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BY THE U.K. SECURITIES AND FUTURES AUTHORITY.



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

Interest Only ARM - 5 Year/6 Month               4         871,495        0.49      6.783         355       91.58        690
-----------------------------------------------------------------------------------------------------------------------------
Interest Only ARM - 2 Year/6 Month             540     154,927,940       87.70      6.655         357       81.52        675
-----------------------------------------------------------------------------------------------------------------------------
Interest Only ARM - 3 Year/6 Month              80      18,864,856       10.68      6.758         356       80.30        658
-----------------------------------------------------------------------------------------------------------------------------
Interest Only ARM - 6 Month                      1         195,900        0.11      7.490         352       79.96        578
-----------------------------------------------------------------------------------------------------------------------------
Interest Only Fixed - 30 Year                    8       1,802,427        1.02      7.053         354       77.10        655
-----------------------------------------------------------------------------------------------------------------------------
TOTAL:                                         633     176,662,618      100.00      6.671         356       81.39        673
-----------------------------------------------------------------------------------------------------------------------------


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

Chapel                                 333      97,652,061       55.28      6.677         357       81.00        695
---------------------------------------------------------------------------------------------------------------------
Encore                                  85      24,880,949       14.08      6.298         356       81.69        638
---------------------------------------------------------------------------------------------------------------------
First Banc                              93      22,624,467       12.81      6.909         356       81.32        646
---------------------------------------------------------------------------------------------------------------------
Lenders Direct                          30       6,027,277        3.41      6.941         357       82.09        660
---------------------------------------------------------------------------------------------------------------------
Impac                                   21       6,002,259        3.40      7.005         355       82.11        662
---------------------------------------------------------------------------------------------------------------------
BNC                                     12       4,010,334        2.27      6.950         352       87.83        677
---------------------------------------------------------------------------------------------------------------------
Peoples Choice                           9       3,826,852        2.17      6.622         356       79.95        651
---------------------------------------------------------------------------------------------------------------------
Fremont                                 12       3,288,301        1.86      6.636         356       84.35        595
---------------------------------------------------------------------------------------------------------------------
Platinum Capital                        11       3,059,120        1.73      6.742         357       82.03        646
---------------------------------------------------------------------------------------------------------------------
Aegis                                   11       1,892,209        1.07      6.077         352       79.87        620
---------------------------------------------------------------------------------------------------------------------
Master Financial                         7       1,446,320        0.82      6.470         353       80.00        655
---------------------------------------------------------------------------------------------------------------------
All State                                3       1,036,900        0.59      6.511         357       79.98        627
---------------------------------------------------------------------------------------------------------------------
Home Loan                                6         915,570        0.52      6.994         355       79.99        674
---------------------------------------------------------------------------------------------------------------------
TOTAL:                                 633     176,662,618      100.00      6.671         356       81.39        673
---------------------------------------------------------------------------------------------------------------------


                                       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                                633     176,662,618      100.00      6.671         356       81.39        673
----------------------------------------------------------------------------------------------------------------------
TOTAL:                                  633     176,662,618      100.00      6.671         356       81.39        673
----------------------------------------------------------------------------------------------------------------------


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

4.000 - 4.999                                    3         980,100        0.55      4.952         355       81.38        634
-----------------------------------------------------------------------------------------------------------------------------
5.000 - 5.999                                   97      26,581,005       15.05      5.799         356       78.97        680
-----------------------------------------------------------------------------------------------------------------------------
6.000 - 6.999                                  375     109,940,259       62.23      6.554         357       80.83        684
-----------------------------------------------------------------------------------------------------------------------------
7.000 - 7.999                                  126      32,503,558       18.40      7.436         356       83.78        639
-----------------------------------------------------------------------------------------------------------------------------
8.000 - 8.999                                   25       5,404,296        3.06      8.430         356       88.13        633
-----------------------------------------------------------------------------------------------------------------------------
9.000 - 9.999                                    6       1,197,486        0.68      9.362         357       92.17        616
-----------------------------------------------------------------------------------------------------------------------------
10.000 - 10.999                                  1          55,914        0.03     10.742         353       70.00        568
-----------------------------------------------------------------------------------------------------------------------------
TOTAL:                                         633     176,662,618      100.00      6.671         356       81.39        673
-----------------------------------------------------------------------------------------------------------------------------

