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--------------------------------------------------------------------------------



Aggregate Loans
FICO      Avg LTV    Max LTV  % Full Doc  % Owner Occ    % IO     WAC     MARGIN
N/A
500-519     72.18        100       55.15        98.45     0.98    8.744    7.261
520-539      74.6      92.63       61.63        97.95     1.88    8.522    7.185
540-559     76.29        100        64.5        97.85      1.7    8.265    7.291
560-579     78.59        100       62.15        96.86     9.67     7.81    6.903
580-599     80.75        100       58.96         95.4    18.47    7.572    6.705
600-619     81.37        100       56.77        93.81    26.24    7.335    6.448
620-639        83        100       46.96        96.34    31.38    7.282    6.473
640-659     83.25        100       34.08        93.99    34.31    7.252     6.33
660-679     83.63        100       29.99        93.58    43.81    7.286    6.605
680-699      81.9        100       31.82        92.28    42.29     6.95    6.359
700-719     84.56        100       27.17        92.78    57.32     6.86    6.366
720-739     82.42        100       18.64         96.2    64.42    6.645     6.47
740-759     81.95        100       25.82        91.22    55.77    6.551    6.282
760-779     80.26        100       10.22        96.89    80.35     6.54    6.448
780-799      80.3        100       26.81        84.37    62.58    6.547    6.343
800-819     81.65        100       58.69        85.05    41.31    6.271    5.787


IO Loans
FICO        Avg LTV   Max LTV   % Full Doc   % Owner Occ     WAC      MARGIN
500-519       69.82        80          100           100     8.406     7.906
520-539       71.86        85        30.87           100     8.546     8.046
540-559       75.37        80        18.87           100     7.945     7.445
560-579       79.28        95        67.27           100     7.219     6.781
580-599       81.84      99.3        75.15         97.04     6.867     6.507
600-619       81.85     99.96        52.49         98.71     6.804     6.243
620-639       83.64       100        35.86         99.19     6.909     6.116
640-659       82.37       100        25.81           100     6.761     6.232
660-679        80.2       100        24.72         92.79     6.636     6.526
680-699       80.78        95        25.99         96.55      6.56     6.342
700-719       82.45       100        14.86         98.96     6.508       6.5
720-739       80.78       100        12.48           100     6.461      6.58
740-759       81.04        95         5.74         95.45     6.341     6.385
760-779       79.07        85         4.96           100     6.458     6.543
780-799       79.66        90        16.84           100     6.326      6.33
800-819          80        80            0           100      6.25       6.5



                                 MORGAN STANLEY
                     IXIS CAPITAL MARKETS NORTH AMERICA INC.
                                    2005-HE1
                                    FRM LOANS

TABLE OF CONTENTS

 1.  Product Types
 2.  Originator
 3.  Lien Position
 4.  Range of Gross Interest Rates (%)
 5.  Range of Cut-off Date Principal Balances ($)
 6.  Original Terms (Months)
 7.  Range of Remaining Terms (Months)
 8.  Range of Original Combined LTV Ratios (%)
 9.  Range of Gross Margins (%)
 10. Range of Minimum Mortgage Rates (%)
 11. Range of Maximum Loan Rates (%)
 12. Initial Periodic Cap (%)
 13. Subsequent Periodic Cap (%)
 14. Next Rate Adjustment Dates
 15. Geographic Distribution of Mortgaged Properties
 16. Occupancy Type
 17. Property Type
 18. Loan Purpose
 19. Documentation Level
 20. Prepayment Penalty Term
 21. Range of Credit Scores

1. PRODUCT TYPES



-----------------------------------------------------------------------------------------------------------------------------------
                                                                    % OF
                                                                   MORTGAGE
                                                  AGGREGATE        POOL BY       WEIGHTED                    WEIGHTED
                                                   CUT-OFF        AGGREGATE      AVERAGE       WEIGHTED      AVERAGE
                                     NUMBER          DATE          CUT-OFF        GROSS        AVERAGE       ORIGINAL     WEIGHTED
                                       OF         PRINCIPAL          DATE        INTEREST      REMAINING     COMBINED     AVERAGE
                                    MORTGAGE       BALANCE        PRINCIPAL        RATE          TERM          LTV          FICO
PRODUCT TYPES                        LOANS           ($)           BALANCE         (%)         (MONTHS)        (%)          SCORE
-----------------------------------------------------------------------------------------------------------------------------------

Fixed - 5 Year                            1           11,878          0.02        12.250            56         95.00          557
-----------------------------------------------------------------------------------------------------------------------------------
Fixed - 10 Year                          11          249,934          0.39         9.843           116         65.35          611
-----------------------------------------------------------------------------------------------------------------------------------
Fixed - 15 Year                          43        3,441,572          5.41         7.737           174         75.98          634
-----------------------------------------------------------------------------------------------------------------------------------
Fixed - 20 Year                          60        3,366,808          5.29         9.343           236         86.19          660
-----------------------------------------------------------------------------------------------------------------------------------
Fixed - 25 Year                           4          298,345          0.47         8.043           298         80.59          631
-----------------------------------------------------------------------------------------------------------------------------------
Fixed - 30 Year                         264       38,291,486         60.19         7.530           356         79.96          644
-----------------------------------------------------------------------------------------------------------------------------------
Fixed Balloon - 15/30                   293       16,158,515         25.40        10.368           177         96.57          666
-----------------------------------------------------------------------------------------------------------------------------------
Interest Only Fixed - 30 Year             8        1,802,427          2.83         7.053           354         77.10          655
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL:                                  684       63,620,965        100.00         8.357           293         84.16          650
-----------------------------------------------------------------------------------------------------------------------------------


