SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest Event
Reported): May 19, 1999
MORGAN STANLEY ABS CAPITAL I INC.
(Exact name of registrant as specified in its charter)
Delaware 333-64909 13-3939229
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
1585 Broadway, 2nd Floor
New York, New York 10036
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (212) 761-4000
Item 5. Other Events.
Filing of Derived Materials.
In connection with the offering of the Morgan Stanley ABS Capital I
Inc. NOVUS HELOC Trust 1999-1, HELOC Asset-Backed Notes, Series 1999-1 (the
"Notes"), Morgan Stanley & Co. Incorporated, as underwriter of the Notes (the
"Underwriter"), has prepared certain materials (the "Derived Materials") for
distribution to its potential investors. Although NOVUS Financial Corporation
provided the Underwriter with certain information regarding the
characteristics of the Revolving Credit Loans (the "Loans") in the related
portfolio, it did not participate in the preparation of the Derived Materials.
For purposes of this Form 8-K, Derived Materials shall mean computer
generated tables and/or charts displaying, with respect to the, any of the
following: yield; average life, duration; expected maturity; interest rate
sensitivity; loss sensitivity; cash flow characteristics; background
information regarding the Loans; the proposed structure; decrement tables; or
similar information (tabular or otherwise) of a statistical, mathematical,
tabular or computational nature. The Derived Materials are attached hereto as
Exhibit 99.1.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Derived Materials
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MORGAN STANLEY ABS CAPITAL I INC.
By: /s/ Gail McDonnell
------------------------------
Name: Gail McDonnell
Title: Vice President
Dated: May 19, 1999
Exhibit Index
Exhibit Description Page
- ------- ----------- ----
99.1 Derived Materials 6
- ------------------------------------------------------------------------
Morgan Stanley [LOGO OMITTED] May 18, 1999
Asset Finance Group
ABS Capital Markets
- ------------------------------------------------------------------------
Computational Materials
$335,659,539
NOVUS HELOC Trust 1999-1
HELOC ABS
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing debt of the above trust, and is based in part on
information provided by NOVUS Financial Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent debt obligations. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the collateral
will prepay or new balances will be originated at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the collateral contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
Any collateral or structural termsheets contained herein supersede all prior
termsheets. To Our Readers Worldwide: In addition, please note that this
information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
<PAGE>
- ------------------------------------------------------------------------
Morgan Stanley [LOGO OMITTED] May 18, 1999
Asset Finance Group
ABS Capital Markets
- ------------------------------------------------------------------------
<TABLE>
<CAPTION>
$335,659,538.88 NOVUS HELOC Trust 1999-1
NOVUS Financial Corporation -- Seller/Servicer
Transaction Highlights
Expected Modified
Ratings Avg Life Duration Payment
(S&P/ To To Window To
Class(1) Description Moody's) Balance Call/Mty(1)(2) Call/Mty(1)(2) Call/Mty(1)(2)
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A Class A Asset-Backed Notes AAA/Aaa $335,659,538.88 2.59/2.67 2.33/2.38 70/85
Class (1) Day Count Benchmark Price Talk
- ------------------------------------------------------
<S> <C> <C> <C>
A Act/360 1-mo. LIBOR +
Notes: (1) The notes are priced to the 10% optional redemption date.
(2) Based on the prepayment and draw rate assumptions. See details below.
</TABLE>
<TABLE>
<S> <C>
Seller: NOVUS Financial Corporation
Servicer: NOVUS Financial Corporation
Indenture Trustee: Norwest Bank Minnesota, National Association
Owner Trustee: Wilmington Trust Company
Manager(s): MORGAN STANLEY DEAN WITTER (sole manager)
Expected Pricing Date: May 20, 1999. Priced to 10% optional redemption date.
Expected Settlement Date: May 27, 1999 through DTC, Euroclear, and Cedelbank.
Settles flat.
Payment Dates: The 25th of each month, beginning June 25, 1999.
Mortgage Loans: 10,791 of primarily adjustable rate revolving credit loans with an aggregate unpaid
balance of $335,659,538.88 (as of May 1, 1999 cut-off date) secured by first, second
and third liens on one- to four-family residential properties
Transaction Structure: 60-month managed amortization period (MAP) followed by rapid amortization period
(RAP) in which 100% of principal collections are distributed to the Class A Noteholders
Pricing Speed: o Prepayment Rate: 40% CPR
o Draw Rate: 22% CPR
Final Payment Date: May 25, 2010
Credit Enhancement: 100% AMBAC guaranty and overcollateralization.
Optional Redemption: Outstanding Class A Note Balance is less than or equal to 10% of original Class A Note
Balance. The notes are priced to the 10% optional redemption date.
Step-up Coupon: The margin on the notes will double after the 10% redemption date if the redemption is
not exercised.
Net Funds Cap: The notes will be subject to a net funds cap.
Net Funds Cap Carryover Amount: Net funds cap carryover amount will be payable on the notes.
Trust Tax Status: Owner Trust.
ERISA Eligibility: The Notes are expected to be ERISA eligible.
SMMEA Eligibility: The Notes are not SMMEA eligible.
</TABLE>
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing debt of the above trust, and is based in part on
information provided by NOVUS Financial Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent debt obligations. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the collateral
will prepay or new balances will be originated at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the collateral contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
Any collateral or structural termsheets contained herein supercede all prior
termsheets. To Our Readers Worldwide: In addition, please note that this
information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
<PAGE>
Credit Structure
o On each payment date, the Investor Percentage of interest and principal
collections (please see below) on the loans (net of the 0.50% servicing
fee) will be used to pay the following amounts in the priority indicated:
1. Indenture and Owner Trustee Fees
2. Insurer Premium
3. Class A Interest
4. Class A Principal
5. Class A Investor Losses
6. Class A Overcollateralization Deficit
7. Any Outstanding Amounts owed to the Insurer
8. Class A Overcollateralization Requirement
9. Class A Net Funds Cap Carry-Over Amount
10. Remaining amounts payable to the NOVUS SPE as Certificateholder
The pro-rata share of interest, losses and principal collections during the
MAP period will be based on the Investor Percentage which is the ratio of the
outstanding Investor Amount to the Pool Balance.
During the Managed Amortization Period (MAP) period, principal will be
allocated on a pro rata basis to investors based on the Investor Percentage.
During the Rapid Amortization Period (RAP) period, all principal collections
will be paid to the Class A Noteholders.
Interest and losses will be allocated on a pro rata basis based on the
Investor Percentage during the MAP and RAP period.
As of the closing date, the Certificateholder Interest will equal zero. To the
extent principal draws exceed principal payments during the MAP period, the
Certificateholder Interest will increase by the amount of this differential.
The Certificateholder Interest will grow by the amount of draws during the RAP
period.
Class A Interest
The Class A Noteholders will be entitled to receive monthly interest based on
a 1-month LIBOR rate + [ ] on the outstanding balance of the Class A Notes
subject to a net funds cap for the related period. The noteholders' interest
will generally be payable out of the Investor Percentage of interest
collections.
Interest will be payable on an actual/360 day-count basis. Interest will
accrue from and including the prior payment date to but excluding the next
payment date. On the closing date, interest will accrue from the closing date
to the next payment date.
Class A Principal
The Class A Investor Percentage of principal will be payable to the
noteholders on a monthly basis during the MAP period based on the positive
difference between aggregate principal collections and draws on additional
balances. During the RAP period, all principal collections received on the
collateral will be paid to the Class A Noteholders.
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing debt of the above trust, and is based in part on
information provided by NOVUS Financial Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent debt obligations. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the collateral
will prepay or new balances will be originated at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the collateral contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
Any collateral or structural termsheets contained herein supercede all prior
termsheets. To Our Readers Worldwide: In addition, please note that this
information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
<PAGE>
MAP Period
For a period of approximately 60 months from the closing date through the
payment date in May 2004, Class A Noteholders shall receive the Investor
Percentage of the difference between aggregate principal collections and draws
on additional balances.
As mentioned below, the MAP period may terminate earlier due to the occurrence
of a Rapid Amortization Event.
RAP Period
Upon the completion of the MAP period or upon the occurrence of a Rapid
Amortization Event, Class A Noteholders shall receive all principal
collections on the collateral until the Class A notes are retired in full.
Rapid Amortization Events
The following will constitute Rapid Amortization Events:
1. Breach of representations and warranties or covenants in a material
manner which continues unremedied for a specified period of time after
written notice
2. Occurrence of certain events of bankruptcy, insolvency or receivership
relating to the Seller or Issuer
3. Issuer becomes subject to regulation as an investment company within the
meaning of the Investment Company Act of 1940
4. Failure to make a payment or deposit when due under the various
Agreements within five business days
5. Aggregate of all draws under the insurance policy exceeds a predetermined
amount or percentage
6. Issuer is determined to be an association taxable as a corporation for
federal income tax purposes
Class A Investor Amount
The Class A Investor Amount equals the initial principal amount of the Class A
Notes issued minus the amount of principal payments allocated to the Class A
Notes (does not include Class A Overcollateralization Requirement) minus Class
A Investor Losses.
Certificateholder Interest
The Certificateholder Interest will comprise the Pool Balance in excess of the
Class A Investor Amount.
Credit Enhancement
Credit enhancement consists of the following:
1. Excess Interest Collections
2. Overcollateralization Amount
3. Insurance Policy
The insurer will only be required to make a draw under the policy in the event
of shortfalls in Class A interest payments, to bring into parity any negative
differential between the Class A Investor Amount and the Class A Note Balance
and any outstanding Class A Note principal balance on the final payment date
(May 25, 2010).
After the payment date two and one-half years from the closing date, the
overcollateralization may step down to 2x the overcollateralization
requirement, subject to a 0.5% floor and performance triggers.
Servicer Advances
There will be no servicer advances.
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing debt of the above trust, and is based in part on
information provided by NOVUS Financial Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent debt obligations. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the collateral
will prepay or new balances will be originated at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the collateral contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
Any collateral or structural termsheets contained herein supercede all prior
termsheets. To Our Readers Worldwide: In addition, please note that this
information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
Average Life Sensitivity to Payments and Draws
Assumes 10% optional redemption IS exercised
- -------------------------------------------------------------------------------------------------------------------------------
% CPR
-------------------------------------------------------------------------------------------------------
0% 15% 30% 35%
Constant Draw Rate WAL Date WAL Date WAL Date WAL Date
===============================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
0% CPR 6.12 06/25/08 3.49 02/25/07 2.08 04/25/04 1.82 11/25/03
10% CPR 5.05 06/25/06 4.60 08/25/07 2.69 09/25/05 2.25 09/25/04
15% CPR 4.87 06/25/06 5.33 05/25/07 3.09 03/25/06 2.56 04/25/05
20% CPR 4.75 06/25/06 4.92 06/25/06 3.57 06/25/06 2.95 10/25/05
22% CPR 4.76 06/25/06 4.79 06/25/06 3.79 06/25/06 3.13 12/25/05
25% CPR 4.77 06/25/06 4.66 06/25/06 4.17 06/25/06 3.43 02/25/06
30% CPR 4.78 06/25/06 4.40 04/25/06 4.97 06/25/06 4.05 04/25/06
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
% CPR
-----------------------------------------------------------------------------------------------------------
40% 45% 50% 60%
Constant Draw Rate WAL Date WAL Date WAL Date WAL Date
=================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
0% CPR 1.57 03/25/03 1.36 08/25/02 1.20 04/25/02 0.94 09/25/01
10% CPR 1.93 03/25/04 1.63 05/25/03 1.39 09/25/02 1.07 02/25/02
15% CPR 2.14 06/25/04 1.82 11/25/03 1.54 02/25/03 1.15 04/25/02
20% CPR 2.45 01/25/05 2.04 04/25/04 1.72 08/25/03 1.22 04/25/02
22% CPR 2.59 03/25/05 2.15 06/25/04 1.80 11/25/03 1.26 05/25/02
25% CPR 2.82 06/25/05 2.33 10/25/04 1.96 04/25/04 1.33 07/25/02
30% CPR 3.30 10/25/05 2.70 03/25/05 2.22 08/25/04 1.48 12/25/02
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Average Life Sensitivity to Payments and Draws
Assumes 10% optional redemption IS NOT exercised
- ------------------------------------------------------------------------------------------------------------------------------
% CPR
---------------------------------------------------------------------------------------------------------
0% 15% 30% 35%
Constant Draw Rate WAL Date WAL Date WAL Date WAL Date
==============================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
0% CPR 6.12 06/25/08 3.61 06/25/08 2.26 06/25/08 1.96 06/25/08
10% CPR 5.20 06/25/08 4.67 06/25/08 2.78 01/25/08 2.37 06/25/07
15% CPR 4.93 06/25/08 5.40 06/25/08 3.13 04/25/07 2.65 12/25/06
20% CPR 4.76 06/25/08 4.92 06/25/06 3.58 10/25/06 3.00 06/25/06
22% CPR 4.77 06/25/08 4.79 06/25/06 3.79 07/25/06 3.17 06/25/06
25% CPR 4.78 06/25/08 4.66 06/25/06 4.17 06/25/06 3.46 06/25/06
30% CPR 4.80 06/25/08 4.41 06/25/06 4.97 06/25/06 4.06 06/25/06
- ------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
% CPR
------------------------------------------------------------------------------------------------------------
40% 45% 50% 60%
Constant Draw Rate WAL Date WAL Date WAL Date WAL Date
====================================================================================================================-------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
0% CPR 1.71 10/25/07 1.49 08/25/06 1.31 05/25/06 1.02 08/25/04
10% CPR 2.04 12/25/06 1.76 06/25/06 1.52 06/25/06 1.15 03/25/05
15% CPR 2.26 07/25/06 1.93 06/25/06 1.66 06/25/06 1.23 06/25/05
20% CPR 2.54 06/25/06 2.15 06/25/06 1.83 06/25/06 1.33 08/25/05
22% CPR 2.67 06/25/06 2.25 06/25/06 1.90 06/25/06 1.38 09/25/05
25% CPR 2.89 06/25/06 2.42 06/25/06 2.03 05/25/06 1.45 09/25/05
30% CPR 3.34 06/25/06 2.76 06/25/06 2.30 04/28/06 1.60 10/25/05
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing debt of the above trust, and is based in part on
information provided by NOVUS Financial Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent debt obligations. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the collateral
will prepay or new balances will be originated at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the collateral contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
Any collateral or structural termsheets contained herein supercede all prior
termsheets. To Our Readers Worldwide: In addition, please note that this
information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
NOVUS 1999-1 Collateral Description
<S> <C>
Aggregate Pool Balance: $335,659,539
Total Line of Credit: $543,387,064
Available Line of Credit: $207,727,525
Number of Loans: 10,791
Adjustment Type: 99.93% 1 month ARM - Prime Rate
0.07% Fixed Rate
WA Coupon: 10.233% (min: 6.750% / max: 18.000%)
WA Gross Margin (ARMs only): 2.508% (min: -0.500%/ max: 18.00%)
Average Outstanding Balance: $31,106 (min: $0/ max: $1,039,674)
WA Utilization Rate: 61.77%
Lien Position: 17.58% 1st Lien
82.40% 2nd Lien
0.02% 3rd Lien
WA Original Combined Loan to Value Ratio(1): 69.22%
WA Junior Ratio(2): 41.53%
WA Original Term: 120 months
WA Remaining Term: 75 months
Latest Scheduled Maturity: May 1, 2009
Property Type: 94.78% Single Family
2.64% Condominium
1.70% 2-4 Family
0.88% Townhouse
Geographic Distribution (>5%): CA (29.28%)
NY (10.43%)
FL (6.88%)
NJ (6.26%)
IL (5.75%)
Purpose: 99.83% Cashout Refinance
0.17% Purchase
Origination Source: 37.80% Morgan Stanley Dean Witter
35.94% Direct Mail/Discover Card
13.65% Existing Customers
9.35% Allstate
2.28% Sears Mortgage Corp
0.65% Sears Home Improvement
0.33% Mortgage Broker
Pool Cut-off Date: May 1, 1999
Note: (1) Excludes Unknown Values representing approximately 14.48% of the pool.
