<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):
June __, 1997
EquiVantage Acceptance Corp. on behalf of EquiVantage Home Equity Loan
Trust 1997-2
----------------------------------------------------------------------
(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 to this Current Report are certain materials (the
"Computational Materials") furnished to the Registrant by Morgan Stanley & Co.
Incorporated, as representative of the several underwriters (collectively, the
"Underwriters"), in respect of the EquiVantage Home Equity Loan Trust 1997-2
Home Equity Loan Asset-Backed Certificates, Series 1997-2, 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, to be dated June __, 1997, as supplemented
by a Prospectus Supplement, to be dated June __, 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shall be deemed to be modified or superseded for purposes of the Prospectus and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 Computational Materials
- -------------------
(1) Capitalized terms used but not otherwise defined herein shall have the
meanings ascribed to such terms in the Prospectus.
<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/ John E. Smith
-----------------------------
John E. Smith
President
Date: June __, 1997
<PAGE>
EXHIBIT INDEX
-------------
Exhibit
- -------
99.1 Computational Materials of the Underwriters
<PAGE>
EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-2
- -----------------------------------------------------------------------------
Computational Materials
-----------------------
$100,000,000
(Approximate)
EQUIVANTAGE HOME EQUITY LOAN
TRUST 1997-2
HOME EQUITY ABS
-----------------------
COMPUTATIONAL MATERIALS
INVESTORS MUST READ THIS PAGE BEFORE PROCEEDING TO THE TEXT. 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 closed-end mortgage loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the closed-end mortgage 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 closed-end mortgage 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 closed-end mortgage 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 HOME EQUITY LOAN TRUST 1997-2 Computational Materials
- -----------------------------------------------------------------------------
COMPUTATIONAL MATERIALS
TRANSACTION HIGHLIGHTS
<TABLE>
<CAPTION>
MODIFIED
EXPECTED AVERAGE DURATION PAYMENT
CLASS SIZE RATINGS LIFE TO 10% TO 10% WINDOW TO 10% PRICE TALK
CLASS(1) ($ MILLIONS) CLASS TYPE (MOODY'S/S&P) CALL(2) CALL(2) CALL (2) DAY COUNT (BPS)
- -------- ----------- ----------- -------------- ----------- --------- -------------- --------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 23.80 Fixed Aaa/AAA 1.04 years 0.97 years 1-24/24 mo. 30/360 +[ ]
A-2 15.60 Fixed Aaa/AAA 3.02 years 2.63 years 24-53/30 mo. 30/360 +[ ]
A-3 11.68 Fixed Aaa/AAA 6.56 years 5.01 years 53-97/45 mo. 30/360 +[ ]
A-4 5.68 Fixed Lockout Aaa/AAA 6.31 years 4.89 years 37-97/61 mo. 30/360 +[ ]
A-5 43.24 Floating Aaa/AAA 2.88 years 2.47 years 1-97/97 mo. Actual/360 +[ ]
Total $100.00 -- -- -- -- -- -- --
</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.
SELLER AND SERVICER: EquiVantage Inc.
SUB-SERVICER: Transworld Mortgage Corporation
TRUSTEE: Norwest Bank Minnesota, National
Association
MANAGERS: MORGAN STANLEY (lead manager),
Prudential Securities (co-manager)
PRICING PREPAYMENT SPEED:
FIXED RATE CERTIFICATES: All classes are priced at 120% of the
prepayment assumption ("PPM"). 100%
PPM describes prepayments starting at
4.0% CPR in month 1, increasing by
1.455% CPR per month to 20% CPR in
month 12, and remaining at 20% CPR
thereafter.
ADJUSTABLE RATE CERTIFICATE: Constant 25% CPR.
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT: FIXED RATE CERTIFICATES ARM CERTIFICATES
----------------------- -----------------
<S> <C> <C>
1. Excess cash. 1. Excess cash.
2. Overcollateralization initially 0%, 2. Overcollateralization initially 2.11%,
building up to 3.36% of the building up to 5.83% of the original
original loan amount. loan amount.
3. 100% FGIC surety bond. 3. 100% FGIC surety bond.
</TABLE>
EXPECTED PRICING DATE: June 18, 1997.
EXPECTED SETTLEMENT: June 27, 1997 through DTC, Euroclear
or CEDEL.
DISTRIBUTION DATES: The 25th of each month, beginning
July 25, 1997.
OPTIONAL CALL: 10% Clean-up call (10% of original
collateral balance amount).
COUPON STEP-UP: If the 10% clean-up call option is not
exercised, (i) the Class A-3 and Class
A-4 will increase by 0.50 bps, and
(ii) the Class A-5 spread to LIBOR
will double as an incentive to
exercise.
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.
TAX STATUS: REMIC
ERISA ELIGIBILITY: All classes are ERISA eligible.
SMMEA ELIGIBILITY: No classes are SMMEA eligible.
- -----------------------------------------------------------------------------
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 closed-end mortgage loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the closed-end mortgage 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 closed-end mortgage 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 closed-end mortgage 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 HOME EQUITY LOAN TRUST 1997-2
COMPUTATIONAL MATERIALS
COLLATERAL DESCRIPTION
Collateral statistics are based on a home equity loan pool with a cut-off
date of June 1, 1997.
<TABLE>
<CAPTION>
ARM PORTFOLIO FIXED RATE PORTFOLIO
------------------------------ ------------------------------
<S> <C> <C>
Total Outstanding Balance:.... $44,428,130.60 $57,610,586.54
Number of Loans:.............. 502 907
Average Remaining Balance:.... $88,502.25 $63,517.74
Interest Rate Index:.......... 100.00% 6-month LIBOR N/A
Loan Type:.................... 84.7% 2/28, 15.3% 6-month rate 100% fixed rate
reset
Amortization Method:.......... 100.00% fully amortizing 64.95% fully amortizing /
35.05% balloons
WA Gross Coupon:.............. 9.98% (range: 7.75%--14.34%) 10.97% (range: 7.25%--15.00%)
WA Gross Margin / WA Life
Cap:........................ 6.82% margin / 16.96% cap N/A
WA Periodic Interest Rate
Caps:....................... 1.50% N/A
WA Months to Roll:............ 19 months N/A
Original Weighted Average
Term:....................... 357 months (range:180--360 250 months (range: 60--360
months) months)
Remaining Weighted Average
Term:....................... 354.82 months (range:174--360 248.51 months (range:53--360
months) months)
Seasoning:.................... 2 months (range: 0--14 months) 2 months (range:0--14 months)
Lien Position:................ 99.56% first / 0.44% second 95.20% first / 4.80% second
Original CLTV Ratio:.......... 80.85% (range: 24.19%-- 78.14% (range:15.38%--
97.32%) 112.64%)
Documentation:................ 100% full documentation 98.85% full doc, 1.15% limited
doc.
Property Type:................ 94.83% single family, 2.41% 89.46% single family, 5.49%
2-4 family, 1.39% condo, 1.37% manufactured housing, 1.76%
other 2-4 family, 3.29% other
Owner Occupancy:.............. 96.71% owner occupied, 3.29% 94.80% owner occupied, 5.13%
investor owned investor owned, 0.07% second
home
Loan Purpose:................. 52.05% refinance (cashout), 49.61% refinance (cashout),
29.94% debt consolidation, 28.36% debt consolidation,
11.16% purchase, 6.85% 11.75% purchase, 10.29%
refinance (rate/term) refinance (rate/term)
Geographic Distribution:...... OH (27.18%), MI (26.11%), TN OH (19.27%), TN (18.74%), SC
(8.89%), IL (6.64%), with all (8.92%), NC (7.34%), GA
remaining states under 5.0% (7.29%), FL (7.25%), MI
(6.46%), IN (6.01%), with all
remaining states under 5.0%
</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 closed-end mortgage loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the closed-end mortgage 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 closed-end mortgage 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 closed-end mortgage 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 HOME EQUITY LOAN TRUST 1997-2
COMPUTATIONAL MATERIALS
AVERAGE LIFE SENSITIVITY(1)
AVERAGE LIFE (YEARS)
ASSUMES OPTIONAL 10% CLEAN-UP CALL IS NOT EXERCISED
<TABLE>
<CAPTION>
PREPAYMENT SCENARIOS(1)
----------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS SIZE (MM) I II III IV V VI
- -------------------------------------- --------- ----- ----- ---- ---- ---- ----
A-1................................... $23,800 WAL 9.77 2.07 1.19 1.04 0.88 0.71
A-2................................... $15,600 WAL 16.10 7.54 3.64 3.02 2.40 1.80
A-3................................... $11,683 WAL 26.24 15.50 9.35 7.61 5.64 3.57
A-4................................... $ 5,675 WAL 12.11 8.18 6.81 6.46 6.06 5.51
A-5................................... $43,242 WAL 21.22 7.57 5.27 3.09 1.78 1.32
</TABLE>
AVERAGE LIFE (YEARS)
ASSUMES OPTIONAL 10% CLEAN-UP CALL IS EXERCISED
<TABLE>
<CAPTION>
PREPAYMENT SCENARIOS(1)
------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS SIZE (MM) I II III IV V VI
- ------------------------------------ --------- ----- ----- ---- ---- ---- ----
A-1................................. $23,800 WAL 9.77 2.07 1.19 1.04 0.88 0.71
A-2................................. $15,600 WAL 16.10 7.54 3.64 3.02 2.40 1.80
A-3................................. $11,683 WAL 26.08 14.65 8.79 6.56 4.80 3.39
A-4................................. $ 5,675 WAL 12.11 8.18 6.80 6.31 5.20 4.03
A-5................................. $43,242 WAL 21.13 6.89 4.70 2.88 1.73 1.28
</TABLE>
NOTES
(1) Prepayment scenarios are quoted as a percentage of the prepayment
assumption (a 100% prepayment assumption has prepayments starting at 4% CPR in
month 1, increasing by 1.455% per month to 20% CPR in month 12, and remaining at
20% CPR thereafter) with regard to the fixed rate group and as a percentage of
CPR with regard to the adjustable rate group:
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Scenario.............................................. I II III IV V VI
Fixed Rate Group...................................... 0% 50% 100% 120% 150% 200%
Adjustable Rate Group................................. 0% 12% 18% 25% 32% 40%
</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 closed-end mortgage loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the closed-end mortgage 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 closed-end mortgage 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
<PAGE>
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 closed-end mortgage 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 MORGAN STANLEY DEAN WITTER
Fixed Rate
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF WEIGHTED WEIGHTED
REMAINING NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE
PRINCIPAL MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL
BALANCE LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV
- --------- ---------- ------------- --------- ---------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
1-25,000 108 2,032,108.39 3.53 11.684 18,816 178 65.394
25,001-50,000 313 12,130,819.57 21.06 11.302 38,757 220 72.700
50,001-75,000 275 16,803,862.18 29.17 11.075 61,105 251 79.360
75,001-100,000 108 9,426,960.44 16.36 10.868 87,287 245 80.445
100,001-125,000 36 3,996,057.50 6.94 10.906 111,002 247 80.669
125,001-150,000 26 3,516,038.53 6.10 10.667 135,232 254 81.609
150,001-175,000 8 1,295,655.48 2.25 10.479 161,957 270 85.565
175,001-200,000 14 2,615,322.06 4.54 10.264 186,809 293 77.673
200,001-225,000 3 622,537.06 1.08 10.224 207,512 300 84.544
225,001-250,000 3 702,234.75 1.22 10.786 234,078 358 82.948
250,001-275,000 2 528,563.85 0.92 10.838 264,282 359 84.333
275,001-300,000 4 1,134,675.48 1.97 10.974 283,669 269 85.029
325,001-350,000 2 665,932.67 1.16 10.098 332,966 269 83.493
350,001-375,000 3 1,102,411.05 1.91 10.494 367,470 259 78.691
425,001-450,000 1 441,407.53 0.77 8.000 441,408 355 80.000
575,001-600,000 1 596,000.00 1.03 11.690 596,000 359 70.950
---------- ------------- --------- ----------- --------- -------- ---------
Total:......... 907 57,610,586.54 100.00 10.967 63,518 249 78.143
---------- ------------- --------- ----------- --------- -------- ---------
Min: 7,811.08
Max: 596,000.00
Average: 63,517.74
<CAPTION>
REMAINING PERCENT PERCENT PERCENT
PRINCIPAL CASHOUT FULL OWNER
BALANCE REFI DOC OCCUPIED
- --------- --------- --------- -----------
<S> <C> <C> <C>
1 -25,000 89.57 99.52 88.23
25,001-50,000 84.88 99.35 89.11
50,001-75,000 81.50 99.30 96.15
75,001-100,000 80.95 98.17 95.41
100,001-125,000 60.96 100.00 100.00
125,001-150,000 72.95 100.00 100.00
150,001-175,000 51.53 100.00 86.51
175,001-200,000 78.33 100.00 93.01
200,001-225,000 33.19 100.00 100.00
225,001-250,000 66.05 100.00 100.00
250,001-275,000 100.00 100.00 100.00
275,001-300,000 50.12 75.32 100.00
325,001-350,000 100.00 100.00 100.00
350,001-375,000 66.12 100.00 100.00
425,001-450,000 0.00 100.00 100.00
575,001-600,000 100.00 100.00 100.00
-------- --------- -----------
Total:......... 77.97 98.85 94.80
-------- --------- -----------
Min: 7,811.08
Max: 596,000.00
Average: 63,517.74
</TABLE>
<TABLE>
<CAPTION>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE
MORTGAGE MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL
RATES LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV
- ------------ --------- ------------- --------- ---------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
7.001 -7.500 3 120,802.38 0.21 7.345 40,267 304 68.624
7.501 -8.000 1 441,407.53 0.77 8.000 441,408 355 80.000
8.001 -8.500 3 229,858.72 0.40 8.456 76,620 179 68.671
8.501 -9.000 16 1,523,614.45 2.64 8.879 95,226 220 75.598
9.001 -9.500 50 4,155,264.71 7.21 9.347 83,105 274 77.699
9.501 -10.000 103 7,289,467.34 12.65 9.797 70,772 247 77.719
10.001-10.500 112 7,671,391.20 13.32 10.302 68,495 242 79.970
10.501-11.000 179 12,006,424.17 20.84 10.752 67,075 268 80.228
11.001-11.500 104 6,096,917.20 10.58 11.261 58,624 228 77.627
11.501-12.000 110 6,684,870.39 11.60 11.752 60,772 258 78.728
12.001-12.500 74 4,024,533.79 6.99 12.296 54,386 245 73.858
12.501-13.000 80 3,896,385.51 6.76 12.756 48,705 221 78.101
13.001-13.500 40 2,105,494.09 3.65 13.257 52,637 220 76.092
13.501-14.000 16 656,569.47 1.14 13.717 41,036 203 70.345
14.001-14.500 10 445,906.35 0.77 14.268 44,591 261 78.258
14.501-15.000 6 261,679.24 0.45 14.795 43,613 202 71.698
