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BY THE U.K. SECURITIES AND FUTURES AUTHORITY.



                                 MORGAN STANLEY
                         IXIS REAL ESTATE CAPITAL TRUST
                                    2005-HE1
                                   ALL RECORDS


SELECTION CRITERIA: ALL RECORDS
TABLE OF CONTENTS

1. Credit Score
2. Range of Combined Original LTV Ratios (%)
3. Range of Cut-off Date Principal Balances ($)
4. Geographic Distribution of Mortgaged Properties
5. Documentation Level
6. Loan Purpose
7. Occupancy
8. Product Types
9. Property Type
10. Occupancy - Non Owner Occupied
11. Property Type 2-4 Family
12. Back Ratio
13. Prepayment Penalty Term
14. Lien Position
15. Interest Only Term


1. CREDIT SCORE



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

500 - 524                      253     39,067,807     6.68        8.68       356       72.37        512
----------------------------------------------------------------------------------------------------------
525 - 549                      277     40,236,376     6.88       8.572       355       74.81        536
----------------------------------------------------------------------------------------------------------
550 - 574                      329     50,275,046      8.6       7.975       355       77.71        562
----------------------------------------------------------------------------------------------------------
575 - 599                      389     66,781,448    11.42       7.553       353       80.74        587
----------------------------------------------------------------------------------------------------------
600 - 624                      495     86,945,336    14.87       7.342       351       82.09        612
----------------------------------------------------------------------------------------------------------
625 - 649                      464     83,665,629    14.31       7.253       350       82.93        637
----------------------------------------------------------------------------------------------------------
650 - 674                      398     68,108,072    11.65       7.297       343       83.04        661
----------------------------------------------------------------------------------------------------------
675 - 699                      291     51,929,578     8.88        6.99       340       82.51        686
----------------------------------------------------------------------------------------------------------
700 - 724                      202     42,625,287     7.29       6.844       349       84.36        712
----------------------------------------------------------------------------------------------------------
725 - 749                      125     27,911,683     4.78       6.579       350        81.9        737
----------------------------------------------------------------------------------------------------------
750 - 774                       78     18,753,085     3.21       6.511       354       80.53        762
----------------------------------------------------------------------------------------------------------
775 - 799                       36      7,403,202     1.27       6.533       344       80.47        784
----------------------------------------------------------------------------------------------------------
800 +                            5        821,175     0.14       6.271       354       81.65        808
----------------------------------------------------------------------------------------------------------
TOTAL:                       3,342    584,523,723      100       7.434       350       80.76        629
----------------------------------------------------------------------------------------------------------


Non-Zero Minimum: 500
Maximum: 817
Non-Zero Weighted Average: 629

                                       Top



2. RANGE OF COMBINED ORIGINAL LTV RATIOS (%)



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

<= 10.00                                         1        119,703     0.02           7       357         9.8        641
--------------------------------------------------------------------------------------------------------------------------
10.01 - 15.00                                    2        189,813     0.03       9.255       358       13.68        528
--------------------------------------------------------------------------------------------------------------------------
15.01 - 20.00                                    3        162,303     0.03       9.353       357       17.18        534
--------------------------------------------------------------------------------------------------------------------------
20.01 - 25.00                                    7        920,902     0.16       6.845       357       23.91        637
--------------------------------------------------------------------------------------------------------------------------
25.01 - 30.00                                    5        449,079     0.08       6.573       357       28.06        677
--------------------------------------------------------------------------------------------------------------------------
30.01 - 35.00                                    8        793,297     0.14       7.306       358       33.54        617
--------------------------------------------------------------------------------------------------------------------------
35.01 - 40.00                                   17      2,215,082     0.38         7.5       345       38.29        602
--------------------------------------------------------------------------------------------------------------------------
40.01 - 45.00                                   22      2,750,142     0.47       8.021       343       42.56        558
--------------------------------------------------------------------------------------------------------------------------
45.01 - 50.00                                   36      4,749,936     0.81       7.395       343       48.28        579
--------------------------------------------------------------------------------------------------------------------------
50.01 - 55.00                                   41      6,804,629     1.16       7.355       358       52.77        589
--------------------------------------------------------------------------------------------------------------------------
55.01 - 60.00                                   70     11,777,789     2.01       7.585       355       57.87        583
--------------------------------------------------------------------------------------------------------------------------
60.01 - 65.00                                  133     23,105,490     3.95        7.56       353       63.75        588
--------------------------------------------------------------------------------------------------------------------------
65.01 - 70.00                                  176     30,078,581     5.15       7.583       352       68.96        592
--------------------------------------------------------------------------------------------------------------------------
70.01 - 75.00                                  237     43,137,188     7.38       7.636       353       74.33        589
--------------------------------------------------------------------------------------------------------------------------
75.01 - 80.00                                1,044    221,729,402    37.93       6.871       355       79.76        653
--------------------------------------------------------------------------------------------------------------------------
80.01 - 85.00                                  389     76,365,818    13.06       7.462       355       84.31        611
--------------------------------------------------------------------------------------------------------------------------
85.01 - 90.00                                  483     90,495,270    15.48       7.627       354       89.72        627
--------------------------------------------------------------------------------------------------------------------------
90.01 - 95.00                                  232     37,178,601     6.36       7.973       350       94.72        643
--------------------------------------------------------------------------------------------------------------------------
95.01 - 100.00                                 436     31,500,697     5.39       9.552       277       99.91        665
--------------------------------------------------------------------------------------------------------------------------
TOTAL:                                       3,342    584,523,723      100       7.434       350       80.76        629
--------------------------------------------------------------------------------------------------------------------------