(2) Excludes First Liens and Subordinate Liens where information was not available to calculate the Junior Ratio.
</TABLE>
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing debt of the above trust, and is based in part on
information provided by NOVUS Financial Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent debt obligations. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the collateral
will prepay or new balances will be originated at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the collateral contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
Any collateral or structural termsheets contained herein supercede all prior
termsheets. To Our Readers Worldwide: In addition, please note that this
information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
NOVUS 1999-1 Collateral Detail
- --------------------------------------------------------------------------------------------------------------------------------
% of
Number of Aggregate Aggregate Average Weighted
Mortgage Principal Principal Current Average
Source Loans Balance Balance Balance Coupon
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Dean Witter Client (DWR) 3,651 126,882,468.00 37.80 34,752.80 9.503
Direct Mail/Discover Cardholders (DRM) 4,039 120,633,288.59 35.94 29,867.12 10.780
Internally Generated (FLD) 1,187 45,806,859.84 13.65 38,590.45 10.450
Allstate Insurance (AIC) 1,230 31,376,486.40 9.35 25,509.34 10.756
Sears Mortgage Corp (SMC) 490 7,662,707.01 2.28 15,638.18 10.041
Sears Home Improvement (HIP) 161 2,197,154.02 0.65 13,646.92 10.942
Mortgage Broker (BRO) 33 1,100,575.02 0.33 33,350.76 10.573
Total: 10,791 335,659,538.88 100.00 31,105.51 10.233
- -------------------------------------------------------------------------------------------------------------------
Weighted Weighted Weighted
Average Weighted Average Average
Margin Average Stated Weighted Original
(ARMs Original Remaining Average Combined
Source only) Term Term Seasoning LTV
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Dean Witter Client (DWR) 1.778 120 94.0 26.1 66.03
Direct Mail/Discover Cardholders (DRM) 3.050 120 64.9 54.9 74.28
Internally Generated (FLD) 2.753 120 69.3 50.9 67.96
Allstate Insurance (AIC) 3.020 120 60.8 59.2 70.19
Sears Mortgage Corp (SMC) 2.291 120 37.0 83.1 67.33
Sears Home Improvement (HIP) 3.162 120 26.3 93.8 50.41
Mortgage Broker (BRO) 2.823 120 37.8 82.2 71.01
Total: 2.508 120 75.1 44.8 69.22
- --------------------------------------------------------------------------------------------------------------------------
Aggregate Average Credit Percent Percent
Credit Credit Utilization Cashout Owner
Source Limit Limit Ratio Refi Occupied
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Dean Witter Client (DWR) 241,203,710.61 66,065.11 52.60 99.6 92.1
Direct Mail/Discover Cardholders (DRM) 165,421,099.03 40,955.95 72.92 100.0 98.6
Internally Generated (FLD) 62,863,074.15 52,959.62 72.87 100.0 95.5
Allstate Insurance (AIC) 46,810,103.21 38,056.99 67.03 100.0 96.9
Sears Mortgage Corp (SMC) 21,946,003.00 44,787.76 34.92 100.0 100.0
Sears Home Improvement (HIP) 3,110,174.05 19,317.85 70.64 100.0 100.0
Mortgage Broker (BRO) 2,032,900.00 61,603.03 54.14 100.0 100.0
Total: 543,387,064.05 50,355.58 61.77 99.8 95.6
</TABLE>
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing debt of the above trust, and is based in part on
information provided by NOVUS Financial Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent debt obligations. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the collateral
will prepay or new balances will be originated at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the collateral contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
Any collateral or structural termsheets contained herein supercede all prior
termsheets. To Our Readers Worldwide: In addition, please note that this
information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
Weighted
% of Average
Number of Aggregate Aggregate Average Weighted Margin
Mortgage Principal Principal Current Average (ARMs
Mortgage Rates (%) Loans Balance Balance Balance Coupon only)
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
6.501 - 7.000 1 253,726.52 0.08 253,726.52 6.750 6.750
7.001 - 7.500 1 923,421.72 0.28 923,421.72 7.250 0.500
7.501 - 8.000 168 16,791,730.85 5.00 99,950.78 7.758 0.106
8.001 - 8.500 533 19,631,410.80 5.85 36,831.92 8.430 0.671
8.501 - 9.000 135 8,829,874.48 2.63 65,406.48 8.862 1.112
9.001 - 9.500 2,095 81,832,909.12 24.38 39,061.05 9.322 1.573
9.501 - 10.000 1,945 57,802,916.20 17.22 29,718.72 9.767 2.016
10.001 - 10.500 1,444 35,469,159.72 10.57 24,563.13 10.293 2.542
10.501 - 11.000 1,355 39,400,459.95 11.74 29,077.83 10.749 3.000
11.001 - 11.500 904 25,490,676.69 7.59 28,197.65 11.344 3.600
11.501 - 12.000 481 13,445,162.54 4.01 27,952.52 11.787 4.044
12.001 - 12.500 262 6,495,293.49 1.94 24,791.20 12.346 4.612
12.501 - 13.000 449 11,410,301.02 3.40 25,412.70 12.764 5.056
13.001 - 13.500 144 3,225,092.49 0.96 22,396.48 13.283 6.111
13.501 - 14.000 361 6,355,109.86 1.89 17,604.18 13.749 6.033
14.001 - 14.500 71 1,455,613.38 0.43 20,501.60 14.292 7.144
14.501 - 15.000 62 1,040,143.74 0.31 16,776.51 14.808 7.525
15.001 - 15.500 33 490,933.97 0.15 14,876.79 15.382 8.384
15.501 - 16.000 78 1,198,436.88 0.36 15,364.58 15.802 8.386
16.001 - 16.500 55 860,044.81 0.26 15,637.18 16.313 8.971
16.501 - 17.000 114 1,813,388.94 0.54 15,906.92 16.857 9.113
17.001 - 17.500 47 732,685.35 0.22 15,589.05 17.404 9.780
17.501 - 18.000 53 711,046.36 0.21 13,415.97 17.930 11.277
Total: 10,791 335,659,538.88 100.00 31,105.51 10.233 2.508
- ------------------------------------------------------------------------------------------------------------------------------
Weighted Weighted
Weighted Average Average
Average Stated Weighted Original Aggregate Average
Original Remaining Average Combined Credit Credit
Mortgage Rates (%) Term Term Seasoning LTV Limit Limit
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
6.501 - 7.000 120 54.0 66.0 70.00 378,000.00 378,000.00
7.001 - 7.500 120 117.0 3.0 35.71 2,000,000.00 2,000,000.00
7.501 - 8.000 120 105.8 14.2 63.41 34,173,844.86 203,415.74
8.001 - 8.500 120 98.6 21.4 65.98 47,172,458.00 88,503.67
8.501 - 9.000 120 69.5 49.5 64.22 13,467,586.00 99,759.90
9.001 - 9.500 120 81.4 38.3 62.22 143,787,256.27 68,633.54
9.501 - 10.000 120 57.3 62.7 66.35 102,073,666.49 52,480.03
10.001 - 10.500 120 59.3 60.8 66.70 58,318,822.05 40,387.00
10.501 - 11.000 120 58.8 61.3 70.32 53,199,442.14 39,261.58
11.001 - 11.500 120 90.8 29.2 80.84 32,198,039.22 35,617.30
11.501 - 12.000 120 72.0 48.1 73.45 16,265,915.68 33,816.87
12.001 - 12.500 120 82.0 38.1 77.38 7,363,606.39 28,105.37
12.501 - 13.000 120 86.7 33.4 82.61 12,806,057.03 28,521.29
13.001 - 13.500 120 92.0 28.1 80.13 3,564,388.47 24,752.70
13.501 - 14.000 120 92.9 27.2 88.64 7,331,444.17 20,308.71
14.001 - 14.500 120 91.3 28.8 77.77 1,635,662.95 23,037.51
14.501 - 15.000 120 88.6 31.5 88.10 1,149,264.88 18,536.53
15.001 - 15.500 120 86.2 33.9 88.07 557,600.00 16,896.97
15.501 - 16.000 120 83.3 36.8 94.37 1,387,584.00 17,789.54
16.001 - 16.500 120 76.7 43.3 94.78 959,557.00 17,446.49
16.501 - 17.000 120 80.2 39.9 95.82 1,974,015.00 17,315.92
17.001 - 17.500 120 79.4 40.8 96.71 793,844.23 16,890.30
17.501 - 18.000 120 59.5 60.8 85.43 829,009.22 15,641.68
Total: 120 75.1 44.8 69.22 543,387,064.05 50,355.58
- -------------------------------------------------------------------
Credit Percent Percent
Utilization Cashout Owner
Mortgage Rates (%) Ratio Refi Occupied
- -------------------------------------------------------------------
<S> <C> <C> <C>
6.501 - 7.000 67.12 100.0 100.0
7.001 - 7.500 46.17 100.0 100.0
7.501 - 8.000 49.14 97.6 96.7
8.001 - 8.500 41.62 100.0 97.1
8.501 - 9.000 65.56 100.0 84.1
9.001 - 9.500 56.91 99.9 94.6
9.501 - 10.000 56.63 100.0 97.8
10.001 - 10.500 60.82 100.0 96.0
10.501 - 11.000 74.06 100.0 96.6
11.001 - 11.500 79.17 99.6 93.6
11.501 - 12.000 82.66 100.0 95.2
12.001 - 12.500 88.21 100.0 92.7
12.501 - 13.000 89.10 100.0 96.9
13.001 - 13.500 90.48 100.0 94.9
13.501 - 14.000 86.68 100.0 96.6
14.001 - 14.500 88.99 100.0 87.0
14.501 - 15.000 90.51 100.0 100.0
15.001 - 15.500 88.04 100.0 100.0
15.501 - 16.000 86.37 100.0 99.2
16.001 - 16.500 89.63 100.0 98.1
16.501 - 17.000 91.86 100.0 100.0
17.001 - 17.500 92.30 100.0 100.0
17.501 - 18.000 85.77 100.0 100.0
Total: 61.77 99.8 95.6
</TABLE>
Minimum: 6.7500
Maximum: 18.0000
Weighted Average: 10.2335
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing debt of the above trust, and is based in part on
information provided by NOVUS Financial Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent debt obligations. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the collateral
will prepay or new balances will be originated at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the collateral contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
Any collateral or structural termsheets contained herein supercede all prior
termsheets. To Our Readers Worldwide: In addition, please note that this
information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
Weighted
% of Average
Number of Aggregate Aggregate Average Weighted Margin
Mortgage Principal Principal Current Average (ARMs
Margins (%) - ARMs Only Loans Balance Balance Balance Coupon only)
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
- -0.999 - -0.500 1 923,421.72 0.28 923,421.72 7.250 -0.500
- -0.499 - 0.000 142 15,750,166.20 4.70 110,916.66 7.761 0.000
0.001 - 0.500 40 4,988,502.93 1.49 124,712.57 8.174 0.424
0.501 - 1.000 576 19,614,390.16 5.85 34,052.76 8.556 0.808
1.001 - 1.500 1,287 62,273,004.10 18.57 48,386.17 9.227 1.482
1.501 - 2.000 2,673 77,133,701.99 23.00 28,856.60 9.663 1.917
2.001 - 2.500 1,358 33,854,446.50 10.09 24,929.64 10.211 2.461
2.501 - 3.000 1,444 41,380,274.80 12.34 28,656.70 10.677 2.933
3.001 - 3.500 609 19,620,030.63 5.85 32,216.80 11.174 3.435
3.501 - 4.000 830 20,888,652.33 6.23 25,167.05 11.586 3.859
4.001 - 4.500 201 6,099,289.46 1.82 30,344.72 12.094 4.344
4.501 - 5.000 539 13,244,232.55 3.95 24,571.86 12.656 4.906
5.001 - 5.500 158 3,814,752.74 1.14 24,144.00 13.098 5.348
5.501 - 6.000 372 6,500,511.21 1.94 17,474.49 13.697 5.947
6.001 - 6.500 70 1,585,381.01 0.47 22,648.30 14.118 6.368
6.501 - 7.000 59 1,295,626.19 0.39 21,959.77 13.108 6.875
7.001 - 7.500 27 429,758.27 0.13 15,916.97 15.105 7.355
7.501 - 8.000 74 1,164,518.30 0.35 15,736.73 15.699 7.949
8.001 - 8.500 50 795,234.68 0.24 15,904.69 16.198 8.456
8.501 - 9.000 78 1,231,020.42 0.37 15,782.31 16.687 8.952
9.001 - 9.500 69 1,060,774.87 0.32 15,373.55 17.060 9.310
9.501 - 10.000 39 649,910.42 0.19 16,664.37 17.571 9.821
10.001 - 10.500 18 252,488.63 0.08 14,027.15 18.000 10.288