Minimum: 4.890
Maximum: 10.742
Weighted Average: 6.671

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

25,000.01 - 50,000.00                              1          42,500        0.02      9.650         357       85.00        612
-------------------------------------------------------------------------------------------------------------------------------
50,000.01 - 75,000.00                              7         482,434        0.27      7.758         355       71.13        624
-------------------------------------------------------------------------------------------------------------------------------
75,000.01 - 100,000.00                            17       1,551,460        0.88      7.271         357       82.13        637
-------------------------------------------------------------------------------------------------------------------------------
100,000.01 - 125,000.00                           27       3,013,323        1.71      6.734         356       79.84        667
-------------------------------------------------------------------------------------------------------------------------------
125,000.01 - 150,000.00                           36       4,977,202        2.82      6.816         357       79.68        657
-------------------------------------------------------------------------------------------------------------------------------
150,000.01 - 175,000.00                           40       6,395,755        3.62      6.885         356       80.40        675
-------------------------------------------------------------------------------------------------------------------------------
175,000.01 - 200,000.00                           52       9,735,786        5.51      6.849         356       82.06        651
-------------------------------------------------------------------------------------------------------------------------------
200,000.01 - 225,000.00                           49      10,454,425        5.92      6.800         356       80.10        654
-------------------------------------------------------------------------------------------------------------------------------
225,000.01 - 250,000.00                           48      11,358,741        6.43      6.711         356       79.64        666
-------------------------------------------------------------------------------------------------------------------------------
250,000.01 - 275,000.00                           43      11,265,461        6.38      6.629         357       80.79        676
-------------------------------------------------------------------------------------------------------------------------------
275,000.01 - 300,000.00                           61      17,503,864        9.91      6.572         356       81.80        687
-------------------------------------------------------------------------------------------------------------------------------




-------------------------------------------------------------------------------------------------------------------------------
300,000.01 - 325,000.00                           36      11,279,241        6.38      6.507         357       80.54        684
-------------------------------------------------------------------------------------------------------------------------------
325,000.01 - 350,000.00                           41      13,805,356        7.81      6.575         357       81.25        693
-------------------------------------------------------------------------------------------------------------------------------
350,000.01 - 375,000.00                           41      14,795,160        8.37      6.655         357       80.93        666
-------------------------------------------------------------------------------------------------------------------------------
375,000.01 - 400,000.00                           40      15,565,136        8.81      6.654         357       81.83        685
-------------------------------------------------------------------------------------------------------------------------------
400,000.01 - 425,000.00                           27      11,209,119        6.34      6.784         356       83.01        685
-------------------------------------------------------------------------------------------------------------------------------
425,000.01 - 450,000.00                           19       8,369,828        4.74      6.502         355       82.44        674
-------------------------------------------------------------------------------------------------------------------------------
450,000.01 - 475,000.00                           15       6,923,947        3.92      6.318         356       83.26        659
-------------------------------------------------------------------------------------------------------------------------------
475,000.01 - 500,000.00                           12       5,924,747        3.35      6.558         356       84.43        671
-------------------------------------------------------------------------------------------------------------------------------
500,000.01 - 525,000.00                            5       2,561,500        1.45      7.401         357       82.65        630
-------------------------------------------------------------------------------------------------------------------------------
525,000.01 - 550,000.00                            6       3,233,400        1.83      6.491         358       81.58        679
-------------------------------------------------------------------------------------------------------------------------------
550,000.01 - 575,000.00                            3       1,691,500        0.96      6.685         359       77.86        706
-------------------------------------------------------------------------------------------------------------------------------
575,000.01 - 600,000.00                            2       1,199,886        0.68      7.070         355       69.40        614
-------------------------------------------------------------------------------------------------------------------------------
600,000.01 >=                                      5       3,322,848        1.88      6.680         353       87.43        656
-------------------------------------------------------------------------------------------------------------------------------
TOTAL:                                           633     176,662,618      100.00      6.671         356       81.39        673
-------------------------------------------------------------------------------------------------------------------------------

Minimum: 42,500
Maximum: 700,000
Average: 279,088

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

360                                       633     176,662,618      100.00      6.671         356       81.39        673
------------------------------------------------------------------------------------------------------------------------
TOTAL:                                    633     176,662,618      100.00      6.671         356       81.39        673
------------------------------------------------------------------------------------------------------------------------