                                       Top



2. ORIGINATOR



---------------------------------------------------------------------------------------------------------------------------------
                                                            % OF
                                                           MORTGAGE
                                          AGGREGATE        POOL BY        WEIGHTED                      WEIGHTED
                                           CUT-OFF        AGGREGATE       AVERAGE        WEIGHTED       AVERAGE
                           NUMBER            DATE          CUT-OFF         GROSS         AVERAGE        ORIGINAL       WEIGHTED
                            OF            PRINCIPAL          DATE         INTEREST      REMAINING       COMBINED       AVERAGE
                          MORTGAGE         BALANCE        PRINCIPAL         RATE           TERM           LTV            FICO
ORIGINATOR                 LOANS             ($)           BALANCE          (%)          (MONTHS)         (%)           SCORE
---------------------------------------------------------------------------------------------------------------------------------

Encore                         85        14,082,979          22.14          7.189            335          81.36            650
---------------------------------------------------------------------------------------------------------------------------------
Chapel                        188        13,472,323          21.18          9.627            228          89.69            653
---------------------------------------------------------------------------------------------------------------------------------
Lenders Direct                101         6,185,286           9.72          9.039            235          89.09            659
---------------------------------------------------------------------------------------------------------------------------------
Aegis                          43         6,010,596           9.45          6.371            295          73.68            685
---------------------------------------------------------------------------------------------------------------------------------
Impac                          36         5,751,506           9.04          7.537            332          78.16            663
---------------------------------------------------------------------------------------------------------------------------------
Peoples Choice                 51         5,427,487           8.53          8.456            344          87.47            634
---------------------------------------------------------------------------------------------------------------------------------
Home Owners                    57         4,361,477           6.86          9.531            313          78.19            623
---------------------------------------------------------------------------------------------------------------------------------
First Banc                     46         2,884,721           4.53          9.496            241          88.68            631
---------------------------------------------------------------------------------------------------------------------------------
Fremont                        52         2,318,276           3.64         10.521            321          99.33            641
---------------------------------------------------------------------------------------------------------------------------------
BNC                            13         1,481,092           2.33          7.905            333          80.36            600
---------------------------------------------------------------------------------------------------------------------------------
Master Financial                9         1,213,134           1.91          7.685            345          83.28            657
---------------------------------------------------------------------------------------------------------------------------------
Platinum Capital                1           197,961           0.31          7.950            354          95.00            572
---------------------------------------------------------------------------------------------------------------------------------
Home Loan                       1           146,417           0.23          5.800            353          62.96            624
---------------------------------------------------------------------------------------------------------------------------------
All State                       1            87,709           0.14          5.490            357          80.00            684
---------------------------------------------------------------------------------------------------------------------------------
TOTAL:                        684        63,620,965         100.00          8.357            293          84.16            650
---------------------------------------------------------------------------------------------------------------------------------


                                       Top

3. LIEN POSITION



------------------------------------------------------------------------------------------------------------------------------
                                                           % OF
                                                          MORTGAGE
                                        AGGREGATE         POOL BY        WEIGHTED                      WEIGHTED
                                         CUT-OFF         AGGREGATE       AVERAGE        WEIGHTED       AVERAGE
                          NUMBER           DATE           CUT-OFF         GROSS         AVERAGE        ORIGINAL      WEIGHTED
                            OF          PRINCIPAL           DATE         INTEREST      REMAINING       COMBINED       AVERAGE
                         MORTGAGE        BALANCE         PRINCIPAL         RATE           TERM           LTV           FICO
LIEN POSITION             LOANS            ($)            BALANCE          (%)          (MONTHS)         (%)           SCORE
------------------------------------------------------------------------------------------------------------------------------

1st Lien                     267        41,694,025          65.54          7.201            335          77.25           646
------------------------------------------------------------------------------------------------------------------------------
2nd Lien                     417        21,926,940          34.46         10.555            215          97.30           658
------------------------------------------------------------------------------------------------------------------------------
TOTAL:                       684        63,620,965         100.00          8.357            293          84.16           650
------------------------------------------------------------------------------------------------------------------------------


                                       Top

4. RANGE OF GROSS INTEREST RATES (%)



-----------------------------------------------------------------------------------------------------------------------------------
                                                                      % OF
                                                                    MORTGAGE
                                                    AGGREGATE       POOL BY       WEIGHTED                   WEIGHTED
                                                     CUT-OFF       AGGREGATE      AVERAGE       WEIGHTED     AVERAGE
                                       NUMBER          DATE         CUT-OFF        GROSS        AVERAGE      ORIGINAL     WEIGHTED
                                         OF         PRINCIPAL        DATE         INTEREST     REMAINING     COMBINED     AVERAGE
                                      MORTGAGE       BALANCE       PRINCIPAL        RATE          TERM         LTV          FICO
RANGE OF GROSS INTEREST RATES (%)      LOANS           ($)          BALANCE         (%)         (MONTHS)       (%)          SCORE
-----------------------------------------------------------------------------------------------------------------------------------

