<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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):
September 17, 1997
EquiVantage Acceptance Corp. on behalf of EquiVantage Home Equity Loan
Trust 1997-3
------------------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Delaware 333-22343 76-0448074
------------------------ ------------ ------------------
(State of Incorporation) (Commission (I.R.S. Employer
File Number) Identification No.)
13111 Northwest Freeway, Suite 301, Houston, Texas 77040
--------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (713) 895-1957
No Change
-------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
--------------------------------------
<PAGE>
Item 5. Other Events.(1)
------------
Attached as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current
Report are (i) Preliminary Structural Term Sheets, Preliminary Collateral
Term Sheets and Preliminary Computational Materials (collectively, the
"Preliminary Computational Materials") and (ii) Final Structural Term Sheets,
Final Collateral Term Sheets and Final Computational Materials (collectively,
the "Final Computational Materials" and, together with the Preliminary
Computational Materals, the "Computational Materials") furnished to the
Registrant by Morgan Stanley & Co. Incorporated, as representative of the
underwriters (collectively, the "Underwriters"), in respect of the
EquiVantage Home Equity Loan Trust 1997-3 Home Equity Loan Asset-Backed
Certificates, Series 1997-3, Class A-1, Class A-2, Class A-3, Class A-4 and
Class A-5 (the "Certificates"). The Certificates will be offered pursuant to
a Prospectus, dated June 3, 1997, as supplemented by a Prospectus Supplement,
to be dated September 19, 1997 (the Prospectus Supplement and the Prospectus
are collectively referred to herein as the "Prospectus"), both to be filed
with the Commission pursuant to Rule 424(b)(2) under the Securities Act of
1933, as amended (the "Act"). The Certificates have been registered pursuant
to the Act under a Registration Statement on Form S-3 (File No. 333-22343)
(the "Registration Statement").
The Computational Materials were prepared solely by the Underwriters, and
the Registrant did not prepare or participate (other than providing to the
Underwriters the background information concerning the underlying pool of
assets upon which the Computational Materials are based) in the preparation
of the Computational Materials.
Any statements or information contained in the Computational Materials
shall be deemed to be modified or superseded for purposes of the Prospectus
and the Registration Statement by statements or information contained in the
Prospectus.
Item 7. Financial Statements; Pro Forma Financial Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Preliminary Computational Materials
99.2 Final Computational Materials
- --------------------
(1) Capitalized terms used but not otherwise defined herein shall have the
meanings ascribed to such terms in the Prospectus.
2
<PAGE>
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.
EQUIVANTAGE ACCEPTANCE CORP.
By: /s/ Elizabeth Folk
----------------------------------
Elizabeth Folk
Senior Vice President
Date: September 18, 1997
<PAGE>
EXHIBIT INDEX
-------------
Exhibit
- -------
99.1 Preliminary Computational Materials of the Underwriters
99.2 Final Computational Materials of the Underwriters
<PAGE>
Exhibit 99.1
[LETTERHEAD]
COMPUTATIONAL MATERIALS
$75,000,000
(Approximate)
EquiVantage Home Equity Loan Trust 1997-3
HOME EQUITY LOAN ABS
- ------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by EquiVantage Inc. with respect to the expected characteristics of the
pool of home equity loans in which these securities will represent undivided
beneficial interests. 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 loans will prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
[LETTERHEAD]
$75,000,000 EquiVantage Home Equity Loan Asset Backed Certificates
Series 1997-3
EquiVantage Inc.
Servicer
TRANSACTION HIGHLIGHTS
<TABLE>
<CAPTION>
AVERAGE MODIFIED PAYMENT
EXPECTED LIFE DURATION WINDOW
CLASS SIZE RATINGS TO CALL(2) TO CALL(2) TO CALL (2)
CLASS(1) ($MILLIONS) CLASS TYPE (MOODY'S/ S&P) (YEARS) (YEARS) BENCHMARK (MONTHS)
- --------------- ------------- ------------- -------------- ------------- ------------- ------------ --------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 22.00 Fixed Aaa/AAA 1.11 1.04 4.75% of 8/98 26(10/97-11/99)
A-2 12.00 Fixed Aaa/AAA 3.10 2.72 3-year UST 27(11/99-1/02)
A-3 10.00 Fixed Aaa/AAA 6.52 5.03 5.875% of 2/04 46(1/02-10/05)
A-4 5.00 Fixed Lockout Aaa/AAA 6.32 4.94 5.875% of 2/04 61(10/00-10/05)
A-5 26.00 Floating Aaa/AAA 2.83 2.43 1-month LIBOR 97(10/97-10/05)
Total $ 75.00 -- -- -- -- -- --
<CAPTION>
PRICE TALK
CLASS(1) (BPS)
- --------------- -----------
<S> <C>
A-1 +[ ]
A-2 +[ ]
A-3 +[ ]
A-4 +[ ]
A-5 +[ ]
Total
</TABLE>
- ------------------------
(1) Class A-1 through A-4 are backed by the fixed rate loan pool; Class A-5 is
backed by the ARM loan pool. (2) See "Pricing Prepayment Speed" below.
<TABLE>
<CAPTION>
<S> <C>
Servicer: EquiVantage Inc.
Sponsor of the Trust EquiVantage Acceptance Corp.
Trustee: Norwest Bank Minnesota, National Association
Pricing Prepayment Speed:
Fixed Rate Certificates: All classes are priced at 120% of the prepayment
assumption ("PPM"). 120% PPM describes prepayments
starting at 4.8% CPR in month 1, increasing by 1.745%
CPR per month to 24% CPR in month 12, and remaining at
24% CPR thereafter.
Adjustable Rate Certificate: Constant 25% CPR.
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Credit Enhancement: Fixed Rate Certificates ARM Certificates
----------------------- ----------------
1. Excess cash; 1. Excess cash;
2. Overcollateralization initially 2. Overcollateralization initially
0%, building up to [4.01%] of the 0%, building up to [6.40%] of the
original loan amount; original loan amount;
3. 100% FGIC surety bond; 3. 100% FGIC surety bond;
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Expected Pricing Date: September 19, 1997.
Expected Settlement: September 26, 1997 through DTC, Euroclear and CEDEL.
Distribution Dates: The 25th of each month, beginning October 25, 1997.
Optional Call: 10% Clean-up call (10% of combined fixed and ARM pool
original collateral balances).
Coupon Step-Up: If the 10% clean-up call option is not exercised, (i)
the Class A-3 and Class A-4 pass-through rates will
increase by 0.50 bps, and (ii) the Class A-5 spread to
LIBOR will double as an incentive for
EquiVantage to exercise.
</TABLE>
- ------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by EquiVantage Inc. with respect to the expected characteristics of the
pool of home equity loans in which these securities will represent undivided
beneficial interests. 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 loans will prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
Transaction Highlights
----------------------
(continued)
<TABLE>
<CAPTION>
<S> <C>
Net Available Funds Cap: The adjustable rate certificates will be
subject to an available funds cap equal to
the weighted average coupon rate of the
adjustable rate home equity loans less
approximately 0.75% per annum (consisting of
the servicing and surety bond fees) prior to
the 6th payment date, and less approximately
1.50% per annum (consisting of the servicing
and surety bonds fees, and a 0.75% carve-out)
thereafter.
Class A-5 Available Funds Carry-Forward If the Class A-5 pass-through rate is at its
Amount: Net Available Funds Cap (see above), interest
not paid to the Class A-5 certificateholders
due to this cap will be carried forward to
future periods and will accrue interest at
the applicable pass through rate.
Tax Status: REMIC
ERISA Eligibility: All classes are ERISA eligible.
SMMEA Eligibility: No classes are SMMEA eligible.
</TABLE>
- ------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
EquiVantage 1997-2 Collateral Description
- Collateral statistics based on a statistical calculation pool (cut-off
date: September 1, 1997).
<TABLE>
<CAPTION>
FIXED RATE HOME EQUITY LOANS-GROUP I ARM HOME EQUITY LOANS-GROUP II
------------------------------------ ------------------------------------
<S> <C> <C>
Aggregate Pool Balance: $48,247,433.71 $25,222,718.50
Number of Loans: 816 264
Average Outstanding Balance: $59,126.76 (min: $9,625; max: $95,540.60 (min: $20,000; max:
$368,050) $451,623)
Total Original Balance: $48,283,958 (min: $10,000; max: $25,230,439 (min: 20,000; max:
$368,050) $452,000)
Average Original Balance: $59,171.52 $95,569.84
Lien Position: 94.3% firsts; 5.7% non-firsts 99.8% firsts; 0.2% non-firsts
Prepayment Penalty: 54.6% have penalties 66.8% have penalties
WA Original Loan to Value Ratio(1): 77.9% (44.1% >80%, min: 11.1%/ max: 81.9% (58.1%>80%, min: 25.0%/ max:
109.4%) 97.1%)
WA Junior Lien Ratio(2): 41.8% N/A
Loan Type: 100% Fixed Rate a) 58.8% 2/28 6-month LIBOR b) 38.0%
6-month LIBOR c) 3.2% 2/28 1-year
CMT
Original WA Original Term: 247 months (50.16% 180-month 358 months (1.0% 180-month maturity
maturity 33.17% 360-month maturity) 98.6% 360-month maturity)
Remaining WA Maturity: 245.6 months 356.0 months
WA Seasoning: 1 month 2 months
Latest Scheduled Maturity: Expected September 15, 2027 Expected September 15, 2027
WA Gross Coupon: 10.97% (min: 8.49%; max: 15.45%) 10.21% (current, min: 7.70%; max:
13.25%)
WA Gross Margin: N/A a) 7.07% for 6-month LIBOR b) 6.09% for
1-year CMT
WA Periodic Cap: N/A 1.42%
WA Months to Roll: N/A 16 months
WA Lifetime Cap: N/A 16.946% (min: 14.05%; max: 19.60%)
WA Floor: N/A 10.478% (min: 7.25%; max: 13.50%)
Property Type: 88.3% single family, 5.9% man. 91.2% single family, 3.8% 2-4
housing, 3.1% 2-4 family, 1.4% PUD, family, 3.1% PUD, 1.9% other
1.3% condo
Owner Occupancy: a) 93.7% owner occupied b) 6.3% a) 96.4% owner occupied b) 3.6%
investor property investor property
Geographic Distribution (> 5%): TN (15.8%), OH (13.8%), SC (12.9%), MI (22.5%), OH (18.6%), MD (11.1%),
FL (8.3%), NC (8.0%), IL (7.8%), GA FL (7.2%), CA (6.4%), IL (6.0%), TE
(7.4%), IN (5.7%) (5.4%)
% Cashout Refinancing: 73.31% 64.59%
</TABLE>
- ------------------------
Note (1) Includes Original Combined Loan-to-Value for 2nd lien fixed rate loans.
(2) Excludes first mortgages. Defined as ratio of current principal balance of
the mortgage loan to the sum of the original principal balance of loan and
principal balance at time of origination of the loan of any senior liens.
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
FIXED RATE COLLATERAL TABLES
----------------------------
<TABLE>
<CAPTION>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
PRINCIPAL MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
REMAINING BALANCE LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- -------------------------- ------------- ------------ ----------- --------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
25,000 87 1,636,602.30 3.39 11.752 18,812.00 178 64.126 86.75
25,001-- 50,000 315 11,782,461.00 24.42 11.303 37,405.00 210 72.965 89.85
50,001-- 75,000 221 13,443,077.64 27.86 10.991 60,828.00 243 78.697 76.54
75,001-- 100,000 105 8,999,785.92 18.65 10.948 85,712.00 267 79.950 68.89
100,001-- 125,000 47 5,333,701.63 11.05 10.561 113,483.00 275 81.659 58.10
125,001-- 150,000 21 2,929,808.70 6.07 10.511 139,515.00 275 83.602 42.91
150,001-- 175,000 9 1,470,420.07 3.05 10.650 163,380.00 279 78.941 66.60
175,001-- 200,000 3 563,481.26 1.17 10.563 187,827.00 178 83.527 34.61
200,001-- 225,000 3 669,000.00 1.39 10.450 223,000.00 359 74.678 66.37
225,001-- 250,000 1 237,921.21 0.49 11.340 237,921.00 357 73.230 100.00
250,001-- 275,000 2 516,354.51 1.07 9.710 258,177.00 271 90.000 --
275,001-- 300,000 1 296,769.47 0.62 10.630 296,769.00 357 90.000 100.00
350,001-- 375,000 1 368,050.00 0.76 11.250 368,050.00 179 85.000 100.00
----------- --- ------------ ----------- --------- --------- --- ----------- -----------
Total: 816 48,247,433.71 100.00 10.973 59,127.00 246 77.882 73.31
----------- --- ------------ ----------- --------- --------- --- ----------- -----------
<CAPTION>
PERCENT PERCENT
PRINCIPAL FULL OWNER
REMAINING BALANCE DOC OCCUPIED
- -------------------------- ----------- -----------
<S> <C> <C>
1-- 25,000 98.43 88.18
25,001-- 50,000 98.45 90.72
50,001-- 75,000 99.59 96.51
75,001-- 100,000 99.07 93.30
100,001-- 125,000 97.81 100.00
125,001-- 150,000 100.00 90.59
150,001-- 175,000 88.10 88.78
175,001-- 200,000 100.00 100.00
200,001-- 225,000 67.12 66.52
225,001-- 250,000 100.00 100.00
250,001-- 275,000 100.00 100.00
275,001-- 300,000 100.00 100.00
350,001-- 375,000 100.00 100.00
----------- ----------- -----------
Total: 98.22 93.73
----------- ----------- -----------
Min: 9,625.45
Max: 368,050.