Minimum: 360
Maximum: 360
Weighted Average: 360

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

301 - 360                                       633     176,662,618      100.00      6.671         356       81.39        673
------------------------------------------------------------------------------------------------------------------------------
TOTAL:                                          633     176,662,618      100.00      6.671         356       81.39        673
------------------------------------------------------------------------------------------------------------------------------

Minimum: 351
Maximum: 360
Weighted Average: 356

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

<= 30.00                                          2         325,000        0.18      5.760         355       24.63        766
------------------------------------------------------------------------------------------------------------------------------
30.01 - 40.00                                     1         155,000        0.09      6.750         359       34.44        616
------------------------------------------------------------------------------------------------------------------------------
40.01 - 50.00                                     1         125,000        0.07      5.990         358       44.80        578
------------------------------------------------------------------------------------------------------------------------------
50.01 - 60.00                                     5         958,000        0.54      7.291         356       55.57        614
------------------------------------------------------------------------------------------------------------------------------
60.01 - 70.00                                    27       6,518,464        3.69      6.677         357       66.83        641
------------------------------------------------------------------------------------------------------------------------------
70.01 - 80.00                                   428     116,046,645       65.69      6.510         356       79.56        683
------------------------------------------------------------------------------------------------------------------------------
80.01 - 90.00                                   140      45,277,641       25.63      6.908         356       86.99        654
------------------------------------------------------------------------------------------------------------------------------
90.01 - 100.00                                   29       7,256,869        4.11      7.734         355       96.51        662
------------------------------------------------------------------------------------------------------------------------------
TOTAL:                                          633     176,662,618      100.00      6.671         356       81.39        673
------------------------------------------------------------------------------------------------------------------------------

Minimum: 24.39
Maximum: 100.00
Weighted Average by Original Balance: 81.39
Weighted Average by Current Balance: 81.39

                                       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                           8       1,802,427        1.02      7.053         354       77.10        655
-----------------------------------------------------------------------------------------------------------------------
<= 5.000                                  31       8,486,353        4.80      6.435         355       81.38        655
-----------------------------------------------------------------------------------------------------------------------
5.001 - 5.500                             36       8,521,688        4.82      6.507         356       80.66        675
-----------------------------------------------------------------------------------------------------------------------
5.501 - 6.000                            164      45,229,532       25.60      6.339         356       80.96        658
-----------------------------------------------------------------------------------------------------------------------
6.001 - 6.500                            132      38,963,567       22.06      6.651         356       81.84        691
-----------------------------------------------------------------------------------------------------------------------
6.501 - 7.000                            180      52,413,812       29.67      6.723         357       81.28        684
-----------------------------------------------------------------------------------------------------------------------
7.001 - 7.500                             60      16,542,569        9.36      7.219         357       81.65        656
-----------------------------------------------------------------------------------------------------------------------
7.501 - 8.000                             12       3,057,356        1.73      7.747         358       85.68        654
-----------------------------------------------------------------------------------------------------------------------
8.001 - 8.500                              6       1,155,000        0.65      8.519         357       83.63        582
-----------------------------------------------------------------------------------------------------------------------
8.501 - 9.000                              1         180,000        0.10      8.550         359       79.65        664
-----------------------------------------------------------------------------------------------------------------------
=>9.001                                    3         310,314        0.18      9.929         357       89.80        616
-----------------------------------------------------------------------------------------------------------------------
TOTAL:                                   633     176,662,618      100.00      6.671         356       81.39        673
-----------------------------------------------------------------------------------------------------------------------

Non-Fixed Rate Minimum: 3.700
Non-Fixed Rate Maximum: 9.492
Non-Fixed Rate Weighted Average: 6.400

