      768.7
-------------------------------------------------------------------------------------------------------------------------
781 - 800                                     15      2,282,545       1.99     152,170      5.787      64.05      787.8
-------------------------------------------------------------------------------------------------------------------------
801 - 820                                      1         55,700       0.05      55,700      4.750      13.10      802.0
-------------------------------------------------------------------------------------------------------------------------
TOTAL:                                       957    114,858,943     100.00     120,020      7.301      76.24      663.0
-------------------------------------------------------------------------------------------------------------------------

Minimum: 505
Maximum: 802
Weighted Average: 663

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3.   RANGE OF COMBINED ORIGINAL LTV RATIOS (%)



------------------------------------------------------------------------------------------------------------------------
                                                                   % OF
                                                                  MORGAGE
                                                     AGGREGATE    POOL BY      AVG      WEIGHTED    WEIGHTED
                                           NUMBER     CUT-OFF    AGGREGATE   MORTGAGE    AVERAGE    AVERAGE
                                             OF        DATE       CUT-OFF      LOAN       GROSS     COMBINED   WEIGHTED
                                          MORTGAGE   PRINCIPAL   PRINCIPAL  PRINCIPAL   INTEREST    ORIGINAL    AVERAGE
RANGE OF COMBINED ORIGINAL LTV RATIOS (%)  LOANS      BALANCE     BALANCE    BALANCE      RATE        LTV     FICO SCORE
------------------------------------------------------------------------------------------------------------------------

10.01 - 15.00                                  2        108,558       0.09      54,279      5.639      13.60      695.4
-------------------------------------------------------------------------------------------------------------------------
20.01 - 25.00                                  3        226,217       0.20      75,406      7.286      20.89      650.2
-------------------------------------------------------------------------------------------------------------------------
25.01 - 30.00                                  7        795,575       0.69     113,654      6.063      27.94      665.1
-------------------------------------------------------------------------------------------------------------------------
30.01 - 35.00                                  3        234,974       0.20      78,325      6.657      31.65      673.3
-------------------------------------------------------------------------------------------------------------------------
35.01 - 40.00                                  9      1,140,315       0.99     126,702      7.137      37.90      652.5
-------------------------------------------------------------------------------------------------------------------------
40.01 - 45.00                                 12      1,802,337       1.57     150,195      6.122      42.08      666.5
-------------------------------------------------------------------------------------------------------------------------
45.01 - 50.00                                 26      4,168,763       3.63     160,337      6.633      47.16      684.8
-------------------------------------------------------------------------------------------------------------------------
50.01 - 55.00                                 26      3,823,525       3.33     147,059      6.585      53.04      646.5
-------------------------------------------------------------------------------------------------------------------------
55.01 - 60.00                                 37      7,286,182       6.34     196,924      6.272      58.20      688.6
-------------------------------------------------------------------------------------------------------------------------
60.01 - 65.00                                 50      9,118,697       7.94     182,374      6.510      63.09      668.6
-------------------------------------------------------------------------------------------------------------------------
65.01 - 70.00                                 53      8,472,052       7.38     159,850      6.672      68.35      666.8
-------------------------------------------------------------------------------------------------------------------------
70.01 - 75.00                                 53      9,828,987       8.56     185,453      6.615      73.59      652.1
-------------------------------------------------------------------------------------------------------------------------
75.01 - 80.00                                159     26,774,223      23.31     168,391      6.897      79.46      666.0
-------------------------------------------------------------------------------------------------------------------------
80.01 - 85.00                                 64     11,883,459      10.35     185,679      7.183      84.11      643.4
-------------------------------------------------------------------------------------------------------------------------
85.01 - 90.00                                 71     10,876,894       9.47     153,196      7.467      89.30      658.4
-------------------------------------------------------------------------------------------------------------------------
90.01 - 95.00                                 48      5,184,201       4.51     108,004      8.313      94.32      656.5
-------------------------------------------------------------------------------------------------------------------------
95.01 - 100.00                               334     13,133,982      11.43      39,323      10.426     99.98      666.4
-------------------------------------------------------------------------------------------------------------------------
TOTAL:                                       957    114,858,943     100.00     120,020      7.301      76.24      663.0
-------------------------------------------------------------------------------------------------------------------------

Minimum: 13.10
Maximum: 100.00
Weighted Average: 76.24

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4.   DOCUMENTATION LEVEL GREATER THAN 85% LTV



------------------------------------------------------------------------------------------------------------------------------
                                                                        % OF
                                                                       MORGAGE
                                                        AGGREGATE      POOL BY       AVG      WEIGHTED    WEIGHTED
                                              NUMBER     CUT-OFF      AGGREGATE    MORTGAGE   AVERAGE     AVERAGE
                                                OF        DATE         CUT-OFF       LOAN      GROSS     COMBINED    WEIGHTED
                                             MORTGAGE   PRINCIPAL     PRINCIPAL   PRINCIPAL   INTEREST   ORIGINAL     AVERAGE
DOCUMENTATION LEVEL GREATER THAN 85% LTV      LOANS      BALANCE       BALANCE      BALANCE    RATE        LTV      FICO SCORE
------------------------------------------------------------------------------------------------------------------------------

Full Documentation                              218      17,294,582     59.24       79,333      8.205      93.51       651.6
------------------------------------------------------------------------------------------------------------------------------
Stated Documentation                            223      11,459,099     39.25       51,386      10.003     97.05       677.7
------------------------------------------------------------------------------------------------------------------------------
Limited                                          12         441,396      1.51       36,783      10.683     100.00      637.4
------------------------------------------------------------------------------------------------------------------------------
TOTAL:                                          453      29,195,078    100.00       64,448      8.948      95.00       661.6
------------------------------------------------------------------------------------------------------------------------------


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