Average: 59,126.76
----------- -----------
</TABLE>
- ------------------------
This information has been prepared in connection with
the issuance of securities representing interests in the above trust, and is
based in part on information provided by EquiVantage Inc. with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. 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 loans will prepay 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 loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
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>
% 0F WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE AVERAGE AGGREGATE AVERAGE AVERAGE PERCENT
MORTGAGE PRINCIPAL PRINCIPAL CURRENT PRINCIPAL STD REM ORIGINAL CASHOUT
MORTGAGE RATES LOANS BALANCE BALANCE BALANCE AMOUNT TERM CLTV REFI
- ------------------------- --------- ------------ ---------- ------- --------- -------- --------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
8.001-- 8.500 2 100,400.00 0.21 8.491 50,200.00 180 77.014 11.95
8.501-- 9.000 25 1,589,361.10 3.29 8.925 63,574.00 217 75.830 52.12
9.001-- 9.500 53 3,712,733.60 7.70 9.309 70,052.00 256 79.473 42.04
9.501-- 10.000 107 7,189,819.10 14.90 9.782 67,195.00 276 76.057 66.93
10.001-- 10.500 97 6,453,807.66 13.38 10.355 66,534.00 249 77.382 79.69
10.501-- 11.000 143 9,110,447.50 18.88 10.781 63,709.00 259 79.228 72.49
11.001-- 11.500 87 5,473,005.97 11.34 11.322 62,908.00 238 77.928 84.96
11.501-- 12.000 96 4,747,917.13 9.84 11.781 49,457.00 232 76.677 74.38
12.001-- 12.500 77 3,477,555.99 7.21 12.323 45,163.00 214 79.758 86.94
12.501-- 13.000 67 3,773,209.52 7.82 12.790 56,317.00 224 80.117 81.16
13.001-- 13.500 32 1,390,185.58 2.88 13.258 43,443.00 206 76.052 95.66
13.501-- 14.000 21 864,835.40 1.79 13.680 41,183.00 253 73.255 77.84
14.001-- 14.500 7 311,155.16 0.64 14.141 44,451.00 256 76.491 28.69
14.501-- 15.000 1 32,500.00 0.07 14.580 32,500.00 177 65.000 00.00
15.001-- 15.500 1 20,500.00 0.04 15.450 20,500.00 178 50.000 00.00
----------- --- ------------- -------- ------- --------- --- -------- -----
Total: 816 48,247,433.71 100.00 10.973 59,127.00 246 77.882 73.31
----------- --- ------------- -------- ------- --------- --- -------- -----
----------- --- ------------- -------- ------- --------- --- -------- -----
<CAPTION>
PERCENT PERCENT
MORTGAGE FULL OWNER
RATES DOC OCCUPIED
- ------------- ------- --------
<S> <C> <C>
8.001-- 8.500 100.00 100.00
8.501-- 9.000 100.00 100.00
9.001-- 9.500 100.00 100.00
9.501--10.000 100.00 99.22
10.001--10.500 96.59 97.71
10.501--11.000 100.00 89.53
11.001--11.500 97.57 87.00
11.501--12.000 97.05 84.75
12.001--12.500 100.00 97.90
12.501--13.000 99.30 95.11
13.001--13.500 83.96 92.78
13.501--14.000 86.47 93.99
14.001--14.500 100.00 93.75
14.501--15.000 100.00 100.00
15.001--15.500 100.00 100.00
------ -------
Total: 98.22 93.73
------ -------
Min: 8.49
Max: 15.45
Weighted Average Coupon:
10.97
------ -------
</TABLE>
- ------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by EquiVantage Inc. with respect to the expected characteristics of the
pool of home equity loans in which these securities will represent undivided
beneficial interests. 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 loans will prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
MONTHS % OF WEIGHTED WEIGHTED
REMAINING TO NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
SCHEDULED MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
MATURITY LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- -------------------------- ------------- ------------ ----------- --------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Jan-60 6 129,760.36 0.27 10.626 21,627.00 58 51.853 100.00
61-- 120 27 854,082.36 1.77 10.925 31,633.00 116 63.885 96.57
121-- 180 455 24,232,095.49 50.22 11.141 53,257.00 179 77.410 73.39
181-- 240 135 6,927,353.12 14.36 11.040 51,314.00 238 76.996 90.83
241-- 300 2 100,186.61 0.21 11.151 50,093.00 298 74.619 100.00
301-- 360 191 16,003,955.77 33.17 10.695 83,790.00 358 79.959 64.00
----------- --- ------------ ----------- --------- --------- --- ----------- -----------
Total: 816 48,247,433.71 100.00 10.973 59,127.00 246 77.882 73.31
----------- --- ------------ ----------- --------- --------- --- ----------- -----------
<CAPTION>
MONTHS
REMAINING TO PERCENT PERCENT
SCHEDULED FULL OWNER
MATURITY DOC OCCUPIED
- ------------------------- ----------- -----------
<S> <C> <C>
Jan-60 100.00 100.00
61-- 120 100.00 94.63
121-- 180 98.84 94.26
181-- 240 97.74 94.48
241-- 300 100.00 100.00
301-- 360 97.37 92.47
----------- -----------
Total: 98.22 93.73
----------- -----------
Min: 57.00
Max: 360.00
Weighted Average: 245.59
----------- -----------
</TABLE>
- ------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by EquiVantage Inc. with respect to the expected characteristics of the
pool of home equity loans in which these securities will represent undivided
beneficial interests. 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 loans will prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
PRODUCT TYPE LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- -------------------------- ------------- ------------ ----------- --------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Balloon-- 15/30 242 16,168,258.31 33.51 11.233 66,811.00 179 80.195 64.76
Fixed-- 30 Year 191 16,003,955.77 33.17 10.695 83,790.00 358 79.959 64.00
Fixed-- 15 Year 213 8,063,837.18 16.71 10.958 37,858.00 178 71.824 90.68
Fixed-- 20 Year 135 6,927,353.12 14.36 11.040 51,314.00 238 76.996 90.83
Fixed-- 10 Year 27 854,082.36 1.77 10.925 31,633.00 116 63.885 96.57
Fixed-- 5 Year 6 129,760.36 0.27 10.626 21,627.00 58 51.853 100.00
Fixed-- 25 Year 2 100,186.61 0.21 11.151 50,093.00 298 74.619 100.00
----------- --- ------------ ----------- --------- --------- --- ----------- -----------
Total: 816 48,247,433.71 100.00 10.973 59,127.00 246 77.882 73.31
<CAPTION>
PERCENT PERCENT
FULL OWNER
PRODUCT TYPE DOC OCCUPIED
- -------------------------- ----------- -----------
<S> <C> <C>
Balloon-- 15/30 8.76 92.89
Fixed-- 30 Year 97.37 92.47
Fixed-- 15 Year 99.00 97.01
Fixed-- 20 Year 97.74 94.48
Fixed-- 10 Year 100.00 94.63
Fixed-- 5 Year 100.00 100.00
Fixed-- 25 Year 100.00 100.00
----------- -----------
Total: 98.22 93.73
</TABLE>
- ------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by EquiVantage Inc. with respect to the expected characteristics of the
pool of home equity loans in which these securities will represent undivided
beneficial interests. 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 loans will prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
DISTRIBUTION NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
OF LOAN MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
PURPOSE LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- -------------------------- ------------- ------------ ----------- --------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Refinance--Cashout 455 23,974,552.08 49.69 11.189 52,691.00 237 75.052 100.00
Debt Consolidation 192 11,397,972.25 23.62 10.939 59,364.00 245 77.406 100.00
Purchase 87 7,119,780.89 14.76 10.684 81,837.00 255 85.846 --
Refinance--Rate Term 82 5,755,128.49 11.93 10.503 70,184.00 270 80.761 --
----------- --- ------------ ----------- --------- --------- --- ----------- -----------
Total: 816 48,247,433.71 100.00 10.973 59,127.00 246 77.882 73.31
----------- --- ------------ ----------- --------- --------- --- ----------- -----------
<CAPTION>
DISTRIBUTION PERCENT PERCENT
OF LOAN FULL OWNER
PURPOSE DOC OCCUPIED
- -------------------- ----------- ----------
<S> <C> <C>
Refinance--Cashout 96.58 92.94
Debt Consolidation 99.77 97.58
Purchase 99.82 93.12
Refinance--Rate Term 100.00 90.21
----------- -----------
Total: 98.22 93.73
----------- -----------
</TABLE>
- ------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by EquiVantage Inc. with respect to the expected characteristics of the
pool of home equity loans in which these securities will represent undivided
beneficial interests. 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 loans will prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
DISTRIBUTION % OF WEIGHTED WEIGHTED
OF NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
OCCUPANCY MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
STATUS LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- -------------------------- ------------- ------------ ----------- --------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Owner Occupied 759 45,224,368.83 93.73 10.940 59,584.00 245 78.162 73.86
Investment 56 2,978,064.88 6.17 11.480 53,180.00 257 73.663 64.62
Second Home 1 45,000.00 0.09 10.490 45,000.00 239 75.000 100.00
----------- --- ------------ ----------- --------- --------- --- ----------- -----------
Total: 816 48,247,433.71 100.00 10.973 59,127.00 246 77.882 73.31
<CAPTION>
DISTRIBUTION
OF PERCENT PERCENT
OCCUPANCY FULL OWNER
STATUS DOC OCCUPIED
- ---------------- ----------- --------
<S> <C> <C>
Owner Occupied 98.16 100.00
Investment 99.12 --
Second Home 100.00 --
----------- -----------
Total: 98.22 93.73
</TABLE>
- ------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by EquiVantage Inc. with respect to the expected characteristics of the
pool of home equity loans in which these securities will represent undivided
beneficial interests. 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 loans will prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
DISTRIBUTION NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
OF PROPERTY MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
TYPES LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- -------------------------- ------------- ------------ ----------- --------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Single Family Detached 713 42,467,769.58 88.02 10.920 59,562.00 243 78.014 74.96
Manufactured Housing 63 2,834,801.56 5.88 11.638 44,997.00 222 75.802 75.36
2-4 Family 19 1,500,950.49 3.11 11.706 78,997.00 318 74.723 65.87
PUD 7 684,139.42 1.42 9.496 97,734.00 323 83.974 17.68
Condo 10 626,949.04 1.30 11.376 62,695.00 287 78.587 33.11
Single Family Attached 4 132,823.62 0.28 11.428 33,206.00 178 81.013 62.73
----------- --- ------------ ----------- --------- --------- --- ----------- -----------
Total: 816 48,247,433.71 100.00 10.973 59,127.00 246 77.882 73.31
----------- --- ------------ ----------- --------- --------- --- ----------- -----------
<CAPTION>
DISTRIBUTION PERCENT PERCENT
OF PROPERTY FULL OWNER
TYPES DOC OCCUPIED
- ---------------- --------- ----------
<S> <C> <C>
Single Family 97.98 95.62
Manufactured 100.00 97.16
2-4 Family 100.00 38.32
PUD 100.00 100.00
Condo 100.00 74.68
Single Family 100.00 100.00
----------- -----------
Total: 98.22 93.73
----------- -----------
</TABLE>
- ------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by EquiVantage Inc. with respect to the expected characteristics of the
pool of home equity loans in which these securities will represent undivided
beneficial interests. 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 loans will prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
PREPAYMENT MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
PENALTY LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- -------------------------- ------------- ------------ ----------- --------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Prepayment Penalty 421 26,348,379.50 54.61 10.814 62,585.00 248 78.091 71.82
No Prepayment Penalty 395 21,899,054.21 45.39 11.165 55,441.00 243 77.630 75.11
----------- --- ------------ ----------- --------- --------- --- ----------- -----------
Total: 816 48,247,433.71 100.00 10.973 59,127.00 246 77.882 73.31
----------- --- ------------ ----------- --------- --------- --- ----------- -----------
<CAPTION>
PERCENT PERCENT
PREPAYMENT FULL OWNER
PENALTY DOC OCCUPIED
- --------------------- ----------- --------
<S> <C> <C>
Prepayment Penalty 98.71 93.01
No Prepayment Penalty 97.63 94.60
----------- -----------
Total: 98.22 93.73
----------- -----------
</TABLE>
- ------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
GEOGRAPHICAL NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT PERCENT PERCENT
DISTRIBUTION MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT FULL OWNER
(1) LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI DOC OCCUPIED
- ----------------- --------- ------------- --------- -------- ---------- -------- -------- ------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Arkansas......... 2 84,779.75 0.18 11.670 42,390.00 295 87.964 47.18 100.00 47.18
Colorado......... 3 322,194.97 0.67 9.923 107,398.00 251 90.289 47.39 100.00 100.00
Florida.......... 69 4,014,817.99 8.32 10.935 58,186.00 251 79.283 50.84 100.00 92.24
Georgia.......... 54 3,579,168.37 7.42 11.037 66,281.00 241 81.255 70.95 100.00 92.71
Iowa............. 8 372,636.29 0.77 11.776 46,580.00 218 77.087 67.01 100.00 100.00
Idaho............ 2 165,795.00 0.34 11.100 82,898.00 306 87.057 -- 100.00 100.00
Illinois......... 58 3,751,071.47 7.77 11.042 64,674.00 262 74.624 85.65 100.00 98.67
Indiana.......... 61 2,730,437.24 5.66 10.487 44,761.00 243 78.024 78.55 99.52 96.11
Kansas........... 3 93,200.71 0.19 11.861 31,067.00 179 76.146 28.17 71.83 27.89
Kentucky......... 22 1,819,388.76 3.77 11.072 82,699.00 250 79.643 69.96 100.00 85.35
Louisiana........ 38 2,108,725.41 4.37 11.393 55,493.00 262 76.351 78.62 96.02 98.46
Maryland......... 9 678,504.32 1.41 11.088 75,389.00 279 83.267 55.11 100.00 100.00
Michigan......... 43 2,362,518.80 4.90 10.661 54,942.00 234 73.327 94.54 99.46 96.14
Missouri......... 1 50,037.71 0.10 8.750 50,038.00 346 80.000 -- 100.00 100.00
Mississippi...... 6 358,631.86 0.74 10.964 59,772.00 251 78.212 78.19 100.00 86.34
North Carolina... 59 3,879,726.81 8.04 11.130 65,758.00 262 77.253 65.14 93.28 93.91
Ohio............. 109 6,645,423.01 13.77 10.615 60,967.00 260 76.952 70.34 97.41 87.06
Oregon........... 2 149,671.11 0.31 9.715 74,836.00 178 88.903 100.00 100.00 100.00
South Carolina... 123 6,213,288.67 12.88 11.323 50,515.00 237 77.104 82.14 98.14 95.53
Tennessee........ 129 7,623,135.75 15.80 11.026 59,094.00 223 79.054 77.25 100.00 96.21
Texas............ 4 189,779.09 0.39 12.574 47,445.00 176 82.916 -- 100.00 100.00
Utah............. 2 294,901.43 0.61 11.604 147,451.00 251 58.196 100.00 40.67 100.00
Virginia......... 3 116,218.29 0.24 11.775 38,739.00 177 67.989 100.00 100.00 100.00
Washington....... 3 493,362.55 1.02 9.595 164,454.00 238 86.235 49.13 100.00 83.68
West Virginia.... 3 150,018.35 0.31 11.459 50,006.00 242 77.004 100.00 100.00 100.00
- ----------------- --- ------------- --------- -------- ---------- --- -------- ------- ------- --------
Total:........... 816 48,247,433.71 100.00 10.973 59,127.00 246 77.882 73.31 98.22 93.73
- ----------------- --- ------------- --------- -------- ---------- --- -------- ------- ------- --------
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
CALENDAR YEAR NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT PERCENT PERCENT
OF MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT FULL OWNER
ORIGINATION LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI DOC OCCUPIED
- --------------- --------- ------------- ------------- -------- --------- --------- -------- ------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1996 3 109,601.07 0.23 10.463 36,534.00 322 88.634 -- 100.00 59.14
1997 813 48,137,832.64 99.77 10.975 59,210.00 245 77.857 73.48 98.22 93.81
- --------------- --------- ------------- ------------- -------- --------- --------- -------- ------- ------- --------
Total:......... 816 48,247,433.71 100.00 10.973 59,127.00 246 77.882 73.31 98.22 93.73
- --------------- --------- ------------- ------------- -------- --------- --------- -------- ------- ------- --------
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
COMBINED % OF WEIGHTED WEIGHTED
ORIGINAL NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT PERCENT PERCENT
LOAN-TO-VALUE MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT FULL OWNER
RATIOS LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI DOC OCCUPIED
- ------------ -------------- ------------- ------------- -------- --------- --------- -------- ------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
10.01--20.00 6 110,678.98 0.23 10.075 18,446.00 164 15.082 85.68 100.00 100.00
20.01--30.00 5 115,789.42 0.24 10.156 23,158.00 179 24.315 100.00 100.00 100.00
30.01--40.00 12 276,482.71 0.57 11.750 23,040.00 176 35.847 96.52 95.30 89.17
40.01--50.00 30 882,840.26 1.83 10.441 29,428.00 173 46.623 92.56 100.00 100.00
50.01--60.00 54 2,428,627.56 5.03 10.649 44,975.00 230 56.153 96.71 91.11 93.34
60.01--70.00 134 7,843,951.04 16.26 10.573 58,537.00 247 67.271 88.31 95.70 88.44
70.01--80.00 285 15,301,515.26 31.71 11.482 53,690.00 241 77.938 77.79 98.08 90.01
80.01--90.00 279 20,605,947.28 42.71 10.812 73,856.00 255 86.439 60.71 100.00 98.30
90.01--100.00 9 583,501.20 1.21 10.925 64,833.00 246 92.727 49.87 100.00 92.33
100.01--110.00 2 98,100.00 0.20 10.470 49,050.00 200 103.543 100.00 100.00 100.00
- ------------ -------------- ------------- ------------- -------- --------- --------- -------- ------- ------- --------
Total:...... 816 48,247,433.71 100.00 10.973 59,127.00 246 77.882 73.31 98.22 93.73
- ------------ -------------- ------------- ------------- -------- --------- --------- -------- ------- ------- --------
Min: 11.09
Max: 109.38
Weighted Average: 77.88
- ------------ -------------- ------------- ------------- -------- --------- --------- -------- ------- ------- --------
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
ORIGINAL NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT PERCENT PERCENT
LOAN-TO-VALUE MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT FULL OWNER
RATIOS LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI DOC OCCUPIED
- ---------- ---------------- ------------- ------------- -------- --------- --------- -------- ------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
10.001--20.000 26 586,584.84 1.22 11.691 22,561.00 184 66.211 90.61 100.00 100.00
20.001--30.000 34 1,077,309.15 2.23 11.601 31,686.00 191 72.879 100.00 94.89 90.74
30.001--40.000 38 1,112,965.41 2.31 11.710 29,289.00 195 68.100 99.14 95.69 96.14
40.001--50.000 34 1,121,440.98 2.32 10.725 32,984.00 182 52.175 94.14 100.00 93.49
50.001--60.000 51 2,390,163.17 4.95 10.631 46,866.00 234 57.123 96.66 90.97 93.78
60.001--70.000 123 7,444,230.96 15.43 10.531 60,522.00 250 67.421 88.01 95.47 89.83
70.001--80.000 262 14,533,696.98 30.12 11.461 55,472.00 243 77.998 76.62 98.60 89.64
80.001--90.000 240 19,422,550.27 40.26 10.736 80,927.00 259 86.581 58.39 100.00 98.19
90.001--100.000 7 496,391.95 1.03 11.040 70,913.00 258 92.794 41.07 100.00 90.98
100.001--110.000 1 62,100.00 0.13 10.250 62,100.00 178 100.160 100.00 100.00 100.00
- ---------- ---------------- ------------- ------------- -------- --------- --------- -------- ------- ------- --------
Total:.... 816 48,247,433.71 100.00 10.973 59,127.00 246 77.882 73.31 98.22 93.73
- ---------- ---------------- ------------- ------------- -------- --------- --------- -------- ------- ------- --------
Min: 11.09
Max: 100.16
Weighted Average: 75.26
- ---------- ---------------- ------------- ------------- -------- --------- --------- -------- ------- ------- --------
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT PERCENT
MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT FULL
LIEN POSITION LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI DOC
- ------------------------- ------------- ------------- -------- --------- --------- -------- ------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1st Lien 730 45,495,506.08 94.30 10.930 62,323.00 249 77.901 71.82 98.31
2nd Lien 86 2,751,927.63 5.70 11.686 31,999.00 196 77.569 98.00 96.73
- ------------------------- ------------- ------------- -------- --------- --------- -------- ------- ------- --------
Total:................... 816 48,247,433.71 100.00 10.973 59,127.00 246 77.882 73.31 98.22
- ------------------------- ------------- ------------- -------- --------- --------- -------- ------- ------- --------
</TABLE>
PERCENT
OWNER
OCCUPIED
- --------
93.76
93.25
- --------
93.73
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT PERCENT
MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT FULL
JUNIOR LOAN RATIOS LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI DOC
- ------------------ -------------- ----------- --------- ----------- --------- --------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
15.001--20.000 4 92,357.05 3.36 12.248 23,089.00 196 86.569 83.99 100.00
20.001--25.000 13 310,032.40 11.27 12.342 23,849.00 192 82.405 100.00 100.00
25.001--30.000 12 344,836.86 12.53 11.841 28,736.00 184 83.823 92.91 100.00
30.001--35.000 14 441,621.86 16.05 11.525 31,544.00 191 76.756 100.00 87.55
35.001--40.000 14 479,391.31 17.42 11.613 34,242.00 207 80.255 100.00 100.00
40.001--45.000 9 339,190.97 12.33 11.790 37,688.00 201 75.079 100.00 100.00
45.001--50.000 4 139,046.29 5.05 12.106 34,762.00 233 77.033 100.00 74.85
50.001--55.000 2 40,011.00 1.45 10.792 20,006.00 179 74.864 100.00 100.00
55.001--60.000 2 87,378.36 3.18 12.242 43,689.00 239 77.498 100.00 100.00
60.001--65.000 2 93,877.10 3.41 11.665 46,939.00 139 67.123 100.00 100.00
65.001--70.000 2 91,200.00 3.31 11.559 45,600.00 240 73.288 100.00 100.00
70.001--75.000 4 120,613.87 4.38 10.957 30,153.00 183 66.852 100.00 100.00
85.001--90.000 1 15,850.00 0.58 9.250 15,850.00 179 15.410 -- 100.00
90.001--95.000 2 89,376.81 3.25 11.594 44,688.00 155 58.672 100.00 100.00
95.001--100.000 1 67,143.75 2.44 9.290 67,144.00 177 91.810 100.00 100.00
- ------------------ -------------- ----------- --------- ----------- --------- --------- ----------- ----------- -----------
Total:............ 86 2,751,927.63 100.00 11.686 31,999.00 196 77.569 98.00 96.73
- ------------------ -------------- ----------- --------- ----------- --------- --------- ----------- ----------- -----------
- ------------------ -------------- ----------- --------- ----------- --------- --------- ----------- ----------- -----------
<CAPTION>
PERCENT
OWNER
JUNIOR LOAN RATIOS OCCUPIED
- ------------------ -----------
<S> <C>
15.001--20.000 100.00
20.001--25.000 100.00
25.001--30.000 100.00
30.001--35.000 100.00
35.001--40.000 100.00
40.001--45.000 70.58
45.001--50.000 100.00
50.001--55.000 42.49
55.001--60.000 100.00
60.001--65.000 100.00
65.001--70.000 45.18
70.001--75.000 89.22
85.001--90.000 100.00
90.001--95.000 100.00
95.001--100.000 100.00
- ------------------ -----------
Total:............ 93.25
- ------------------ -----------
Min: 16.503
Max: 98.029
Weighted Average: 41.841
- ------------------ -----------
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
ARM COLLATERAL TABLES
---------------------
<TABLE>
<CAPTION>
% OF WEIGHTED WEIGHTED
REMAINING NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT PERCENT
PRINCIPAL MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT FULL
BALANCE LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI DOC
- --------- --------------- ------------ ----------- ----------- --------- --------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1--25,000 6 137,765.04 0.55 11.234 22,961.00 331 63.827 67.35 100.00
25,001--50,000 37 1,485,013.72 5.89 10.517 40,136.00 353 74.292 92.56 100.00
50,001--75,000 85 5,271,828.46 20.90 10.298 62,022.00 354 81.025 84.61 100.00
75,001--100,000 51 4,453,740.64 17.66 10.264 87,328.00 359 82.638 70.55 100.00
100,001--125,000 29 3,192,320.48 12.66 10.094 110,080.00 351 83.370 68.25 100.00
125,001--150,000 17 2,358,420.89 9.35 10.528 138,731.00 358 85.602 46.38 100.00
150,001--175,000 10 1,598,501.38 6.34 10.195 159,850.00 358 82.561 41.19 100.00
175,001--200,000 12 2,248,256.64 8.91 9.866 187,355.00 358 78.698 16.32 100.00
200,001--225,000 7 1,497,059.91 5.94 9.931 213,866.00 358 87.102 58.08 100.00
225,001--250,000 5 1,189,745.52 4.72 10.096 237,949.00 358 81.520 60.09 100.00
250,001--275,000 1 259,876.88 1.03 9.680 259,877.00 358 86.670 100.00 100.00
325,001--350,000 1 339,860.15 1.35 10.340 339,860.00 358 85.000 100.00 100.00
350,001--375,000 2 738,705.44 2.93 9.724 369,353.00 357 81.841 100.00 100.00
450,001--475,000 1 451,623.35 1.79 10.300 451,623.00 357 77.930 -- 100.00
- --------- --------------- ------------ ----------- ----------- --------- --------- ----------- ----------- -----------
Total:... 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59 100.00
- --------- --------------- ------------ ----------- ----------- --------- --------- ----------- ----------- -----------
- --------- --------------- ------------ ----------- ----------- --------- --------- ----------- ----------- -----------
<CAPTION>
REMAINING PERCENT
PRINCIPAL OWNER
BALANCE OCCUPIED
- ---------------- -----------
<S> <C>
1--25,000 65.13
25,001--50,000 91.29
50,001--75,000 93.35
75,001--100,000 98.29
100,001--125,000 96.73
125,001--150,000 100.00
150,001--175,000 100.00
175,001--200,000 91.35
200,001--225,000 100.00
225,001--250,000 100.00
250,001--275,000 100.00
325,001--350,000 100.00
350,001--375,000 100.00
450,001--475,000 100.00
- ---------------- ---------
Total:... 96.42
- ---------------- ---------
Min: 20,000.00
Max: 451,623
Average: 95,540.60
- ---------------- ---------
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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.