                                       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                               8        1,802,427        1.02      7.053         354       77.10        655
----------------------------------------------------------------------------------------------------------------------------
<= 5.000                                       6        1,472,657        0.83      5.554         355       80.93        648
----------------------------------------------------------------------------------------------------------------------------
5.001 - 5.500                                 15        4,461,678        2.53      5.486         355       78.96        666
----------------------------------------------------------------------------------------------------------------------------
5.501 - 6.000                                 87       23,315,833       13.20      5.904         357       79.32        681
----------------------------------------------------------------------------------------------------------------------------
6.001 - 6.500                                173       51,972,624       29.42      6.329         357       80.23        691
----------------------------------------------------------------------------------------------------------------------------
6.501 - 7.000                                207       59,414,418       33.63      6.792         356       81.39        676
----------------------------------------------------------------------------------------------------------------------------
7.001 - 7.500                                 67       17,867,006       10.11      7.292         356       84.76        652
----------------------------------------------------------------------------------------------------------------------------
7.501 - 8.000                                 41       10,230,329        5.79      7.806         356       83.95        617
----------------------------------------------------------------------------------------------------------------------------
8.001 - 8.500                                 12        3,026,646        1.71      8.228         356       87.96        644
----------------------------------------------------------------------------------------------------------------------------
8.501 - 9.000                                 10        1,845,600        1.04      8.807         357       86.77        612
----------------------------------------------------------------------------------------------------------------------------
9.001 - 9.500                                  2          749,722        0.42      9.135         357       90.32        609
----------------------------------------------------------------------------------------------------------------------------
9.501 - 10.000                                 4          447,764        0.25      9.741         358       95.25        627
----------------------------------------------------------------------------------------------------------------------------
10.501 - 11.000                                1           55,914        0.03     10.742         353       70.00        568
----------------------------------------------------------------------------------------------------------------------------
TOTAL:                                       633      176,662,618      100.00      6.671         356       81.39        673
----------------------------------------------------------------------------------------------------------------------------

Non-Fixed Rate Minimum: 4.000

Non-Fixed Rate Maximum: 10.742
Non-Fixed Rate Weighted Average: 6.650

                                       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                             8       1,802,427        1.02      7.053         354       77.10        655
-------------------------------------------------------------------------------------------------------------------------
<= 13.000                                  218      64,074,397       36.27      6.207         357       79.75        688
-------------------------------------------------------------------------------------------------------------------------
13.001 - 13.500                            139      40,052,370       22.67      6.466         356       81.04        677
-------------------------------------------------------------------------------------------------------------------------
13.501 - 14.000                            156      43,096,038       24.39      6.840         356       81.83        672
-------------------------------------------------------------------------------------------------------------------------
14.001 - 14.500                             53      14,389,987        8.15      7.373         355       84.72        653
-------------------------------------------------------------------------------------------------------------------------
14.501 - 15.000                             34       8,315,899        4.71      7.819         355       83.84        613
-------------------------------------------------------------------------------------------------------------------------
15.001 - 15.500                              9       2,072,350        1.17      8.378         355       90.45        638
-------------------------------------------------------------------------------------------------------------------------
15.501 - 16.000                             11       1,992,214        1.13      8.897         357       89.14        612
-------------------------------------------------------------------------------------------------------------------------
16.001 - 16.500                              1         514,122        0.29      9.140         358       88.18        602
-------------------------------------------------------------------------------------------------------------------------
16.501 - 17.000                              4         352,814        0.20      9.895         357       89.22        615
-------------------------------------------------------------------------------------------------------------------------
TOTAL:                                     633     176,662,618      100.00      6.671         356       81.39        673
-------------------------------------------------------------------------------------------------------------------------

Non-Fixed Rate Minimum: 10.950
Non-Fixed Rate Maximum: 16.750
Non-Fixed Rate Weighted Average: 13.354

                                       Top

12.  INITIAL 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
INITIAL PERIODIC CAP (%)                     LOANS         ($)         BALANCE      (%)       (MONTHS)      (%)       SCORE
----------------------------------------------------------------------------------------------------------------------------

Fixed Rate Loans                                8       1,802,427        1.02      7.053         354       77.10        655
----------------------------------------------------------------------------------------------------------------------------
1                                              10       2,350,564        1.33      6.890         354       81.47        671
----------------------------------------------------------------------------------------------------------------------------




1.5                                           252      69,013,146       39.06      6.802         356       81.21        677
----------------------------------------------------------------------------------------------------------------------------
2                                              27       9,934,965        5.62      6.668         354       83.81        669
----------------------------------------------------------------------------------------------------------------------------
3                                             331      92,200,016       52.19      6.561         357       81.37        671
----------------------------------------------------------------------------------------------------------------------------
6                                               5       1,361,500        0.77      6.614         355       80.00        688
----------------------------------------------------------------------------------------------------------------------------
TOTAL:                                        633     176,662,618      100.00      6.671         356       81.39        673
----------------------------------------------------------------------------------------------------------------------------