Minimum: 9.80
Maximum: 100.00
Weighted Average: 80.76

                                       Top


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



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

1 - 25,000                                       63       1,197,043      0.2      11.154       180       97.19        643
----------------------------------------------------------------------------------------------------------------------------
25,001 - 50,000                                 305      12,168,976     2.08      10.307       273       86.13        618
----------------------------------------------------------------------------------------------------------------------------
50,001 - 75,000                                 401      25,110,182      4.3       9.267       314       83.53        611
----------------------------------------------------------------------------------------------------------------------------
75,001 - 100,000                                373      32,732,727      5.6       8.609       335       81.11        610
----------------------------------------------------------------------------------------------------------------------------
100,001 - 125,000                               323      36,318,362     6.21       8.017       347        80.8        609
----------------------------------------------------------------------------------------------------------------------------
125,001 - 150,000                               289      39,731,750      6.8       7.609       354       81.57        618
----------------------------------------------------------------------------------------------------------------------------
150,001 - 175,000                               245      39,559,635     6.77       7.503       353       79.65        619
----------------------------------------------------------------------------------------------------------------------------
175,001 - 200,000                               219      41,101,937     7.03        7.38       355       79.37        616
----------------------------------------------------------------------------------------------------------------------------
200,001 - 225,000                               197      42,016,327     7.19       7.392       356       80.85        615
----------------------------------------------------------------------------------------------------------------------------
225,001 - 250,000                               145      34,334,303     5.87       7.211       356        78.7        635
----------------------------------------------------------------------------------------------------------------------------
250,001 - 275,000                               126      33,130,107     5.67       7.114       357       78.33        625
----------------------------------------------------------------------------------------------------------------------------
275,001 - 300,000                               119      34,247,393     5.86       6.961       353       81.44        651
----------------------------------------------------------------------------------------------------------------------------
300,001 - 325,000                               102      31,882,745     5.45       7.065       355       78.95        629
----------------------------------------------------------------------------------------------------------------------------
325,001 - 350,000                                83      27,932,820     4.78       6.846       357       81.98        656
----------------------------------------------------------------------------------------------------------------------------
350,001 - 375,000                                69      24,874,645     4.26       6.888       357       82.24        648
----------------------------------------------------------------------------------------------------------------------------
375,001 - 400,000                                85      32,996,678     5.65       6.817       357       81.88        646
----------------------------------------------------------------------------------------------------------------------------
400,001 - 425,000                                50      20,723,285     3.55       6.757       353       82.37        668
----------------------------------------------------------------------------------------------------------------------------
425,001 - 450,000                                43      18,904,702     3.23       6.821       357       81.47        644
----------------------------------------------------------------------------------------------------------------------------
450,001 - 475,000                                32      14,814,534     2.53       6.766       357       81.72        633
----------------------------------------------------------------------------------------------------------------------------
475,001 - 500,000                                24      11,824,061     2.02       7.024       356       81.06        641
----------------------------------------------------------------------------------------------------------------------------
500,001 - 750,000                                47      27,320,805     4.67       7.005       357       77.93        636
----------------------------------------------------------------------------------------------------------------------------
750,001 - 1,000,000                               2       1,600,705     0.27       6.174       357        73.1        603
----------------------------------------------------------------------------------------------------------------------------
TOTAL:                                        3,342     584,523,723      100       7.434       350       80.76        629
----------------------------------------------------------------------------------------------------------------------------


Minimum: 5,404
Maximum: 836,454
Average: 174,902

                                       Top


4. GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES



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

California                                           1,121    279,814,680    47.87       6.991       349       79.35        644
----------------------------------------------------------------------------------------------------------------------------------
Florida                                                593     79,824,621    13.66       7.634       349       82.82        630
----------------------------------------------------------------------------------------------------------------------------------
New York                                                95     22,537,638     3.86       7.451       355       78.63        609
----------------------------------------------------------------------------------------------------------------------------------
Illinois                                               108     18,141,833      3.1       7.692       354       83.65        604
----------------------------------------------------------------------------------------------------------------------------------
Maryland                                                92     16,471,580     2.82       7.759       353       81.15        598
----------------------------------------------------------------------------------------------------------------------------------
Nevada                                                  80     15,426,103     2.64       7.695       351       81.15        621
----------------------------------------------------------------------------------------------------------------------------------
Virginia                                                74     13,341,371     2.28       7.763       356       78.89        601
----------------------------------------------------------------------------------------------------------------------------------
Michigan                                                91      9,553,981     1.63       8.404       353       83.98        600
----------------------------------------------------------------------------------------------------------------------------------
New Jersey                                              48      9,190,129     1.57       8.052       356       78.95        621
----------------------------------------------------------------------------------------------------------------------------------
Washington                                              50      9,111,769     1.56       7.188       346       81.21        628
----------------------------------------------------------------------------------------------------------------------------------
Georgia                                                 74      8,997,471     1.54       8.468       353       81.91        603
----------------------------------------------------------------------------------------------------------------------------------
Arizona                                                 73      8,379,816     1.43       7.858       347       83.39        625
----------------------------------------------------------------------------------------------------------------------------------
Oregon                                                  56      7,983,322     1.37       7.608       349       82.37        627
----------------------------------------------------------------------------------------------------------------------------------
Colorado                                                45      7,045,460     1.21       7.288       350       80.98        630
----------------------------------------------------------------------------------------------------------------------------------
Massachusetts                                           35      7,007,976      1.2       7.355       338       76.58        609
----------------------------------------------------------------------------------------------------------------------------------
Other                                                  707     71,695,975    12.27       8.323       348       83.59        609
----------------------------------------------------------------------------------------------------------------------------------
TOTAL:                                               3,342    584,523,723      100       7.434       350       80.76        629
----------------------------------------------------------------------------------------------------------------------------------


Number of States/District of Columbia Represented: 49


                                       Top

5. DOCUMENTATION LEVEL



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

Stated Documentation                          1,522    299,171,202    51.18      7.424        349       80.93        650
---------------------------------------------------------------------------------------------------------------------------
Full Documentation                            1,678    260,928,931    44.64      7.444        351       80.59        608
---------------------------------------------------------------------------------------------------------------------------
Limited/Alternate Documentation                 137     23,450,626     4.01      7.433        350       79.98        596
---------------------------------------------------------------------------------------------------------------------------
No Ratio                                          5        972,962     0.17      8.055        356       91.41        666
---------------------------------------------------------------------------------------------------------------------------
TOTAL:                                        3,342    584,523,723      100      7.434        350       80.76        629
---------------------------------------------------------------------------------------------------------------------------


                                       Top


6. LOAN PURPOSE



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

Refinance - Cashout                        1,718    297,490,368    50.89      7.616        352       78.18        601
------------------------------------------------------------------------------------------------------------------------
Purchase                                   1,425    256,120,713    43.82      7.188        347       83.75        666
------------------------------------------------------------------------------------------------------------------------
Refinance - Rate/Term                        199     30,912,642     5.29      7.726        351       80.84        600
------------------------------------------------------------------------------------------------------------------------
TOTAL:                                     3,342    584,523,723      100      7.434        350       80.76        629
------------------------------------------------------------------------------------------------------------------------


                                       Top

7. OCCUPANCY



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

Primary                                 3,149    555,679,453    95.07        7.42       350       80.78        628
------------------------------------------------------------------------------------------------------------------------
Investment                                174     26,032,060     4.45        7.68       353       80.07        653
------------------------------------------------------------------------------------------------------------------------
Second Home                                19      2,812,209     0.48        7.93       356        82.7        637
------------------------------------------------------------------------------------------------------------------------
TOTAL:                                  3,342    584,523,723      100       7.434       350       80.76        629
------------------------------------------------------------------------------------------------------------------------