5.000 - 5.999                              34        7,492,839        11.78         5.709           316        73.46          685
-----------------------------------------------------------------------------------------------------------------------------------
6.000 - 6.999                              62       14,342,236        22.54         6.531           347        77.06          661
-----------------------------------------------------------------------------------------------------------------------------------
7.000 - 7.999                              78       11,749,631        18.47         7.537           335        79.23          636
-----------------------------------------------------------------------------------------------------------------------------------
8.000 - 8.999                              75        6,577,267        10.34         8.572           312        82.75          622
-----------------------------------------------------------------------------------------------------------------------------------
9.000 - 9.999                             119        6,836,101        10.75         9.716           234        93.81          662
-----------------------------------------------------------------------------------------------------------------------------------
10.000 - 10.999                           156        9,605,381        15.10        10.656           228        94.23          647
-----------------------------------------------------------------------------------------------------------------------------------
11.000 - 11.999                           116        5,389,664         8.47        11.359           217        96.38          635
-----------------------------------------------------------------------------------------------------------------------------------
12.000 - 12.999                            37        1,335,926         2.10        12.307           249        97.48          617
-----------------------------------------------------------------------------------------------------------------------------------
13.000 - 13.999                             7          291,919         0.46        13.161           178        94.54          669
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL:                                    684       63,620,965       100.00         8.357           293        84.16          650
-----------------------------------------------------------------------------------------------------------------------------------

Minimum: 5.080
Maximum: 13.750
Weighted Average: 8.357

                                       Top



5. RANGE OF CUT-OFF DATE PRINCIPAL BALANCES ($)



----------------------------------------------------------------------------------------------------------------------------------
                                                                            % OF
                                                                           MORTGAGE
                                                            AGGREGATE      POOL BY     WEIGHTED                WEIGHTED
                                                             CUT-OFF      AGGREGATE    AVERAGE     WEIGHTED    AVERAGE
                                                 NUMBER        DATE        CUT-OFF      GROSS      AVERAGE     ORIGINAL   WEIGHTED
                                                   OF       PRINCIPAL       DATE       INTEREST   REMAINING    COMBINED    AVERAGE
                                                MORTGAGE     BALANCE      PRINCIPAL      RATE        TERM        LTV        FICO
RANGE OF CUT-OFF DATE PRINCIPAL BALANCES ($)     LOANS         ($)         BALANCE       (%)       (MONTHS)      (%)        SCORE
----------------------------------------------------------------------------------------------------------------------------------

0.01 - 25,000.00                                     63      1,197,043        1.88      11.154         180       97.19        643
----------------------------------------------------------------------------------------------------------------------------------
25,000.01 - 50,000.00                               198      7,507,734       11.80      10.560         222       93.78        644
----------------------------------------------------------------------------------------------------------------------------------
50,000.01 - 75,000.00                               148      9,212,109       14.48       9.868         241       90.80        644
----------------------------------------------------------------------------------------------------------------------------------
75,000.01 - 100,000.00                               91      7,900,004       12.42       9.612         264       89.21        657
----------------------------------------------------------------------------------------------------------------------------------
100,000.01 - 125,000.00                              46      5,047,528        7.93       8.892         286       88.75        646
----------------------------------------------------------------------------------------------------------------------------------
125,000.01 - 150,000.00                              25      3,397,432        5.34       7.538         326       80.24        628
----------------------------------------------------------------------------------------------------------------------------------
150,000.01 - 175,000.00                              25      4,044,844        6.36       7.437         319       70.24        619
----------------------------------------------------------------------------------------------------------------------------------
175,000.01 - 200,000.00                              18      3,444,923        5.41       6.854         336       76.94        634
----------------------------------------------------------------------------------------------------------------------------------
200,000.01 - 225,000.00                              12      2,549,685        4.01       7.506         340       74.54        647
----------------------------------------------------------------------------------------------------------------------------------
225,000.01 - 250,000.00                              12      2,839,769        4.46       7.066         342       81.50        679
----------------------------------------------------------------------------------------------------------------------------------
250,000.01 - 275,000.00                              11      2,904,450        4.57       7.360         357       80.41        645
----------------------------------------------------------------------------------------------------------------------------------
275,000.01 - 300,000.00                              10      2,894,571        4.55       6.656         320       73.74        685
----------------------------------------------------------------------------------------------------------------------------------
300,000.01 - 325,000.00                               3        929,558        1.46       6.676         296       70.55        628
----------------------------------------------------------------------------------------------------------------------------------
325,000.01 - 350,000.00                               5      1,684,022        2.65       6.655         357       80.74        657
----------------------------------------------------------------------------------------------------------------------------------
350,000.01 - 375,000.00                               2        738,515        1.16       6.496         359       82.39        682
----------------------------------------------------------------------------------------------------------------------------------
375,000.01 - 400,000.00                               4      1,576,464        2.48       6.548         356       78.64        671
----------------------------------------------------------------------------------------------------------------------------------
400,000.01 - 425,000.00                               2        822,689        1.29       5.598         265       77.94        689
----------------------------------------------------------------------------------------------------------------------------------
425,000.01 - 450,000.00                               3      1,328,187        2.09       6.245         358       76.94        681
----------------------------------------------------------------------------------------------------------------------------------
450,000.01 - 475,000.00                               1        471,789        0.74       7.450         358       90.00        655
----------------------------------------------------------------------------------------------------------------------------------
475,000.01 - 500,000.00                               1        488,835        0.77       6.500         353       80.00        733
----------------------------------------------------------------------------------------------------------------------------------
550,000.01 - 575,000.00                               1        569,459        0.90       6.245         359      100.00        644
----------------------------------------------------------------------------------------------------------------------------------
575,000.01 - 600,000.00                               1        597,593        0.94       6.000         356       86.96        756
----------------------------------------------------------------------------------------------------------------------------------
600,000.01 >=                                         2      1,473,762        2.32       6.034         356       75.67        616
----------------------------------------------------------------------------------------------------------------------------------
TOTAL:                                              684     63,620,965      100.00       8.357         293       84.16        650
----------------------------------------------------------------------------------------------------------------------------------