---------- ------------- --------- ----------- --------- --------- -----------
Total:...... 907 57,610,586.54 100.00 10.967 63,518 249 78.143
---------- ------------- --------- ----------- --------- --------- -----------
Min: 7.25
Max: 15.00
Weighted Average Coupon: 10.97
<CAPTION>
PERCENT PERCENT PERCENT
MORTGAGE CASHOUT FULL OWNER
RATES REFI DOC OCCUPIED
- ------------ --------- --------- ----------
<S> <C> <C> <C>
7.001 -7.500 0.00 100.00 65.63
7.501 -8.000 0.00 100.00 100.00
8.001 -8.500 23.60 100.00 100.00
8.501 -9.000 54.36 100.00 100.00
9.001 -9.500 64.04 100.00 100.00
9.501 -10.000 63.78 100.00 99.53
10.001-10.500 77.54 100.00 97.36
10.501-11.000 85.13 100.00 94.75
11.001-11.500 81.24 94.10 93.12
11.501-12.000 91.03 97.85 91.81
12.001-12.500 84.41 99.76 83.64
12.501-13.000 92.06 100.00 94.66
13.001-13.500 74.31 100.00 90.84
13.501-14.000 68.43 77.70 98.17
14.001-14.500 57.56 100.00 91.43
14.501-15.000 100.00 100.00 96.01
--------- --------- -----------
Total:...... 77.97 98.85 94.80
--------- --------- -----------
</TABLE>
<TABLE>
<CAPTION>
MONTHS
REMAINING % OF WEIGHTED WEIGHTED
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>
1 -60 6 145,270.55 0.25 11.227 24,212 57 67.451 85.05
61-- 120 29 723,301.03 1.26 11.320 24,941 118 59.632 96.51
121-- 180 511 29,455,435.72 51.13 11.093 57,643 178 77.444 78.32
181-- 240 124 6,637,198.01 11.52 10.874 53,526 238 76.954 90.14
241-- 300 1 40,800.00 0.07 9.700 40,800 299 85.000 0.00
301-- 360 236 20,608,581.23 35.77 10.805 87,324 358 80.237 72.99
---------- --------------- --------- ----------- --------- ----------- ----------- ---------
Total:... 907 57,610,586.54 100.00 10.967 63,518 249 78.143 77.97
---------- --------------- --------- ----------- --------- ----------- ----------- ---------
Min: 53.00
Max: 360.00
Weighted
Average: 248.51
<CAPTION>
MONTHS
REMAINING
TO PERCENT PERCENT
SCHEDULED FULL OWNER
MATURITY DOC OCCUPIED
- --------- --------- -----------
<S> <C> <C>
1 -60 100.00 79.20
61-- 120 98.66 86.05
121-- 180 98.06 95.37
181-- 240 98.80 96.29
241-- 300 100.00 100.00
301-- 360 100.00 93.90
--------- -----------
Total:... 98.85 94.80
--------- -----------
</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 closed-end mortgage loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the closed-end mortgage 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 closed-end mortgage 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 closed-end mortgage 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 1 of 4
<PAGE>
EQUIVANTAGE 1997-2 MORGAN STANLEY DEAN WITTER
Fixed Rate
- -------------------------------------------------------------------------------
<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>
Fixed--30 Year...... 236 20,608,581.23 35.77 10.805 87,324 358 80.237 72.99
Balloon--15/30...... 297 20,193,783.63 35.05 11.130 67,993 178 79.071 72.12
Fixed--15 Year...... 215 9,283,374.67 16.11 11.019 43,178 178 73.936 91.63
Fixed--20 Year...... 124 6,637,198.01 11.52 10.874 53,526 238 76.954 90.14
Fixed--10 Year...... 29 723,301.03 1.26 11.320 24,941 118 59.632 96.51
Fixed--5 Year....... 5 123,547.97 0.21 10.828 24,710 58 63.487 100.00
Fixed--25 Year...... 1 40,800.00 0.07 9.700 40,800 299 85.000 0.00
---- -------------- ------- ------- ------- ------------- ----------- ---------
Total:.............. 907 57,610,586.54 100.00 10.967 63,518 249 78.143 77.97
---- -------------- ------- ------- ------- ------------- ----------- ---------
<CAPTION>
PERCENT PERCENT
FULL OWNER
PRODUCT TYPE DOC OCCUPIED
- -------------------- --------- -----------
<S> <C> <C>
Fixed--30 Year...... 100.00 93.90
Balloon--15/30...... 97.82 95.12
Fixed--15 Year...... 98.59 95.95
Fixed--20 Year...... 98.80 96.29
Fixed--10 Year...... 98.66 86.05
Fixed--5 Year....... 100.00 75.54
Fixed--25 Year...... 100.00 100.00
------- -------
Total:.............. 98.85 94.80
------- -------
</TABLE>
<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........... 521 28,578,925.12 49.61 11.209 54,854 241 75.030 100.00
Debt Consolidation.. 222 16,338,498.32 28.36 10.924 73,597 252 80.564 100.00
Purchase............ 72 6,767,789.61 11.75 10.679 93,997 261 83.432 0.00
Refinance--Rate
Term.............. 92 5,925,373.49 10.29 10.247 64,406 260 80.444 0.00
---- ------------- ------ ------ ------ --- ------ ------
Total:.............. 907 57,610,586.54 100.00 10.967 63,518 249 78.143 77.97
---- ------------- ------ ------ ------ --- ------ ------
<CAPTION>
PERCENT PERCENT
DISTRIBUTION OF LOAN FULL OWNER
PURPOSE DOC OCCUPIED
- -------------------- --------- -----------
<S> <C> <C>
Refinance--
Cashout........... 99.00 93.58
Debt Consolidation.. 99.43 98.16
Purchase............ 95.86 91.17
Refinance--Rate
Term.............. 100.00 95.55
------ ------
Total:.............. 98.85 94.80
------ ------
</TABLE>
<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...... 839 54,613,912.81 94.80 10.932 65,094 248 78.455 78.33
Investment.......... 67 2,957,698.23 5.13 11.605 44,145 256 72.595 70.89
Second Home......... 1 38,975.50 0.07 11.600 38,976 177 61.900 100.00
--- ------------- ------ ------ ------ --- ------ ------
Total:............. 907 57,610,586.54 100.00 10.967 63,518 249 78.143 77.97
--- ------------- ------ ------ ------ --- ------ ------
<CAPTION>
PERCENT PERCENT
DISTRIBUTION OF FULL OWNER
OCCUPANCY STATUS DOC OCCUPIED
- -------------------- --------- -----------
<S> <C> <C>
Owner Occupied...... 98.79 100.00
Investment.......... 100.00 0.00
Second Home......... 100.00 0.00
------ ------
Total:.............. 98.85 94.80
------ ------
</TABLE>
<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.......... 792 51,439,310.25 89.29 10.910 64,949 250 78.493 78.14
Manufactured
Housing........... 63 3,162,653.04 5.49 11.397 50,201 234 77.861 79.43
2-4 Family.......... 20 1,012,721.53 1.76 11.761 50,636 292 72.914 61.08
Blanket Mortgage.... 8 682,086.64 1.18 12.039 85,261 249 71.444 88.55
Townhouse........... 6 519,275.61 0.90 10.997 86,546 173 81.658 80.74
PUD................. 6 398,593.87 0.69 10.603 66,432 198 66.251 57.39
Condo............... 8 295,514.89 0.51 11.444 36,939 179 66.120 80.96
Single Family
Attached.......... 4 100,430.71 0.17 11.205 25,108 178 70.780 100.00
--- ------------- ------ ------ ------ --- ------ ------
Total:.............. 907 57,610,586.54 100.00 10.967 63,518 249 78.143 77.97
--- ------------- ------ ------ ------ --- ------ ------
<CAPTION>
PERCENT PERCENT
DISTRIBUTION OF FULL OWNER
PROPERTY TYPES DOC OCCUPIED
- -------------------- --------- -----------
<S> <C> <C>
Single Family Detached.... 98.90 96.87
Manufactured Housing...... 100.00 97.91
2-4 Family................ 100.00 30.57
Blanket Mortgage.......... 86.44 43.21
Townhouse................. 100.00 100.00
PUD....................... 100.00 88.75
Condo..................... 100.00 43.21
Single Family Attached.... 100.00 82.62
------ ------
Total:.................... 98.85 94.80
------ ------
</TABLE>
<TABLE>
<CAPTION>
% OF
NUMBER OF AGGREGATE AGGREGATE WEIGHTED
MORTGAGE PRINCIPAL PRINCIPAL AVERAGE
PREPAYMENT PENALTY LOANS BALANCE BALANCE COUPON
- ----------------------------------------------------------------- --------------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Prepayment Penalty............................................... 487 31,467,962.24 54.62 10.835
No Prepayment Penalty............................................ 420 26,142,624.30 45.38 11.126
- ----------------------------------------------------------------- --------------- ------------- ----------- -----------
Total:........................................................... 907 57,610,586.54 100.00 10.967
- ----------------------------------------------------------------- --------------- ------------- ----------- -----------
</TABLE>
<TABLE>
<CAPTION>
WEIGHTED WEIGHTED
AVERAGE AVERAGE AVERAGE PERCENT PERCENT
CURRENT STD REM ORIGINAL CASHOUT FULL
PREPAYMENT PENALTY BALANCE TERM CLTV REFI DOC
- ----------------------------------------------------------------- ----------- ------------- ----------- ----------- ----------
<S> <C>
Prepayment Penalty............................................... 64,616 252 78.052 78.30 98.25
No Prepayment Penalty............................................ 62,244 244 78.253 77.57 99.58
- ----------------------------------------------------------------- ----------- ------------- ----------- ----------- ----------
Total:........................................................... 63,518 249 78.143 77.97 98.85
- ----------------------------------------------------------------- ----------- ------------- ----------- ----------- ----------
</TABLE>
<TABLE>
<CAPTION>
PERCENT
OWNER
PREPAYMENT PENALTY OCCUPIED
- ----------------------------------------------------------------- -----------
<S> <C>
Prepayment Penalty............................................... 93.54
No Prepayment Penalty............................................ 96.31
- ----------------------------------------------------------------- -----------
Total:........................................................... 94.80
- ----------------------------------------------------------------- -----------
</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 closed-end mortgage loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the closed-end mortgage 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 closed-end mortgage 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 closed-end mortgage 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 2 of 4
<PAGE>
EQUIVANTAGE 1997-2 MORGAN STANLEY DEAN WITTER
Fixed Rate
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
NUMBER OF AGGREGATE AGGREGATE WEIGHTED
MORTGAGE PRINCIPAL PRINCIPAL AVERAGE
GEOGRAPHICAL DISTRIBUTION (1) LOANS BALANCE BALANCE COUPON
- ------------------------------------- --------------- ------------ ----------- -----------
<S> <C> <C> <C> <C>
Arkansas............................. 4 188,793.42 0.33 8.965
Delaware............................. 2 125,203.79 0.22 10.866
Florida.............................. 68 4,177,073.06 7.25 10.552
Georgia.............................. 63 4,199,444.49 7.29 10.993
Iowa................................. 5 164,783.50 0.29 11.746
Idaho................................ 4 272,687.37 0.47 10.220
Illinois............................. 34 2,332,952.28 4.05 11.519
Indiana.............................. 72 3,463,212.63 6.01 10.793
Kentucky............................. 27 1,294,717.73 2.25 10.504
Louisiana............................ 47 2,150,766.66 3.73 12.111
Maryland............................. 23 1,991,430.76 3.46 11.072
Michigan............................. 57 3,723,264.63 6.46 11.174
Missouri............................. 1 40,928.30 0.07 15.000
Mississippi.......................... 13 468,246.34 0.81 11.891
North Carolina....................... 62 4,230,164.67 7.34 11.184
New Mexico........................... 1 11,990.25 0.02 13.600
Ohio................................. 160 11,104,055.46 19.27 10.583
Oregon............................... 5 800,778.29 1.39 10.064
South Carolina....................... 83 5,138,234.52 8.92 11.017
Tennessee............................ 162 10,794,673.95 18.74 11.089
Texas................................ 5 157,774.53 0.27 11.298
Utah................................. 3 341,974.16 0.59 11.207
Virginia............................. 2 149,222.58 0.26 11.321
Washington........................... 3 249,813.17 0.43 11.465
Wisconsin............................ 1 38,400.00 0.07 14.090
- ------------------------------------- --------------- ------------ ----------- -----------
Total:............................... 907 57,610,586.54 100.00 10.967
</TABLE>
<TABLE>
<CAPTION>
WEIGHTED WEIGHTED
AVERAGE AVERAGE AVERAGE PERCENT PERCENT PERCENT
CURRENT STD REM ORIGINAL CASHOUT FULL OWNER
GEOGRAPHICAL DISTRIBUTION (1) BALANCE TERM CLTV REFI DOC OCCUPIED
- ------------------------------------- ----------- ------------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Arkansas............................. 47,198 350 86.084 0.00 100.00 54.26
Delaware............................. 62,602 306 83.563 100.00 100.00 71.26
Florida.............................. 61,428 255 77.556 76.85 100.00 94.71
Georgia.............................. 66,658 247 78.996 79.58 100.00 89.29
Iowa................................. 32,957 254 78.163 71.45 100.00 100.00
Idaho................................ 68,172 179 78.905 100.00 100.00 81.04
Illinois............................. 68,616 256 78.698 95.88 100.00 91.32
Indiana.............................. 48,100 231 78.284 81.80 100.00 96.04
Kentucky............................. 47,953 241 76.169 83.01 100.00 93.29
Louisiana............................ 45,761 239 77.343 89.72 100.00 98.14
Maryland............................. 86,584 282 79.880 77.70 96.64 93.84
Michigan............................. 65,320 252 71.566 82.75 100.00 97.45
Missouri............................. 40,928 350 50.000 100.00 100.00 100.00
Mississippi.......................... 36,019 193 71.967 88.29 100.00 85.38
North Carolina....................... 68,228 265 79.433 59.51 92.60 90.72
New Mexico........................... 11,990 238 50.000 100.00 100.00 0.00
Ohio................................. 69,400 262 78.852 73.49 100.00 94.87
Oregon............................... 160,156 276 81.743 76.12 100.00 100.00
South Carolina....................... 61,906 241 78.633 74.17 99.10 96.97
Tennessee............................ 66,634 232 78.779 83.59 97.84 97.75
Texas................................ 31,555 214 63.957 60.66 100.00 83.31
Utah................................. 113,991 179 79.844 51.52 100.00 100.00
Virginia............................. 74,611 161 85.728 0.00 100.00 100.00
Washington........................... 83,271 279 75.197 100.00 100.00 100.00
Wisconsin............................ 38,400 179 80.000 100.00 100.00 100.00
- ------------------------------------- ----------- ------------- ----------- ----------- ----------- -----------
Total:............................... 63,518 249 78.143 77.97 98.85 94.80
(1) Geographic location generally is determined by location of the related
Mortgaged Property; however, with respect to certain Mortgage Loans,
geographic location is determined by Mortgagor mailing address.