                                       Top


8. PRODUCT TYPES



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

Fixed - 5 Year                                1         11,878        0       12.25       56           95        557
-----------------------------------------------------------------------------------------------------------------------
Fixed - 10 Year                              11        249,934     0.04       9.843      116        65.35        611
-----------------------------------------------------------------------------------------------------------------------
Fixed - 15 Year                              43      3,441,572     0.59       7.737      174        75.98        634
-----------------------------------------------------------------------------------------------------------------------
Fixed - 20 Year                              60      3,366,808     0.58       9.343      236        86.19        660
-----------------------------------------------------------------------------------------------------------------------
Fixed - 25 Year                               4        298,345     0.05       8.043      298        80.59        631
-----------------------------------------------------------------------------------------------------------------------
Fixed - 30 Year                             264     38,291,486     6.55        7.53      356        79.96        644
-----------------------------------------------------------------------------------------------------------------------
Fixed Balloon - 15/30                       293     16,158,515     2.76      10.368      177        96.57        666
-----------------------------------------------------------------------------------------------------------------------
ARM - 6 Month                                 7      2,028,543     0.35        6.61      357        84.79        634
-----------------------------------------------------------------------------------------------------------------------
ARM - 1 Year/6 Month                         20      4,697,100      0.8       7.103      358        84.13        608
-----------------------------------------------------------------------------------------------------------------------
ARM - 2 Year/6 Month                      1,826    307,352,680    52.58       7.715      357        79.71        602
-----------------------------------------------------------------------------------------------------------------------
ARM - 3 Year/6 Month                        160     27,607,070     4.72       7.303      357        80.13        603
-----------------------------------------------------------------------------------------------------------------------
ARM - 5 Year/6 Month                         20      4,357,173     0.75       6.498      357         76.8        675
-----------------------------------------------------------------------------------------------------------------------
Interest Only ARM - 5 Year/6 Month            4        871,495     0.15       6.783      355        91.58        690
-----------------------------------------------------------------------------------------------------------------------
Interest Only ARM - 2 Year/6 Month          540    154,927,940     26.5       6.655      357        81.52        675
-----------------------------------------------------------------------------------------------------------------------
Interest Only ARM - 3 Year/6 Month           80     18,864,856     3.23       6.758      356         80.3        658
-----------------------------------------------------------------------------------------------------------------------
Interest Only ARM - 6 Month                   1        195,900     0.03        7.49      352        79.96        578
-----------------------------------------------------------------------------------------------------------------------
Interest Only Fixed - 30 Year                 8      1,802,427     0.31       7.053      354         77.1        655
-----------------------------------------------------------------------------------------------------------------------
TOTAL:                                    3,342    584,523,723      100       7.434      350        80.76        629
-----------------------------------------------------------------------------------------------------------------------


                                       Top

9. PROPERTY TYPE



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

Single Family Residence            2,650    452,261,110    77.37       7.453       350       80.75        626
-----------------------------------------------------------------------------------------------------------------
PUD                                  220     44,990,228      7.7       7.422       348       81.29        638
-----------------------------------------------------------------------------------------------------------------
Condo                                247     38,224,077     6.54       7.301       348       81.74        655
-----------------------------------------------------------------------------------------------------------------
2-4 Family                           138     30,265,952     5.18       7.452       354       79.53        634
-----------------------------------------------------------------------------------------------------------------
Planned Unit Development              76     16,951,756      2.9        7.33       351       79.82        640
-----------------------------------------------------------------------------------------------------------------
Condo - Low Rise <5 floors            10      1,742,889      0.3       6.553       352       79.18        648
-----------------------------------------------------------------------------------------------------------------
Manufactured Housing                   1         87,709     0.02        5.49       357          80        684
-----------------------------------------------------------------------------------------------------------------
TOTAL:                             3,342    584,523,723      100       7.434       350       80.76        629
-----------------------------------------------------------------------------------------------------------------


                                       Top


10. OCCUPANCY - NON OWNER OCCUPIED



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

Investment                                     174     26,032,060     90.25       7.68        353       80.07        653
----------------------------------------------------------------------------------------------------------------------------
Second Home                                     19      2,812,209      9.75       7.93        356        82.7        637
----------------------------------------------------------------------------------------------------------------------------
TOTAL:                                         193     28,844,269       100      7.705        353       80.32        651
----------------------------------------------------------------------------------------------------------------------------


                                       Top

11. PROPERTY TYPE 2-4 FAMILY



------------------------------------------------------------------------------------------------------------------------
                                                                   % OF
                                                                 MORTGAGE
                                                                  POOL BY
                                                     AGGREGATE   AGGREGATE   WEIGHTED   WEIGHTED    WEIGHTED
                                          NUMBER      CUT-OFF     CUT-OFF    AVERAGE     AVERAGE    AVERAGE    WEIGHTED
                                            OF         DATE        DATE       GROSS     REMAINING   COMBINED    AVERAGE
                                         MORTGAGE    PRINCIPAL   PRINCIPAL   INTEREST     TERM      ORIGINAL     FICO
PROPERTY TYPE 2-4 FAMILY                   LOANS    BALANCE ($)   BALANCE    RATE (%)   (MONTHS)      LTV        SCORE
------------------------------------------------------------------------------------------------------------------------

2-4 Family                                  138     30,265,952      100       7.452        354       79.53        634
------------------------------------------------------------------------------------------------------------------------
TOTAL:                                      138     30,265,952      100       7.452        354       79.53        634
------------------------------------------------------------------------------------------------------------------------


                                  Top

12. BACK RATIO



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

<= 0.00                                  56      10,500,681      1.8       7.485       356       81.15        639
---------------------------------------------------------------------------------------------------------------------
0.01 - 5.00                               7       1,435,167     0.25       7.449       357       77.09        655
---------------------------------------------------------------------------------------------------------------------
5.01 - 10.00                              4       1,056,178     0.18       6.704       357       77.22        621
---------------------------------------------------------------------------------------------------------------------
10.01 - 15.00                            22       2,086,135     0.36       8.399       333        78.5        613
---------------------------------------------------------------------------------------------------------------------
15.01 - 20.00                            55       6,395,545     1.09       7.654       348          77        608
---------------------------------------------------------------------------------------------------------------------
20.01 - 25.00                           131      17,210,818     2.94       7.428       350       77.39        622
---------------------------------------------------------------------------------------------------------------------
25.01 - 30.00                           248      33,126,954     5.67       7.626       350       78.54        623
---------------------------------------------------------------------------------------------------------------------
30.01 - 35.00                           331      54,248,132     9.28       7.413       352       80.79        623
---------------------------------------------------------------------------------------------------------------------
35.01 - 40.00                           512      90,645,635    15.51       7.403       354       80.01        632
---------------------------------------------------------------------------------------------------------------------
40.01 - 45.00                           782     140,697,004    24.07       7.425       349        81.6        636
---------------------------------------------------------------------------------------------------------------------
45.01 - 50.00                           924     171,861,491     29.4       7.419       347       81.75        633
---------------------------------------------------------------------------------------------------------------------
50.01 - 55.00                           260      53,015,080     9.07       7.422       351       79.91        612
---------------------------------------------------------------------------------------------------------------------
55.01 - 60.00                             6       1,223,996     0.21       7.136       348       71.43        593
---------------------------------------------------------------------------------------------------------------------
60.01 - 65.00                             3         612,107      0.1       7.129       355       83.04        629
---------------------------------------------------------------------------------------------------------------------
75.01 - 80.00                             1         408,800     0.07        6.64       358          80        750
---------------------------------------------------------------------------------------------------------------------
TOTAL:                                3,342     584,523,723      100       7.434       350       80.76        629
---------------------------------------------------------------------------------------------------------------------


Minimum: 0.02
Maximum: 78.19
Weighted Average: 41.38

                                       Top


13. PREPAYMENT PENALTY TERM



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

0                                       417     67,791,441     11.6       7.954       351       81.71        612
-------------------------------------------------------------------------------------------------------------------
6                                         1         86,874     0.01       10.99       356         100        699
-------------------------------------------------------------------------------------------------------------------
12                                      166     36,770,392     6.29       7.346       348       79.49        629
-------------------------------------------------------------------------------------------------------------------
24                                    2,228    395,696,509     67.7       7.402       352       80.93        630
-------------------------------------------------------------------------------------------------------------------
36                                      526     83,053,962    14.21       7.211       341       79.66        639
-------------------------------------------------------------------------------------------------------------------
60                                        4      1,124,545     0.19       6.574       356       84.29        620
-------------------------------------------------------------------------------------------------------------------
TOTAL:                                3,342    584,523,723      100       7.434       350       80.76        629
-------------------------------------------------------------------------------------------------------------------


