SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                   FORM 10-K/A
                                 Amendment No.1


(Mark One)

/     x / ANNUAL  REPORT  PURSUANT  TO  SECTION  13 OR  15(d) OF THE  SECURITIES
      EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1999 or

/   / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
      SECURITIES EXCHANGE ACT OF 1934


      Commission File No.:   333-64909-02

  Novus Financial  Corporation
  Asset Backed  Certificates,  Series 1999-1 Trust
  (Exact name of registrant as specified in its charter)



Delaware                          N/A
(State or other jurisdiction     (I.R.S. Employer
 of incorporation or              Identification  No.)
 organization)


c/o Wells Fargo Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland                            21044
(Address of principal executive offices)     (ZIP Code)


Registrant's telephone number, including area code:
     (410) 884-2000

Securities to be registered pursuant to Section 12(b) of the Act:

     NONE

Securities to be registered pursuant to Section 12(g) of the Act:

     NONE

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

     Yes   X          No ___


This Amendment No. 1 on Form 10-K/A amends Item 14 of the original Annual Report
on Form 10-K (the  "Original  Form 10-K") filed on March 24, 2000,  on behalf of
Novus Financial  Corporation Asset Backed Certificates Series 1999-1 established
pursuant to the Trust Agreement among Morgan Stanley ABS Capital I Inc., as
Depositor and Wilmington Trust Company as Owner Trustee, pursuant to which the
Novus Financial  Corporation Asset Backed  Certificates  Series 1999-1 Trust
registered  under the  Securities Act of 1933 (the  "Certificates")  were
issued.


Item 14 of the original Form 10K is amended in its entirety to read as follows:

Item 14.  Exhibits, Financial Statement Schedules, and Reports
          on Form 8-K.

          (a) Exhibits

              (99.1) Annual   Independent    Accountants'    Servicing   Reports
                     concerning servicing activities for the year ended December
                     31, 1999.

                    a)   NOVUS FINANCIAL CORPORATION <F1>

             (99.2)  Report  of  Management   as  to  Compliance   with  Minimum
                     Servicing Standards for the year ended December 31, 1999.

                    a)   NOVUS FINANCIAL CORPORATION <F1>


              (99.3) Annual  Statements  of  Compliance  under the  Pooling  and
                     Servicing Agreements for the year ended December 31, 1999.


                    a)   NOVUS FINANCIAL CORPORATION <F1>

              (99.4) Aggregate Statement of Principal and Interest Distributions
                     to Certificates Holders. <F2>


            (b) On October 8, 1999,  November  8, 1999,  and  December  7, 1999,
                reports  on Form  8-K  were  filed  by the  Company  in order to
                provide the statements for the monthly  distributions to holders
                of the  Certificates.  No other  reports  on Form 8-K have  been
                filed  during the last  quarter  of the  period  covered by this
                report.

            (c) Not applicable.

            (d)  Omitted.

<F1>  Filed herewith.
<F2>  Previously filed.

                           SIGNATURE

Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  registrant  has duly  caused  this report to be signed on its
behalf by the undersigned, thereunto duly authorized:

 Novus Financial Corporation
 Asset Backed Certificates, Series 1999-1 Trust


Signed:   Wilmington Trust Company, as Owner Trustee

By:   Roseline K. Maney, Officer
By:  /s/  Roseline K. Maney, Officer

Dated:  April 6, 2001


Exhibit Index

Exhibit No.

99.1      Annual Independent Accountants' Servicing Reports concerning servicing
          activities for the year ended December 31, 1999.

                    a)   NOVUS FINANCIAL CORPORATION <F1>

99.2      Report of Management as to Compliance with Minimum Servicing Standards
          for the year ended December 31, 1999.


                    a)   NOVUS FINANCIAL CORPORATION <F1>


99.3      Annual  Statements  of  Compliance  under the  Pooling  and  Servicing
          Agreements for the year ended December 31, 1999.

                    a)   NOVUS FINANCIAL CORPORATION <F1>

99.4      Aggregate Statement of Principal and Interest Distributions to
          Certificate Holders.<F2>

<F1>  Filed herewith.
<F2>  Previously filed.


             EX-99.1 (a)
      Annual Independant Accountant's Servicing Report


(LOGO) KPMG

2500 Ruan Center
666 Grand Avenue
Des Moines, IA 50309

INDEPENDENT ACCOUNTANTS' REPORT

The Board of Directors
Norwest Mortgage, Inc.:

We  have  examined  management's  assertion  about  Norwest  Mortgage  Banking's
compliance  with the minimum  servicing  standards  identified  in the  Mortgage
Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers (USAP) as of and for the year ended  December 31, 1999,  included in the
accompanying  management  assertion.   Management  is  responsible  for  Norwest
Mortgage  Banking's  compliance  with those  minimum  servicing  standards.  Our
responsibility  is to express an opinion  on  management's  assertion  about the
entity's compliance based on our examination.

Our  examination  was  made in  accordance  with  standards  established  by the
American  Institute of Certified Public Accountants and,  accordingly,  included
examining, on a test basis, evidence about Norwest Mortgage Banking's compliance
with the minimum servicing  standards and performing such other procedures as we
considered  necessary  in the  circumstances.  We believe  that our  examination
provides a reasonable basis for our opinion.  Our examination does not provide a
legal  determination on Norwest Mortgage  Banking's  compliance with the minimum
servicing standards.

In our opinion,  management's  assertion that Norwest  Mortgage Banking complied
with the aforementioned minimum servicing standards as of and for the year ended
December 31, 1999, is fairly stated, in all material respects.

January l8,2000

KPMG LLP

   EX-99.2 (a)
 Report of Management


MORGAN STANLEY DEAN WITTER
CREDIT CORPORATION

January 7, 2000

As of and for the year ended  November  30,  1999,  Morgan  Stanley  Dean Witter
Credit  Corporation  (the "Company") has complied in all material  respects with
the minimum servicing standards set forth in the Mortgage Bankers Association of
America's Uniform Single Attestation Program for Mortgage Bankers. As of and for
this same period, Morgan Stanley Dean Witter & Co., the Company's parent, had in
effect a fidelity  bond in excess of $25  million  and an errors  and  omissions
policy in excess of $25 million under which the Company was covered.


Nancy S. Donovan
President

Leroy Hodo
Vice President and Controller


2500 Lake Cook Road, 3 West, Riverwoods, Illinois 60015

   EX-99.3 (a)
 Annual Statement of Compliance



MORGAN STANLEY DEAN WITTER CREDIT CORPORATION

Officer's Certificate
HELOC Asset-Backed Notes Series 1999-1



Pursuant to Section 3.10 of the Servicing  Agreement  dated as May 1, 1999 among
Morgan Stanley Dean Witter Credit Corporation, formerly known as NOVUS Financial
Corporation,  as seller and servicer (referred to herein in such capacity as the
"Servicer"),  and Norwest  Bank  Minnesota,  N.A.,  as  Indenture  Trustee,  the
undersigned, hereby states that:

     (1) A review of the activities of the Servicer and of its performance under
the Servicing Agreement during the fiscal year ended November 30, 1999, has been
made under my supervision; and

     (2) To the best of my  knowledge,  based on such  review,  the Servicer has
fulfilled all its obligations under the Agreement throughout such period.

MORGAN STANLEY DEAN WITTER CREDIT CORPORATION

By        R L. Vipham
Title     Vice President

Dated as of December 31, 1999


By        J. L. Reading
Title     Senior Vice President

Dated as of December 3l, 1999




2500 Lake Cook Road, 3 West, Riverwoods, Illinois 60015