This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. This material is based on information that
Morgan Stanley & Co. Incorporated ("Morgan Stanley") considers reliable. Morgan
Stanley makes no representation or warranty with respect to the accuracy or
completeness of the information, or with respect to the terms of any future
offer of securities conforming to the terms hereof. Any such offer of securities
would be made pursuant to a definitive Prospectus or Private Placement
Memorandum, as the case may be, prepared by the issuer which could contain
material information not contained herein and to which the prospective
purchasers are referred. In the event of any such offering, this information
shall be deemed superseded, amended and supplemented in its entirety by such
Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement
Memorandum will contain all material information in respect of any securities
offered thereby and any decision to invest in such securities should be made
solely in reliance upon such Prospectus or Private Placement Memorandum. The
information contained here in may be based on certain assumptions regarding
market conditions and other matters and is therefore subject to change. We make
no representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied on for such
purposes. No representation is made that any returns indicated will be achieved.
Changes to the assumptions may have a material impact on any returns detailed.
Morgan Stanley disclaims any and all liability relating to this information,
including without limitation any express or implied representations or
warranties for, statements contained in, and omissions from the information
contained here in. Additional information is available upon request. Morgan
Stanley and others associated with it may have positions in, and may effect
transaction in, securities and instruments of issuers mentioned herein and may
also perform or seek to perform investment banking services for the issuers of
such securities and instruments. Past performance is not necessarily indicative
of future results. Price and availability are subject to change without notice.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supercedes all prior information regarding such
assets. Morgan Stanley is acting as the lead underwriter and not acting as agent
for the issuer or its affiliates in connection with the proposed transaction. To
our readers worldwide: In addition, please note that this publication has been
issued by Morgan Stanley, approved by Morgan Stanley International Limited, a
member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd.
We recommend that such investors obtain the advice of their Morgan Stanley,
Morgan Stanley International or Morgan Stanley Japan Ltd. representative about
the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED
BY THE U.K. SECURITIES AND FUTURES AUTHORITY.



MORGAN STANLEY
IXIS 2005-HE1

--------------------------------------------------------------------------------
SELECTION CRITERIA: FULL DOCUMENTATION & PURCHASE

================================================================================

Number of Mortgage Loans: 496
Total Current Balance: 81,525,326.32
Average Current Balance: 164,365.58
Weighted Average FICO Score: 636.7
Weighted Average Current LTV: 83.68
Weighted Average DTI Ratio: 41.83
% Cash-Out Refinance: 0.0
% Full Documentation: 100.0
% Owner Occupied: 92.2
Weighted Average Coupon: 7.005
Weighted Average Margin: 6.257
% 2-4 Family: 6.8
% MH: 0.0
% PUD: 7.5
% Condo: 7.8
% Silent Second: 58.33
# of Bankruptcy's in past 36 months: N/A
# of Foreclosures in past 36 months: N/A

--------------------------------------------------------------------------------
SELECTION CRITERIA: FULL DOCUMENTATION & REFINANCE - CASHOUT

================================================================================

Number of Mortgage Loans: 1,042
Total Current Balance: 159,707,501.39
Average Current Balance: 153,270.15
Weighted Average FICO Score: 595.9
Weighted Average Current LTV: 78.52
Weighted Average DTI Ratio: 40.44
% Cash-Out Refinance: 100.0
% Full Documentation: 100.0
% Owner Occupied: 96.8
Weighted Average Coupon: 7.630
Weighted Average Margin: 6.893
% 2-4 Family: 4.7
% MH: 0.0
% PUD: 7.0
% Condo: 4.1
% Silent Second: 5.62
# of Bankruptcy's in past 36 months: N/A
# of Foreclosures in past 36 months: N/A

--------------------------------------------------------------------------------
SELECTION CRITERIA: FULL DOCUMENTATION & REFINANCE - RATE TERM

================================================================================

Number of Mortgage Loans: 140
Total Current Balance: 19,696,103.76
Average Current Balance: 140,686.46
Weighted Average FICO Score: 591.8
Weighted Average Current LTV: 82.30
Weighted Average DTI Ratio: 41.77
% Cash-Out Refinance: 0.0
% Full Documentation: 100.0
% Owner Occupied: 98.8
Weighted Average Coupon: 7.751
Weighted Average Margin: 6.787
% 2-4 Family: 1.6
% MH: 0.0
% PUD: 9.1
% Condo: 4.4
% Silent Second: 16.20
# of Bankruptcy's in past 36 months: N/A
# of Foreclosures in past 36 months: N/A

--------------------------------------------------------------------------------
SELECTION CRITERIA: LIMITED DOCUMENTATION & PURCHASE

================================================================================

Number of Mortgage Loans: 71
Total Current Balance: 7,639,607.33
Average Current Balance: 107,600.10
Weighted Average FICO Score: 612.3
Weighted Average Current LTV: 85.65
Weighted Average DTI Ratio: 39.91
% Cash-Out Refinance: 0.0
% Full Documentation: 0.0
% Owner Occupied: 97.2
Weighted Average Coupon: 7.795
Weighted Average Margin: 6.472
% 2-4 Family: 3.1
% MH: 0.0
% PUD: 26.8
% Condo: 9.6
% Silent Second: 55.36
# of Bankruptcy's in past 36 months: N/A
# of Foreclosures in past 36 months: N/A

--------------------------------------------------------------------------------
SELECTION CRITERIA: LIMITED DOCUMENTATION & REFINANCE - CASHOUT

