UNITED STATES
                     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, 2007

      OR


  / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934
      For the transition period from ____________ to ____________



      Commission file number of issuing entity: 333-130694-16

      IXIS Real Estate Capital Trust 2007-HE1
      (exact name of issuing entity as specified in its charter)

      Morgan Stanley ABS Capital I Inc.
      (exact name of the depositor as specified in its charter)

      IXIS Real Estate Capital Inc.
      (exact name of the sponsor as specified in its charter)



  New York                                54-2198790
  (State or other jurisdiction of         54-2198791
  incorporation or organization of        54-2198792
  issuing entity)                         54-2198793
                                          54-2198794
                                          54-6731738
                                          (I.R.S. Employer
                                          Identification No. of
                                          issuing entity)


   c/o Wells Fargo Bank, N.A.
   9062 Old Annapolis Road
   Columbia, MD                                 21045
   (Address of principal executive              (Zip Code of issuing
   offices of issuing entity)                   entity)


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




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

    NONE.



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

    NONE.



  Indicate by check mark if the registrant is a well-known seasoned issuer, as
  defined in Rule 405 of the Securities Act.

    Yes ___     No  X



  Indicate by check mark if the registrant is not required to file reports
  pursuant to Section 13 or Section 15(d) of the Act.

    Yes ___     No  X



  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 ___



  Indicate by check mark if disclosure of delinquent filers pursuant to Item
  405 of Regulation S-K (Section 229.405 of this chapter) is not contained
  herein, and will not be contained, to the best of registrant's knowledge, in
  definitive proxy or information statements incorporated by reference in Part
  III of this Form 10-K or any amendment to this Form 10-K.

    Not applicable.



  Indicate by check mark whether the registrant is a large accelerated filer,
  an accelerated filer, a non-accelerated filer, or a smaller reporting
  company.  See the definitions of "large accelerated filer", "accelerated
  filer" and "smaller reporting company" in Rule 12b-2 of the Act.

   Large accelerated filer ___
   Accelerated filer ___
   Non-accelerated filer X (Do not check if a smaller reporting company)
   Smaller reporting company ___

  Indicate by check mark whether the registrant is a shell company (as defined
  in Rule 12b-2 of the Act).

    Yes ___     No  X



  State the aggregate market value of the voting and non-voting common equity
  held by non-affiliates computed by reference to the price at which the
  common equity was last sold, or the average bid and asked price of such
  common equity, as of the last business day of the registrant's most recently
  completed second fiscal quarter.

    Not applicable.



  DOCUMENTS INCORPORATED BY REFERENCE

    See Item 15(a).





                                     PART I

  Item 1.      Business.

               Not applicable.


  Item 1A.     Risk Factors.

               Not applicable.


  Item 1B.     Unresolved Staff Comments.

               Not applicable.


  Item 2.      Properties.

               Not applicable.


  Item 3.      Legal Proceedings.

               Not applicable.


  Item 4.      Submission of Matters to a Vote of Security Holders.

               Not applicable.




                                     PART II

  Item 5.      Market for Registrant's Common Equity, Related Stockholder
               Matters and Issuer Purchases of Equity Securities.

               Not applicable.


  Item 6.      Selected Financial Data.

               Not applicable.


  Item 7.      Management's Discussion and Analysis of Financial Condition and
               Results of Operation.

               Not applicable.


  Item 7A.     Quantitative and Qualitative Disclosures About Market Risk.

               Not applicable.


  Item 8.      Financial Statements and Supplementary Data.

               Not applicable.


  Item 9.      Changes in and Disagreements With Accountants on Accounting and
               Financial Disclosure.

               Not applicable.


  Item 9A.     Controls and Procedures.

               Not applicable.


  Item 9A(T).  Controls and Procedures.

               Not applicable.


  Item 9B.     Other Information.

               None.




                                    PART III

  Item 10.     Directors, Executive Officers and Corporate Governance.

               Not applicable.


  Item 11.     Executive Compensation.

               Not applicable.