Non-Fixed Rate Minimum: 1.000
Non-Fixed Rate Maximum: 6.000
Non-Fixed Rate Weighted Average: 2.348

                                       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                                  8       1,802,427        1.02      7.053         354       77.10        655
------------------------------------------------------------------------------------------------------------------------------
1                                               246      70,393,854       39.85      6.666         357       81.42        682
------------------------------------------------------------------------------------------------------------------------------
1.5                                             297      80,570,988       45.61      6.772         356       81.40        675
------------------------------------------------------------------------------------------------------------------------------
2                                                82      23,895,350       13.53      6.317         356       81.62        639
------------------------------------------------------------------------------------------------------------------------------
TOTAL:                                          633     176,662,618      100.00      6.671         356       81.39        673
------------------------------------------------------------------------------------------------------------------------------

Non-Fixed Rate Minimum: 1.000
Non-Fixed Rate Maximum: 2.000
Non-Fixed Rate Weighted Average: 1.367

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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                            8        1,802,427        1.02      7.053         354       77.10        655
-------------------------------------------------------------------------------------------------------------------------
Jun-05                                      1          195,900        0.11      7.490         352       79.96        578
-------------------------------------------------------------------------------------------------------------------------




-------------------------------------------------------------------------------------------------------------------------
May-06                                      4        1,671,479        0.95      5.861         351       81.37        635
-------------------------------------------------------------------------------------------------------------------------
Jun-06                                     19        5,030,097        2.85      6.375         352       84.02        665
-------------------------------------------------------------------------------------------------------------------------
Jul-06                                     38       11,120,126        6.29      6.974         353       85.14        654
-------------------------------------------------------------------------------------------------------------------------
Aug-06                                     77       22,311,217       12.63      6.692         354       81.78        662
-------------------------------------------------------------------------------------------------------------------------
Sep-06                                     49       14,406,365        8.15      6.610         355       81.38        658
-------------------------------------------------------------------------------------------------------------------------
Oct-06                                     31        9,230,986        5.23      6.881         356       82.65        634
-------------------------------------------------------------------------------------------------------------------------
Nov-06                                     81       20,559,299       11.64      6.769         357       79.88        697
-------------------------------------------------------------------------------------------------------------------------
Dec-06                                    102       29,799,224       16.87      6.628         358       81.18        688
-------------------------------------------------------------------------------------------------------------------------
Jan-07                                    138       40,349,148       22.84      6.540         359       81.03        684
-------------------------------------------------------------------------------------------------------------------------
Feb-07                                      1          450,000        0.25      6.500         360       75.00        792
-------------------------------------------------------------------------------------------------------------------------
May-07                                      1           75,700        0.04      7.950         351       80.00        580
-------------------------------------------------------------------------------------------------------------------------
Jun-07                                      7        2,023,694        1.15      6.524         352       79.68        648
-------------------------------------------------------------------------------------------------------------------------
Jul-07                                     10        2,607,850        1.48      6.893         353       84.02        658
-------------------------------------------------------------------------------------------------------------------------
Aug-07                                     10        2,138,303        1.21      6.418         354       72.89        652
-------------------------------------------------------------------------------------------------------------------------
Sep-07                                     11        2,888,862        1.64      7.048         355       83.85        666
-------------------------------------------------------------------------------------------------------------------------
Oct-07                                      3        1,203,396        0.68      7.225         356       82.57        606
-------------------------------------------------------------------------------------------------------------------------
Nov-07                                     11        1,964,987        1.11      6.897         357       80.69        650
-------------------------------------------------------------------------------------------------------------------------
Dec-07                                     21        4,285,464        2.43      6.770         358       79.94        667
-------------------------------------------------------------------------------------------------------------------------
Jan-08                                      6        1,676,600        0.95      6.178         359       77.40        692
-------------------------------------------------------------------------------------------------------------------------
Jun-09                                      1          188,800        0.11      5.875         352       80.00        721
-------------------------------------------------------------------------------------------------------------------------
Aug-09                                      2          455,695        0.26      7.088         354       92.19        665
-------------------------------------------------------------------------------------------------------------------------
Jan-10                                      1          227,000        0.13      6.925         359      100.00        712
-------------------------------------------------------------------------------------------------------------------------
TOTAL:                                    633      176,662,618      100.00      6.671         356       81.39        673
-------------------------------------------------------------------------------------------------------------------------