================================================================================

Number of Mortgage Loans: 60
Total Current Balance: 15,076,310.59
Average Current Balance: 251,271.84
Weighted Average FICO Score: 589.5
Weighted Average Current LTV: 77.00
Weighted Average DTI Ratio: 37.21
% Cash-Out Refinance: 100.0
% Full Documentation: 0.0
% Owner Occupied: 90.3
Weighted Average Coupon: 7.203
Weighted Average Margin: 6.302
% 2-4 Family: 10.8
% MH: 0.0
% PUD: 11.6
% Condo: 3.7
% Silent Second: 1.72
# of Bankruptcy's in past 36 months: N/A
# of Foreclosures in past 36 months: N/A

--------------------------------------------------------------------------------
SELECTION CRITERIA: LIMITED DOCUMENTATION & REFINANCE - RATE TERM

================================================================================

Number of Mortgage Loans: 6
Total Current Balance: 734,708.49
Average Current Balance: 122,451.42
Weighted Average FICO Score: 567.4
Weighted Average Current LTV: 78.32
Weighted Average DTI Ratio: 32.08
% Cash-Out Refinance: 0.0
% Full Documentation: 0.0
% Owner Occupied: 87.5
Weighted Average Coupon: 8.390
Weighted Average Margin: 7.288
% 2-4 Family: 0.0
% MH: 0.0
% PUD: 25.7
% Condo: 10.7
% Silent Second: 0.00
# of Bankruptcy's in past 36 months: N/A
# of Foreclosures in past 36 months: N/A

--------------------------------------------------------------------------------
SELECTION CRITERIA: STATED DOCUMENTATION & PURCHASE

================================================================================

Number of Mortgage Loans: 858
Total Current Balance: 166,955,779.20
Average Current Balance: 194,587.16
Weighted Average FICO Score: 683.4
Weighted Average Current LTV: 83.53
Weighted Average DTI Ratio: 42.25
% Cash-Out Refinance: 0.0
% Full Documentation: 0.0
% Owner Occupied: 94.8
Weighted Average Coupon: 7.250
Weighted Average Margin: 6.459
% 2-4 Family: 3.6
% MH: 0.0
% PUD: 15.5
% Condo: 11.2
% Silent Second: 66.09
# of Bankruptcy's in past 36 months: N/A
# of Foreclosures in past 36 months: N/A

--------------------------------------------------------------------------------
SELECTION CRITERIA: STATED DOCUMENTATION & REFINANCE - CASHOUT

================================================================================

Number of Mortgage Loans: 616
Total Current Balance: 122,706,555.55
Average Current Balance: 199,198.95
Weighted Average FICO Score: 608.0
Weighted Average Current LTV: 77.50
Weighted Average DTI Ratio: 41.87
% Cash-Out Refinance: 100.0
% Full Documentation: 0.0
% Owner Occupied: 94.9
Weighted Average Coupon: 7.648
Weighted Average Margin: 6.842
% 2-4 Family: 6.4
% MH: 0.1
% PUD: 9.6
% Condo: 4.9
% Silent Second: 6.24
# of Bankruptcy's in past 36 months: N/A
# of Foreclosures in past 36 months: N/A

--------------------------------------------------------------------------------
SELECTION CRITERIA: STATED DOCUMENTATION & REFINANCE - RATE TERM

================================================================================

Number of Mortgage Loans: 53
Total Current Balance: 10,481,830.08
Average Current Balance: 197,770.38
Weighted Average FICO Score: 616.4
Weighted Average Current LTV: 77.71
Weighted Average DTI Ratio: 39.58
% Cash-Out Refinance: 0.0
% Full Documentation: 0.0
% Owner Occupied: 95.1
Weighted Average Coupon: 7.632
Weighted Average Margin: 6.918
% 2-4 Family: 10.2
% MH: 0.0
% PUD: 10.8
% Condo: 0.0
% Silent Second: 10.79
# of Bankruptcy's in past 36 months: N/A
# of Foreclosures in past 36 months: N/A



This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. This material is based on information that
Morgan Stanley & Co. Incorporated ("Morgan Stanley") considers reliable. Morgan
Stanley makes no representation or warranty with respect to the accuracy or
completeness of the information, or with respect to the terms of any future
offer of securities conforming to the terms hereof. Any such offer of securities
would be made pursuant to a definitive Prospectus or Private Placement
Memorandum, as the case may be, prepared by the issuer which could contain
material information not contained herein and to which the prospective
purchasers are referred. In the event of any such offering, this information
shall be deemed superseded, amended and supplemented in its entirety by such
Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement
Memorandum will contain all material information in respect of any securities
offered thereby and any decision to invest in such securities should be made
solely in reliance upon such Prospectus or Private Placement Memorandum. The
information contained here in may be based on certain assumptions regarding
market conditions and other matters and is therefore subject to change. We make
no representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied on for such
purposes. No representation is made that any returns indicated will be achieved.
Changes to the assumptions may have a material impact on any returns detailed.
Morgan Stanley disclaims any and all liability relating to this information,
including without limitation any express or implied representations or
warranties for, statements contained in, and omissions from the information
contained here in. Additional information is available upon request. Morgan
Stanley and others associated with it may have positions in, and may effect
transaction in, securities and instruments of issuers mentioned herein and may
also perform or seek to perform investment banking services for the issuers of
such securities and instruments. Past performance is not necessarily indicative
of future results. Price and availability are subject to change without notice.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supercedes all prior information regarding such
assets. Morgan Stanley is acting as the lead underwriter and not acting as agent
for the issuer or its affiliates in connection with the proposed transaction. To
our readers worldwide: In addition, please note that this publication has been
issued by Morgan Stanley, approved by Morgan Stanley International Limited, a
member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd.
We recommend that such investors obtain the advice of their Morgan Stanley,
Morgan Stanley International or Morgan Stanley Japan Ltd. representative about
the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED
BY THE U.K. SECURITIES AND FUTURES AUTHORITY.