Non-Zero Minimum: 6
Maximum: 60
Non-Zero Weighted Average: 25

                                       Top

14. LIEN POSITION



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

1st Lien                             2,925    562,596,783    96.25       7.312       355       80.12        628
------------------------------------------------------------------------------------------------------------------
2nd Lien                               417     21,926,940     3.75      10.555       215        97.3        658
------------------------------------------------------------------------------------------------------------------
TOTAL:                               3,342    584,523,723      100       7.434       350       80.76        629
------------------------------------------------------------------------------------------------------------------


                                       Top

15. INTEREST ONLY TERM



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

0                                     2,709    407,861,105    69.78       7.765       347       80.49        611
-------------------------------------------------------------------------------------------------------------------
24                                      363    100,183,925    17.14       6.659       356       81.25        668
-------------------------------------------------------------------------------------------------------------------
36                                       60     14,578,201     2.49       6.901       355       81.99        644
-------------------------------------------------------------------------------------------------------------------
60                                      210     61,900,492    10.59       6.638       357       81.49        688
-------------------------------------------------------------------------------------------------------------------
TOTAL:                                3,342    584,523,723      100       7.434       350       80.76        629
-------------------------------------------------------------------------------------------------------------------


                                       Top


                                 MORGAN STANLEY
                         IXIS REAL ESTATE CAPITAL TRUST
                                    2005-HE1
                                    IO LOANS


SELECTION CRITERIA: IO LOANS
TABLE OF CONTENTS

1. Credit Score
2. Interest Only Term
3. Range of Combined Original LTV Ratios (%)
4. Range of Cut-off Date Principal Balances ($)
5. Geographic Distribution of Mortgaged Properties
6. Documentation Level
7. Back Ratio


1. CREDIT SCORE



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

500 - 524                                 4         651,400     0.37      8.708        358       71.65        512
---------------------------------------------------------------------------------------------------------------------
525 - 549                                 3         756,600     0.43      7.954        356       73.97        537
---------------------------------------------------------------------------------------------------------------------
550 - 574                                11       2,756,121     1.56      7.607        355       82.46        569
---------------------------------------------------------------------------------------------------------------------
575 - 599                                45      11,606,772     6.57      6.823        356       80.72        588
---------------------------------------------------------------------------------------------------------------------
600 - 624                                88      25,267,560    14.30       6.89        356       82.99        612
---------------------------------------------------------------------------------------------------------------------
625 - 649                                90      25,048,317    14.18      6.782        356       82.46        638
---------------------------------------------------------------------------------------------------------------------
650 - 674                               105      26,868,985    15.21      6.719        356       81.11        661
---------------------------------------------------------------------------------------------------------------------
675 - 699                                84      22,590,713    12.79      6.558        357       80.76        686
---------------------------------------------------------------------------------------------------------------------
700 - 724                                86      24,830,467    14.06      6.488        357       82.06        713
---------------------------------------------------------------------------------------------------------------------
725 - 749                                58      17,850,972    10.10      6.434        357       80.83        736
---------------------------------------------------------------------------------------------------------------------
750 - 774                                42      13,275,814     7.51      6.438        357       79.40        763
---------------------------------------------------------------------------------------------------------------------
775 - 799                                16       4,819,698     2.73      6.331        358       79.77        784
---------------------------------------------------------------------------------------------------------------------
800 +                                     1         339,200     0.19       6.25        353       80.00        802
---------------------------------------------------------------------------------------------------------------------
TOTAL:                                  633     176,662,618   100.00      6.671        356       81.39        673
---------------------------------------------------------------------------------------------------------------------


Non-Zero Minimum: 503
Maximum: 802
Non-Zero Weighted Average: 673

                                       Top


2. INTEREST ONLY TERM



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

24                                     363     100,183,925    56.71      6.659        356       81.25        668
--------------------------------------------------------------------------------------------------------------------
36                                      60      14,578,201     8.25      6.901        355       81.99        644
--------------------------------------------------------------------------------------------------------------------
60                                     210      61,900,492    35.04      6.638        357       81.49        688
--------------------------------------------------------------------------------------------------------------------
TOTAL:                                 633     176,662,618   100.00      6.671        356       81.39        673
--------------------------------------------------------------------------------------------------------------------


                                 Top


3. RANGE OF COMBINED ORIGINAL LTV RATIOS (%)



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

20.01 - 25.00                                   1         250,000     0.14       5.65        354       24.39        772
--------------------------------------------------------------------------------------------------------------------------
25.01 - 30.00                                   1          75,000     0.04      6.125        357       25.42        745
--------------------------------------------------------------------------------------------------------------------------
30.01 - 35.00                                   1         155,000     0.09       6.75        359       34.44        616
--------------------------------------------------------------------------------------------------------------------------
40.01 - 45.00                                   1         125,000     0.07       5.99        358       44.80        578
--------------------------------------------------------------------------------------------------------------------------
50.01 - 55.00                                   2         352,000     0.20      7.268        358       52.33        648
--------------------------------------------------------------------------------------------------------------------------
55.01 - 60.00                                   3         606,000     0.34      7.304        355       57.46        594
--------------------------------------------------------------------------------------------------------------------------
60.01 - 65.00                                   9       2,704,500     1.53      6.201        357       63.99        645
--------------------------------------------------------------------------------------------------------------------------
65.01 - 70.00                                  18       3,813,964     2.16      7.014        356       68.84        638
--------------------------------------------------------------------------------------------------------------------------
70.01 - 75.00                                  22       6,958,601     3.94      6.601        356       74.14        643
--------------------------------------------------------------------------------------------------------------------------
75.01 - 80.00                                 406     109,088,043    61.75      6.504        357       79.90        686
--------------------------------------------------------------------------------------------------------------------------
80.01 - 85.00                                  65      21,777,879    12.33      6.692        357       84.13        670
--------------------------------------------------------------------------------------------------------------------------
85.01 - 90.00                                  75      23,499,762    13.30      7.109        356       89.64        639
--------------------------------------------------------------------------------------------------------------------------
90.01 - 95.00                                  18       4,662,759     2.64      7.633        355       94.60        650
--------------------------------------------------------------------------------------------------------------------------
95.01 - 100.00                                 11       2,594,110     1.47      7.916        355       99.93        685
--------------------------------------------------------------------------------------------------------------------------
TOTAL:                                        633     176,662,618   100.00      6.671        356       81.39        673
--------------------------------------------------------------------------------------------------------------------------