<PAGE>
representative about the investment concerned. NOT FOR DISTRIBUTION TO PRIVATE
CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<TABLE>
<CAPTION>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT PERCENT
MORTGAGE MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT FULL
RATES LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI DOC
- --------- ------------- ------------ ----------- ----------- --------- --------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
7.501-- 8.000 3 195,900.00 0.78 7.926 65,300.00 360 78.482 100.00 100.00
8.001-- 8.500 5 502,430.48 1.99 8.384 100,486.00 337 76.556 43.08 100.00
8.501-- 9.000 15 2,007,565.81 7.96 8.881 133,838.00 358 81.759 50.58 100.00
9.001-- 9.500 30 2,917,743.36 11.57 9.331 97,258.00 359 78.971 60.26 100.00
9.501-- 10.000 59 5,667,533.79 22.47 9.786 96,060.00 356 83.679 65.56 100.00
10.001-- 10.500 43 4,964,898.14 19.68 10.295 115,463.00 358 82.187 77.06 100.00
10.501-- 11.000 61 5,126,255.39 20.32 10.790 84,037.00 352 81.953 60.98 100.00
11.001-- 11.500 19 1,598,381.94 6.34 11.292 84,125.00 359 81.447 64.86 100.00
11.501-- 12.000 18 1,662,591.96 6.59 11.700 92,366.00 354 83.488 61.87 100.00
12.001-- 12.500 7 312,739.10 1.24 12.282 44,677.00 358 75.143 61.02 100.00
12.501-- 13.000 3 208,178.53 0.83 12.598 69,393.00 359 89.341 58.80 100.00
13.001-- 13.500 1 58,500.00 0.23 13.250 58,500.00 358 65.000 100.00 100.00
- --------- --------- ------------ ----------- -------- --------- --------- ----------- ----------- ----------
Total:... 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59 100.00
- --------- --------- ------------ ----------- --------- --------- --------- ----------- ----------- ----------
- --------- --------- ------------ ----------- --------- --------- --------- ----------- ----------- ----------
<CAPTION>
PERCENT
MORTGAGE OWNER
RATES OCCUPIED
- --------- -----------
<S> <C>
7.501-- 8.000 100.00
8.001-- 8.500 100.00
8.501-- 9.000 96.89
9.001-- 9.500 90.41
9.501-- 10.000 100.00
10.001--10.500 100.00
10.501--11.000 95.54
11.001--11.500 87.84
11.501--12.000 94.63
12.001--12.500 84.64
12.501--13.000 100.00
13.001--13.500 100.00
- --------- ---------
Total:... 96.42
- --------- ---------
Min: 7.70
Max: 13.25
Weighted Average Coupon: 10.21
- --------- ---------
</TABLE>
- ------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by EquiVantage Inc. with respect to the expected characteristics of the
pool of home equity loans in which these securities will represent undivided
beneficial interests. 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 loans will prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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.
<PAGE>
representative about the investment concerned. NOT FOR DISTRIBUTION TO PRIVATE
CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<TABLE>
<CAPTION>
MONTHS % OF WEIGHTED WEIGHTED
REMAINING NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT PERCENT
SCHEDULED MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT FULL
MATURITY LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI DOC
- ------------- ----------- ------------ ------------ ----------- --------- --------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
121--180 4 244,748.70 0.97 10.179 61,187.00 178 77.342 91.44 100.00
181--240 2 104,830.03 0.42 10.843 52,415.00 238 83.784 100.00 100.00
301--360 258 24,873,139.77 98.61 10.204 96,408.00 358 81.935 64.17 100.00
- ------------- ----------- ------------ ------------ ----------- --------- --------- ----------- ----------- -----------
Total:....... 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59 100.00
- ------------- ----------- ------------ ------------ ----------- --------- --------- ----------- ----------- -----------
- ------------- ----------- ------------ ------------ ----------- --------- --------- ----------- ----------- -----------
<CAPTION>
MONTHS
REMAINING PERCENT
SCHEDULED OWNER
MATURITY OCCUPIED
- ------------- -----------
<S> <C>
121--180 100.00
181--240 100.00
301--360 96.37
- ------------- ----------
Total:....... 96.42
- ------------- ----------
Min: 178.00
Max: 360.00
Weighted
Average:
356.02
- ------------- ----------
</TABLE>
- ------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by EquiVantage Inc. with respect to the expected characteristics of the
pool of home equity loans in which these securities will represent undivided
beneficial interests. 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 loans will prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
PRODUCT TYPE LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- --------------------- --------------- ------------ ----------- ----------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ARM--2 Year/6Month... 172 14,820,471.87 58.76 10.357 86,166.00 357 81.292 67.52
ARM--6 Month......... 85 9,589,807.86 38.02 10.003 112,821.00 355 82.561 62.32
ARM--2 Year/1 Year... 7 812,438.77 3.22 9.872 116,063.00 357 85.142 37.95
- --------------------- --- ------------ ----------- ----------- --------- --- ----------- -----
Total:............... 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59
- --------------------- --- ------------ ----------- ----------- --------- --- ----------- -----
<CAPTION>
PERCENT PERCENT
FULL OWNER
PRODUCT TYPE DOC OCCUPIED
- --------------------- ----------- -----------
<S> <C> <C>
ARM--2 Year/6Month... 100.00 95.73
ARM--6 Month......... 100.00 97.19
ARM--2 Year/1 Year... 100.00 100.00
- --------------------- ----------- -----------
Total:............... 100.00 96.42
- --------------------- ----------- -----------
</TABLE>
- ------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by EquiVantage Inc. with respect to the expected characteristics of the
pool of home equity loans in which these securities will represent undivided
beneficial interests. 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 loans will prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
DISTRIBUTION OF LOAN MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
PURPOSE LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- -------------------- --------------- ------------ ----------- ----------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Refinance--Cashout.. 118 9,960,105.36 39.49 10.130 84,408.00 354 80.917 100.00
Purchase............ 54 7,342,513.86 29.11 10.161 135,972.00 358 82.614 --
Debt Consolidation.. 73 6,330,477.35 25.10 10.373 86,719.00 357 83.044 100.00
Refinance--Rate
Term.............. 19 1,589,621.93 6.30 10.235 83,664.00 356 80.177 --
--- ------------ ----------- ----------- --------- --- ----------- -----------
Total:.............. 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59
--- ------------ ----------- ----------- --------- --- ----------- -----------
<CAPTION>
PERCENT PERCENT
DISTRIBUTION OF LOAN FULL OWNER
PURPOSE DOC OCCUPIED
- -------------------- ----------- -----------
<S> <C> <C>
Refinance--Cashout.. 100.00 96.14
Purchase............ 100.00 94.97
Debt
Consolidation..... 100.00 98.03
Refinance--Rate
Term.............. 100.00 98.49
----------- -----
Total:.............. 100.00 96.42
----------- -----
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
DISTRIBUTION OF MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
OCCUPANCY STATUS LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- --------------------- --------------- ------------ ----------- ----------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Owner Occupied....... 249 24,320,234.10 96.42 10.194 97,672.00 356 82.331 64.89
Investment........... 15 902,484.40 3.58 10.549 60,166.00 359 70.228 56.37
--- ------------ ----------- ----------- --------- --- ----------- -----
Total:............... 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59
--- ------------ ----------- ----------- --------- --- ----------- -----
<CAPTION>
PERCENT PERCENT
DISTRIBUTION OF FULL OWNER
OCCUPANCY STATUS DOC OCCUPIED
- --------------------- ----------- -----------
<S> <C> <C>
Owner Occupied....... 100.00 100.00
Investment........... 100.00 --
----------- -----------
Total:............... 100.00 96.42
----------- -----------
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
DISTRIBUTION OF MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
PROPERTY TYPES LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- -------------------- --------------- ------------ ----------- ----------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Single Family
Detached.......... 243 22,846,606.50 90.58 10.216 94,019.00 356 82.264 64.95
2-4 Family.......... 5 960,398.91 3.81 10.278 192,080.00 358 76.320 79.76
PUD................. 6 776,656.24 3.08 9.812 129,443.00 358 81.539 34.38
Townhouse........... 3 206,100.00 0.82 9.825 68,700.00 359 79.330 43.30
Manufactured
Housing........... 3 162,327.00 0.64 10.046 54,109.00 359 78.480 100.00
Single Family
Attached.......... 2 150,800.00 0.60 10.561 75,400.00 358 81.578 31.56
Condo............... 2 119,829.85 0.48 10.814 59,915.00 266 68.762 100.00
--- ------------- ---------- ----------- ---------- --- ----------- -----------
Total:.............. 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59
--- ------------- ---------- ----------- ---------- --- ----------- -----------
<CAPTION>
PERCENT PERCENT
DISTRIBUTION OF FULL OWNER
PROPERTY TYPES DOC OCCUPIED
- -------------------- ----------- -----------
<S> <C> <C>
Single Family
Detached.......... 100.00 97.67
2-4 Family.......... 100.00 79.76
PUD................. 100.00 92.48
Townhouse........... 100.00 43.30
Manufactured
Housing........... 100.00 100.00
Single Family
Attached.......... 100.00 100.00
Condo............... 100.00 100.00
----------- -----------
Total:.............. 100.00 96.42
----------- -----------
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
PREPAYMENT PENALTY LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- -------------------- --------------- ------------ ----------- ----------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Prepayment
Penalty........... 186 16,846,022.44 66.79 10.107 90,570.00 355 81.859 69.21
No Prepayment
Penalty........... 78 8,376,696.06 33.21 10.408 107,394.00 357 81.977 55.29
--- ------------ ----------- ----------- --------- --- ----------- -----
Total:.............. 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59
--- ------------ ----------- ----------- --------- --- ----------- -----
<CAPTION>
PERCENT PERCENT
FULL OWNER
PREPAYMENT PENALTY DOC OCCUPIED
- -------------------- ----------- -----------
<S> <C> <C>
Prepayment
Penalty........... 100.00 96.42
No Prepayment
Penalty........... 100.00 96.42
----------- -----
Total:.............. 100.00 96.42
----------- -----
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
GEOGRAPHICAL MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
DISTRIBUTION (1) LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- ---------------------- --------------- ------------ ----------- ----------- --------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Arizona............... 3 411,000.00 1.63 9.012 137,000.00 359 79.092 --
California............ 8 1,620,600.00 6.43 9.110 202,575.00 359 81.325 52.20
Colorado.............. 1 339,860.15 1.35 10.340 339,860.00 358 85.000 100.00
Florida............... 18 1,804,481.38 7.15 10.535 100,249.00 355 84.472 39.14
Georgia............... 4 427,085.04 1.69 11.017 106,771.00 358 85.489 52.94
Iowa.................. 1 123,750.00 0.49 11.160 123,750.00 359 75.000 100.00
Idaho................. 4 230,525.00 0.91 9.704 57,631.00 359 76.788 23.97
Illinois.............. 12 1,500,210.60 5.95 10.667 125,018.00 358 83.319 94.72
Indiana............... 11 699,471.47 2.77 10.200 63,588.00 358 83.625 100.00
Kansas................ 1 47,000.00 0.19 10.050 47,000.00 359 69.120 100.00
Kentucky.............. 11 501,454.44 1.99 10.707 45,587.00 339 80.723 78.07
Maryland.............. 17 2,789,780.02 11.06 10.372 164,105.00 358 79.268 25.44
Michigan.............. 66 5,671,134.70 22.48 10.350 85,926.00 355 81.875 81.63
Missouri.............. 1 44,850.28 0.18 11.000 44,850.00 349 81.820 --
Montana............... 1 108,019.80 0.43 10.840 108,020.00 357 83.800 --
North Carolina........ 11 939,728.99 3.73 9.970 85,430.00 359 85.457 36.52
Ohio.................. 61 4,702,249.12 18.64 10.042 77,086.00 354 80.643 87.51
Oregon................ 1 83,000.00 0.33 9.100 83,000.00 359 49.400 100.00
South Carolina........ 5 432,789.43 1.72 9.892 86,558.00 358 82.425 59.33
Tennessee............. 15 1,355,735.00 5.38 10.162 90,382.00 358 84.784 53.49
Texas................. 1 99,418.84 0.39 11.590 99,419.00 358 85.000 --
Utah.................. 1 106,312.09 0.42 10.340 106,312.00 358 82.480 100.00
Virginia.............. 6 907,281.88 3.60 10.361 151,214.00 357 84.269 40.64
Washington............ 1 95,000.00 0.38 9.600 95,000.00 358 84.070 --
Wisconsin............. 3 181,980.27 0.72 10.366 60,660.00 358 84.067 53.51
--- ------------ ----------- ----------- --------- --- ----------- -----------
Total:................ 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59
--- ------------ ----------- ----------- --------- --- ----------- -----------
<CAPTION>
PERCENT PERCENT
GEOGRAPHICAL FULL OWNER
DISTRIBUTION (1) DOC OCCUPIED
- ---------------------- ----------- -----------
<S> <C> <C>
Arizona............... 100.00 100.00
California............ 100.00 100.00
Colorado.............. 100.00 100.00
Florida............... 100.00 89.23
Georgia............... 100.00 100.00
Iowa.................. 100.00 100.00
Idaho................. 100.00 23.97
Illinois.............. 100.00 95.85
Indiana............... 100.00 100.00
Kansas................ 100.00 100.00
Kentucky.............. 100.00 72.61
Maryland.............. 100.00 100.00
Michigan.............. 100.00 98.66
Missouri.............. 100.00 100.00
Montana............... 100.00 100.00
North Carolina........ 100.00 100.00
Ohio.................. 100.00 95.86
Oregon................ 100.00 100.00
South Carolina........ 100.00 100.00
Tennessee............. 100.00 95.40
Texas................. 100.00 100.00
Utah.................. 100.00 100.00
Virginia.............. 100.00 100.00
Washington............ 100.00 100.00
Wisconsin............. 100.00 100.00
----------- -----------
Total:................ 100.00 96.42
----------- -----------
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
CALENDAR YEAR OF MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
ORIGINATION LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- ----------------------- --------------- ------------ ----------- ----------- --------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1996................... 1 44,850.28 0.18 11.000 44,850.00 349 81.820 --
1997................... 263 25,177,868.22 99.82 10.205 95,733.00 356 81.898 64.70
--- ------------ ----------- ----------- --------- --- ----------- -----
Total:................. 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59
--- ------------ ----------- ----------- --------- --- ----------- -----
<CAPTION>
PERCENT PERCENT
CALENDAR YEAR OF FULL OWNER
ORIGINATION DOC OCCUPIED
- ----------------------- ----------- -----------
<S> <C> <C>
1996................... 100.00 100.00
1997................... 100.00 96.42
----------- -----------
Total:................. 100.00 96.42
----------- -----------
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
COMBINED ORIGINAL MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
LOAN-TO-VALUE RATIOS LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- ---------------------- --------------- ------------ ----------- ----------- --------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
20.01--30.00......... 1 20,000.00 0.08 10.650 20,000.00 359 25.000 100.00
30.01--40.00......... 1 44,200.00 0.18 9.840 44,200.00 359 38.770 100.00
40.01--50.00......... 2 151,963.62 0.60 9.132 75,982.00 359 47.857 100.00
50.01--60.00......... 4 207,784.43 0.82 11.018 51,946.00 359 58.151 75.26
60.01--70.00......... 32 2,082,256.40 8.26 10.226 65,071.00 358 67.842 65.27
70.01--80.00......... 77 8,052,449.54 31.93 9.980 104,577.00 353 78.022 59.52
80.01--90.00......... 144 14,426,476.26 57.20 10.313 100,184.00 358 86.798 66.74