10.501 - 11.000 6 82,118.11 0.02 13,686.35 18.000 10.786
11.001 - 11.500 1 18,733.64 0.01 18,733.64 11.250 11.250
11.501 - 12.000 2 21,793.63 0.01 10,896.82 14.048 11.964
12.001 - 12.500 1 14,351.93 0.00 14,351.93 12.250 12.250
12.501 - 13.000 2 60,843.45 0.02 30,421.73 12.848 12.848
13.001 - 13.500 12 240,869.46 0.07 20,072.46 13.388 13.388
13.501 - 14.000 2 28,203.66 0.01 14,101.83 13.750 13.750
14.001 - 14.500 8 111,902.71 0.03 13,987.84 14.309 14.309
14.501 - 15.000 5 61,063.21 0.02 12,212.64 14.900 14.900
15.001 - 15.500 4 46,351.71 0.01 11,587.93 15.417 15.417
15.501 - 16.000 3 48,244.55 0.01 16,081.52 15.922 15.922
16.001 - 16.500 3 45,306.21 0.01 15,102.07 16.450 16.450
16.501 - 17.000 1 1,297.10 0.00 1,297.10 17.000 17.000
17.001 - 17.500 1 11,945.92 0.00 11,945.92 17.060 17.060
17.501 - 18.000 5 78,516.43 0.02 15,703.29 17.998 17.998
Total: 10,770 335,421,631.83 100.00 31,144.07 10.230 2.508
- ------------------------------------------------------------------------------------------------------------------------------
Weighted Weighted
Weighted Average Average
Average Stated Weighted Original Aggregate
Original Remaining Average Combined Credit
Margins (%) - ARMs Only Term Term Seasoning LTV Limit
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
- -0.999 - -0.500 120 117.0 3.0 35.71 2,000,000.00
- -0.499 - 0.000 120 106.3 13.7 62.48 32,779,484.00
0.001 - 0.500 120 98.5 21.5 59.74 11,323,350.00
0.501 - 1.000 120 96.4 23.6 67.58 43,826,819.00
1.001 - 1.500 120 81.1 38.5 62.22 114,290,207.83
1.501 - 2.000 120 61.5 58.4 64.82 131,065,478.79
2.001 - 2.500 120 58.4 61.7 66.78 56,581,743.39
2.501 - 3.000 120 61.6 58.5 69.33 56,431,330.80
3.001 - 3.500 120 81.5 38.6 76.94 24,788,523.23
3.501 - 4.000 120 85.6 34.5 79.29 25,950,207.82
4.001 - 4.500 120 75.7 44.6 73.36 6,904,333.24
4.501 - 5.000 120 88.5 31.5 83.35 14,890,059.03
5.001 - 5.500 120 83.4 36.7 76.78 4,281,614.83
5.501 - 6.000 120 94.4 25.7 87.55 7,502,982.03
6.001 - 6.500 120 87.0 33.2 77.90 1,759,080.95
6.501 - 7.000 120 86.2 33.8 81.31 1,531,122.88
7.001 - 7.500 120 91.4 28.7 87.43 510,800.00
7.501 - 8.000 120 85.9 34.2 92.61 1,312,439.00
8.001 - 8.500 120 77.8 42.2 95.40 905,145.00
8.501 - 9.000 120 76.0 44.1 94.44 1,329,666.00
9.001 - 9.500 120 82.1 38.1 97.00 1,177,972.23
9.501 - 10.000 120 75.4 44.8 87.86 708,088.00
10.001 - 10.500 120 64.0 56.2 92.98 299,870.00
10.501 - 11.000 120 62.2 58.0 95.79 84,265.00
11.001 - 11.500 120 91.0 29.0 58.16 20,000.00
11.501 - 12.000 120 56.3 63.7 92.18 23,000.00
12.001 - 12.500 120 57.0 63.0 90.23 15,000.00
12.501 - 13.000 120 111.9 8.1 94.05 60,900.00
13.001 - 13.500 120 88.6 31.5 95.10 266,700.00
13.501 - 14.000 120 57.5 62.5 85.97 29,445.78
14.001 - 14.500 120 62.9 57.2 94.68 126,071.00
14.501 - 15.000 120 58.0 62.0 89.38 63,000.00
15.001 - 15.500 120 61.8 58.6 97.25 63,000.00
15.501 - 16.000 120 60.6 59.8 96.22 50,000.00
16.001 - 16.500 120 61.7 58.3 91.81 45,835.00
16.501 - 17.000 120 61.0 59.0 100.00 16,000.00
17.001 - 17.500 120 62.0 60.0 100.00 12,000.00
17.501 - 18.000 120 61.3 58.9 93.72 81,531.12
Total: 120 75.1 44.8 69.20 543,107,065.95
- ---------------------------------------------------------------------------------------
Average Credit Percent Percent
Credit Utilization Cashout Owner
Margins (%) - ARMs Only Limit Ratio Refi Occupied
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- -0.999 - -0.500 2,000,000.00 46.17 100.0 100.0
- -0.499 - 0.000 230,841.44 48.05 97.5 96.6
0.001 - 0.500 283,083.75 44.06 100.0 95.4
0.501 - 1.000 76,088.23 44.75 100.0 92.0
1.001 - 1.500 88,803.58 54.49 99.9 94.2
1.501 - 2.000 49,033.10 58.85 100.0 98.0
2.001 - 2.500 41,665.50 59.83 100.0 95.7
2.501 - 3.000 39,079.87 73.33 100.0 95.7
3.001 - 3.500 40,703.65 79.15 99.7 94.0
3.501 - 4.000 31,265.31 80.50 99.8 94.6
4.001 - 4.500 34,349.92 88.34 100.0 91.7
4.501 - 5.000 27,625.34 88.95 100.0 97.7
5.001 - 5.500 27,098.83 89.10 100.0 91.5
5.501 - 6.000 20,169.31 86.64 100.0 96.6
6.001 - 6.500 25,129.73 90.13 100.0 87.9
6.501 - 7.000 25,951.24 84.62 100.0 96.9
7.001 - 7.500 18,918.52 84.13 100.0 100.0
7.501 - 8.000 17,735.66 88.73 100.0 99.2
8.001 - 8.500 18,102.90 87.86 100.0 100.0
8.501 - 9.000 17,047.00 92.58 100.0 98.7
9.001 - 9.500 17,072.06 90.05 100.0 100.0
9.501 - 10.000 18,156.10 91.78 100.0 100.0
10.001 - 10.500 16,659.44 84.20 100.0 100.0
10.501 - 11.000 14,044.17 97.45 100.0 100.0
11.001 - 11.500 20,000.00 93.67 100.0 100.0
11.501 - 12.000 11,500.00 94.75 100.0 100.0
12.001 - 12.500 15,000.00 95.68 100.0 100.0
12.501 - 13.000 30,450.00 99.91 100.0 100.0
13.001 - 13.500 22,225.00 90.31 100.0 100.0
13.501 - 14.000 14,722.89 95.78 100.0 100.0
14.001 - 14.500 15,758.88 88.76 100.0 100.0
14.501 - 15.000 12,600.00 96.93 100.0 100.0
15.001 - 15.500 15,750.00 73.57 100.0 100.0
15.501 - 16.000 16,666.67 96.49 100.0 100.0
16.001 - 16.500 15,278.33 98.85 100.0 100.0
16.501 - 17.000 16,000.00 8.11 100.0 100.0
17.001 - 17.500 12,000.00 99.55 100.0 100.0
17.501 - 18.000 16,306.22 96.30 100.0 100.0
Total: 50,427.77 61.76 99.8 95.6
</TABLE>
Minimum: -0.5000
Maximum: 18.0000
Weighted Average: 2.5080
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing debt of the above trust, and is based in part on
information provided by NOVUS Financial Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent debt obligations. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the collateral
will prepay or new balances will be originated at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the collateral contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
Any collateral or structural termsheets contained herein supercede all prior
termsheets. To Our Readers Worldwide: In addition, please note that this
information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
Weighted
% of Average
Number of Aggregate Aggregate Average Weighted Margin
Mortgage Principal Principal Current Average (ARMs
Maximum Loan Rates (%) Loans Balance Balance Balance Coupon only)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
12.75 1 35,896.62 0.01 35,896.62 12.750 12.750
12.99 1 24,946.83 0.01 24,946.83 12.990 12.990
13.5 1 23,761.60 0.01 23,761.60 13.500 13.500
14 5 159,660.54 0.05 31,932.11 10.736 2.986
15 25 529,572.47 0.16 21,182.90 10.257 2.507
16 124 3,271,097.84 0.97 26,379.82 11.077 3.442
16.5 8 119,944.72 0.04 14,993.09 12.171 4.421
17 14 339,455.86 0.10 24,246.85 11.024 3.274
18 10,598 330,823,963.44 98.56 31,215.70 10.221 2.493
21 1 5,870.61 0.00 5,870.61 10.000 2.250
24 13 325,368.35 0.10 25,028.33 11.373 3.623
Total: 10,791 335,659,538.88 100.00 31,105.51 10.233 2.508
- ------------------------------------------------------------------------------------------------------------------------
Weighted Weighted
Weighted Average Average
Average Stated Weighted Original Aggregate Average
Original Remaining Average Combined Credit Credit
Maximum Loan Rates (%) Term Term Seasoning LTV Limit Limit
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
12.75 120 114.0 6.0 93.94 35,900.00 35,900.00
12.99 120 109.0 11.0 94.20 25,000.00 25,000.00
13.5 120 104.0 16.0 96.11 25,000.00 25,000.00
14 120 83.7 36.3 75.25 170,300.00 34,060.00
15 120 96.2 23.8 69.89 705,700.00 28,228.00
16 120 92.0 28.1 73.20 4,827,934.88 38,934.96
16.5 120 89.8 30.2 76.79 151,385.00 18,923.13
17 120 99.5 20.6 75.28 440,500.00 31,464.29
18 120 74.9 45.1 69.15 536,544,797.59 50,626.99
21 120 60.0 60.0 78.05 22,890.00 22,890.00
24 120 60.0 60.0 62.73 437,656.58 33,665.89
Total: 120 75.1 44.8 69.22 543,387,064.05 50,355.58
- -------------------------------------------------------------------------
Credit Percent Percent
Utilization Cashout Owner
Maximum Loan Rates (%) Ratio Refi Occupied
- ---------------------------------------------------------------------
<S> <C> <C> <C>
12.75 99.99 100.0 100.0
12.99 99.79 100.0 100.0
13.5 95.05 100.0 100.0
14 93.75 100.0 72.0
15 75.04 100.0 100.0
16 67.75 100.0 93.1
16.5 79.23 100.0 85.9
17 77.06 100.0 100.0
18 61.66 99.8 95.7
21 25.65 100.0 100.0
24 74.34 100.0 46.8
Total: 61.77 99.8 95.6
</TABLE>
Minimum: 12.7500
Maximum: 24.0000
Weighted Average: 17.9769
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing debt of the above trust, and is based in part on
information provided by NOVUS Financial Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent debt obligations. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the collateral
will prepay or new balances will be originated at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the collateral contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
Any collateral or structural termsheets contained herein supercede all prior
termsheets. To Our Readers Worldwide: In addition, please note that this
information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
Weighted
% of Average
Number of Aggregate Aggregate Average Weighted Margin
Mortgage Principal Principal Current Average (ARMs
Current Loan Balance ($) Loans Balance Balance Balance Coupon only)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.00 1,177 0.00 0.00 0.00 0.000 0.000
0.01 - 10,000.00 1,444 8,667,149.75 2.58 6,002.18 10.963 3.226
10,000.01 - 20,000.00 2,518 39,093,456.99 11.65 15,525.60 11.498 3.844
20,000.01 - 30,000.00 2,084 51,809,867.51 15.44 24,860.78 10.864 3.143
30,000.01 - 40,000.00 1,071 37,570,893.74 11.19 35,080.20 10.461 2.722
40,000.01 - 50,000.00 898 41,190,217.40 12.27 45,868.84 10.287 2.548
50,000.01 - 60,000.00 381 21,028,881.86 6.26 55,193.92 10.077 2.339
60,000.01 - 70,000.00 263 17,107,392.05 5.10 65,047.12 10.056 2.303
70,000.01 - 80,000.00 221 16,573,392.36 4.94 74,992.73 10.053 2.303
80,000.01 - 90,000.00 139 11,779,671.00 3.51 84,745.83 9.745 2.017
90,000.01 - 100,000.00 198 19,145,088.44 5.70 96,692.37 9.718 1.969
100,000.01 - 110,000.00 58 6,084,221.00 1.81 104,900.36 9.625 1.875
110,000.01 - 120,000.00 56 6,489,699.30 1.93 115,887.49 9.574 1.824
120,000.01 - 130,000.00 40 5,015,391.07 1.49 125,384.78 9.625 1.875
130,000.01 - 140,000.00 36 4,882,289.69 1.45 135,619.16 9.428 1.664
140,000.01 - 150,000.00 40 5,832,646.36 1.74 145,816.16 9.750 1.982
150,000.01 - 200,000.00 90 15,956,471.67 4.75 177,294.13 9.486 1.736
200,000.01 - 250,000.00 31 7,035,484.38 2.10 226,951.11 8.644 0.894
250,000.01 - 300,000.00 15 4,208,321.40 1.25 280,554.76 8.853 1.570
300,000.01 - 350,000.00 8 2,572,998.99 0.77 321,624.87 8.173 0.423
350,000.01 - 400,000.00 8 3,102,871.40 0.92 387,858.93 8.989 1.239
400,000.01 - 450,000.00 2 886,594.72 0.26 443,297.36 7.936 0.186
450,000.01 - 500,000.00 4 1,871,600.29 0.56 467,900.07 8.113 0.363
500,000.01 - 600,000.00 2 1,123,406.25 0.33 561,703.13 9.641 1.891
600,000.01 - 700,000.00 1 689,723.87 0.21 689,723.87 7.750 0.000
900,000.01 - 1,000,000.00 4 3,901,995.16 1.16 975,498.79 8.840 1.090