Minimum: 24.39
Maximum: 100.00
Weighted Average: 81.39

                                 Top


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



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

25,001 - 50,000                                   1          42,500     0.02       9.65        357       85.00        612
---------------------------------------------------------------------------------------------------------------------------
50,001 - 75,000                                   7         482,434     0.27      7.758        355       71.13        624
---------------------------------------------------------------------------------------------------------------------------
75,001 - 100,000                                 17       1,551,460     0.88      7.271        357       82.13        637
---------------------------------------------------------------------------------------------------------------------------
100,001 - 125,000                                27       3,013,323     1.71      6.734        356       79.84        667
---------------------------------------------------------------------------------------------------------------------------
125,001 - 150,000                                36       4,977,202     2.82      6.816        357       79.68        657
---------------------------------------------------------------------------------------------------------------------------
150,001 - 175,000                                40       6,395,755     3.62      6.885        356       80.40        675
---------------------------------------------------------------------------------------------------------------------------
175,001 - 200,000                                52       9,735,786     5.51      6.849        356       82.06        651
---------------------------------------------------------------------------------------------------------------------------
200,001 - 225,000                                49      10,454,425     5.92        6.8        356       80.10        654
---------------------------------------------------------------------------------------------------------------------------
225,001 - 250,000                                48      11,358,741     6.43      6.711        356       79.64        666
---------------------------------------------------------------------------------------------------------------------------
250,001 - 275,000                                43      11,265,461     6.38      6.629        357       80.79        676
---------------------------------------------------------------------------------------------------------------------------
275,001 - 300,000                                61      17,503,864     9.91      6.572        356       81.80        687
---------------------------------------------------------------------------------------------------------------------------
300,001 - 325,000                                36      11,279,241     6.38      6.507        357       80.54        684
---------------------------------------------------------------------------------------------------------------------------
325,001 - 350,000                                41      13,805,356     7.81      6.575        357       81.25        693
---------------------------------------------------------------------------------------------------------------------------
350,001 - 375,000                                41      14,795,160     8.37      6.655        357       80.93        666
---------------------------------------------------------------------------------------------------------------------------
375,001 - 400,000                                40      15,565,136     8.81      6.654        357       81.83        685
---------------------------------------------------------------------------------------------------------------------------
400,001 - 425,000                                27      11,209,119     6.34      6.784        356       83.01        685
---------------------------------------------------------------------------------------------------------------------------
425,001 - 450,000                                19       8,369,828     4.74      6.502        355       82.44        674
---------------------------------------------------------------------------------------------------------------------------
450,001 - 475,000                                15       6,923,947     3.92      6.318        356       83.26        659
---------------------------------------------------------------------------------------------------------------------------
475,001 - 500,000                                12       5,924,747     3.35      6.558        356       84.43        671
---------------------------------------------------------------------------------------------------------------------------
500,001 - 750,000                                21      12,009,134     6.80      6.822        356       81.69        660
---------------------------------------------------------------------------------------------------------------------------
TOTAL:                                          633     176,662,618   100.00      6.671        356       81.39        673
---------------------------------------------------------------------------------------------------------------------------


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

                                 Top

5. GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES



----------------------------------------------------------------------------------------------------------------------------------
                                                                            % OF
                                                                          MORTGAGE
                                                                          POOL BY
                                                              AGGREGATE  AGGREGATE   WEIGHTED    WEIGHTED    WEIGHTED
                                                   NUMBER      CUT-OFF    CUT-OFF     AVERAGE     AVERAGE    AVERAGE    WEIGHTED
                                                     OF         DATE        DATE       GROSS     REMAINING   COMBINED    AVERAGE
                                                  MORTGAGE    PRINCIPAL  PRINCIPAL   INTEREST      TERM      ORIGINAL     FICO
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES     LOANS    BALANCE ($)  BALANCE    RATE (%)    (MONTHS)      LTV        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        6.73        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


6. DOCUMENTATION LEVEL



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

Stated Documentation                     413     120,520,164    68.22      6.765        357       81.31        688
----------------------------------------------------------------------------------------------------------------------
Full Documentation                       200      50,166,185    28.40       6.47        356       81.79        640
----------------------------------------------------------------------------------------------------------------------
Limited/Alternate Documentation           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

7. BACK RATIO



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

<= 0.00                               11       2,793,514     1.58      7.309        356       83.56        665
------------------------------------------------------------------------------------------------------------------
0.01 - 5.00                            1         298,400     0.17       5.99        357       80.00        687
------------------------------------------------------------------------------------------------------------------
5.01 - 10.00                           1         320,000     0.18       6.55        359       73.56        609
------------------------------------------------------------------------------------------------------------------
10.01 - 15.00                          1         120,000     0.07       6.64        357       80.00        794
------------------------------------------------------------------------------------------------------------------
15.01 - 20.00                          4         786,500     0.45      6.475        357       69.88        628
------------------------------------------------------------------------------------------------------------------
20.01 - 25.00                         17       4,857,707     2.75      6.457        355       80.13        645
------------------------------------------------------------------------------------------------------------------
25.01 - 30.00                         30       7,192,778     4.07      6.737        356       79.21        690
------------------------------------------------------------------------------------------------------------------
30.01 - 35.00                         59      15,770,749     8.93      6.722        356       83.40        656
------------------------------------------------------------------------------------------------------------------
35.01 - 40.00                        103      27,564,139    15.60      6.648        356       81.52        685
------------------------------------------------------------------------------------------------------------------
40.01 - 45.00                        163      44,460,624    25.17      6.689        356       81.36        680
------------------------------------------------------------------------------------------------------------------
45.01 - 50.00                        197      58,227,861    32.96      6.645        357       81.36        671
------------------------------------------------------------------------------------------------------------------
50.01 - 55.00                         44      13,505,549     7.64      6.658        357       81.20        658
------------------------------------------------------------------------------------------------------------------
60.01 - 65.00                          1         355,997     0.20       6.55        354       80.00        636
------------------------------------------------------------------------------------------------------------------
75.01 - 80.00                          1         408,800     0.23       6.64        358       80.00        750
------------------------------------------------------------------------------------------------------------------
TOTAL:                               633     176,662,618   100.00      6.671        356       81.39        673
------------------------------------------------------------------------------------------------------------------


Minimum: 1.00
Maximum: 78.19
Weighted Average: 42.02

                                 Top


                                 MORGAN STANLEY
                         IXIS REAL ESTATE CAPITAL TRUST
                                    2005-HE1
                                  TOP 5 STATES


TABLE OF CONTENTS

1. Credit Score
2. Range of Combined Original LTV Ratios (%)
3. Range of Cut-off Date Principal Balances ($)
4. Documentation Level
5. Back Ratio


1. CREDIT SCORE



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

500 - 524                               127      24,286,142      5.83       8.38       356       71.09        512
--------------------------------------------------------------------------------------------------------------------
525 - 549                               137      24,407,146      5.86      8.239       356       74.43        537
--------------------------------------------------------------------------------------------------------------------
550 - 574                               164      30,445,434      7.30        7.6       355       76.50        563
--------------------------------------------------------------------------------------------------------------------
575 - 599                               214      46,515,156     11.16       7.29       354       79.71        587
--------------------------------------------------------------------------------------------------------------------
600 - 624                               284      60,479,577     14.51      7.112       350       80.85        612
--------------------------------------------------------------------------------------------------------------------
625 - 649                               284      60,180,118     14.44      7.069       350       82.40        637
--------------------------------------------------------------------------------------------------------------------
650 - 674                               263      49,217,090     11.81      7.238       341       82.23        661
--------------------------------------------------------------------------------------------------------------------
675 - 699                               199      38,506,390      9.24      6.949       341       82.39        685
--------------------------------------------------------------------------------------------------------------------
700 - 724                               146      35,238,588      8.45      6.726       350       83.57        713
--------------------------------------------------------------------------------------------------------------------
725 - 749                               102      24,843,151      5.96      6.551       350       81.50        736
--------------------------------------------------------------------------------------------------------------------
750 - 774                                62      16,115,054      3.87      6.462       355       80.64        762
--------------------------------------------------------------------------------------------------------------------
775 - 799                                26       6,217,305      1.49      6.504       352       79.77        784
--------------------------------------------------------------------------------------------------------------------
800 +                                     1         339,200      0.08       6.25       353       80.00        802
--------------------------------------------------------------------------------------------------------------------
TOTAL:                                2,009     416,790,351    100.00        7.2       350       80.23        636
--------------------------------------------------------------------------------------------------------------------