Non-Fixed Rate Minimum: 20050601
Non-Fixed Rate Maximum: 20100101
Non-Fixed Rate Weighted Average: 20061127

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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                                         429     136,858,237       77.47      6.592         356       81.26        677
---------------------------------------------------------------------------------------------------------------------------------
Florida                                             73      13,237,460        7.49      7.021         357       82.47        668
---------------------------------------------------------------------------------------------------------------------------------
Nevada                                              13       3,558,042        2.01      6.782         356       83.23        672
---------------------------------------------------------------------------------------------------------------------------------
Washington                                          14       3,090,120        1.75      6.561         357       79.30        657
---------------------------------------------------------------------------------------------------------------------------------
Colorado                                            14       2,594,309        1.47      6.725         356       80.89        643
---------------------------------------------------------------------------------------------------------------------------------
Virginia                                             9       2,417,799        1.37      7.155         355       81.91        641
---------------------------------------------------------------------------------------------------------------------------------
New York                                             7       1,988,182        1.13      6.577         355       76.89        655
---------------------------------------------------------------------------------------------------------------------------------
Oregon                                              10       1,961,020        1.11      7.102         357       81.43        664
---------------------------------------------------------------------------------------------------------------------------------




---------------------------------------------------------------------------------------------------------------------------------
Minnesota                                           10       1,598,575        0.90      6.907         356       82.21        655
---------------------------------------------------------------------------------------------------------------------------------
Maryland                                             4       1,176,366        0.67      7.226         356       75.98        608
---------------------------------------------------------------------------------------------------------------------------------
Georgia                                              5       1,053,750        0.60      7.195         354       82.43        645
---------------------------------------------------------------------------------------------------------------------------------
Illinois                                             5         952,134        0.54      6.726         356       85.21        658
---------------------------------------------------------------------------------------------------------------------------------
Wisconsin                                            3         665,499        0.38      6.864         356       86.79        660
---------------------------------------------------------------------------------------------------------------------------------
Ohio                                                 5         661,000        0.37      6.730         355       88.04        669
---------------------------------------------------------------------------------------------------------------------------------
Massachusetts                                        3         659,650        0.37      6.029         356       71.47        654
---------------------------------------------------------------------------------------------------------------------------------
Other                                               29       4,190,475        2.37      7.338         356       84.29        649
---------------------------------------------------------------------------------------------------------------------------------
TOTAL:                                             633     176,662,618      100.00      6.671         356       81.39        673
---------------------------------------------------------------------------------------------------------------------------------

Number of States/District of Columbia Represented: 31

                                       Top

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                               618      173,285,562       98.09      6.653         356       81.33        673
---------------------------------------------------------------------------------------------------------------------
Non-Owner Occupied                     12        2,562,257        1.45      7.578         357       84.35        675
---------------------------------------------------------------------------------------------------------------------
Second Home                             3          814,800        0.46      7.788         354       86.46        657
---------------------------------------------------------------------------------------------------------------------
TOTAL:                                633      176,662,618      100.00      6.671         356       81.39        673
---------------------------------------------------------------------------------------------------------------------


                                       Top

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                  474     132,835,751       75.19      6.656         356       81.50        670
-----------------------------------------------------------------------------------------------------------------------
Planned Unit Development                  81      25,549,065       14.46      6.731         357       81.15        678
-----------------------------------------------------------------------------------------------------------------------
Condominium                               71      16,339,933        9.25      6.680         357       80.71        685
-----------------------------------------------------------------------------------------------------------------------
2-4 Family                                 7       1,937,869        1.10      6.869         356       83.13        672
-----------------------------------------------------------------------------------------------------------------------




-----------------------------------------------------------------------------------------------------------------------
TOTAL:                                   633     176,662,618      100.00      6.671         356       81.39        673
-----------------------------------------------------------------------------------------------------------------------


                                       Top

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

Purchase                               434      122,918,319       69.58      6.617         356       81.40        689
----------------------------------------------------------------------------------------------------------------------
Refinance - Cashout                    179       49,344,417       27.93      6.804         356       81.24        633
----------------------------------------------------------------------------------------------------------------------
Refinance - Rate/Term                   20        4,399,882        2.49      6.700         357       82.98        668
----------------------------------------------------------------------------------------------------------------------
TOTAL:                                 633      176,662,618      100.00      6.671         356       81.39        673
----------------------------------------------------------------------------------------------------------------------