</TABLE>
<TABLE>
<CAPTION>
% OF
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE
MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT
CALENDAR YEAR OF ORIGINATION LOANS BALANCE BALANCE COUPON BALANCE
- ------------------------------------------------------- ------------- ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C>
1996 45 3,210,682.02 5.57 10.513 71,348
1997 862 54,399,904.52 94.43 10.994 63,109
- ------------------------------------------------------- ------------- ------------ ------------ ----------- -----------
Total:................................................. 907 57,610,586.54 100.00 10.967 63,518
- ------------------------------------------------------- ------------- ------------ ------------ ----------- -----------
</TABLE>
<TABLE>
<CAPTION>
WEIGHTED WEIGHTED
AVERAGE AVERAGE PERCENT PERCENT PERCENT
STD REM ORIGINAL CASHOUT FULL OWNER
CALENDAR YEAR OF ORIGINATION TERM CLTV REFI DOC OCCUPIED
- ------------------------------------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
1996 266 77.408 69.19 100.00 93.15
1997 247 78.187 78.49 98.79 94.90
- ------------------------------------------------------- ----------- ----------- ----------- ----------- -----------
Total:................................................. 249 78.143 77.97 98.85 94.80
- ------------------------------------------------------- ----------- ----------- ----------- ----------- -----------
</TABLE>
<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 3 63,272.77 0.11 9.835 21,091
20.01 -30.00 9 258,829.32 0.45 10.570 28,759
30.01 -40.00 19 543,845.09 0.94 11.231 28,623
40.01 -50.00 30 1,036,385.45 1.80 11.117 34,546
50.01 -60.00 49 2,301,210.58 3.99 10.736 46,963
60.01 -70.00 126 7,241,221.64 12.57 10.883 57,470
70.01 -80.00 330 19,765,331.65 34.31 11.221 59,895
80.01 -90.00 338 26,143,959.21 45.38 10.821 77,349
90.01 -100.00 1 102,000.00 0.18 10.640 102,000
100.01 -110.00 1 56,609.90 0.10 9.500 56,610
110.01 -120.00 1 97,920.93 0.17 10.450 97,921
- ---------------------------------------------------- ------------- ------------ ------------ ----------- -----------
Total:.............................................. 907 57,610,586.54 100.00 10.967 63,518
Min:15.38
Max:112.64
Weighted Average:78.14
- ---------------------------------------------------- ------------- ------------ ------------ ----------- -----------
</TABLE>
<TABLE>
<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>
10.01 -20.00 179 17.167 100.00 100.00 100.00
20.01 -30.00 168 27.879 100.00 100.00 85.70
30.01 -40.00 212 36.506 97.27 100.00 96.88
40.01 -50.00 203 46.389 95.47 93.54 92.68
50.01 -60.00 221 55.302 89.52 100.00 89.03
60.01 -70.00 237 66.764 85.20 98.12 89.37
70.01 -80.00 246 77.905 79.32 98.16 92.43
80.01 -90.00 259 86.021 72.56 99.65 98.67
90.01 -100.00 359 92.730 100.00 100.00 100.00
100.01 -110.00 349 100.710 0.00 100.00 100.00
110.01 -120.00 178 112.640 100.00 100.00 100.00
- ---------------------------------------------------- ----------- ----------- --------- ----------- -----------
Total: 249 78.143 77.97 98.85 94.80
Min:15.38
Max:112.64
Weighted Average:78.14
- ---------------------------------------------------- ----------- ----------- --------- ----------- -----------
</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 closed-end mortgage loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the closed-end mortgage 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 closed-end mortgage 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 closed-end mortgage 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 3 of 4
<PAGE>
EQUIVANTAGE 1997-2 MORGAN STANLEY DEAN WITTER
Fixed Rate
- -------------------------------------------------------------------------------
<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>
0.001-10.000 1 10,000.00 0.02 12.500 10,000 118 78.270 100.00
10.001-20.000 29 607,917.02 1.06 11.775 20,963 183 69.496 93.28
20.001-30.000 44 1,228,259.65 2.13 11.649 27,915 179 67.053 100.00
30.001-40.000 25 872,012.98 1.51 11.325 34,881 200 54.106 93.95
40.001-50.000 36 1,430,442.25 2.48 11.187 39,735 220 52.264 96.71
50.001-60.000 50 2,494,041.22 4.33 10.839 49,881 208 59.303 90.33
60.001-70.000 119 6,961,678.26 12.08 10.811 58,501 239 67.130 84.61
70.001-80.000 303 18,937,844.43 32.87 11.199 62,501 248 77.996 78.62
80.001-90.000 297 24,811,859.90 43.07 10.774 83,542 264 86.090 71.25
90.001-100.000 1 102,000.00 0.18 10.640 102,000 359 92.730 100.00
100.001-110.000 1 56,609.90 0.10 9.500 56,610 349 100.710 0.00
110.001-120.000 1 97,920.93 0.17 10.450 97,921 178 112.640 100.00
- -------- --------- ----------------- -------------- ----------- --------- --------- ----------- ---------
Total:... 907 57,610,586.54 100.00 10.967 63,518 249 78.143 77.97
- -------- --------- --------------- --------------- ----------- --------- --------- ----------- ---------
Min:6.25
Max:112.64
Weighted
Average:75.99
- -------- ------------------ --------------- --------------- ----------- --------- --------- ----------- ---------
<CAPTION>
ORIGINAL
LOAN- TO- PERCENT PERCENT
VALUE FULL OWNER
RATIOS DOC OCCUPIED
- -------- --------- -----------
<S> <C> <C>
0.001-10.000 100.00 100.00
10.001-20.000 90.77 100.00
20.001-30.000 90.82 94.53
30.001-40.000 100.00 98.05
40.001-50.000 95.32 94.70
50.001-60.000 100.00 88.82
60.001-70.000 100.00 88.94
70.001-80.000 98.25 92.23
80.001-90.000 99.63 98.72
90.001-100.000 100.00 100.00
100.001-110.000 100.00 100.00
110.001-120.000 100.00 100.00
- --------------- ------ ------
Total:... 98.85 94.80
- -------- --------- -----------
Min:6.25
Max:112.6
Weighted
Average:75.99
- -------- --------- -----------
</TABLE>
<TABLE>
<CAPTION>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT PERCENT
LIEN MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT FULL
POSITION LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI DOC
- ----------- ----------- --------------- --------------- ----------- --------- ----------- ----------- --------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1st Lien 826 54,845,270.99 95.20 10.929 66,399 251 78.206 77.00 99.11
2nd Lien 81 2,765,315.55 4.80 11.715 34,140 195 76.896 97.15 93.89
- ----------- ----------- --------------- --------------- ----------- --------- ----------- ----------- --------- -----------
Total:..... 907 57,610,586.54 100.00 10.967 63,518 249 78.143 77.97 98.85
- ----------- ----------- --------------- --------------- ----------- --------- ----------- ----------- --------- -----------
<CAPTION>
PERCENT
LIEN OWNER
POSITION OCCUPIED
- ----------- -----------
<S> <C>
1st Lien 94.64
2nd Lien 97.96
- ----------- -----------
Total:..... 94.80
- ----------- -----------
</TABLE>
<TABLE>
<CAPTION>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT PERCENT
JUNIOR LOAN MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT FULL
RATIOS LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI DOC
- ------------ ---------------- -------------- ------------ ----------- --------- --------- ----------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5.001-10.000 1 10,000.00 0.36 12.500 10,000 118 78.270 100.00 100.00
10.001-15.000 2 21,388.41 0.77 13.425 10,694 156 83.104 100.00 100.00
15.001-20.000 10 216,719.46 7.84 11.794 21,672 188 79.382 89.98 100.00
20.001-25.000 13 238,786.10 8.64 11.884 18,368 187 80.713 91.98 95.94
25.001-30.000 19 505,957.13 18.30 12.098 26,629 176 79.986 100.00 90.83
30.001-35.000 9 259,114.25 9.37 11.757 28,790 188 72.546 100.00 100.00
35.001-40.000 9 314,017.81 11.36 11.868 34,891 170 77.338 100.00 89.50
<CAPTION>
PERCENT
JUNIOR LOAN OWNER
RATIOS OCCUPIED
- ------------ -----------
<S> <C>
5.001-10.000 100.00
10.001-15.000 100.00
15.001-20.000 100.00
20.001-25.000 100.00
25.001-30.000 94.03
30.001-35.000 100.00
35.001-40.000 100.00
</TABLE>
<TABLE>
<CAPTION>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT PERCENT
JUNIOR LOAN MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT FULL
RATIOS LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI DOC
- ------------ ---------------- -------------- ------------ ----------- --------- --------- ----------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
40.001-45.000 3 187,406.59 6.78 11.722 62,469 184 77.088 100.00 100.00
45.001-50.000 4 189,150.15 6.84 11.006 47,288 218 73.084 79.97 57.80
50.001-55.000 2 68,165.96 2.47 11.050 34,083 178 78.871 100.00 100.00
60.001-65.000 2 313,952.96 11.35 11.419 156,976 177 85.009 100.00 100.00
65.001-70.000 2 39,326.38 1.42 13.081 19,663 199 70.400 100.00 100.00
70.001-75.000 2 177,803.35 6.43 10.753 88,902 329 62.844 100.00 100.00
75.001-80.000 2 186,800.00 6.76 12.009 93,400 218 70.274 100.00 100.00
85.001-90.000 1 36,727.00 1.33 11.140 36,727 240 72.030 100.00 100.00
- ------------ --------------- -------------- ------------ ----------- --------- --------- ----------- --------- ---------
Total:...... 81 2,765,315.55 100.00 11.715 34,140 195 76.896 97.15 93.89
- ------------ ---------------- -------------- ------------ ----------- --------- --------- ----------- --------- ---------
Min:7.985
Max:86.416
Weighted
Average:42.244
- ----------------
<CAPTION>
PERCENT
JUNIOR LOAN OWNER
RATIOS OCCUPIED
- ------------ -----------
<S> <C>
40.001-45.000 100.00
45.001-50.000 100.00
50.001-55.000 100.00
60.001-65.000 100.00
65.001-70.000 33.06
70.001-75.000 100.00
75.001-80.000 100.00
85.001-90.000 100.00
- ------------ -----------
Total:...... 97.96
- ------------ -----------
Min:7.985
Max:86.416
Weighted
Average:42.244
- ------------ -----------
</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 closed-end mortgage loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the closed-end mortgage 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 closed-end mortgage 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 closed-end mortgage 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 4 of 4
<PAGE>
EQUIVANTAGE 1997-2 MORGAN STANLEY DEAN WITTER
ARM
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
REMAINING PRINCIPAL MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
BALANCE LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- -------------------- --------- ------------- ------------- -------- ------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 -25,000 8 164,776.44 0.37 11.057 20,597 336 66.003 86.20
25,001 -50,000 86 3,453,562.20 7.77 10.146 40,158 351 75.741 86.03
50,001 -75,000 145 8,884,151.36 20.00 9.912 61,270 350 78.796 85.94
75,001 -100,000 118 10,123,737.51 22.79 9.942 85,794 358 80.569 82.51
100,001 -125,000 57 6,328,760.08 14.24 10.038 111,031 352 81.889 71.77
125,001 -150,000 34 4,629,595.71 10.42 9.943 136,165 358 83.156 79.63
150,001 -175,000 23 3,741,198.94 8.42 10.295 162,661 358 83.678 78.29
175,001 -200,000 10 1,860,172.64 4.19 10.144 186,017 358 83.483 80.61
200,001 -225,000 9 1,913,273.48 4.31 9.783 212,586 358 83.348 100.00
225,001 -250,000 5 1,168,876.35 2.63 10.113 233,775 357 79.829 80.58
250,001 -275,000 1 269,871.34 0.61 9.650 269,871 358 90.000 100.00
275,001 -300,000 2 571,000.00 1.29 8.636 285,500 359 78.831 100.00
300,001 -325,000 1 306,000.00 0.69 10.340 306,000 360 90.000 100.00
325,001 -350,000 3 1,013,154.55 2.28 9.449 337,718 357 81.513 65.86
--- ------------- ------------- -------- ------- -------- -------- -------
Total:.............. 502 44,428,130.60 100.00 9.979 88,502 355 80.848 81.99
--- ------------- ------------- -------- ------- -------- -------- -------
Min:6,000.00
Max:345,871.21
Average:88,502.25
<CAPTION>
PERCENT PERCENT
REMAINING PRINCIPAL FULL OWNER
BALANCE DOC OCCUPIED
- -------------------- ------- --------
<S> <C> <C>
1 -25,000 100.00 46.73
25,001 -50,000 100.00 81.91
50,001 -75,000 100.00 96.10
75,001 -100,000 100.00 98.36
100,001 -125,000 100.00 96.25
125,001 -150,000 100.00 100.00
150,001 -175,000 100.00 100.00