Non-Zero Minimum: 500
Maximum: 802
Non-Zero Weighted Average: 636

                                  Top


2. RANGE OF COMBINED ORIGINAL LTV RATIOS (%)



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

<= 10.00                                         1         119,703      0.03          7       357        9.80        641
---------------------------------------------------------------------------------------------------------------------------
10.01 - 15.00                                    2         189,813      0.05      9.255       358       13.68        528
---------------------------------------------------------------------------------------------------------------------------
15.01 - 20.00                                    2         112,363      0.03      8.844       357       17.78        541
---------------------------------------------------------------------------------------------------------------------------
20.01 - 25.00                                    4         761,192      0.18      6.385       357       24.01        658
---------------------------------------------------------------------------------------------------------------------------
25.01 - 30.00                                    2         174,753      0.04      6.624       357       25.25        676
---------------------------------------------------------------------------------------------------------------------------
30.01 - 35.00                                    6         660,161      0.16      7.139       358       33.90        612
---------------------------------------------------------------------------------------------------------------------------
35.01 - 40.00                                    9       1,711,328      0.41      6.799       353       38.06        611
---------------------------------------------------------------------------------------------------------------------------
40.01 - 45.00                                   10       1,180,864      0.28      7.433       357       42.43        575
---------------------------------------------------------------------------------------------------------------------------
45.01 - 50.00                                   22       3,518,748      0.84      7.142       348       48.29        579
---------------------------------------------------------------------------------------------------------------------------
50.01 - 55.00                                   31       5,764,558      1.38        7.1       358       52.75        590
---------------------------------------------------------------------------------------------------------------------------
55.01 - 60.00                                   45       9,623,203      2.31      7.375       356       57.69        584
---------------------------------------------------------------------------------------------------------------------------
60.01 - 65.00                                   78      15,771,303      3.78      7.197       353       63.62        591
---------------------------------------------------------------------------------------------------------------------------
65.01 - 70.00                                  102      20,208,425      4.85      7.443       353       68.98        588
---------------------------------------------------------------------------------------------------------------------------
70.01 - 75.00                                  142      31,257,706      7.50      7.446       353       74.38        589
---------------------------------------------------------------------------------------------------------------------------
75.01 - 80.00                                  701     172,545,014     41.40      6.712       356       79.75        662
---------------------------------------------------------------------------------------------------------------------------
80.01 - 85.00                                  211      51,711,929     12.41      7.119       355       84.23        624
---------------------------------------------------------------------------------------------------------------------------
85.01 - 90.00                                  252      60,269,850     14.46      7.423       354       89.68        629
---------------------------------------------------------------------------------------------------------------------------
90.01 - 95.00                                  117      21,977,725      5.27      7.728       350       94.65        642
---------------------------------------------------------------------------------------------------------------------------
95.01 - 100.00                                 272      19,231,712      4.61      9.828       251       99.92        670
---------------------------------------------------------------------------------------------------------------------------
TOTAL:                                       2,009     416,790,351    100.00        7.2       350       80.23        636
---------------------------------------------------------------------------------------------------------------------------


Minimum: 9.80
Maximum: 100.00
Weighted Average: 80.23

                                  Top

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



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

1 - 25,000                                         34        678,261      0.16      11.06       176       95.48        647
-----------------------------------------------------------------------------------------------------------------------------
25,001 - 50,000                                   123      4,686,092      1.12     10.396       218       92.42        644
-----------------------------------------------------------------------------------------------------------------------------
50,001 - 75,000                                   157      9,949,509      2.39      9.356       278       86.80        635
-----------------------------------------------------------------------------------------------------------------------------
75,001 - 100,000                                  179     15,761,085      3.78      8.656       318       81.97        620
-----------------------------------------------------------------------------------------------------------------------------
100,001 - 125,000                                 166     18,656,182      4.48      7.947       342       79.81        614
-----------------------------------------------------------------------------------------------------------------------------
125,001 - 150,000                                 166     22,862,572      5.49      7.461       354       80.12        620
-----------------------------------------------------------------------------------------------------------------------------
150,001 - 175,000                                 138     22,317,590      5.35      7.315       353       76.43        615
-----------------------------------------------------------------------------------------------------------------------------
175,001 - 200,000                                 138     25,881,548      6.21      7.214       355       77.19        620
-----------------------------------------------------------------------------------------------------------------------------
200,001 - 225,000                                 135     28,769,950      6.90      7.262       355       79.51        615
-----------------------------------------------------------------------------------------------------------------------------
225,001 - 250,000                                  97     23,050,524      5.53      7.021       355       77.62        638
-----------------------------------------------------------------------------------------------------------------------------
250,001 - 275,000                                 100     26,300,919      6.31      7.075       357       77.58        627
-----------------------------------------------------------------------------------------------------------------------------
275,001 - 300,000                                 100     28,798,935      6.91      6.831       355       80.92        656
-----------------------------------------------------------------------------------------------------------------------------
300,001 - 325,000                                  83     26,009,632      6.24      6.885       355       78.70        636
-----------------------------------------------------------------------------------------------------------------------------
325,001 - 350,000                                  75     25,221,557      6.05      6.816       357       81.83        660
-----------------------------------------------------------------------------------------------------------------------------
350,001 - 375,000                                  64     23,097,757      5.54      6.855       357       82.23        649
-----------------------------------------------------------------------------------------------------------------------------
375,001 - 400,000                                  77     29,925,853      7.18      6.697       357       81.90        651
-----------------------------------------------------------------------------------------------------------------------------
400,001 - 425,000                                  41     16,989,488      4.08        6.8       357       83.56        673
-----------------------------------------------------------------------------------------------------------------------------
425,001 - 450,000                                  42     18,464,702      4.43      6.823       357       81.50        641
-----------------------------------------------------------------------------------------------------------------------------
450,001 - 475,000                                  30     13,888,245      3.33      6.772       357       81.17        631
-----------------------------------------------------------------------------------------------------------------------------
475,001 - 500,000                                  23     11,336,720      2.72      6.983       356       81.11        646
-----------------------------------------------------------------------------------------------------------------------------
500,001 - 750,000                                  39     22,542,526      5.41      7.031       357       78.34        638
-----------------------------------------------------------------------------------------------------------------------------
750,001 - 1,000,000                                 2      1,600,705      0.38      6.174       357       73.10        603
-----------------------------------------------------------------------------------------------------------------------------
TOTAL:                                          2,009    416,790,351    100.00        7.2       350       80.23        636
-----------------------------------------------------------------------------------------------------------------------------