Minimum: 5,404
Maximum: 836,454
Average: 93,013

                                       Top

6. ORIGINAL TERMS (MONTHS)



-----------------------------------------------------------------------------------------------------------------------------
                                                               % OF
                                                             MORTGAGE
                                            AGGREGATE        POOL BY       WEIGHTED                    WEIGHTED
                                             CUT-OFF        AGGREGATE      AVERAGE       WEIGHTED      AVERAGE
                             NUMBER            DATE          CUT-OFF        GROSS        AVERAGE       ORIGINAL     WEIGHTED
                               OF           PRINCIPAL         DATE         INTEREST     REMAINING      COMBINED      AVERAGE
ORIGINAL TERMS              MORTGAGE         BALANCE        PRINCIPAL        RATE          TERM          LTV          FICO
(MONTHS)                     LOANS             ($)           BALANCE         (%)         (MONTHS)        (%)          SCORE
-----------------------------------------------------------------------------------------------------------------------------

60                                1             11,878          0.02        12.250            56         95.00          557
-----------------------------------------------------------------------------------------------------------------------------
120                              11            249,934          0.39         9.843           116         65.35          611
-----------------------------------------------------------------------------------------------------------------------------
180                             336         19,600,087         30.81         9.906           177         92.96          660
-----------------------------------------------------------------------------------------------------------------------------
240                              60          3,366,808          5.29         9.343           236         86.19          660
-----------------------------------------------------------------------------------------------------------------------------
300                               4            298,345          0.47         8.043           298         80.59          631
-----------------------------------------------------------------------------------------------------------------------------
360                             272         40,093,913         63.02         7.509           356         79.83          645
-----------------------------------------------------------------------------------------------------------------------------
TOTAL:                          684         63,620,965        100.00         8.357           293         84.16          650
-----------------------------------------------------------------------------------------------------------------------------

Minimum: 60
Maximum: 360
Weighted Average: 297

                                       Top

7. RANGE OF REMAINING TERMS (MONTHS)



------------------------------------------------------------------------------------------------------------------------------
                                                                % OF
                                                              MORTGAGE
                                             AGGREGATE        POOL BY       WEIGHTED                    WEIGHTED
                                              CUT-OFF        AGGREGATE      AVERAGE       WEIGHTED      AVERAGE
                                NUMBER          DATE          CUT-OFF        GROSS        AVERAGE       ORIGINAL     WEIGHTED
                                  OF         PRINCIPAL         DATE         INTEREST     REMAINING      COMBINED      AVERAGE
RANGE OF REMAINING TERMS       MORTGAGE       BALANCE        PRINCIPAL        RATE          TERM          LTV          FICO
(MONTHS)                        LOANS           ($)           BALANCE         (%)         (MONTHS)        (%)          SCORE
------------------------------------------------------------------------------------------------------------------------------

<= 60                                1           11,878          0.02        12.250            56         95.00          557
------------------------------------------------------------------------------------------------------------------------------
61 - 120                            11          249,934          0.39         9.843           116         65.35          611
------------------------------------------------------------------------------------------------------------------------------
121 - 180                          336       19,600,087         30.81         9.906           177         92.96          660
------------------------------------------------------------------------------------------------------------------------------
181 - 240                           60        3,366,808          5.29         9.343           236         86.19          660
------------------------------------------------------------------------------------------------------------------------------
241 - 300                            4          298,345          0.47         8.043           298         80.59          631
------------------------------------------------------------------------------------------------------------------------------
301 - 360                          272       40,093,913         63.02         7.509           356         79.83          645
------------------------------------------------------------------------------------------------------------------------------
TOTAL:                             684       63,620,965        100.00         8.357           293         84.16          650
------------------------------------------------------------------------------------------------------------------------------

Minimum: 56
Maximum: 359
Weighted Average: 293

                                       Top



8. RANGE OF ORIGINAL COMBINED LTV RATIOS (%)



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

30.01 - 40.00                                   4         226,686         0.36        8.345          238        36.89         636
-----------------------------------------------------------------------------------------------------------------------------------
40.01 - 50.00                                  20       2,327,729         3.66        7.241          312        47.41         595
-----------------------------------------------------------------------------------------------------------------------------------
50.01 - 60.00                                  14       2,095,152         3.29        7.023          348        55.78         664
-----------------------------------------------------------------------------------------------------------------------------------
60.01 - 70.00                                  43       6,502,920        10.22        6.773          320        66.46         637
-----------------------------------------------------------------------------------------------------------------------------------
70.01 - 80.00                                 107      16,238,036        25.52        7.370          326        77.13         648
-----------------------------------------------------------------------------------------------------------------------------------
80.01 - 90.00                                  88      12,363,194        19.43        7.587          327        86.92         651
-----------------------------------------------------------------------------------------------------------------------------------
90.01 - 100.00                                408      23,867,248        37.51       10.084          240        98.86         659
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL:                                        684      63,620,965       100.00        8.357          293        84.16         650
-----------------------------------------------------------------------------------------------------------------------------------