90.01--100.00........ 3 237,588.25 0.94 11.305 79,196.00 359 94.337 58.03
--- ------------ ----------- ----------- --------- --- ----------- -----------
Total:................ 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59
--- ------------ ----------- ----------- --------- --- ----------- -----------
<CAPTION>
PERCENT PERCENT
COMBINED ORIGINAL FULL OWNER
LOAN-TO-VALUE RATIOS DOC OCCUPIED
- ---------------------- ----------- -----------
<S> <C> <C>
20.01--30.00.......... 100.00 100.00
30.01--40.00.......... 100.00 100.00
40.01--50.00.......... 100.00 100.00
50.01--60.00.......... 100.00 75.74
60.01--70.00.......... 100.00 83.48
70.01--80.00.......... 100.00 93.69
80.01--90.00.......... 100.00 100.00
90.01--100.00......... 100.00 100.00
----------- -----------
Total:................ 100.00 96.42
----------- -----------
Min: 25.00
Max: 97.14
Weighted Average: 81.90
----------- -----------
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
ORIGINAL MORTGAGE PRINCIPAL AVERAGE AVERAGE CURRENT STD REM ORIGINAL CASHOUT
LOAN-TO-VALUE RATIOS LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- -------------------- --------------- ------------ ----------- ----------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
10.001--20.000...... 1 50,602.00 0.20 11.800 50,602.00 239 88.000 100.00
20.001--30.000...... 1 20,000.00 0.08 10.650 20,000.00 359 25.000 100.00
30.001--40.000...... 1 44,200.00 0.18 9.840 44,200.00 359 38.770 100.00
40.001--50.000...... 2 151,963.62 0.60 9.132 75,982.00 359 47.857 100.00
50.001--60.000...... 4 207,784.43 0.82 11.018 51,946.00 359 58.151 75.26
60.001--70.000...... 32 2,082,256.40 8.26 10.226 65,071.00 358 67.842 65.27
70.001--80.000...... 77 8,052,449.54 31.93 9.980 104,577.00 353 78.022 59.52
80.001--90.000...... 143 14,375,874.26 57.00 10.308 100,531.00 358 86.794 66.62
90.001--100.000..... 3 237,588.25 0.94 11.305 79,196.00 359 94.337 58.03
--- ------------ ----------- ----------- --------- --- ----------- -----------
Total:.............. 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59
--- ------------ ----------- ----------- --------- --- ----------- -----------
<CAPTION>
PERCENT PERCENT
ORIGINAL FULL OWNER
LOAN-TO-VALUE RATIOS DOC OCCUPIED
- -------------------- ----------- -----------
<S> <C> <C>
10.001--20.000...... 100.00 100.00
20.001--30.000...... 100.00 100.00
30.001--40.000...... 100.00 100.00
40.001--50.000...... 100.00 100.00
50.001--60.000...... 100.00 75.74
60.001--70.000...... 100.00 83.48
70.001--80.000...... 100.00 93.69
80.001--90.000...... 100.00 100.00
90.001--100.000..... 100.00 100.00
----------- -----------
Total:.............. 100.00 96.42
----------- -----------
Min: 19.10
Max: 97.14
Weighted Average: 81.76
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
DISTRIBUTION OF MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
MARGINS LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- ---------------------- --------------- ------------ ----------- ----------- --------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
4.500--4.999.......... 2 205,250.00 0.81 9.411 102,625.00 358 84.989 64.19
5.000--5.499.......... 7 1,178,434.07 4.67 10.503 168,348.00 357 79.143 19.02
5.500--5.999.......... 21 2,168,799.14 8.60 9.747 103,276.00 358 81.068 30.52
6.000--6.499.......... 32 3,154,181.89 12.51 9.294 98,568.00 355 80.623 59.24
6.500--6.999.......... 49 5,143,482.31 20.39 9.800 104,969.00 356 81.159 74.23
7.000--7.499.......... 56 4,980,733.27 19.75 10.188 88,942.00 357 82.148 63.22
7.500--7.999.......... 47 4,672,334.96 18.52 10.539 99,411.00 354 83.599 77.25
8.000--8.499.......... 25 2,085,882.79 8.27 11.061 83,435.00 355 83.901 74.58
8.500--8.999.......... 11 751,780.36 2.98 11.591 68,344.00 358 81.624 74.46
9.000--9.499.......... 9 508,855.77 2.02 11.804 56,540.00 358 78.790 83.61
9.500--9.999.......... 4 318,602.96 1.26 12.231 79,651.00 359 83.438 73.08
11.000--11.499........ 1 54,380.98 0.22 11.090 54,381.00 358 85.000 100.00
--- ------------ ----------- ----------- --------- --- ----------- -----------
Total:................ 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59
--- ------------ ----------- ----------- --------- --- ----------- -----------
--- ------------ ----------- ----------- --------- --- ----------- -----------
<CAPTION>
PERCENT PERCENT
DISTRIBUTION OF FULL OWNER
MARGINS DOC OCCUPIED
- ---------------------- ----------- -----------
<S> <C> <C>
4.500--4.999.......... 100.00 100.00
5.000--5.499.......... 100.00 100.00
5.500--5.999.......... 100.00 100.00
6.000--6.499.......... 100.00 94.44
6.500--6.999.......... 100.00 96.76
7.000--7.499.......... 100.00 100.00
7.500--7.999.......... 100.00 94.21
8.000--8.499.......... 100.00 95.67
8.500--8.999.......... 100.00 88.12
9.000--9.499.......... 100.00 78.32
9.500--9.999.......... 100.00 100.00
11.000--11.499........ 100.00 100.00
----------- -----------
Total:................ 100.00 96.42
----------- -----------
Min: 4.950
Max: 11.090
Weighted Average: 7.038
----------- -----------
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
DISTRIBUTION OF MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
MAXIMUM MORTGAGE RATES LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- ---------------------- --------------- ------------ ----------- ----------- --------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
14.001--14.500........ 1 110,000.00 0.44 8.050 110,000.00 359 73.330 --
14.501--15.000........ 10 1,301,595.68 5.16 8.729 130,160.00 358 79.702 64.70
15.001--15.500........ 12 1,776,769.25 7.04 9.108 148,064.00 352 81.098 37.94
15.501--16.000........ 20 2,366,128.99 9.38 9.432 118,306.00 358 83.979 25.92
16.001--16.500........ 27 2,772,550.08 10.99 9.832 102,687.00 358 78.364 63.42
16.501--17.000........ 52 4,698,623.36 18.63 9.900 90,358.00 356 82.807 75.60
17.001--17.500........ 41 3,922,752.65 15.55 10.312 95,677.00 358 82.366 90.88
17.501--18.000........ 59 5,118,518.02 20.29 10.903 86,755.00 352 82.442 62.36
18.001--18.500........ 17 1,439,881.94 5.71 11.314 84,699.00 359 81.454 58.31
18.501--19.000........ 15 1,188,630.62 4.71 11.682 79,242.00 353 83.549 79.12
19.001--19.500........ 7 319,089.38 1.27 12.105 45,584.00 357 76.702 59.80
19.501--20.000........ 3 208,178.53 0.83 12.598 69,393.00 359 89.341 58.80
--- ------------ ----------- ----------- --------- --- ----------- -----
Total:................ 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59
--- ------------ ----------- ----------- --------- --- ----------- -----
--- ------------ ----------- ----------- --------- --- ----------- -----
<CAPTION>
PERCENT PERCENT
DISTRIBUTION OF FULL OWNER
MAXIMUM MORTGAGE RATES DOC OCCUPIED
- ---------------------- ----------- -----------
<S> <C> <C>
14.001--14.500........ 100.00 100.00
14.501--15.000........ 100.00 100.00
15.001--15.500........ 100.00 100.00
15.501--16.000........ 100.00 97.36
16.001--16.500........ 100.00 89.91
16.501--17.000........ 100.00 100.00
17.001--17.500........ 100.00 100.00
17.501--18.000........ 100.00 95.53
18.001--18.500........ 100.00 86.50
18.501--19.000........ 100.00 92.49
19.001--19.500........ 100.00 84.95
19.501--20.000........ 100.00 100.00
----------- -----------
Total:................ 100.00 96.42
----------- -----------
Min: 14.050
Max: 19.600
Weighted Average: 16.946
----------- -----------
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
DISTRIBUTION OF NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
MINIMUM MORTGAGE MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
RATES LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- --------------------- --------------- ------------ ----------- ----------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
7.001--7.500 1 130,500.00 0.52 11.000 130,500.00 358 75.000 --
8.001--8.500 1 110,000.00 0.44 8.050 110,000.00 359 73.330 --
8.501--9.000 13 1,507,456.32 5.98 8.766 115,958.00 358 78.777 69.52
9.001--9.500 27 2,774,368.72 11.00 9.199 102,754.00 355 78.504 51.86
9.501--10.000 47 4,525,453.53 17.94 9.667 96,286.00 356 83.336 56.96
10.001--10.500 39 4,001,141.64 15.86 10.188 102,593.00 358 80.884 71.54
10.501--11.000 62 5,319,654.58 21.09 10.414 85,801.00 357 83.590 65.55
11.001--11.500 25 2,780,164.82 11.02 10.750 111,207.00 358 83.127 79.79
11.501--12.000 30 2,933,960.10 11.63 11.234 97,799.00 348 82.562 60.36
12.001--12.500 10 531,619.01 2.11 11.759 53,162.00 358 79.386 88.24
12.501--13.000 6 445,666.18 1.77 12.071 74,278.00 358 84.814 80.75
13.001--13.500 3 162,733.60 0.65 12.298 54,245.00 355 76.934 35.95
--- ------------ ----------- ----------- ---------- --- ----------- -----
Total: 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59
--- ------------ ----------- ----------- ---------- --- ----------- -----
<CAPTION>
DISTRIBUTION OF PERCENT PERCENT
MINIMUM MORTGAGE FULL OWNER
RATES DOC OCCUPIED
- --------------------- ----------- -----------
<S> <C> <C>
7.001--7.500 100.00 100.00
8.001--8.500 100.00 100.00
8.501--9.000 100.00 100.00
9.001--9.500 100.00 93.68
9.501--10.000 100.00 98.62
10.001--10.500 100.00 97.39
10.501--11.000 100.00 97.62
11.001--11.500 100.00 93.01
11.501--12.000 100.00 93.47
12.001--12.500 100.00 90.96
12.501--13.000 100.00 100.00
13.001--13.500 100.00 100.00
----------- -----------
Total: 100.00 96.42
- --------------------- ----------- -----------
Min: 7.250
Max: 13.500
Weighted Average: 10.478
- ---------------------
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
DISTRIBUTION OF NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
MORTGAGE NEXT RATE MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
CHANGE DATE LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- ---------------------- --------------- ------------- ------------ ----------- ----------- ------------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1997-10 1 44,850.28 0.18 11.000 44,850.00 349 81.820 --
1997-11 2 236,347.00 0.94 10.336 118,174.00 356 73.747 24.51
1997-12 15 2,220,548.46 8.80 10.377 148,037.00 357 79.377 36.32
1998-01 28 2,888,813.92 11.45 10.126 103,172.00 350 81.946 62.67
1998-02 29 3,090,856.20 12.25 9.837 106,581.00 355 85.473 83.87
1998-03 8 851,892.00 3.38 9.439 106,487.00 359 83.825 77.93
1998-04 2 256,500.00 1.02 8.772 128,250.00 360 85.993 17.54
1999-04 1 245,646.42 0.97 11.625 245,646.00 357 79.990 --
1999-05 1 88,147.85 0.35 11.875 88,148.00 356 90.000 100.00
1999-06 9 1,434,062.19 5.69 10.340 159,340.00 357 81.746 72.01
1999-07 59 4,440,247.05 17.60 10.457 75,258.00 357 81.691 69.52
1999-08 69 6,364,210.13 25.23 10.102 92,235.00 356 81.851 59.65
1999-09 37 2,713,697.00 10.76 10.533 73,343.00 357 80.872 72.36
1999-10 3 346,900.00 1.38 10.028 115,633.00 360 75.066 100.00
--- ------------- ----------- ----------- ----------- --- ----------- -----
Total: 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59
--- ------------- ----------- ----------- ----------- --- ----------- -----
<CAPTION>
DISTRIBUTION OF PERCENT PERCENT
MORTGAGE NEXT RATE FULL OWNER
CHANGE DATE DOC OCCUPIED
- ---------------------- ----------- -----------
<S> <C> <C>
1997-10 100.00 100.00
1997-11 100.00 100.00
1997-12 100.00 95.30
1998-01 100.00 98.62
1998-02 100.00 95.97
1998-03 100.00 100.00
1998-04 100.00 100.00
1999-04 100.00 100.00
1999-05 100.00 100.00
1999-06 100.00 100.00
1999-07 100.00 97.45
1999-08 100.00 96.05
1999-09 100.00 90.09
1999-10 100.00 100.00
----------- -----------
Total: 100.00 96.42
----------- -----------
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
LIEN MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
POSITION LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- ---------------------- --------------- ------------ ----------- ----------- ---------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1st Lien 263 25,172,116.50 99.80 10.204 95,711.00 356 81.886 64.52
2nd Lien 1 50,602.00 0.20 11.800 50,602.00 239 88.000 100.00
--- ------------- ----------- ----------- --------- --- ----------- -----------
Total: 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59
--- ------------- ----------- ----------- --------- --- ----------- -----------
<CAPTION>
PERCENT PERCENT
LIEN FULL OWNER
POSITION DOC OCCUPIED
- ---------------------- ----------- -----------
<S> <C> <C>
1st Lien 100.00 96.41
2nd Lien 100.00 100.00
----------- -----------
Total: 100.00 96.42
----------- -----------
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
AVERAGE LIFE SENSITIVITIES
(TO MATURITY)
CONSTANT ASSUMPTIONS
Index.................. 1 Month Libor 5.65625
6 Month Libor 5.84375
1 Year CMT 5.74700
Run To Call........... NO
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Fixed Prepay Assumption CPR 0.00 PPM 50.00 PPM 100.00 PPM 120.00 PPM 150.00 PPM 200.00
ARM Prepay Assumption CPR 0.00 CPR 10.00 CPR 15.00 CPR 25.00 CPR 40.00 CPR 50.00
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Class A-5 @ Price 100/00
Yield 5.87 5.88 5.88 5.88 5.87 5.87
Average Life 20.77 7.39 5.15 3.03 1.76 1.32
First Prin 10/25/97 10/25/97 10/25/97 10/25/97 10/25/97 10/25/97
Last Prin 5/25/27 10/25/25 12/25/21 3/25/13 8/25/06 5/25/04
Class A-1 @ Price 100/00
Yield 6.48 6.33 6.18 6.13 6.06 5.96
Average Life 9.58 2.2 1.28 1.11 0.95 0.77
First Prin 10/25/97 10/25/97 10/25/97 10/25/97 10/25/97 10/25/97
Last Prin 8/25/12 7/25/02 4/25/00 11/25/99 6/25/99 2/25/99
Class A-2 @ Price 100/00
Yield 6.56 6.53 6.47 6.45 6.41 6.35
Average Life 16.2 7.69 3.73 3.1 2.47 1.86
First Prin 8/25/12 7/25/02 4/25/00 11/25/99 6/25/99 2/25/99
Last Prin 1/25/18 4/25/09 1/25/03 1/25/02 2/25/01 3/25/00
Class A-3 @ Price 100/00
Yield 7.08 7.09 7.07 7.09 7.07 6.99
Average Life 25.81 15.38 9.28 7.55 5.6 3.55
First Prin 1/25/18 4/25/09 1/25/03 1/25/02 2/25/01 3/25/00
Last Prin 4/25/27 11/25/22 8/25/13 8/25/12 2/25/10 10/25/06
Class A-4 @ Price 100/00
Yield 6.82 6.8 6.79 6.79 6.83 6.88
Average Life 11.84 8.12 6.8 6.47 6.07 5.53
First Prin 10/25/00 10/25/00 10/25/00 10/25/00 10/25/00 10/25/00
Last Prin 8/25/12 8/25/12 8/25/12 8/25/12 12/25/09 8/25/06
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
Average Life Sensitivities
(To Call)
CONSTANT ASSUMPTIONS
Index.................. 1 Month Libor 5.65625
6 Month Libor 5.84375
1 Year CMT 5.74700
Run To Call............ YES
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Fixed Prepay Assumption CPR 0.00 PPM 50.00 PPM 100.00 PPM 120.00 PPM 150.00 PPM 200.00
ARM Prepay Assumption CPR 0.00 CPR 10.00 CPR 15.00 CPR 25.00 CPR 40.00 CPR 50.00
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Class A-5 @ Price 100/00
Yield 5.87 5.87 5.87 5.87 5.87 5.87
Average Life 20.65 6.65 4.55 2.83 1.72 1.29
First Prin 10/25/97 10/25/97 10/25/97 10/25/97 10/25/97 10/25/97
Last Prin 11/25/25 5/25/13 10/25/08 10/25/05 8/25/03 1/25/02
Class A-1 @ Price 100/00
Yield 6.48 6.33 6.18 6.13 6.06 5.96
Average Life 9.58 2.2 1.28 1.11 0.95 0.77
First Prin 10/25/97 10/25/97 10/25/97 10/25/97 10/25/97 10/25/97
Last Prin 8/25/12 7/25/02 4/25/00 11/25/99 6/25/99 2/25/99
Class A-2 @ Price 100/00
Yield 6.56 6.53 6.47 6.45 6.41 6.35
Average Life 16.2 7.69 3.73 3.1 2.47 1.86
First Prin 8/25/12 7/25/02 4/25/00 11/25/99 6/25/99 2/25/99
Last Prin 1/25/18 4/25/09 1/25/03 1/25/02 2/25/01 3/25/00
Class A-3 @ Price 100/00
Yield 7.08 7.07 7.05 7.03 7.01 6.96
Average Life 25.64 14.41 8.65 6.52 4.83 3.41
First Prin 1/25/18 4/25/09 1/25/03 1/25/02 2/25/01 3/25/00
Last Prin 11/25/25 5/25/13 10/25/08 10/25/05 8/25/03 1/25/02
Class A-4 @ Price 100/00
Yield 6.82 6.8 6.79 6.79 6.77 6.75
Average Life 11.84 8.12 6.79 6.32 5.29 4.15
First Prin 10/25/00 10/25/00 10/25/00 10/25/00 10/25/00 10/25/00
Last Prin 8/25/12 8/25/12 10/25/08 10/25/05 8/25/03 1/25/02
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
EXHIBIT 99.2
MORGAN STANLEY DEAN WITTER September 17, 1997
Asset Finance Group
ABS/MBS Capital Markets
COMPUTATIONAL MATERIALS
$75,000,000
(Approximate)
EquiVantage Home Equity Loan Trust 1997-3
HOME EQUITY LOAN ABS
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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 DEAN WITTER September 17, 1997
Asset Finance Group
ABS/MBS Capital Markets
$75,000,000 EquiVantage Home Equity Loan Asset Backed Certificates
Series 1997-3
EquiVantage Inc.