                                       Top

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

Stated Documentation                     413      120,520,164       68.22      6.765         357       81.31        688
------------------------------------------------------------------------------------------------------------------------
Full Documentation                       200       50,166,185       28.40      6.470         356       81.79        640
------------------------------------------------------------------------------------------------------------------------
Limited/Alternate                         17        5,384,413        3.05      6.286         356       78.74        643
------------------------------------------------------------------------------------------------------------------------
No Ratio                                   3          591,857        0.34      8.117         357       89.10        663
------------------------------------------------------------------------------------------------------------------------
TOTAL:                                   633      176,662,618      100.00      6.671         356       81.39        673
------------------------------------------------------------------------------------------------------------------------


                                       Top

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                    30       6,857,680        3.88      7.215         356       79.95        642
----------------------------------------------------------------------------------------------------------------------
12 Months                                34      10,952,275        6.20      6.779         356       79.45        657
----------------------------------------------------------------------------------------------------------------------
24 Months                               478     137,438,718       77.80      6.628         357       81.70        678
----------------------------------------------------------------------------------------------------------------------
36 Months                                90      20,954,948       11.86      6.736         356       80.79        661
----------------------------------------------------------------------------------------------------------------------
60 Months                                 1         458,997        0.26      6.125         354       85.00        628
----------------------------------------------------------------------------------------------------------------------
TOTAL:                                  633     176,662,618      100.00      6.671         356       81.39        673
----------------------------------------------------------------------------------------------------------------------


                                       Top

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                                  4          651,400        0.37      8.708         358       71.65        512
------------------------------------------------------------------------------------------------------------------------
526 - 550                                  3          756,600        0.43      7.954         356       73.97        537
------------------------------------------------------------------------------------------------------------------------
551 - 575                                 11        2,756,121        1.56      7.607         355       82.46        569
------------------------------------------------------------------------------------------------------------------------
576 - 600                                 52       14,023,601        7.94      6.746         356       81.38        590
------------------------------------------------------------------------------------------------------------------------
601 - 625                                 84       23,688,981       13.41      6.942         356       82.49        614
------------------------------------------------------------------------------------------------------------------------
626 - 650                                 95       26,199,646       14.83      6.779         356       82.56        639
------------------------------------------------------------------------------------------------------------------------
651 - 675                                 98       25,285,007       14.31      6.713         356       81.18        662
------------------------------------------------------------------------------------------------------------------------
676 - 700                                 89       23,804,453       13.47      6.523         357       80.78        687
------------------------------------------------------------------------------------------------------------------------
701 - 725                                 84       24,589,174       13.92      6.518         357       82.03        715
------------------------------------------------------------------------------------------------------------------------
726 - 750                                 55       16,881,725        9.56      6.429         357       80.87        737
------------------------------------------------------------------------------------------------------------------------
751 - 775                                 42       13,275,013        7.51      6.431         357       79.40        764
------------------------------------------------------------------------------------------------------------------------
776 - 800                                 15        4,411,698        2.50      6.326         358       79.75        785
------------------------------------------------------------------------------------------------------------------------
Above 800                                  1          339,200        0.19      6.250         353       80.00        802
------------------------------------------------------------------------------------------------------------------------
TOTAL:                                   633      176,662,618      100.00      6.671         356       81.39        673
------------------------------------------------------------------------------------------------------------------------

Minimum: 503
Maximum: 802
Weighted Average: 673

                                       Top




                             PAYMENTS DUE BY PERIOD


                                   Total         1 Year      2-3 Yrs      4-5 Yrs        5+ Yrs
                            ----------------------------------------------------------------------

High Yield Debt                    142,000            -           -             -         142,000

New Term Debt                       15,000          750       2,000        12,250               -

Mortgages                            3,287          337         770           916           1,264


LTD OBLIGATIONS                    160,287        1,087       2,770        13,166         143,264

Capital Lease                          442            5          10            12             415

Operating Lease                    207,641       18,680      36,170        34,933         117,858

Purchase Obligations                30,504       19,380       9,105         1,717             302
                            ----------------------------------------------------------------------

   Total                           398,874       39,152      48,055        49,828         261,839