  Item 12.     Security Ownership of Certain Beneficial Owners and Management
               and Related Stockholder Matters.

               Not applicable.


  Item 13.     Certain Relationships and Related Transactions, and Director
               Independence.

               Not applicable.


  Item 14.     Principal Accounting Fees and Services.

               Not applicable.




                    ADDITIONAL DISCLOSURE ITEMS FOR REGULATION AB


Item 1112(b) of Regulation AB, Significant Obligor Financial Information.

No single obligor represents 10% or more of the pool assets held by the issuing
entity.



Item 1114(b)(2) of Regulation AB, Significant Enhancement Provider Financial
Information.

No entity or group of affiliated entities provides any external credit
enhancement or other support for the certificates within this transaction as
described under Item 1114 (a) of Regulation AB.



Item 1115(b) of Regulation AB, Certain Derivatives Instruments (Financial
Information).

IXIS Financial Products Inc. provides an interest rate cap agreement
and an interest rate swap agreement for the issuing entity. No additional
disclosure is necessary because the aggregate significance percentage for
the interest rate cap agreement and the interest rate swap agreement is less
than 10%.



Item 1117 of Regulation AB, Legal Proceedings.

Legal Proceedings Regarding First NLC Financial Services, LLC

Pursuant to a Form 8-K filed on January 18, 2008 by Friedman, Billings,
Ramsey Group, Inc. ("FBR") (Commission File No. 000-50230; CIK No.
0001209028), the parent of First NLC Financial Services, LLC ("FNLC"), one
of the original loan sellers, FBR stated on January 11, 2008 FNLC filed a
voluntary petition for bankruptcy protection under Chapter 11 of the United
States Bankruptcy Code in the United States Bankruptcy Court for the
Southern District of Florida, West Palm Beach Division.

Legal Proceedings Regarding Morgan Stanley Mortgage Capital Holdings LLC

In addition to the matters described below, in the normal course of
business, Morgan Stanley Mortgage Capital Holdings LLC ("the Company") has
been named, from time to time, as a defendant in various legal actions.
Certain of the actual or threatened legal actions include claims for
substantial compensatory and/or punitive damages or claims for indeterminate
amounts of damages.

Regulatory and Governmental Investigations: The Company and its affiliates
are currently responding to subpoenas and requests for information from
certain regulatory and governmental entities concerning the origination,
purchase, securitization and/or servicing of subprime and non-subprime
residential mortgages and related issues.

Civil Litigation re American Business Financial Services, Inc. The Company
has been named as one of a number of defendants in a matter styled Miller v.
Santilli, et al., which is pending in the Court of Common Pleas for
Philadelphia County, Pennsylvania. The complaint in this action was filed on
July 13, 2006 and is being brought by the bankruptcy trustee for American
Business Financial Services, Inc. ("ABFS"). The complaint alleges, inter
alia, that the Company, certain of the Company's affiliates, and various
other financial institutions deepened the insolvency of ABFS, and aided and
abetted fraud and breaches of fiduciary duties committed by certain former
officers and directors of ABFS, by providing warehouse loans to ABFS and
participating in securitization transactions with ABFS. The complaint seeks
damages in excess of $750 million. The deepening insolvency claim has been
dismissed, and the case is currently in discovery.

Bauer, et al., v. Saxon Mortgage Services, Inc., et al. is a matter filed on
December 1, 2004 in the Civil District Court for the Parish of Orleans,
State of Louisiana, Case No. 2004-17015. On February 17, 2005, the
plaintiffs re-filed the case as two separate class action lawsuits, Bauer,
et al., v. Dean Morris, et al., filed as Case No. 05-2173 in the Civil
District Court for the Parish of Orleans, State of Louisiana, and Patterson,
et al., v. Dean Morris, et al., filed as Case No. 05-2174 in the Civil
District Court for the Parish of Orleans, State of Louisiana. On January 24,
2006, the United States District Court for the Eastern District of Louisiana
granted the Company's motion to compel arbitration in Bauer, et al., v. Dean
Morris, et al. On January 25, 2006, the United States District Court for the
Eastern District of Louisiana granted the Saxon Mortgage Services' motion to
compel arbitration in Patterson, et al., v. Dean Morris, et al. At the
present time, neither plaintiff has initiated arbitration.