Greater than 1,000,000.00 2 2,039,812.23 0.61 1,019,906.12 8.005 0.255
Total: 10,791 335,659,538.88 100.00 31,105.51 10.233 2.508
- ----------------------------------------------------------------------------------------------------------------------------
Weighted Weighted
Weighted Average Average
Average Stated Weighted Original Aggregate Average
Original Remaining Average Combined Credit Credit
Current Loan Balance ($) Term Term Seasoning LTV Limit Limit
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.00 0 0.0 0.0 0.00 76,623,468.00 65,100.65
0.01 - 10,000.00 120 69.7 50.3 67.77 46,925,188.87 32,496.67
10,000.01 - 20,000.00 120 75.0 45.0 74.78 64,603,012.27 25,656.48
20,000.01 - 30,000.00 120 79.2 40.8 72.12 69,082,863.08 33,149.17
30,000.01 - 40,000.00 120 76.4 43.6 70.84 49,405,577.29 46,130.32
40,000.01 - 50,000.00 120 76.0 43.9 68.05 47,754,491.65 53,178.72
50,000.01 - 60,000.00 120 70.4 49.4 69.24 25,699,372.24 67,452.42
60,000.01 - 70,000.00 120 71.4 48.5 71.20 20,717,531.84 78,773.89
70,000.01 - 80,000.00 120 65.2 54.5 68.78 19,360,900.44 87,605.88
80,000.01 - 90,000.00 120 72.8 47.1 67.11 14,581,945.00 104,906.08
90,000.01 - 100,000.00 120 68.7 51.3 63.54 22,310,953.53 112,681.58
100,000.01 - 110,000.00 120 75.3 44.6 72.67 8,760,364.07 151,040.76
110,000.01 - 120,000.00 120 77.1 42.7 68.92 7,832,879.77 139,872.85
120,000.01 - 130,000.00 120 71.5 48.2 71.05 5,711,500.00 142,787.50
130,000.01 - 140,000.00 120 58.5 61.6 69.21 5,809,799.00 161,383.31
140,000.01 - 150,000.00 120 73.7 46.4 68.22 6,644,355.00 166,108.88
150,000.01 - 200,000.00 120 77.9 42.1 66.60 18,325,487.00 203,616.52
200,000.01 - 250,000.00 120 84.7 35.1 56.92 8,433,975.00 272,063.71
250,000.01 - 300,000.00 120 69.0 51.0 67.23 4,727,400.00 315,160.00
300,000.01 - 350,000.00 120 91.9 28.1 67.61 2,668,500.00 333,562.50
350,000.01 - 400,000.00 120 75.6 44.5 58.21 5,347,500.00 668,437.50
400,000.01 - 450,000.00 120 106.5 13.5 71.93 1,030,000.00 515,000.00
450,000.01 - 500,000.00 120 95.9 24.1 59.31 2,000,000.00 500,000.00
500,000.01 - 600,000.00 120 80.4 39.6 72.62 1,130,000.00 565,000.00
600,000.01 - 700,000.00 120 100.0 20.0 58.28 700,000.00 700,000.00
900,000.01 - 1,000,000.00 120 86.2 34.6 54.47 5,000,000.00 1,250,000.00
Greater than 1,000,000.00 120 106.0 14.0 56.54 2,200,000.00 1,100,000.00
Total: 120 75.1 44.8 69.22 543,387,064.05 50,355.58
- -------------------------------------------------------------------------
Credit Percent Percent
Utilization Cashout Owner
Current Loan Balance ($) Ratio Refi Occupied
- -------------------------------------------------------------------------
<S> <C> <C> <C>
0.00 0.00 0.0 0.0
0.01 - 10,000.00 18.47 99.9 96.5
10,000.01 - 20,000.00 60.51 100.0 97.4
20,000.01 - 30,000.00 75.00 99.9 96.3
30,000.01 - 40,000.00 76.05 100.0 96.9
40,000.01 - 50,000.00 86.25 99.9 94.8
50,000.01 - 60,000.00 81.83 99.7 96.1
60,000.01 - 70,000.00 82.57 100.0 94.0
70,000.01 - 80,000.00 85.60 100.0 94.6
80,000.01 - 90,000.00 80.78 100.0 97.2
90,000.01 - 100,000.00 85.81 100.0 94.4
100,000.01 - 110,000.00 69.45 100.0 94.7
110,000.01 - 120,000.00 82.85 100.0 93.0
120,000.01 - 130,000.00 87.81 100.0 89.9
130,000.01 - 140,000.00 84.04 100.0 100.0
140,000.01 - 150,000.00 87.78 100.0 100.0
150,000.01 - 200,000.00 87.07 100.0 95.2
200,000.01 - 250,000.00 83.42 100.0 90.1
250,000.01 - 300,000.00 89.02 100.0 100.0
300,000.01 - 350,000.00 96.42 100.0 87.8
350,000.01 - 400,000.00 58.02 87.1 100.0
400,000.01 - 450,000.00 86.08 100.0 100.0
450,000.01 - 500,000.00 93.58 100.0 100.0
500,000.01 - 600,000.00 99.42 100.0 100.0
600,000.01 - 700,000.00 98.53 100.0 100.0
900,000.01 - 1,000,000.00 78.04 100.0 74.8
Greater than 1,000,000.00 92.72 100.0 100.0
Total: 61.77 99.8 95.6
</TABLE>
Minimum: 0
Maximum: 1,039,674
Average: 31,106
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing debt of the above trust, and is based in part on
information provided by NOVUS Financial Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent debt obligations. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the collateral
will prepay or new balances will be originated at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the collateral contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
Any collateral or structural termsheets contained herein supercede all prior
termsheets. To Our Readers Worldwide: In addition, please note that this
information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
Weighted
% of Average Weighted
Number of Aggregate Aggregate Average Weighted Margin Average
Mortgage Principal Principal Current Average (ARMs Original
Credit Limit ($) Loans Balance Balance Balance Coupon only) Term
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1 - 10,000 550 3,534,527.58 1.05 6,426.41 12.003 4.295 120
10,001 - 20,000 2,200 28,393,327.57 8.46 12,906.06 12.134 4.502 120
20,001 - 30,000 2,452 46,977,849.09 14.00 19,158.99 11.028 3.319 120
30,001 - 40,000 1,120 30,692,456.74 9.14 27,403.98 10.712 2.976 120
40,001 - 50,000 1,692 50,391,915.49 15.01 29,782.46 10.171 2.431 120
50,001 - 60,000 529 20,692,796.44 6.16 39,116.82 10.185 2.444 120
60,001 - 70,000 303 14,262,063.01 4.25 47,069.51 10.208 2.458 120
70,001 - 80,000 418 20,127,372.09 6.00 48,151.61 10.007 2.258 120
80,001 - 90,000 153 9,175,831.66 2.73 59,972.76 9.928 2.203 120
90,001 - 100,000 566 29,376,057.16 8.75 51,901.16 9.640 1.891 120
100,001 - 110,000 72 4,382,552.11 1.31 60,868.78 9.909 2.159 120
110,001 - 120,000 73 5,655,949.00 1.69 77,478.75 9.844 2.117 120
120,001 - 130,000 81 5,886,759.66 1.75 72,676.05 9.773 2.023 120
130,001 - 140,000 54 4,787,424.92 1.43 88,656.02 9.459 1.709 120
140,001 - 150,000 120 8,297,058.96 2.47 69,142.16 9.584 1.834 120
150,001 - 200,000 235 20,969,946.53 6.25 89,233.82 9.474 1.716 120
200,001 - 250,000 55 5,954,482.56 1.77 108,263.32 8.732 0.982 120
250,001 - 300,000 33 4,566,075.70 1.36 138,365.93 8.795 1.045 120
300,001 - 350,000 26 5,117,813.60 1.52 196,838.98 8.584 0.834 120
350,001 - 400,000 15 3,346,240.38 1.00 223,082.69 8.851 1.688 120
400,001 - 450,000 6 888,224.84 0.26 148,037.47 8.467 0.717 120
450,001 - 500,000 14 2,733,264.44 0.81 195,233.17 8.144 0.369 120
500,001 - 600,000 5 1,738,406.25 0.52 347,681.25 9.218 1.468 120
600,001 - 700,000 4 689,817.24 0.21 172,454.31 7.750 0.000 120
700,001 - 800,000 3 1,293.31 0.00 431.10 7.750 0.000 120
800,001 - 900,000 2 97,870.17 0.03 48,935.09 8.112 0.362 120
900,001 - 1,000,000 6 4,461,697.69 1.33 743,616.28 8.871 1.121 120
Greater than 1,000,000 4 2,460,464.69 0.73 615,116.17 7.834 0.084 120
Total: 10,791 335,659,538.88 100.00 31,105.51 10.233 2.508 120
- --------------------------------------------------------------------------------------------------------------------------------
Weighted Weighted
Average Average
Stated Weighted Original Aggregate Average Credit Percent Percent
Remaining Average Combined Credit Credit Utilization Cashout Owner
Term Seasoning LTV Limit Limit Ratio Refi Occupied
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 - 10,000 63.2 56.9 71.77 5,231,242.93 9,511.35 67.57 100.0 98.5
10,001 - 20,000 72.9 47.1 78.70 36,794,227.38 16,724.65 77.17 100.0 97.7
20,001 - 30,000 79.9 40.1 72.66 63,465,568.58 25,883.18 74.02 99.9 96.4
30,001 - 40,000 74.1 45.9 74.17 40,458,633.79 36,123.78 75.86 100.0 96.8
40,001 - 50,000 78.1 41.8 65.61 81,847,303.68 48,373.11 61.57 100.0 95.4
50,001 - 60,000 69.6 50.2 71.24 29,868,508.94 56,462.21 69.28 99.7 96.5
60,001 - 70,000 71.3 48.6 73.28 20,089,248.96 66,301.15 70.99 100.0 94.6
70,001 - 80,000 66.3 53.5 68.25 31,805,838.32 76,090.52 63.28 100.0 94.4
80,001 - 90,000 67.5 52.5 72.25 13,219,090.10 86,399.28 69.41 99.5 96.4
90,001 - 100,000 71.4 48.6 62.34 56,153,382.00 99,210.92 52.31 100.0 94.5
100,001 - 110,000 73.6 46.1 76.54 7,636,987.60 106,069.27 57.39 100.0 94.6
110,001 - 120,000 73.7 46.2 70.78 8,531,181.77 116,865.50 66.30 100.0 92.0
120,001 - 130,000 66.5 53.1 72.77 10,213,540.00 126,093.09 57.64 100.0 95.7
130,001 - 140,000 65.4 54.8 73.34 7,379,700.00 136,661.11 64.87 100.0 92.3
140,001 - 150,000 72.7 47.2 64.71 17,885,306.00 149,044.22 46.39 100.0 98.6
150,001 - 200,000 79.3 40.6 65.55 44,254,651.00 188,317.66 47.38 100.0 96.0
200,001 - 250,000 80.6 39.2 61.83 12,992,094.00 236,219.89 45.83 100.0 92.4
250,001 - 300,000 81.7 38.3 59.39 9,436,650.00 285,959.09 48.39 100.0 92.1
300,001 - 350,000 84.3 35.7 64.75 8,717,166.00 335,275.62 58.71 100.0 93.9
350,001 - 400,000 79.0 41.0 68.67 5,848,500.00 389,900.00 57.22 88.0 100.0
400,001 - 450,000 77.2 42.8 74.71 2,652,643.00 442,107.17 33.48 100.0 100.0
450,001 - 500,000 93.8 26.2 54.38 7,000,000.00 500,000.00 39.05 100.0 100.0
500,001 - 600,000 88.9 31.1 71.72 2,909,000.00 581,800.00 59.76 100.0 100.0
600,001 - 700,000 100.0 20.0 58.28 2,682,000.00 670,500.00 25.72 100.0 100.0
700,001 - 800,000 119.0 1.0 79.97 2,274,600.00 758,200.00 0.06 100.0 100.0
800,001 - 900,000 83.5 36.5 70.85 1,740,000.00 870,000.00 5.62 100.0 100.0
900,001 - 1,000,000 81.0 39.7 58.59 6,000,000.00 1,000,000.00 74.36 100.0 78.0
Greater than 1,000,000 110.5 9.5 43.63 6,300,000.00 1,575,000.00 39.05 100.0 100.0
Total: 75.1 44.8 69.22 543,387,064.05 50,355.58 61.77 99.8 95.6
</TABLE>
Minimum: 4,200
Maximum: 2,000,000
Average: 50,356
Total: 543,387,064.05
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing debt of the above trust, and is based in part on
information provided by NOVUS Financial Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent debt obligations. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the collateral
will prepay or new balances will be originated at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the collateral contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
Any collateral or structural termsheets contained herein supercede all prior
termsheets. To Our Readers Worldwide: In addition, please note that this
information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Weighted Weighted
% of Average Weighted Average
Credit Number of Aggregate Aggregate Average Weighted Margin Average Stated
Utilization Mortgage Principal Principal Current Average (ARMs Original Remaining
Ratio (%) Loans Balance Balance Balance Coupon only) Term Term
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C> <C> <C>
0 1,186 5.81 0.00 0.00 9.532 1.782 120 80.8
0.001 - 5.000 222 369,798.29 0.11 1,665.76 9.183 1.433 120 79.9
5.001 - 10.000 172 1,148,968.39 0.34 6,680.05 9.192 1.449 120 81.1
10.001 - 15.000 155 1,348,617.76 0.40 8,700.76 9.468 1.705 120 77.6
15.001 - 20.000 166 2,323,620.43 0.69 13,997.71 9.262 1.512 120 82.6
20.001 - 25.000 204 2,783,295.44 0.83 13,643.61 9.502 1.758 120 81.0
25.001 - 30.000 187 3,541,706.18 1.06 18,939.61 9.513 1.744 120 74.7
30.001 - 35.000 171 3,206,425.57 0.96 18,751.03 9.554 1.795 120 75.8