Servicer
Transaction Highlights
<TABLE>
Expected Average Modified Payment
Ratings Life Duration Window
Class Size (Moody's/ to Call(2) to Call(2) to Call(2) Price Talk
Class(1) ($ millions) Class Type S&P) (years) (years) Benchmark (months) (bps)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1...... 22.00 Fixed Aaa/AAA 1.11 1.04 4.75% of 8/98 26 (10/97--11/99) +[ ]
A-2...... 12.00 Fixed Aaa/AAA 3.10 2.72 3-year UST 27 (11/99--1/02) +[ ]
A-3...... 10.00 Fixed Aaa/AAA 6.52 5.03 5.875% of 2/04 46 (1/02--10/05) +[ ]
A-4...... 5.00 Fixed Lockout Aaa/AAA 6.32 4.94 5.875% of 2/04 61 (10/00--10/05) +[ ]
A-5...... 26.00 Floating Aaa/AAA 2.88 2.47 1-month LIBOR 97 (10/97--10/05) +[ ]
Total.... $ 75.00 -- -- -- -- -- -- --
</TABLE>
(1) Class A-1 through A-4 are backed by the fixed rate loan pool; Class A-5 is
backed by the ARM loan pool.
(2) See "Pricing Prepayment Speed" below.
<TABLE>
<S> <C>
Servicer: EquiVantage Inc.
Sponsor of the Trust EquiVantage Acceptance Corp.
Trustee: Norwest Bank Minnesota, National Association
Pricing Prepayment Speed:
Fixed Rate Certificates: All classes are priced at 120% of the
prepayment assumption ("PPM"). 120% PPM describes
prepayments starting at 4.8% CPR in month 1,
increasing by 1.745% CPR per month to 24% CPR in
month 12, and remaining at 24% CPR thereafter.
Adjustable Rate Certificate: Constant 25% CPR.
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT: FIXED RATE CERTIFICATES ARM CERTIFICATES
- ------------------------------------ ------------------------------------ ------------------------------------
<S> <C> <C>
1. Excess cash; 1. Excess cash;
2. Overcollateralization initially 2. Overcollateralization initially
0%, building up to [4.01%] of the [3.14%], building up to [6.40%] of
original loan amount; the original loan amount;
3. 100% FGIC surety bond; 3. 100% FGIC surety bond;
</TABLE>
<TABLE>
<S> <C>
Expected Pricing Date: September 19, 1997.
Expected Settlement: September 26, 1997 through DTC, Euroclear and CEDEL.
Distribution Dates: The 25th of each month, beginning October 25, 1997.
Optional Call: 10% Clean-up call (10% of combined fixed and ARM pool
original collateral balances).
Coupon Step-Up: If the 10% clean-up call option is not exercised,
(i) the Class A-3 and Class A-4 pass-through
rates will increase by 0.50 bps, and (ii)
the Class A-5 spread to LIBOR will double as an
incentive for EquiVantage to exercise.
</TABLE>
- ------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
Transaction Highlights
(continued)
<TABLE>
<S> <C>
Net Available Funds Cap: The adjustable rate certificates will be subject to
an available funds cap equal to the weighted
average coupon rate of the adjustable rate home
equity loans less approximately 0.75% per annum
(consisting of the servicing and surety bond
fees) prior to the 6th payment date, and less
approximately 1.50% per annum (consisting of the
servicing and surety bonds fees, and a 0.75% carve-out) thereafter.
Class A-5 Available Funds If the Class A-5 pass-through rate is at its Net
Carry-Forward Amount: Available Funds Cap (see above), interest not paid
to the Class A-5 certificateholders
due to this cap will be carried forward to future
periods and will accrue interest at the applicable
pass through rate.
Tax Status: REMIC
ERISA Eligibility: All classes are ERISA eligible.
SMMEA Eligibility: No classes are SMMEA eligible.
</TABLE>
- ------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
EquiVantage 1997-2 Collateral Description
. Collateral statistics based on a statistical calculation pool (cut-off
date: September 1, 1997).
<TABLE>
<CAPTION>
FIXED RATE HOME EQUITY LOANS--GROUP I ARM HOME EQUITY LOANS--GROUP II
- ------------ ---------------------------------------------
<S> <C> <C>
Aggregate Pool Balance:....... $48,247,433.71 $25,222,718.50
Number of Loans:.............. 816 264
Average Outstanding Balance:.. $59,126.76 (min: $9,625; max: $368,050) $95,540.60 (min: $20,000; max: $451,623)
Total Original Balance:....... $48,283,958 (min: $10,000; max: $368,050) $25,230,439 (min: 20,000; max: $452,000)
Average Original Balance:..... $59,171.52 $95,569.84
Lien Position:................ 94.3% firsts; 5.7% non-firsts 99.8% firsts; 0.2% non-firsts
Prepayment Penalty:........... 54.6% have penalties 66.8% have penalties
WA Original Loan to Value
Ratio(1):................... 77.9% (44.1% >80%, min: 11.1%/max: 109.4%) 81.9% (58.1%>80%, min: 25.0%/max: 97.1%)
WA Junior Lien Ratio(2)(a):... 41.8% N/A
Loan Type:.................... 100% Fixed Rate a) 58.8% 2/28 6-month LIBOR
b) 38.0% 6-month LIBOR
c) 3.2% 2/28 1-year CMT
Original WA Original Term:.... 247 months (50.16% 180-month maturity 358 months (1.0% 180-month maturity
33.17% 360-month maturity) 98.6% 360-month maturity)
Remaining WA Maturity:........ 245.6 months 356.0 months
WA Seasoning:................. 1 month 2 months
Latest Scheduled Maturity:.... Expected September 15, 2027 Expected September 15, 2027
WA Gross Coupon:.............. 10.97% (min: 8.49%; max: 15.45%) 10.21% (current, min: 7.70%; max: 13.25%)
WA Gross Margin:.............. N/A a) 7.07% for 6-month LIBOR
b) 6.09% for 1-year CMT
WA Periodic Cap:.............. N/A 1.42%
WA Months to Roll:............ N/A 16 months
WA Lifetime Cap:.............. N/A 16.946% (min: 14.05%; max: 19.60%)
WA Floor:..................... N/A 10.478% (min: 7.25%; max: 13.50%)
Property Type:................ 88.0% single family, 5.9% man. housing, 91.2% single family, 3.8% 2-4 family,
3.0% 2-4 family, 1.4% PUD, 1.7% condo 3.1% PUD, 1.9% other
Owner Occupancy:.............. a) 93.7% owner occupied a) 96.4% owner occupied
b) 6.3% investor property b) 3.6% investor property
Geographic Distribution (> 5%): TN (15.8%), OH (13.8%), SC (12.9%), MI (22.5%), OH (18.6%), MD (11.1%),
FL (8.3%), NC (8.0%), IL (7.8%), GA FL (7.2%), CA (6.4%), IL (6.0%)
(7.4%), IN (5.7%) TE (5.4%)
% Cashout Refinancing:........ 73.31% 64.59%
</TABLE>
NOTE
- ----
(1) Includes Original Combined Loan-to-Value for 2nd lien fixed rate loans.
(2) Excludes first mortgages. Defined as ratio of current principal balance
of the mortgage loan to the sum of the original principal balance of
loan and principal balance at time of origination of the loan of any
senior liens.
- ------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
Fixed Rate Collateral Tables
<TABLE>
<CAPTION>
% OF WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE
REMAINING MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM
PRINCIPAL BALANCE LOANS BALANCE BALANCE COUPON BALANCE TERM
- ------------------- ----------- --------------- ---------- ----------- ------------ -----
<S> <C> <C> <C> <C> <C> <C>
1 - 25,000 87 1,636,602.30 3.39 11.752 18,812.00 178
25,001 - 50,000 315 11,782,461.00 24.42 11.303 37,405.00 210
50,001 - 75,000 221 13,443,077.64 27.86 10.991 60,828.00 243
75,001 - 100,000 105 8,999,785.92 18.65 10.948 85,712.00 267
100,001 - 125,000 47 5,333,701.63 11.05 10.561 113,483.00 275
125,001 - 150,000 21 2,929,808.70 6.07 10.511 139,515.00 275
150,001 - 175,000 9 1,470,420.07 3.05 10.650 163,380.00 279
175,001 - 200,000 3 563,481.26 1.17 10.563 187,827.00 178
200,001 - 225,000 3 669,000.00 1.39 10.450 223,000.00 359
225,001 - 250,000 1 237,921.21 0.49 11.340 237,921.00 357
250,001 - 275,000 2 516,354.51 1.07 9.710 258,177.00 271
275,001 - 300,000 1 296,769.47 0.62 10.630 296,769.00 357
350,001 - 375,000 1 368,050.00 0.76 11.250 368,050.00 179
- ------------------- ----------- --------------- ---------- ----------- ------------ -----
Total:...... 816 48,247,433.71 100.00 10.973 59,127.00 246
----------- --------------- ---------- ----------- ------------ -----
<CAPTION>
WEIGHTED
REMAINING AVERAGE PERCENT PERCENT PERCENT
PRINCIPAL ORIGINAL CASHOUT FULL OWNER
BALANCE CLTV REFI DOC OCCUPIED
- -------------------- --------- ----------- --------- ---------
<S> <C> <C> <C> <C>
1 - 25,000 64.126 86.75 98.43 88.18
25,001 - 50,000 72.965 89.85 98.45 90.72
50,001 - 75,000 78.697 76.54 99.59 96.51
75,001 - 100,000 79.950 68.89 99.07 93.30
100,001 - 125,000 81.659 58.10 97.81 100.00
125,001 - 150,000 83.602 42.91 100.00 90.59
150,001 - 175,000 78.941 66.60 88.10 88.78
175,001 - 200,000 83.527 34.61 100.00 100.00
200,001 - 225,000 74.678 66.37 67.12 66.52
225,001 - 250,000 73.230 100.00 100.00 100.00
250,001 - 275,000 90.000 -- 100.00 100.00
275,001 - 300,000 90.000 100.00 100.00 100.00
350,001 - 375,000 85.000 100.00 100.00 100.00
------------------ --------- ----------- --------- ---------
Total:.............. 77.882 73.31 98.22 93.73
--------- ----------- --------- ---------
- --------
Min:........ 9,625.45
Max:........ 368,050.00
Average:.... 59,126.76
</TABLE>
- ------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
MORTGAGE RATES LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- ---------------------- ------------- ------------ ----------- ----------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
8.001 - 8.500 2 100,400.00 0.21 8.491 50,200.00 180 77.014 11.95
8.501 - 9.000 25 1,589,361.10 3.29 8.925 63,574.00 217 75.830 52.12
9.001 - 9.500 53 3,712,733.60 7.70 9.309 70,052.00 256 79.473 42.04
9.501 - 10.000 107 7,189,819.10 14.90 9.782 67,195.00 276 76.057 66.93
10.001 - 10.500 97 6,453,807.66 13.38 10.355 66,534.00 249 77.382 79.69
10.501 - 11.000 143 9,110,447.50 18.88 10.781 63,709.00 259 79.228 72.49
11.001 - 11.500 87 5,473,005.97 11.34 11.322 62,908.00 238 77.928 84.96
11.501 - 12.000 96 4,747,917.13 9.84 11.781 49,457.00 232 76.677 74.38
12.001 - 12.500 77 3,477,555.99 7.21 12.323 45,163.00 214 79.758 86.94
12.501 - 13.000 67 3,773,209.52 7.82 12.790 56,317.00 224 80.117 81.16
13.001 - 13.500 32 1,390,185.58 2.88 13.258 43,443.00 206 76.052 95.66
13.501 - 14.000 21 864,835.40 1.79 13.680 41,183.00 253 73.255 77.84
14.001 - 14.500 7 311,155.16 0.64 14.141 44,451.00 256 76.491 28.69
14.501 - 15.000 1 32,500.00 0.07 14.580 32,500.00 177 65.000 100.00
15.001 - 15.500 1 20,500.00 0.04 15.450 20,500.00 178 50.000 100.00
--- ------------- ----------- ----------- --------- --- ----------- -----------
Total: 816 48,247,433.71 100.00 10.973 59,127.00 246 77.882 73.31
--- ------------- ----------- ----------- --------- --- ----------- -----------
<CAPTION>
PERCENT PERCENT
FULL OWNER
MORTGAGE RATES DOC OCCUPIED
- ---------------------- ----------- -----------
<S> <C> <C>
8.001 - 8.500 100.00 100.00
8.501 - 9.000 100.00 100.00
9.001 - 9.500 100.00 100.00
9.501 - 10.000 100.00 99.22
10.001 - 10.500 96.59 97.71
10.501 - 11.000 100.00 89.53
11.001 - 11.500 97.57 87.00
11.501 - 12.000 97.05 84.75
12.001 - 12.500 100.00 97.90
12.501 - 13.000 99.30 95.11
13.001 - 13.500 83.96 92.78
13.501 - 14.000 86.47 93.99
14.001 - 14.500 100.00 93.75
14.501 - 15.000 100.00 100.00
15.001 - 15.500 100.00 100.00
----------- -----------
Total: 98.22 93.73
----------- -----------
- -----------
Min: 8.49
Max: 15.45
Weighted Average Coupon: 10.97
</TABLE>
- -------------------
- ------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by EquiVantage Inc. with respect to the expected characteristics of the
pool of home equity loans in which these securities will represent undivided
beneficial interests. 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 loans will prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
MONTHS REMAINING TO MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
SCHEDULED MATURITY LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- ---------------------- ------------- ------------ ----------- ----------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Jan-60 6 129,760.36 0.27 10.626 21,627.00 58 51.853 100.00
61--120 27 854,082.36 1.77 10.925 31,633.00 116 63.885 96.57
121--180 455 24,232,095.49 50.22 11.141 53,257.00 179 77.410 73.39
181--240 135 6,927,353.12 14.36 11.040 51,314.00 238 76.996 90.83
241--300 2 100,186.61 0.21 11.151 50,093.00 298 74.619 100.00
301--360 191 16,003,955.77 33.17 10.695 83,790.00 358 79.959 64.00
--- ------------ ----------- ----------- --------- --- ----------- -----------
Total: 816 48,247,433.71 100.00 10.973 59,127.00 246 77.882 73.31
--- ------------- ----------- ----------- --------- --- ----------- -----------
<CAPTION>
PERCENT PERCENT
MONTHS REMAINING TO FULL OWNER
SCHEDULED MATURITY DOC OCCUPIED
- ---------------------- ----------- -----------
<S> <C> <C>
Jan-60 100.00 100.00
61--120 100.00 94.63
121--180 98.84 94.26
181--240 97.74 94.48
241--300 100.00 100.00
301--360 97.37 92.47
----------- -----------
Total: 98.22 93.73
----------- -----------
- -------------
Min: 57.00
Max: 360.00
Weighted Average: 245.59
</TABLE>
- ---------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
PRODUCT TYPE LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- ---------------------- ------------- ------------ ----------- ----------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balloon - 15/30 242 16,168,258.31 33.51 11.233 66,811.00 179 80.195 64.76
Fixed - 30 Year 191 16,003,955.77 33.17 10.695 83,790.00 358 79.959 64.00
Fixed - 15 Year 213 8,063,837.18 16.71 10.958 37,858.00 178 71.824 90.68
Fixed - 20 Year 135 6,927,353.12 14.36 11.040 51,314.00 238 76.996 90.83
Fixed - 10 Year 27 854,082.36 1.77 10.925 31,633.00 116 63.885 96.57
Fixed - 5 Year 6 129,760.36 0.27 10.626 21,627.00 58 51.853 100.00
Fixed - 25 Year 2 100,186.61 0.21 11.151 50,093.00 298 74.619 100.00
--- ------------- ----------- ----------- --------- --- ----------- -----------
Total: 816 48,247,433.71 100.00 10.973 59,127.00 246 77.882 73.31
--- ------------- ----------- ----------- --------- --- ----------- -----------
<CAPTION>
PERCENT PERCENT
FULL OWNER
PRODUCT TYPE DOC OCCUPIED
- ---------------------- ----------- -----------
<S> <C> <C>
Balloon - 15/30 98.76 92.89
Fixed - 30 Year 97.37 92.47
Fixed - 15 Year 99.00 97.01
Fixed - 20 Year 97.74 94.48
Fixed - 10 Year 100.00 94.63
Fixed - 5 Year 100.00 100.00
Fixed - 25 Year 100.00 100.00
----------- -----------
Total: 98.22 93.73
----------- -----------
</TABLE>
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by EquiVantage Inc. with respect to the expected characteristics of the
pool of home equity loans in which these securities will represent undivided
beneficial interests. 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 loans will prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
NUMBER # OF
OF AGGREGATE AGGREGATE WEIGHTED AVERAGE
DISTRIBUTION OF LOAN MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT
PURPOSE LOANS BALANCE BALANCE COUPON BALANCE
- ----------------------------- ------------ ------------- ----------- ----------- ---------
<S> <C> <C> <C> <C> <C>
Refinance-Cashout 455 23,974,552.08 49.69 11.189 52,691.00
Debt Consolidation 192 11,397,972.25 23.62 10.939 59,364.00
Purchase 87 7,119,780.89 14.76 10.684 81,837.00
Refinance-Rate Term 82 5,755,128.49 11.93 10.503 70,184.00
- ------------------- ------ ------------- ------ ------ ----------
Total: 816 48,247,433.71 100.00 10.973 59,127.00
- ------------------- ------ ------------- ------ ------ ----------
<CAPTION>
WEIGHTED WEIGHTED
AVERAGE AVERAGE PERCENT PERCENT PERCENT
DISTRIBUTION OF LOAN STD REM ORIGINAL CASHOUT FULL OWNER
PURPOSE TERM CLTV REFI DOC OCCUPIED
- ---------------------------------------------------------- ------------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Refinance-Cashout 237 75.052 100.00 96.58 92.94
Debt Consolidation 245 77.406 100.00 99.77 97.58
Purchase 255 85.846 -- 99.82 93.12
Refinance-Rate Term 270 80.761 -- 100.00 90.21
- ------------------- ----- ------ ------ ------ -----
Total: 246 77.882 73.31 98.22 93.73
- ------------------- ----- ------ ------ ------ -----
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
DISTRIBUTION OF MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
OCCUPANCY STATUS LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- ----------------------- ------------- ------------ ----------- ----------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Owner Occupied......... 759 45,224,368.83 93.73 10.940 59,584.00 245 78.162 73.86
Investment............. 56 2,978,064.88 6.17 11.480 53,180.00 257 73.663 64.62
Second Home............ 1 45,000.00 0.09 10.490 45,000.00 239 75.000 100.00
--- ------------- ---------- ----------- --------- --- ----------- -----------
Total:................. 816 48,247,433.71 100.00 10.973 59,127.00 246 77.882 73.31
--- ------------- ---------- ----------- --------- --- ----------- -----------
<CAPTION>
PERCENT PERCENT
DISTRIBUTION OF FULL OWNER
OCCUPANCY STATUS DOC OCCUPIED
- ----------------------- ----------- -----------
<S> <C> <C>
Owner Occupied......... 98.16 100.00
Investment............. 99.12 --
Second Home............ 100.00 --
----------- -----------
Total:................. 98.22 93.73
----------- -----------
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF
NUMBER OF AGGREGATE AGGREGATE WEIGHTED
DISTRIBUTION OF MORTGAGE PRINCIPAL PRINCIPAL AVERAGE
PROPERTY TYPES LOANS BALANCE BALANCE COUPON
- -------------------------------------------------------------------- ------------- ------------ ----------- -----------
<S> <C> <C> <C> <C>
Single Family Detached.............................................. 710 42,296,669.58 87.67 10.915
Manufactured Housing................................................ 63 2,834,801.56 5.88 11.638
2-4 Family 18 1,455,144.14 3.02 11.648
PUD................................................................. 7 684,139.42 1.42 9.496
Condo............................................................... 10 626,949.04 1.30 11.376
Blanket Mortgage.................................................... 4 216,906.35 0.45 12.446