Jumar Hooks and Diane Felder, et al., v. Saxon Mortgage, Inc. is a matter
filed on October 12, 2005 in the Common Pleas Court for Cuyahoga County,
Ohio as Case No. CV 05 574577. The plaintiffs filed this case as a class
action, on behalf of themselves and similarly situated Ohio borrowers,
alleging that the Company's subsidiary, Saxon Mortgage, Inc. ("Saxon
Mortgage") engaged in unlawful practices in originating and servicing the
plaintiffs' loans. During the second quarter of 2006, the court granted the
Saxon Mortgage's motion to compel individual arbitration as to each of the
two named plaintiffs and stayed the court proceedings with no class having
been certified.

Jones, et al., v. ABN AMRO Mortgage Group, et al. is a matter filed on
September 24, 2007 in the Court of Common Pleas for Berks County,
Pennsylvania as Civil Action-Law No. 07-10540. The plaintiffs allege that
the putative class members were not credited properly for payments made on
their mortgage loans which were allegedly collected by non-affiliated
intermediary entities and forwarded to the servicer defendants. Saxon
Mortgage Services services two loans for putative class members. Saxon
Mortgage Services and other defendants filed a consolidated motion to
dismiss the case.



Legal Proceedings Regarding Saxon Mortgage Services, Inc.

Because Saxon Mortgage Services, Inc. (the "Company") and its affiliates
are subject to many laws and regulations, including but not limited to
federal and state consumer protection laws, it is regularly involved in
numerous lawsuits filed against it, some of which seek certification as
class action lawsuits on behalf of similarly situated individuals.

The Company and/or its affiliates are also involved, from time to time, in
other reviews, investigations and proceedings (both formal and informal) by
governmental agencies regarding the Company's and/or its affiliates
businesses, certain of which may result in adverse judgments, settlements,
fines, penalties, injunctions or other relief.

The Company contests liability and/or the amount of damages as appropriate
in each pending matter. In view of the inherent difficulty of predicting the
outcome of such matters, particularly in cases where claimants seek
substantial or indeterminate damages or where investigations and proceedings
are in the early stages, the Company cannot predict with certainty the loss
or range of loss, if any, related to such matters, how or if such matters
will be resolved, when they will ultimately be resolved, or what the
eventual settlement, fine, penalty or other relief, if any, might be.
Subject to the foregoing, the following matters are potentially material to
the financial condition of the Company.

Regulatory and Governmental Investigations: The Company and its affiliates
are currently responding to subpoenas and requests for information from
certain regulatory and governmental entities concerning the origination,
purchase, and/or servicing of subprime and non-subprime residential
mortgages and related issues.

Bauer, et al., v. Saxon Mortgage Services, Inc., et al. is a matter filed on
December 1, 2004 in the Civil District Court for the Parish of Orleans,
State of Louisiana, Case No. 2004-17015. On January 26, 2005, the plaintiffs
filed a motion to dismiss the case without prejudice, and the court entered
an order dismissing the case on January 31, 2005. On February 17, 2005, the
plaintiffs re-filed the case as two separate class action lawsuits, Bauer,
et al., v. Dean Morris, et al., filed as Case No. 05-2173 in the Civil
District Court for the Parish of Orleans, State of Louisiana, and Patterson,
et al., v. Dean Morris, et al., filed as Case No. 05-2174 in the Civil
District Court for the Parish of Orleans, State of Louisiana. On January 24,
2006, the United States District Court for the Eastern District of Louisiana
granted the Company's motion to compel arbitration and stayed the court
proceedings as to named plaintiffs Keenan and Karen Duckworth in Bauer, et
al., v. Dean Morris, et al., filed as Case No. 05-2173 in the Civil District
Court for the Parish of Orleans, State of Louisiana. On January 25, 2006,
the United States District Court for the Eastern District of Louisiana
granted the Saxon Mortgage Services's motion to compel arbitration and
stayed the court proceedings as to named plaintiff Debra Herron in
Patterson, et al., v. Dean Morris, et al., filed as Case No. 05-2174 in the
Civil District Court for the Parish of Orleans, State of Louisiana. The
court subsequently remanded the underlying court proceedings in both the
Bauer and Patterson cases to the Civil District Court for the Parish of
Orleans, State of Louisiana. At the present time, neither plaintiff has
initiated arbitration.