35.001 - 40.000 184 3,965,352.11 1.18 21,550.83 9.559 1.809 120 76.3
40.001 - 45.000 176 4,258,575.82 1.27 24,196.45 9.677 1.942 120 78.7
45.001 - 50.000 174 5,182,365.64 1.54 29,783.71 9.140 1.397 120 88.3
50.001 - 55.000 204 5,388,417.58 1.61 26,413.81 9.676 1.929 120 78.1
55.001 - 60.000 233 6,937,578.53 2.07 29,775.02 9.649 1.899 120 78.1
60.001 - 65.000 222 7,280,517.93 2.17 32,795.13 9.811 2.061 120 76.9
65.001 - 70.000 265 8,909,043.84 2.65 33,619.03 9.804 2.263 120 73.5
70.001 - 75.000 274 8,538,865.42 2.54 31,163.74 9.964 2.287 120 83.4
75.001 - 80.000 328 11,948,583.09 3.56 36,428.61 9.856 2.124 120 77.8
80.001 - 85.000 434 14,725,822.83 4.39 33,930.47 9.988 2.244 120 72.0
85.001 - 90.000 524 19,838,157.45 5.91 37,859.08 10.025 2.267 120 77.6
90.001 - 95.000 973 36,207,393.68 10.79 37,212.12 10.235 2.518 120 73.0
95.001 - 100.000 4,028 175,264,154.37 52.21 43,511.46 10.482 2.754 120 74.0
100.001 - 105.000 280 11,628,498.26 3.46 41,530.35 10.783 3.065 120 75.9
Greater than 105.000 29 863,774.46 0.26 29,785.33 11.318 3.619 120 54.3
Total: 10,791 335,659,538.88 100.00 31,105.51 10.233 2.508 120 75.1
- ----------------------------------------------------------------------------------------------------------------------------------
Weighted
Average
Credit Weighted Original Aggregate Average Credit Percent Percent
Utilization Average Combined Credit Credit Utilization Cashout Owner
Ratio (%) Seasoning LTV Limit Limit Ratio Refi Occupied
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
0 39.2 62.40 76,993,168.00 64,918.35 0.00 100.0 70.1
0.001 - 5.000 39.8 64.46 18,142,591.58 81,723.39 2.04 100.0 93.5
5.001 - 10.000 38.8 62.62 14,451,403.00 84,019.78 7.95 100.0 96.1
10.001 - 15.000 42.1 60.44 10,739,912.44 69,289.76 12.56 100.0 98.5
15.001 - 20.000 37.2 57.60 12,893,432.00 77,671.28 18.02 100.0 94.9
20.001 - 25.000 39.0 61.41 12,332,239.00 60,452.15 22.57 100.0 96.9
25.001 - 30.000 45.1 62.36 12,896,000.98 68,962.57 27.46 99.9 97.4
30.001 - 35.000 43.9 59.80 9,857,961.37 57,648.90 32.53 100.0 97.6
35.001 - 40.000 43.8 60.64 10,459,850.65 56,847.01 37.91 99.8 94.9
40.001 - 45.000 41.2 60.71 10,026,610.35 56,969.38 42.47 100.0 96.1
45.001 - 50.000 31.5 58.20 10,931,713.00 62,825.94 47.41 100.0 97.7
50.001 - 55.000 41.6 65.93 10,280,888.00 50,396.51 52.41 100.0 96.6
55.001 - 60.000 41.7 64.59 12,030,434.40 51,632.77 57.67 99.3 96.0
60.001 - 65.000 42.9 62.00 11,649,909.49 52,477.07 62.49 100.0 96.3
65.001 - 70.000 46.4 64.71 13,173,056.72 49,709.65 67.63 100.0 95.6
70.001 - 75.000 36.6 66.77 11,731,370.65 42,815.22 72.79 100.0 96.3
75.001 - 80.000 42.2 65.39 15,426,201.91 47,031.10 77.46 100.0 98.5
80.001 - 85.000 47.9 65.14 17,831,551.38 41,086.52 82.58 100.0 96.1
85.001 - 90.000 42.3 67.13 22,641,391.58 43,208.76 87.62 100.0 94.6
90.001 - 95.000 46.9 69.23 39,009,514.64 40,092.00 92.82 100.0 96.6
95.001 - 100.000 46.0 72.15 177,557,719.72 44,080.86 98.71 99.7 94.9
100.001 - 105.000 44.2 74.28 11,540,825.19 41,217.23 100.76 100.0 97.9
Greater than 105.000 65.7 75.77 789,318.00 27,217.86 109.43 100.0 100.0
Total: 44.8 69.22 543,387,064.05 50,355.58 61.77 99.8 95.6
</TABLE>
Minimum: 0.00
Maximum: 165.49
Weighted Average: 61.77
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing debt of the above trust, and is based in part on
information provided by NOVUS Financial Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent debt obligations. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the collateral
will prepay or new balances will be originated at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the collateral contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
Any collateral or structural termsheets contained herein supercede all prior
termsheets. To Our Readers Worldwide: In addition, please note that this
information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Weighted Weighted
% of Average Weighted Average
Combined Number of Aggregate Aggregate Average Weighted Margin Average Stated
Original Mortgage Principal Principal Current Average (ARMs Original Remaining
Loan-to-Value Ratio (%) Loans Balance Balance Balance Coupon only) Term Term
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Not Available 1,519 48,611,869.58 14.48 32,002.55 9.926 2.174 120 21.2
0.001 - 5.000 2 9,802.39 0.00 4,901.20 10.500 2.750 120 81.0
5.001 - 10.000 41 369,680.00 0.11 9,016.59 10.185 2.435 120 73.1
10.001 - 15.000 90 1,267,996.01 0.38 14,088.84 10.245 2.495 120 77.3
15.001 - 20.000 152 2,764,833.41 0.82 18,189.69 10.132 2.382 120 80.2
20.001 - 25.000 153 3,655,835.67 1.09 23,894.35 9.880 2.130 120 84.5
25.001 - 30.000 181 4,434,082.03 1.32 24,497.69 9.889 2.147 120 83.6
30.001 - 35.000 191 6,993,775.94 2.08 36,616.63 9.403 1.653 120 81.1
35.001 - 40.000 249 9,182,335.81 2.74 36,876.85 9.593 1.843 120 86.4
40.001 - 45.000 264 9,603,588.22 2.86 36,377.23 9.630 1.867 120 81.7
45.001 - 50.000 313 14,165,437.91 4.22 45,256.99 9.684 1.944 120 82.9
50.001 - 55.000 337 11,071,215.71 3.30 32,852.27 9.968 2.218 120 76.2
55.001 - 60.000 398 14,067,741.36 4.19 35,346.08 9.769 2.031 120 81.8
60.001 - 65.000 496 19,763,562.20 5.89 39,845.89 9.622 1.873 120 82.2
65.001 - 70.000 669 24,369,313.03 7.26 36,426.48 9.925 2.266 120 80.6
70.001 - 75.000 827 30,661,288.34 9.13 37,075.32 9.871 2.123 120 80.1
75.001 - 80.000 2,008 62,354,971.64 18.58 31,053.27 9.909 2.165 120 80.0
80.001 - 85.000 1,078 28,657,190.03 8.54 26,583.66 10.556 2.813 120 86.1
85.001 - 90.000 586 13,685,556.19 4.08 23,354.19 11.550 3.897 120 97.0
90.001 - 95.000 341 8,774,576.50 2.61 25,731.90 12.415 4.810 120 98.8
95.001 - 100.000 884 20,924,102.29 6.23 23,669.80 12.946 5.345 120 101.7
100.001 - 105.000 9 169,259.81 0.05 18,806.65 13.476 5.726 120 97.5
105.001 - 110.000 2 71,461.43 0.02 35,730.71 10.972 3.222 120 47.5
Greater than 110.000 1 30,063.38 0.01 30,063.38 11.250 3.500 120 46.0
Total: 10,791 335,659,538.88 100.00 31,105.51 10.233 2.508 120 75.1
- -------------------------------------------------------------------------------------------------------------------------------
Weighted
Average
Combined Weighted Original Aggregate Average Credit Percent Percent
Original Average Combined Credit Credit Utilization Cashout Owner
Loan-to-Value Ratio (%) Seasoning LTV Limit Limit Ratio Refi Occupied
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Not Available 98.1 0.00 79,195,139.78 52,136.37 61.38 100.0 100.0
0.001 - 5.000 39.0 3.85 30,000.00 15,000.00 32.67 100.0 100.0
5.001 - 10.000 46.9 8.13 1,040,000.00 25,365.85 35.55 100.0 96.4
10.001 - 15.000 42.8 12.37 2,695,192.10 29,946.58 47.05 100.0 91.8
15.001 - 20.000 39.8 17.97 5,594,200.00 36,803.95 49.42 100.0 95.3
20.001 - 25.000 35.5 22.96 6,552,285.00 42,825.39 55.79 100.0 92.5
25.001 - 30.000 36.4 27.45 8,198,851.00 45,297.52 54.08 100.0 91.4
30.001 - 35.000 38.9 32.32 11,702,073.00 61,267.40 59.77 100.0 96.7
35.001 - 40.000 33.7 37.27 16,773,208.78 67,362.28 54.74 100.0 89.5
40.001 - 45.000 38.4 42.51 18,738,893.55 70,980.66 51.25 100.0 92.7
45.001 - 50.000 37.1 47.61 21,995,524.00 70,273.24 64.40 100.0 84.8
50.001 - 55.000 43.9 52.71 20,502,769.13 60,839.08 54.00 100.0 96.3
55.001 - 60.000 38.2 57.88 27,276,056.47 68,532.81 51.58 100.0 92.4
60.001 - 65.000 38.0 62.71 33,417,606.30 67,374.21 59.14 97.7 96.1
65.001 - 70.000 39.5 67.96 46,689,339.74 69,789.75 52.19 100.0 86.6
70.001 - 75.000 39.9 73.10 51,990,460.80 62,866.34 58.97 100.0 95.3
75.001 - 80.000 40.1 78.71 99,068,373.06 49,336.84 62.94 100.0 97.3
80.001 - 85.000 34.0 83.24 39,625,721.21 36,758.55 72.32 100.0 98.6
85.001 - 90.000 23.0 88.11 17,608,315.31 30,048.32 77.72 99.2 96.6
90.001 - 95.000 21.2 92.75 10,284,692.20 30,160.39 85.32 100.0 98.6
95.001 - 100.000 18.4 98.79 24,122,158.12 27,287.51 86.74 100.0 99.7
100.001 - 105.000 22.5 101.01 181,000.00 20,111.11 93.51 100.0 100.0
105.001 - 110.000 72.6 105.94 72,000.00 36,000.00 99.25 100.0 100.0
Greater than 110.000 74.0 140.64 33,204.50 33,204.50 90.54 100.0 100.0
Total: 44.8 69.22 543,387,064.05 50,355.58 61.77 99.8 95.6
Minimum: 0.00
Maximum: 140.64
Weighted Average by Current Balance: 69.22
</TABLE>
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing debt of the above trust, and is based in part on
information provided by NOVUS Financial Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent debt obligations. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the collateral
will prepay or new balances will be originated at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the collateral contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
Any collateral or structural termsheets contained herein supercede all prior
termsheets. To Our Readers Worldwide: In addition, please note that this
information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
Weighted Weighted
% of Average Weighted Average
Number of Aggregate Aggregate Average Weighted Margin Average Stated
Mortgage Principal Principal Current Average (ARMs Original Remaining
Product Loans Balance Balance Balance Coupon only) Term Term
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Fixed - 10 Year 21 237,907.05 0.07 11,328.91 15.736 0.000 120 54.1
ARM - 1 Month 10,770 335,421,631.83 99.93 31,144.07 10.230 2.508 120 75.1
Total: 10,791 335,659,538.88 100.00 31,105.51 10.233 2.508 120 75.1
Weighted
Average
Weighted Original Aggregate Average Credit Percent Percent
Average Combined Credit Credit Utilization Cashout Owner
Product Seasoning LTV Limit Limit Ratio Refi Occupied
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Fixed - 10 Year 66.0 90.06 279,998.10 13,333.24 84.97 100.0 100.0
ARM - 1 Month 44.8 69.20 543,107,065.95 50,427.77 61.76 99.8 95.6
Total: 44.8 69.22 543,387,064.05 50,355.58 61.77 99.8 95.6
</TABLE>
<TABLE>
<CAPTION>
Weighted
% of Average Weighted
Number of Aggregate Aggregate Average Weighted Margin Average
Mortgage Principal Principal Current Average (ARMs Original
Payment Type Loans Balance Balance Balance Coupon only) Term
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Interest Only 10,722 333,979,871.28 99.50 31,149.03 10.233 2.507 120
Principal and Interest (1) 69 1,679,667.60 0.50 24,343.01 10.382 2.695 120
Total: 10,791 335,659,538.88 100.00 31,105.51 10.233 2.508 120
Weighted Weighted
Average Average
Stated Weighted Original Aggregate Average Credit Percent Percent
Remaining Average Combined Credit Credit Utilization Cashout Owner
Payment Type Term Seasoning LTV Limit Limit Ratio Refi Occupied
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Interest Only 75.3 44.6 69.20 540,717,382.07 50,430.65 61.77 99.8 95.6
Principal and Interest (1) 35.1 84.9 75.80 2,669,681.98 38,691.04 62.92 100.0 100.0
Total: 75.1 44.8 69.22 543,387,064.05 50,355.58 61.77 99.8 95.6
</TABLE>
(1) Pays 0.5% outstanding principal balance monthly.