Single Family Attached.............................................. 4 132,823.62 0.28 11.428
--- ------------- ----------- -----------
Total:.............................................................. 816 48,247,433.71 100.00 10.973
--- ------------- ----------- -----------
<CAPTION>
WEIGHTED WEIGHTED
AVERAGE AVERAGE AVERAGE PERCENT
DISTRIBUTION OF CURRENT STD REM ORIGINAL CASHOUT
PROPERTY TYPES BALANCE TERM CLTV REFI
- -------------------------------------------------------------------- --------- ------------- ----------- -----------
<S> <C>
Single Family Detached.............................................. 59,573.00 243 78.019 74.86
Manufactured Housing................................................ 44,997.00 222 75.802 75.36
2-4 Family 80,841.00 316 74.029 64.80
PUD................................................................. 97,734.00 323 83.974 17.68
Condo............................................................... 62,695.00 287 78.587 33.11
Blanket Mortgage.................................................... 54,227.00 300 74.368 100.00
Single Family Attached.............................................. 33,206.00 178 81.013 62.73
--------- --- ----------- -----------
Total:.............................................................. 59,127.00 246 77.882 73.31
--------- --- ----------- -----------
<CAPTION>
PERCENT PERCENT
DISTRIBUTION OF FULL OWNER
PROPERTY TYPES DOC OCCUPIED
- -------------------------------------------------------------------- ----------- -----------
Single Family Detached.............................................. 97.97 95.80
Manufactured Housing................................................ 100.00 97.16
2-4 Family 100.00 36.38
PUD................................................................. 100.00 100.00
Condo............................................................... 100.00 74.68
Blanket Mortgage.................................................... 100.00 62.43
Single Family Attached.............................................. 100.00 100.00
----------- -----------
Total:.............................................................. 98.22 93.73
----------- -----------
</TABLE>
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by EquiVantage Inc. with respect to the expected characteristics of the
pool of home equity loans in which these securities will represent undivided
beneficial interests. 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 loans will prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
PREPAYMENT PENALTY LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- ---------------------- --------------- ------------ ----------- ----------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Prepayment Penalty.... 421 26,348,379.50 54.61 10.814 62,585.00 248 78.091 71.82
No Prepayment
Penalty............. 395 21,899,054.21 45.39 11.165 55,441.00 243 77.630 75.11
--- ------------- ---------- ----------- --------- --- ----------- -----
Total:................ 816 48,247,433.71 100.00 10.973 59,127.00 246 77.882 73.31
--- ------------- ---------- ----------- --------- --- ----------- -----
<CAPTION>
PERCENT PERCENT
FULL OWNER
PREPAYMENT PENALTY DOC OCCUPIED
- ---------------------- ----------- -----------
<S> <C> <C>
Prepayment Penalty.... 98.71 93.01
No Prepayment
Penalty............. 97.63 94.60
----- -----
Total:................ 98.22 93.73
----- -----
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
GEOGRAPHICAL NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
DISTRIBUTION MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
(1) LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- --------------------- --------------- ------------ ----------- ----------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Arkansas............. 2 84,779.75 0.18 11.670 42,390.00 295 87.964 47.18
Colorado............. 3 322,194.97 0.67 9.923 107,398.00 251 90.289 47.39
Florida.............. 69 4,014,817.99 8.32 10.935 58,186.00 251 79.283 50.84
Georgia.............. 54 3,579,168.37 7.42 11.037 66,281.00 241 81.255 70.95
Iowa................. 8 372,636.29 0.77 11.776 46,580.00 218 77.087 67.01
Idaho................ 2 165,795.00 0.34 11.100 82,898.00 306 87.057 --
Illinois............. 58 3,751,071.47 7.77 11.042 64,674.00 262 74.624 85.65
Indiana.............. 61 2,730,437.24 5.66 10.487 44,761.00 243 78.024 78.55
Kansas............... 3 93,200.71 0.19 11.861 31,067.00 179 76.146 28.17
Kentucky............. 22 1,819,388.76 3.77 11.072 82,699.00 250 79.643 69.96
Louisiana............ 38 2,108,725.41 4.37 11.393 55,493.00 262 76.351 78.62
Maryland............. 9 678,504.32 1.41 11.088 75,389.00 279 83.267 55.11
Michigan............. 43 2,362,518.80 4.90 10.661 54,942.00 234 73.327 94.54
Missouri............. 1 50,037.71 0.10 8.750 50,038.00 346 80.000 --
Mississippi.......... 6 358,631.86 0.74 10.964 59,772.00 251 78.212 78.19
North Carolina....... 59 3,879,726.81 8.04 11.130 65,758.00 262 77.253 65.14
Ohio................. 109 6,645,423.01 13.77 10.615 60,967.00 260 76.952 70.34
Oregon............... 2 149,671.11 0.31 9.715 74,836.00 178 88.903 100.00
South Carolina....... 123 6,213,288.67 12.88 11.323 50,515.00 237 77.104 82.14
Tennessee............ 129 7,623,135.75 15.80 11.026 59,094.00 223 79.054 77.25
Texas................ 4 189,779.09 0.39 12.574 47,445.00 176 82.916 --
Utah................. 2 294,901.43 0.61 11.604 147,451.00 251 58.196 100.00
Virginia............. 3 116,218.29 0.24 11.775 38,739.00 177 67.989 100.00
Washington........... 3 493,362.55 1.02 9.595 164,454.00 238 86.235 49.13
West Virginia........ 3 150,018.35 0.31 11.459 50,006.00 242 77.004 100.00
--- ------------ ----------- ----------- ---------- --- ----------- -----------
Total:............... 816 48,247,433.71 100.00 10.973 59,127.00 246 77.882 73.31
--- ------------ ----------- ----------- ---------- --- ----------- -----------
<CAPTION>
GEOGRAPHICAL PERCENT PERCENT
DISTRIBUTION FULL OWNER
(1) DOC OCCUPIED
- --------------------- ----------- -----------
<S> <C> <C>
Arkansas............. 100.00 47.18
Colorado............. 100.00 100.00
Florida.............. 100.00 92.24
Georgia.............. 100.00 92.71
Iowa................. 100.00 100.00
Idaho................ 100.00 100.00
Illinois............. 100.00 98.67
Indiana.............. 99.52 96.11
Kansas............... 71.83 27.89
Kentucky............. 100.00 85.35
Louisiana............ 96.02 98.46
Maryland............. 100.00 100.00
Michigan............. 99.46 96.14
Missouri............. 100.00 100.00
Mississippi.......... 100.00 86.34
North Carolina....... 93.28 93.91
Ohio................. 97.41 87.06
Oregon............... 100.00 100.00
South Carolina....... 98.14 95.53
Tennessee............ 100.00 96.21
Texas................ 100.00 100.00
Utah................. 40.67 100.00
Virginia............. 100.00 100.00
Washington........... 100.00 83.68
West Virginia........ 100.00 100.00
----------- -----------
Total:............... 98.22 93.73
----------- -----------
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
CALENDAR YEAR OF MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
ORIGINATION LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- ------------------- ------------- ------------ ------------ ----------- --------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1996 3 109,601.07 0.23 10.463 36,534.00 322 88.634 --
1997 813 48,137,832.64 99.77 10.975 59,210.00 245 77.857 73.48
----- ------------- ------------- ----------- --------- --------- ----------- -----------
Total:............. 816 48,247,433.71 100.00 10.973 59,127.00 246 77.882 73.31
----- ------------- ------------- ----------- --------- --------- ----------- -----------
<CAPTION>
PERCENT PERCENT
CALENDAR YEAR OF FULL OWNER
ORIGINATION DOC OCCUPIED
- ------------------- ----------- -----------
<S> <C> <C>
1996 100.00 59.14
1997 98.22 93.81
----- -----------
Total:............. 98.22 93.73
----- -----------
</TABLE>
- ------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE
COMBINED ORIGINAL MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT
LOAN-TO-VALUE RATIOS LOANS BALANCE BALANCE COUPON BALANCE
- --------------------------------------------------------- ----------- ------------ ----------- ----------- ---------
<S> <C> <C> <C> <C> <C>
10.01 -- 20.00......................................... 6 110,678.98 0.23 10.075 18,446.00
20.01 -- 30.00......................................... 5 115,789.42 0.24 10.156 23,158.00
30.01 -- 40.00......................................... 12 276,482.71 0.57 11.750 23,040.00
40.01 -- 50.00......................................... 30 882,840.26 1.83 10.441 29,428.00
50.01 -- 60.00......................................... 54 2,428,627.56 5.03 10.649 44,975.00
60.01 -- 70.00......................................... 134 7,843,951.04 16.26 10.573 58,537.00
70.01 -- 80.00......................................... 285 15,301,515.26 31.71 11.482 53,690.00
80.01 -- 90.00......................................... 279 20,605,947.28 42.71 10.812 73,856.00
90.01 -- 100.00......................................... 9 583,501.20 1.21 10.925 64,833.00
100.01 -- 110.00......................................... 2 98,100.00 0.20 10.470 49,050.00
----------- ------------ ----------- ----------- ---------
Total:................................................... 816 48,247,433.71 100.00 10.973 59,127.00
----------- ------------ ----------- ----------- ---------
<CAPTION>
WEIGHTED WEIGHTED
AVERAGE AVERAGE PERCENT PERCENT PERCENT
ORIGINAL STD REM ORIGINAL CASHOUT FULL OWNER
LOAN-TO-VALUE RATIOS TERM CLTV REFI DOC OCCUPIED
- --------------------------------------------------------- ------------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
10.01 -- 20.00............................................. 164 15.082 85.68 100.00 100.00
20.01 -- 30.00............................................. 179 24.315 100.00 100.00 100.00
30.01 -- 40.00............................................. 176 35.847 96.52 95.30 89.17
40.01 -- 50.00............................................. 173 46.623 92.56 100.00 100.00
50.01 -- 60.00............................................. 230 56.153 96.71 91.11 93.34
60.01 -- 70.00............................................. 247 67.271 88.31 95.70 88.44
70.01 -- 80.00............................................. 241 77.938 77.79 98.08 90.01
80.01 -- 90.00............................................. 255 86.439 60.71 100.00 98.30
90.01 -- 100.00............................................. 246 92.727 49.87 100.00 92.33
100.01 -- 110.00............................................. 200 103.543 100.00 100.00 100.00
--- ----------- ----------- ----------- -----------
Total:................................................... 246 77.882 73.31 98.22 93.73
--- ----------- ----------- ----------- -----------
Min: 11.09
Max: 109.38
Weighted Average: 77.88
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE
ORIGINAL MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT
LOAN-TO-VALUE RATIOS LOANS BALANCE BALANCE COUPON BALANCE
- -------------------------------------------------------- ----------- ------------ ----------- ----------- ---------
<S> <C> <C> <C> <C> <C>
10.001--20.000.......................................... 26 586,584.84 1.22 11.691 22,561.00
20.001--30.000.......................................... 34 1,077,309.15 2.23 11.601 31,686.00
30.001--40.000.......................................... 38 1,112,965.41 2.31 11.710 29,289.00
40.001--50.000.......................................... 34 1,121,440.98 2.32 10.725 32,984.00
50.001--60.000.......................................... 51 2,390,163.17 4.95 10.631 46,866.00
60.001--70.000.......................................... 123 7,444,230.96 15.43 10.531 60,522.00
70.001--80.000.......................................... 262 14,533,696.98 30.12 11.461 55,472.00
80.001--90.000.......................................... 240 19,422,550.27 40.26 10.736 80,927.00
90.001 -100.000......................................... 7 496,391.95 1.03 11.040 70,913.00
100.001 -110.000........................................ 1 62,100.00 0.13 10.250 62,100.00
----------- ------------ ----------- ----------- ---------
Total:.................................................. 816 48,247,433.71 100.00 10.973 59,127.00
----------- ------------ ----------- ----------- ---------
----------- ------------ ----------- ----------- ---------
<CAPTION>
WEIGHTED WEIGHTED
AVERAGE AVERAGE PERCENT PERCENT PERCENT
COMBINED ORIGINAL STD REM ORIGINAL CASHOUT FULL OWNER
LOAN-TO-VALUE RATIOS TERM CLTV REFI DOC OCCUPIED
- -------------------------------------------------------- ------------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
10.001--20.000.......................................... 184 66.211 90.61 100.00 100.00
20.001--30.000.......................................... 191 72.879 100.00 94.89 90.74
30.001--40.000.......................................... 195 68.100 99.14 95.69 96.14
40.001--50.000.......................................... 182 52.175 94.14 100.00 93.49
50.001--60.000.......................................... 234 57.123 96.66 90.97 93.78
60.001--70.000.......................................... 250 67.421 88.01 95.47 89.83
70.001--80.000.......................................... 243 77.998 76.62 98.60 89.64
80.001--90.000.......................................... 259 86.581 58.39 100.00 98.19
90.001 -100.000......................................... 258 92.794 41.07 100.00 90.98
100.001 -110.000........................................ 178 100.160 100.00 100.00 100.00
--- ----------- ----------- ----------- -----------
Total:.................................................. 246 77.882 73.31 98.22 93.73
--- ----------- ----------- ----------- -----------
Min: 11.09
Max: 100.16
Weighted Average: 75.26
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE
MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT
LIEN POSITION LOANS BALANCE BALANCE COUPON BALANCE
- --------------------------------------------------------- ----------- ------------ ----------- ----------- ---------
<S> <C> <C> <C> <C> <C>
1st Lien................................................ 730 45,495,506.08 94.30 10.930 62,323.00
2nd Lien................................................ 86 2,751,927.63 5.70 11.686 31,999.00
----------- ------------ ----------- ----------- ---------
Total:.................................................. 816 48,247,433.71 100.00 10.973 59,127.00
----------- ------------ ----------- ----------- ---------
<CAPTION>
WEIGHTED WEIGHTED
AVERAGE AVERAGE PERCENT PERCENT PERCENT
STD REM ORIGINAL CASHOUT FULL OWNER
LIEN POSITION TERM CLTV REFI DOC OCCUPIED
- --------------------------------------------------------- ------------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
1st Lien................................................ 249 77.901 71.82 98.31 93.76
2nd Lien................................................ 196 77.569 98.00 96.73 93.25
--- ----------- ----- ----- -----
Total:................................................... 246 77.882 73.31 98.22 93.73
--- ----------- ----- ----- -----
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE
MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT
JUNIOR LOAN RATIOS LOANS BALANCE BALANCE COUPON BALANCE
- ---------------------------------------------------------- ----------- ----------- ----------- ----------- ---------
<S> <C> <C> <C> <C> <C>
15.001 -20.000............................................ 4 92,357.05 3.36 12.248 23,089.00
20.001 -25.000............................................ 13 310,032.40 11.27 12.342 23,849.00
25.001 -30.000............................................ 12 344,836.86 12.53 11.841 28,736.00
30.001 -35.000............................................ 14 441,621.86 16.05 11.525 31,544.00
35.001 -40.000............................................ 14 479,391.31 17.42 11.613 34,242.00
40.001 -45.000............................................ 9 339,190.97 12.33 11.790 37,688.00
45.001 -50.000............................................ 4 139,046.29 5.05 12.106 34,762.00
50.001 -55.000............................................ 2 40,011.00 1.45 10.792 20,006.00
55.001 -60.000............................................ 2 87,378.36 3.18 12.242 43,689.00
60.001 -65.000............................................ 2 93,877.10 3.41 11.665 46,939.00
65.001 -70.000............................................ 2 91,200.00 3.31 11.559 45,600.00
70.001 -75.000............................................ 4 120,613.87 4.38 10.957 30,153.00
85.001 -90.000............................................ 1 15,850.00 0.58 9.250 15,850.00
90.001 -95.000............................................ 2 89,376.81 3.25 11.594 44,688.00
95.001--100.000........................................... 1 67,143.75 2.44 9.290 67,144.00
----------- ----------- ----------- ----------- ---------
Total:.................................................... 86 2,751,927.63 100.00 11.686 31,999.00
----------- ----------- ----------- ----------- ---------
----------- ----------- ----------- ----------- ---------
<CAPTION>
WEIGHTED WEIGHTED
AVERAGE AVERAGE PERCENT PERCENT PERCENT
STD REM ORIGINAL CASHOUT FULL OWNER
JUNIOR LOAN RATIOS TERM CLTV REFI DOC OCCUPIED
- ---------------------------------------------------------- ------------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
15.001 -20.000............................................ 196 86.569 83.99 100.00 100.00