175,001 -200,000 100.00 100.00
200,001 -225,000 100.00 100.00
225,001 -250,000 100.00 100.00
250,001 -275,000 100.00 100.00
275,001 -300,000 100.00 100.00
300,001 -325,000 100.00 100.00
325,001 -350,000 100.00 100.00
------- --------
Total:.............. 100.00 96.71
------- --------
Min:6,000.00
Max:345,871.21
Average:88,502.25
</TABLE>
<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 1 282,000.00 0.63 7.750 282,000 358 75.000 100.00
8.001 -8.500 12 1,079,157.68 2.43 8.477 89,930 343 75.184 89.14
8.501 -9.000 42 3,652,522.05 8.22 8.850 86,965 348 78.693 77.27
9.001 -9.500 95 8,710,784.64 19.61 9.298 91,692 355 80.485 88.31
9.501 -10.000 127 10,816,474.74 24.35 9.820 85,169 354 81.190 78.70
10.001 -10.500 105 9,696,240.55 21.82 10.296 92,345 356 80.582 86.08
10.501 -11.000 71 6,603,611.26 14.86 10.758 93,009 358 82.963 77.94
11.001 -11.500 33 2,449,324.99 5.51 11.281 74,222 355 81.576 72.40
11.501 -12.000 11 748,134.54 1.68 11.804 68,012 357 80.660 87.33
12.001 -12.500 4 236,030.15 0.53 12.390 59,008 352 86.888 100.00
14.001 -14.500 1 153,850.00 0.35 14.340 153,850 360 85.090 0.00
--- ------------- ------------- -------- ------- -------- -------- -------
Total:.............. 502 44,428,130.60 100.00 9.979 88,502 355 80.848 81.99
--- ------------- ------------- -------- ------- -------- -------- -------
Min:7.75
Max:14.34
Weighted Average Coupon:9.98
<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 96.96
9.001 -9.500 100.00 97.97
9.501 -10.000 100.00 97.60
10.001 -10.500 100.00 98.00
10.501 -11.000 100.00 93.24
11.001 -11.500 100.00 92.26
11.501 -12.000 100.00 93.68
12.001 -12.500 100.00 84.13
14.001 -14.500 100.00 100.00
------- --------
Total:.............. 100.00 96.71
------- --------
Min:7.75
Max:14.34
Weighted Average Coupon:9.98
</TABLE>
<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 6 379,836.67 0.85 9.517 63,306 176 78.022 92.65
181--240 9 459,802.10 1.03 9.407 51,089 237 77.864 50.37
301--360 487 43,588,491.83 98.11 9.989 89,504 358 80.904 82.23
--- ------------- ------------- -------- ------- -------- -------- -------
Total:.............. 502 44,428,130.60 100.00 9.979 88,502 355 80.848 81.99
--- ------------- ------------- -------- ------- -------- -------- -------
<CAPTION>
PERCENT PERCENT
MONTHS REMAINING TO FULL OWNER
SCHEDULED MATURITY DOC OCCUPIED
- -------------------- ------- --------
<S> <C> <C>
121--180 100.00 100.00
181--240 100.00 70.87
301--360 100.00 96.95
------ ------
Total:.............. 100.00 96.71
------ ------
Min:174.00
Max:360.00
Weighted Average:354.82
</TABLE>
<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....... 446 37,629,688.43 84.70 10.030 84,371 355 80.431 82.49
ARM--6 Month........ 56 6,798,442.17 15.30 9.696 121,401 354 83.157 79.25
--- ------------- --------- -------- ------- --- -------- -------
Total:.............. 502 44,428,130.60 100.00 9.979 88,502 355 80.848 81.99
--- ------------- --------- -------- ------- --- -------- -------
<CAPTION>
PERCENT PERCENT
FULL OWNER
PRODUCT TYPE DOC OCCUPIED
- -------------------- ------- --------
<S> <C> <C>
ARM--2
Year/6Month....... 100.00 96.12
ARM--6 Month........ 100.00 100.00
------- --------
Total:.............. 100.00 96.71
------- --------
</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 closed-end mortgage loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the closed-end mortgage 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 closed-end mortgage 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 closed-end mortgage 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 1 of 6
<PAGE>
EQUIVANTAGE 1997-2 MORGAN STANLEY DEAN WITTER
ARM
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT PERCENT
DISTRIBUTION OF LOAN MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT FULL
PURPOSE LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI DOC
- -------------------- --------- ------------- --------- -------- -------- -------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Refinance--Cashout... 269 23,125,149.16 52.05 9.940 85,967 354 79.466 100.00 100.00
Debt
Consolidation..... 147 13,302,491.15 29.94 9.959 90,493 357 82.124 100.00 100.00
Purchase............ 51 4,958,993.06 11.16 10.259 97,235 358 83.159 0.00 100.00
Refinance--Rate
Term.............. 35 3,041,497.23 6.85 9.898 86,900 347 82.010 0.00 100.00
--- ------------- --------- -------- -------- --- -------- ------- -------
Total:.............. 502 44,428,130.60 100.00 9.979 88,502 355 80.848 81.99 100.00
--- ------------- --------- -------- -------- --- -------- ------- -------
<CAPTION>
PERCENT
DISTRIBUTION OF LOAN OWNER
PURPOSE OCCUPIED
- -------------------- --------
<S> <C>
Refinance--Cashout.. 96.82
Debt
Consolidation..... 98.00
Purchase............ 94.52
Refinance--Rate
Term.............. 93.79
--------
Total:.............. 96.71
--------
</TABLE>
<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
OCCUPANCY STATUS LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI DOC
- -------------------- --------- ------------- --------- -------- -------- -------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Owner Occupied...... 472 42,966,224.08 96.71 9.965 91,030 355 81.064 82.45 100.00
Investment.......... 30 1,461,906.52 3.29 10.378 48,730 346 74.510 68.49 100.00
--- ------------- --------- -------- -------- --- -------- ------- -------
Total:.............. 502 44,428,130.60 100.00 9.979 88,502 355 80.848 81.99 100.00
--- ------------- --------- -------- -------- --- -------- ------- -------
<CAPTION>
PERCENT
DISTRIBUTION OF OWNER
OCCUPANCY STATUS OCCUPIED
- -------------------- --------
<S> <C>
Owner Occupied...... 100.00
Investment.......... 0.00
--------
Total:.............. 96.71
--------
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTION % OF WEIGHTED WEIGHTED
OF NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT PERCENT
PROPERTY MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT FULL
TYPES LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI DOC
- ------------ ------------ --------------- -------------- ----------- --------- ----------- ----------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Single
Family
Detached.. 469 42,132,241.80 94.83 9.968 89,834 355 81.046 82.29 100.00
2-4 Family 15 1,070,150.22 2.41 10.384 71,343 352 75.163 94.88 100.00
Condo....... 9 616,063.40 1.39 9.824 68,451 358 79.972 71.28 100.00
PUD......... 1 182,750.00 0.41 9.990 182,750 360 85.000 0.00 100.00
Manufactured
Housing... 3 176,922.50 0.40 10.179 58,974 356 69.957 51.76 100.00
Townhouse... 3 167,978.00 0.38 10.109 55,993 358 79.161 100.00 100.00
Single
Family
Attached.. 2 82,024.68 0.18 10.636 41,012 357 77.531 50.62 100.00
------------ --------------- -------------- ----------- --------- ----------- ------ --------- ---------
Total:...... 502 44,428,130.60 100.00 9.979 88,502 355 80.848 81.99 100.00
------------ --------------- -------------- ----------- --------- ----------- ------ --------- ---------
<CAPTION>
DISTRIBUTION
OF PERCENT
PROPERTY OWNER
TYPES OCCUPIED
- ------------ -----------
<S> <C>
Single
Family
Detached.. 97.33
2-4 Family 74.62
Condo....... 100.00
PUD......... 100.00
Manufactured
Housing... 85.89
Townhouse... 100.00
Single
Family
Attached.. 50.62
-----------
Total:...... 96.71
-----------
</TABLE>
<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.......... 340 30,724,598.26 69.16 9.928 90,366 355 80.680 83.42
No Prepayment
Penalty.......... 162 13,703,532.34 30.84 10.091 84,590 354 81.226 78.80
--- --------------- ----------- ----------- ----------- --- ------ -----
Total:............. 502 44,428,130.60 100.00 9.979 88,502 355 80.848 81.99
--- --------------- ----------- ----------- ----------- --- ------ -----
<CAPTION>
PERCENT PERCENT
FULL OWNER
PREPAYMENT PENALTY DOC OCCUPIED
- ------------------- --------- -----------
<S> <C> <C>
Prepayment
Penalty.......... 100.00 96.67
No Prepayment
Penalty.......... 100.00 96.80
--------- -----
Total:............. 100.00 96.71
--------- -----
</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 closed-end mortgage loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the closed-end mortgage 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 closed-end mortgage 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 closed-end mortgage 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 2 of 6
<PAGE>
EQUIVANTAGE 1997-2 MORGAN STANLEY DEAN WITTER
ARM
- -------------------------------------------------------------------------------
<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>
Arkansas........... 1 74,367.72 0.17 8.375 74,368 346 69.440 100.00
Arizona............ 1 51,937.45 0.12 9.500 51,937 349 90.000 0.00
Colorado........... 1 51,942.99 0.12 9.000 51,943 357 25.740 100.00
Delaware........... 1 68,000.00 0.15 10.640 68,000 360 80.000 100.00
Florida............ 23 1,970,054.16 4.43 10.000 85,655 358 82.293 70.08
Georgia............ 14 1,268,578.82 2.86 10.102 90,613 358 82.093 67.50
Iowa............... 2 127,039.11 0.29 10.746 63,520 356 82.140 100.00
Idaho.............. 6 624,995.74 1.41 11.014 104,166 358 81.808 58.77
Illinois........... 20 2,949,966.42 6.64 10.205 147,498 358 82.753 84.68
Indiana............ 20 1,394,527.28 3.14 9.726 69,726 346 83.404 93.06
Kansas............. 1 37,450.00 0.08 12.140 37,450 360 71.330 100.00
Kentucky........... 8 549,074.46 1.24 9.458 68,634 358 80.281 87.38
Louisiana.......... 3 364,921.43 0.82 11.074 121,640 356 76.225 78.08
Maryland........... 11 1,187,543.69 2.67 9.814 107,959 353 82.369 83.09
Michigan........... 122 11,598,078.08 26.11 10.058 95,066 357 79.210 86.12
North Carolina..... 19 1,287,916.26 2.90 10.394 67,785 357 79.330 77.19
Ohio............... 156 12,077,685.21 27.18 9.764 77,421 354 80.397 89.55
Oregon............. 9 1,243,176.63 2.80 10.040 138,131 358 84.915 80.43
South Carolina..... 21 1,709,368.31 3.85 10.205 81,398 342 81.903 48.42
Tennessee.......... 44 3,949,769.08 8.89 9.965 89,767 355 84.406 76.00
Texas.............. 2 109,602.42 0.25 10.398 54,801 358 77.563 0.00
Utah............... 5 474,266.88 1.07 10.114 94,853 357 75.443 58.18
Virginia........... 3 525,341.36 1.18 8.858 175,114 358 75.385 74.61
Washington......... 5 560,003.22 1.26 9.938 112,001 343 83.558 80.28
Wisconsin.......... 4 172,523.88 0.39 10.652 43,131 359 76.510 100.00
--- --------------- ----------- ----------- --------- --- ------ ---------
Total:............. 502 44,428,130.60 100.00 9.979 88,502 355 80.848 81.99
--- --------------- ----------- ----------- --------- --- ----- ---------
<CAPTION>
PERCENT PERCENT
GEOGRAPHICAL FULL OWNER
DISTRIBUTION (1) DOC OCCUPIED
- ------------------- --------- -----------
<S> <C> <C>
Arkansas........... 100.00 100.00
Arizona............ 100.00 100.00
Colorado........... 100.00 100.00
Delaware........... 100.00 100.00
Florida............ 100.00 97.08
Georgia............ 100.00 81.29
Iowa............... 100.00 100.00
Idaho.............. 100.00 88.57
Illinois........... 100.00 100.00
Indiana............ 100.00 97.48
Kansas............. 100.00 0.00
Kentucky........... 100.00 100.00
Louisiana.......... 100.00 100.00
Maryland........... 100.00 100.00
Michigan........... 100.00 97.65
North Carolina..... 100.00 94.76
Ohio............... 100.00 97.57
Oregon............. 100.00 90.56
South Carolina..... 100.00 93.51
Tennessee.......... 100.00 100.00
Texas.............. 100.00 100.00
Utah............... 100.00 83.00
Virginia........... 100.00 100.00
Washington......... 100.00 100.00
Wisconsin.......... 100.00 53.32
--------- -----------
Total:............. 100.00 96.71
--------- -----------
</TABLE>
(1) Geographic Location is generally determined by location of the related
Mortgaged Property; however, with respect to certain Mortgage Loans,
geographic location is determined by Mortgagor mailing address.