Minimum: 9,813
Maximum: 836,454
Average: 207,462

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4. DOCUMENTATION LEVEL



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

Stated Documentation                     1,099    238,395,216    57.20       7.26       349        80.75        656
------------------------------------------------------------------------------------------------------------------------
Full Documentation                         799    158,875,956    38.12      7.099       352        79.44        610
------------------------------------------------------------------------------------------------------------------------
Limited/Alternate Documentation            106     18,546,217     4.45       7.26       349        79.79        604
------------------------------------------------------------------------------------------------------------------------
No Ratio                                     5        972,962     0.23      8.055       356        91.41        666
------------------------------------------------------------------------------------------------------------------------
TOTAL:                                   2,009    416,790,351   100.00        7.2       350        80.23        636
------------------------------------------------------------------------------------------------------------------------


                                  Top

5. BACK RATIO



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

<= 0.00                            45       8,714,880      2.09      7.484       356       79.96        631
---------------------------------------------------------------------------------------------------------------
0.01 - 5.00                         5       1,080,893      0.26      7.163       357       76.88        705
---------------------------------------------------------------------------------------------------------------
5.01 - 10.00                        3         736,178      0.18      6.771       357       78.81        626
---------------------------------------------------------------------------------------------------------------
10.01 - 15.00                       8       1,155,511      0.28      8.305       332       82.01        606
---------------------------------------------------------------------------------------------------------------
15.01 - 20.00                      23       3,501,305      0.84      7.221       357       75.10        620
---------------------------------------------------------------------------------------------------------------
20.01 - 25.00                      66      11,152,417      2.68      7.117       351       77.06        619
---------------------------------------------------------------------------------------------------------------
25.01 - 30.00                     113      18,391,432      4.41      7.245       349       75.28        631
---------------------------------------------------------------------------------------------------------------
30.01 - 35.00                     173      36,260,264      8.70      7.125       353       79.86        628
---------------------------------------------------------------------------------------------------------------
35.01 - 40.00                     311      65,206,768     15.64      7.117       354       80.21        641
---------------------------------------------------------------------------------------------------------------
40.01 - 45.00                     515     106,301,181     25.50      7.247       349       81.03        642
---------------------------------------------------------------------------------------------------------------
45.01 - 50.00                     572     124,673,063     29.91      7.191       348       81.17        638
---------------------------------------------------------------------------------------------------------------
50.01 - 55.00                     168      38,268,341      9.18      7.232       350       79.28        619
---------------------------------------------------------------------------------------------------------------
55.01 - 60.00                       3         327,211      0.08      7.317       323       73.70        652
---------------------------------------------------------------------------------------------------------------
60.01 - 65.00                       3         612,107      0.15      7.129       355       83.04        629
---------------------------------------------------------------------------------------------------------------
75.01 - 80.00                       1         408,800      0.10       6.64       358       80.00        750
---------------------------------------------------------------------------------------------------------------
TOTAL:                          2,009     416,790,351    100.00        7.2       350       80.23        636
---------------------------------------------------------------------------------------------------------------


Minimum: 1.00
Maximum: 78.19
Weighted Average: 41.78

                                  Top


                                     MORGAN STANLEY
                             IXIS REAL ESTATE CAPITAL TRUST
                                        2005-HE1
                                      NOT-FULL DOC


TABLE OF CONTENTS

1. Credit Score
2. Range of Combined Original LTV Ratios (%)
3. Range of Cut-off Date Principal Balances ($)
4. Documentation Level
5. Back Ratio


1. CREDIT SCORE



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

500 - 524                                97      16,887,371     5.22      8.700       355        71.76        512
--------------------------------------------------------------------------------------------------------------------
525 - 549                                87      16,397,905     5.07      8.442       357        73.93        537
--------------------------------------------------------------------------------------------------------------------
550 - 574                               109      18,568,474     5.74      8.017       355        74.69        563
--------------------------------------------------------------------------------------------------------------------
575 - 599                               125      25,839,614     7.99      7.714       355        79.93        588
--------------------------------------------------------------------------------------------------------------------
600 - 624                               204      39,257,748    12.13      7.581       353        81.60        613
--------------------------------------------------------------------------------------------------------------------
625 - 649                               259      49,290,589    15.23      7.423       348        83.11        638
--------------------------------------------------------------------------------------------------------------------
650 - 674                               269      46,593,768    14.40      7.427       341        83.09        661
--------------------------------------------------------------------------------------------------------------------
675 - 699                               192      34,903,323    10.79      7.187       342        82.56        686
--------------------------------------------------------------------------------------------------------------------
700 - 724                               139      30,649,106     9.47      6.880       347        83.85        712
--------------------------------------------------------------------------------------------------------------------
725 - 749                                97      23,659,591     7.31      6.598       351        81.93        736
--------------------------------------------------------------------------------------------------------------------
750 - 774                                61      15,650,132     4.84      6.591       354        81.15        763
--------------------------------------------------------------------------------------------------------------------
775 - 799                                24       5,557,969     1.72      6.653       353        79.45        784
--------------------------------------------------------------------------------------------------------------------
800 +                                     1         339,200     0.10      6.250       353        80.00        802
--------------------------------------------------------------------------------------------------------------------
TOTAL:                                1,664     323,594,791   100.00      7.426       349        80.89        646
--------------------------------------------------------------------------------------------------------------------


Non-Zero Minimum: 500
Maximum: 802
Non-Zero Weighted Average: 646

                                          Top


2. RANGE OF COMBINED ORIGINAL LTV RATIOS (%)



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

10.01 - 15.00                                      2         189,813      0.06      9.255       358       13.68        528
------------------------------------------------------------------------------------------------------------------------------
15.01 - 20.00                                      2         112,363      0.03      8.844       357       17.78        541
------------------------------------------------------------------------------------------------------------------------------
20.01 - 25.00                                      4         531,441      0.16      6.022       356       23.97        700
------------------------------------------------------------------------------------------------------------------------------
25.01 - 30.00                                      1          75,000      0.02      6.125       357       25.42        745
------------------------------------------------------------------------------------------------------------------------------
30.01 - 35.00                                      3         345,702      0.11      7.053       358       34.36        599
------------------------------------------------------------------------------------------------------------------------------
35.01 - 40.00                                      6       1,322,135      0.41      6.590       358       37.79        596
------------------------------------------------------------------------------------------------------------------------------
40.01 - 45.00                                      5         673,148      0.21      7.807       342       43.14        570
------------------------------------------------------------------------------------------------------------------------------
45.01 - 50.00                                     10       1,343,189      0.42      7.755       336       47.75        604
------------------------------------------------------------------------------------------------------------------------------
50.01 - 55.00                                     17       3,538,474      1.09      7.421       358       52.53        577
------------------------------------------------------------------------------------------------------------------------------
55.01 - 60.00                                     25       4,900,949      1.51      7.630       357       58.11        586
------------------------------------------------------------------------------------------------------------------------------
60.01 - 65.00                                     54      11,251,994      3.48      7.704       356       63.82        595
------------------------------------------------------------------------------------------------------------------------------
65.01 - 70.00                                     89      15,869,709      4.90      7.665       356       69.16        596
------------------------------------------------------------------------------------------------------------------------------
70.01 - 75.00                                    121      25,172,003      7.78      7.645       354       74.50        592
------------------------------------------------------------------------------------------------------------------------------
75.01 - 80.00                                    616     141,272,488     43.66      6.886       356       79.80        671
------------------------------------------------------------------------------------------------------------------------------
80.01 - 85.00                                    150      37,592,788     11.62      7.301       356       84.37        637
------------------------------------------------------------------------------------------------------------------------------
85.01 - 90.00                                    199      44,819,618     13.85      7.666       354       89.68        636
------------------------------------------------------------------------------------------------------------------------------
90.01 - 95.00                                     93      15,947,519      4.93      8.061       346       94.80        663
------------------------------------------------------------------------------------------------------------------------------
95.01 - 100.00                                   267      18,636,458      5.76      9.978       255       99.98        675
------------------------------------------------------------------------------------------------------------------------------
TOTAL:                                         1,664     323,594,791    100.00      7.426       349       80.89        646
------------------------------------------------------------------------------------------------------------------------------