Minimum: 34.88
Maximum: 100.00
Weighted Average by Original Balance: 84.14
Weighted Average by Current Balance: 84.16

                                       Top

9. RANGE OF GROSS MARGINS (%)



------------------------------------------------------------------------------------------------------------------------------------
                                                                    % OF
                                                                  MORTGAGE
                                                 AGGREGATE        POOL BY        WEIGHTED                     WEIGHTED
                                                  CUT-OFF        AGGREGATE       AVERAGE        WEIGHTED      AVERAGE
                                   NUMBER           DATE          CUT-OFF         GROSS         AVERAGE       ORIGINAL     WEIGHTED
                                     OF          PRINCIPAL         DATE          INTEREST      REMAINING      COMBINED     AVERAGE
                                  MORTGAGE        BALANCE        PRINCIPAL         RATE           TERM          LTV          FICO
RANGE OF GROSS MARGINS (%)         LOANS            ($)           BALANCE          (%)          (MONTHS)        (%)          SCORE
------------------------------------------------------------------------------------------------------------------------------------

Fixed Rate Loans                      684        63,620,965        100.00          8.357            293         84.16          650
------------------------------------------------------------------------------------------------------------------------------------
TOTAL:                                684        63,620,965        100.00          8.357            293         84.16          650
------------------------------------------------------------------------------------------------------------------------------------

Non-Fixed Rate Minimum: 0.000
Non-Fixed Rate Maximum: 0.000
Non-Fixed Rate Weighted Average: 0.000

                                       Top

10. RANGE OF MINIMUM MORTGAGE RATES (%)



------------------------------------------------------------------------------------------------------------------------------------
                                                                       % OF
                                                                     MORTGAGE
                                                     AGGREGATE       POOL BY      WEIGHTED                   WEIGHTED
                                                      CUT-OFF       AGGREGATE     AVERAGE       WEIGHTED     AVERAGE
                                        NUMBER          DATE         CUT-OFF       GROSS        AVERAGE      ORIGINAL     WEIGHTED
                                          OF         PRINCIPAL        DATE        INTEREST     REMAINING     COMBINED     AVERAGE
                                       MORTGAGE       BALANCE       PRINCIPAL       RATE          TERM         LTV          FICO
RANGE OF MINIMUM MORTGAGE RATES (%)     LOANS           ($)          BALANCE        (%)         (MONTHS)       (%)          SCORE
------------------------------------------------------------------------------------------------------------------------------------

Fixed Rate Loans                           684       63,620,965       100.00        8.357           293        84.16          650
------------------------------------------------------------------------------------------------------------------------------------
TOTAL:                                     684       63,620,965       100.00        8.357           293        84.16          650
------------------------------------------------------------------------------------------------------------------------------------

Non-Fixed Rate Minimum: 0.000
Non-Fixed Rate Maximum: 0.000
Non-Fixed Rate Weighted Average: 0.000

                                       Top

11. RANGE OF MAXIMUM LOAN RATES (%)



------------------------------------------------------------------------------------------------------------------------------------
                                                                      % OF
                                                                    MORTGAGE
                                                   AGGREGATE        POOL BY       WEIGHTED                    WEIGHTED
                                                    CUT-OFF        AGGREGATE      AVERAGE       WEIGHTED      AVERAGE
                                      NUMBER          DATE          CUT-OFF        GROSS        AVERAGE       ORIGINAL     WEIGHTED
                                        OF         PRINCIPAL         DATE         INTEREST     REMAINING      COMBINED     AVERAGE
                                     MORTGAGE       BALANCE        PRINCIPAL        RATE          TERM          LTV          FICO
RANGE OF MAXIMUM LOAN RATES (%)       LOANS           ($)           BALANCE         (%)         (MONTHS)        (%)          SCORE
------------------------------------------------------------------------------------------------------------------------------------

Fixed Rate Loans                         684       63,620,965        100.00         8.357           293         84.16          650
------------------------------------------------------------------------------------------------------------------------------------
TOTAL:                                   684       63,620,965        100.00         8.357           293         84.16          650
------------------------------------------------------------------------------------------------------------------------------------

Non-Fixed Rate Minimum: 0.000
Non-Fixed Rate Maximum: 0.000
Non-Fixed Rate Weighted Average: 0.000

                                       Top



12. INITIAL PERIODIC CAP (%)



----------------------------------------------------------------------------------------------------------------------------
                                                               % OF
                                                             MORTGAGE
                                            AGGREGATE        POOL BY       WEIGHTED                    WEIGHTED
                                             CUT-OFF        AGGREGATE      AVERAGE       WEIGHTED      AVERAGE
                              MORTGAGE       BALANCE        PRINCIPAL        RATE          TERM          LTV          FICO
INITIAL PERIODIC CAP (%)       LOANS           ($)           BALANCE         (%)         (MONTHS)        (%)          SCORE
----------------------------------------------------------------------------------------------------------------------------

Fixed Rate Loans                  684       63,620,965        100.00         8.357           293         84.16          650
----------------------------------------------------------------------------------------------------------------------------
TOTAL:                            684       63,620,965        100.00         8.357           293         84.16          650
----------------------------------------------------------------------------------------------------------------------------

Non-Fixed Rate Minimum: 0.000
Non-Fixed Rate Maximum: 0.000
Non-Fixed Rate Weighted Average: 0.000