<PAGE>
<TABLE>
<CAPTION>
% OF WEIGHTED WEIGHTED
CALENDAR YEAR NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
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.......... 52 4,527,639.34 10.19 9.983 87,070 348 80.907 77.23
1997.......... 450 39,900,491.26 89.81 9.978 88,668 356 80.842 82.53
----- --------------- --------------- ----- ----------- ----------- ----- -----
Total:........ 502 44,428,130.60 100.00 9.979 88,502 355 80.848 81.99
----- --------------- --------------- ----- ----------- ----------- ----- -----
<CAPTION>
CALENDAR YEAR PERCENT PERCENT
OF FULL OWNER
ORIGINATION DOC OCCUPIED
- -------------- --------- -----------
<S> <C> <C>
1996.......... 100.00 93.99
1997.......... 100.00 97.02
--------- -----------
Total:........ 100.00 96.71
--------- -----------
</TABLE>
<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 2 81,873.19 0.18 8.909 40,937 356 25.173 100.00
40.01- 50.00 5 284,771.85 0.64 9.441 56,954 357 45.830 100.00
50.01- 60.00 13 712,345.32 1.60 10.166 54,796 357 57.051 100.00
60.01- 70.00 57 3,927,801.79 8.84 9.996 68,909 353 66.874 92.12
70.01- 80.00 181 15,619,616.18 35.16 9.703 86,296 352 77.878 82.73
80.01- 90.00 240 23,304,647.41 52.45 10.144 97,103 357 86.252 78.96
90.01-100.00 4 497,074.86 1.12 10.988 124,269 356 94.581 81.94
--------------- --------------- --------------- ----- ----------- --------- ------ -----
Total:... 502 44,428,130.60 100.00 9.979 88,502 355 80.848 81.99
--------------- --------------- --------------- ----- ----------- --------- ------ -----
<CAPTION>
COMBINED
ORIGINAL
LOAN-TO- PERCENT PERCENT
VALUE FULL OWNER
RATIOS DOC OCCUPIED
- --------- --------- -----------
<S> <C> <C>
20.01- 30.00 100.00 100.00
40.01- 50.00 100.00 100.00
50.01- 60.00 100.00 90.26
60.01- 70.00 100.00 92.56
70.01- 80.00 100.00 94.19
80.01- 90.00 100.00 99.17
90.01-100.00 100.00 100.00
--------- -----------
Total:... 100.00 96.71
--------- -----------
Min: 24.19
Max: 97.32
Weighted Average: 80.85
</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 closed-end mortgage loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the closed-end mortgage 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 closed-end mortgage 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 closed-end mortgage 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 3 of 6
<PAGE>
EQUIVANTAGE 1997-2 MORGAN STANLEY DEAN WITTER
ARM
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF WEIGHTED
ORIGINAL NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE
LOAN-TO- MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM
VALUE RATIOS LOANS BALANCE BALANCE COUPON BALANCE TERM
- ------------ ----------------- --------------- --------------- ----------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
0.001- 10.000 1 6,000.00 0.01 12.290 6,000 239
10.001- 20.000 1 25,848.24 0.06 10.160 25,848 235
20.001- 30.000 3 141,708.25 0.32 9.243 47,236 306
40.001- 50.000 7 390,126.10 0.88 9.803 55,732 316
50.001- 60.000 13 712,345.32 1.60 10.166 54,796 357
60.001- 70.000 56 3,921,801.79 8.83 9.993 70,032 353
70.001- 80.000 180 15,559,781.12 35.02 9.703 86,443 353
80.001- 90.000 237 23,173,444.92 52.16 10.141 97,778 357
90.001-100.000 4 497,074.86 1.12 10.988 124,269 356
----------------- --------------- --------------- ----- --------- ---------
Total: 502 44,428,130.60 100.00 9.979 88,502 355
----------------- --------------- --------------- ----- --------- ---------
Min: 7.89
Max: 97.32
Weighted
Average: 80.64
<CAPTION>
WEIGHTED
ORIGINAL AVERAGE PERCENT PERCENT PERCENT
LOAN-TO- ORIGINAL CASHOUT FULL OWNER
VALUE RATIOS CLTV REFI DOC OCCUPIED
- ------------ ----------- ----------- --------- -----------
<S> <C> <C> <C> <C>
0.001- 10.000 67.740 100.00 100.00 100.00
10.001- 20.000 85.000 100.00 100.00 100.00
20.001- 30.000 48.311 100.00 100.00 100.00
40.001- 50.000 55.946 100.00 100.00 100.00
50.001- 60.000 57.051 100.00 100.00 90.26
60.001- 70.000 66.873 92.11 100.00 92.55
70.001- 80.000 77.870 82.67 100.00 94.16
80.001- 90.000 86.267 78.84 100.00 99.17
90.001-100.000 94.581 81.94 100.00 100.00
------ ----- --------- -----------
Total: 80.848 81.99 100.00 96.71
------ ----- --------- -----------
Min: 7.89
Max: 97.32
Weighted
Average: 80.64
</TABLE>
<TABLE>
<CAPTION>
% OF WEIGHTED WEIGHTED
DISTRIBUTION NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE
OF MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL
MARGINS LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV
- --------- ---------------- --------------- -------------- ----------- --------- --------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
3.500-3.999 7 689,848.09 1.55 10.197 98,550 347 82.246
4.000-4.499 2 169,161.00 0.38 8.807 84,581 271 81.248
4.500-4.999 2 110,963.33 0.25 8.950 55,482 237 79.282
5.000-5.499 14 1,896,649.00 4.27 8.928 135,475 357 80.089
5.500-5.999 56 4,749,308.65 10.69 9.045 84,809 352 79.891
6.000-6.499 87 7,886,405.44 17.75 9.435 90,648 355 81.195
6.500-6.999 111 9,448,503.26 21.27 9.770 85,122 355 80.537
7.000-7.499 89 7,348,656.23 16.54 10.275 82,569 356 80.825
7.500-7.999 75 7,768,980.84 17.49 10.569 103,586 358 81.472
8.000-8.499 39 3,209,665.35 7.22 11.134 82,299 355 81.769
8.500-8.999 13 754,133.05 1.70 11.710 58,010 358 78.910
9.000-9.499 6 242,006.36 0.54 11.636 40,334 355 74.740
11.000-11.499 1 153,850.00 0.35 14.340 153,850 360 85.090
---------------- --------------- -------------- ----- --------- --------- ------
Total: 502 44,428,130.60 100.00 9.979 88,502 355 80.848
---------------- --------------- -------------- ----- --------- --------- ------
<CAPTION>
DISTRIBUT PERCENT PERCENT PERCENT
OF CASHOUT FULL OWNER
MARGINS REFI DOC OCCUPIED
- --------- ----------- --------- -----------
<S> <C> <C> <C>
3.500-3.999 67.10 100.00 100.00
4.000-4.499 0.00 100.00 100.00
4.500-4.999 0.00 100.00 0.00
5.000-5.499 92.97 100.00 100.00
5.500-5.999 81.34 100.00 100.00
6.000-6.499 86.20 100.00 98.88
6.500-6.999 82.65 100.00 95.08
7.000-7.499 85.52 100.00 97.47
7.500-7.999 79.01 100.00 94.62
8.000-8.499 76.05 100.00 96.60
8.500-8.999 95.49 100.00 91.72
9.000-9.499 60.82 100.00 90.77
11.000-11.499 0.00 100.00 100.00
----- --------- -----------
Total: 81.99 100.00 96.71
----- --------- -----------
Min: 3.800
Max: 11.350
Weighted
Average: 6.824
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTION
OF % OF WEIGHTED
MAXIMUM NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE
MORTGAGE MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM
RATES LOANS BALANCE BALANCE COUPON BALANCE TERM
- --------- ---------------- --------------- --------------- ----------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
14.501-15.000 2 373,800.00 0.84 8.644 186,900 358
15.001-15.500 13 1,368,157.68 3.08 8.693 105,243 347
15.501-16.000 43 3,785,912.37 8.52 8.889 88,044 348
16.001-16.500 95 8,531,735.68 19.20 9.305 89,808 355
16.501-17.000 124 10,202,455.83 22.96 9.811 82,278 354
17.001-17.500 106 10,066,918.10 22.66 10.279 94,971 356
17.501-18.000 71 6,603,611.26 14.86 10.758 93,009 358
18.001-18.500 32 2,357,524.99 5.31 11.277 73,673 355
18.501-19.000 11 748,134.54 1.68 11.804 68,012 357
19.001-19.500 4 236,030.15 0.53 12.390 59,008 352
21.001-21.500 1 153,850.00 0.35 14.340 153,850 360
---------------- --------------- --------------- ----- --------- ---------
Total: 502 44,428,130.60 100.00 9.979 88,502 355
---------------- --------------- --------------- ----- --------- ---------
Min: 14.750
Max: 21.340
Weighted
Average: 16.962
<CAPTION>
DISTRIBUTION
OF WEIGHTED
MAXIMUM AVERAGE PERCENT PERCENT PERCENT
MORTGAGE ORIGINAL CASHOUT FULL OWNER
RATES CLTV REFI DOC OCCUPIED
- ---------- ----------- ----------- --------- -----------
<S> <C> <C> <C> <C>
14.501-15.000 78.684 100.00 100.00 100.00
15.001-15.500 76.744 91.43 100.00 100.00
15.501-16.000 78.915 74.55 100.00 97.07
16.001-16.500 80.211 88.06 100.00 97.93
16.501-17.000 81.065 82.12 100.00 97.46
17.001-17.500 80.860 83.16 100.00 98.07
17.501-18.000 82.963 77.94 100.00 93.24
18.001-18.500 81.248 71.33 100.00 91.96
18.501-19.000 80.660 87.33 100.00 93.68
19.001-19.500 86.888 100.00 100.00 84.13
21.001-21.500 85.090 0.00 100.00 100.00
------ ----- --------- -----------
Total: 80.848 81.99 100.00 96.71
-----------------------------------------------
</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 closed-end mortgage loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the closed-end mortgage 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 closed-end mortgage 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 closed-end mortgage 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 4 of 6
<PAGE>
EQUIVANTAGE 1997-2 MORGAN STANLEY DEAN WITTER
ARM
- -------------------------------------------------------------------------------
<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>
3.501-4.000....... 1 100,526.82 0.23 10.000 100,527 353 90.000 100.00
4.501-5.000....... 1 239,997.08 0.54 9.250 239,997 353 78.950 100.00
5.001-5.500....... 1 85,438.29 0.19 9.750 85,438 354 80.000 100.00
5.501-6.000....... 4 466,983.42 1.05 10.101 116,746 353 88.174 50.60
6.001-6.500....... 1 135,667.84 0.31 10.490 135,668 352 85.000 100.00
7.001-7.500....... 2 159,649.62 0.36 9.705 79,825 358 75.010 100.00
8.001-8.500....... 11 1,130,872.07 2.55 9.086 102,807 343 77.987 89.63
8.501-9.000....... 35 3,181,506.42 7.16 8.793 90,900 346 77.653 83.81
9.001-9.500....... 88 7,693,811.63 17.32 9.294 87,430 356 80.351 86.76
9.501-10.000...... 120 9,606,624.32 21.62 9.741 80,055 356 80.262 79.69
10.001-10.500..... 98 8,514,024.07 19.16 10.177 86,878 355 79.729 88.54
10.501-11.000..... 75 7,003,427.31 15.76 10.614 93,379 356 82.830 76.51
11.001-11.500..... 44 4,454,553.27 10.03 10.799 101,240 357 83.256 71.39
11.501-12.000..... 15 1,338,898.44 3.01 11.254 89,260 358 83.835 91.22
12.001-12.500..... 4 106,200.00 0.24 11.729 26,550 353 75.744 100.00
12.501-13.000..... 1 56,100.00 0.13 11.540 56,100 359 85.000 100.00
14.001-14.500..... 1 153,850.00 0.35 14.340 153,850 360 85.090 0.00
--- --------------- ----------- ----------- --------- --- ------ ---------
Total:............ 502 44,428,130.60 100.00 9.979 88,502 355 80.848 81.99
--- --------------- ----------- ----------- --------- --- ------ ---------
Min:3.800
Max:14.340
Weighted
Average:9.984
--- --------------- ----------- ----------- --------- --- ----- ---------
<CAPTION>
DISTRIBUTION OF PERCENT PERCENT
MINIMUM MORTGAGE FULL OWNER
RATES DOC OCCUPIED
- ------------------ --------- -----------
<S> <C> <C>
3.501-4.000....... 100.00 100.00
4.501-5.000....... 100.00 100.00
5.001-5.500....... 100.00 100.00
5.501-6.000....... 100.00 100.00
6.001-6.500....... 100.00 100.00
7.001-7.500....... 100.00 100.00
8.001-8.500....... 100.00 100.00
8.501-9.000....... 100.00 95.73
9.001-9.500....... 100.00 97.70
9.501-10.000...... 100.00 97.30
10.001-10.500..... 100.00 97.72
10.501-11.000..... 100.00 93.62
11.001-11.500..... 100.00 95.74
11.501-12.000..... 100.00 98.33
12.001-12.500..... 100.00 64.74
12.501-13.000..... 100.00 100.00
14.001-14.500..... 100.00 100.00