20.001 -25.000............................................ 192 82.405 100.00 100.00 100.00
25.001 -30.000............................................ 184 83.823 92.91 100.00 100.00
30.001 -35.000............................................ 191 76.756 100.00 87.55 100.00
35.001 -40.000............................................ 207 80.255 100.00 100.00 100.00
40.001 -45.000............................................ 201 75.079 100.00 100.00 70.58
45.001 -50.000............................................ 233 77.033 100.00 74.85 100.00
50.001 -55.000............................................ 179 74.864 100.00 100.00 42.49
55.001 -60.000............................................ 239 77.498 100.00 100.00 100.00
60.001 -65.000............................................ 139 67.123 100.00 100.00 100.00
65.001 -70.000............................................ 240 73.288 100.00 100.00 45.18
70.001 -75.000............................................ 183 66.852 100.00 100.00 89.22
85.001 -90.000............................................ 179 15.410 --- 100.00 100.00
90.001 -95.000............................................ 155 58.672 100.00 100.00 100.00
95.001--100.000........................................... 177 91.810 100.00 100.00 100.00
--- ----------- ----------- ----------- -----------
Total:.................................................... 196 77.569 98.00 96.73 93.25
--- ----------- ----------- ----------- -----------
Min: 16.503
Max: 98.029
Weighted Average: 41.841
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
ARM COLLATERAL TABLES
<TABLE>
<CAPTION>
% OF
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE
MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT
REMAINING PRINCIPAL BALANCE LOANS BALANCE BALANCE COUPON BALANCE
- ------------------------------------------------------- --------------- ------------ ----------- ----------- ---------
<S> <C> <C> <C> <C> <C>
1--25,000.............................................. 6 137,765.04 0.55 11.234 22,961.00
25,001--50,000......................................... 37 1,485,013.72 5.89 10.517 40,136.00
50,001--75,000......................................... 85 5,271,828.46 20.90 10.298 62,022.00
75,001--100,000........................................ 51 4,453,740.64 17.66 10.264 87,328.00
100,001 -125,000....................................... 29 3,192,320.48 12.66 10.094 110,080.00
125,001--150,000....................................... 17 2,358,420.89 9.35 10.528 138,731.00
150,001--175,000....................................... 10 1,598,501.38 6.34 10.195 159,850.00
175,001--200,000....................................... 12 2,248,256.64 8.91 9.866 187,355.00
200,001--225,000....................................... 7 1,497,059.91 5.94 9.931 213,866.00
225,001--250,000....................................... 5 1,189,745.52 4.72 10.096 237,949.00
250,001--275,000....................................... 1 259,876.88 1.03 9.680 259,877.00
325,001--350,000....................................... 1 339,860.15 1.35 10.340 339,860.00
350,001--375,000....................................... 2 738,705.44 2.93 9.724 369,353.00
450,001--475,000....................................... 1 451,623.35 1.79 10.300 451,623.00
--- ------------ ----------- ----------- ---------
Total:................................................. 264 25,222,718.50 100.00 10.207 95,541.00
--- ------------ ----------- ----------- ---------
--- ------------ ----------- ----------- ---------
<CAPTION>
WEIGHTED WEIGHTED
AVERAGE AVERAGE PERCENT PERCENT PERCENT
STD REM ORIGINAL CASHOUT FULL OWNER
REMAINING PRINCIPAL BALANCE TERM CLTV REFI DOC OCCUPIED
- ------------------------------------------------------- ------------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
1--25,000.............................................. 331 63.827 67.35 100.00 65.13
25,001--50,000......................................... 353 74.292 92.56 100.00 91.29
50,001--75,000......................................... 354 81.025 84.61 100.00 93.35
75,001--100,000........................................ 359 82.638 70.55 100.00 98.29
100,001 -125,000....................................... 351 83.370 68.25 100.00 96.73
125,001--150,000....................................... 358 85.602 46.38 100.00 100.00
150,001--175,000....................................... 358 82.561 41.19 100.00 100.00
175,001--200,000....................................... 358 78.698 16.32 100.00 91.35
200,001--225,000....................................... 358 87.102 58.08 100.00 100.00
225,001--250,000....................................... 358 81.520 60.09 100.00 100.00
250,001--275,000....................................... 358 86.670 100.00 100.00 100.00
325,001--350,000....................................... 358 85.000 100.00 100.00 100.00
350,001--375,000....................................... 357 81.841 100.00 100.00 100.00
450,001--475,000....................................... 357 77.930 --- 100.00 100.00
--- ----------- ----------- ----------- -----------
Total:................................................. 356 81.898 64.59 100.00 96.42
--- ----------- ----------- ----------- -----------
--- ----------- ----------- ----------- -----------
Min: 20,000.00
Max: 451,623.35
Average: 95,540.60
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
MORTGAGE RATES LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- -------------- --------------- ------------ ----------- ----------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
7.501--8.000.. 3 195,900.00 0.78 7.926 65,300.00 360 78.482 100.00
8.001--8.500.. 5 502,430.48 1.99 8.384 100,486.00 337 76.556 43.08
8.501--9.000.. 15 2,007,565.81 7.96 8.881 133,838.00 358 81.759 50.58
9.001--9.500.. 30 2,917,743.36 11.57 9.331 97,258.00 359 78.971 60.26
9.501 -10.000. 59 5,667,533.79 22.47 9.786 96,060.00 356 83.679 65.56
10.001-10.500. 43 4,964,898.14 19.68 10.295 115,463.00 358 82.187 77.06
10.501-11.000. 61 5,126,255.39 20.32 10.790 84,037.00 352 81.953 60.98
11.001-11.500. 19 1,598,381.94 6.34 11.292 84,125.00 359 81.447 64.86
11.501-12.000. 18 1,662,591.96 6.59 11.700 92,366.00 354 83.488 61.87
12.001-12.500. 7 312,739.10 1.24 12.282 44,677.00 358 75.143 61.02
12.501-13.000. 3 208,178.53 0.83 12.598 69,393.00 359 89.341 58.80
13.001-13.500. 1 58,500.00 0.23 13.250 58,500.00 358 65.000 100.00
--- ------------ ----------- ----------- --------- --- ----------- -----------
Total:...... 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59
--- ------------ ----------- ----------- --------- --- ----------- -----------
--- ------------ ----------- ----------- --------- --- ----------- -----------
<CAPTION>
PERCENT PERCENT
FULL OWNER
MORTGAGE RATES DOC OCCUPIED
- -------------- ----------- -----------
<S> <C> <C>
7.501--8.000...... 100.00 100.00
8.001--8.500...... 100.00 100.00
8.501--9.000...... 100.00 96.89
9.001--9.500...... 100.00 90.41
9.501 -10.000..... 100.00 100.00
10.001-10.500..... 100.00 100.00
10.501-11.000..... 100.00 95.54
11.001-11.500..... 100.00 87.84
11.501-12.000..... 100.00 94.63
12.001-12.500..... 100.00 84.64
12.501-13.000..... 100.00 100.00
13.001-13.500..... 100.00 100.00
----------- -----------
Total:...... 100.00 96.42
----------- -----------
----------- -----------
Min: 7.70
Max: 13.25
Weighted Average Coupon: 10.21
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
MONTHS REMAINING TO MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
SCHEDULED MATURITY LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- -------------------- --------------- ------------ ----------- ----------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
121--180.. 4 244,748.70 0.97 10.179 61,187.00 178 77.342 91.44
181--240.. 2 104,830.03 0.42 10.843 52,415.00 238 83.784 100.00
301--360.. 258 24,873,139.77 98.61 10.204 96,408.00 358 81.935 64.17
--- ------------ ----------- ----------- --------- --- ----------- -----------
Total:.... 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59
--- ------------ ----------- ----------- --------- --- ----------- -----------
<CAPTION>
PERCENT PERCENT
MONTHS REMAINING TO FULL OWNE
SCHEDULED MATURITY DOC OCCUPIED
- -------------------- ----------- -----------
<S> <C> <C>
121--180.. 100.00 100.00
181--240.. 100.00 100.00
301--360.. 100.00 96.37
----------- -----------
Total:.... 100.00 96.42
----------- -----------
Min: 178.00
Max: 360.00
Weighted Average: 356.02
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
PRODUCT TYPE LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- --------------------- --------------- ------------ ----------- ----------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ARM--2 Year/6Month... 172 14,820,471.87 58.76 10.357 86,166.00 357 81.292 67.52
ARM--6 Month......... 85 9,589,807.86 38.02 10.003 112,821.00 355 82.561 62.32
ARM--2 Year/1 Year... 7 812,438.77 3.22 9.872 116,063.00 357 85.142 37.95
--- ------------ ----------- ----------- --------- --- ----------- -----
Total:............... 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59
--- ------------ ----------- ----------- --------- --- ----------- -----
<CAPTION>
PERCENT PERCENT
FULL OWNER
PRODUCT TYPE DOC OCCUPIED
- --------------------- ----------- -----------
<S> <C> <C>
ARM--2 Year/6Month... 100.00 95.73
ARM--6 Month......... 100.00 97.19
ARM--2 Year/1 Year... 100.00 100.00
----------- -----------
Total:............... 100.00 96.42
----------- -----------
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE
DISTRIBUTION OF LOAN MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL
PURPOSE LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV
- -------------------------- --------------- ------------ ----------- ----------- --------- ------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Refinance--Cashout.... 118 9,960,105.36 39.49 10.130 84,408.00 354 80.917
Purchase.............. 54 7,342,513.86 29.11 10.161 135,972.00 358 82.614
Debt Consolidation.... 73 6,330,477.35 25.10 10.373 86,719.00 357 83.044
Refinance--Rate Term.. 19 1,589,621.93 6.30 10.235 83,664.00 356 80.177
--- ------------ ----------- ----------- --------- --- -----------
Total:................ 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898
--- ------------ ----------- ----------- --------- --- -----------
<CAPTION>
PERCENT PERCENT PERCENT
DISTRIBUTION OF LOAN CASHOUT FULL OWNER
PURPOSE REFI DOC OCCUPIED
- -------------------------- ----------- ----------- -----------
<S> <C> <C> <C>
Refinance--Cashout.... 100.00 100.00 96.14
Purchase.............. -- 100.00 94.97
Debt Consolidation.... 100.00 100.00 98.03
Refinance--Rate Term.. -- 100.00 98.49
----------- ----------- -----
Total:................ 64.59 100.00 96.42
----------- ----------- -----
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
DISTRIBUTION OF NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
OCCUPANCY MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
STATUS LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- --------------- --------------- ------------ ----------- ----------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Owner
Occupied.. 249 24,320,234.10 96.42 10.194 97,672.00 356 82.331 64.89
Investment.. 15 902,484.40 3.58 10.549 60,166.00 359 70.228 56.37
--- ------------ ----------- ----------- --------- --- ----------- -----
Total:... 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59
--- ------------ ----------- ----------- --------- --- ----------- -----
<CAPTION>
DISTRIBUTION OF PERCENT PERCENT
OCCUPANCY FULL OWNER
STATUS DOC OCCUPIED
- --------------- ----------- -----------
<S> <C> <C>
Owner
Occupied.. 100.00 100.00
Investment.. 100.00 --
----------- -----------
Total:... 100.00 96.42
----------- -----------
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT PERCENT
DISTRIBUTION OF MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT FULL
PROPERTY TYPES LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI DOC
- -------------------- ----------- ------------ --------- ----------- --------- --------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Single Family
Detached.......... 243 22,846,606.50 90.58 10.216 94,019.00 356 82.264 64.95 100.00
2-4 Family 5 960,398.91 3.81 10.278 192,080.00 358 76.320 79.76 100.00
PUD................. 6 776,656.24 3.08 9.812 129,443.00 358 81.539 34.38 100.00
Townhouse........... 3 206,100.00 0.82 9.825 68,700.00 359 79.330 43.30 100.00
Manufactured
Housing........... 3 162,327.00 0.64 10.046 54,109.00 359 78.480 100.00 100.00
Single Family
Attached.......... 2 150,800.00 0.60 10.561 75,400.00 358 81.578 31.56 100.00
Condo............... 2 119,829.85 0.48 10.814 59,915.00 266 68.762 100.00 100.00
----------- ------------ --------- ----------- --------- --------- ----------- ----------- -----------
Total:.............. 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59 100.00
----------- ------------ --------- ----------- --------- --------- ----------- ----------- -----------
<CAPTION>
PERCENT
DISTRIBUTION OF OWNER
PROPERTY TYPES OCCUPIED
- -------------------- -----------
<S> <C>
Single Family
Detached.......... 97.67
2-4 Family 79.76
PUD................. 92.48
Townhouse........... 43.30
Manufactured
Housing........... 100.00
Single Family
Attached.......... 100.00
Condo............... 100.00
-----------
Total:.............. 96.42
-----------
</TABLE>
- ------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by EquiVantage Inc. with respect to the expected characteristics of the
pool of home equity loans in which these securities will represent undivided
beneficial interests. 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 loans will prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
PREPAYMENT PENALTY LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- --------------------- --------------- ------------ ----------- ----------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Prepayment Penalty... 186 16,846,022.44 66.79 10.107 90,570.00 355 81.859 69.21
No Prepayment
Penalty............ 78 8,376,696.06 33.21 10.408 107,394.00 357 81.977 55.29
--- ------------ ----------- ----------- --------- --- ----------- -----
Total:............... 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59
--- ------------ ----------- ----------- --------- --- ----------- -----
<CAPTION>
PERCENT PERCENT
FULL OWNER
PREPAYMENT PENALTY DOC OCCUPIED
- --------------------- ----------- -----------
<S> <C> <C>
Prepayment Penalty... 100.00 96.42
No Prepayment
Penalty............ 100.00 96.42
----------- -----
Total:............... 100.00 96.42
----------- -----
</TABLE>
- ------------------------
This information has been prepared in connection with
the issuance of securities representing interests in the above trust, and is
based in part on information provided by EquiVantage Inc. with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. 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 loans will prepay 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 loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
GEOGRAPHICAL MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
DISTRIBUTION (1) LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- --------------------- --------------- ------------ ----------- ----------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Arizona.............. 3 411,000.00 1.63 9.012 137,000.00 359 79.092 --
California........... 8 1,620,600.00 6.43 9.110 202,575.00 359 81.325 52.20
Colorado............. 1 339,860.15 1.35 10.340 339,860.00 358 85.000 100.00
Florida.............. 18 1,804,481.38 7.15 10.535 100,249.00 355 84.472 39.14
Georgia.............. 4 427,085.04 1.69 11.017 106,771.00 358 85.489 52.94
Iowa................. 1 123,750.00 0.49 11.160 123,750.00 359 75.000 100.00
Idaho................ 4 230,525.00 0.91 9.704 57,631.00 359 76.788 23.97
Illinois............. 12 1,500,210.60 5.95 10.667 125,018.00 358 83.319 94.72
Indiana.............. 11 699,471.47 2.77 10.200 63,588.00 358 83.625 100.00
Kansas............... 1 47,000.00 0.19 10.050 47,000.00 359 69.120 100.00
Kentucky............. 11 501,454.44 1.99 10.707 45,587.00 339 80.723 78.07
Maryland............. 17 2,789,780.02 11.06 10.372 164,105.00 358 79.268 25.44
Michigan............. 66 5,671,134.70 22.48 10.350 85,926.00 355 81.875 81.63
Missouri............. 1 44,850.28 0.18 11.000 44,850.00 349 81.820 --
Montana.............. 1 108,019.80 0.43 10.840 108,020.00 357 83.800 --
North Carolina....... 11 939,728.99 3.73 9.970 85,430.00 359 85.457 36.52
Ohio................. 61 4,702,249.12 18.64 10.042 77,086.00 354 80.643 87.51
Oregon............... 1 83,000.00 0.33 9.100 83,000.00 359 49.400 100.00
South Carolina....... 5 432,789.43 1.72 9.892 86,558.00 358 82.425 59.33
Tennessee............ 15 1,355,735.00 5.38 10.162 90,382.00 358 84.784 53.49
Texas................ 1 99,418.84 0.39 11.590 99,419.00 358 85.000 --
Utah................. 1 106,312.09 0.42 10.340 106,312.00 358 82.480 100.00
Virginia............. 6 907,281.88 3.60 10.361 151,214.00 357 84.269 40.64
Washington........... 1 95,000.00 0.38 9.600 95,000.00 358 84.070 --
Wisconsin............ 3 181,980.27 0.72 10.366 60,660.00 358 84.067 53.51
--- ------------ ----------- ----------- --------- --- ----------- -----------
Total:............... 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59
--- ------------ ----------- ----------- --------- --- ----------- -----------
<CAPTION>
PERCENT PERCENT
GEOGRAPHICAL FULL OWNER
DISTRIBUTION (1) DOC OCCUPIED
- --------------------- ----------- -----------
<S> <C> <C>