                                       Top

13. SUBSEQUENT PERIODIC CAP (%)



---------------------------------------------------------------------------------------------------------------------------------
                                                                   % OF
                                                                 MORTGAGE
                                                AGGREGATE        POOL BY       WEIGHTED                    WEIGHTED
                                                 CUT-OFF        AGGREGATE      AVERAGE       WEIGHTED      AVERAGE
                                   NUMBER          DATE          CUT-OFF        GROSS        AVERAGE       ORIGINAL     WEIGHTED
                                     OF         PRINCIPAL         DATE         INTEREST     REMAINING      COMBINED     AVERAGE
                                  MORTGAGE       BALANCE        PRINCIPAL        RATE          TERM          LTV          FICO
SUBSEQUENT PERIODIC CAP (%)        LOANS           ($)           BALANCE         (%)         (MONTHS)        (%)          SCORE
---------------------------------------------------------------------------------------------------------------------------------

Fixed Rate Loans                      684       63,620,965        100.00         8.357           293         84.16          650
---------------------------------------------------------------------------------------------------------------------------------
TOTAL:                                684       63,620,965        100.00         8.357           293         84.16          650
---------------------------------------------------------------------------------------------------------------------------------

Non-Fixed Rate Minimum: 0.000
Non-Fixed Rate Maximum: 0.000
Non-Fixed Rate Weighted Average: 0.000

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14. NEXT RATE ADJUSTMENT DATES



-------------------------------------------------------------------------------------------------------------------------------
                                                                 % OF
                                                               MORTGAGE
                                              AGGREGATE        POOL BY       WEIGHTED                    WEIGHTED
                                               CUT-OFF        AGGREGATE      AVERAGE       WEIGHTED      AVERAGE
                                 NUMBER          DATE          CUT-OFF        GROSS        AVERAGE       ORIGINAL     WEIGHTED
                                   OF         PRINCIPAL         DATE         INTEREST     REMAINING      COMBINED     AVERAGE
                                MORTGAGE       BALANCE        PRINCIPAL        RATE          TERM          LTV          FICO
NEXT RATE ADJUSTMENT DATES       LOANS           ($)           BALANCE         (%)         (MONTHS)        (%)          SCORE
-------------------------------------------------------------------------------------------------------------------------------

Fixed Rate Loans                    684       63,620,965        100.00         8.357           293         84.16          650
-------------------------------------------------------------------------------------------------------------------------------
TOTAL:                              684       63,620,965        100.00         8.357           293         84.16          650
-------------------------------------------------------------------------------------------------------------------------------

Non-Fixed Rate Minimum: 0
Non-Fixed Rate Maximum: 0
Non-Fixed Rate Weighted Average: 0

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15. GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES



------------------------------------------------------------------------------------------------------------------------------------
                                                                                % OF
                                                                              MORTGAGE
                                                               AGGREGATE      POOL BY     WEIGHTED               WEIGHTED
                                                                CUT-OFF      AGGREGATE    AVERAGE     WEIGHTED   AVERAGE
                                                    NUMBER        DATE        CUT-OFF      GROSS      AVERAGE    ORIGINAL   WEIGHTED
                                                      OF       PRINCIPAL       DATE       INTEREST   REMAINING   COMBINED   AVERAGE
                                                   MORTGAGE     BALANCE      PRINCIPAL      RATE        TERM       LTV        FICO
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES     LOANS         ($)         BALANCE       (%)       (MONTHS)     (%)        SCORE
------------------------------------------------------------------------------------------------------------------------------------

California                                             238     26,945,399       42.35       8.365         281      83.94        657
------------------------------------------------------------------------------------------------------------------------------------
Florida                                                141     10,042,400       15.78       8.531         292      83.73        641
------------------------------------------------------------------------------------------------------------------------------------
New York                                                17      3,912,030        6.15       6.968         344      77.59        659
------------------------------------------------------------------------------------------------------------------------------------
Nevada                                                  19      2,185,936        3.44       8.587         319      92.30        653
------------------------------------------------------------------------------------------------------------------------------------
Maryland                                                14      1,502,243        2.36       7.904         321      81.37        631
------------------------------------------------------------------------------------------------------------------------------------
Illinois                                                19      1,434,471        2.25       9.038         324      90.68        609
------------------------------------------------------------------------------------------------------------------------------------
Massachusetts                                           10      1,361,807        2.14       6.310         260      77.55        683
------------------------------------------------------------------------------------------------------------------------------------
Michigan                                                12      1,142,942        1.80       8.901         323      94.05        665
------------------------------------------------------------------------------------------------------------------------------------
Ohio                                                    15      1,081,355        1.70       7.389         309      83.34        667
------------------------------------------------------------------------------------------------------------------------------------
Virginia                                                 7      1,034,008        1.63       7.945         344      85.84        638
------------------------------------------------------------------------------------------------------------------------------------
Washington                                              14      1,015,489        1.60       9.651         260      91.27        656
------------------------------------------------------------------------------------------------------------------------------------
Maine                                                    6        879,436        1.38       8.604         357      81.57        638
------------------------------------------------------------------------------------------------------------------------------------
Connecticut                                              9        840,497        1.32       7.998         334      87.16        657
------------------------------------------------------------------------------------------------------------------------------------
Arizona                                                 15        808,116        1.27       9.361         257      84.29        640
------------------------------------------------------------------------------------------------------------------------------------
Texas                                                   14        785,327        1.23       8.369         304      87.29        627
------------------------------------------------------------------------------------------------------------------------------------
Other                                                  134      8,649,509       13.60       8.848         283      84.15        638
------------------------------------------------------------------------------------------------------------------------------------
TOTAL:                                                 684     63,620,965      100.00       8.357         293      84.16        650
------------------------------------------------------------------------------------------------------------------------------------