--------- -----------
Total:............ 100.00 96.71
--------- -----------
Min:3.800
Max:14.340
Weighted
Average:9.984
--------- -----------
</TABLE>
<TABLE>
<CAPTION>
% OF WEIGHTED WEIGHTED
DISTRIBUTION OF NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
NEXT RATE CHANGE MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
DATE LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- ------------------ ------------- --------------- ----------- ----------- --------- ------------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1997-09........... 4 405,596.09 0.91 9.346 101,399 336 79.417 100.00
1997-10........... 18 2,253,227.88 5.07 9.389 125,179 354 83.148 67.62
1997-11........... 18 1,983,808.20 4.47 9.658 110,212 359 82.063 76.91
1997-12........... 16 2,155,810.00 4.85 10.118 134,738 354 84.876 89.63
1998-04........... 1 74,367.72 0.17 8.375 74,368 346 69.440 100.00
1998-07........... 1 51,937.45 0.12 9.500 51,937 349 90.000 0.00
1998-10........... 2 95,679.98 0.22 10.996 47,840 352 78.072 100.00
1998-11........... 6 872,925.63 1.96 9.905 145,488 353 86.013 73.57
1998-12........... 4 314,190.76 0.71 11.771 78,548 353 84.375 100.00
1999-01........... 31 2,564,649.55 5.77 9.823 82,731 345 80.355 77.48
1999-02........... 31 2,789,580.55 6.28 9.849 89,986 348 80.121 73.46
1999-03........... 107 9,333,833.01 21.01 9.801 87,232 355 79.138 90.24
1999-04........... 111 8,790,059.06 19.78 9.951 79,190 355 80.357 83.46
1999-05........... 83 6,747,796.22 15.19 10.150 81,299 358 80.638 81.77
1999-06........... 65 5,757,868.50 12.96 10.490 88,583 359 81.644 75.80
1999-07........... 4 236,800.00 0.53 10.100 59,200 360 79.760 100.00
--- --------------- ----------- ----------- --------- --- ------ ---------
Total:............ 502 44,428,130.60 100.00 9.979 88,502 355 80.848 81.99
--- --------------- ----------- ----------- --------- --- ------ ---------
<CAPTION>
DISTRIBUTION OF PERCENT PERCENT
NEXT RATE CHANGE FULL OWNER
DATE DOC OCCUPIED
- ------------------ --------- -----------
<S> <C> <C>
1997-09........... 100.00 100.00
1997-10........... 100.00 100.00
1997-11........... 100.00 100.00
1997-12........... 100.00 100.00
1998-04........... 100.00 100.00
1998-07........... 100.00 100.00
1998-10........... 100.00 35.18
1998-11........... 100.00 100.00
1998-12........... 100.00 92.06
1999-01........... 100.00 92.78
1999-02........... 100.00 100.00
1999-03........... 100.00 96.29
1999-04........... 100.00 93.06
1999-05........... 100.00 98.04
1999-06........... 100.00 98.25
1999-07........... 100.00 100.00
--------- -----------
Total:............ 100.00 96.71
--------- -----------
</TABLE>
<TABLE>
<CAPTION>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
LEIN POSITION LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- -------------------- ------------- --------------- ----------- ----------- --------- ------------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1st Lien............ 497 44,231,093.05 99.56 9.977 88,996 355 80.843 81.91
2nd Lien............ 5 197,037.55 0.44 10.418 39,408 219 82.031 100.00
--- --------------- ----------- ----------- --------- --- ------ ---------
Total:.............. 502 44,428,130.60 100.00 9.979 88,502 355 80.848 81.99
--- --------------- ----------- ----------- --------- --- ------ ---------
<CAPTION>
PERCENT PERCENT
FULL OWNER
LEIN POSITION DOC OCCUPIED
- -------------------- --------- -----------
<S> <C> <C>
1st Lien............ 100.00 96.69
2nd Lien............ 100.00 100.00
--------- -----------
Total:.............. 100.00 96.71
--------- -----------
</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 closed-end mortgage loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the closed-end mortgage 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 closed-end mortgage 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 closed-end mortgage 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 5 of 6
<PAGE>
EQUIVANTAGE 1997-2 MORGAN STANLEY DEAN WITTER
ARM
- -------------------------------------------------------------------------------
Collateral
<TABLE>
<CAPTION>
% OF WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AGGREGATE WEIGHTED AVERAGE AVERAGE AVERAGE PERCENT
MORTGAGE PRINCIPAL PRINCIPAL AVERAGE CURRENT STD REM ORIGINAL CASHOUT
JUNOIR LOAN RATIOS LOANS BALANCE BALANCE COUPON BALANCE TERM CLTV REFI
- ----------------------- ----------------- ------------ ----------- ----------- --------- ------------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
10.001-15.000.......... 1 6,000.00 3.05 12.290 6,000 239 67.740 100.00
20.001-25.000.......... 1 25,848.24 13.12 10.160 25,848 235 85.000 100.00
35.001-40.000.......... 1 59,835.06 30.37 9.700 59,835 238 79.970 100.00
50.001-55.000.......... 2 105,354.25 53.47 10.782 52,677 203 83.287 100.00
-
------------ ----------- ----------- --------- --- ------ ---------
Total:................. 5 197,037.55 100.00 10.418 39,408 219 82.031 100.00
----- ------------ ----------- ----------- --------- --- ------ ---------
Min:11.655
Max:52.968
Weighted Average:42.422
<CAPTION>
PERCENT PERCENT
FULL OWNER
JUNOIR LOAN RATIOS DOC OCCUPIED
- ----------------------- --------- -----------
<S> <C> <C>
10.001-15.000.......... 100.00 100.00
20.001-25.000.......... 100.00 100.00
35.001-40.000.......... 100.00 100.00
50.001-55.000.......... 100.00 100.00
--------- -----------
Total:................. 100.00 100.00
--------- -----------
Min:11.655
Max:52.968
Weighted Average:42.422
</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 closed-end mortgage loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the closed-end mortgage 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 closed-end mortgage 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 closed-end mortgage 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 6 of 6
<PAGE>
MORGAN STANLEY
- -------------------------------------------------------------------------------
EquiVantage Home Equity Loan Trust Home Equity Loan ABS Series 1997-2 (Surety
Structure with Tranches 1, 3, 6 years) Class A-1
- -------------------------------------------------------------------------------
Current Balance $23,800,000.00 Original Balance $23,800,000.00
Factor 1.00000000 Delay 24
Payment Frequency Monthly Coupon 6.6500
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CONDITION GROUP == II GROUP == II GROUP == II GROUP == II GROUP == II
TRIGGER OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES
PREPAY CPR 0.00 PPM 50.00 PPM 100.00 PPM 120.00 PPM 150.00
6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR
INDEX 5.96484 5.96484 5.96484 5.96484 5.96484
1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR
5.68750 5.68750 5.68750 5.68750 5.68750
CONDITION OTHER OTHER OTHER OTHER OTHER
TRIGGER OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES
PREPAY CPR 0.00 CPR 10.00 CPR 15.00 CPR 25.00 CPR 40.00
6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR
INDEX 5.96484 5.96484 5.96484 5.96484 5.96484
1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR
5.68750 5.68750 5.68750 5.68750 5.68750
<S> <C> <C> <C> <C> <C>
6/25/97 100 100 100 100 100
6/25/98 90 72 55 48 38
6/25/99 87 48 13 0 0
6/25/00 84 26 0 0 0
6/25/01 81 8 0 0 0
6/25/02 77 0 0 0 0
6/25/03 73 0 0 0 0
6/25/04 69 0 0 0 0
6/25/05 65 0 0 0 0
6/25/06 61 0 0 0 0
6/25/07 57 0 0 0 0
6/25/08 52 0 0 0 0
6/25/09 47 0 0 0 0
6/25/10 40 0 0 0 0
6/25/11 33 0 0 0 0
4/25/12 0 0 0 0 0
6/25/12 0 0 0 0 0
6/25/13 0 0 0 0 0
6/25/14 0 0 0 0 0
6/25/15 0 0 0 0 0
6/25/16 0 0 0 0 0
6/25/17 0 0 0 0 0
6/25/18 0 0 0 0 0
6/25/19 0 0 0 0 0
6/25/20 0 0 0 0 0
6/25/21 0 0 0 0 0
6/25/22 0 0 0 0 0
6/25/23 0 0 0 0 0
6/25/24 0 0 0 0 0
6/25/25 0 0 0 0 0
6/25/26 0 0 0 0 0
5/25/27 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------
AVG LIFE..... 9.77 2.07 1.19 1.04 0.88
<CAPTION>
CONDITION GROUP == II
TRIGGER OPTIONALCALL YES
PREPAY PPM 200.00
6 MONTH LIBOR
INDEX 5.96484
1 MONTH LIBOR
5.68750
CONDITION OTHER
TRIGGER OPTIONALCALL YES
PREPAY CPR 50.00
6 MONTH LIBOR
INDEX 5.96484
1 MONTH LIBOR
5.68750
<S> <C>
6/25/97 100
6/25/98 20
6/25/99 0
6/25/00 0
6/25/01 0
6/25/02 0
6/25/03 0
6/25/04 0
6/25/05 0
6/25/06 0
6/26/07 0
6/25/08 0
6/25/09 0
6/25/10 0
6/25/11 0
4/25/12 0
6/25/12 0
6/25/13 0
6/25/14 0
6/25/15 0
6/25/16 0
6/25/17 0
6/25/18 0
6/25/19 0
6/25/20 0
6/25/21 0
6/25/22 0
6/25/23 0
6/25/24 0
6/25/25 0
6/25/26 0
5/25/27 0
- -----------------------------------
AVG LIFE.... 0.710
</TABLE>
<PAGE>
MORGAN STANLEY
- -------------------------------------------------------------------------------
EquiVantage Home Equity Loan Trust Home Equity Loan ABS Series 1997-2 (Surety
Structure with Tranches 1, 3, 6 years) Class A-2
- -------------------------------------------------------------------------------
Current Balance $15,600,000.00 Original Balance $15,600,000.00
Factor 1.00000000 Delay 24
Payment Frequency Monthly Coupon 6.9500
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CONDITION GROUP == II GROUP == II GROUP == II GROUP == II GROUP == II
TRIGGER OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES
PREPAY CPR 0.00 PPM 50.00 PPM 100.00 PPM 120.00 PPM 150.00
6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR
INDEX 5.96484 5.96484 5.96484 5.96484 5.96484
1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR
5.68750 5.68750 5.68750 5.68750 5.68750
CONDITION OTHER OTHER OTHER OTHER OTHER
TRIGGER OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES
PREPAY CPR 0.00 CPR 10.00 CPR 15.00 CPR 25.00 CPR 40.00
6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR
INDEX 5.96484 5.96484 5.96484 5.96484 5.96484
1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR
5.68750 5.68750 5.68750 5.68750 5.68750
<S> <C> <C> <C> <C> <C>
6/25/97 100 100 100 100 100
6/25/98 100 100 100 100 100
6/25/99 100 100 100 99 71
6/25/00 100 100 68 45 14
6/25/01 100 100 34 10 0
6/25/02 100 87 7 0 0
6/25/03 100 67 0 0 0
6/25/04 100 50 0 0 0
6/25/05 100 40 0 0 0
6/25/06 100 29 0 0 0
6/25/07 100 18 0 0 0
6/25/08 100 8 0 0 0
6/25/09 100 0 0 0 0
6/25/10 100 0 0 0 0
6/25/11 100 0 0 0 0
6/25/12 47 0 0 0 0
6/25/13 34 0 0 0 0
6/25/14 20 0 0 0 0
6/25/15 17 0 0 0 0
6/25/16 13 0 0 0 0
6/25/17 8 0 0 0 0
6/25/18 3 0 0 0 0
1/25/19 0 0 0 0 0
6/25/19 0 0 0 0 0
6/25/20 0 0 0 0 0
6/25/21 0 0 0 0 0
6/25/22 0 0 0 0 0
6/25/23 0 0 0 0 0
6/25/24 0 0 0 0 0
6/25/25 0 0 0 0 0
6/25/26 0 0 0 0 0
5/25/27 0 0 0 0 0
- -------------------------------------------------------------------------------------------------------------------
AVG LIFE......... 16.1 7.54 3.64 3.02 2.4
<CAPTION>
CONDITION GROUP == II
TRIGGER OPTIONALCALL YES
PREPAY PPM 200.00
6 MONTH LIBOR
INDEX 5.96484
1 MONTH LIBOR
5.68750
CONDITION OTHER
TRIGGER OPTIONALCALL YES
PREPAY CPR 50.00
6 MONTH LIBOR
INDEX 5.96484
1 MONTH LIBOR
5.68750
<S> <C>
6/25/97 100
6/25/98 100
6/25/99 27
6/25/00 0
6/25/01 0
6/25/02 0
6/25/03 0
6/25/04 0
6/25/05 0
6/25/06 0
6/25/07 0
6/25/08 0
6/25/09 0
6/25/10 0
6/25/11 0
6/25/12 0
6/25/13 0
6/25/14 0
6/25/15 0
6/25/16 0
6/25/17 0
6/25/18 0
1/25/19 0
6/25/19 0
6/25/20 0
6/25/21 0
6/25/22 0
6/25/23 0