Jones, et al., v. ABN AMRO Mortgage Group, et al. is a matter filed on
September 24, 2007 in the Court of Common Pleas for Berks County,
Pennsylvania as Civil Action-Law No. 07-10540. The matter was subsequently
removed to the United States District Court for the Eastern District of
Pennsylvania as Civil Action No. 2:07-cv-04328-JG. The plaintiffs filed an
Amended Complaint on October 9, 2007 naming the Company as a defendant. The
plaintiffs allege that the putative class members were not credited properly
for payments made on their mortgage loans which were allegedly collected by
non-affiliated intermediary entities and forwarded to the servicer
defendants. The Company services two loans for putative class members. The
plaintiffs subsequently voluntarily dismissed all named plaintiffs except
for the Jones's. Saxon Mortgage Services and other defendants filed a
consolidated motion to dismiss the case.

Jumar Hooks and Diane Felder, et al., v. Saxon Mortgage, Inc. is a matter
filed on October 12, 2005 in the Common Pleas Court for Cuyahoga County,
Ohio as Case No. CV 05 574577. The plaintiffs filed this case as a class
action, on behalf of themselves and similarly situated Ohio borrowers,
alleging that the Company's affiliate, Saxon Mortgage, Inc. ("Saxon
Mortgage") engaged in unlawful practices in originating and servicing the
plaintiffs' loans. During the second quarter of 2006, the court granted the
Saxon Mortgage's motion to compel individual arbitration as to each of the
two named plaintiffs and stayed the court proceedings with no class having
been certified.



Item 1119 of Regulation AB, Affiliations and Certain Relationships and Related
Transactions.

The information regarding this Item has been previously filed in a 424(b)(5)
filed on January 24, 2007 (Commission File No. 333-130694-16).



Item 1122 of Regulation AB, Compliance with Applicable Servicing Criteria.

The reports on assessment of compliance with the servicing criteria for
asset-backed securities and the related attestation reports on such assessments
of compliance are attached hereto under Item 15(a).



Item 1123 of Regulation AB, Servicer Compliance Statement.

The servicer compliance statements are attached hereto under Item 15(a).



                               Part IV

  Item 15. Exhibits, Financial Statement Schedules.

  (a) Exhibits.

  (1) Not applicable.

  (2) Not applicable.

  (3) Exhibits filed herewith.

  (4) Pooling and Servicing Agreement, dated as of January 1, 2007, among
      Morgan Stanley ABS Capital I Inc., as depositor, Wells Fargo Bank,
      National Association, as master servicer, backup servicer and
      securities administrator, Saxon Mortgage Services Inc., as servicer,
      Master Financial, Inc., as servicer, IXIS Real Estate Capital Inc.
      (f/k/a CDC Mortgage Capital Inc.), as unaffiliated seller, and Deutsche
      Bank National Trust Company, as trustee and custodian. (Filed as part
      of the Registrant's Current Report on Form 8-K filed on February 16,
      2007 (Commission File No. 333-130694-16) and is incorporated by
      reference herein.)

  (31) Rule 13a-14(d)/15d-14(d) Certification.

  (33) Reports on assessment of compliance with servicing criteria for
       asset-backed securities.