<TABLE>
<CAPTION>
Weighted Weighted
% of Average Weighted Average
Number of Aggregate Aggregate Average Weighted Margin Average Stated
Mortgage Principal Principal Current Average (ARMs Original Remaining
Index Loans Balance Balance Balance Coupon only) Term Term
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Prime Rate - WSJ 10,770 335,421,631.83 99.93 31,144.07 10.230 2.508 120 75.1
Fixed Rate 21 237,907.05 0.07 11,328.91 15.736 0.000 120 54.1
Total: 10,791 335,659,538.88 100.00 31,105.51 10.233 2.508 120 75.1
Weighted
Average
Weighted Original Aggregate Average Credit Percent Percent
Average Combined Credit Credit Utilization Cashout Owner
Index Seasoning LTV Limit Limit Ratio Refi Occupied
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Prime Rate - WSJ 44.8 69.20 543,107,065.95 50,427.77 61.76 99.8 95.6
Fixed Rate 66.0 90.06 279,998.10 13,333.24 84.97 100.0 100.0
Total: 44.8 69.22 543,387,064.05 50,355.58 61.77 99.8 95.6
</TABLE>
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing debt of the above trust, and is based in part on
information provided by NOVUS Financial Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent debt obligations. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the collateral
will prepay or new balances will be originated at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the collateral contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
Any collateral or structural termsheets contained herein supercede all prior
termsheets. To Our Readers Worldwide: In addition, please note that this
information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
Weighted Weighted
% of Average Weighted Average
Number of Aggregate Aggregate Average Weighted Margin Average Stated
Mortgage Principal Principal Current Average (ARMs Original Remaining
Seasoning Loans Balance Balance Balance Coupon only) Term Term
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
0 7 398,334.27 0.12 56,904.90 9.196 1.446 120 120.0
1 - 3 717 24,212,273.07 7.21 33,768.86 9.271 1.549 120 118.3
4 - 6 454 14,278,756.64 4.25 31,451.01 10.000 2.319 120 115.1
7 - 9 402 12,816,065.64 3.82 31,880.76 9.979 2.228 120 112.0
10 -12 480 15,395,488.65 4.59 32,073.93 10.252 2.508 120 109.0
13 - 15 454 17,125,543.00 5.10 37,721.46 10.105 2.352 120 106.2
16 - 18 316 11,230,243.38 3.35 35,538.74 9.791 2.079 120 102.9
19 - 21 362 13,761,625.80 4.10 38,015.54 9.789 2.049 120 99.8
22 - 24 431 13,474,288.04 4.01 31,262.85 10.464 2.754 120 97.0
25 - 27 374 11,911,654.21 3.55 31,849.34 10.448 2.698 120 94.1
28 - 30 447 13,046,214.37 3.89 29,186.16 10.464 2.750 120 91.1
31 - 33 424 12,910,381.24 3.85 30,449.01 10.355 2.633 120 88.0
34 - 36 466 13,048,336.54 3.89 28,000.72 10.718 2.968 120 85.2
37 - 39 241 6,725,184.28 2.00 27,905.33 10.863 3.130 120 82.2
40 - 42 256 7,353,931.49 2.19 28,726.29 10.651 2.901 120 78.9
43 - 45 249 8,465,805.74 2.52 33,999.22 10.330 2.580 120 75.9
46 - 48 217 6,833,002.22 2.04 31,488.49 10.944 3.194 120 73.1
49 - 51 133 4,620,509.47 1.38 34,740.67 11.197 3.447 120 70.2
52 - 54 152 3,853,844.39 1.15 25,354.24 11.358 3.608 120 67.1
55 - 57 151 4,070,299.72 1.21 26,955.63 11.477 3.806 120 64.2
58 - 60 181 5,684,847.44 1.69 31,408.00 10.876 3.460 120 61.2
61 - 63 128 3,405,297.20 1.01 26,603.88 10.807 3.541 120 58.3
64 - 66 133 4,364,568.33 1.30 32,816.30 10.390 2.961 120 55.0
67 - 69 148 4,906,234.14 1.46 33,150.23 11.136 3.296 120 51.9
70 - 72 198 6,426,149.16 1.91 32,455.30 10.961 3.188 120 49.3
73 - 75 171 6,584,440.98 1.96 38,505.50 10.426 2.676 120 46.6
76 - 78 261 6,114,956.26 1.82 23,428.95 10.474 2.724 120 42.9
79 - 81 418 10,115,667.48 3.01 24,200.16 10.184 2.432 120 39.9
82 - 84 505 13,341,814.29 3.97 26,419.43 10.184 2.438 120 37.3
85 - 87 408 10,783,459.26 3.21 26,430.05 10.073 2.325 120 34.1
88 - 90 345 9,570,092.96 2.85 27,739.40 9.941 2.189 120 31.3
91 - 93 297 8,528,055.91 2.54 28,713.99 9.950 2.200 120 28.2
94 - 96 198 6,643,225.52 1.98 33,551.64 10.190 2.440 120 25.5
97 - 99 140 4,117,943.55 1.23 29,413.88 10.403 2.637 120 22.3
100 - 102 105 3,121,065.63 0.93 29,724.43 10.224 2.474 120 19.1
103 - 105 77 2,605,574.52 0.78 33,838.63 10.022 2.272 120 16.1
106 - 108 74 3,360,528.86 1.00 45,412.55 10.126 2.376 120 13.2
109 - 111 271 10,453,835.23 3.11 38,575.04 9.317 1.566 120 6.8
Total: 10,791 335,659,538.88 100.00 31,105.51 10.233 2.508 120 75.1
Weighted
Average
Weighted Original Aggregate Average Credit Percent Percent
Average Combined Credit Credit Utilization Cashout Owner
Seasoning Seasoning LTV Limit Limit Ratio Refi Occupied
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
0 0.0 80.51 637,700.00 91,100.00 62.46 100.0 74.9
1 - 3 1.7 71.98 45,896,307.53 64,011.59 52.75 98.2 96.4
4 - 6 4.9 72.76 23,699,360.50 52,201.23 60.25 99.4 91.7
7 - 9 8.0 72.03 20,587,261.81 51,212.09 62.25 100.0 96.7
10 -12 11.0 73.10 25,080,058.00 52,250.12 61.39 100.0 94.1
13 - 15 13.8 71.72 23,575,895.93 51,929.29 72.64 100.0 93.8
16 - 18 17.1 69.25 17,579,354.33 55,630.87 63.88 100.0 96.1
19 - 21 20.2 69.67 20,921,295.70 57,793.63 65.78 100.0 94.0
22 - 24 23.1 71.64 20,246,799.97 46,976.33 66.55 100.0 93.7
25 - 27 25.9 67.63 19,326,795.36 51,675.92 61.63 100.0 89.2
28 - 30 28.9 68.91 21,816,017.00 48,805.41 59.80 100.0 91.4
31 - 33 32.1 68.64 23,206,728.32 54,732.85 55.63 99.6 93.7
34 - 36 34.9 69.67 21,247,993.99 45,596.55 61.41 100.0 95.7
37 - 39 37.9 68.43 10,201,885.53 42,331.48 65.92 100.0 94.8
40 - 42 41.1 67.90 12,424,806.00 48,534.40 59.19 100.0 90.0
43 - 45 44.1 67.25 14,262,901.19 57,280.73 59.36 100.0 86.0
46 - 48 46.9 69.02 10,671,636.73 49,178.05 64.03 100.0 93.9
49 - 51 49.9 69.39 6,332,216.00 47,610.65 72.97 100.0 97.0
52 - 54 53.0 65.53 5,524,986.00 36,348.59 69.75 100.0 92.2
55 - 57 55.9 71.33 5,941,971.24 39,350.80 68.50 100.0 90.2
58 - 60 59.0 69.58 8,474,055.70 46,817.99 67.09 100.0 92.3
61 - 63 61.8 74.78 5,313,791.78 41,514.00 64.08 100.0 91.6
64 - 66 65.1 69.43 6,314,506.00 47,477.49 69.12 100.0 100.0
67 - 69 68.1 70.69 7,151,257.26 48,319.31 68.61 100.0 100.0
70 - 72 70.9 68.98 9,577,317.00 48,370.29 67.10 100.0 100.0
73 - 75 74.1 66.78 9,911,684.50 57,963.07 66.43 100.0 100.0
76 - 78 77.3 64.38 12,542,470.68 48,055.44 48.75 100.0 100.0
79 - 81 80.2 61.29 17,445,137.67 41,734.78 57.99 100.0 100.0
82 - 84 82.8 62.43 21,583,487.10 42,739.58 61.81 100.0 100.0
85 - 87 85.9 64.88 17,043,434.97 41,773.12 63.27 100.0 100.0
88 - 90 88.9 61.45 15,492,340.86 44,905.34 61.77 100.0 100.0
91 - 93 92.0 0.00 13,526,943.18 45,545.26 63.04 100.0 100.0
94 - 96 94.6 0.00 10,631,802.73 53,695.97 62.48 100.0 100.0
97 - 99 97.9 0.00 6,126,316.49 43,759.40 67.22 100.0 100.0
100 - 102 101.2 0.00 5,194,581.00 49,472.20 60.08 100.0 100.0
103 - 105 104.0 0.00 4,166,716.00 54,113.19 62.53 100.0 100.0
106 - 108 107.0 0.00 4,890,000.00 66,081.08 68.72 100.0 100.0
109 - 111 109.0 0.00 18,819,250.00 69,443.73 55.55 100.0 100.0
Total: 44.8 69.22 543,387,064.05 50,355.58 61.77 99.8 95.6
</TABLE>
Minimum: 0
Maximum: 110
Weighted Average: 44.8
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing debt of the above trust, and is based in part on
information provided by NOVUS Financial Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent debt obligations. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the collateral
will prepay or new balances will be originated at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the collateral contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
Any collateral or structural termsheets contained herein supercede all prior
termsheets. To Our Readers Worldwide: In addition, please note that this
information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
Weighted
% of Average Weighted
Number of Aggregate Aggregate Average Weighted Margin Average
Remaining Term Mortgage Principal Principal Current Average (ARMs Original
to Stated Maturity Loans Balance Balance Balance Coupon only) Term
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
0 12 246,671.58 0.07 20,555.97 9.364 1.614 120
1 - 12 278 10,994,026.24 3.28 39,546.86 9.359 1.608 120
13 - 24 412 13,393,772.68 3.99 32,509.16 10.217 2.462 120
25 - 36 1,360 37,508,054.54 11.17 27,579.45 10.038 2.288 120
37 - 48 1,266 34,475,061.89 10.27 27,231.49 10.310 2.556 120
49 - 60 595 19,000,067.43 5.66 31,932.89 10.844 3.267 120
61 - 72 630 19,117,872.01 5.70 30,345.83 11.205 3.538 120
73 - 84 1,035 30,545,003.50 9.10 29,512.08 10.701 2.955 120
85 - 96 1,720 52,370,409.88 15.60 30,447.91 10.445 2.714 120
97 - 108 1,601 56,617,716.81 16.87 35,363.97 10.057 2.323 120
109 - 120 1,882 61,390,882.32 18.29 32,620.02 9.731 2.010 120
Total: 10,791 335,659,538.88 100.00 31,105.51 10.233 2.508 120
Weighted Weighted
Average Average
Stated Weighted Original Aggregate Average Credit Percent Percent
Remaining Term Remaining Average Combined Credit Credit Utilization Cashout Owner
to Stated Maturity Term Seasoning LTV Limit Limit Ratio Refi Occupied
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
0 0.0 109.0 0.00 716,000.00 59,666.67 34.45 100.0 100.0
1 - 12 7.3 108.9 0.00 19,073,250.00 68,608.81 57.64 100.0 100.0
13 - 24 18.8 101.4 0.00 21,251,413.49 51,581.10 63.03 100.0 100.0
25 - 36 30.9 89.2 64.02 60,701,470.84 44,633.43 61.79 100.0 100.0
37 - 48 41.3 78.9 63.44 58,063,698.85 45,863.90 59.37 100.0 100.0
49 - 60 53.6 66.5 70.86 27,435,334.04 46,109.81 69.25 100.0 97.8
61 - 72 66.4 53.7 68.76 27,604,072.94 43,815.99 69.26 100.0 92.6
73 - 84 78.5 41.5 68.47 50,163,280.45 48,466.94 60.89 100.0 91.4
85 - 96 90.4 29.6 68.78 86,583,374.67 50,339.17 60.49 99.9 92.9
97 - 108 102.8 17.2 70.69 86,247,848.89 53,871.24 65.65 100.0 94.1
109 - 120 114.9 5.1 72.63 105,547,319.88 56,082.53 58.16 99.2 94.8
Total: 75.1 44.8 69.22 543,387,064.05 50,355.58 61.77 99.8 95.6
</TABLE>
Minimum: 0
Maximum: 120
Weighted Average: 75.1
<TABLE>
<CAPTION>
Weighted Weighted
% of Average Weighted Average
Number of Aggregate Aggregate Average Weighted Margin Average Stated
Mortgage Principal Principal Current Average (ARMs Original Remaining