6/25/24 0
6/25/25 0
6/25/26 0
5/25/27 0
- --------------------------------------
AVG LIFE......... 1.8
</TABLE>
<PAGE>
MORGAN STANLEY
- -------------------------------------------------------------------------------
EquiVantage Home Equity Loan Trust Home Equity Loan ABS Series 1997-2 (Surety
Structure with Tranches 1, 3, 6 years) Class A-3
- -------------------------------------------------------------------------------
Current Balance $11,683,000.00 Original Balance $11,683,000.00
Factor 1.00000000 Delay 24
Payment Frequency Monthly Coupon 7.3000
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CONDITION GROUP == II GROUP == II GROUP == II GROUP == II GROUP == II
TRIGGER OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES
PREPAY CPR 0.00 PPM 50.00 PPM 100.00 PPM 120.00 PPM 150.00
6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR
INDEX 5.96484 5.96484 5.96484 5.96484 5.96484
1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR
5.68750 5.68750 5.68750 5.68750 5.68750
CONDITION OTHER OTHER OTHER OTHER OTHER
TRIGGER OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES
PREPAY CPR 0.00 CPR 10.00 CPR 15.00 CPR 25.00 CPR 40.00
6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR
INDEX 5.96484 5.96484 5.96484 5.96484 5.96484
1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR
5.68750 5.68750 5.68750 5.68750 5.68750
<S> <C> <C> <C> <C> <C>
6/25/97 100 100 100 100 100
6/25/98 100 100 100 100 100
6/25/99 100 100 100 100 100
6/25/00 100 100 100 100 100
6/25/01 100 100 100 100 74
6/25/02 100 100 100 79 44
6/25/03 100 100 84 57 0
6/25/04 100 100 66 42 0
6/25/05 100 100 59 38 0
6/25/06 100 100 49 0 0
6/25/07 100 100 39 0 0
6/25/08 100 100 30 0 0
6/25/09 100 97 0 0 0
6/25/10 100 84 0 0 0
6/25/11 100 73 0 0 0
6/25/12 100 32 0 0 0
6/25/13 100 25 0 0 0
6/25/14 100 0 0 0 0
6/25/15 100 0 0 0 0
6/25/16 100 0 0 0 0
6/25/17 100 0 0 0 0
6/25/18 100 0 0 0 0
6/25/19 97 0 0 0 0
6/25/20 88 0 0 0 0
6/25/21 79 0 0 0 0
6/25/22 69 0 0 0 0
6/25/23 57 0 0 0 0
6/25/24 43 0 0 0 0
6/25/25 28 0 0 0 0
10/25/25 0 0 0 0 0
6/25/26 0 0 0 0 0
5/25/27 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------
AVG LIFE......... 26.08 14.65 8.79 6.56 4.80
<CAPTION>
CONDITION GROUP == II
TRIGGER OPTIONALCALL YES
PREPAY PPM 200.00
6 MONTH LIBOR
INDEX 5.96484
1 MONTH LIBOR
5.68750
CONDITION OTHER
TRIGGER OPTIONALCALL YES
PREPAY CPR 50.00
6 MONTH LIBOR
INDEX 5.96484
1 MONTH LIBOR
5.68750
<S> <C>
6/25/97 100
6/25/98 100
6/25/99 100
6/25/00 62
6/25/01 27
6/25/02 0
6/25/03 0
6/25/04 0
6/25/05 0
6/25/06 0
6/25/07 0
6/25/08 0
6/25/09 0
6/25/10 0
6/25/11 0
6/25/12 0
6/25/13 0
6/25/14 0
6/25/15 0
6/25/16 0
6/25/17 0
6/25/18 0
6/25/19 0
6/25/20 0
6/25/21 0
6/25/22 0
6/25/23 0
6/25/24 0
6/25/25 0
10/25/25 0
6/25/26 0
1/25/27 0
5/25/27 0
- ---------------------------------------
AVG LIFE......... 3.39
</TABLE>
<PAGE>
MORGAN STANLEY
- -------------------------------------------------------------------------------
EquiVantage Home Equity Loan Trust Home Equity Loan ABS Series 1997-2 (Surety
Structure with Tranches 1, 3, 6 years) Class A-4
- -------------------------------------------------------------------------------
Current Balance $5,675,000.00 Original Balance $5,675,000.00
Factor 1.00000000 Delay 24
Payment Frequency Monthly Coupon 7.0000
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CONDITION GROUP == II GROUP == II GROUP == II GROUP == II GROUP == II
TRIGGER OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES
PREPAY CPR 0.00 PPM 50.00 PPM 100.00 PPM 120.00 PPM 150.00
6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR
INDEX 5.96484 5.96484 5.96484 5.96484 5.96484
1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR
5.68750 5.68750 5.68750 5.68750 5.68750
CONDITION OTHER OTHER OTHER OTHER OTHER
TRIGGER OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES
PREPAY CPR 0.00 CPR 10.00 CPR 15.00 CPR 25.00 CPR 40.00
6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR
INDEX 5.96484 5.96484 5.96484 5.96484 5.96484
1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR
5.68750 5.68750 5.68750 5.68750 5.68750
<S> <C> <C> <C> <C> <C>
6/25/97 100 100 100 100 100
6/25/98 100 100 100 100 100
6/25/99 100 100 100 100 100
6/25/00 100 100 100 100 100
6/25/01 99 94 90 88 85
6/25/02 99 89 81 77 72
6/25/03 97 80 66 61 0
6/25/04 95 71 52 45 0
6/25/05 88 48 24 17 0
06/25/2006 80 32 11 0 0
06/25/2007 73 21 5 0 0
06/25/2008 66 14 2 0 0
06/25/2009 58 9 0 0 0
06/25/2010 50 6 0 0 0
06/25/2011 43 3 0 0 0
04/25/2012 0 0 0 0 0
06/25/2012 0 0 0 0 0
06/25/3013 0 0 0 0 0
06/25/2014 0 0 0 0 0
06/25/2015 0 0 0 0 0
06/25/2016 0 0 0 0 0
06/25/2017 0 0 0 0 0
06/25/2018 0 0 0 0 0
06/25/2019 0 0 0 0 0
06/26/2020 0 0 0 0 0
06/25/2021 0 0 0 0 0
06/25/2022 0 0 0 0 0
06/25/2023 0 0 0 0 0
06/25/2024 0 0 0 0 0
06/25/2025 0 0 0 0 0
06/25/2026 0 0 0 0 0
05/25/2027 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------
AVG LIFE 12.11 8.18 6.80 6.31 5.20
<CAPTION>
CONDITION GROUP == II
TRIGGER OPTIONALCALL YES
PREPAY PPM 200.00
6 MONTH LIBOR
INDEX 5.96484
1 MONTH LIBOR
5.68750
CONDITION OTHER
TRIGGER OPTIONALCALL YES
PREPAY CPR 50.00
6 MONTH LIBOR
INDEX 5.96484
1 MONTH LIBOR
5.68750
<S> <C>
6/25/97 100
6/25/98 100
6/25/99 100
6/25/00 100
6/25/01 79
6/25/02 61
6/25/03 37
6/25/04 18
6/25/05 6
06/25/2006 0
06/25/2007 0
06/25/2008 0
06/25/2009 0
06/25/2010 0
06/25/2011 0
04/25/2012 0
06/25/2012 0
06/25/3013 0
06/25/2014 0
06/25/2015 0
06/25/2016 0
06/25/2017 0
06/25/2018 0
06/25/2019 0
06/26/2020 0
06/25/2021 0
06/25/2022 0
06/25/2023 0
06/25/2024 0
06/25/2025 0
06/25/2026 0
05/25/2027 0
- -------------------------------
AVG LIFE 4.03
</TABLE>
<PAGE>
MORGAN STANLEY
- -------------------------------------------------------------------------------
EquiVantage Home Equity Loan Trust Home Equity Loan ABS Series 1997-2 (Surety
Structure with Tranches 1, 3, 6 years) Class A-5
- -------------------------------------------------------------------------------
Current Balance $43,242,000.00 Original Balance $43,242,000.00
Factor 1.00000000 Delay 0
Payment Frequency Monthly Coupon Formula _1 monthlibor + 0.2300
(40.0000 Cap, 0.2300
Floor)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CONDITION GROUP == II GROUP == II GROUP == II GROUP == II GROUP == II
TRIGGER OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES
PREPAY CPR 0.00 PPM 50.00 PPM 100.00 PPM 120.00 PPM 150.00
6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR
INDEX 5.96484 5.96484 5.96484 5.96484 5.96484
1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR
5.68750 5.68750 5.68750 5.68750 5.68750
CONDITION OTHER OTHER OTHER OTHER OTHER
TRIGGER OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES
PREPAY CPR 0.00 CPR 10.00 CPR 15.00 CPR 25.00 CPR 40.00
6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR
INDEX 5.96484 5.96484 5.96484 5.96484 5.96484
1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR
5.68750 5.68750 5.68750 5.68750 5.68750
<S> <C> <C> <C> <C> <C>
6/25/97 100 100 100 100 100
6/25/98 96 86 81 71 56
6/25/99 95 76 67 51 30
6/25/00 95 67 56 37 19
6/25/01 94 60 46 27 11
6/25/02 94 53 38 20 7
6/25/03 93 47 32 15 4
6/25/04 92 41 27 11 2
6/25/05 91 36 23 8 1
6/25/06 91 32 19 6 0
6/25/07 90 29 16 4 0
6/25/08 88 26 14 3 0
6/25/09 87 23 11 2 0
6/25/10 86 20 10 1 0
6/25/11 84 18 8 1 0
6/25/12 82 16 7 0 0
6/25/13 80 14 5 0 0
6/25/14 77 0 4 0 0
6/25/15 74 0 3 0 0
6/25/16 71 0 2 0 0
6/25/17 67 0 2 0 0
6/25/18 63 0 1 0 0
6/25/19 59 0 1 0 0
6/25/20 53 0 0 0 0
6/25/21 47 0 0 0 0
6/25/22 40 0 0 0 0
6/25/23 33 0 0 0 0
6/25/24 25 0 0 0 0
6/25/25 17 0 0 0 0
10/25/25 0 0 0 0 0
6/25/26 0 0 0 0 0
5/25/27 0 0 0 0 0
AVG LIFE............... --------------- ----- ----- ----- -----
21.13 6.89 4.70 3.09 1.78
<CAPTION>
CONDITION GROUP == II
TRIGGER OPTIONALCALL YES
PREPAY PPM 200.00
6 MONTH LIBOR
INDEX 5.96484
1 MONTH LIBOR
5.68750
CONDITION OTHER
TRIGGER OPTIONALCALL YES
PREPAY CPR 50.00
6 MONTH LIBOR
INDEX 5.96484
1 MONTH LIBOR
5.68750
<S> <C>
6/25/97 100
6/25/98 46
6/25/99 19
6/25/00 11
6/25/01 5
6/25/02 0
6/25/03 0
6/25/04 0
6/25/05 0
6/25/06 0
6/25/07 0
6/25/08 0
6/25/09 0
6/25/10 0
6/25/11 0
6/25/12 0
6/25/13 0
6/25/14 0
6/25/15 0
6/25/16 0
6/25/17 0
6/25/18 0
6/25/19 0
6/25/20 0
6/25/21 0
6/25/22 0
6/25/23 0
6/25/24 0
6/25/25 0
10/25/25 0
6/25/26 0
1/25/27 0
5/25/27 0
AVG LIFE............... -----
1.28
</TABLE>
<PAGE>
MORGAN STANLEY
- -------------------------------------------------------------------------------
EquiVantage Home Equity Loan Trust Home Equity Loan ABS Series 1997-2 (Surety
Structure with Tranches 1, 3, 6 years) Class A-1
- -------------------------------------------------------------------------------
Current Balance $23,800,000.00 Original Balance $23,800,000.00
Factor 1.00000000 Delay 24
Payment Frequency Monthly Coupon 6.6500
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CONDITION GROUP == II GROUP == II GROUP == II GROUP == II
TRIGGER OPTIONALCALL NO OPTIONALCALL NO OPTIONALCALL NO OPTIONALCALL NO
PREPAY CPR 0.00 PPM 50.00 PPM 100.00 PPM 120.00
INDEX 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484
1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750
CONDITION OTHER OTHER OTHER OTHER
TRIGGER OPTIONALCALL NO OPTIONALCALL NO OPTIONALCALL NO OPTIONALCALL NO
PREPAY CPR 0.00 CPR 10.00 CPR 15.00 CPR 25.00
INDEX 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484
1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750
<S> <C> <C> <C> <C>
6/25/97 100 100 100 100
6/25/98 90 72 55 48
6/25/99 87 48 13 0
6/25/00 84 26 0 0
6/25/01 81 8 0 0
6/25/02 77 0 0 0
6/25/03 73 0 0 0
6/25/04 69 0 0 0
6/25/05 65 0 0 0
6/25/06 61 0 0 0
6/25/07 57 0 0 0
6/25/08 52 0 0 0
6/25/09 47 0 0 0
6/25/10 40 0 0 0
6/25/11 33 0 0 0
4/25/12 0 0 0 0
6/25/12 0 0 0 0
6/25/13 0 0 0 0
6/25/14 0 0 0 0
6/25/15 0 0 0 0
6/25/16 0 0 0 0
6/25/17 0 0 0 0
6/25/18 0 0 0 0
6/25/19 0 0 0 0
6/25/20 0 0 0 0
6/25/21 0 0 0 0
6/25/22 0 0 0 0
6/25/23 0 0 0 0
6/25/24 0 0 0 0
6/25/25 0 0 0 0
6/25/26 0 0 0 0
5/25/27 0 0 0 0
- --------------------------------------------------------------------------------------------------------------------
Avg Life 9.77 2.07 1.19 1.04
CONDITION GROUP == II GROUP == II
TRIGGER OPTIONALCALL NO OPTIONALCALL NO
PREPAY PPM 150.00 PPM 200.00
INDEX 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484
1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750
CONDITION OTHER OTHER
TRIGGER OPTIONALCALL NO OPTIONALCALL NO
PREPAY CPR 40.00 CPR 50.00
INDEX 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484
1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750
<S> <C> <C>
6/25/97 100 100
6/25/98 38 20
6/25/99 0 0
6/25/00 0 0
6/25/01 0 0
6/25/02 0 0
6/25/03 0 0
6/25/04 0 0
6/25/05 0 0
6/25/06 0 0
6/25/07 0 0
6/25/08 0 0
6/25/09 0 0
6/25/10 0 0
6/25/11 0 0
4/25/12 0 0
6/25/12 0 0
6/25/13 0 0
6/25/14 0 0
6/25/15 0 0
6/25/16 0 0
6/25/17 0 0
6/25/18 0 0
6/25/19 0 0
6/25/20 0 0
6/25/21 0 0
6/25/22 0 0
6/25/23 0 0
6/25/24 0 0
6/25/25 0 0
6/25/26 0 0
5/25/27 0 0
- ------------------------------------------------------------------
Avg Life 0.88 0.71
</TABLE>
<PAGE>
MORGAN STANLEY