Arizona.............. 100.00 100.00
California........... 100.00 100.00
Colorado............. 100.00 100.00
Florida.............. 100.00 89.23
Georgia.............. 100.00 100.00
Iowa................. 100.00 100.00
Idaho................ 100.00 23.97
Illinois............. 100.00 95.85
Indiana.............. 100.00 100.00
Kansas............... 100.00 100.00
Kentucky............. 100.00 72.61
Maryland............. 100.00 100.00
Michigan............. 100.00 98.66
Missouri............. 100.00 100.00
Montana.............. 100.00 100.00
North Carolina....... 100.00 100.00
Ohio................. 100.00 95.86
Oregon............... 100.00 100.00
South Carolina....... 100.00 100.00
Tennessee............ 100.00 95.40
Texas................ 100.00 100.00
Utah................. 100.00 100.00
Virginia............. 100.00 100.00
Washington........... 100.00 100.00
Wisconsin............ 100.00 100.00
------- -------
Total:............... 100.00 96.42
----------- -----------
</TABLE>
- ------------------------
This information has been prepared in connection with
the issuance of securities representing interests in the above trust, and is
based in part on information provided by EquiVantage Inc. with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. 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 loans will prepay 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 loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
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>
% OF WEIGHTED WEIGHTED
CALENDAR YEAR NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT PERCENT
OF MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT FULL
ORIGINATION LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI DOC
- ------------- ------------- ------------ ------------ ----------- --------- --------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1996 1 44,850.28 0.18 11.000 44,850.00 349 81.820 -- 100.00
1997 263 25,177,868.22 99.82 10.205 95,733.00 356 81.898 64.70 100.00
----- ------------ ------------ ----------- --------- --------- ----------- ----------- -----------
Total: 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59 100.00
----- ------------ ------------ ----------- --------- --------- ----------- ----------- -----------
<CAPTION>
CALENDAR YEAR PERCENT
OF OWNER
ORIGINATION OCCUPIED
- ------------- -----------
<S> <C>
1996 100.00
1997 96.42
---------
Total: 96.42
---------
</TABLE>
- ------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by EquiVantage Inc. with respect to the expected characteristics of the
pool of home equity loans in which these securities will represent undivided
beneficial interests. 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 loans will prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
COMBINED
ORIGINAL % OF WEIGHTED WEIGHTED
LOAN-TO- NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
VALUE MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
RATIOS LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- ---------- ----------- ------------ ------------ ----------- --------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-- -- -- -- -- -- --
20.01 - 30.00 1 20,000.00 0.08 10.650 20,000.00 359 25.000 100.00
30.01 - 40.00 1 44,200.00 0.18 9.840 44,200.00 359 38.770 100.00
40.01 - 50.00 2 151,963.62 0.60 9.132 75,982.00 359 47.857 100.00
50.01 - 60.00 4 207,784.43 0.82 11.018 51,946.00 359 58.151 75.26
60.01 - 70.00 32 2,082,256.40 8.26 10.226 65,071.00 358 67.842 65.27
70.01 - 80.00 77 8,052,449.54 31.93 9.980 104,577.00 353 78.022 59.52
80.01 - 90.00 144 14,426,476.26 57.20 10.313 100,184.00 358 86.798 66.74
90.01 - 100.00 3 237,588.25 0.94 11.305 79,196.00 359 94.337 58.03
- -------------- ------- --------------- ----------- --------- ---------- ----------- ----------- -----------
-- -- -- -- -- -- --
Total:.... 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59
- -------------- -------- --------------- ----------- --------- ---------- ----------- ----------- -----------
-- -- -- -- -- -- --
- -------------- ------- --------------- ------------ --------- ---------- ---------- ----------- ----------
-- -- -- -- -- -- --
<CAPTION>
COMBINED
ORIGINAL
LOAN-TO- PERCENT PERCENT
VALUE FULL OWNER
RATIOS DOC OCCUPIED
- -------------- --------- -----------
<S> <C> <C>
20.01 - 30.00 100.00 100.00
30.01 - 40.00 100.00 100.00
40.01 - 50.00 100.00 100.00
50.01 - 60.00 100.00 75.74
60.01 - 70.00 100.00 83.48
70.01 - 80.00 100.00 93.69
80.01 - 90.00 100.00 100.00
90.01 - 100.00 100.00 100.00
- --------------- --------- ---------
--
Total:.... 100.00 96.42
- --------------- --------- ----------
--
Min: 25.00
Max: 97.14
Weighted Average: 81.90
--
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
- -------------
ORIGINAL % OF WEIGHTED WEIGHTED
LOAN- TO- NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
VALUE MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
RATIOS LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- -------------- ----------- ------------ ---------- ----------- --------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-- -- -- -- -- -- --
10.001-- 20.000 1 50,602.00 0.20 11.800 50,602.00 239 88.000 100.00
20.001-- 30.000 1 20,000.00 0.08 10.650 20,000.00 359 25.000 100.00
30.001-- 40.000 1 44,200.00 0.18 9.840 44,200.00 359 38.770 100.00
40.001-- 50.000 2 151,963.62 0.60 9.132 75,982.00 359 47.857 100.00
50.001-- 60.000 4 207,784.43 0.82 11.018 51,946.00 359 58.151 75.26
60.001-- 70.000 32 2,082,256.40 8.26 10.226 65,071.00 358 67.842 65.27
70.001-- 80.000 77 8,052,449.54 31.93 9.980 104,577.00 353 78.022 59.52
80.001-- 90.000 143 14,375,874.26 57.00 10.308 100,531.00 358 86.794 66.62
90.001-- 100.000 3 237,588.25 0.94 11.305 79,196.00 359 94.337 58.03
- -------------- ------------ ------------ ----------- --------- ------------ ----------- -------- -----------
Total:... 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59
- ------------- ----------- ------------ ----------- --------- ----------- ----------- -------- -----------
- -------------- ----------- ------------ ----------- --------- ----------- ------------ -------- -----------
-- -- -- -- -- -- --
<CAPTION>
ORIGINAL
LOAN- TO- PERCENT PERCENT
VALUE FULL OWNER
RATIOS DOC OCCUPIED
- --------- ----------- ---------
<S> <C> <C>
--
10.001 - 30.000 100.00 100.00
20.001 - 30.000 100.00 100.00
30.001 - 40.000 100.00 100.00
40.001 - 50.000 100.00 100.00
50.001 - 60.000 100.00 75.74
60.001 - 70.000 100.00 83.48
70.001 - 80.000 100.00 93.69
80.001 - 90.000 100.00 100.00
90.001 - 100.000 100.00 100.00
- ---------------- ----------- ---------
--
Total:... 100.00 96.42
- ---------------- ----------- ---------
--
Min: 19.10
Max: 97.14
Weighted Average: 81.76
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. The actual characteristics and
performance of the home equiXty 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
loans will prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
DISTRIBUTION NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
OF MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
MARGINS LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- --------------- ------------- ------------ ----------- ----------- --------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-- -- -- -- -- -- --
4.500 - 4.999 2 205,250.00 0.81 9.411 102,625.00 358 84.989 64.19
5.000 - 5.499 7 1,178,434.07 4.67 10.503 168,348.00 357 79.143 19.02
5.500 - 5.999 21 2,168,799.14 8.60 9.747 103,276.00 358 81.068 30.52
6.000 - 6.499 32 3,154,181.89 12.51 9.294 98,568.00 355 80.623 59.24
6.500 - 6.999 49 5,143,482.31 20.39 9.800 104,969.00 356 81.159 74.23
7.000 - 7.499 56 4,980,733.27 19.75 10.188 88,942.00 357 82.148 63.22
7.500 - 7.999 47 4,672,334.96 18.52 10.539 99,411.00 354 83.599 77.25
8.000 - 8.499 25 2,085,882.79 8.27 11.061 83,435.00 355 83.901 74.58
8.500 - 8.999 11 751,780.36 2.98 11.591 68,344.00 358 81.624 74.46
9.000 - 9.499 9 508,855.77 2.02 11.804 56,540.00 358 78.790 83.61
9.500 - 9.999 4 318,602.96 1.26 12.231 79,651.00 359 83.438 73.08
11.000 - 11.499 1 54,380.98 0.22 11.090 54,381.00 358 85.000 100.00
- --------------- ------------ ----------- ----------- --------- --------- ----------- ----------- ---------
-- -- -- -- -- -- --
Total:... 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59
- --------------- ------------ ----------- ----------- --------- --------- ----------- -----------
-- -- -- -- -- -- --
- ----------------- ------------ ----------- ----------- --------- --------- ----------- ----------- -----------
-- -- -- -- -- -- --
<CAPTION>
DISTRIBUT PERCENT PERCENT
OF FULL OWNER
MARGINS DOC OCCUPIED
- ---------------- ----------- ---------
--
<S> <C> <C>
4.500 - 4.999 100.00 100.00
5.000 - 5.499 100.00 100.00
5.500 - 5.999 100.00 100.00
6.000 - 6.499 100.00 94.44
6.500 - 6.999 100.00 96.76
7.000 - 7.499 100.00 100.00
7.500 - 7.999 100.00 94.21
8.000 - 8.499 100.00 95.67
9.000 - 9.499 100.00 88.12
9.500 - 9.999 100.00 78.32
11.000 - 11.499 100.00 100.00
100.00 100.00
- ------------------ --------- --------
--
Total:... 100.00 96.42
------------------ --------- --------
--
Min: 4.950
Max: 11.090
Weighted Average: 7.038
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
DISTRIBUTION
OF % OF WEIGHTED WEIGHTED
MAXIMUM NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
MORTGAGE MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
RATES LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- --------- ------------- ------------ ----------- ----------- --------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-- -- -- -- -- -- -
14.001--14.500 1 110,000.00 0.44 8.050 110,000.00 359 73.330 --
14.501--15.000 10 1,301,595.68 5.16 8.729 130,160.00 358 79.702 64.70
15.001--15.500 12 1,776,769.25 7.04 9.108 148,064.00 352 81.098 37.94
15.501--16.000 20 2,366,128.99 9.38 9.432 118,306.00 358 83.979 25.92
16.001--16.500 27 2,772,550.08 10.99 9.832 102,687.00 358 78.364 63.42
16.501--17.000 52 4,698,623.36 18.63 9.900 90,358.00 356 82.807 75.60
17.001--17.500 41 3,922,752.65 15.55 10.312 95,677.00 358 82.366 90.88
17.501--18.000 59 5,118,518.02 20.29 10.903 86,755.00 352 82.442 62.36
18.001--18.500 17 1,439,881.94 5.71 11.314 84,699.00 359 81.454 58.31
18.501--19.000 15 1,188,630.62 4.71 11.682 79,242.00 353 83.549 79.12
19.001--19.500 7 319,089.38 1.27 12.105 45,584.00 357 76.702 59.80
19.501--20.000 3 208,178.53 0.83 12.598 69,393.00 359 89.341 58.80
- --------------- ------------ ----------- ----------- -------- ------------ ----------- ----------- -----------
-- -- -- -- -- -- --
Total:... 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59
- --------------- ------------ ------------ ----------- --------- --------- ----------- ----------- ------------
-- -- -- -- -- -- --
- -------------- ----------- ------------- ----------- --------- --------- ----------- ----------- ----------
-- -- -- -- -- -- --
<CAPTION>
DISTRIBUT
OF
MAXIMUM PERCENT PERCENT
MORTGAGE FULL OWNER
RATES DOC OCCUPIED
- --------- -------- -----------
<S> <C> <C>
--
14.001 - 14.500 100.00 100.00
14.501 - 15.000 100.00 100.00
15.001 - 15.500 100.00 100.00
15.501 - 16.000 100.00 97.36
16.001 - 16.500 100.00 89.91
16.501 - 17.000 100.00 100.00
17.001 - 17.500 100.00 100.00
17.501 - 18.000 100.00 95.53
18.001 - 18.500 100.00 86.50
18.501 - 19.000 100.00 92.49
19.001 - 19.500 100.00 84.95
19.501 - 20.000 100.00 100.00
- --------------- --------- ----------
--
Total:... 100.00 96.42
- --------------- --------- ----------
--
Min: 14.050
Max: 19.600
Weighted Average: 16.946
- -------------- ---------- ------------
--
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
DISTRIBUTION
OF % OF WEIGHTED WEIGHTED
MINIMUM NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
MORTGAGE MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
RATES LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- --------- ------------- ------------ ----------- ----------- --------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
7.001-- 7.500 1 130,500.00 0.52 11.000 130,500.00 358 75.000 --
8.001-- 8.500 1 110,000.00 0.44 8.050 110,000.00 359 73.330 --
8.501-- 9.000 13 1,507,456.32 5.98 8.766 115,958.00 358 78.777 69.52
9.001-- 9.500 27 2,774,368.72 11.00 9.199 102,754.00 355 78.504 51.86
9.501--10.000 47 4,525,453.53 17.94 9.667 96,286.00 356 83.336 56.96
10.001--10.500 39 4,001,141.64 15.86 10.188 102,593.00 358 80.884 71.54
10.501--11.000 62 5,319,654.58 21.09 10.414 85,801.00 357 83.590 65.55
11.001--11.500 25 2,780,164.82 11.02 10.750 111,207.00 358 83.127 79.79
11.501--12.000 30 2,933,960.10 11.63 11.234 97,799.00 348 82.562 60.36
12.001--12.500 10 531,619.01 2.11 11.759 53,162.00 358 79.386 88.24
12.501--13.000 6 445,666.18 1.77 12.071 74,278.00 358 84.814 80.75
13.001--13.500 3 162,733.60 0.65 12.298 54,245.00 355 76.934 35.95
- ------------- ------------ ----------- ----------- --------- ----------- ----------- --------- ---------
Total:... 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59
- ------------- ------------ ----------- ----------- --------- ----------- ----------- --------- ---------
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUT
OF
MINIMUM PERCENT PERCENT
MORTGAGE FULL OWNER
RATES DOC OCCUPIED
- -------------- ----------- --------
<S> <C> <C>
7.001-- 7.500 100.00 100.00
8.001-- 8.500 100.00 100.00
8.501-- 9.000 100.00 100.00
9.001-- 9.500 100.00 93.68
9.501--10.000 100.00 98.62
10.001--10.500 100.00 97.39
10.501--11.000 100.00 97.62
11.001--11.500 100.00 93.01
11.501--12.000 100.00 93.47
12.001--12.500 100.00 90.96
12.501--13.000 100.00 100.00
13.001--13.500 100.00 100.00
----------- ---------
Total:... 100.00 96.42
----------- ---------
Min: 7.250
Max: 13.500
Weighted Average: 10.478
</TABLE>
- ------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
DISTRIBUTION % OF WEIGHTED WEIGHTED
OF MORTGAGE NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
NEXT RATE MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
CHANGE DATE LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- ------------- ----------- ------------ ----------- ----------- --------- --------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1997-10 1 44,850.28 0.18 11.000 44,850.00 349 81.820 --
1997-11 2 236,347.00 0.94 10.336 118,174.00 356 73.747 24.51
1997-12 15 2,220,548.46 8.80 10.377 148,037.00 357 79.377 36.32
1998-01 28 2,888,813.92 11.45 10.126 103,172.00 350 81.946 62.67
1998-02 29 3,090,856.20 12.25 9.837 106,581.00 355 85.473 83.87
1998-03 8 851,892.00 3.38 9.439 106,487.00 359 83.825 77.93
1998-04 2 256,500.00 1.02 8.772 128,250.00 360 85.993 17.54
1999-04 1 245,646.42 0.97 11.625 245,646.00 357 79.990 --
1999-05 1 88,147.85 0.35 11.875 88,148.00 356 90.000 100.00
1999-06 9 1,434,062.19 5.69 10.340 159,340.00 357 81.746 72.01
1999-07 59 4,440,247.05 17.60 10.457 75,258.00 357 81.691 69.52
1999-08 69 6,364,210.13 25.23 10.102 92,235.00 356 81.851 59.65
1999-09 37 2,713,697.00 10.76 10.533 73,343.00 357 80.872 72.36
1999-10 3 346,900.00 1.38 10.028 115,633.00 360 75.066 100.00
----------- ------------ ----------- ----------- --------- --------- ----------- -----------
Total:....... 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59
----------- ------------ ----------- ----------- --------- --------- ----------- -----------
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTION
OF MORTGAGE PERCENT PERCENT
NEXT RATE FULL OWNER
CHANGE DATE DOC OCCUPIED
- ------------- ----------- --------
<S> <C> <C>
1997-10 100.00 100.00
1997-11 100.00 100.00
1997-12 100.00 95.30
1998-01 100.00 98.62
1998-02 100.00 95.97
1998-03 100.00 100.00
1998-04 100.00 100.00
1999-04 100.00 100.00
1999-05 100.00 100.00
1999-06 100.00 100.00
1999-07 100.00 97.45
1999-08 100.00 96.05
1999-09 100.00 90.09
1999-10 100.00 100.00
----------- ---------
Total:....... 100.00 96.42
----------- ---------
</TABLE>
- ------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by EquiVantage Inc. with respect to the expected characteristics of the
pool of home equity loans in which these securities will represent undivided
beneficial interests. 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 loans will prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
LIEN MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
POSITION LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- ---------- ---------- ------------ ------------ ----------- --------- --------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1st Lien 263 25,172,116.50 99.80 10.204 95,711.00 356 81.886 64.52
2nd Lien 1 50,602.00 0.20 11.800 50,602.00 239 88.000 100.00
---------- ------------ ------------ ----------- --------- --------- ----------- ----------
Total:.... 264 25,222,718.50 100.00 10.207 95,541.00 356 81.898 64.59
---------- ------------ ------------ ----------- --------- --------- ----------- ----------
</TABLE>
<TABLE>
<CAPTION>
PERCENT PERCENT
LIEN FULL OWNER
POSITION DOC OCCUPIED
- ---------- ---------- -----------
<S> <C> <C>
1st Lien 100.00 96.41
2nd Lien 100.00 100.00
----------- ---------
Total:.... 100.00 96.42
----------- ---------
</TABLE>
- ------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by EquiVantage Inc. with respect to the expected
characteristics of the pool of home equity loans in which these securities
will represent undivided beneficial interests. 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 loans will
prepay 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 loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. 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.