Year of Origination Loans Balance Balance Balance Coupon only) Term Term
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1989 157 5,725,694.25 1.71 36,469.39 9.295 1.544 120 4.4
1990 370 13,815,309.99 4.12 37,338.68 9.860 2.110 120 13.9
1991 980 28,859,317.94 8.60 29,448.28 10.067 2.314 120 27.7
1992 1,592 40,355,897.29 12.02 25,349.18 10.198 2.449 120 38.0
1993 649 22,239,414.89 6.63 34,267.20 10.731 3.017 120 50.2
1994 613 17,056,266.47 5.08 27,824.25 11.112 3.588 120 62.7
1995 855 27,273,248.92 8.13 31,898.54 10.717 2.967 120 75.0
1996 1,578 45,730,116.43 13.62 28,979.79 10.564 2.835 120 87.2
1997 1,483 50,377,811.43 15.01 33,970.20 10.126 2.398 120 98.4
1998 1,776 59,066,036.34 17.60 33,257.90 10.090 2.354 120 110.2
1999 738 25,160,424.93 7.50 34,092.72 9.290 1.573 120 118.3
Total: 10,791 335,659,538.88 100.00 31,105.51 10.233 2.508 120 75.1
Weighted
Average
Weighted Original Aggregate Average Credit Percent Percent
Average Combined Credit Credit Utilization Cashout Owner
Year of Origination Seasoning LTV Limit Limit Ratio Refi Occupied
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1989 109.0 0.00 11,097,050.00 70,681.85 51.60 100.0 100.0
1990 105.8 0.00 21,973,497.00 59,387.83 62.87 100.0 100.0
1991 92.4 61.45 45,777,403.26 46,711.64 63.04 100.0 100.0
1992 82.2 63.06 68,614,530.42 43,099.58 58.82 100.0 100.0
1993 70.1 68.79 32,912,764.76 50,713.04 67.57 100.0 100.0
1994 57.4 70.13 25,296,804.72 41,267.22 67.42 100.0 91.7
1995 45.0 68.23 43,691,559.92 51,101.24 62.42 100.0 90.9
1996 32.8 68.98 76,472,624.84 48,461.74 59.80 99.9 93.8
1997 21.6 69.62 78,074,245.36 52,646.15 64.53 100.0 93.3
1998 9.8 72.48 91,993,978.24 51,798.41 64.21 99.9 93.9
1999 1.7 71.92 47,482,605.53 64,339.57 52.99 98.3 96.1
Total: 44.8 69.22 543,387,064.05 50,355.58 61.77 99.8 95.6
</TABLE>
Minimum: 1989-04-25
Maximum: 1999-04-01
Weighted Average: 1995-07-21
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing debt of the above trust, and is based in part on
information provided by NOVUS Financial Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent debt obligations. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the collateral
will prepay or new balances will be originated at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the collateral contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
Any collateral or structural termsheets contained herein supercede all prior
termsheets. To Our Readers Worldwide: In addition, please note that this
information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
Weighted Weighted
% of Average Weighted Average
Number of Aggregate Aggregate Average Weighted Margin Average Stated
Maturity Mortgage Principal Principal Current Average (ARMs Original Remaining
Date Loans Balance Balance Balance Coupon only) Term Term
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 148 5,314,556.47 1.58 35,909.17 9.296 1.544 120 4.1
2000 348 13,171,518.91 3.92 37,849.19 9.821 2.071 120 13.2
2001 861 25,289,357.21 7.53 29,372.08 10.094 2.340 120 26.6
2002 1,665 43,195,950.52 12.87 25,943.51 10.149 2.400 120 37.1
2003 666 22,451,187.14 6.69 33,710.49 10.735 3.040 120 49.3
2004 627 17,346,002.53 5.17 27,665.08 11.084 3.536 120 61.6
2005 827 26,601,896.36 7.93 32,166.74 10.729 2.979 120 74.3
2006 1,488 42,466,421.82 12.65 28,539.26 10.577 2.850 120 86.3
2007 1,538 51,756,160.13 15.42 33,651.60 10.174 2.442 120 97.3
2008 1,729 57,814,829.57 17.22 33,438.31 10.097 2.362 120 109.3
2009 894 30,251,658.22 9.01 33,838.54 9.398 1.683 120 117.9
Total: 10,791 335,659,538.88 100.00 31,105.51 10.233 2.508 120 75.1
Weighted
Average
Weighted Original Aggregate Average Credit Percent Percent
Maturity Average Combined Credit Credit Utilization Cashout Owner
Date Seasoning LTV Limit Limit Ratio Refi Occupied
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1999 109.0 0.00 10,463,050.00 70,696.28 50.79 100.0 100.0
2000 106.4 0.00 21,001,691.00 60,349.69 62.72 100.0 100.0
2001 93.5 0.00 40,439,604.94 46,968.18 62.54 100.0 100.0
2002 83.0 62.89 71,362,636.95 42,860.44 60.53 100.0 100.0
2003 71.0 68.23 34,578,299.55 51,919.37 64.93 100.0 100.0
2004 58.4 71.09 26,064,670.72 41,570.45 66.55 100.0 91.8
2005 45.7 68.10 41,486,845.92 50,165.47 64.12 100.0 91.0
2006 33.8 68.72 72,474,199.84 48,705.78 58.60 99.9 94.4
2007 22.7 69.46 79,810,638.51 51,892.48 64.85 100.0 92.6
2008 10.7 72.18 90,127,446.23 52,126.92 64.15 100.0 94.0
2009 2.1 72.51 55,577,980.39 62,167.76 54.43 98.4 96.1
Total: 44.8 69.22 543,387,064.05 50,355.58 61.77 99.8 95.6
</TABLE>
Minimum: 1999-05-17
Maximum: 2009-05-01
Weighted Average: 2005-08-21
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing debt of the above trust, and is based in part on
information provided by NOVUS Financial Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent debt obligations. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the collateral
will prepay or new balances will be originated at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the collateral contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
Any collateral or structural termsheets contained herein supercede all prior
termsheets. To Our Readers Worldwide: In addition, please note that this
information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
Weighted
% of Average Weighted
Number of Aggregate Aggregate Average Weighted Margin Average
Mortgage Principal Principal Current Average (ARMs Original
Geographic Distribution Loans Balance Balance Balance Coupon only) Term
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
California 2,448 98,295,376.97 29.28 40,153.34 9.863 2.135 120
New York 978 35,021,783.22 10.43 35,809.59 10.229 2.485 120
Florida 897 23,090,574.61 6.88 25,742.00 10.427 2.717 120
New Jersey 652 21,026,816.06 6.26 32,249.72 10.084 2.349 120
Illinois 721 19,299,430.07 5.75 26,767.59 10.627 3.017 120
Michigan 449 11,582,673.99 3.45 25,796.60 10.574 2.847 120
Hawaii 258 10,711,618.94 3.19 41,517.90 10.204 2.454 120
Pennsylvania 351 7,906,278.26 2.36 22,525.01 10.428 2.697 120
Georgia 281 7,454,706.82 2.22 26,529.21 10.737 3.021 120
Colorado 210 7,374,051.64 2.20 35,114.53 9.969 2.254 120
Washington 262 7,247,178.42 2.16 27,660.99 10.372 2.627 120
Maryland 242 6,791,381.85 2.02 28,063.56 10.357 2.607 120
Connecticut 159 6,096,435.48 1.82 38,342.36 10.079 2.329 120
Arizona 218 5,795,816.18 1.73 26,586.31 10.190 2.440 120
Virginia 204 5,566,179.12 1.66 27,285.19 10.596 2.827 120
Massachusetts 172 5,349,157.60 1.59 31,099.75 10.490 2.740 120
North Carolina 203 4,808,657.23 1.43 23,687.97 10.904 3.255 120
Oregon 128 4,076,518.02 1.21 31,847.80 10.220 2.470 120
Missouri 186 3,665,437.40 1.09 19,706.65 10.802 3.161 120
Nevada 112 3,479,307.63 1.04 31,065.25 9.955 2.205 120
Ohio 134 3,397,113.44 1.01 25,351.59 11.083 3.311 120
Indiana 130 3,334,583.66 0.99 25,650.64 10.836 3.089 120
New Mexico 137 3,319,003.46 0.99 24,226.30 10.227 2.477 120
Wisconsin 106 2,690,398.13 0.80 25,381.11 10.715 2.965 120
Minnesota 113 2,591,311.25 0.77 22,931.96 10.505 2.755 120
Louisiana 104 2,475,228.51 0.74 23,800.27 11.091 3.341 120
Alabama 106 2,391,591.58 0.71 22,562.18 10.896 3.146 120
Oklahoma 107 2,372,805.20 0.71 22,175.75 10.529 2.794 120
Tennessee 100 1,979,746.09 0.59 19,797.46 10.949 3.199 120
South Carolina 73 1,784,738.47 0.53 24,448.47 10.301 2.551 120
Utah 42 1,645,644.37 0.49 39,182.01 9.416 1.666 120
Alaska 49 1,640,991.12 0.49 33,489.61 9.820 2.070 120
Kansas 64 1,592,522.41 0.47 24,883.16 10.566 2.819 120
Vermont 53 1,272,636.89 0.38 24,012.02 9.922 2.172 120
Delaware 52 1,207,355.61 0.36 23,218.38 10.267 2.565 120
New Hampshire 39 1,068,663.94 0.32 27,401.64 10.208 2.458 120
Maine 38 1,032,083.17 0.31 27,160.08 10.229 2.479 120
Iowa 39 941,468.89 0.28 24,140.23 10.717 3.001 120
Idaho 42 859,288.38 0.26 20,459.25 10.328 2.693 120
Montana 25 591,707.47 0.18 23,668.30 10.169 2.419 120
Rhode Island 19 559,808.14 0.17 29,463.59 10.332 2.582 120
Mississippi 29 555,243.21 0.17 19,146.32 11.225 3.475 120
Kentucky 21 490,683.05 0.15 23,365.86 11.063 3.313 120
Nebraska 16 472,347.59 0.14 29,521.72 10.339 2.589 120
Wyoming 11 463,862.03 0.14 42,169.28 10.398 2.648 120
South Dakota 5 163,435.49 0.05 32,687.10 9.440 1.690 120
North Dakota 4 86,986.44 0.03 21,746.61 9.585 1.835 120
West Virginia 1 38,861.38 0.01 38,861.38 9.740 1.990 120
District of Columbia 1 50.00 0.00 50.00 11.250 3.500 120
Total: 10,791 335,659,538.88 100.00 31,105.51 10.233 2.508 120
Weighted Weighted
Average Average
Stated Weighted Original Aggregate Average Credit
Remaining Average Combined Credit Credit Utilization
Geographic Distribution Term Seasoning LTV Limit Limit Ratio
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
California 69.8 50.1 67.07 169,109,184.40 69,080.55 58.13
New York 70.0 49.8 66.36 48,696,081.70 49,791.49 71.92
Florida 77.9 42.1 71.18 35,690,007.79 39,788.19 64.70
New Jersey 77.0 43.0 67.75 37,142,629.22 56,967.22 56.61
Illinois 71.8 48.1 72.68 30,229,311.92 41,926.92 63.84
Michigan 82.3 37.7 71.10 16,239,808.69 36,168.84 71.32
Hawaii 59.1 61.0 62.80 19,218,154.00 74,488.97 55.74
Pennsylvania 80.2 39.8 69.09 13,513,781.22 38,500.80 58.51
Georgia 78.0 42.0 74.90 11,074,176.69 39,409.88 67.32
Colorado 90.3 29.7 68.22 11,604,261.00 55,258.39 63.55
Washington 82.2 37.8 70.92 12,233,816.58 46,693.96 59.24
Maryland 70.7 49.3 70.12 10,426,701.58 43,085.54 65.13
Connecticut 81.5 38.6 66.29 10,071,706.24 63,344.06 60.53
Arizona 89.4 30.5 75.32 10,140,455.24 46,515.85 57.16
Virginia 75.4 44.4 72.82 8,344,592.23 40,904.86 66.70
Massachusetts 75.7 44.3 70.06 8,117,153.44 47,192.75 65.90
North Carolina 74.5 45.5 72.77 6,951,280.88 34,242.76 69.18
Oregon 81.1 38.9 66.98 6,758,172.00 52,798.22 60.32
Missouri 77.4 42.5 74.86 6,063,072.00 32,597.16 60.46
Nevada 86.9 33.0 71.29 5,534,908.08 49,418.82 62.86
Ohio 81.1 38.9 74.29 5,461,697.75 40,758.94 62.20
Indiana 81.1 38.8 76.50 4,270,345.82 32,848.81 78.09
New Mexico 87.3 32.7 67.73 7,481,020.97 54,605.99 44.37
Wisconsin 80.7 39.3 70.52 3,911,047.70 36,896.68 68.79