- -------------------------------------------------------------------------------
EquiVantage Home Equity Loan Trust Home Equity Loan ABS Series 1997-2 (Surety
Structure with Tranches 1, 3, 6 years) Class A-2
- -------------------------------------------------------------------------------
Current Balance $15,600,000.00 Original Balance $15,600,000.00
Factor 1.00000000 Delay 24
Payment Frequency Monthly Coupon 6.9500
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CONDITION GROUP == II GROUP == II GROUP == II GROUP == II
TRIGGER OPTIONALCALL NO OPTIONALCALL NO OPTIONALCALL NO OPTIONALCALL NO
PREPAY CPR 0.00 PPM 50.00 PPM 100.00 PPM 120.00
INDEX 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484
1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750
CONDITION OTHER OTHER OTHER OTHER
TRIGGER OPTIONALCALL NO OPTIONALCALL NO OPTIONALCALL NO OPTIONALCALL NO
PREPAY CPR 0.00 CPR 10.00 CPR 15.00 CPR 25.00
INDEX 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484
1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750
<S> <C> <C> <C> <C>
6/25/97 100 100 100 100
6/25/98 100 100 100 100
6/25/99 100 100 100 99
6/25/00 100 100 68 45
6/25/01 100 100 34 10
6/25/02 100 87 7 0
6/25/03 100 67 0 0
6/25/04 100 50 0 0
6/25/05 100 40 0 0
6/25/06 100 29 0 0
6/25/07 100 18 0 0
6/25/08 100 8 0 0
6/25/09 100 0 0 0
6/25/10 100 0 0 0
6/25/11 100 0 0 0
6/25/12 47 0 0 0
6/25/13 34 0 0 0
6/25/14 20 0 0 0
6/25/15 17 0 0 0
6/25/16 13 0 0 0
6/25/17 8 0 0 0
6/25/18 3 0 0 0
1/25/19 0 0 0 0
6/25/19 0 0 0 0
6/25/20 0 0 0 0
6/25/21 0 0 0 0
6/25/22 0 0 0 0
6/25/23 0 0 0 0
6/25/24 0 0 0 0
6/25/25 0 0 0 0
6/25/26 0 0 0 0
5/25/27 0 0 0 0
- -------------------------------------------------------------------------------------------------------------------
Avg Life 16.1 7.54 3.64 3.02
CONDITION GROUP == II GROUP == II
TRIGGER OPTIONALCALL NO OPTIONALCALL NO
PREPAY PPM 150.00 PPM 200.00
INDEX 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484
1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750
CONDITION OTHER OTHER
TRIGGER OPTIONALCALL NO OPTIONALCALL NO
PREPAY CPR 40.00 CPR 50.00
INDEX 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484
1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750
<S> <C> <C>
6/25/97 100 100
6/25/98 100 100
6/25/99 71 27
6/25/00 14 0
6/25/01 0 0
6/25/02 0 0
6/25/03 0 0
6/25/04 0 0
6/25/05 0 0
6/25/06 0 0
6/25/07 0 0
6/25/08 0 0
6/25/09 0 0
6/25/10 0 0
6/25/11 0 0
6/25/12 0 0
6/25/13 0 0
6/25/14 0 0
6/25/15 0 0
6/25/16 0 0
6/25/17 0 0
6/25/18 0 0
1/25/19 0 0
6/25/19 0 0
6/25/20 0 0
6/25/21 0 0
6/25/22 0 0
6/25/23 0 0
6/25/24 0 0
6/25/25 0 0
6/25/26 0 0
5/25/27 0 0
- ----------------------------------------------------------------
Avg Life 2.4 1.8
</TABLE>
<PAGE>
MORGAN STANLEY
- -------------------------------------------------------------------------------
EquiVantage Home Equity Loan Trust Home Equity Loan ABS Series 1997-2 (Surety
Structure with Tranches 1, 3, 6 years) Class A-3
- -------------------------------------------------------------------------------
Current Balance $11,683,000.00 Original Balance $11,683,000.00
Factor 1.00000000 Delay 24
Payment Frequency Monthly Coupon 7.3000
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CONDITION GROUP == II GROUP == II GROUP == II GROUP == II
TRIGGER OPTIONALCALL NO OPTIONALCALL NO OPTIONALCALL NO OPTIONALCALL NO
PREPAY CPR 0.00 PPM 50.00 PPM 100.00 PPM 120.00
INDEX 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484
1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750
CONDITION OTHER OTHER OTHER OTHER
TRIGGER OPTIONALCALL NO OPTIONALCALL NO OPTIONALCALL NO OPTIONALCALL NO
PREPAY CPR 0.00 CPR 10.00 CPR 15.00 CPR 25.00
INDEX 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484
1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750
<S> <C> <C> <C> <C>
6/25/97 100 100 100 100
6/25/98 100 100 100 100
6/25/99 100 100 100 100
6/25/00 100 100 100 100
6/25/01 100 100 100 100
6/25/02 100 100 100 79
6/25/03 100 100 84 57
6/25/04 100 100 66 42
6/25/05 100 100 59 38
6/25/06 100 100 49 30
6/25/07 100 100 39 22
6/25/08 100 100 30 15
6/25/09 100 97 22 10
6/25/10 100 84 16 6
6/25/11 100 73 11 3
6/25/12 100 32 2 0
6/25/13 100 25 0 0
6/25/14 100 19 0 0
6/25/15 100 15 0 0
6/25/16 100 13 0 0
6/25/17 100 10 0 0
6/25/18 100 8 0 0
6/25/19 97 6 0 0
6/25/20 88 4 0 0
6/25/21 79 2 0 0
6/25/22 69 1 0 0
6/25/23 57 0 0 0
6/25/24 43 0 0 0
6/25/25 28 0 0 0
6/25/26 11 0 0 0
1/25/27 0 0 0 0
5/25/27 0 0 0 0
- ----------------------------------------------------------------------------------------------------------------
AVG LIFE 26.24 15.50 9.35 7.61
CONDITION GROUP == II GROUP == II
TRIGGER OPTIONALCALL NO OPTIONALCALL NO
PREPAY PPM 150.00 PPM 200.00
INDEX 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484
1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750
OTHER OTHER
CONDITION OPTIONALCALL NO OPTIONALCALL NO
TRIGGER CPR 40.00 CPR 50.00
PREPAY 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484
INDEX 1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750
<S> <C> <C>
6/25/97 100 100
6/25/98 100 100
6/25/99 100 100
6/25/00 100 62
6/25/01 74 27
6/25/02 44 7
6/25/03 28 2
6/25/04 18 1
6/25/05 18 1
6/25/06 13 0
6/25/07 8 0
6/25/08 4 0
6/25/09 1 0
6/25/10 0 0
6/25/11 0 0
6/25/12 0 0
6/25/13 0 0
6/25/14 0 0
6/25/15 0 0
6/25/16 0 0
6/25/17 0 0
6/25/18 0 0
6/25/19 0 0
6/25/20 0 0
6/25/21 0 0
6/25/22 0 0
6/25/23 0 0
6/25/24 0 0
6/25/25 0 0
6/25/26 0 0
1/25/27 0 0
5/25/27 0 0
- ----------------------------------------------------------------
AVG LIFE 5.64 3.57
</TABLE>
<PAGE>
MORGAN STANLEY
- -------------------------------------------------------------------------------
EquiVantage Home Equity Loan Trust Home Equity Loan ABS Series 1997-2 (Surety
Structure with Tranches 1, 3, 6 years) Class A-4
- -------------------------------------------------------------------------------
Current Balance $5,675,000.00 Original Balance $5,675,000.00
Factor 1.00000000 Delay 24
Payment Frequency Monthly Coupon 7.0000
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CONDITION GROUP == II GROUP == II GROUP == II GROUP == II
TRIGGER OPTIONALCALL NO OPTIONALCALL NO OPTIONALCALL NO OPTIONALCALL NO
PREPAY CPR 0.00 PPM 50.00 PPM 100.00 PPM 120.00
INDEX 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484
1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750
CONDITION OTHER OTHER OTHER OTHER
TRIGGER OPTIONALCALL NO OPTIONALCALL NO OPTIONALCALL NO OPTIONALCALL NO
PREPAY CPR 0.00 CPR 10.00 CPR 15.00 CPR 25.00
INDEX 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484
1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750
<S> <C> <C> <C> <C>
6/25/97 100 100 100 100
6/25/98 100 100 100 100
6/25/99 100 100 100 100
6/25/00 100 100 100 100
6/25/01 99 94 90 88
6/25/02 99 89 81 77
6/25/03 97 80 66 61
6/25/04 95 71 52 45
6/25/05 88 48 24 17
6/25/06 80 32 11 6
6/25/07 73 21 5 2
6/25/08 66 14 2 1
6/25/09 58 9 1 0
6/25/10 50 6 0 0
6/25/11 43 3 0 0
4/25/12 0 0 0 0
6/25/12 0 0 0 0
6/25/13 0 0 0 0
6/25/14 0 0 0 0
6/25/15 0 0 0 0
6/25/16 0 0 0 0
6/25/17 0 0 0 0
6/25/18 0 0 0 0
6/25/19 0 0 0 0
6/25/20 0 0 0 0
6/25/21 0 0 0 0
6/25/22 0 0 0 0
6/25/23 0 0 0 0
6/25/24 0 0 0 0
6/25/25 0 0 0 0
6/25/26 0 0 0 0
5/25/27 0 0 0 0
- -------------------------------------------------------------------------------------------------------------------
Avg Life 12.11 8.18 6.81 6.46
CONDITION GROUP == II GROUP == II
TRIGGER OPTIONALCALL NO OPTIONALCALL NO
PREPAY PPM 150.00 PPM 200.00
INDEX 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484
1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750
CONDITION OTHER OTHER
TRIGGER OPTIONALCALL NO OPTIONALCALL NO
PREPAY CPR 40.00 CPR 50.00
INDEX 6 MONTH LIBOR 5.96484 6 MONTH LIBOR 5.96484
1 MONTH LIBOR 5.68750 1 MONTH LIBOR 5.68750
<S> <C> <C>
6/25/97 100 100
6/25/98 100 100
6/25/99 100 100
6/25/00 100 100
6/25/01 85 79
6/25/02 72 61
6/25/03 52 37
6/25/04 34 18
6/25/05 10 6
6/25/06 2 0
6/25/07 0 0
6/25/08 0 0
6/25/09 0 0
6/25/10 0 0
6/25/11 0 0
4/25/12 0 0
6/25/12 0 0
6/25/13 0 0
6/25/14 0 0
6/25/15 0 0
6/25/16 0 0
6/25/17 0 0
6/25/18 0 0
6/25/19 0 0
6/25/20 0 0
6/25/21 0 0
6/25/22 0 0
6/25/23 0 0
6/25/24 0 0
6/25/25 0 0
6/25/26 0 0
5/25/27 0 0
- -------------------------------------------------------------------
Avg Life 6.06 5.51
</TABLE>
<PAGE>
MORGAN STANLEY
- -------------------------------------------------------------------------------
EquiVantage Home Equity Loan Trust Home Equity Loan ABS Series 1997-2 (Surety
Structure with Tranches 1, 3, 6 years) Class A-5
- -------------------------------------------------------------------------------
Current Balance $43,242,000.00 Original Balance $43,242,000.00
Factor 1.00000000 Delay 0
Payment Frequency Monthly Coupon Formula _1monthlibor + 0.2300
(40.0000 Cap. 0.2300
Floor)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CONDITION GROUP == II GROUP == II GROUP == II GROUP == II GROUP == II
TRIGGER OPTIONALCALL NO OPTIONALCALL NO OPTIONALCALL NO OPTIONALCALL NO OPTIONALCALL NO
PREPAY CPR 0.00 PPM 50.00 PPM 100.00 PPM 120.00 PPM 150.00
6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR
INDEX 5.96484 5.96484 5.96484 5.96484 5.96484
1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR
5.68750 5.68750 5.68750 5.68750 5.68750
CONDITION OTHER OTHER OTHER OTHER OTHER
TRIGGER OPTIONALCALL NO OPTIONALCALL NO OPTIONALCALL NO OPTIONALCALL NO OPTIONALCALL NO
PREPAY CPR 0.00 CPR 10.00 CPR 15.00 CPR 25.00 CPR 40.00
6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR 6 MONTH LIBOR
INDEX 5.96484 5.96484 5.96484 5.96484 5.96484
1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR 1 MONTH LIBOR
5.68750 5.68750 5.68750 5.68750 5.68750
<S> <C> <C> <C> <C> <C>
6/25/97 100 100 100 100 100
6/25/98 96 86 81 71 56
6/25/99 95 76 67 51 30
6/25/00 95 67 56 37 19
6/25/01 94 60 46 27 11
6/25/02 94 53 38 20 7
6/25/03 93 47 32 15 4
6/25/04 92 41 27 11 2
6/25/05 91 36 23 8 1
6/25/06 91 32 19 6 0
6/25/07 90 29 16 4 0
6/25/08 88 26 14 3 0
6/25/09 87 23 11 2 0
6/25/10 86 20 10 1 0
6/25/11 84 18 8 1 0
6/25/12 82 16 7 0 0
6/25/13 80 14 5 0 0
6/25/14 77 12 4 0 0
6/25/15 74 10 3 0 0
6/25/16 71 9 2 0 0
6/25/17 67 8 2 0 0
6/25/18 63 7 1 0 0
6/25/19 59 5 1 0 0
6/25/20 53 4 0 0 0
6/25/21 47 3 0 0 0
6/25/22 40 2 0 0 0
6/25/23 33 1 0 0 0
6/25/24 25 1 0 0 0
6/25/25 17 0 0 0 0
6/25/26 7 0 0 0 0
1/25/27 0 0 0 0 0
5/25/27 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------
AVG LIFE..... 21.22 7.57 5.27 3.09 1.78
<CAPTION>
CONDITION GROUP == II
TRIGGER OPTIONALCALL NO
PREPAY PPM 200.00
6 MONTH LIBOR
INDEX 5.96484
1 MONTH LIBOR
5.68750
CONDITION OTHER
TRIGGER OPTIONALCALL NO
PREPAY CPR 50.00
6 MONTH LIBOR
INDEX 5.96484
1 MONTH LIBOR
5.68750
<S> <C>
6/25/97 100
6/25/98 46
6/25/99 19
6/25/00 11
6/25/01 5
6/25/02 2
6/25/03 1
6/25/04 0
6/25/05 0
6/25/06 0
6/26/07 0
6/25/08 0
6/25/09 0
6/25/10 0
6/25/11 0
4/25/12 0
6/25/12 0
6/25/13 0
6/25/14 0
6/25/15 0
6/25/16 0
6/25/17 0
6/25/18 0
6/25/19 0
6/25/20 0
6/25/21 0
6/25/22 0
6/25/23 0
6/25/24 0
6/25/25 0
6/25/26 0
5/25/27 0
- -----------------------------------
AVG LIFE.... 1.32
</TABLE>