Number of States/District of Columbia Represented: 45

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16. OCCUPANCY TYPE



------------------------------------------------------------------------------------------------------------------------------
                                                            % OF
                                                          MORTGAGE
                                        AGGREGATE         POOL BY        WEIGHTED                      WEIGHTED
                                         CUT-OFF         AGGREGATE       AVERAGE        WEIGHTED       AVERAGE
                          NUMBER           DATE           CUT-OFF         GROSS         AVERAGE        ORIGINAL      WEIGHTED
                            OF          PRINCIPAL          DATE          INTEREST      REMAINING       COMBINED      AVERAGE
                         MORTGAGE        BALANCE         PRINCIPAL         RATE           TERM           LTV           FICO
OCCUPANCY TYPE            LOANS            ($)            BALANCE          (%)          (MONTHS)         (%)           SCORE
------------------------------------------------------------------------------------------------------------------------------

Primary                      653        59,851,105          94.07          8.382            291          84.70           649
------------------------------------------------------------------------------------------------------------------------------
Non-Owner Occupied            30         3,692,007           5.80          7.944            327          75.26           670
------------------------------------------------------------------------------------------------------------------------------
Second Home                    1            77,853           0.12          8.537            359          95.00           752
------------------------------------------------------------------------------------------------------------------------------
TOTAL:                       684        63,620,965         100.00          8.357            293          84.16           650
------------------------------------------------------------------------------------------------------------------------------


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17. PROPERTY TYPE



--------------------------------------------------------------------------------------------------------------------------------
                                                                  % OF
                                                                MORTGAGE
                                               AGGREGATE        POOL BY       WEIGHTED                    WEIGHTED
                                                CUT-OFF        AGGREGATE      AVERAGE       WEIGHTED      AVERAGE
                                  NUMBER          DATE          CUT-OFF        GROSS        AVERAGE       ORIGINAL     WEIGHTED
                                    OF         PRINCIPAL         DATE         INTEREST     REMAINING      COMBINED     AVERAGE
                                 MORTGAGE       BALANCE        PRINCIPAL        RATE          TERM          LTV          FICO
PROPERTY TYPE                     LOANS           ($)           BALANCE         (%)         (MONTHS)        (%)          SCORE
--------------------------------------------------------------------------------------------------------------------------------

Single Family Residence              516       47,937,914         75.35         8.343           292         84.43          647
--------------------------------------------------------------------------------------------------------------------------------
2-4 Family                            38        5,992,146          9.42         7.448           341         78.32          663
--------------------------------------------------------------------------------------------------------------------------------
Planned Unit Development              72        5,947,293          9.35         8.978           273         86.67          660
--------------------------------------------------------------------------------------------------------------------------------
Condominium                           57        3,655,902          5.75         9.085           259         86.19          646
--------------------------------------------------------------------------------------------------------------------------------
Manufactured Housing                   1           87,709          0.14         5.490           357         80.00          684
--------------------------------------------------------------------------------------------------------------------------------
TOTAL:                               684       63,620,965        100.00         8.357           293         84.16          650
--------------------------------------------------------------------------------------------------------------------------------


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18. LOAN PURPOSE



-------------------------------------------------------------------------------------------------------------------------------
                                                                 % OF
                                                               MORTGAGE
                                              AGGREGATE        POOL BY       WEIGHTED                    WEIGHTED
                                               CUT-OFF        AGGREGATE      AVERAGE       WEIGHTED      AVERAGE
                                 NUMBER          DATE          CUT-OFF        GROSS        AVERAGE       ORIGINAL     WEIGHTED
                                   OF         PRINCIPAL         DATE         INTEREST     REMAINING      COMBINED     AVERAGE
                                MORTGAGE       BALANCE        PRINCIPAL        RATE          TERM          LTV          FICO
LOAN PURPOSE                     LOANS           ($)           BALANCE         (%)         (MONTHS)        (%)          SCORE
-------------------------------------------------------------------------------------------------------------------------------

Refinance - Cashout                 272       36,629,208         57.57         7.554           319         77.89          638
-------------------------------------------------------------------------------------------------------------------------------
Purchase                            378       23,277,389         36.59         9.789           250         95.30          666
-------------------------------------------------------------------------------------------------------------------------------
Refinance - Rate/Term                34        3,714,368          5.84         7.304           311         76.21          664
-------------------------------------------------------------------------------------------------------------------------------
TOTAL:                              684       63,620,965        100.00         8.357           293         84.16          650
-------------------------------------------------------------------------------------------------------------------------------


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19. DOCUMENTATION LEVEL



-----------------------------------------------------------------------------------------------------------------------------
                                                               % OF
                                                             MORTGAGE
                                            AGGREGATE        POOL BY       WEIGHTED                    WEIGHTED
                                             CUT-OFF        AGGREGATE      AVERAGE       WEIGHTED      AVERAGE
                             NUMBER            DATE          CUT-OFF        GROSS        AVERAGE       ORIGINAL     WEIGHTED
                               OF           PRINCIPAL         DATE         INTEREST     REMAINING      COMBINED     AVERAGE
                            MORTGAGE         BALANCE        PRINCIPAL        RATE          TERM          LTV          FICO
DOCUMENTATION LEVEL          LOANS             ($)           BALANCE         (%)         (MONTHS)        (%)          SCORE
-----------------------------------------------------------------------------------------------------------------------------