Minimum: 12.50
Maximum: 100.00
Weighted Average: 80.89

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



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

1 - 25,000                                        30        616,606      0.19     11.310       181       98.22        654
----------------------------------------------------------------------------------------------------------------------------
25,001 - 50,000                                  133      5,064,315      1.57     10.769       233       92.13        637
----------------------------------------------------------------------------------------------------------------------------
50,001 - 75,000                                  146      9,144,037      2.83      9.572       280       86.72        643
----------------------------------------------------------------------------------------------------------------------------
75,001 - 100,000                                 171     15,078,680      4.66      8.901       323       83.03        632
----------------------------------------------------------------------------------------------------------------------------
100,001 - 125,000                                140     15,682,256      4.85      8.178       339       80.87        623
----------------------------------------------------------------------------------------------------------------------------
125,001 - 150,000                                145     20,023,704      6.19      7.557       353       80.87        630
----------------------------------------------------------------------------------------------------------------------------
150,001 - 175,000                                112     18,059,352      5.58      7.481       352       79.88        642
----------------------------------------------------------------------------------------------------------------------------
175,001 - 200,000                                104     19,492,817      6.02      7.527       355       79.56        630
----------------------------------------------------------------------------------------------------------------------------
200,001 - 225,000                                112     23,914,000      7.39      7.426       357       81.41        627
----------------------------------------------------------------------------------------------------------------------------
225,001 - 250,000                                 62     14,764,621      4.56      7.359       357       78.63        650
----------------------------------------------------------------------------------------------------------------------------
250,001 - 275,000                                 80     21,056,180      6.51      7.208       357       77.16        636
----------------------------------------------------------------------------------------------------------------------------
275,001 - 300,000                                 76     21,839,194      6.75      6.878       354       80.77        674
----------------------------------------------------------------------------------------------------------------------------
300,001 - 325,000                                 58     18,160,571      5.61      7.174       357       79.53        654
----------------------------------------------------------------------------------------------------------------------------
325,001 - 350,000                                 59     19,915,001      6.15      6.915       357       81.37        666
----------------------------------------------------------------------------------------------------------------------------
350,001 - 375,000                                 46     16,593,866      5.13      6.835       357       81.02        660
----------------------------------------------------------------------------------------------------------------------------
375,001 - 400,000                                 59     22,892,887      7.07      6.846       357       81.07        657
----------------------------------------------------------------------------------------------------------------------------
400,001 - 425,000                                 40     16,578,489      5.12      6.923       357       82.56        670
----------------------------------------------------------------------------------------------------------------------------
425,001 - 450,000                                 27     11,876,812      3.67      6.989       357       82.31        653
----------------------------------------------------------------------------------------------------------------------------
450,001 - 475,000                                 20      9,294,832      2.87      7.020       357       81.56        644
----------------------------------------------------------------------------------------------------------------------------
475,001 - 500,000                                 15      7,377,481      2.28      7.200       356       83.12        655
----------------------------------------------------------------------------------------------------------------------------
500,001 - 750,000                                 29     16,169,090      5.00      7.172       357       76.95        642
----------------------------------------------------------------------------------------------------------------------------
TOTAL:                                         1,664    323,594,791    100.00      7.426       349       80.89        646
----------------------------------------------------------------------------------------------------------------------------


Minimum: 9,956
Maximum: 700,000
Average: 194,468

                                          Top


4. DOCUMENTATION LEVEL



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

Stated Documentation                       1,522    299,171,202     92.45      7.424       349       80.93        650
-------------------------------------------------------------------------------------------------------------------------
Limited/Alternate Documentation              137     23,450,626      7.25      7.433       350       79.98        596
-------------------------------------------------------------------------------------------------------------------------
No Ratio                                       5        972,962      0.30      8.055       356       91.41        666
-------------------------------------------------------------------------------------------------------------------------
TOTAL:                                     1,664    323,594,791    100.00      7.426       349       80.89        646
-------------------------------------------------------------------------------------------------------------------------


                                          Top

5. BACK RATIO



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

<= 0.00                                     43       7,599,417      2.35      7.624       356       81.78        655
------------------------------------------------------------------------------------------------------------------------
0.01 - 5.00                                  4         959,909      0.30      7.166       358       72.37        659
------------------------------------------------------------------------------------------------------------------------
5.01 - 10.00                                 3         736,178      0.23      6.771       357       78.81        626
------------------------------------------------------------------------------------------------------------------------
10.01 - 15.00                                6         836,890      0.26      8.677       324       79.91        592
------------------------------------------------------------------------------------------------------------------------
15.01 - 20.00                               21       2,001,044      0.62      8.362       351       75.48        585
------------------------------------------------------------------------------------------------------------------------
20.01 - 25.00                               53       7,833,447      2.42      7.354       352       77.27        621
------------------------------------------------------------------------------------------------------------------------
25.01 - 30.00                               93      14,272,436      4.41      7.466       351       77.95        649
------------------------------------------------------------------------------------------------------------------------
30.01 - 35.00                              145      26,937,361      8.32      7.319       351       81.75        648
------------------------------------------------------------------------------------------------------------------------
35.01 - 40.00                              271      53,880,718     16.65      7.324       354       80.57        651
------------------------------------------------------------------------------------------------------------------------
40.01 - 45.00                              438      84,410,574     26.09      7.459       348       81.39        652
------------------------------------------------------------------------------------------------------------------------
45.01 - 50.00                              480      99,221,410     30.66      7.400       346       81.45        648
------------------------------------------------------------------------------------------------------------------------
50.01 - 55.00                              103      24,172,562      7.47      7.623       350       80.14        622
------------------------------------------------------------------------------------------------------------------------
55.01 - 60.00                                2         207,921      0.06      7.927       305       80.65        595
------------------------------------------------------------------------------------------------------------------------
60.01 - 65.00                                1         116,126      0.04      7.490       358       90.00        705
------------------------------------------------------------------------------------------------------------------------
75.01 - 80.00                                1         408,800      0.13      6.640       358       80.00        750
------------------------------------------------------------------------------------------------------------------------
TOTAL:                                   1,664     323,594,791    100.00      7.426       349       80.89        646
------------------------------------------------------------------------------------------------------------------------


Minimum: 0.02
Maximum: 78.19
Weighted Average: 41.70

                                       Top