Minnesota 84.8 35.0 72.15 4,168,383.48 36,888.35 62.17
Louisiana 83.2 37.0 74.01 3,560,082.42 34,231.56 69.53
Alabama 81.5 38.4 76.80 3,617,846.13 34,130.62 66.11
Oklahoma 66.9 53.0 75.57 3,194,465.28 29,854.82 74.28
Tennessee 84.7 35.2 74.00 3,992,831.94 39,928.32 49.58
South Carolina 79.6 40.5 73.98 2,957,121.00 40,508.51 60.35
Utah 98.5 21.6 59.47 2,321,509.00 55,274.02 70.89
Alaska 84.8 35.2 72.65 3,369,407.88 68,763.43 48.70
Kansas 81.3 38.8 76.41 2,480,108.00 38,751.69 64.21
Vermont 94.4 25.6 64.00 2,862,288.00 54,005.43 44.46
Delaware 84.2 35.8 70.47 2,006,070.00 38,578.27 60.19
New Hampshire 94.8 25.2 66.50 1,571,405.00 40,292.44 68.01
Maine 68.6 51.4 60.69 1,295,700.00 34,097.37 79.65
Iowa 88.4 31.6 75.10 1,270,204.00 32,569.33 74.12
Idaho 92.8 27.2 69.68 1,705,723.78 40,612.47 50.38
Montana 87.6 32.4 67.73 798,400.00 31,936.00 74.11
Rhode Island 103.7 16.3 82.20 1,040,349.00 54,755.21 53.81
Mississippi 89.6 30.5 74.28 716,818.00 24,717.86 77.46
Kentucky 97.1 22.9 71.29 597,952.00 28,473.90 82.06
Nebraska 104.5 15.5 75.36 541,300.00 33,831.25 87.26
Wyoming 55.5 64.5 53.99 639,500.00 58,136.36 72.54
South Dakota 99.2 20.8 71.38 195,050.00 39,010.00 83.79
North Dakota 102.9 17.1 82.81 110,982.00 27,745.50 78.38
West Virginia 115.0 5.0 80.00 39,200.00 39,200.00 99.14
District of Columbia 117.0 3.0 91.83 51,000.00 51,000.00 0.10
Total: 75.1 44.8 69.22 543,387,064.05 50,355.58 61.77
Percent Percent
Cashout Owner
Refi Occupied
- ------------------------------------------------------
<S> <C> <C>
California 99.6 95.0
New York 99.9 97.5
Florida 100.0 96.3
New Jersey 99.8 96.4
Illinois 100.0 97.6
Michigan 100.0 96.8
Hawaii 100.0 93.7
Pennsylvania 100.0 93.8
Georgia 100.0 96.7
Colorado 100.0 91.2
Washington 99.2 93.3
Maryland 100.0 97.0
Connecticut 100.0 94.3
Arizona 100.0 96.7
Virginia 100.0 96.0
Massachusetts 100.0 97.7
North Carolina 100.0 95.3
Oregon 100.0 96.1
Missouri 100.0 95.3
Nevada 100.0 92.9
Ohio 100.0 98.3
Indiana 100.0 96.9
New Mexico 100.0 93.8
Wisconsin 100.0 92.5
Minnesota 100.0 98.7
Louisiana 100.0 97.4
Alabama 100.0 95.9
Oklahoma 100.0 96.6
Tennessee 100.0 98.6
South Carolina 100.0 91.4
Utah 100.0 69.9
Alaska 100.0 94.9
Kansas 100.0 100.0
Vermont 100.0 99.6
Delaware 100.0 95.4
New Hampshire 100.0 89.0
Maine 100.0 87.0
Iowa 100.0 95.1
Idaho 100.0 100.0
Montana 100.0 100.0
Rhode Island 100.0 98.3
Mississippi 100.0 96.9
Kentucky 100.0 100.0
Nebraska 100.0 100.0
Wyoming 100.0 100.0
South Dakota 100.0 100.0
North Dakota 100.0 100.0
West Virginia 100.0 0.0
District of Columbia 100.0 100.0
Total: 99.8 95.6
</TABLE>
Number of Geographic Locations Represented: 49
<TABLE>
<CAPTION>
Weighted
% of Average
Number of Aggregate Aggregate Average Weighted Margin
Mortgage Principal Principal Current Average (ARMs
Property Type Loans Balance Balance Balance Coupon only)
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Single Family Residence 10,180 318,122,767.25 94.78 31,249.78 10.225 2.499
Condo 298 8,875,408.88 2.64 29,783.25 10.118 2.410
2-4 Family 196 5,703,231.08 1.70 29,098.12 10.613 2.866
Townhouse 117 2,958,131.67 0.88 25,283.18 10.763 3.051
Total: 10,791 335,659,538.88 100.00 31,105.51 10.233 2.508
Weighted Weighted
Weighted Average Average
Average Stated Weighted Original Aggregate Average
Original Remaining Average Combined Credit Credit
Property Type Term Term Seasoning LTV Limit Limit
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Single Family Residence 120 74.2 45.7 69.25 515,681,126.39 50,656.30
Condo 120 90.8 29.2 70.36 14,248,469.50 47,813.66
2-4 Family 120 91.6 28.4 64.53 8,701,825.16 44,397.07
Townhouse 120 90.0 30.0 71.83 4,755,643.00 40,646.52
Total: 120 75.1 44.8 69.22 543,387,064.05 50,355.58
Credit Percent Percent
Utilization Cashout Owner
Property Type Ratio Refi Occupied
- --------------------------------------------------------------------------
<S> <C> <C> <C>
Single Family Residence 61.69 99.8 96.4
Condo 62.29 100.0 79.6
2-4 Family 65.54 100.0 78.8
Townhouse 62.20 100.0 92.3
Total: 61.77 99.8 95.6
</TABLE>
<TABLE>
<CAPTION>
Weighted
% of Average Weighted
Number of Aggregate Aggregate Average Weighted Margin Average
Mortgage Principal Principal Current Average (ARMs Original
Occupancy Loans Balance Balance Balance Coupon only) Term
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Primary 10,396 320,976,726.71 95.63 30,875.02 10.237 2.513 120
Investment 395 14,682,812.17 4.37 37,171.68 10.152 2.405 120
Total: 10,791 335,659,538.88 100.00 31,105.51 10.233 2.508 120
Weighted Weighted
Average Average
Stated Weighted Original Aggregate Average Credit Percent Percent
Remaining Average Combined Credit Credit Utilization Cashout Owner
Occupancy Term Seasoning LTV Limit Limit Ratio Refi Occupied
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Primary 74.3 45.6 69.70 520,546,459.89 50,071.80 61.66 99.8 100.0
Investment 93.0 27.0 60.21 22,840,604.16 57,824.31 64.28 99.8 0.0
Total: 75.1 44.8 69.22 543,387,064.05 50,355.58 61.77 99.8 95.6
</TABLE>
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing debt of the above trust, and is based in part on
information provided by NOVUS Financial Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent debt obligations. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the collateral
will prepay or new balances will be originated at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the collateral contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
Any collateral or structural termsheets contained herein supercede all prior
termsheets. To Our Readers Worldwide: In addition, please note that this
information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
Weighted
% of Average Weighted
Number of Aggregate Aggregate Average Weighted Margin Average
Lien Mortgage Principal Principal Current Average (ARMs Original
Position Loans Balance Balance Balance Coupon only) Term
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1st Lien 1,455 58,995,249.13 17.58 40,546.56 9.713 2.000 120
2nd Lien 9,326 276,584,394.45 82.40 29,657.34 10.344 2.616 120
3rd Lien 10 79,895.30 0.02 7,989.53 12.285 4.535 120
Total: 10,791 335,659,538.88 100.00 31,105.51 10.233 2.508 120
Weighted Weighted
Average Average
Stated Weighted Original Aggregate Average Credit Percent Percent
Lien Remaining Average Combined Credit Credit Utilization Cashout Owner
Position Term Seasoning LTV Limit Limit Ratio Refi Occupied
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1st Lien 83.8 36.2 54.19 108,241,888.32 74,393.05 54.50 100.0 86.2
2nd Lien 73.3 46.7 73.11 435,031,075.73 46,647.12 63.58 99.8 97.6
3rd Lien 54.1 66.0 55.83 114,100.00 11,410.00 70.02 100.0 100.0
Total: 75.1 44.8 69.22 543,387,064.05 50,355.58 61.77 99.8 95.6
</TABLE>
<TABLE>
<CAPTION>
Weighted Weighted
% of Average Weighted Average
FICO Number of Aggregate Aggregate Average Weighted Margin Average Stated
Score Mortgage Principal Principal Current Average (ARMs Original Remaining
Feb-99 Loans Balance Balance Balance Coupon only) Term Term
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Not Available 1,261 32,054,984.40 9.55 25,420.29 9.524 1.803 120 111.7
426 - 450 1 38,817.83 0.01 38,817.83 9.750 2.000 120 39.0
451 - 475 13 322,260.85 0.10 24,789.30 11.948 4.198 120 48.3
476 - 500 65 2,205,517.40 0.66 33,931.04 11.320 3.710 120 59.6
501 - 525 160 4,347,185.69 1.30 27,169.91 11.678 3.930 120 61.3
526 - 550 238 8,683,263.37 2.59 36,484.30 11.019 3.268 120 60.9
551 - 575 311 10,741,010.89 3.20 34,537.01 11.192 3.506 120 59.5
576 - 600 368 14,009,480.79 4.17 38,069.24 10.846 3.131 120 70.0
601 - 625 534 19,989,614.86 5.96 37,433.74 10.763 3.035 120 67.0
626 - 650 766 27,571,903.03 8.21 35,994.65 10.898 3.163 120 70.9
651 - 675 971 34,720,714.18 10.34 35,757.69 10.492 2.764 120 72.7
676 - 700 1,166 39,651,831.46 11.81 34,006.72 10.325 2.588 120 74.7
701 - 725 1,279 42,955,055.23 12.80 33,584.88 10.120 2.391 120 71.9
726 - 750 1,235 38,888,613.97 11.59 31,488.76 9.902 2.167 120 72.6
751 - 775 1,236 30,243,046.10 9.01 24,468.48 9.675 2.001 120 73.9
776 - 800 990 24,772,653.92 7.38 25,022.88 9.584 1.838 120 73.6
801 - 825 197 4,463,584.91 1.33 22,657.79 9.565 1.815 120 71.8
Total: 10,791 335,659,538.88 100.00 31,105.51 10.233 2.508 120 75.1
Weighted
Average
FICO Weighted Original Aggregate Average Credit Percent Percent
Score Average Combined Credit Credit Utilization Cashout Owner
Feb-99 Seasoning LTV Limit Limit Ratio Refi Occupied
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Not Available 8.3 72.13 78,426,777.29 62,194.11 40.87 98.6 95.5
426 - 450 81.0 79.89 39,700.00 39,700.00 97.78 100.0 100.0
451 - 475 71.1 70.26 328,704.00 25,284.92 98.04 100.0 90.7
476 - 500 60.6 77.23 2,274,935.55 34,999.01 96.95 100.0 97.7
501 - 525 59.1 73.60 4,551,706.44 28,448.17 95.51 100.0 97.7
526 - 550 59.4 73.33 9,211,093.12 38,702.07 94.27 100.0 99.6
551 - 575 60.6 73.86 11,595,509.47 37,284.60 92.63 100.0 96.6
576 - 600 50.1 73.11 15,201,563.64 41,308.60 92.16 100.0 95.8
601 - 625 53.0 73.89 22,034,322.04 41,262.78 90.72 100.0 97.8
626 - 650 48.9 72.78 30,780,613.24 40,183.57 89.58 100.0 95.4
651 - 675 47.3 70.70 41,056,590.80 42,282.79 84.57 100.0 97.4
676 - 700 45.2 70.39 51,706,036.63 44,344.80 76.69 99.9 93.9
701 - 725 48.0 68.87 62,575,435.99 48,925.28 68.65 100.0 96.0
726 - 750 47.3 65.45 63,028,785.73 51,035.45 61.70 100.0 93.5
751 - 775 46.0 63.53 69,653,756.66 56,354.17 43.42 99.8 95.3
776 - 800 46.2 61.64 67,497,312.45 68,179.10 36.70 100.0 95.5
801 - 825 47.8 63.11 13,424,221.00 68,143.25 33.25 100.0 95.3
Total: 44.8 69.22 543,387,064.05 50,355.58 61.77 99.8 95.6
</TABLE>
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing debt of the above trust, and is based in part on
information provided by NOVUS Financial Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent debt obligations. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the collateral
will prepay or new balances will be originated at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
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