Full Documentation              337         34,135,168         53.65         7.733           312         81.32          640
-----------------------------------------------------------------------------------------------------------------------------
Stated Documentation            317         27,565,360         43.33         9.100           272         87.47          663
-----------------------------------------------------------------------------------------------------------------------------
Limited/Alternate                30          1,920,436          3.02         8.778           275         87.30          635
-----------------------------------------------------------------------------------------------------------------------------
TOTAL:                          684         63,620,965        100.00         8.357           293         84.16          650
-----------------------------------------------------------------------------------------------------------------------------


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20. PREPAYMENT PENALTY TERM



-------------------------------------------------------------------------------------------------------------------------------
                                                                 % OF
                                                               MORTGAGE
                                              AGGREGATE        POOL BY       WEIGHTED                    WEIGHTED
                                               CUT-OFF        AGGREGATE      AVERAGE       WEIGHTED      AVERAGE
                                 NUMBER          DATE          CUT-OFF        GROSS        AVERAGE       ORIGINAL     WEIGHTED
                                   OF         PRINCIPAL         DATE         INTEREST     REMAINING      COMBINED     AVERAGE
                                MORTGAGE       BALANCE        PRINCIPAL        RATE          TERM          LTV          FICO
PREPAYMENT PENALTY TERM          LOANS           ($)           BALANCE         (%)         (MONTHS)        (%)          SCORE
-------------------------------------------------------------------------------------------------------------------------------

No Prepayment Penalty                97        8,110,145         12.75         8.434           307         84.31          642
-------------------------------------------------------------------------------------------------------------------------------
6 Months                              1           86,874          0.14        10.990           356        100.00          699
-------------------------------------------------------------------------------------------------------------------------------
12 Months                            42        4,758,576          7.48         8.388           287         82.74          654
-------------------------------------------------------------------------------------------------------------------------------
24 Months                           270       15,531,565         24.41        10.317           227         96.11          657
-------------------------------------------------------------------------------------------------------------------------------
36 Months                           272       34,849,711         54.78         7.466           320         78.94          648
-------------------------------------------------------------------------------------------------------------------------------
60 Months                             2          284,092          0.45         6.896           356         85.97          621
-------------------------------------------------------------------------------------------------------------------------------
TOTAL:                              684       63,620,965        100.00         8.357           293         84.16          650
-------------------------------------------------------------------------------------------------------------------------------


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21. RANGE OF CREDIT SCORES



-----------------------------------------------------------------------------------------------------------------------------
                                                               % OF
                                                             MORTGAGE
                                            AGGREGATE        POOL BY       WEIGHTED                    WEIGHTED
                                             CUT-OFF        AGGREGATE      AVERAGE       WEIGHTED      AVERAGE
                               NUMBER          DATE          CUT-OFF        GROSS        AVERAGE       ORIGINAL     WEIGHTED
                                 OF         PRINCIPAL         DATE         INTEREST     REMAINING      COMBINED     AVERAGE
                              MORTGAGE       BALANCE        PRINCIPAL        RATE          TERM          LTV          FICO
RANGE OF CREDIT SCORES         LOANS           ($)           BALANCE         (%)         (MONTHS)        (%)          SCORE
-----------------------------------------------------------------------------------------------------------------------------

500 - 525                          12        1,232,444          1.94         8.996           316         65.74          512
-----------------------------------------------------------------------------------------------------------------------------
526 - 550                          22        1,632,456          2.57         9.403           300         71.28          538
-----------------------------------------------------------------------------------------------------------------------------
551 - 575                          28        2,672,967          4.20         8.230           316         76.71          564
-----------------------------------------------------------------------------------------------------------------------------
576 - 600                          65        5,089,517          8.00         8.795           312         83.55          591
-----------------------------------------------------------------------------------------------------------------------------
601 - 625                         125       11,268,223         17.71         8.451           312         82.09          613
-----------------------------------------------------------------------------------------------------------------------------
626 - 650                         106        9,925,678         15.60         8.456           296         85.33          638
-----------------------------------------------------------------------------------------------------------------------------
651 - 675                         126       11,743,606         18.46         8.724           280         87.60          661
-----------------------------------------------------------------------------------------------------------------------------
676 - 700                          97        9,612,349         15.11         8.007           266         86.66          687
-----------------------------------------------------------------------------------------------------------------------------
701 - 725                          45        4,399,892          6.92         8.123           285         86.88          713
-----------------------------------------------------------------------------------------------------------------------------
726 - 750                          30        3,004,427          4.72         7.413           290         85.53          741
-----------------------------------------------------------------------------------------------------------------------------
751 - 775                          14        1,339,930          2.11         7.709           316         90.98          760
-----------------------------------------------------------------------------------------------------------------------------
776 - 800                          13        1,469,639          2.31         7.001           287         77.31          784
-----------------------------------------------------------------------------------------------------------------------------
Above 800                           1          229,837          0.36         5.500           352         79.99          817
-----------------------------------------------------------------------------------------------------------------------------
TOTAL:                            684       63,620,965        100.00         8.357           293         84.16          650
-----------------------------------------------------------------------------------------------------------------------------

Minimum: 500
Maximum: 817
Weighted Average: 650

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