    <TABLE>
    
      <c>

    33.1 Deutsche Bank National Trust Company as Custodian
    33.2 First American Real Estate Solutions of Texas, L.P. as Sub-Contractor for Saxon Mortgage Services, Inc.
    33.3 FIS Tax Services f/k/a LSI Tax Services as Sub-Contractor for Saxon Mortgage Services, Inc.
    33.4 Saxon Mortgage Services, Inc. as Servicer
    33.5 Wells Fargo Bank, N.A. as Master Servicer and as Securities Administrator

    </TABLE>


  (34) Attestation reports on assessment of compliance with servicing
       criteria for asset-backed securities.


    <TABLE>
    
      <c>

    34.1 Deutsche Bank National Trust Company as Custodian
    34.2 First American Real Estate Solutions of Texas, L.P. as Sub-Contractor for Saxon Mortgage Services, Inc.
    34.3 FIS Tax Services f/k/a LSI Tax Services as Sub-Contractor for Saxon Mortgage Services, Inc.
    34.4 Saxon Mortgage Services, Inc. as Servicer
    34.5 Wells Fargo Bank, N.A. as Master Servicer and as Securities Administrator

    </TABLE>


   (35) Servicer compliance statement.


    <TABLE>
    
       <c>

    35.1 Saxon Mortgage Services, Inc. as Servicer
    35.2 Wells Fargo Bank, N.A. as Master Servicer and as Securities Administrator

    </TABLE>


   (b) See (a) above.

   (c) Not applicable.



IXIS Real Estate Capital Trust 2007-HE1
 (exact name of issuing entity as specified in its charter)




                           SIGNATURES

  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.



    Morgan Stanley ABS Capital I Inc.
    (Depositor)



    /s/ Valerie Kay
    Valerie Kay, Vice President
    (senior officer in charge of securitization of the depositor)

    Date:      April  1, 2008



  Exhibit Index

  Exhibit No.


   (4) Pooling and Servicing Agreement, dated as of January 1, 2007, among
       Morgan Stanley ABS Capital I Inc., as depositor, Wells Fargo Bank,
       National Association, as master servicer, backup servicer and
       securities administrator, Saxon Mortgage Services Inc., as servicer,
       Master Financial, Inc., as servicer, IXIS Real Estate Capital Inc.
       (f/k/a CDC Mortgage Capital Inc.), as unaffiliated seller, and Deutsche
       Bank National Trust Company, as trustee and custodian. (Filed as part
       of the Registrant's Current Report on Form 8-K filed on February 16,
       2007 (Commission File No. 333-130694-16) and is incorporated by
       reference herein.)

   (31) Rule 13a-14(d)/15d-14(d) Certification.

   (33) Reports on assessment of compliance with servicing criteria for
        asset-backed securities.


    <TABLE>

    
      <c>
    33.1 Deutsche Bank National Trust Company as Custodian
    33.2 First American Real Estate Solutions of Texas, L.P. as Sub-Contractor for Saxon Mortgage Services, Inc.
    33.3 FIS Tax Services f/k/a LSI Tax Services as Sub-Contractor for Saxon Mortgage Services, Inc.
    33.4 Saxon Mortgage Services, Inc. as Servicer
    33.5 Wells Fargo Bank, N.A. as Master Servicer and as Securities Administrator

    </TABLE>

   (34) Attestation reports on assessment of compliance with servicing
        criteria for asset-backed securities.


    <TABLE>

    
      <c>
    34.1 Deutsche Bank National Trust Company as Custodian
    34.2 First American Real Estate Solutions of Texas, L.P. as Sub-Contractor for Saxon Mortgage Services, Inc.
    34.3 FIS Tax Services f/k/a LSI Tax Services as Sub-Contractor for Saxon Mortgage Services, Inc.
    34.4 Saxon Mortgage Services, Inc. as Servicer
    34.5 Wells Fargo Bank, N.A. as Master Servicer and as Securities Administrator

    </TABLE>

   (35) Servicer compliance statement.


    <TABLE>

    
       <c>
    35.1 Saxon Mortgage Services, Inc. as Servicer
    35.2 Wells Fargo Bank, N.A. as Master Servicer and as Securities Administrator

    </TABLE>